Interim report
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1) mislil Financial Report of the Sava Insurance Group for January–June 2026 Ljubljana, August 2026
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2 Contents Business report ................................ ................................ ................................ ............................ 3 1 Financial highlights ................................ ................................ ................................ ............. 4 2 Macroeconomic environment ................................ ................................ ............................. 4 3 Review of Group operations ................................ ................................ ................................ 5 3.1 Non-life segment ........................................................................................................................... 6 3.2 Life segment .................................................................................................................................. 7 3.3 Reinsurance segment .................................................................................................................... 8 3.4 Pensions and asset management segment ................................................................................... 9 3.5 “Other” segment ........................................................................................................................... 9 4 Financial position ................................ ................................ ................................ ................ 9 4.1 Capital and solvency.................................................................................................................... 10 4.2 Net insurance contract liabilities ................................................................................................ 10 4.3 Investment portfolio ................................................................................................................... 11 5 Shareholder value ................................ ................................ ................................ ............. 11 6 Risk management ................................ ................................ ................................ ............. 12 7 Progress on the business plan ................................ ................................ ........................... 12 8 Significant events in the reporting period ................................ ................................ .......... 14 9 Significant events after the reporting date ................................ ................................ ......... 14 10 Related-party transactions ................................ ................................ ................................ 14 11 About the Sava Insurance Group ................................ ................................ ....................... 15 12 Cautionary statements and notes ................................ ................................ ...................... 15 Appendices to the business report ................................ ................................ .............................. 17 Appendix A – Consolidated income statement by operating segment ................................ .......... 18 Appendix B – Consolidated statement of financial position by operating segment ....................... 21 Appendix C – Supplementary materials ................................ ................................ ....................... 22 Appendix D – Glossary of selected terms and calculation methods for indicators ......................... 25 Appendix E – Alternative performance measures ................................ ................................ ........ 26 Financial statements with notes ................................ ................................ ................................ . 29 13 Unaudited condensed financial statements ................................ ................................ ....... 31 13.1 Unaudited condensed statement of financial position............................................................... 31 13.2 Unaudited condensed income statement .................................................................................. 32 13.3 Unaudited condensed statement of other comprehensive income ........................................... 33 13.4 Unaudited condensed statement of cash flows ......................................................................... 34 13.5 Unaudited condensed statement of changes in equity .............................................................. 35 14 Notes to the condensed financial statements ................................ ................................ .... 38 14.1 Seasonality and cyclicality of interim operations ....................................................................... 38 14.2 Nature and amount of unusual items ......................................................................................... 39 14.3 Materiality ................................................................................................................................... 39 14.4 Issuance, repurchase and repayment of debt and equity securities .......................................... 39 14.5 Key accounting estimates and judgements ................................................................................ 39 14.6 Financial statements by operating segment ............................................................................... 39 14.7 Notes to significant items of the financial statements ............................................................... 42 15 Significant events after the reporting date ................................ ................................ ........ 102
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3 Business report
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4 1 Financial highlights EUR million 1–6/2026 1–6/2025 Change Index Business volume 672.5 609.5 63.1 110.3 Insurance result 49.7 63.5 -13.9 78.2 Finance result 15.3 6.4 8.8 236.9 Other net income 6.2 4.0 2.2 156.8 Net profit for the period 55.6 57.7 -2.1 96.4 30 June 2026 31 December 2025 Change Index Equity 754.9 742.6 12.3 101.7 Contractual service margin 198.3 190.7 7.6 104.0 Investment portfolio 1,799.6 1,764.6 35.0 102.0 Total assets 3,417.8 3,112.7 305.1 109.8 Assets under management 3,940.1 3,377.6 562.5 116.7 1–6/2026 1–6/2025 Change Index Combined ratio 90.7% 86.0% +4.7 pp – Loss ratio 62.6% 58.8% +3.9 pp – Expense ratio 28.1% 27.2% +0.8 pp – Return on equity (ROE) 14.1% 16.1% -2.0 pp – Return on investment portfolio 3.0% 2.3% +0.7 pp – Solvency ratio* 219%–223% 211%–217% – – The terms and ratios are defined in the appended glossary. 2 Macroeconomic environment Slovenia’s real GDP grew by 3.0% year-on-year in the first quarter of 2026.1 The main drivers of growth were stronger private consumption and increased investment activity. In February 2026, the credit rating agency Moody’s upgraded Slovenia’s sovereign credit rating from “A3” to “A2”, while maintaining a stable outlook. This followed rating upgrades by Fitch (from “A” to “A+”) and S&P Global Ratings (from “AA -” to “AA”) in the previous year, with the latter reaffirming its rating in the first quarter of 2026.2 Real GDP in the euro area grew by 0.8% year on year in the first quarter of 2026. 3 The European Commission’s latest forecasts for 2026 and 2027 (1.1% and 1.4%, respectively) point to continued moderate economic growth. 4 Key influences on economic activity continue to include elevated geopolitical risks, particularly the war in Ukraine, heightened tensions in the Middle East and uncertainty surrounding US trade and tariff policies. These factors are disrupting supply chai ns, affecting energy prices and adding to inflationary pressures, thereby undermining the stability of both the European and global economy. Annual inflation in the euro area stood at 3.2% in May 2026, remaining above the European Central Bank’s medium-term target. 5 During 2026, the ECB raised its key interest rate by 0.25 percentage points to 2.40%, having previously cut it four times in 2025. According to the ECB’s latest forecasts, euro area inflation is expected to be 3.0% in 2026 and 2.3% in 2027.6 1 Source: Statistical Office: www.stat.si/StatWeb/News/Index/14353. 2 Source: GOV.SI portal: www.gov.si/novice/2026-02-28-moodys-zvisal-bonitetno-oceno-slovenije/, www.gov.si/novice/2026-03-28- standard-and-poors-potrdil-bonitetno-oceno-slovenije/ and www.gov.si/novice/2025-10-04-fitch-zvisal-bonitetno-oceno-slovenije/. 3 Source: Eurostat: ec.europa.eu/eurostat/web/products-euro-indicators/w/2-30042026-bp. 4 Source: European Commission: economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/spring-2026- economic-forecast-slowdown-growth-energy-shock-drives-inflation_en. 5 Source: Eurostat: ec.europa.eu/eurostat/en/web/products-euro-indicators/w/2-17062026-ap. 6 Sources: ECB: www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html in www.ecb.europa.eu/press/projections/html/ecb.projections202606_eurosystemstaff~a495110f8d.en.html#toc6.
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5 German government bond yields eased slightly in the second quarter of 2026, although market expectations continue to point to a relatively restrictive interest rate environment and a gradual steepening of the euro area yield curve by year end. Uncertainty over future inflation, the direction of monetary policy and movements in long-term interest rates remain significant risk factors. Global equity markets delivered positive returns in the second quarter of 2026. Performance was driven mainly by optimism about future corporate profits, economic resilience despite higher interest rates, and improved investor sentiment. A substantial prop ortion of the gains in developed markets continued to be driven by the largest technology companies, increasing market sensitivity to changes in expectations of their future performance. Geopolitical risks and the trade policies of the world’s largest economies remain additional sources of uncertainty. 3 Review of Group operations Total business volume reached EUR 672.5 million, up 10.3%, supported by growth in gross written premiums across all insurance segments. This growth resulted from an increase in the number of insurance and reinsurance contracts and, in life insurance, from top-up premiums to existing policies, while in non -life insurance it was also supported by higher average premiums and the dynamics of concluding larger policies. The insurance result was EUR 49.7 million, down 21.8% on the same period last year, reflecting less favourable claims experience, mainly due to natural catastrophes in Slovenia and Croatia. Their impact was EUR 10.5 million higher than in the first half of 2025. Excluding the impact of natural catastrophes and other exceptional loss events, the insurance result would have been 7.2% higher year on year. The less favourable claims experience also led to an increase in the combined ratio, which nevertheless remained at a very favourable 90.7%. The finance result amounted to EUR 15.3 million, an increase of 136.9% compared with the same period last year, driven mainly by positive fair value movements in financial investments measured at fair value through profit or loss and by higher interest income resulting from the growth of the investment portfolio and its optimisation at the end of the previous year. Net profit for the period totalled EUR 55.6 million and, for the reasons described above, was 3.6% lower. The impact of less favourable claims experience on the insurance result was largely offset by significantly higher investment income. Equity stood at EUR 754.9 million, representing a 1.7% increase compared with the end of 2025, driven by profit generated in the first half of the year and partly offset by the payment of dividends for 2025. Annualised return on equity was 14.1%, down 2.0 percentage points compared with the first half of the previous year, reflecting lower profit. The contractual service margin amounted to EUR 198.3 million and increased by 4.0%, primarily in the life segment, where stronger sales meant that the contractual service margin of new contracts exceeded the amount released to profit or loss by as much as 23.1%. Growth in the contractual service margin was further supported by favourable financial market developments and substantial top -up premiums to existing unit-linked insurance policies. The investment portfolio totalled EUR 1,799.6 million, up 2.0%. Fixed -income financial investments remained the largest part of the portfolio (85.9%). The return on the investment portfolio was 3.0%, an improvement of 0.7 percentage points, driven mainly by fair value gains on financial investments measured at fair value through profit or loss and by higher interest income resulting from portfolio growth and the positive effects of portfolio optimisation at the end of 2025.
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6 Assets under management amounted to EUR 3,940.1 million, up 16.7%. Growth was driven by strong investment returns amid favourable equity market conditions and by an increase in net inflows, which were a full 21.0% higher than in the corresponding period of the previous year. The assessment of the solvency position as at 30 June 2026 indicates that the Group is well capitalised, with the solvency ratio estimated in the range of 219% to 223% (30 June 2025: 211% to 217%). 3.1 Non-life segment EUR 1–6/2026 1–6/2025 Change Index Gross premiums written 413,073,527 392,495,243 20,578,283 105.2 EU 338,955,072 328,618,300 10,336,772 103.1 Non-EU 74,118,454 63,876,943 10,241,511 116.0 Insurance result 21,377,166 44,310,166 -22,933,000 48.2 EU 19,238,877 41,061,300 -21,822,424 46.9 Non-EU 2,138,290 3,248,866 -1,110,576 65.8 Finance result 11,486,006 4,840,286 6,645,720 237.3 EU 9,698,473 3,448,632 6,249,841 281.2 Non-EU 1,787,533 1,391,654 395,879 128.4 Other net income 491,399 966,723 -475,324 50.8 EU 393,285 687,966 -294,681 57.2 Non-EU 98,113 278,757 -180,644 35.2 Profit or loss before tax 33,354,571 50,117,175 -16,762,604 66.6 EU 29,330,635 45,197,898 -15,867,263 64.9 Non-EU 4,023,936 4,919,277 -895,341 81.8 Combined ratio 93.8% 86.4% +7.4 pp – EU 93.2% 85.0% +8.2 pp – Non-EU 96.4% 93.5% +2.9 pp – Loss ratio 63.7% 56.7% +7.1 pp – EU 65.0% 57.1% +7.9 pp – Non-EU 57.6% 54.3% +3.3 pp – Expense ratio 30.1% 29.8% +0.3 pp – EU 28.2% 27.9% +0.3 pp – Non-EU 38.8% 39.2% -0.4 pp – Non-life gross written premiums grew by 5.2% to EUR 413.1 million. Growth was achieved across all markets. In the EU markets, premiums increased by 3.1%, most notably in general liability, where, in addition to higher average premiums, the dynamics of underwriting also contributed to growth. Motor insurance premiums increased owing to a higher number of policies, while growth in other property insurance was driven by both a higher number of policies and rising average premiums. In the non-EU markets, premiums grew by 16.0%, with accident, motor and health insurance, together with property insurance, contributing the most to growth as a result of a higher number of poli cies and higher average premiums. The insurance result reached EUR 21.4 million and, despite growth in insurance revenue (by 4.1% in the EU markets and by as much as 14.0% in the non-EU markets), was 51.8% lower compared with the same period last year. The decline in the insurance result in the EU markets was driven mainly by losses from natural catastrophes and other major claims. While the first half of last year was characterised by favourable weather conditions, this year the segment’s performance was once again affected by severe weather events, particularly in Slovenia and Croatia. In February, the portfolio was affected by ice damage, followed by windstorms across Slovenia and Croatia in late March and hailstorms in Slovenia in June. In the non -EU markets, the EUR 1.1 million reduction in the insurance r esult was primarily due to a major fire loss.
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7 The combined ratio amounted to 93.8% and increased by 7.4 percentage points. The loss ratio in the EU and non-EU markets reflects the claims experience described above for the first half of the year. The expense ratio, meanwhile, increased slightly, primarily due to higher policy acquisition costs. The finance result increased by 137.3% to EUR 11.5 million. The improvement in the EU markets was driven by positive fair value movements in financial investments measured at fair value through profit or loss, as well as higher interest income resulting from portfolio growth and portfolio optimisation at the end of the previous year. In the non-EU markets, the finance result improved mainly as a result of higher interest income. Profit before tax amounted to EUR 33.4 million, decreasing by 33.4% as a result of the factors previously described for the lower insurance result. 3.2 Life segment EUR 1–6/2026 1–6/2025 Change Index Gross premiums written 129,216,345 106,325,368 22,890,977 121.5 EU 121,001,011 98,969,590 22,031,421 122.3 Non-EU 8,215,334 7,355,778 859,556 111.7 Insurance result 11,870,201 9,134,179 2,736,022 130.0 EU 10,663,324 8,641,955 2,021,369 123.4 Non-EU 1,206,877 492,224 714,653 245.2 Finance result 2,803,784 3,179,463 -375,679 88.2 EU 2,590,371 2,859,824 -269,453 90.6 Non-EU 213,413 319,639 -106,226 66.8 Other net income/expenses 72,828 -633,554 706,382 – EU 61,879 -283,914 345,793 – Non-EU 10,949 -349,640 360,589 – Profit before tax 14,746,813 11,680,088 3,066,725 126.3 EU 13,315,574 11,217,865 2,097,709 118.7 Non-EU 1,431,239 462,223 969,016 309.6 30 June 2026 31 December 2025 Change Index Contractual service margin (CSM) 183,977,184 172,472,799 11,504,385 106.7 EU 173,302,023 161,756,670 11,545,353 107.1 Non-EU 10,675,161 10,716,130 -40,968 99.6 Gross written premiums of the EU-based life insurers grew by 22.3% to EUR 121.0 million, as a result of top-up premiums to existing unit-linked insurance policies and stronger sales of new unit-linked and protection insurance policies. Non-EU life premiums grew by 11.7% to EUR 8.2 million, as a result of higher sales of new protection and unit-linked life insurance policies. The insurance result increased by 30.0% to EUR 11.9 million, reflecting more favourable claims experience and revenue growth, while, in the non -EU markets, it was also due to a change in the assumptions used in the valuation of insurance contracts, which, on the other hand, resulted in a lower insurance finance result and thus did not affect the profit for the period. The finance result decreased by 11.8% to EUR 2.8 million. In the EU-based companies, the decline was mainly attributable to the run -off of the traditional savings life insurance portfolio, as these savings policies are no longer sold in Slovenia. In the non -EU markets, it was driven primarily by a lower insurance finance result arising from the assumption changes in the non-EU markets referred to above. Profit before tax amounted to EUR 14.7 million, up 26.3%, reflecting the higher insurance result discussed above.
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8 The contractual service margin amounted to EUR 184.0 million, an increase of 6.7%. Strong sales resulted in the new business contractual service margin exceeding the amount released to profit or loss by as much as 23.1%. Growth in the contractual service margin was further supported by favourable financial market developments and substantial top-up payments to existing unit -linked insurance policies. Both factors contributed to an increase in the value of unit -linked assets, thereby enhancing future income from the management of these assets. Movement in contractual service margin 3.3 Reinsurance segment EUR 1–6/2026 1–6/2025 Change Index Gross premiums written 108,173,672 91,356,797 16,816,875 118.4 Insurance result* 16,202,148 9,867,058 6,335,090 164.2 Finance result 2,272,175 -115,774 2,387,948 – Other net expenses -142,716 -447,047 304,331 – Profit before tax 18,331,607 9,304,238 9,027,369 197.0 Combined ratio 71.2% 83.8% -12.6 pp – Loss ratio 55.8% 71.0% -15.2 pp – Expense ratio 15.4% 12.8% +2.6 pp – * In 2026, Sava Re began applying the premium allocation approach (PAA) to its entire newly written reinsurance portfolio. Gross written premiums rose to EUR 108.2 million, representing an 18.4% increase. This growth is a result of pursuing new opportunities in select international markets. The insurance result was EUR 16.2 million, up 64.2%. The Group transitioned to the premium allocation approach (PAA) for the entire newly written portfolio of issued reinsurance. However, because the premium allocation method does not include an explicit contractual service m argin, the existing margin decreased by EUR 4.9 million, as the segment’s legacy portfolio continued to run off. The finance result amounted to EUR 2.3 million and improved mainly due to positive foreign exchange differences and a stronger investment result, supported by positive fair value movements in financial investments measured at fair value through profit or loss. Profit before tax totalled EUR 18.3 million, up 97.0%.
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9 3.4 Pensions and asset management segment EUR 1–6/2026 1–6/2025 Change Index Business volume 17,635,705 15,399,833 2,235,872 114.5 Asset management revenue 15,578,934 12,871,721 2,707,213 121.0 Gross premiums written (annuities) 2,056,771 2,528,112 -471,341 81.4 Cost-to-income ratio (CIR) 45.9% 52.9% -6.9 pp – Profit before tax 6,500,133 4,997,763 1,502,369 130.1 EUR 30 June 2026 31 December 2025 Change Index Assets under management 2,860,321,701 2,485,509,194 374,812,507 115.1 The business volume increased by 14.5% to EUR 17.6 million, driven by strong growth in asset management revenue due to the higher volume of assets under management. Premiums from annuity business were lower due to a smaller number of retirements, as reflected in the lower nu mber of annuity contracts written. The cost-to-income ratio (CIR) improved by 6.9 percentage points, driven by the strong growth in revenue referred to above and the more moderate increase in operating expenses. As a result, profit before tax reached EUR 6.5 million, up as much as 30.1% compared with the same period last year. Assets under management increased by 15.1% in the first half of the year to EUR 2.9 billion. This growth was fuelled by strong investment returns amid favourable equity market conditions and by an increase in net inflows, which were 21.0% higher than last year and amounted to EUR 113.4 million. 3.5 “Other” segment EUR 1–6/2026 1–6/2025 Change Index Income 5,621,304 4,832,980 788,324 116.3 Expenses 7,414,602 7,005,767 408,835 105.8 Profit or loss before tax -1,793,298 -2,172,787 379,489 – Profit before tax improved by EUR 0.4 million, primarily driven by the associate company active in the healthcare services sector, which expanded its operations last year through acquisitions of other providers. This segment reported a loss because it includes expenses for subordinated debt. 4 Financial position The following is a discussion of assets and liabilities relevant to understanding the Group’s financial position. EUR 30 June 2026 31 December 2025 Change Index Equity 754,861,356 742,562,581 12,298,775 101.7 Subordinated liabilities 128,013,929 125,242,015 2,771,913 102.2 Net insurance contract liabilities*, of which 2,182,585,951 1,919,100,008 263,485,943 113.7 Contractual service margin (CSM) 198,283,035 190,696,824 7,586,211 104.0 Investment portfolio 1,799,556,421 1,764,599,343 34,957,079 102.0 Intangible assets 64,615,311 65,006,816 -391,505 99.4 Total assets 3,417,829,101 3,112,699,115 305,129,986 109.8 Assets under management 3,940,077,583 3,377,617,165 562,460,418 116.7 * Insurance contract liabilities, net of insurance contract assets.
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10 4.1 Capital and solvency Equity amounted to EUR 754.9 million, up 1.7% compared to the end of 2025. It increased due to first- half profits but decreased due to the payment of dividends for 2025. The Group’s estimated solvency position as at 30 June 2026 shows that the Group is well capitalised, with an estimated solvency ratio in the range of 219% to 223% (31 December 2025: 218%). The Group’s solvency ratio is thus significantly above the regulatory requirement of 100% and, according to internal criteria, is just above the optimal solvency ratio range of 170% to 210%. Capital adequacy of the Sava Insurance Group 4.2 Net insurance contract liabilities Net insurance contract liabilities amounted to EUR 2,182.6 million, an increase of 13.7% year on year, driven by insurance portfolio growth. As at 30 June 2026, the contractual service margin was EUR 198.3 million, while the net contractual service margin amounted to EUR 191.9 million. In the first half of 2026, the contractual service margin increased by 4.0%, driven mainly by growth in the life segment. Strong sales meant that the contractual service margin from new business significantly exceeded the amount released to profit or loss. Its growth was further supported by a positive change in expected cash flows for unit -linked insurance policies, reflecting favourable financial market developments and substantial additional payments into existing policies. 170% 210% 218% 100% 120% 140% 160% 180% 200% 220% 240% 260% 280% 30/6/2025 30/9/2025 31/12/2025 31/3/2026 30/6/2026 Solvency ratio – estimate Solvency ratio – realised Overcapitalis ation
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11 4.3 Investment portfolio As at 30 June 2026, the Sava Insurance Group’s investment portfolio totalled EUR 1,799.6 million, up 2.0% compared with year -end 2025. The increase in the portfolio was primarily attributable to cash flows from core operations. The investment portfolio continues to be predominantly concentrated in fixed-income investments (30 June 2026: 85.9%, 31 December 2025: 87.7%), with the share of government bonds declining in favour of corporate bonds. Additional investment activity and positive fair value movements increased the proportion of the shares and mutual funds asset class. The share of cash and cash equivalents also increased in the short term. The share of investments in associates increased owing to a recapitalisation. Investment portfolio7, net investment income and investment return EUR 30 June 2026 31 December 2025 Change Index Investment portfolio position 1,799,556,421 1,764,599,342 34,957,079 102.0 EUR 1–6/2026 1–6/2025 Change Index Net investment income from the investment portfolio 26,325,561 18,850,537 7,475,023 139.7 Interest income 18,083,319 15,132,629 2,950,691 119.5 Change in fair value of FVTPL investments 5,192,365 1,262,386 3,929,979 411.3 Dividends from equity investments and income from alternative funds 1,381,806 1,527,421 -145,615 90.5 Income from associate companies 1,165,126 896,190 268,936 130.0 Other investment income or expenses 502,945 31,912 471,033 1576.1 Return on investment portfolio 3.0% 2.3% +0.7 pp – The net investment income from the investment portfolio amounted to EUR 26.3 million in the first half of 2026, an increase of EUR 7.5 million, or 39.7%, compared with the same period last year. The improvement was driven mainly by positive fair value movements in investments measured at fair value through pro fit or loss. Interest income also increased as available and maturing funds were reinvested at higher interest rates and following the optimisation of the investment portfolio at the end of 2025. The return on the investment portfolio was 3.0%, up 0.7 percentage points on the first half of the previous year. 5 Shareholder value 1–6/2026 1–6/2025 Change Index Number of issued shares, excluding treasury shares 15,497,696 15,497,696 0 100.0 Net earnings per share (EUR) 3.59 3.72 -0.13 96.4 Book value per share at end of period (EUR) 48.71 43.83 4.88 111.1 Share price at end of period (EUR) 81.40 56.00 25.40 145.4 Earnings per share Earnings per share (EPS) amounted to EUR 3.59 in the first half of 2026 (first half of 2025: EUR 3.72). Closing share price in the period The share price rose by 45.4% compared to the price as at 30 June 2025. Return on equity Annualised return on equity was 14.1% (first half of 2025: 16.1%), down due to lower profit. 7 A more detailed breakdown of the investment portfolio is provided in appendix C, section 4.
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12 Dividends On 11 June 2026, the Company paid a gross dividend of EUR 2.75 per share to its shareholders. This represents a gross dividend yield of 3.7%. 6 Risk management Geopolitical conditions remained uncertain during the first half of the year, influenced by the war in Ukraine, heightened tensions in the Middle East and uncertainty surrounding US trade and tariff policies. These factors are disrupting supply chains, affecting energy prices and adding to inflationary pressures, thereby undermining the stability of both the European and global economy. We continue to assess the risk of claims inflation in non -life insurance as elevated, as geopolitical disruptions may contribute to rising prices and could also adversely affect the valuation of the investment portfolio. There were no other changes to strategic risks during the first half of the year. We expect elevated uncertainty to persist throughout the year, so we are closely monitoring the risks affecting the Group and responding as necessary. Underwriting risks are among the most significant risks and are therefore carefully managed by the Group. Claims experience in the first half of the year was less favourable than in the previous year, mainly due to natural catastrophes and other major clai ms. Natural catastrophe losses were higher, largely as a result of severe weather events in Slovenia and Croatia. Given the inherently fortuitous nature of underwriting risk, an increase in the number of loss events that could adversely affect business results in the remainder of the year cannot be ruled out. In the first half of the year, the Group’s exposure to operational risk was at a comparable level to that of the previous year, and the Group sought to mitigate these risks appropriately. The Group also successfully managed and controlled liquidity risk. 7 Progress on the business plan The Sava Insurance Group successfully delivered on its 2026 business plan during the first half of 2026. With business volume reaching EUR 672.5 million, the Group exceeded its target growth rate of 5%. Net profit amounted to EUR 55.6 million, representing 58.6% of the lower end of the annual target range. Other key performance indicators likewise exceeded their full-year targets. The third quarter is statistically the quarter most affected by natural catastrophes, and the Group therefore remains exposed to the risk of major losses for the remainder of the year. If claims experience remains within expectations, the management board estimates that the Group will achieve its 2026 business plan by year end. Actuals versus targets in 2026 EUR million 1–6/2026 2026 plan As % of plan Business volume growth 10.3% > 5% ✓ Return on equity 14.1% > 12% ✓ Profit, net of tax 55.6 > 95 58.6% Combined ratio 90.7% < 93% ✓
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13 Business volume growth by segment versus annual plan 1–6/2026 2026 plan Non-life, EU 3.1% > 3% Life, EU 22.3% > 2% Reinsurance 18.4% > 10% Non-life, non-EU 16.0% > 10% Life, non-EU 11.7% > 15% Pensions and asset management 14.5% > 10%
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14 8 Significant events in the reporting period • On 28 November 2025, the Insurance Supervision Agency issued an order to three companies – Adris Grupa d.d., Croatia Osiguranje d.d. and Erste d.o.o. – requiring them to dispose of their shares as unauthorised holders of a qualifying holding in Sava Re. It found that these companies were deemed to be joint holders of a qualifying holding of 23.89% in Sava Re, for which they had not obtained the Agency’s authorisation. The Agency ordered the unauthorised holders to dispose of all Sava Re shares through which they reached or exceeded a 20% holding in the share capital within three months of receiving the order. Until the disposal of these shares, the companies may not exercise the voting rights attached to them; these rights are temporarily attributed to the v oting rights of other shareholders in proportion to their holdings. The order became final in 2026. In February 2026, an action in an administrative dispute was filed against the order, together with a motion for an interim injunction. Also in February 202 6, the Administrative Court of the Republic of Slovenia temporarily stayed, pending a final decision, the enforcement of the part of the order relating to the obligation to dispose of the shares, while the other provisions of the order, including the restriction of voting rights, remained in force. • On 25 February 2026, Sava Re received a notice of resignation from Davor I. Gjivoje Jr from his positions as a member and chairman of the Company’s supervisory board. The resignation took effect on the same day. At its session on 5 March 2026, the supervisory board appointed Klemen Babnik as the new chairman and Mojca Androjna as deputy chair of the supervisory board, both from among its members. • In response to developments in the Middle East, an assessment of the Sava Insurance Group’s exposure to the region was conducted and showed that the Group has no significant business exposure there. So far, the Group has not identified any material impact arising from these developments, although the risk of claims inflation has increased once again. The effect of events in the region on the macroeconomic environment and global financial markets remains uncertain, and the Group will therefore continue to monitor the situation closely. • On 11 May 2026, the 42nd annual shareholders’ meeting of Sava Re was held. The shareholders approved the proposal to use EUR 42,618,664.00 of distributable profit for dividends. A gross dividend of EUR 2.75 per share was paid out on 11 June 2026 to the shareholders of record on 10 June 2026. The shareholders also took note of the 2025 annual report and granted discharge to the management and supervisory boards. The nomination for the election of a new member of the supervisory board was not supported. There fore, the supervisory board will continue to operate on an interim basis with five members. The general meeting approved the remuneration report for 2025 and adopted a new remuneration policy, which entered into force on 1 June 2026. 9 Significant events after the reporting date • In July 2026, the rating agency S&P Global Ratings affirmed the “A+” ratings of Sava Re and Zavarovalnica Sava. The outlook was stable. The agency also upgraded the Group’s stand-alone credit profile from “a” to “a+”. 10 Related-party transactions Information on related-party transactions is provided in section 14.7.18 “Related-party disclosures”.
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15 11 About the Sava Insurance Group The Sava Insurance Group is a customer -centric and flexible insurance group committed to sustainability. It is active in over 120 insurance and reinsurance markets worldwide. The Group is a provider of primary insurance, reinsurance, asset management and retirement solutions. Sava Re d.d., the parent company and reinsurer, serves more than 500 clients worldwide. With a presence in six Adriatic countries, the Group is one of the larger insurance groups based in southeastern Europe. Sava Re holds financial strength and issuer credit ratings from both S&P Global Ratings (A+/stable/) and AM Best (A/stable/). For more information about the Sava Insurance Group, please visit www.sava - re.si/en-si/sava-insurance-group/profile/. 12 Cautionary statements and notes Forward-looking statements This document may contain forward-looking statements relating to the expectations, plans or goals of the Sava Insurance Group (the Group), which are based on estimates and assumptions made by the management of Sava Re (the Company). By their nature, forwar d-looking statements involve known and unknown risks and uncertainties. As a result, actual developments, in particular performance, may differ materially from the expectations, plans and goals set out in this document; therefore, persons should not rely on forward-looking statements. Duty to update The Group and the Company assume no obligation to update or revise any forward-looking statements or other information contained in this document, except to the extent required by applicable laws and regulations. Alternative performance measures This document may contain certain alternative performance measures used by the Company’s management to monitor the business, financial performance and financial position of the Group and to provide investors with additional information that management believes may be useful and relevant to understanding the Group’s results. These alternative performance measures or benchmarks generally do not have a standardised meaning and therefore may not be comparable to similarly defined benchmarks used by other companies. Therefore, such measures should not be considered in isolation from, or in place of, the Group’s consolidated financial statements and the related notes prepared in accordance with IFRS standards. Data not audited The consolidated financial statements presented in this document are unaudited. Rounding All calculations are made on exact figures, including decimals, which is why rounding differences may occur. Legal basis for the preparation of this document This document has been prepared on the basis of the Market in Financial Instruments Act, the rules of the Ljubljana Stock Exchange, and other laws and regulations applicable in Slovenia. The Company’s supervisory board considered and approved this document at its session on 20 August 2026. The document is available on the Company’s website.
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16 Translation This document has been originally prepared in Slovenian. While every effort has been made to ensure a complete and accurate translation into English, some linguistic inconsistencies may still occur. Please note that only the Slovenian original is binding.
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17 Appendices to the business report
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18 Appendix A – Consolidated income statement by operating segment EUR Non-life, EU Non-life, non-EU Life, EU Life, non-EU Reinsurance Pensions and asset management Other Total 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Insurance revenue 290,563,539 279,059,722 61,716,187 54,153,961 39,264,168 36,127,487 5,394,848 4,683,006 55,741,349 58,153,496 340,885 306,727 0 0 453,020,976 432,484,398 Insurance service expenses, including non- attributable expenses -281,945,067 -227,578,654 -80,371,461 -47,546,559 -29,114,978 -27,157,621 -4,179,045 -4,223,385 -33,451,030 -44,659,882 -109,223 -85,207 0 0 -429,170,804 -351,251,308 Claims incurred -200,128,624 -148,085,393 -56,119,756 -26,150,654 -7,759,688 -8,418,718 -1,621,132 -1,592,470 -25,113,637 -37,184,650 -74,217 -57,691 0 0 -290,817,054 -221,489,576 Operating expenses, including non- attributable expenses -82,421,838 -78,622,624 -24,014,134 -21,493,338 -21,370,302 -18,863,691 -2,482,080 -2,636,334 -8,415,493 -6,995,093 -64,150 -63,053 0 0 -138,767,997 -128,674,132 Onerous contracts 605,394 -870,637 -237,570 97,433 15,013 124,787 -75,834 5,419 78,100 -480,139 29,144 35,537 0 0 414,247 -1,087,600 Result before reinsurance 8,618,472 51,481,067 -18,655,274 6,607,402 10,149,190 8,969,866 1,215,802 459,620 22,290,320 13,493,614 231,661 221,520 0 0 23,850,171 81,233,090 Reinsurance result 10,620,405 -10,419,767 20,793,564 -3,358,536 514,134 -327,911 -8,925 32,604 -6,088,171 -3,626,556 0 0 0 0 25,831,006 -17,700,166 a) Insurance result 19,238,877 41,061,300 2,138,290 3,248,866 10,663,324 8,641,955 1,206,877 492,224 16,202,148 9,867,058 231,661 221,520 0 0 49,681,177 63,532,924 0 0 0 0 0 0 0 0 0 0 0 0 Investment result 12,527,778 6,444,713 2,647,153 2,120,835 3,746,443 3,968,381 785,190 622,793 4,642,387 3,952,942 811,484 844,684 1,165,126 896,190 26,325,561 18,850,536 Insurance finance result -2,850,464 -2,663,332 -745,308 -631,249 -1,145,393 -1,092,945 -566,409 -300,784 -3,386,936 -3,153,917 -499,104 -418,248 0 0 -9,193,614 -8,260,476 Expenses from financial liabilities -56,380 -63,912 -119,816 -90,344 -10,056 -14,425 -4,276 -4,765 -5,983 -2,995 -353 -144 -2,811,656 -2,812,282 -3,008,520 -2,988,867 Net foreign exchange gains/losses 77,538 -268,837 5,504 -7,587 -622 -1,187 -1,091 2,396 1,022,706 -911,804 33,075 27,080 0 -278 1,137,111 -1,160,218 b) Finance result 9,698,473 3,448,632 1,787,533 1,391,654 2,590,371 2,859,824 213,413 319,639 2,272,175 -115,774 345,103 453,372 -1,646,530 -1,916,371 15,260,538 6,440,976 0 0 0 0 0 0 0 0 0 0 0 0 c) Non-insurance revenue 0 0 0 0 0 0 0 0 0 0 15,578,934 12,871,721 4,441,636 3,901,840 20,020,570 16,773,560 d) Non-insurance expenses -1,187,483 -1,061,880 -1,224,725 -976,708 -329,171 -380,297 0 0 0 0 -9,701,563 -8,571,412 -4,602,105 -4,127,530 -17,045,048 -15,117,826 e) Other net income/expenses 1,580,768 1,749,846 1,322,839 1,255,465 391,050 96,383 10,949 -349,640 -142,716 -447,047 45,998 22,563 13,700 -30,727 3,222,588 2,296,843 Profit or loss before tax (a + b + c + d + e) 29,330,635 45,197,898 4,023,936 4,919,277 13,315,574 11,217,865 1,431,239 462,223 18,331,607 9,304,238 6,500,133 4,997,763 -1,793,298 -2,172,787 71,139,826 73,926,477 Income tax expense -15,512,137 -16,232,317 Net profit or loss for the period 55,627,689 57,694,160
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19 Adjusted income statement We have adjusted the income statement, which is used to review business operations in the business report, to present certain categories in a more meaningful way and to shorten the line items, as shown in the following table. EUR Income statement Income statement (adjusted) 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Insurance revenue 453,020,976 432,484,398 Insurance revenue 453,020,976 432,484,398 Insurance service expenses -412,528,204 -335,821,058 Insurance service expenses, including non- attributable expenses -429,170,804 -351,251,308 Insurance service result from insurance contracts issued 40,492,771 96,663,340 Result before reinsurance 23,850,171 81,233,090 Revenue from reinsurance contracts held 62,494,411 8,322,391 Expenses from reinsurance contracts held -36,663,405 -26,022,558 Net result from reinsurance contracts held 25,831,006 -17,700,166 Reinsurance result 25,831,006 -17,700,166 Insurance service result 66,323,777 78,963,174 Insurance result 49,681,177 63,532,924 Net investment result 168,609,056 4,328,307 Investment result 26,325,561 18,850,536 Finance result from insurance contracts -151,575,006 3,783,973 Finance result from reinsurance contracts 74,112 884,433 Net insurance finance result -151,500,894 4,668,405 Insurance finance result -9,193,614 -8,260,476 Expenses from financial liabilities -3,008,520 -2,988,867 Net foreign exchange gains/losses 1,137,111 -1,160,218 Net insurance and finance result 17,108,162 8,996,713 Finance result 15,260,538 6,440,976 Asset management revenue 15,578,934 12,871,721 Non-insurance revenue 20,020,570 16,773,560 Non-attributable operating expenses -18,397,978 -17,128,352 Non-insurance expenses -17,045,048 -15,117,826 Net impairment losses and reversals of impairment losses on non- financial assets -185,411 -105,173 Finance costs -3,008,520 -2,988,867 Share of profit or loss of investments accounted for using equity method 1,165,126 896,190 Net income and expenses from subsidiaries and associates 0 0 Gains or losses on disposal of discontinued operations 0 11,608 Net other operating income and expenses -7,444,264 -7,590,535 Other net income/expenses 3,222,588 2,296,843 Profit before tax 71,139,826 73,926,477 Profit before tax 71,139,826 73,926,477 Income tax expense -15,512,137 -16,232,317 Income tax expense -15,512,137 -16,232,317 Net profit for the period 55,627,689 57,694,160 Net profit for the period 55,627,689 57,694,160
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20 The following reclassifications have been made: • Exchange differences on financial investments and insurance contract liabilities have been reclassified from the net investment result, net insurance finance income or expenses and the result of the other items to net foreign exchange gains/losses. • Investment income on life insurance policies where policyholders bear the investment risk has been reclassified from the net investment result to the insurance finance result. • Asset management revenue and income from Group companies included in net other operating income and expenses are reported together as non- insurance revenue. • Non-attributable operating expenses of the Group’s insurance companies are recognised in insurance service expenses, including no n-attributable expenses. • The operating expenses of non -insurance companies that are part of net other operating income and expenses, together with non-attributable expenses, are reported as non-insurance expenses. • The share of profit or loss of investments accounted for using the equity method, and net income and expenses from subsidiaries and associates have been combined and presented under the investment result line item. • Expenses from financial liabilities included in finance costs are included in the finance result. • Gains or losses on disposal of discontinued operations are included in other net income/expenses. • Net impairment losses and reversals of impairment losses on non-financial assets are included in other net income/expenses.
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21 Appendix B – Consolidated statement of financial position by operating segment EUR Non-life, EU Non-life, non-EU Life, EU Life, non-EU Reinsurance Pensions and asset management Other Total 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 ASSETS Intangible assets and goodwill 14,540,375 14,074,941 10,102,639 9,922,940 3,688,061 3,839,912 285,266 256,201 6,062,803 6,330,824 26,323,173 26,871,415 3,612,993 3,710,583 64,615,311 65,006,816 Property, plant and equipment 37,385,487 36,053,819 11,214,861 10,920,999 4,581,258 4,631,448 951,031 982,976 2,593,275 2,602,942 829,086 927,634 550,699 478,151 58,105,697 56,597,968 Investment property 9,980,520 10,118,147 4,810,080 5,210,005 29,545 30,216 0 0 7,247,678 7,327,769 0 0 0 0 22,067,823 22,686,137 Right-of-use assets 3,868,750 3,799,438 4,414,463 3,212,889 687,084 797,398 244,135 248,664 413,427 380,227 26,149 7,574 1,675,114 1,814,896 11,329,122 10,261,086 Investments in associates and joint ventures 0 0 0 0 0 0 0 0 0 0 0 0 37,718,361 29,053,235 37,718,361 29,053,235 Deferred tax assets 1,741,892 1,545,768 0 0 -3,638,245 -3,449,388 0 0 3,145,666 3,572,797 -387,766 -457,953 0 0 861,546 1,211,223 Financial investments 765,800,817 718,760,788 120,151,766 114,390,302 1,441,056,497 1,291,509,828 40,132,178 38,593,242 329,619,700 334,996,119 61,136,706 63,022,124 0 0 2,757,897,663 2,561,272,403 Investment contract assets 0 0 0 0 0 0 0 0 0 0 232,524,112 217,204,108 0 0 232,524,112 217,204,108 Insurance contract assets 2,696,210 2,823,794 132,108 23,656 578,356 129,651 633,619 516,690 14,835,023 7,505,734 0 0 0 0 18,875,315 10,999,525 Reinsurance contract assets 71,218,810 47,766,152 34,861,284 9,201,878 876,252 189,732 47,346 44,526 12,557,746 12,715,177 0 0 0 0 119,561,438 69,917,465 Current tax assets 0 0 235,255 313,925 0 0 1,683 1,683 0 0 0 0 0 0 236,938 315,608 Trade and other receivables 4,604,001 3,570,240 8,317,770 7,568,455 1,253,479 1,415,571 274,050 411,398 1,745,815 123,525 2,538,591 2,273,761 1,638,351 1,750,140 20,372,058 17,113,089 Non-current assets held for sale 0 0 25,332 25,352 0 0 0 0 0 0 0 0 0 0 25,332 25,352 Cash and cash equivalents 24,817,202 14,646,070 6,894,737 5,464,255 12,633,552 12,047,023 1,428,539 1,148,275 8,713,094 4,767,749 4,911,173 2,359,803 2,230,159 3,262,365 61,628,457 43,695,540 Other assets 4,194,081 1,621,445 1,344,003 1,158,428 332,034 417,161 262,554 218,114 2,554,722 1,339,985 1,455,568 1,185,966 1,866,966 1,398,463 12,009,929 7,339,562 Total assets 940,848,145 854,780,602 202,504,297 167,413,083 1,462,077,873 1,311,558,551 44,260,401 42,421,767 389,488,949 381,662,848 329,356,793 313,394,432 49,292,645 41,467,831 3,417,829,101 3,112,699,115 LIABILITIES Subordinated liabilities 0 0 0 0 0 0 0 0 0 0 0 0 128,013,929 125,242,015 128,013,929 125,242,015 Deferred tax liabilities -282,863 40,106 784,966 569,504 293,792 334,636 756,245 705,095 0 0 1,596,388 1,643,544 148,214 165,778 3,296,742 3,458,663 Insurance contract liabilities 554,634,107 487,810,589 116,333,693 84,728,419 1,312,748,778 1,139,541,897 23,558,903 22,022,345 162,417,170 166,207,053 31,768,615 29,789,231 0 0 2,201,461,266 1,930,099,533 Reinsurance contract liabilities 522,869 1,057,876 2,213,464 2,073,570 112,499 788,053 0 0 3,260,354 2,655,943 0 0 0 0 6,109,187 6,575,441 Investment contract liabilities 0 0 0 0 0 0 0 0 0 0 232,326,730 216,974,394 0 0 232,326,730 216,974,394 Provisions 6,762,479 6,108,378 456,953 449,184 1,489,147 1,392,649 33,077 33,102 626,068 575,143 350,743 357,129 93,035 93,041 9,811,501 9,008,625 Lease liability 4,042,011 3,991,691 4,571,347 3,368,204 711,819 821,576 250,892 255,436 423,809 387,575 26,167 7,801 1,449,587 1,546,001 11,475,631 10,378,285 Other financial liabilities 7,800 7,162 688,545 513,242 0 0 743 359 -1 -3 117,187 0 111,843 0 926,117 520,763 Current tax liabilities 85,064 5,913,504 602,917 1,055,598 715,914 775,491 42,246 9,244 1,531,915 217,813 365,705 547,995 0 153,753 3,343,761 8,673,399 Other liabilities 29,335,157 25,831,625 10,558,438 9,995,903 4,475,351 4,061,630 940,011 1,576,461 13,008,532 10,869,125 2,663,118 2,577,196 5,222,274 4,293,474 66,202,882 59,205,415 Total liabilities 595,106,624 530,760,932 136,210,323 102,753,624 1,320,547,301 1,147,715,932 25,582,117 24,602,043 181,267,847 180,912,651 269,214,652 251,897,289 135,038,881 131,494,063 2,662,967,745 2,370,136,534 Total equity 754,861,356 742,562,581 Total liabilities and equity 3,417,829,101 3,112,699,115
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22 Appendix C – Supplementary materials 1. Non-life segment Gross premiums written – non-life insurance EUR 1–6/2026 1–6/2025 Change Index Slovenia 327,224,572 317,553,427 9,671,145 103.0 Croatia 11,730,501 11,064,874 665,627 106.0 EU 338,955,072 328,618,300 10,336,772 103.1 Serbia 34,237,373 27,773,020 6,464,353 123.3 North Macedonia 13,351,030 12,478,396 872,633 107.0 Montenegro 15,249,486 13,064,293 2,185,193 116.7 Kosovo 11,280,566 10,561,234 719,333 106.8 Non-EU 74,118,454 63,876,943 10,241,511 116.0 Total non-life insurance 413,073,527 392,495,243 20,578,283 105.2 Gross non-life insurance premiums by class of business 2. Life segment Gross premiums written – life insurance EUR 1–6/2026 1–6/2025 Change Index Slovenia 120,018,660 97,844,431 22,174,229 122.7 Croatia 982,351 1,125,159 -142,808 87.3 EU 121,001,011 98,969,590 22,031,421 122.3 Serbia 5,709,641 5,059,612 650,028 112.8 Kosovo 2,505,693 2,296,166 209,528 109.1 Non-EU 8,215,334 7,355,778 859,556 111.7 Total life insurance 129,216,345 106,325,368 22,890,977 121.5
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23 Gross life insurance premiums by class of business 3. Pensions and asset management segment Performance of funds under management (accumulation part) EUR 1–6/2026 1–6/2025 Index Opening balance of fund assets (1 January) 2,485,509,194 2,125,101,183 117.0 Fund inflows 178,320,394 138,833,215 128.4 Fund outflows -62,102,194 -40,175,718 154.6 Asset transfers -2,778,480 -4,905,933 56.6 Net investment income from funds 261,438,687 -9,312,577 – Entry and exit charges -1,213,962 -1,133,964 107.1 Foreign exchange differences and accumulated other comprehensive income 1,148,062 227,076 – Closing balance of fund assets (30 June) 2,860,321,701 2,208,633,282 129.5 Index versus period start 115.1 103.9 Closing balance of funds under management (accumulation part) EUR 30 June 2026 31 December 2025 Index Slovenia 1,380,262,027 1,135,332,951 121.6 North Macedonia 1,480,059,674 1,350,176,243 109.6 Total 2,860,321,701 2,485,509,194 115.1
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24 4. Investment portfolio of the Sava Insurance Group Balance and composition of the investment portfolio EUR 30 June 2026 Share 30 June 2026 31 December 2025 Share 31 December 2025 Change Fixed-income investments 1,545,141,226 85.9% 1,547,629,427 87.7% -2,488,201 Government bonds 888,003,679 49.3% 946,744,833 53.7% -58,741,154 Corporate bonds 621,935,560 34.6% 570,004,328 32.3% 51,931,232 Deposits and CDs 35,201,987 2.0% 30,880,266 1.7% 4,321,721 Shares and mutual funds 55,102,822 3.1% 44,328,075 2.5% 10,774,747 Shares 26,982,419 1.5% 24,311,668 1.4% 2,670,751 Mutual funds 28,120,403 1.6% 20,016,407 1.1% 8,103,996 Alternative funds 78,862,461 4.4% 77,013,290 4.4% 1,849,171 Investment property 22,067,823 1.2% 22,686,137 1.3% -618,314 Cash and cash equivalents 54,358,226 3.0% 37,392,551 2.1% 16,965,674 Investments in associates 37,718,361 2.1% 29,053,235 1.6% 8,665,126 Other 6,305,503 0.4% 6,496,626 0.4% -191,124 Loans granted to associates 5,731,005 0.3% 5,997,689 0.3% -266,684 Other loans 574,497 0.0% 498,937 0.0% 75,560 Total investment portfolio 1,799,556,421 100.0% 1,764,599,342 100.0% 34,957,080
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25 Appendix D – Glossary of selected terms and calculation methods for indicators Adriatic region. The countries of southeastern Europe along the Adriatic Sea. Assets under management. Assets of the pension companies’ pension funds, the assets of mutual funds managed by the Group’s asset management company and the assets of the policyholders who bear the investment risk. Book value per share. Ratio of total equity to the weighted average number of shares outstanding. Business volume. Gross premiums written and non-insurance revenue. Combined ratio. The sum of the loss ratio and the expense ratio. The Group’s ratio is calculated for the reinsurance and non-life insurance operating segments. Contractual service margin (CSM). An estimate of the unearned profit on groups of insurance contracts that has not been recognised in the income statement at a reporting date because it relates to future services. Cost-to-income ratio (CIR). Administrative expenses as a percentage of net operating revenue and net other income/expenses. Dividend yield. Ratio of dividend per share to the rolling average price per share in the 12-month period. ECB. European Central Bank. Expense ratio. Attributable expenses plus non -attributable expenses plus net operating income or expenses plus net other income or expenses plus net impairment losses and reversals of impairment losses on non -financial assets, expressed as a percentage of insurance revenue. The Group’s ratio is calculated for the reinsurance and non -life insurance operating segments. In the reinsurance segment, insurance revenue is reduced by the costs of fixed commissions. Finance result. Net insurance and finance result, including finance costs and share of profit or loss of investments accounted for using the equity method. FVTPL (Fair Value Through Profit or Loss) investments. Financial investments measured at fair value through profit or loss. GDP. Gross domestic product. Gross premiums written. The total premiums from all policies written or renewed during a given period, regardless of what portion has been earned. Insurance result. Insurance service result, excluding non-attributable operating expenses of insurance companies. Investment portfolio. It includes investment property, investments in associates and subsidiaries, financial investments other than unit - linked assets, and cash and cash equivalents other than those related to unit-linked life insurance contracts. Loss ratio. Insurance service expenses, excluding operating expenses, plus net result from reinsurance contracts held as a percentage o f insurance revenue. The Group’s ratio is calculated for the reinsurance and non-life insurance operating segments. Net contractual service margin. Contractual service margin, net of reinsurance. Net earnings or loss per share. Ratio of net profit or loss attributable to equity holders of the controlling company as a percentage of the weighted average number of shares outstanding. The Company and the Group have no potentially dilutive ordinary shares, therefore basic earnings per share equal diluted earnings per share. Net investment income from the investment portfolio . The investment result plus the share of the profit or loss of subsidiaries and associates. The calculation excludes net investment income from life insurance contracts where the investment risk is borne b y policyholders, as well as the effects of foreign exchange differences. Own risk and solvency assessment (ORSA). Own assessment of the risks associated with a company’s or the Group’s business and strategic plans, and assessment of the adequacy of own funds to cover them. Return on equity . Net profit for the period as a percentage of average equity during the period, excluding accumulated other comprehensive income. Annualised returns are shown in the interim reports. Return on investment portfolio . The ratio of net investment income from the investment portfolio to average investment portfolio position. The investment portfolio position includes the following items of the statement of financial position: investment p roperty, investments in associates and subsidiaries, financial investments other than unit -linked assets, and cash and cash equivalents other than those related to unit-linked life insurance contracts. The average balance is calculated based on the investment portfolio balances at the end of the last three quarters. Solvency ratio. The ratio of eligible own funds to the solvency capital requirement, expressed as a percentage. A solvency ratio greater than 100% indicates that the company has sufficient resources to meet the solvency capital requirement.
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26 Appendix E – Alternative performance measures In its financial disclosures, the Sava Insurance Group uses alternative performance measures alongside data prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. We believe these measures provide investors with useful information and help them gain a better understanding of our financial performance. These financial measures are intended to measure the volume of business and its growth, business performance, profit generation and the efficiency of capital utilisation. Alternative performance measures should be considered together with, and not as a substitute for, measures calculated in accordance with IFRS. The Sava Insurance Group uses the following alternative performance measures: • business volume, • gross premiums written, • insurance result, • combined ratio, • cost-to-income ratio (CIR), • finance result, • return on the investment portfolio (ROI), • return on equity (ROE), • assets under management, • solvency ratio. Business volume. It represents a measure of the total volume of business generated during a specific reporting period. It is the sum of gross written premiums and revenue from non-insurance services. Limitation of usefulness: Business volume provides no information on either the profitability of the Sava Insurance Group’s operations or the timing of the services associated with that business. It should always be considered together with other IFRS metrics, such as insurance revenue or the net profit or loss for the period. Gross premiums written. This measure represents the volume of business generated by the Group’s insurance segments during a given period. While gross written premiums cannot be used as a substitute for IFRS insurance revenue, they remain a useful indicator of business growth. Accordingly, alongside IFRS insurance revenue, we consider gross written premiums to be a key performance indicator. We believe this measure is useful and relevant for our external stakeholders, as it provides an important indication of the Sava Insurance Group’s growth over a given period. Limitation of usefulness: Gross written premiums do not provide information about the profitability of the Sava Insurance Group’s operations. They also do not indicate when insurance services have been provided and recognised as insurance revenue under IFRS 17. They should always be considered together with other IFRS metrics, such as insurance revenue or the net profit or loss for the period. Insurance result. A measure that reflects the level of profit or loss generated from the insurance underwriting business. It is calculated as the IFRS 17 insurance service result, less the non-attributable operating expenses of insurance companies that are not included in the insurance service result under IFRS 17. The Sava Insurance Group considers this presentation of the i nsurance result to be more meaningful because premiums recognised within insurance revenue are intended to cover all costs associated with insurance contracts.
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27 Limitation of usefulness: The insurance service result under IFRS 17 does not include finance expenses related to insurance contract liabilities (i.e., the effects of discounting), which are included in the finance result. Combined ratio. A measure of the profitability of (re)insurance business in the non-life insurance and reinsurance operating segments, expressed as a percentage. A ratio below 100% indicates that the underwriting result from writing (re)insurance business is profitable, whereas a ratio above 100% indicates an underwriting loss. The combined ratio is calculated as the sum of the loss ratio and the expense ratio. The loss ratio shows the proportion of insurance revenue needed to cover claims costs and the cost of reinsurance/retrocession protection. It is calculated by dividing claims costs, including the reinsurance result, by insurance revenue. The expense ratio shows the proportion of insurance revenue needed to cover policy acquisition costs and administrative expenses. It is calculated by dividing attributable and non-attributable expenses, including net other income/expenses, by insurance revenue. Limitation of usefulness: The combined ratio is used to measure underwriting profitability, but it does not capture the profitability of the finance result. Even if the combined ratio is above 100%, net profit for the period may still be positive as a result of a positive finance result. As a ratio, it does not provide information on the absolute amount of the insurance result. Cost-to-income ratio (CIR). A measure of the profitability of the Sava Insurance Group’s operations in the pensions and asset management operating segment. It is calculated as administrative expenses expressed as a percentage of the segment’s net operating revenue. Limitation of usefulness: As a ratio, CIR does not provide information on the absolute amount of the operating revenue and expenses. Finance result. A measure used to assess the part of the total profit which is generated from the investing activities after covering finance costs, including finance expenses for insurance contracts. In addition to net investment income, as defined by IFRS 9, and net finance expenses from insurance contracts, as defined by IFRS 17, the finance result of the Sava Insurance Group also includes the costs of (subordinated) debt and the share of profit distributions of associates. Limitation of usefulness: The finance result should not be used to predict the future performance of the Sava Insurance Group. Return on the investment portfolio (ROI). This measure assesses performance by showing the level of investment income generated relative to the size of the Sava Insurance Group’s investment portfolio. It is calculated as the ratio of net investment income from the investment portfolio to the portfolio’s average value. The net investment income from the investment portfolio includes the investment result plus the share of the profits/losses of associates and subsidiaries. The calculation excludes net investment income from life insurance contracts where the investment risk is borne by policyholders, the effects of foreign exchange differences and the costs of subordinated debt. The investment portfolio co mprises the following line items from the statement of financial position: financial investments other than unit-linked assets, cash and cash equivalents other than those related to unit- linked life insurance contracts, investments in associates and subsid iaries, and investment property. The average balance is calculated based on the investment portfolio balances at the end of the last three quarters. Limitation of usefulness: ROI should not be used to predict the future performance of the Sava Insurance Group’s investment portfolio. Return on equity (ROE). A performance ratio that measures how efficiently the Sava Insurance Group uses shareholders’ equity to generate net profit.
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28 It is calculated as net profit for the period as a percentage of average equity during the period, excluding accumulated other comprehensive income. Limitation of usefulness: Return on equity does not indicate the absolute amount of profit attributable to shareholders or the absolute level of equity. Assets under management. The amount of financial assets that the Sava Insurance Group manages on behalf of and for the account of its clients, together with the financial assets backing liabilities to policyholders who bear the investment risk. They comprise the assets of pension company savings funds, the assets of the asset management company’s mutual funds and the assets of policyholders who bear the investment risk. Limitation of usefulness: As an absolute measure, it does not provide information about either the profitability of the Sava Insurance Group’s operations or the returns generated for clients. Solvency ratio. In accordance with the Solvency II regime, it is calculated as the ratio of eligible own funds to the solvency capital requirement (SCR) and must be at least 100% under the applicable regulations. The solvency ratio measures the Company’s solvency position and the effectiveness of its capital management. Limitation of usefulness: Eligible own funds are based on the market valuation of assets and liabilities, meaning that significant changes in market conditions (e.g., changes in interest rates) can have a rapid and substantial effect on the solvency ratio. The SCR assesses the ris ks to which the Company is exposed (using the standard formula methodology) over a one-year horizon and does not capture risks that may materially affect the Company’s performance over the longer term. As a result, some risks may not be fully reflected or may not be included in the calculation at all. The solvency ratio should therefore be considered alongside other risk indicators, the own risk and solvency assessment (ORSA) and other risk assessments.
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29 Financial statements with notes
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30 Responsibility statement of the management board of Sava Re d.d. The management board of Sava Re d.d. hereby approves the condensed financial statements of the Sava Insurance Group and Sava Re for the period from 1 January 2026 to 30 June 2026, together with the accompanying notes to the financial statements and the acc ounting policies applied. The management board also confirms that the condensed financial statements, including the notes, have been prepared on a going concern basis regarding the operations of the Company and the Group, that they comply with Slovenian law and IAS 34 “Interim Financial Reporting” and that they should be read together with the annual financial statements for the financial year ended 31 December 2025. The interim financial statements have not been audited. The financial statements have been prepared using relevant judgements, estimates and assumptions, including actuarial judgements, applying the methods most suited to the Company and the Group under the given circumstances, based on which we can provide the below assurances. The management board members ensure that, to the best of their knowledge: the financial statements and the accompanying notes have been drawn up in accordance with the reporting principles adopted by the Company and the Group and give a true and fair view of the assets and liabilities, financial position, profit or loss of the Company and the Group; the business report includes a fair presentation of the development and results of the Company’s and the Group’s operations and their financial position, including a description of the significant risks and opportunities to which Sava Re and the Sava Insurance Group are exposed. Furthermore, the management board is responsible for keeping appropriate records that at all times present, in understandable detail, the financial position of the Company and the Group, for adopting appropriate measures to protect assets, and for preventi ng and detecting fraud and other irregularities. Marko Jazbec, Chairman of the Management Board Polona Pirš, Member of the Management Board Peter Skvarča, Member of the Management Board David Benedek, Member of the Management Board Ljubljana, 11 August 2026
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31 13 Unaudited condensed financial statements 13.1 Unaudited condensed statement of financial position EUR Note Sava Insurance Group Sava Re 30 June 2026 31 December 2025 30 June 2026 31 December 2025 ASSETS Intangible assets and goodwill 64,615,311 65,006,816 6,062,802 6,330,823 Property, plant and equipment 58,105,697 56,597,968 2,593,275 2,602,942 Investment property 22,067,823 22,686,137 7,247,678 7,327,769 Right-of-use assets 11,329,122 10,261,086 444,220 420,570 Investments in subsidiaries 0 0 306,218,605 306,143,605 Investments in associates and joint ventures 37,718,361 29,053,235 29,575,000 22,075,000 – Investments in associates accounted for using equity method 37,718,361 29,053,235 0 0 – Investments in associates measured at cost 0 0 29,575,000 22,075,000 Deferred tax assets 861,546 1,211,223 2,971,666 3,437,495 Financial investments measured at 14.7.2 2,757,897,663 2,561,272,403 535,823,291 499,495,635 – Fair value through other comprehensive income 1,515,119,523 1,515,429,949 479,486,006 447,409,775 – Amortised cost 92,513,743 96,720,317 10,794,320 11,108,935 – Fair value through profit or loss 1,150,264,397 949,122,137 45,542,965 40,976,925 Investment contract assets 14.7.3 232,524,112 217,204,108 0 0 Insurance contract assets 14.7.4 18,875,315 10,999,525 16,473,749 8,909,284 Reinsurance contract assets 14.7.4 119,561,438 69,917,465 99,813,644 54,744,230 Current tax assets 236,938 315,608 0 0 Trade and other receivables 20,372,058 17,113,087 6,428,838 219,918 Non-current assets held for sale 25,332 25,352 0 0 Cash and cash equivalents 14.7.12 61,628,457 43,695,540 14,115,223 7,082,955 Other assets 12,009,929 7,339,562 2,554,722 1,339,985 Total assets 3,417,829,101 3,112,699,115 1,030,322,713 920,130,211 LIABILITIES Subordinated liabilities 128,013,929 125,242,015 128,013,929 125,242,015 Deferred tax liabilities 3,296,742 3,458,663 0 0 Insurance contract liabilities 14.7.4 2,201,461,266 1,930,099,533 336,643,763 280,211,769 Reinsurance contract liabilities 14.7.4 6,109,187 6,575,441 3,665,095 4,264,013 Investment contract liabilities 14.7.3 232,326,730 216,974,394 0 0 Provisions 9,811,501 9,008,625 626,068 575,143 Lease liability 11,475,631 10,378,285 456,337 429,886 Other financial liabilities 926,117 520,763 0 0 Current tax liabilities 3,343,761 8,673,399 1,531,915 217,813 Other liabilities 66,202,882 59,205,416 13,019,025 10,880,902 Total liabilities 2,662,967,745 2,370,136,534 483,956,132 421,821,541 EQUITY Share capital 71,856,376 71,856,376 71,856,376 71,856,376 Capital reserves 42,461,821 42,490,942 54,239,757 54,239,757 Profit reserves 343,975,433 343,990,680 343,832,895 343,832,895 Treasury shares -24,938,709 -24,938,709 -24,938,709 -24,938,709 Accumulated other comprehensive income 14.7.13.1 -11,914,603 -11,522,648 -2,532,033 -4,110,909 Retained earnings 14.7.13.2 280,087,966 244,627,191 14,810,598 21,672,991 Net profit or loss for the period 55,601,562 78,108,928 89,097,697 35,756,269 Foreign currency translation reserve -3,051,003 -3,028,054 0 0 Equity attributable to owners of the controlling company 754,078,844 741,584,706 546,366,581 498,308,670 Non-controlling interests in equity 782,513 977,875 0 0 Total equity 754,861,356 742,562,581 546,366,581 498,308,670 Total liabilities and equity 3,417,829,101 3,112,699,115 1,030,322,713 920,130,211
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32 13.2 Unaudited condensed income statement EUR Note Sava Insurance Group Sava Re 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Insurance revenue 14.7.14 453,020,976 432,484,398 97,441,844 97,576,388 Insurance service expenses 14.7.15 -412,528,204 -335,821,058 -109,882,979 -70,420,147 Insurance service result from insurance contracts issued 40,492,771 96,663,340 -12,441,135 27,156,241 Revenue from reinsurance contracts held 14.7.16 62,494,411 8,322,391 57,301,506 5,377,765 Expenses from reinsurance contracts held 14.7.16 -36,663,405 -26,022,558 -27,137,964 -17,717,061 Net result from reinsurance contracts held 25,831,006 -17,700,166 30,163,542 -12,339,295 Insurance service result 66,323,777 78,963,174 17,722,408 14,816,946 Interest income 14.7.17 18,218,301 15,276,203 5,832,561 4,533,921 Dividend income 14.7.17 738,883 768,136 62,544 59,791 Income or expenses from financial investments measured at FVTPL 14.7.17 147,030,160 -3,988,061 2,274,352 742,891 Gains and losses arising from the derecognition of financial investments measured at FVOCI 14.7.17 -297,832 87,376 -85,223 16,762 Gains and losses arising from the derecognition of financial investments measured at amortised cost 14.7.17 -93 0 0 0 Net impairment losses and reversals of impairment losses on financial investments 14.7.17 501,685 -391,272 95,974 -139,816 Net other investment income or expenses 14.7.17 2,417,952 -7,424,074 1,271,003 -7,508,433 Net investment result 168,609,056 4,328,307 9,451,210 -2,294,884 Finance result from insurance contracts 14.7.11 -151,575,006 3,783,973 -3,997,287 3,135,039 Finance result from reinsurance contracts 14.7.11 74,112 884,433 -165,605 735,161 Net insurance finance income or expenses -151,500,894 4,668,405 -4,162,892 3,870,199 Net insurance and finance result 17,108,162 8,996,713 5,288,318 1,575,315 Asset management revenue 15,578,934 12,871,721 22,523 12,220 Non-attributable operating expenses -18,397,978 -17,128,352 -9,705,377 -9,099,464 Net impairment losses and reversals of impairment losses on non-financial assets -185,411 -105,173 0 0 Finance costs -3,008,520 -2,988,867 -2,778,408 -2,772,783 Share of profit or loss of investments accounted for using equity method 1,165,126 896,190 0 0 Net income and expenses from subsidiaries and associates 0 0 82,173,274 60,410,615 Gains or losses on disposal of discontinued operations 0 11,608 0 0 Net other operating income and expenses -7,444,264 -7,590,535 -201,970 -431,236 Profit or loss before tax 71,139,826 73,926,477 92,520,767 64,511,613 Income tax expense -15,512,137 -16,232,317 -3,423,070 -1,517,465 Net profit or loss for the period 55,627,689 57,694,160 89,097,697 62,994,149 Net profit or loss attributable to non-controlling interests 26,126 28,910 Net profit or loss attributable to owners of the controlling company 55,601,562 57,665,250 Earnings per share (basic and diluted) 3.59 3.72
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33 13.3 Unaudited condensed statement of other comprehensive income EUR Sava Insurance Group Sava Re 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Total Total Total Total PROFIT OR LOSS FOR THE PERIOD, NET OF TAX 55,627,689 57,694,160 89,097,697 62,994,149 OTHER COMPREHENSIVE INCOME, NET OF TAX -411,564 7,954,806 1,578,877 1,503,759 a) Items that will not be reclassified subsequently to profit or loss 1,192,346 1,260,738 2,163 -6,312 Net gains or losses on investments in equity instruments at FVOCI 1,548,549 1,392,084 0 0 Other items that will not be reclassified subsequently to profit or loss -356,203 -131,346 2,163 -6,312 b) Items that may be reclassified subsequently to profit or loss -1,603,910 6,694,068 1,576,714 1,510,070 Finance income or expenses from insurance contracts 29,412 -1,782,324 3,022,803 -950,907 Finance income or expenses from reinsurance contracts -336,137 -222,408 -280,650 -242,286 Gains or losses on remeasurement of investments at fair value -778,500 10,725,358 -720,724 3,129,181 Tax on items that may be reclassified subsequently to profit or loss -495,539 -2,003,318 -444,715 -425,918 Net gains or losses from translation of financial statements -23,146 -23,240 0 0 COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 55,216,125 65,648,966 90,676,575 64,497,907 Comprehensive income attributable to owners of the controlling company 55,186,659 65,609,024 Comprehensive income attributable to non-controlling interests 29,465 39,942
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34 13.4 Unaudited condensed statement of cash flows Sava Insurance Group Sava Re EUR 1–6/2026 1–6/2025 1–6/2026 1–6/2025 A. Cash flows from operating activities a) Items of the income statement -88,417,651 71,989,201 4,520,077 2,822,413 Net profit or loss for the period 55,627,689 57,694,160 89,097,697 62,994,149 Adjustments for: -144,045,340 14,295,041 -84,577,620 -60,171,735 – Depreciation and amortisation expense 5,232,999 5,646,594 777,735 698,468 – Depreciation of right-of-use assets 1,519,041 1,364,289 98,915 75,554 – Finance expenses 56,193,459 90,416,858 3,972,307 4,642,244 – Finance income -220,425,304 -99,424,660 -91,830,930 -67,731,202 – Gains or losses on the disposal of property, plant and equipment assets -119,991 -174,184 -9,999 -1,004 – Gains or losses of investments accounted for using equity method -1,165,126 -896,190 0 0 – Gains or losses on the disposal of subsidiaries and associates 0 0 0 65,999 – Gains or losses on disposal of discontinued operations 0 -11,608 0 0 – Increase or decrease in provisions 423,896 306,609 50,925 61,291 – Net exchange differences -1,216,451 835,015 -1,059,643 499,448 – Income tax expense 15,512,137 16,232,317 3,423,070 1,517,465 b) Changes in operating cash flow items 194,280,449 23,400,063 4,625,201 16,926,849 Net change in insurance and reinsurance contracts 213,439,194 21,292,717 6,185,013 7,701,217 Change in other receivables and other assets -23,095,890 -8,532,998 984,294 11,154,049 Change in other liabilities 24,994,224 19,368,028 -707,755 -936,161 Corporate income tax paid -21,057,079 -8,727,685 -1,836,351 -992,255 c) Net cash from/used in operating activities (a + b) 105,862,798 95,389,264 9,145,278 19,749,263 B. Cash flows from investing activities a) Cash receipts from investing activities 401,781,867 360,937,048 185,508,395 144,900,685 Interest received classified as investing activities 17,825,377 14,324,847 4,465,445 3,197,842 Cash receipts from dividends and participation in the profit of others 649,456 669,844 77,350,417 57,729,115 Proceeds from sale of property, plant and equipment assets 169,492 257,707 16,947 1,004 Proceeds from disposal of discontinued operations 0 916,413 0 0 Proceeds from disposal of financial investments 383,137,542 344,768,238 103,675,586 83,972,724 Proceeds from disposal of subsidiaries and other companies 0 1 0 1 Proceeds from repayment of loans to subsidiaries 0 0 0 500,000 Other proceeds from disposal of financial investments 383,137,542 344,768,237 103,675,586 83,472,723 b) Cash disbursements in investing activities -444,071,222 -400,147,810 -144,692,456 -123,732,379 Purchase of intangible assets -2,342,441 -1,932,948 -260,602 -658,825 Purchase of property, plant and equipment -4,507,978 -998,981 -165,996 -140,821 Purchase of investment property 0 -3,739 0 0 Purchase of financial investments -437,220,803 -397,212,142 -144,265,858 -122,932,734 Purchase of subsidiaries or other companies -7,575,000 0 -7,575,000 -375,000 Other disbursements to acquire financial investments -429,645,803 -397,212,142 -136,690,858 -122,557,734 c) Net cash from/used in investing activities (a + b) -42,289,355 -39,210,762 40,815,939 21,168,305 C. Cash flows from financing activities a) Cash receipts from financing activities 641,699 682,594 0 0 Proceeds from borrowing 641,699 682,594 0 0 b) Cash disbursements in financing activities -46,282,225 -37,309,404 -42,721,273 -34,942,397 Interest paid -236,563 -221,370 -6,495 -5,287 Repayments of loans and borrowings -586,925 -516,310 0 0 Repayments of lease liabilities -2,616,387 -1,517,922 -96,114 -67,295 Dividends and other profit participations paid -42,842,350 -35,053,802 -42,618,664 -34,869,816 c) Net cash from/used in financing activities (a + b) -45,640,526 -36,626,811 -42,721,273 -34,942,397 D. Closing balance of cash and cash equivalents 61,628,457 71,901,457 14,322,899 20,699,264 x) Increase or decrease in cash and cash equivalents for the period (Ac + Bc + Cc) 17,932,917 19,551,692 7,239,944 5,975,170 y) Opening balance of cash and cash equivalents 43,695,540 52,349,765 7,082,955 14,724,094
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35 13.5 Unaudited condensed statement of changes in equity Sava Insurance Group for 1–6/2026 EUR Sava Insurance Group Share capital Capital reserves Profit reserves Accumulated other comprehensive income Retained earnings Net profit or loss for the period Foreign currency translation reserve Equity attributable to owners of the controlling company Non- controlling interests in equity Total Legal reserves and reserves provided for in the articles of association Capital redemption reserve Treasury shares Other profit reserves Closing balance in previous financial year 71,856,376 42,490,942 12,271,580 24,938,709 -24,938,709 306,780,391 -11,522,648 244,627,191 78,108,928 -3,028,054 741,584,706 977,875 742,562,581 Equity (start of period) 71,856,376 42,490,942 12,271,580 24,938,709 -24,938,709 306,780,391 -11,522,648 244,627,191 78,108,928 -3,028,054 741,584,706 977,875 742,562,581 Comprehensive income for the period, net of tax 0 0 0 0 0 0 -391,954 0 55,601,562 -22,950 55,186,658 29,466 55,216,124 Net profit or loss for the period 0 0 0 0 0 0 0 0 55,601,562 0 55,601,562 26,126 55,627,688 Other comprehensive income 0 0 0 0 0 0 -391,954 0 0 -22,950 -414,904 3,340 -411,564 Dividends paid 0 0 0 0 0 0 0 -42,663,401 0 0 -42,663,401 -178,949 -42,842,350 Allocation of net profit to profit reserve 0 0 0 0 0 -15,248 0 15,248 0 0 0 0 0 Transfer of profit 0 0 0 0 0 0 0 78,108,928 -78,108,928 0 0 0 0 Other 0 -29,121 0 0 0 0 0 0 0 0 -29,121 -45,879 -75,000 Equity (end of period) 71,856,376 42,461,821 12,271,580 24,938,709 -24,938,709 306,765,143 -11,914,602 280,087,966 55,601,562 -3,051,004 754,078,842 782,513 754,861,356
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36 Sava Insurance Group for 1–6/2025 EUR Sava Insurance Group Share capital Capital reserves Profit reserves Accumulated other comprehensive income Retained earnings Net profit or loss for the period Foreign currency translation reserve Equity attributable to owners of the controlling company Non- controlling interests in equity Total Contingency reserve Legal reserves and reserves provided for in the articles of association Capital redemption reserve Treasury shares Other profit reserves Closing balance in previous financial year 71,856,376 42,490,942 0 12,210,226 24,938,709 -24,938,709 270,872,855 -25,735,419 217,470,399 61,511,032 -2,965,039 647,711,373 849,082 648,560,455 Equity (start of period) 71,856,376 42,490,942 0 12,210,226 24,938,709 -24,938,709 270,872,855 -25,735,419 217,470,399 61,511,032 -2,965,039 647,711,373 849,082 648,560,455 Comprehensive income for the period, net of tax 0 0 0 0 0 0 0 7,406,521 565,892 57,665,250 -28,639 65,609,024 39,942 65,648,966 Net profit or loss for the period 0 0 0 0 0 0 0 0 0 57,665,250 0 57,665,250 28,910 57,694,160 Other comprehensive income 0 0 0 0 0 0 0 7,406,521 565,892 0 -28,639 7,943,774 11,032 7,954,806 Subscription (or contribution) of new equity 0 0 0 0 0 0 0 0 0 0 0 0 101,939 101,939 Dividends paid 0 0 0 0 0 0 0 0 -34,869,815 0 0 -34,869,815 -183,986 -35,053,801 Allocation of net profit to profit reserve 0 0 0 15,112 0 0 151,248 0 -166,360 0 0 0 0 0 Transfer of profit 0 0 0 0 0 0 0 0 61,511,032 -61,511,032 0 0 0 0 Other 0 0 0 0 0 0 0 0 -58,372 0 67 -58,305 58,305 0 Equity (end of period) 71,856,376 42,490,942 0 12,225,338 24,938,709 -24,938,709 271,024,104 -18,328,900 244,452,777 57,665,250 -2,993,611 678,392,277 865,282 679,257,559
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37 Sava Re for 1–6/2026 EUR Sava Re Share capital Capital reserves Profit reserves Accumulated other comprehensive income Retained earnings Net profit or loss for the period Total Contingency reserve Legal reserves and reserves provided for in the articles of association Capital redemption reserve Treasury shares Other profit reserves Closing balance in previous financial year 71,856,376 54,239,757 0 14,986,525 24,938,709 -24,938,709 303,907,661 -4,110,910 21,672,991 35,756,270 498,308,670 Equity (start of period) 71,856,376 54,239,757 0 14,986,525 24,938,709 -24,938,709 303,907,661 -4,110,910 21,672,991 35,756,270 498,308,670 Comprehensive income for the period, net of tax 0 0 0 0 0 0 0 1,578,877 0 89,097,697 90,676,575 Net profit or loss for the period 0 0 0 0 0 0 0 0 0 89,097,697 89,097,697 Other comprehensive income 0 0 0 0 0 0 0 1,578,877 0 0 1,578,877 Dividends paid 0 0 0 0 0 0 0 0 -42,618,664 0 -42,618,664 Transfer of profit 0 0 0 0 0 0 0 0 35,756,271 -35,756,271 0 Equity (end of period) 71,856,376 54,239,757 0 14,986,525 24,938,709 -24,938,709 303,907,661 -2,532,033 14,810,598 89,097,697 546,366,581 Sava Re for 1–6/2025 EUR Sava Re Share capital Capital reserves Profit reserves Accumulated other comprehensive income Retained earnings Net profit or loss for the period Total Legal reserves and reserves provided for in the articles of association Capital redemption reserve Treasury shares Other profit reserves Closing balance in previous financial year 71,856,376 54,239,757 14,986,525 24,938,709 -24,938,709 268,151,390 -6,824,099 30,425,642 26,117,164 458,952,756 Equity (start of period) 71,856,376 54,239,757 14,986,525 24,938,709 -24,938,709 268,151,390 -6,824,099 30,425,642 26,117,164 458,952,756 Comprehensive income for the period, net of tax 0 0 0 0 0 0 1,503,760 0 62,994,149 64,497,909 Net profit or loss for the period 0 0 0 0 0 0 0 0 62,994,149 62,994,149 Other comprehensive income 0 0 0 0 0 0 1,503,760 0 0 1,503,760 Dividends paid 0 0 0 0 0 0 0 -34,869,816 0 -34,869,816 Transfer of profit 0 0 0 0 0 0 0 26,117,164 -26,117,164 0 Equity (end of period) 71,856,376 54,239,757 14,986,525 24,938,709 -24,938,709 268,151,390 -5,320,339 21,672,991 62,994,149 488,580,849
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38 14 Notes to the condensed financial statements The selected notes to the interim financial statements are significant to understanding the changes in the financial position of the Group at the end of June 2026 compared to year -end 2025 and the performance of the Group in the first half of 2026 compared to the first half of 2025. The interim financial statements and notes have been prepared in compliance with IAS 34 “Interim Financial Reporting”. In accordance with IAS 34, explanatory notes are provided for events and transactions that are significant to understanding the changes i n the financial position and performance of the Group since the last annual financial report prepared for 2025. The financial report for the period from 1 January to 30 June 2026 is unaudited. In preparing the interim financial statements as at 30 June 2026, the Group and the Company applied the same accounting policies and calculation methods as those used in the 2025 annual financial statements, except with respect to the measurement of issued reinsurance contracts. From 1 January 2026, the Group and the Company adopted the premium allocation approach (PAA) for the entire portfolio of newly written inward reinsurance business. As this approach does not provide for the allocation of a contractual service margin, the existing contractual service margin has been reduced as the legacy portfolio measured under the general measurement approach (BBA) continues to run off. IFRS standards and interpretations not yet effective In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 “Presentation and Disclosure in Financial Statements”, replacing IAS 1 “Presentation of Financial Statements”. IFRS 18 will become effective on 1 January 2027 and was endorsed by the European Union on 13 February 2026. The new standard is designed to enhance financial reporting by introducing: • mandatory subtotals in the income statement, • disclosure requirements for management-defined performance measures, • new principles governing the aggregation and disaggregation of line items. The Group expects that the adoption of IFRS 18 will not affect the insurance service result, profit or equity, although the presentation of the consolidated financial statements will change. The Group’s main business activity is insurance and reinsurance. Therefore, investing in assets, primarily financial investments, is considered part of the Group’s main business activity under IFRS 18. Accordingly, the Group will classify certain items of income and expense within the operating category, even though they would otherwise be presented as investing or financing activities. With respect to the statement of cash flows, net cash flows from operating activities will be determined on the basis of operating profit or loss rather than consolidated net profit. Certain information presented in the notes to the financial statements may be revised or expanded to comply with the new presentation requirements and the new disclosure requirements relating to expenses by nature and management-defined performance measures (MPMs). 14.1 Seasonality and cyclicality of interim operations The operations of the Group are not seasonal in nature. Pursuant to underwriting rules, the Group’s insurance companies defer the costs (expenses and income) that, by their nature, may or must be deferred at the end of the financial year.
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39 14.2 Nature and amount of unusual items There were no extraordinary events affecting the Group’s assets, liabilities, equity, net profit or cash flows. 14.3 Materiality Materiality for the condensed consolidated financial statements as a whole was determined using Group equity as the benchmark, with a threshold of 2%, equivalent to EUR 15.1 million as at 30 June 2026. Disclosures and notes that the Group is required to present under IAS 34 or by law are included in this report, even if they are below the materiality threshold. 14.4 Issuance, repurchase and repayment of debt and equity securities The Group issued no new debt or equity securities in the period. 14.5 Key accounting estimates and judgements The Group has prepared this interim report using the same principles concerning estimates as those applied for its 2025 annual report. 14.6 Financial statements by operating segment Operating segments, as disclosed and monitored, were determined according to the Group’s different lines of business. The operating segments were formed by aggregating the operations of companies that generate revenue and incur expenses – including those arising from intra -Group transactions – based on similar services provided by companies (in terms of insurance product features, distribution networks and operating environment). The operating segments comprise reinsurance (reinsurance business), non -life (non -life insurance business, broken down into EU and non -EU), life (life insurance business, broken down into EU and non-EU), pensions and asset management (pension insurance bus iness in Slovenia and North Macedonia, and fund management) and the “other” segment (organisation of assistance in connection with motor, homeowners and health insurance, and software development). The performance of these segments is monitored using a variety of indicators, with IFRS net profit being a common performance indicator for all segments. The management board monitors performance by segment to the level of insurance and reinsurance service results, net investment income and aggregated business results, amounts of assets, equity , and insurance and reinsurance contract liabilities on a quarterly basis. In all disclosures relating to (re)insurance contracts in section 14.7, the reinsurance operating segment is presented together with the non-life insurance segment. Accordingly, the non-life section comprises both non-life insurance and reinsurance, while the life section comprises life insurance contracts.
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40 Statement of financial position items by operating segment EUR Non-life, EU Non-life, non-EU Life, EU Life, non-EU Reinsurance Pensions and asset management Other Total 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 ASSETS Intangible assets and goodwill 14,540,375 14,074,941 10,102,639 9,922,940 3,688,061 3,839,912 285,266 256,201 6,062,803 6,330,824 26,323,173 26,871,415 3,612,993 3,710,583 64,615,311 65,006,816 Property, plant and equipment 37,385,487 36,053,819 11,214,861 10,920,999 4,581,258 4,631,448 951,031 982,976 2,593,275 2,602,942 829,086 927,634 550,699 478,151 58,105,697 56,597,968 Investment property 9,980,520 10,118,147 4,810,080 5,210,005 29,545 30,216 0 0 7,247,678 7,327,769 0 0 0 0 22,067,823 22,686,137 Right-of-use assets 3,868,750 3,799,438 4,414,463 3,212,889 687,084 797,398 244,135 248,664 413,427 380,227 26,149 7,574 1,675,114 1,814,896 11,329,122 10,261,086 Investments in associates and joint ventures 0 0 0 0 0 0 0 0 0 0 0 0 37,718,361 29,053,235 37,718,361 29,053,235 Deferred tax assets 1,741,892 1,545,768 0 0 -3,638,245 -3,449,388 0 0 3,145,666 3,572,797 -387,766 -457,953 0 0 861,546 1,211,223 Financial investments 765,800,817 718,760,788 120,151,766 114,390,302 1,441,056,497 1,291,509,828 40,132,178 38,593,242 329,619,700 334,996,119 61,136,706 63,022,124 0 0 2,757,897,663 2,561,272,403 Investment contract assets 0 0 0 0 0 0 0 0 0 0 232,524,112 217,204,108 0 0 232,524,112 217,204,108 Insurance contract assets 2,696,210 2,823,794 132,108 23,656 578,356 129,651 633,619 516,690 14,835,023 7,505,734 0 0 0 0 18,875,315 10,999,525 Reinsurance contract assets 71,218,810 47,766,152 34,861,284 9,201,878 876,252 189,732 47,346 44,526 12,557,746 12,715,177 0 0 0 0 119,561,438 69,917,465 Current tax assets 0 0 235,255 313,925 0 0 1,683 1,683 0 0 0 0 0 0 236,938 315,608 Trade and other receivables 4,604,001 3,570,240 8,317,770 7,568,455 1,253,479 1,415,571 274,050 411,398 1,745,815 123,525 2,538,591 2,273,761 1,638,351 1,750,140 20,372,058 17,113,089 Non-current assets held for sale 0 0 25,332 25,352 0 0 0 0 0 0 0 0 0 0 25,332 25,352 Cash and cash equivalents 24,817,202 14,646,070 6,894,737 5,464,255 12,633,552 12,047,023 1,428,539 1,148,275 8,713,094 4,767,749 4,911,173 2,359,803 2,230,159 3,262,365 61,628,457 43,695,540 Other assets 4,194,081 1,621,445 1,344,003 1,158,428 332,034 417,161 262,554 218,114 2,554,722 1,339,985 1,455,568 1,185,966 1,866,966 1,398,463 12,009,929 7,339,562 Total assets 940,848,145 854,780,602 202,504,297 167,413,083 1,462,077,873 1,311,558,551 44,260,401 42,421,767 389,488,949 381,662,848 329,356,793 313,394,432 49,292,645 41,467,831 3,417,829,101 3,112,699,115 LIABILITIES Subordinated liabilities 0 0 0 0 0 0 0 0 0 0 0 0 128,013,929 125,242,015 128,013,929 125,242,015 Deferred tax liabilities -282,863 40,106 784,966 569,504 293,792 334,636 756,245 705,095 0 0 1,596,388 1,643,544 148,214 165,778 3,296,742 3,458,663 Insurance contract liabilities 554,634,107 487,810,589 116,333,693 84,728,419 1,312,748,778 1,139,541,897 23,558,903 22,022,345 162,417,170 166,207,053 31,768,615 29,789,231 0 0 2,201,461,266 1,930,099,533 Reinsurance contract liabilities 522,869 1,057,876 2,213,464 2,073,570 112,499 788,053 0 0 3,260,354 2,655,943 0 0 0 0 6,109,187 6,575,441 Investment contract liabilities 0 0 0 0 0 0 0 0 0 0 232,326,730 216,974,394 0 0 232,326,730 216,974,394 Provisions 6,762,479 6,108,378 456,953 449,184 1,489,147 1,392,649 33,077 33,102 626,068 575,143 350,743 357,129 93,035 93,041 9,811,501 9,008,625 Lease liability 4,042,011 3,991,691 4,571,347 3,368,204 711,819 821,576 250,892 255,436 423,809 387,575 26,167 7,801 1,449,587 1,546,001 11,475,631 10,378,285 Other financial liabilities 7,800 7,162 688,545 513,242 0 0 743 359 -1 -3 117,187 0 111,843 0 926,117 520,763 Current tax liabilities 85,064 5,913,504 602,917 1,055,598 715,914 775,491 42,246 9,244 1,531,915 217,813 365,705 547,995 0 153,753 3,343,761 8,673,399 Other liabilities 29,335,157 25,831,625 10,558,438 9,995,903 4,475,351 4,061,630 940,011 1,576,461 13,008,532 10,869,125 2,663,118 2,577,196 5,222,274 4,293,474 66,202,882 59,205,415 Total liabilities 595,106,624 530,760,932 136,210,323 102,753,624 1,320,547,301 1,147,715,932 25,582,117 24,602,043 181,267,847 180,912,651 269,214,652 251,897,289 135,038,881 131,494,063 2,662,967,745 2,370,136,534 Total equity 754,861,356 742,562,581 Total liabilities and equity 3,417,829,101 3,112,699,115
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41 Income statement by operating segment EUR Non-life, EU Non-life, non-EU Life, EU Life, non-EU Reinsurance Pensions and asset management Other Total 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Insurance revenue 290,563,539 279,059,722 61,716,187 54,153,961 39,264,168 36,127,487 5,394,848 4,683,006 55,741,349 58,153,496 340,885 306,727 0 0 453,020,976 432,484,398 Insurance service expenses, including non- attributable expenses -281,945,067 -227,578,654 -80,371,461 -47,546,559 -29,114,978 -27,157,621 -4,179,045 -4,223,385 -33,451,030 -44,659,882 -109,223 -85,207 0 0 -429,170,804 -351,251,308 Claims incurred -200,128,624 -148,085,393 -56,119,756 -26,150,654 -7,759,688 -8,418,718 -1,621,132 -1,592,470 -25,113,637 -37,184,650 -74,217 -57,691 0 0 -290,817,054 -221,489,576 Operating expenses, including non-attributable expenses -82,421,838 -78,622,624 -24,014,134 -21,493,338 -21,370,302 -18,863,691 -2,482,080 -2,636,334 -8,415,493 -6,995,093 -64,150 -63,053 0 0 -138,767,997 -128,674,132 Onerous contracts 605,394 -870,637 -237,570 97,433 15,013 124,787 -75,834 5,419 78,100 -480,139 29,144 35,537 0 0 414,247 -1,087,600 Result before reinsurance 8,618,472 51,481,067 -18,655,274 6,607,402 10,149,190 8,969,866 1,215,802 459,620 22,290,320 13,493,614 231,661 221,520 0 0 23,850,171 81,233,090 Reinsurance result 10,620,405 -10,419,767 20,793,564 -3,358,536 514,134 -327,911 -8,925 32,604 -6,088,171 -3,626,556 0 0 0 0 25,831,006 -17,700,166 a) Insurance result 19,238,877 41,061,300 2,138,290 3,248,866 10,663,324 8,641,955 1,206,877 492,224 16,202,148 9,867,058 231,661 221,520 0 0 49,681,177 63,532,924 0 0 0 0 0 0 0 0 0 0 0 0 Investment result 12,527,778 6,444,713 2,647,153 2,120,835 3,746,443 3,968,381 785,190 622,793 4,642,387 3,952,942 811,484 844,684 1,165,126 896,190 26,325,561 18,850,536 Insurance finance result -2,850,464 -2,663,332 -745,308 -631,249 -1,145,393 -1,092,945 -566,409 -300,784 -3,386,936 -3,153,917 -499,104 -418,248 0 0 -9,193,614 -8,260,476 Expenses from financial liabilities -56,380 -63,912 -119,816 -90,344 -10,056 -14,425 -4,276 -4,765 -5,983 -2,995 -353 -144 -2,811,656 -2,812,282 -3,008,520 -2,988,867 Net foreign exchange gains/losses 77,538 -268,837 5,504 -7,587 -622 -1,187 -1,091 2,396 1,022,706 -911,804 33,075 27,080 0 -278 1,137,111 -1,160,218 b) Finance result 9,698,473 3,448,632 1,787,533 1,391,654 2,590,371 2,859,824 213,413 319,639 2,272,175 -115,774 345,103 453,372 -1,646,530 -1,916,371 15,260,538 6,440,976 0 0 0 0 0 0 0 0 0 0 0 0 c) Non-insurance revenue 0 0 0 0 0 0 0 0 0 0 15,578,934 12,871,721 4,441,636 3,901,840 20,020,570 16,773,560 d) Non-insurance expenses -1,187,483 -1,061,880 -1,224,725 -976,708 -329,171 -380,297 0 0 0 0 -9,701,563 -8,571,412 -4,602,105 -4,127,530 -17,045,048 -15,117,826 e) Other net income/expenses 1,580,768 1,749,846 1,322,839 1,255,465 391,050 96,383 10,949 -349,640 -142,716 -447,047 45,998 22,563 13,700 -30,727 3,222,588 2,296,843 Profit or loss before tax (a + b + c + d + e) 29,330,635 45,197,898 4,023,936 4,919,277 13,315,574 11,217,865 1,431,239 462,223 18,331,607 9,304,238 6,500,133 4,997,763 -1,793,298 -2,172,787 71,139,826 73,926,477 Income tax expense -15,512,137 -16,232,317 Net profit or loss for the period 55,627,689 57,694,160
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42 14.7 Notes to significant items of the financial statements 14.7.1 Changes in Group composition In January 2026, Sava Re acquired an additional 2% interest in its subsidiary TBS Team 24 from another shareholder, increasing its ownership stake in the company to 92%. In February 2026, Sava Re injected EUR 7.5 million of additional capital into its associate Diagnostic Centre Bled. 14.7.2 Financial investments As at 30 June 2026, the financial investments of the Sava Insurance Group, amounting to EUR 2,757.9 million (31 December 2025: EUR 2,561.3 million), include, in addition to investments supporting non- life and traditional life insurance contract liabilities, investments supporting unit -linked life insurance liabilities and own funds. As at 30 June 2026, the Company held investments relating to unit-linked life insurance contracts amounting to EUR 1,072.5 million (31 December 2025: EUR 885.8 million). Of this amount, EUR 1,027.7 million as at 30 June 2026 comprised investments measured at fair value through profit or loss (31 December 2025: EUR 837.1 million). Sava Insurance Group EUR Measured at amortised cost Measured at fair value through profit or loss Measured at fair value through other comprehensive income Total 30 June 2026 Debt instruments 92,513,743 7,955,731 1,495,750,370 1,596,219,844 Deposits and CDs 35,201,987 – – 35,201,987 Government bonds 41,597,729 955,562 874,624,237 917,177,527 Corporate bonds 9,408,524 7,000,169 621,126,133 637,534,827 Loans granted 6,305,503 – – 6,305,503 Equity instruments 0 1,063,446,205 19,369,153 1,082,815,358 Shares – 7,613,267 19,369,153 26,982,419 Mutual funds – 1,055,832,939 – 1,055,832,939 Investments in alternative funds – 78,862,461 – 78,862,461 Total 92,513,743 1,150,264,397 1,515,119,523 2,757,897,663 Sava Insurance Group EUR 30 June 2026 Measured at amortised cost Measured at fair value through profit or loss Measured at fair value through other comprehensive income Total Assets held for the benefit of policyholders who bear the investment risk 244,732 1,027,712,536 44,528,382 1,072,485,650 Other financial investments 92,269,011 122,551,861 1,470,591,141 1,685,412,012 Total 92,513,743 1,150,264,397 1,515,119,523 2,757,897,663
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43 Sava Insurance Group EUR Measured at amortised cost Measured at fair value through profit or loss Measured at fair value through other comprehensive income Total 31 December 2025 Debt instruments 96,720,317 8,539,729 1,497,609,345 1,602,869,391 Deposits and CDs 30,880,266 – – 30,880,266 Government bonds 49,894,423 1,117,955 929,606,628 980,619,006 Corporate bonds 9,449,001 7,421,774 568,002,717 584,873,492 Loans granted 6,496,627 – – 6,496,627 Equity instruments 0 863,569,118 17,820,604 881,389,722 Shares – 6,491,064 17,820,604 24,311,668 Mutual funds – 857,078,053 – 857,078,053 Investments in alternative funds – 77,013,290 – 77,013,290 Total 96,720,317 949,122,137 1,515,429,949 2,561,272,403 Sava Insurance Group EUR 31 December 2025 Measured at amortised cost Measured at fair value through profit or loss Measured at fair value through other comprehensive income Total Assets held for the benefit of policyholders who bear the investment risk 248,203 837,061,647 48,495,133 885,804,983 Other financial investments 96,472,113 112,060,490 1,466,934,817 1,675,467,420 Total 96,720,317 949,122,137 1,515,429,949 2,561,272,403 Sava Re EUR Measured at amortised cost Measured at fair value through profit or loss Measured at fair value through other comprehensive income Total 30 June 2026 Debt instruments 10,794,320 2,037,656 479,486,006 492,317,982 Deposits and CDs 3,028,816 – – 3,028,816 Government bonds – – 267,084,901 267,084,901 Corporate bonds 0 2,037,656 212,401,105 214,438,761 Loans granted 7,765,504 – – 7,765,504 Equity instruments 0 13,979,700 0 13,979,700 Shares – 4,185,095 – 4,185,095 Mutual funds – 9,794,605 – 9,794,605 Investments in alternative funds 0 29,525,609 0 29,525,609 Total 10,794,320 45,542,965 479,486,006 535,823,291
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44 Sava Re EUR Measured at amortised cost Measured at fair value through profit or loss Measured at fair value through other comprehensive income Total 31 December 2025 Debt instruments 11,108,935 2,034,389 447,409,775 460,553,099 Deposits and CDs 998,213 – – 998,213 Government bonds 2,076,283 – 280,674,846 282,751,129 Corporate bonds – 2,034,389 166,734,930 168,769,318 Loans granted 8,034,439 – – 8,034,439 Equity instruments 0 10,413,093 0 10,413,093 Shares – 3,617,494 – 3,617,494 Mutual funds – 6,795,599 – 6,795,599 Investments in alternative funds 0 28,529,444 0 28,529,444 Total 11,108,935 40,976,925 447,409,775 499,495,635
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45 14.7.2.1 Movement in financial investments Sava Insurance Group EUR Measured at fair value through other comprehensive income Measured at amortised cost Measured at fair value through profit or loss Total Opening balance as at 1 January 2026 1,515,429,949 96,720,317 949,122,137 2,561,272,403 Purchases 324,017,168 9,821,950 95,811,391 429,650,508 Maturities -273,048,584 -13,892,955 -800,000 -287,741,539 Interest inflows -15,891,439 -1,586,333 -67,697 -17,545,469 Disposals -52,497,138 – -42,897,973 -95,395,112 Change in receivables* -25,500 -566,432 333,360 -258,572 Change in liabilities* – -115 22,518 22,403 Change in fair value – in equity 1,131,127 – – 1,131,127 Change in fair value – in equity (ECL) -375,597 – – -375,597 Change in fair value – from equity to IS – disposals -336,304 -93 – -336,397 Change in fair value through profit or loss – – 147,030,125 147,030,125 Change in amortised cost, exchange differences 16,369,893 1,909,658 1,077,416 19,356,967 Change in other income* 209 – 635,394 635,603 Change in ECL through profit or loss 375,435 126,029 – 501,464 Exchange differences (opening balance) -29,697 -18,284 -2,273 -50,254 Closing balance as at 30 June 2026 1,515,119,523 92,513,743 1,150,264,397 2,757,897,663 * Changes in receivables, liabilities and other income affect the investment balance (excluding realised cash flow). Sava Insurance Group EUR Measured at fair value through other comprehensive income Measured at amortised cost Measured at fair value through profit or loss Total Opening balance as at 1 January 2025 1,438,662,572 75,722,712 814,694,920 2,329,080,204 Purchases 594,611,577 39,309,861 148,553,045 782,474,483 Maturities -436,416,886 -18,787,108 -1,393,740 -456,597,735 Interest inflows -22,976,561 -2,642,303 -304,345 -25,923,209 Disposals -92,682,067 -3,745 -80,180,230 -172,866,042 Change in receivables* – 2,976 -310,612 -307,636 Change in liabilities* – 115 -101,199 -101,084 Change in fair value – in equity 16,464,014 – – 16,464,014 Change in fair value – in equity (sale of FVOCI shares) 736,339 – – 736,339 Change in fair value – in equity (ECL) 370,994 – – 370,994 Change in fair value – from equity to IS – disposals -3,505,840 – – -3,505,840 Change in fair value through profit or loss – – 67,691,524 67,691,524 Change in amortised cost, exchange differences 20,625,795 3,448,319 -1,102,936 22,971,178 Change in other income* – – 1,580,140 1,580,140 Change in ECL through profit or loss -371,127 -271,807 – -642,934 Exchange differences (opening balance) -88,861 -58,703 -4,430 -151,994 Closing balance as at 31 December 2025 1,515,429,949 96,720,317 949,122,137 2,561,272,403 * Changes in receivables, liabilities and other income affect the investment balance (excluding realised cash flow).
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46 Sava Re EUR Measured at fair value through other comprehensive income Measured at amortised cost Measured at fair value through profit or loss Total Opening balance as at 1 January 2026 447,409,775 11,108,935 40,976,925 499,495,635 Purchases 131,627,867 2,000,000 3,062,990 136,690,858 Maturities -70,196,236 -2,018,326 – -72,214,561 Interest inflows -4,253,928 -139,260 – -4,393,188 Disposals -30,073,030 – -1,387,868 -31,460,897 Change in receivables* -21,125 -575,000 207 -595,918 Change in liabilities* – – 23,100 23,100 Change in fair value – in equity -623,145 – – -623,145 Change in fair value – in equity (ECL) -97,579 – – -97,579 Change in fair value – from equity to IS – disposals -85,223 – – -85,223 Change in fair value through profit or loss – – 2,274,352 2,274,352 Change in amortised cost, exchange differences 5,701,067 419,559 360,977 6,481,603 Change in other income* – – 232,281 232,281 Change in ECL through profit or loss 97,563 -1,589 – 95,974 Closing balance as at 30 June 2026 479,486,006 10,794,320 45,542,965 535,823,291 * Changes in receivables, liabilities and other income affect the investment balance (excluding realised cash flow). Sava Re EUR Measured at fair value through other comprehensive income Measured at amortised cost Measured at fair value through profit or loss Total Opening balance as at 1 January 2025 400,200,967 5,677,769 38,507,315 444,386,051 Purchases 214,243,471 6,750,000 6,278,477 227,271,948 Maturities -116,197,749 -1,538,270 – -117,736,019 Interest inflows -6,144,359 -321,325 -87,500 -6,553,184 Disposals -49,579,221 – -5,571,923 -55,151,145 Change in receivables* – – 66,876 66,876 Change in liabilities* – – -30,600 -30,600 Change in fair value – in equity 4,549,548 – – 4,549,548 Change in fair value – in equity (ECL) 159,448 – – 159,448 Change in fair value – from equity to IS – disposals -1,335,837 – – -1,335,837 Change in fair value through profit or loss – – 2,057,744 2,057,744 Change in amortised cost, exchange differences 1,673,096 646,771 -899,477 1,420,390 Change in other income* – – 656,013 656,013 Change in ECL through profit or loss -159,588 -106,010 – -265,599 Closing balance as at 31 December 2025 447,409,775 11,108,935 40,976,925 499,495,635 * Changes in receivables, liabilities and other income affect the investment balance (excluding realised cash flow). 14.7.2.2 Movement in expected credit losses (ECL) The Group and the Company have no investments classified as stage 3 as at 30 June 2026. Sava Insurance Group (EUR) Gross carrying amount of financial assets exposed to credit risk Stage 1 Stage 2 Total gross value As at 1 January 2026 1,581,910,340 13,293,902 1,595,204,242 New financial assets acquired 333,842,084 – 333,842,084 Financial assets derecognised -337,104,217 -2,336,135 -339,440,352 Transfer to stage 1 3,711,377 -3,711,377 0 Other changes* -570,816 26,743 -544,072 Exchange differences -49,344 – -49,344 Balance as at 30 June 2026 1,581,739,424 7,273,134 1,589,012,558
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47 Sava Insurance Group (EUR) Change in expected credit losses (ECL) Stage 1 Stage 2 Total As at 1 January 2026 -1,504,154 -353,980 -1,858,133 Transfer to stage 1 -95,099 95,099 0 Resulting from purchases of financial assets -197,297 – -197,297 Eliminated on sale or maturity of financial assets 116,510 19,531 136,041 Other changes** 478,680 82,563 561,243 Exchange differences 1,214 – 1,214 Balance as at 30 June 2026 -1,200,145 -156,787 -1,356,932 Sava Insurance Group (EUR) Gross carrying amount of financial assets exposed to credit risk Stage 1 Stage 2 Total gross value As at 1 January 2025 1,487,972,748 9,050,076 1,497,022,824 New financial assets acquired 633,959,863 – 633,959,863 Financial assets derecognised -542,482,598 -3,022,163 -545,504,761 Transfer to stage 2 -6,919,313 6,919,313 0 Other changes* 9,543,948 346,677 9,890,625 Exchange differences -164,309 – -164,309 Balance as at 31 December 2025 1,581,910,340 13,293,902 1,595,204,242 Sava Insurance Group (EUR) Change in expected credit losses (ECL) Stage 1 Stage 2 Total As at 1 January 2025 -1,049,448 -166,868 -1,216,316 Transfer to stage 2 4,781 -4,781 0 Resulting from purchases of financial assets -770,657 – -770,657 Eliminated on sale or maturity of financial assets 488,885 17,490 506,375 Other changes** -180,009 -199,821 -379,830 Exchange differences 2,295 – 2,295 Balance as at 31 December 2025 -1,504,154 -353,980 -1,858,133 Sava Re (EUR) Gross carrying amount of financial assets exposed to credit risk Stage 1 Stage 2 Total gross value As at 1 January 2026 456,207,010 2,460,739 458,667,749 New financial assets acquired 133,627,867 – 133,627,867 Financial assets derecognised -101,619,523 -668,067 -102,287,591 Transfer to stage 1 1,423,076 -1,423,076 0 Other changes* 414,689 8,239 422,928 Balance as at 30 June 2026 490,053,120 377,834 490,430,954 Sava Re (EUR) Change in expected credit losses (ECL) Stage 1 Stage 2 Total As at 1 January 2026 -344,984 -52,665 -397,650 Transfer to stage 1 -37,149 37,149 0 Resulting from purchases of financial assets -44,544 – -44,544 Eliminated on sale or maturity of financial assets 13,449 5,359 18,808 Other changes** 114,279 7,448 121,727 Balance as at 30 June 2026 -298,950 -2,710 -301,660 Sava Re (EUR) Gross carrying amount of financial assets exposed to credit risk Stage 1 Stage 2 Total gross value As at 1 January 2025 404,490,173 1,431,592 405,921,765 New financial assets acquired 220,993,471 – 220,993,471 Financial assets derecognised -167,315,241 – -167,315,241 Transfer to stage 2 -942,489 942,489 0 Other changes* -1,018,904 86,658 -932,246 Balance as at 31 December 2025 456,207,010 2,460,739 458,667,749
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48 Sava Re (EUR) Change in expected credit losses (ECL) Stage 1 Stage 2 Total As at 1 January 2025 -87,445 -44,747 -132,192 Transfer to stage 2 366 -366 0 Resulting from purchases of financial assets -286,341 – -286,341 Eliminated on sale or maturity of financial assets 49,142 – 49,142 Other changes** -20,706 -7,553 -28,258 Balance as at 31 December 2025 -344,984 -52,665 -397,650 * Change in the value of existing financial investments. ** Change in expected credit losses on existing financial investments. 14.7.2.3 Fair value of financial investments Sava Insurance Group EUR Carrying amount Fair value Difference between FV and CA 30 June 2026 Level 1 Level 2 Level 3 Total fair value Investments measured at fair value 2,665,383,920 2,457,550,867 127,597,085 80,235,969 2,665,383,920 0 Investments measured at fair value through profit or loss 1,150,264,397 1,059,238,058 11,790,371 79,235,969 1,150,264,397 0 Mandatorily measured at fair value through profit or loss, not held for trading 1,150,264,397 1,059,238,058 11,790,371 79,235,969 1,150,264,397 0 Debt instruments 7,955,731 2,438,228 5,399,787 117,715 7,955,731 0 Equity instruments 1,063,446,205 1,056,799,830 6,390,583 255,792 1,063,446,205 0 Investments in alternative funds 78,862,461 – – 78,862,461 78,862,461 0 Investments measured at fair value through other comprehensive income 1,515,119,523 1,398,312,809 115,806,714 1,000,000 1,515,119,523 0 Debt instruments 1,495,750,370 1,378,943,656 115,806,714 1,000,000 1,495,750,370 0 Equity instruments 19,369,153 19,369,153 – – 19,369,153 0 Investments not measured at fair value 92,513,743 34,595,167 15,522,737 42,113,737 92,231,640 -282,103 Investments measured at amortised cost 92,513,743 34,595,167 15,522,737 42,113,737 92,231,640 -282,103 Debt instruments (bonds) 51,006,253 34,595,167 15,522,737 0 50,117,903 -888,350 Deposits and CDs 35,201,987 0 0 35,699,211 35,699,211 497,224 Loans granted 6,305,503 0 0 6,414,526 6,414,526 109,023 Total investments 2,757,897,663 2,492,146,033 143,119,821 122,349,706 2,757,615,560 -282,103 Sava Insurance Group EUR Carrying amount Fair value Difference between FV and CA 31 December 2025 Level 1 Level 2 Level 3 Total fair value Investments measured at fair value 2,464,552,086 2,250,994,979 136,288,024 77,269,082 2,464,552,086 0 Investments measured at fair value through profit or loss 949,122,137 860,872,219 10,980,836 77,269,082 949,122,137 0 Mandatorily measured at fair value through profit or loss, not held for trading 949,122,137 860,872,219 10,980,836 77,269,082 949,122,137 0 Debt instruments 8,539,729 2,915,584 5,624,145 – 8,539,729 0 Equity instruments 863,569,118 857,956,635 5,356,691 255,792 863,569,118 0 Investments in alternative funds 77,013,290 – – 77,013,290 77,013,290 0 Investments measured at fair value through other comprehensive income 1,515,429,949 1,390,122,761 125,307,188 – 1,515,429,949 0 Debt instruments 1,497,609,345 1,372,302,157 125,307,188 – 1,497,609,345 0 Equity instruments 17,820,604 17,820,604 – – 17,820,604 0 Investments not measured at fair value 96,720,317 44,571,551 14,090,771 38,060,851 96,723,173 2,857 Investments measured at amortised cost 96,720,317 44,571,551 14,090,771 38,060,851 96,723,173 2,857 Debt instruments (bonds) 59,343,424 44,571,551 14,090,771 – 58,662,322 -681,102 Deposits and CDs 30,880,266 – – 31,429,346 31,429,346 549,080 Loans granted 6,496,627 – – 6,631,505 6,631,505 134,879 Total investments 2,561,272,403 2,295,566,531 150,378,795 115,329,934 2,561,275,260 2,857
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49 Sava Re EUR Carrying amount Fair value Difference between FV and CA 30 June 2026 Level 1 Level 2 Level 3 Total fair value Investments measured at fair value 525,028,971 464,426,549 31,076,813 29,525,609 525,028,971 0 Investments measured at fair value through profit or loss 45,542,965 10,249,605 5,767,751 29,525,609 45,542,965 0 Mandatorily measured at fair value through profit or loss, not held for trading 45,542,965 10,249,605 5,767,751 29,525,609 45,542,965 0 Debt instruments 2,037,656 – 2,037,656 – 2,037,656 0 Equity instruments 13,979,700 10,249,605 3,730,095 – 13,979,700 0 Investments in alternative funds 29,525,609 – – 29,525,609 29,525,609 0 Investments measured at fair value through other comprehensive income 479,486,006 454,176,944 25,309,062 0 479,486,006 0 Debt instruments 479,486,006 454,176,944 25,309,062 – 479,486,006 0 Investments not measured at fair value 10,794,320 0 0 10,944,948 10,944,948 150,628 Investments measured at amortised cost 10,794,320 0 0 10,944,948 10,944,948 150,628 Deposits and CDs 3,028,816 – – 3,076,535 3,076,535 47,718 Loans granted 7,765,504 – – 7,868,413 7,868,413 102,909 Total investments 535,823,291 464,426,549 31,076,813 40,470,557 535,973,919 150,628 Sava Re EUR Carrying amount Fair value Difference between FV and CA 31 December 2025 Level 1 Level 2 Level 3 Total fair value Investments measured at fair value 488,386,700 418,148,802 41,708,454 28,529,444 488,386,701 0 Investments measured at fair value through profit or loss 40,976,925 7,281,039 5,166,443 28,529,444 40,976,925 0 Mandatorily measured at fair value through profit or loss, not held for trading 40,976,925 7,281,039 5,166,443 28,529,444 40,976,925 0 Debt instruments 2,034,389 – 2,034,389 – 2,034,389 0 Equity instruments 10,413,093 7,281,039 3,132,054 – 10,413,093 0 Investments in alternative funds 28,529,444 – – 28,529,444 28,529,444 0 Investments measured at fair value through other comprehensive income 447,409,775 410,867,764 36,542,012 0 447,409,775 0 Debt instruments 447,409,775 410,867,764 36,542,012 – 447,409,775 0 Investments not measured at fair value 11,108,935 2,091,787 0 9,181,564 11,273,351 164,416 Investments measured at amortised cost 11,108,935 2,091,787 0 9,181,564 11,273,351 164,416 Debt instruments (bonds) 2,076,283 2,091,787 – – 2,091,787 15,504 Deposits and CDs 998,213 – – 1,018,083 1,018,083 19,870 Loans granted 8,034,439 – – 8,163,480 8,163,480 129,042 Total investments 499,495,635 420,240,589 41,708,454 37,711,008 499,660,051 164,416 Movements in level 3 financial investments measured at fair value Sava Insurance Group EUR Debt instruments Equity instruments Investments in alternative funds 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Opening balance 0 0 255,792 255,792 77,013,290 72,361,306 Additions 1,000,000 – – – 1,556,657 7,407,264 Disposals – – – – -1,898,489 -1,567,124 Revaluation to fair value – – – – 1,865,161 -1,188,156 Exchange differences – – – – 325,843 – Reclassification between levels (from L1 or L2 to L3) 117,715 – – – – – Closing balance 1,117,715 0 255,792 255,792 78,862,461 77,013,290 Income – – – – 647,732 1,580,140 Unrealised gains/losses – – – – 1,838,365 57,281
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50 Sava Re EUR Investments in alternative funds 30 June 2026 31 December 2025 Opening balance 28,529,444 25,968,886 Additions 832,524 3,543,995 Disposals -769,253 -540,784 Exchange differences 240,068 – Revaluation to fair value 692,826 -442,654 Closing balance 29,525,609 28,529,444 Income 232,281 656,013 Unrealised gains/losses 692,826 465,681 Reclassification of financial investments between levels Sava Insurance Group EUR 30 June 2026 Level 1 Level 2 Level 3 Investments measured at fair value through profit or loss 0 -117,715 117,715 Mandatorily measured at fair value through profit or loss, not held for trading – -117,715 117,715 Debt instruments – -117,715 117,715 Reclassification from level 2 to level 3 – -117,715 117,715 Investments measured at fair value through other comprehensive income -470,718 470,718 0 Debt instruments -470,718 470,718 0 Reclassification from level 1 to level 2 -6,872,250 6,872,250 – Reclassification from level 2 to level 1 6,401,532 -6,401,532 – Sava Insurance Group EUR Level 1 Level 2 31 December 2025 Investments measured at fair value through other comprehensive income -5,928,305 5,928,305 Debt instruments -5,928,305 5,928,305 Reclassification from level 1 to level 2 -11,913,999 11,913,999 Reclassification from level 2 to level 1 5,985,694 -5,985,694 Sava Re EUR 30 June 2026 Level 1 Level 2 Investments measured at fair value through other comprehensive income 635,988 -635,988 Debt instruments 635,988 -635,988 Reclassification from level 1 to level 2 -5,765,544 5,765,544 Reclassification from level 2 to level 1 6,401,532 -6,401,532 Sava Re EUR 31 December 2025 Level 1 Level 2 Investments measured at fair value through other comprehensive income 1,045,393 -1,045,393 Debt instruments 1,045,393 -1,045,393 Reclassification from level 1 to level 2 -3,579,936 3,579,936 Reclassification from level 2 to level 1 4,625,328 -4,625,328
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51 14.7.3 Investment contract assets and liabilities Investment contract assets Sava Insurance Group EUR 30 June 2026 31 December 2025 Financial investments 229,407,772 212,562,020 Investment property 805,000 805,000 Receivables 73,236 51,075 Cash and cash equivalents 2,238,104 3,786,013 Total 232,524,112 217,204,108 Sava Insurance Group EUR Measured at amortised cost Measured at fair value through profit or loss Total 30 June 2026 Debt instruments 92,968,595 53,523,112 146,491,707 Government bonds 49,149,243 21,230,845 70,380,088 Corporate bonds 43,819,352 32,292,267 76,111,619 Equity instruments 0 78,038,203 78,038,203 Investments in alternative funds 0 4,877,862 4,877,862 Total financial investments 92,968,595 136,439,177 229,407,772 Cash, cash equivalents and receivables 2,238,104 0 2,238,104 Investment property 0 805,000 805,000 Receivables 73,236 0 73,236 Total investment contract assets 95,279,935 137,244,177 232,524,112 Sava Insurance Group EUR Measured at amortised cost Measured at fair value through profit or loss Total 31 December 2025 Debt instruments 93,925,611 51,119,338 145,044,949 Government bonds 47,691,990 24,443,530 72,135,520 Corporate bonds 46,233,621 26,675,808 72,909,429 Equity instruments 0 62,713,395 62,713,395 Investments in alternative funds 0 4,803,675 4,803,675 Total financial investments 93,925,611 118,636,409 212,562,020 Cash, cash equivalents and receivables 3,786,013 0 3,786,013 Investment property 0 805,000 805,000 Receivables 51,075 0 51,075 Total investment contract assets 97,762,699 119,441,409 217,204,108
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52 Investment contract assets by level of the fair value hierarchy Sava Insurance Group EUR Carrying amount Fair value Difference between FV and CA 30 June 2026 Level 1 Level 2 Level 3 Total fair value Investment contract assets measured at fair value 137,244,177 129,488,076 1,308,089 6,448,012 137,244,177 0 Investments measured at fair value through profit or loss 137,244,177 129,488,076 1,308,089 6,448,012 137,244,177 0 Mandatorily measured at fair value through profit or loss, not held for trading 137,244,177 129,488,076 1,308,089 6,448,012 137,244,177 0 Debt instruments 53,523,112 51,449,872 1,308,089 765,150 53,523,112 0 Equity instruments 78,038,203 78,038,203 – – 78,038,203 0 Investments in alternative funds 4,877,862 – – 4,877,862 4,877,862 0 Investment property 805,000 – – 805,000 805,000 0 Investment contract assets not measured at fair value 95,279,935 90,253,058 0 2,311,340 92,564,397 -2,715,538 Investments measured at amortised cost 95,279,935 90,253,058 0 2,311,340 92,564,397 -2,715,538 Debt instruments 92,968,595 90,253,058 – – 90,253,058 -2,715,538 Cash and cash equivalents 2,238,104 – – 2,238,104 2,238,104 0 Receivables 73,236 – – 73,236 73,236 0 Total investment contract assets 232,524,112 219,741,133 1,308,089 8,759,352 229,808,574 -2,715,538 Sava Insurance Group EUR Carrying amount Fair value Difference between FV and CA 31 December 2025 Level 1 Level 2 Level 3 Total fair value Investment contract assets measured at fair value 119,441,409 111,664,875 2,167,858 5,608,676 119,441,409 0 Investments measured at fair value through profit or loss 119,441,409 111,664,875 2,167,858 5,608,676 119,441,409 0 Mandatorily measured at fair value through profit or loss, not held for trading 119,441,409 111,664,875 2,167,858 5,608,676 119,441,409 0 Debt instruments 51,119,338 48,951,480 2,167,858 – 51,119,338 0 Equity instruments 62,713,395 62,713,395 – – 62,713,395 0 Investments in alternative funds 4,803,675 – – 4,803,675 4,803,675 0 Investment property 805,000 – – 805,000 805,000 0 Investment contract assets not measured at fair value 97,762,699 91,201,544 0 3,837,088 95,038,632 -2,724,067 Investments measured at amortised cost 97,762,699 91,201,544 0 3,837,088 95,038,632 -2,724,067 Debt instruments 93,925,611 91,201,544 – – 91,201,544 -2,724,067 Cash and cash equivalents 3,786,013 – – 3,786,013 3,786,013 0 Receivables 51,075 – – 51,075 51,075 0 Total investment contract assets 217,204,108 202,866,419 2,167,858 9,445,764 214,480,041 -2,724,067
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53 Investment contract liabilities EUR 30 June 2026 31 December 2025 Net liabilities to pension policyholders 231,825,079 216,455,686 Other liabilities 699,033 748,422 Total in the statement of financial position, long-term business fund of voluntary supplementary pension insurance 232,524,112 217,204,108 Inter-company transactions between company and life insurance liability fund -197,382 -229,713 Total in the statement of financial position 232,326,730 216,974,394 Movement in financial investments Sava Insurance Group EUR Debt instruments Equity instruments Investments in alternative funds Total Balance as at 1 January 2026 145,044,949 62,713,395 4,803,675 212,562,019 Purchases 9,665,691 9,602,229 8,353 19,276,273 Maturities -6,150,000 – – -6,150,000 Disposals -1,816,707 -4,004,474 -58,658 -5,879,839 Coupon payments -2,220,787 – – -2,220,787 Accrued interest 1,848,513 – – 1,848,513 Fair value movement (through P&L) 102,344 8,902,028 124,506 9,128,879 Income/expenses upon sale 7,504 -10,036 -15 -2,547 Recognition/reversal of ECL allowance 10,199 – – 10,199 Exchange differences – 835,061 – 835,061 Balance as at 30 June 2026 146,491,707 78,038,203 4,877,862 229,407,772 Sava Insurance Group EUR Debt instruments Equity instruments Investments in alternative funds Total Balance as at 1 January 2025 138,870,893 53,570,579 4,449,527 196,890,999 Purchases 24,941,447 16,977,415 573,303 42,492,166 Maturities -16,350,000 – – -16,350,000 Disposals -3,405,045 -11,989,023 -116,907 -15,510,975 Coupon payments -2,849,171 – – -2,849,171 Accrued interest 3,498,170 – – 3,498,170 Fair value movement (through P&L) 398,615 6,186,324 -102,248 6,482,691 Income/expenses upon sale -638 -34,803 – -35,441 Recognition/reversal of ECL allowance -8,102 – – -8,102 Exchange differences -51,219 -1,997,097 – -2,048,316 Balance as at 30 June 2025 145,044,949 62,713,395 4,803,675 212,562,019 Movement in investments, and income and expenses relating to investment contract assets measured at fair value – level 3 Sava Insurance Group EUR Debt instruments Investments in alternative funds Investment property 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Opening balance 0 0 4,803,676 4,449,528 805,000 647,000 Additions – – – 573,303 – – Disposals – – -50,320 -116,907 – – Revaluation to fair value – – 124,506 -102,248 – 158,000 Reclassifications into levels 765,150 – – – – – Closing balance 765,150 0 4,877,862 4,803,676 805,000 805,000 Income – – 182,940 146,522 25,940 209,918 Expenses – – -1,184 -130,050 -4,477 -16,065
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54 14.7.4 (Re)insurance contract assets and liabilities EUR 30 June 2026 Sava Insurance Group Sava Re Non-life Life Non-life Insurance and reinsurance contract assets Insurance and reinsurance contract liabilities Net (re)insurance contract assets/liabilities Insurance and reinsurance contract assets Insurance and reinsurance contract liabilities Net (re)insurance contract assets/liabilities Insurance and reinsurance contract assets Insurance and reinsurance contract liabilities Net (re)insurance contract assets/liabilities Insurance contracts measured using the BBA or VFA -15,960,758 179,699,804 163,739,046 -1,211,975 1,368,076,295 1,366,864,321 -14,280,523 229,150,981 214,870,458 Insurance contracts measured using the PAA -1,702,581 653,685,167 651,982,586 – – 0 -2,193,224 107,492,783 105,299,559 Total insurance contracts -17,663,339 833,384,972 815,721,633 -1,211,975 1,368,076,295 1,366,864,321 -16,473,747 336,643,763 320,170,016 Reinsurance contracts measured using the BBA -69,306,746 1,096,925 -68,209,821 -243,125 75,830 -167,296 -64,773,265 1,055,802 -63,717,463 Reinsurance contracts measured using the PAA -50,011,569 4,936,430 -45,075,139 – – 0 -35,040,379 2,609,294 -32,431,085 Total reinsurance contracts -119,318,315 6,033,355 -113,284,960 -243,125 75,830 -167,296 -99,813,644 3,665,096 -96,148,548 EUR 30 June 2025 Sava Insurance Group Sava Re Non-life Life Non-life Insurance and reinsurance contract assets Insurance and reinsurance contract liabilities Net (re)insurance contract assets/liabilities Insurance and reinsurance contract assets Insurance and reinsurance contract liabilities Net (re)insurance contract assets/liabilities Insurance and reinsurance contract assets Insurance and reinsurance contract liabilities Net (re)insurance contract assets/liabilities Insurance contracts measured using the BBA or VFA -9,273,474 179,331,016 170,057,541 -2,145,408 1,107,207,635 1,105,062,227 -7,771,217 254,083,952 246,312,735 Insurance contracts measured using the PAA -1,646,445 557,575,343 555,928,898 – – 0 -205,131 27,593,395 27,388,264 Total insurance contracts -10,919,919 736,906,359 725,986,439 -2,145,408 1,107,207,635 1,105,062,227 -7,976,348 281,677,347 273,700,999 Reinsurance contracts measured using the BBA -53,776,415 3,142,526 -50,633,889 -182,190 106,178 -76,013 -48,284,961 3,051,478 -45,233,483 Reinsurance contracts measured using the PAA -19,832,885 2,008,367 -17,824,518 – – 0 -11,331,175 144,246 -11,186,929 Total reinsurance contracts -73,609,300 5,150,894 -68,458,407 -182,190 106,178 -76,013 -59,616,136 3,195,724 -56,420,412
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55 14.7.5 Movement in liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC) – insurance contracts issued Sava Insurance Group as at 30 June 2026 – non-life EUR Liabilities for remaining coverage – LRC Liabilities for incurred claims – LIC Total Total LRC Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total LIC Excluding loss component Loss component Present value of future cash flows Adjustment for non-financial risk Assets -27,548,150 39,609 -27,508,541 17,172,015 -16,657 – 17,155,357 -10,353,184 Liabilities 135,472,392 9,759,240 145,231,632 218,060,207 337,383,335 38,070,888 593,514,430 738,746,061 Opening balance – net assets/liabilities 107,924,242 9,798,849 117,723,090 235,232,222 337,366,678 38,070,888 610,669,787 728,392,878 Changes in the statement of profit or loss and other comprehensive income 0 Insurance contract revenue, of which -408,021,076 0 -408,021,076 0 0 0 0 -408,021,076 Contracts under the fair value approach -278,966 – -278,966 – – – 0 -278,966 Other contracts -407,742,109 – -407,742,109 – – – 0 -407,742,109 Insurance service expenses Incurred claims (excluding investment components) and other incurred insurance service expenses – -884,428 -884,428 17,961,604 323,536,042 23,407,227 364,904,872 364,020,444 Changes related to past services (changes in fulfilment cash flows related to the liability for incurred claims) – – 0 -16,732,668 -12,120,562 -10,871,159 -39,724,389 -39,724,389 Amortisation of insurance acquisition cash flows 58,136,108 – 58,136,108 – – – 0 58,136,108 Changes related to future services (recognition/reversal of losses on onerous groups of contracts) – 438,503 438,503 – – – 0 438,503 Total insurance service expenses 58,136,108 -445,925 57,690,183 1,228,936 311,415,480 12,536,068 325,180,483 382,870,666 Investment components excluded from insurance revenue and insurance service expenses -3,615,196 – -3,615,196 2,308,337 1,306,858.90 – 3,615,196 0 Insurance service result -353,500,164 -445,925 -353,946,088 3,537,272 312,722,338 12,536,068 328,795,679 -25,150,409 Net finance income or expenses from insurance contracts -697,376 10,099 -687,277 1,304,788 3,603,792 386,421 5,295,002 4,607,725 Effect of movement in exchange rates -1,044,570 6,027 -1,038,543 544,231 54,589 11,954 610,774 -427,769 Foreign currency translation differences -16,450 -295 -16,745 -465 -11,779 -1,088 -13,333 -30,078 Total changes in the statement of profit or loss and other comprehensive income -355,258,559 -430,094 -355,688,653 5,385,826 316,368,941 12,933,356 334,688,122 -21,000,531 Cash flows Premiums received for insurance contracts issued 433,536,971 – 433,536,971 – – 0 433,536,971 Claims incurred and insurance service expenses paid – – 0 -38,644,305 -220,814,584 – -259,458,889 -259,458,889 Insurance acquisition cash flows -65,748,796 – -65,748,796 – – 0 -65,748,796 Total cash flows 367,788,175 0 367,788,175 -38,644,305 -220,814,584 0 -259,458,889 108,329,286 Assets -39,205,584 29,657 -39,175,927 18,250,348 2,879,771 382,469.28 21,512,588 -17,663,339 Liabilities 159,659,441 9,339,098 168,998,539 183,723,395 430,041,263 50,621,774 664,386,432 833,384,972 Closing balance – net assets/liabilities 120,453,857 9,368,755 129,822,612 201,973,743 432,921,035 51,004,243 685,899,021 815,721,633
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56 Sava Insurance Group as at 30 June 2025 – non-life EUR Liabilities for remaining coverage – LRC Liabilities for incurred claims – LIC Total Total LRC Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total LIC Excluding loss component Loss component Present value of future cash flows Adjustment for non-financial risk Assets -13,252,254 65,657 -13,186,598 4,923,856 -63,028 – 4,860,828 -8,325,770 Liabilities 128,041,855 8,670,698 136,712,553 214,141,817 343,893,553 38,109,400 596,144,771 732,857,324 Opening balance – net assets/liabilities 114,789,601 8,736,355 123,525,955 219,065,673 343,830,525 38,109,400 601,005,599 724,531,554 Changes in the statement of profit or loss and other comprehensive income 0 Insurance contract revenue, of which -391,367,178 0 -391,367,178 0 0 0 0 -391,367,178 Contracts under the fair value approach -382,109 – -382,109 – – – 0 -382,109 Other contracts -390,985,070 – -390,985,070 – – – 0 -390,985,070 Insurance service expenses Incurred claims (excluding investment components) and other incurred insurance service expenses – -1,304,537 -1,304,537 62,191,461 230,700,116 10,678,443 303,570,021 302,265,484 Changes related to past services (changes in fulfilment cash flows related to liabilities for incurred claims) – – 0 -20,052,896 -17,982,682 -11,666,756 -49,702,333 -49,702,333 Amortisation of insurance acquisition cash flows 52,484,206 – 52,484,206 – – – 0 52,484,206 Changes related to future services (recognition/reversal of losses on onerous groups of contracts) – 2,557,880 2,557,880 – – – 0 2,557,880 Total insurance service expenses 52,484,206 1,253,343 53,737,549 42,138,566 212,717,435 -988,313 253,867,688 307,605,236 Investment components excluded from insurance revenue and insurance service expenses -1,352,165 – -1,352,165 1,352,165 – – 1,352,165 0 Insurance service result -340,235,137 1,253,343 -338,981,795 43,490,730 212,717,435 -988,313 255,219,852 -83,761,942 Net finance income or expenses from insurance contracts -431,239 32,616 -398,623 5,159,616 2,107,500 261,177 7,528,293 7,129,670 Effect of movement in exchange rates 4,116,122 -59,596 4,056,526 -11,718,661 -96,185 -28,774 -11,843,621 -7,787,095 Foreign currency translation differences -30,732 -668 -31,400 -622 -24,772 -2,074 -27,468 -58,868 Total changes in the statement of profit or loss and other comprehensive income -336,580,986 1,225,695 -335,355,292 36,931,063 214,703,977 -757,984 250,877,056 -84,478,235 Cash flows Premiums received for insurance contracts issued 392,069,686 – 392,069,686 – – 0 392,069,686 Claims incurred and insurance service expenses paid – – 0 -27,232,336 -220,533,072 – -247,765,408 -247,765,408 Insurance acquisition cash flows -58,371,157 – -58,371,157 – – 0 -58,371,157 Total cash flows 333,698,529 0 333,698,529 -27,232,336 -220,533,072 0 -247,765,408 85,933,121 Assets -21,982,358 109,467 -21,872,892 9,578,446 1,217,257 157,270 10,952,972 -10,919,919 Liabilities 133,889,501 9,852,583 143,742,084 219,185,955 336,784,173 37,194,147 593,164,275 736,906,359 Closing balance – net assets/liabilities 111,907,143 9,962,049 121,869,193 228,764,401 338,001,430 37,351,417 604,117,247 725,986,440
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57 Sava Insurance Group as at 30 June 2026 – life EUR Liabilities for remaining coverage – LRC Liabilities for incurred claims – LIC Total Total LRC Insurance contracts measured using the BBA or VFA Total LIC Excluding loss component Loss component Assets -10,103,843 6,433 -10,097,410 9,451,068 9,451,068 -646,341 Liabilities 1,167,362,841 5,323,407 1,172,686,247 18,667,225 18,667,225 1,191,353,473 Opening balance – net assets/liabilities 1,157,258,998 5,329,839 1,162,588,838 28,118,294 28,118,294 1,190,707,131 Changes in the statement of profit or loss and other comprehensive income Insurance contract revenue, of which -44,999,900 0 -44,999,900 0 0 -44,999,900 Contracts under the modified retrospective approach -12,111,593 – -12,111,593 – 0 -12,111,593 Contracts under the fair value approach -6,422,189 – -6,422,189 – 0 -6,422,189 Other contracts -26,466,118 – -26,466,118 – 0 -26,466,118 Insurance service expenses Incurred claims (excluding investment components) and other incurred insurance service expenses – -427,764 -427,764 22,844,300 22,844,300 22,416,535 Changes related to past services (changes in fulfilment cash flows related to the liability for incurred claims) – – 0 -1,458,332 -1,458,332 -1,458,332 Amortisation of insurance acquisition cash flows 8,239,892 – 8,239,892 – 0 8,239,892 Changes related to future services (recognition/reversal of losses on onerous groups of contracts) – 459,442 459,442 – 0 459,442 Total insurance service expenses 8,239,892 31,677 8,271,569 21,385,968 21,385,968 29,657,537 Investment components excluded from insurance revenue and insurance service expenses -60,562,891 – -60,562,891 60,562,891 60,562,891 0 Insurance service result -97,322,900 31,677 -97,291,222 81,948,859 81,948,859 -15,342,363 Net finance income or expenses from insurance contracts 147,186,552 35,505 147,222,057 135,283 135,283 147,357,340 Effect of movement in exchange rates 7,056 424 7,479 824 824 8,303 Foreign currency translation differences -6,753 -535 -7,289 -796 -796 -8,085 Total changes in the statement of profit or loss and other comprehensive income 49,863,955 67,071 49,931,026 82,084,170 82,084,170 132,015,196 Cash flows Premiums received for insurance contracts issued 136,768,785 – 136,768,785 0 136,768,785 Claims incurred and insurance service expenses paid – – 0 -80,523,059 -80,523,059 -80,523,059 Insurance acquisition cash flows -12,639,496 – -12,639,496 0 -12,639,496 Total cash flows 124,129,289 0 124,129,289 -80,523,059 -80,523,059 43,606,230 Other movements 535,763.67 – 535,764 0 535,764 Assets -10,583,435 25,860 -10,557,575 9,345,601 9,345,601 -1,211,975 Liabilities 1,342,371,441 5,371,050 1,347,742,491 20,333,804 20,333,804 1,368,076,295 Closing balance – net assets/liabilities 1,331,788,006 5,396,910 1,337,184,916 29,679,405 29,679,405 1,366,864,321
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58 Sava Insurance Group as at 30 June 2025 – life EUR Liabilities for remaining coverage – LRC Liabilities for incurred claims – LIC Total Total LRC Insurance contracts measured using the BBA or VFA Total LIC Excluding loss component Loss component Assets -10,401,036 91,110 -10,309,926 7,793,333 7,793,333 -2,516,593 Liabilities 1,075,157,303 4,734,141 1,079,891,444 18,619,202 18,619,202 1,098,510,646 Opening balance – net assets/liabilities 1,064,756,267 4,825,251 1,069,581,518 26,412,535 26,412,535 1,095,994,053 Changes in the statement of profit or loss and other comprehensive income Insurance contract revenue, of which -41,117,220 0 -41,117,220 0 0 -41,117,220 Contracts under the modified retrospective approach -13,260,149 – -13,260,149 – 0 -13,260,149 Contracts under the fair value approach -6,041,849 – -6,041,849 – 0 -6,041,849 Other contracts -21,815,222 – -21,815,222 – 0 -21,815,222 Insurance service expenses Incurred claims (excluding investment components) and other incurred insurance service expenses – -419,160 -419,160 22,117,504 22,117,504 21,698,345 Changes related to past services (changes in fulfilment cash flows related to liabilities for incurred claims) – – 0 -647,818 -647,818 -647,818 Amortisation of insurance acquisition cash flows 6,911,879 – 6,911,879 – 0 6,911,879 Changes related to future services (recognition/reversal of losses on onerous groups of contracts) – 253,417 253,417 – 0 253,417 Total insurance service expenses 6,911,879 -165,742 6,746,137 21,469,686 21,469,686 28,215,822 Investment components excluded from insurance revenue and insurance service expenses -58,312,945 – -58,312,945 58,312,945 58,312,945 0 Insurance service result -92,518,286 -165,742 -92,684,029 79,782,631 79,782,631 -12,901,398 Net finance income or expenses from insurance contracts -1,593,715 29,170 -1,564,545 205,763 205,763 -1,358,782 Effect of movement in exchange rates 12,265 532 12,797 1,553 1,553 14,351 Foreign currency translation differences -16,727 -1,022 -17,748 -1,869 -1,869 -19,618 Total changes in the statement of profit or loss and other comprehensive income -94,116,463 -137,062 -94,253,526 79,988,079 79,988,079 -14,265,447 Cash flows Premiums received for insurance contracts issued 112,968,695 – 112,968,695 0 112,968,695 Claims incurred and insurance service expenses paid – – 0 -79,391,532 -79,391,532 -79,391,532 Insurance acquisition cash flows -10,243,542 – -10,243,542 0 -10,243,542 Total cash flows 102,725,153 0 102,725,153 -79,391,532 -79,391,532 23,333,621 Other movements – – 0 0 0 Assets -10,518,578 6,480 -10,512,098 8,366,690 8,366,690 -2,145,408 Liabilities 1,083,883,535 4,681,709 1,088,565,244 18,642,391 18,642,391 1,107,207,635 Closing balance – net assets/liabilities 1,073,364,957 4,688,189 1,078,053,146 27,009,081 27,009,081 1,105,062,227
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59 Sava Re as at 30 June 2026 EUR Liabilities for remaining coverage – LRC Liabilities for incurred claims – LIC Total Total LRC Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total LIC Excluding loss component Loss component Present value of future cash flows Adjustment for non-financial risk Assets -25,469,316 38,296 -25,431,020 16,455,874 54,408.23 11,453 16,521,735 -8,909,284 Liabilities -30,655,747 372,002 -30,283,745 293,113,129 15,950,953 1,431,431 310,495,514 280,211,769 Opening balance – net assets/liabilities -56,125,062 410,298 -55,714,765 309,569,003 16,005,362 1,442,884 327,017,249 271,302,484 Changes in the statement of profit or loss and other comprehensive income 0 Insurance contract revenue, of which -97,441,844 0 -97,441,844 0 -97,441,844 Contracts under the modified retrospective approach – 0 0 0 Contracts under the fair value approach – 0 0 0 Other contracts -97,441,844 -97,441,844 0 -97,441,844 Insurance service expenses Incurred claims (excluding investment components) and other incurred insurance service expenses – -1,876,595 -1,876,595 26,382,165 81,587,632 13,100,813 121,070,611 119,194,015 Changes related to past services (changes in fulfilment cash flows related to the liability for incurred claims) – – 0 -17,529,165 637,168 -10,662 -16,902,659 -16,902,659 Amortisation of insurance acquisition cash flows 5,792,280 – 5,792,280 – – – 0 5,792,280 Changes related to future services (recognition/reversal of losses on onerous groups of contracts) – 1,799,342 1,799,342 – – – 0 1,799,342 Total insurance service expenses 5,792,280 -77,253 5,715,027 8,853,000 82,224,800 13,090,151 104,167,951 109,882,978 Investment components excluded from insurance revenue and insurance service expenses -5,322,330 – -5,322,330 3,424,704 1,897,626 – 5,322,330 0 Insurance service result -96,971,894 -77,253 -97,049,147 12,277,704 84,122,426 13,090,151 109,490,281 12,441,134 Net finance income or expenses from insurance contracts -822,279 7,273 -815,006 2,036,140 182,046 15,993 2,234,180 1,419,173 Effect of movement in exchange rates -1,044,554 6,011 -1,038,543 552,545 35,040 6,270 593,855 -444,688 Total changes in the statement of profit or loss and other comprehensive income -98,838,728 -63,969 -98,902,697 14,866,389 84,339,513 13,112,414 112,318,316 13,415,619 Cash flows 0 0 0 Premiums received for insurance contracts issued 106,862,478 – 106,862,478 – – – 0 106,862,478 Claims incurred and insurance service expenses paid – – 0 -63,580,458 -3,797,947 – -67,378,406 -67,378,406 Insurance acquisition cash flows -4,668,683 – -4,668,683 – – – 0 -4,668,683 Total cash flows 102,193,795 0 102,193,795 -63,580,458 -3,797,947 0 -67,378,406 34,815,390 Other movements 636,523 – 636,523 – 0 636,523 Assets -36,961,670 28,162 -36,933,509 17,148,668 2,927,671 383,422 20,459,762 -16,473,747 Liabilities -15,171,801 318,167 -14,853,634 243,706,266 93,619,256 14,171,876 351,497,397 336,643,763 Closing balance – net assets/liabilities -52,133,472 346,329 -51,787,143 260,854,934 96,546,927 14,555,298 371,957,159 320,170,016
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60 Sava Re as at 30 June 2025 EUR Liabilities for remaining coverage – LRC Liabilities for incurred claims – LIC Total Total LRC Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total LIC Excluding loss component Loss component Present value of future cash flows Adjustment for non-financial risk Assets -9,771,415 53,545 -9,717,870 4,047,855 – – 4,047,855 -5,670,015 Liabilities -26,915,225 448,076 -26,467,149 281,878,221 28,446,860 2,217,742 312,542,824 286,075,675 Opening balance – net assets/liabilities -36,686,640 501,621 -36,185,019 285,926,077 28,446,860 2,217,742 316,590,679 280,405,660 Changes in the statement of profit or loss and other comprehensive income 0 Insurance contract revenue, of which -97,576,388 0 -97,576,388 0 -97,576,388 Other contracts -97,576,388 -97,576,388 0 -97,576,388 Insurance service expenses Incurred claims (excluding investment components) and other incurred insurance service expenses – -1,591,425 -1,591,425 83,343,341 289,051 38,473 83,670,865 82,079,440 Changes related to past services (changes in fulfilment cash flows related to liabilities for incurred claims) – – 0 -19,168,381 1,578,150 -383,110 -17,973,341 -17,973,341 Amortisation of insurance acquisition cash flows 4,218,732 – 4,218,732 – – – 0 4,218,732 Changes related to future services (recognition/reversal of losses on onerous groups of contracts) – 2,095,315 2,095,315 – – – 0 2,095,315 Total insurance service expenses 4,218,732 503,891 4,722,622 64,174,960 1,867,201 -344,637 65,697,524 70,420,147 Investment components excluded from insurance revenue and insurance service expenses -3,138,061 – -3,138,061 3,135,148 2,913 – 3,138,061 0 Insurance service result -96,495,717 503,891 -95,991,827 67,310,109 1,870,113 -344,637 68,835,585 -27,156,241 Net finance income or expenses from insurance contracts -314,566 28,010 -286,556 5,794,726 48,420 -514 5,842,632 5,556,076 Effect of movement in exchange rates 4,116,054 -59,533 4,056,521 -11,776,254 -16,177 -4,298 -11,796,729 -7,740,208 Total changes in the statement of profit or loss and other comprehensive income -92,694,230 472,367 -92,221,862 61,328,581 1,902,356 -349,449 62,881,489 -29,340,374 Cash flows 0 0 0 Premiums received for insurance contracts issued 86,787,027 – 86,787,027 – – – 0 86,787,027 Claims incurred and insurance service expenses paid – – 0 -51,460,716 -9,212,515 – -60,673,231 -60,673,231 Insurance acquisition cash flows -3,478,082 – -3,478,082 – – – 0 -3,478,082 Total cash flows 83,308,945 0 83,308,945 -51,460,716 -9,212,515 0 -60,673,231 22,635,713 Assets -16,396,731 43,482 -16,353,250 8,183,687 170,745.33 22,468.58 8,376,901 -7,976,348 Liabilities -29,675,194 930,506 -28,744,687 287,610,254 20,965,956 1,845,825 310,422,035 281,677,347 Closing balance – net assets/liabilities -46,071,925 973,988 -45,097,937 295,793,941 21,136,701 1,868,294 318,798,936 273,700,999
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61 14.7.6 Movement in assets for remaining coverage (ARC) and assets for incurred claims (AIC) – reinsurance contracts Sava Insurance Group as at 30 June 2026 – non-life EUR Assets for remaining coverage – ARC Assets for incurred claims – AIC Total Total ARC Reinsurance contracts measured using the BBA Reinsurance contracts measured using the PAA Total AIC Excluding loss component Loss component Present value of future cash flows Adjustment for non-financial risk Assets 2,332,931 -95,587 2,237,343 -62,028,244 -9,080,003 -812,305 -71,920,552 -69,683,209 Liabilities 13,016,224 -1,726 13,014,498 -5,032,635 -1,457,201 -37,114 -6,526,950 6,487,547 Opening balance – net assets/liabilities 15,349,155 -97,314 15,251,841 -67,060,879 -10,537,204 -849,420 -78,447,503 -63,195,662 Changes in the statement of profit or loss and other comprehensive income Allocation of reinsurers’ shares of premiums Amounts recoverable from insurance contracts ceded to reinsurers 36,580,293 0 36,580,293 0 0 0 0 36,580,293 Reinsurers’ shares of insurance service expenses Insurance claims and benefits recovered from reinsurers – – 0 -23,917,307 -28,252,953 -6,361,123 -58,531,383 -58,531,383 Reinsurers’ share of operating expenses – – 0 – – – 0 0 Changes in reinsurers’ share of liabilities for incurred claims – – 0 -2,792,936 -1,183,827 175,868 -3,800,895 -3,800,895 Changes in reinsurance loss-recovery component relating to onerous underlying contracts – -96,957 -96,957 – – – 0 -96,957 Total amounts recovered from reinsurers 0 -96,957 -96,957 -26,710,243 -29,436,780 -6,185,255 -62,332,278 -62,429,235 Reinsurance investment components 2,475,373 – 2,475,373 -1,786,530 -688,843 – -2,475,373 0 Result from reinsurance contracts held 39,055,666 -96,957 38,958,709 -28,496,773 -30,125,623 -6,185,255 -64,807,651 -25,848,942 Net finance income or expenses from reinsurance contracts 89,243 -2,990 86,253 -502,374 -104,059 -8,621 -615,054 -528,800 Finance effects from credit risk -164,140 – -164,140 676,840 219,813 – 896,653 732,514 Effect of movement in exchange rates 143,772 – 143,772 -93,990 -384 -77 -94,452 49,320 Foreign currency translation differences 2,039 98 2,138 – 2,693 279 2,972 5,110 Total changes in the statement of profit or loss and other comprehensive income 39,126,581 -99,849 39,026,732 -28,416,298 -30,007,560 -6,193,674 -64,617,531 -25,590,800 Cash flows Premiums received for insurance contracts issued -48,271,275 – -48,271,275 – – – 0 -48,271,275 Recovered claims and insurance service expenses – – 0 19,024,153 5,091,859 – 24,116,012 24,116,012 Total cash flows -48,271,275 0 -48,271,275 19,024,153 5,091,859 0 24,116,012 -24,155,263 Other movements -343,235 – -343,235 – – – 0 -343,235 Assets -8,885,887 -200,199 -9,086,086 -69,350,470 -33,972,542 -6,909,216 -110,232,229 -119,318,315 Liabilities 14,747,112 3,036 14,750,148 -7,102,554 -1,480,362 -133,877 -8,716,793 6,033,355 Closing balance – net assets/liabilities 5,861,225 -197,163 5,664,062 -76,453,024 -35,452,904 -7,043,094 -118,949,022 -113,284,960
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62 Sava Insurance Group as at 30 June 2025 – non-life EUR Assets for remaining coverage – ARC Assets for incurred claims – AIC Total Total ARC Reinsurance contracts measured using the BBA Reinsurance contracts measured using the PAA Total AIC Excluding loss component Loss component Present value of future cash flows Adjustment for non-financial risk Assets -1,262,828 -77,829 -1,340,657 -57,093,558 -17,589,054 -1,295,210 -75,977,823 -77,318,480 Liabilities 7,257,386 -2,323 7,255,063 -2,594,891 -800,469 -20,196 -3,415,556 3,839,507 Opening balance – net assets/liabilities 5,994,558 -80,152 5,914,406 -59,688,450 -18,389,523 -1,315,406 -79,393,379 -73,478,973 Changes in the statement of profit or loss and other comprehensive income Allocation of reinsurers’ shares of premiums Amounts recoverable from insurance contracts ceded to reinsurers 25,941,829 0 25,941,829 0 0 0 0 25,941,829 Reinsurers’ shares of insurance service expenses Insurance claims and benefits recovered from reinsurers – – 0 -14,035,778 -6,875,920 -77,871 -20,989,569 -20,989,569 Reinsurers’ share of operating expenses – – 0 – – – 0 0 Changes in reinsurers’ share of liabilities for incurred claims – – 0 8,484,759 3,739,405 442,496 12,666,660 12,666,660 Changes in reinsurance loss-recovery component relating to onerous underlying contracts – 58,226 58,226 – – – 0 58,226 Total amounts recovered from reinsurers 0 58,226 58,226 -5,551,019 -3,136,515 364,625 -8,322,909 -8,264,683 Reinsurance investment components 1,155,768 – 1,155,768 -924,863 -230,905 – -1,155,768 0 Result from reinsurance contracts held 27,097,596 58,226 27,155,823 -6,475,881 -3,367,420 364,625 -9,478,676 17,677,146 Net finance income or expenses from reinsurance contracts -7,192 -148 -7,340 -466,852 -238,072 -13,270 -718,195 -725,535 Finance effects from credit risk -48,020 – -48,020 43,477 25,978 – 69,454 21,434 Effect of movement in exchange rates -3,719 – -3,719 51,019 – – 51,019 47,300 Foreign currency translation differences 607 119 726 – 5,626 406 6,032 6,758 Total changes in the statement of profit or loss and other comprehensive income 27,039,272 58,197 27,097,469 -6,848,238 -3,573,888 351,760 -10,070,365 17,027,104 Cash flows Premiums received for insurance contracts issued -21,636,047 – -21,636,047 – – – 0 -21,636,047 Recovered claims and insurance service expenses – – 0 3,354,954 6,274,555 – 9,629,509 9,629,509 Total cash flows -21,636,047 0 -21,636,047 3,354,954 6,274,555 0 9,629,509 -12,006,538 Assets 3,863,995 -21,226 3,842,769 -61,636,276 -14,892,188 -923,604 -77,452,069 -73,609,300 Liabilities 7,533,788 -729 7,533,059 -1,545,457 -796,668 -40,041 -2,382,166 5,150,894 Closing balance – net assets/liabilities 11,397,783 -21,955 11,375,828 -63,181,733 -15,688,856 -963,646 -79,834,235 -68,458,407
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63 Sava Insurance Group as at 30 June 2026 – life EUR Assets for remaining coverage – ARC Assets for incurred claims – AIC Total Total ARC Reinsurance contracts measured using the BBA Total AIC Excluding loss component Assets -175,863 -175,863 -58,395 -58,395 -234,258 Liabilities 113,046 113,046 -25,154 -25,154 87,891 Opening balance – net assets/liabilities -62,817 -62,817 -83,549 -83,549 -146,366 Changes in the statement of profit or loss and other comprehensive income Allocation of reinsurers’ shares of premiums Amounts recoverable from insurance contracts ceded to reinsurers 83,112 83,112 0 0 83,112 Reinsurers’ shares of insurance service expenses Insurance claims and benefits recovered from reinsurers – 0 -40,344 -40,344 -40,344 Changes in reinsurers’ share of liabilities for incurred claims – 0 -24,832 -24,832 -24,832 Total amounts recovered from reinsurers 0 0 -65,176 -65,176 -65,176 Result from reinsurance contracts held 83,112 83,112 -65,176 -65,176 17,936 Net finance income or expenses from reinsurance contracts 9,102 9,102 -73 -73 9,029 Finance effects from credit risk – 0 – 0 0 Effect of movement in exchange rates -2 -2 -25 -25 -27 Foreign currency translation differences 23 23 11.78 12 35 Total changes in the statement of profit or loss and other comprehensive income 92,234 92,234 -65,261 -65,261 26,973 Cash flows Premiums received for insurance contracts issued -153,756 -153,756 – 0 -153,756 Recovered claims and insurance service expenses – 0 105,854 105,854 105,854 Total cash flows -153,756 -153,756 105,854 105,854 -47,903 Assets -225,312 -225,312 -17,814 -17,814 -243,125 Liabilities 100,973 100,973 -25,143 -25,143 75,830 Closing balance – net assets/liabilities -124,339 -124,339 -42,957 -42,957 -167,296
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64 Sava Insurance Group as at 30 June 2025 – life EUR Assets for remaining coverage – ARC Assets for incurred claims – AIC Total Total ARC Reinsurance contracts measured using the BBA Total AIC Excluding loss component Assets -116,366 -116,366 -83,908 -83,908 -200,274 Liabilities 170,029 170,029 -26,333 -26,333 143,696 Opening balance – net assets/liabilities 53,663 53,663 -110,241 -110,241 -56,578 Changes in the statement of profit or loss and other comprehensive income Allocation of reinsurers’ shares of premiums Amounts recoverable from insurance contracts ceded to reinsurers 80,729 80,729 0 0 80,729 Reinsurers’ shares of insurance service expenses Insurance claims and benefits recovered from reinsurers – 0 -12,854 -12,854 -12,854 Changes in reinsurers’ share of liabilities for incurred claims – 0 -44,855 -44,855 -44,855 Total amounts recovered from reinsurers 0 0 -57,709 -57,709 -57,709 Result from reinsurance contracts held 80,729 80,729 -57,709 -57,709 23,020 Net finance income or expenses from reinsurance contracts -5,136 -5,136 -152 -152 -5,288 Finance effects from credit risk – 0 – 0 0 Effect of movement in exchange rates 10 10 49 49 59 Foreign currency translation differences -29 -29 2 2 -27 Total changes in the statement of profit or loss and other comprehensive income 75,573 75,573 -57,809 -57,809 17,764 Cash flows Premiums received for insurance contracts issued -155,947 -155,947 – 0 -155,947 Recovered claims and insurance service expenses – 0 118,748 118,748 118,748 Total cash flows -155,947 -155,947 118,748 118,748 -37,199 Assets -158,045 -158,045 -24,145 -24,145 -182,190 Liabilities 131,334 131,334 -25,156 -25,156 106,178 Closing balance – net assets/liabilities -26,711 -26,711 -49,301 -49,301 -76,013
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65 Sava Re as at 30 June 2026 EUR Assets for remaining coverage – ARC Assets for incurred claims – AIC Total Total ARC Reinsurance contracts measured using the BBA Reinsurance contracts measured using the PAA Total AIC Excluding loss component Present value of future cash flows Adjustment for non- financial risk Assets 9,731,868 9,731,868 -57,756,518 -6,301,798 -417,782 -64,476,098 -54,744,230 Liabilities 9,289,094 9,289,094 -5,025,082 – – -5,025,082 4,264,012 Opening balance – net assets/liabilities 19,020,963 19,020,963 -62,781,600 -6,301,798 -417,782 -69,501,180 -50,480,218 Changes in the statement of profit or loss and other comprehensive income 0 Allocation of reinsurers’ shares of premiums 0 Amounts recoverable from insurance contracts ceded to reinsurers 27,137,964 27,137,964 0 0 0 0 27,137,964 Reinsurers’ shares of insurance service expenses Recoveries of incurred claims – 0 -23,614,401 -24,527,679 -6,095,040 -54,237,120 -54,237,120 Changes in amounts recoverable arising from changes in liabilities for incurred claims – 0 -2,621,315 -468,039 24,968 -3,064,386 -3,064,386 Total amounts recovered from reinsurers 0 0 -26,235,716 -24,995,718 -6,070,072 -57,301,507 -57,301,507 Reinsurance investment components 2,221,301 2,221,301 -1,786,530 -434,771 – -2,221,301 0 Result from reinsurance contracts held 29,359,265 29,359,265 -28,022,246 -25,430,490 -6,070,072 -59,522,808 -30,163,543 Net finance income or expenses from reinsurance contracts 103,202 103,202 -482,086 -42,167 -2,556 -526,809 -423,607 Finance effects from credit risk -93,501 -93,501 757,439 156,603 – 914,043 820,542 Effect of movement in exchange rates 143,772 143,772 -93,990 -384 -77 -94,452 49,320 Total changes in the statement of profit or loss and other comprehensive income 29,512,738 29,512,738 -27,840,882 -25,316,438 -6,072,705 -59,230,026 -29,717,288 Cash flows Premiums received for insurance contracts issued -35,894,650 -35,894,650 – – – 0 -35,894,650 Recovered claims and insurance service expenses – 0 17,957,431 2,329,411 – 20,286,842 20,286,842 Total cash flows -35,894,650 -35,894,650 17,957,431 2,329,411 0 20,286,842 -15,607,808 Other movements -343,235 -343,235 – – – -343,235 Assets 541,308 541,308 -65,566,345 -28,404,943 -6,383,665 -100,354,953 -99,813,644 Liabilities 11,754,507 11,754,507 -7,098,706 -883,882 -106,823 -8,089,411 3,665,096 Closing balance – net assets/liabilities 12,295,815 12,295,815 -72,665,051 -29,288,825 -6,490,488 -108,444,364 -96,148,548
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66 Sava Re as at 30 June 2025 EUR Assets for remaining coverage – ARC Assets for incurred claims – AIC Total Total ARC Reinsurance contracts measured using the BBA Reinsurance contracts measured using the PAA Total AIC Excluding loss component Present value of future cash flows Adjustment for non- financial risk Assets 1,712,046 1,712,046 -52,623,143 -14,161,636 -889,374 -67,674,153 -65,962,107 Liabilities 4,652,625 4,652,625 -2,460,600 – – -2,460,600 2,192,025 Opening balance – net assets/liabilities 6,364,671 6,364,671 -55,083,742 -14,161,636 -889,374 -70,134,752 -63,770,082 Changes in the statement of profit or loss and other comprehensive income 0 Allocation of reinsurers’ shares of premiums 0 Amounts recoverable from insurance contracts ceded to reinsurers 17,717,061 17,717,061 0 0 0 0 17,717,061 Reinsurers’ shares of insurance service expenses Recoveries of incurred claims – 0 -13,089,420 -4,979,922 – -18,069,341 -18,069,341 Changes in amounts recoverable arising from changes in liabilities for incurred claims – 0 8,664,064 3,658,650 368,862 12,691,576 12,691,576 Total amounts recovered from reinsurers 0 0 -4,425,356 -1,321,271 368,862 -5,377,765 -5,377,765 Reinsurance investment components 924,863 924,863 -924,863 – – -924,863 0 Result from reinsurance contracts held 18,641,923 18,641,923 -5,350,219 -1,321,271 368,862 -6,302,628 12,339,295 Net finance income or expenses from reinsurance contracts 7,802 7,802 -412,167 -163,812 -8,658 -584,637 -576,835 Finance effects from credit risk -513 -513 45,186 -8,014 – 37,172 36,659 Effect of movement in exchange rates -3,719 -3,719 51,019 – – 51,019 47,300 Total changes in the statement of profit or loss and other comprehensive income 18,645,494 18,645,494 -5,666,180 -1,493,098 360,204 -6,799,074 11,846,420 Cash flows Premiums received for insurance contracts issued -11,594,021 -11,594,021 – – – 0 -11,594,021 Recovered claims and insurance service expenses – 0 2,336,654 4,760,616.37 – 7,097,270 7,097,270 Total cash flows -11,594,021 -11,594,021 2,336,654 4,760,616 0 7,097,270 -4,496,751 Assets 8,687,242 8,687,242 -56,880,091 -10,894,117 -529,170 -68,303,378 -59,616,136 Liabilities 4,728,901 4,728,901 -1,533,178 – – -1,533,178 3,195,724 Closing balance – net assets/liabilities 13,416,143 13,416,143 -58,413,269 -10,894,117 -529,170 -69,836,556 -56,420,412
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67 14.7.7 Movement in individual components of insurance contracts Sava Insurance Group as at 30 June 2026 – non-life EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total insurance contracts measured using the BBA Total insurance contracts measured using the PAA Total insurance contracts Contracts under the fair value approach Other contracts Total contractual service margin Assets -17,865,968 1,904,969 14,541 5,631,147 5,645,687 -10,315,311 -37,873 -10,353,184 Liabilities 161,772,023 17,052,937 -464,000 10,401,375 9,937,376 188,762,335 549,983,726 738,746,061 Opening balance – net assets/liabilities 143,906,055 18,957,906 -449,459 16,032,522 15,583,063 178,447,024 549,945,854 728,392,878 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -2,864,277 1,018,412 9,610 2,767,837 2,777,447 931,582 -382,153,691 -381,222,110 Changes in estimates that adjust the contractual service margin 1,715,735 -22,355 9,610 -1,188,406 -1,178,796 514,585 0 514,585 Changes in estimates that do not adjust the contractual service margin (recognition/reversals of losses on onerous contracts) -293,775 80,726 1 742,218 742,219 529,170 0 529,170 Effects of contracts initially recognised in the period -4,286,238 960,040 – 3,214,025 3,214,025 -112,173 0 -112,173 Effects of contracts measured using the PAA 0 -382,153,691 -382,153,691 Changes that relate to current service 3,777,015 -1,059,532 -56,674 -7,300,568 -7,357,241 -4,639,758 0 -4,639,758 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – -56,674 -7,300,568 -7,357,241 -7,357,241 0 -7,357,241 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -1,059,532 – – – -1,059,532 0 -1,059,532 Experience adjustment 3,777,015 – – – – 3,777,015 0 3,777,015 Changes that relate to past service -24,212,285 7,479,618 0 0 0 -16,732,668 377,444,126 360,711,458 Changes in fulfilment cash flows relating to incurred claims -24,212,285 7,479,618 – – – -16,732,668 377,444,126 360,711,458 Insurance service result -23,299,548 7,438,497 -47,063 -4,532,731 -4,579,794 -20,440,844 -4,709,565 -25,150,409 Net finance income or expenses from insurance contracts 348,611 -14,034 1,337 281,597 282,934 617,511 3,990,214 4,607,725 Effect of movement in exchange rates -358,167 98,896 – 19,877 19,877 -239,394 -188,375 -427,769 Foreign currency translation differences -4,903 -208 – -1,794 -1,794 -6,905 -23,173 -30,078 Total changes in the statement of profit or loss and other comprehensive income -23,314,007 7,523,152 -45,726 -4,233,050 -4,278,776 -20,069,632 -930,899 -21,000,531 Cash flows Premiums received for insurance contracts issued 52,257,431 – – – – 52,257,431 381,279,540 433,536,971 Claims incurred and insurance service expenses paid -38,644,305 – – – – -38,644,305 -220,814,584 -259,458,889 Insurance acquisition cash flows -8,251,472 – – – – -8,251,472 -57,497,325 -65,748,796 Total cash flows 5,361,654 0 0 0 0 5,361,654 102,967,632 108,329,286 Assets -23,256,709 2,643,720 44,834 4,607,397 4,652,231 -15,960,758 -1,702,581 -17,663,339 Liabilities 149,210,411 23,837,337 -540,020 7,192,075 6,652,056 179,699,804 653,685,167 833,384,972 Closing balance – net assets/liabilities 125,953,702 26,481,057 -495,185 11,799,472 11,304,287 163,739,046 651,982,586 815,721,633
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68 Sava Insurance Group as at 30 June 2025 – non-life EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total insurance contracts measured using the BBA Total insurance contracts measured using the PAA Total insurance contracts Contracts under the fair value approach Other contracts Total contractual service margin Assets -14,101,201 1,386,047 79 4,457,728 4,457,806 -8,257,348 -68,422 -8,325,770 Liabilities 157,470,812 19,186,931 -233,159 8,197,670 7,964,511 184,622,254 548,235,070 732,857,324 Opening balance – net assets/liabilities 143,369,611 20,572,978 -233,080 12,655,398 12,422,318 176,364,907 548,166,648 724,531,554 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -33,360,005 12,508,416 3,209 22,609,227 22,612,436 1,760,847 -323,414,550 -321,653,703 Changes in estimates that adjust the contractual service margin -2,441,607 -523,055 -7,073 3,722,670 3,715,596 750,935 0 750,935 Changes in estimates that do not adjust the contractual service margin (recognition/reversals of losses on onerous contracts) -1,866,068 -59,062 10,282 1,431,251 1,441,533 -483,597 0 -483,597 Effects of contracts initially recognised in the period -29,052,330 13,090,533 – 17,455,306 17,455,306 1,493,509 0 1,493,509 Effects of contracts measured using the PAA 0 -323,414,550 -323,414,550 Changes that relate to current service 14,211,635 -344,711 -106,890 -14,482,057 -14,588,947 -722,023 0 -722,023 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – -106,890 -14,482,057 -14,588,947 -14,588,947 0 -14,588,947 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -344,711 – – – -344,711 0 -344,711 Experience adjustment 14,211,635 – – – – 14,211,635 0 14,211,635 Changes that relate to past service -15,032,113 -5,020,783 0 0 0 -20,052,896 258,666,679 238,613,784 Changes in fulfilment cash flows relating to incurred claims -15,032,113 -5,020,783 – – – -20,052,896 258,666,679 238,613,784 Insurance service result -34,180,483 7,142,923 -103,681 8,127,169 8,023,488 -19,014,072 -64,747,870 -83,761,942 Net finance income or expenses from insurance contracts 3,636,359 669,615 1,509 453,510 455,019 4,760,993 2,368,677 7,129,670 Effect of movement in exchange rates -5,601,010 -1,314,084 – -747,041 -747,041 -7,662,135 -124,960 -7,787,095 Foreign currency translation differences -4,986 -377 – -2,782 -2,782 -8,145 -50,724 -58,868 Total changes in the statement of profit or loss and other comprehensive income -36,150,119 6,498,076 -102,172 7,830,856 7,728,684 -21,923,359 -62,554,877 -84,478,235 Cash flows Premiums received for insurance contracts issued 50,020,229 – – – – 50,020,229 342,049,457 392,069,686 Claims incurred and insurance service expenses paid -27,232,336 – – – – -27,232,336 -220,533,072 -247,765,408 Insurance acquisition cash flows -7,171,901 – – – – -7,171,901 -51,199,257 -58,371,157 Total cash flows 15,615,993 0 0 0 0 15,615,993 70,317,127 85,933,121 Assets -18,514,061 2,757,941 9,299.21 6,473,347 6,482,646 -9,273,474 -1,646,445 -10,919,919 Liabilities 141,349,546 24,313,114 -344,551 14,012,907 13,668,356 179,331,016 557,575,343 736,906,359 Closing balance – net assets/liabilities 122,835,485 27,071,055 -335,252 20,486,254 20,151,002 170,057,541 555,928,898 725,986,440
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69 Sava Insurance Group as at 30 June 2026 – life EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total insurance contracts measured using the BBA or VFA Total insurance contracts Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts Total contractual service margin Assets -55,902,127 12,440,848 14,968,394 – 27,846,544 42,814,938 -646,341 -646,341 Liabilities 1,034,860,701 24,193,948 36,829,319 9,266,623 86,202,881 132,298,824 1,191,353,473 1,191,353,473 Opening balance – net assets/liabilities 978,958,574 36,634,795 51,797,713 9,266,623 114,049,425 175,113,762 1,190,707,131 1,190,707,131 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -32,197,952 8,624,190 -323,947 3,391,613 19,190,877 22,258,543 -1,315,219 -1,315,219 Changes in estimates that adjust the contractual service margin -14,651,986 5,193,750 112,896 3,391,613 4,302,561 7,807,070 -1,651,165 -1,651,165 Changes in estimates that do not adjust the contractual service margin (recognition/reversals of losses on onerous contracts) -281,570 164,385 5,499 – 51,719 57,218 -59,967 -59,967 Effects of contracts initially recognised in the period -17,264,396 3,266,054 -442,342 – 14,836,597 14,394,255 395,914 395,914 Changes that relate to current service 1,562,263 -2,240,290 -3,634,093 -1,602,290 -6,654,402 -11,890,785 -12,568,812 -12,568,812 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – -3,634,093 -1,602,290 -6,654,402 -11,890,785 -11,890,785 -11,890,785 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -2,240,290 – – – – -2,240,290 -2,240,290 Experience adjustment 1,562,263 – – – – – 1,562,263 1,562,263 Changes that relate to past service -1,254,552 -203,780 0 0 0 0 -1,458,332 -1,458,332 Changes in fulfilment cash flows relating to incurred claims -1,254,552 -203,780 – – – – -1,458,332 -1,458,332 Insurance service result -31,890,241 6,180,120 -3,958,041 1,789,323 12,536,475 10,367,758 -15,342,363 -15,342,363 Net finance income or expenses from insurance contracts 146,175,379 220,134 205,711 758 755,359 961,827 147,357,340 147,357,340 Effect of movement in exchange rates 3,174 783 664 – 3,682 4,347 8,303 8,303 Foreign currency translation differences -2,523 -854 -661 – -4,047 -4,708 -8,085 -8,085 Total changes in the statement of profit or loss and other comprehensive income 114,285,789 6,400,183 -3,752,326 1,790,081 13,291,469 11,329,224 132,015,196 132,015,196 Cash flows Premiums received for insurance contracts issued 136,768,785 – – – – – 136,768,785 136,768,785 Claims incurred and insurance service expenses paid -80,523,059 – – – – – -80,523,059 -80,523,059 Insurance acquisition cash flows -12,639,496 – – – – – -12,639,496 -12,639,496 Total cash flows 43,606,230 0 0 0 0 0 43,606,230 43,606,230 Other movements – – 535,763.67 – – 535,763.67 535,764 535,764 Assets -57,232,067 12,753,331 13,823,410 – 29,443,352 43,266,762 -1,211,975 -1,211,975 Liabilities 1,194,082,660 30,281,647 34,757,741 11,056,705 97,897,542 143,711,988 1,368,076,295 1,368,076,295 Closing balance – net assets/liabilities 1,136,850,593 43,034,978 48,581,151 11,056,705 127,340,894 186,978,749 1,366,864,321 1,366,864,321
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70 Sava Insurance Group as at 30 June 2025 – life EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total insurance contracts measured using the BBA or VFA Total insurance contracts Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts Total contractual service margin Assets -55,934,423 11,922,359 17,605,686 – 23,889,785 41,495,471 -2,516,593 -2,516,593 Liabilities 952,584,960 24,266,221 42,566,511 6,263,511 72,829,443 121,659,465 1,098,510,646 1,098,510,646 Opening balance – net assets/liabilities 896,650,537 36,188,580 60,172,197 6,263,511 96,719,228 163,154,936 1,095,994,053 1,095,994,053 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -19,366,621 3,412,863 -421,702 1,252,824 14,054,485 14,885,606 -1,068,152 -1,068,152 Changes in estimates that adjust the contractual service margin -1,563,738 246,573 -468,643 1,248,359 -701,862 77,855 -1,239,311 -1,239,311 Changes in estimates that do not adjust the contractual service margin (recognition/reversals of losses on onerous contracts) -506,365 70,321 46,941 4,464 79,706 131,111 -304,933 -304,933 Effects of contracts initially recognised in the period -17,296,518 3,095,969 – – 14,676,641 14,676,641 476,091 476,091 Changes that relate to current service 1,868,537 -2,352,632 -4,114,920 -1,098,887 -5,487,527 -10,701,333 -11,185,427 -11,185,427 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – -4,114,920 -1,098,887 -5,487,527 -10,701,333 -10,701,333 -10,701,333 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -2,352,632 – – – 0 -2,352,632 -2,352,632 Experience adjustment 1,868,537 – – – – 0 1,868,537 1,868,537 Changes that relate to past service -437,420 -210,398 0 0 0 0 -647,818 -647,818 Changes in fulfilment cash flows relating to incurred claims -437,420 -210,398 – – – 0 -647,818 -647,818 Insurance service result -17,935,504 849,833 -4,536,622 153,937 8,566,958 4,184,273 -12,901,398 -12,901,398 Net finance income or expenses from insurance contracts -2,299,460 16,647 237,212 687 686,132 924,031 -1,358,782 -1,358,782 Effect of movement in exchange rates 4,557 1,832 1,695 0 6,267 7,962 14,351 14,351 Foreign currency translation differences -5,146 -2,759 -2,550 0 -9,163 -11,713 -19,618 -19,618 Total changes in the statement of profit or loss and other comprehensive income -20,235,554 865,553 -4,300,265 154,624 9,250,194 5,104,553 -14,265,447 -14,265,447 Cash flows Premiums received for insurance contracts issued 112,968,695 – – – – 0 112,968,695 112,968,695 Claims incurred and insurance service expenses paid -79,391,532 – – – – 0 -79,391,532 -79,391,532 Insurance acquisition cash flows -10,243,542 – – – – 0 -10,243,542 -10,243,542 Total cash flows 23,333,621 0 0 0 0 0 23,333,621 23,333,621 Assets -57,105,913 12,259,063 16,399,881 – 26,301,561 42,701,442 -2,145,408 -2,145,408 Liabilities 956,854,517 24,795,070 39,472,052 6,418,135 79,667,861 125,558,048 1,107,207,635 1,107,207,635 Closing balance – net assets/liabilities 899,748,604 37,054,133 55,871,932 6,418,135 105,969,423 168,259,490 1,105,062,227 1,105,062,227
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71 Sava Re as at 30 June 2026 EUR Present value of future cash flows Adjustment for non-financial risk Contractual service margin Total insurance contracts measured using the BBA Total insurance contracts measured using the PAA Total insurance contracts Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts Total contractual service margin Assets -11,466,597 1,442,440 2,005 2 1,760,557 1,762,564 -8,261,594 -647,690 -8,909,284 Liabilities 231,818,431 24,096,636 295,828 117,797 7,421,712 7,835,337 263,750,404 16,461,365 280,211,769 Opening balance – net assets/liabilities 220,351,834 25,539,076 297,833 117,799 9,182,269 9,597,900 255,488,810 15,813,675 271,302,484 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -5,386,422 219,744 0 0 6,867,644 6,867,644 1,700,966 -65,007,968 -63,307,001 Changes in estimates that adjust the contractual service margin 1,969,424 -38,334 – – -298,801 -298,801 1,632,289 0 1,632,289 Changes in estimates that do not adjust the contractual service margin (recognition/reversals of losses on onerous contracts) -282,743 713 – – 350,089 350,089 68,059 0 68,059 Effects of contracts initially recognised in the period -7,073,103 257,364 – – 6,816,356 6,816,356 618 0 618 Effects of contracts measured using the PAA 0 -65,007,968 -65,007,968 Changes that relate to current service 2,302,835 -1,130,346 0 0 -7,730,654 -7,730,654 -6,558,165 0 -6,558,165 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – – – -7,730,654 -7,730,654 -7,730,654 0 -7,730,654 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -1,130,346 – – – 0 -1,130,346 0 -1,130,346 Experience adjustment 2,302,835 – – – – 0 2,302,835 0 2,302,835 Changes that relate to past service -23,545,904 6,017,553 0 0 0 0 -17,528,351 99,834,651 82,306,300 Changes in fulfilment cash flows relating to incurred claims -23,545,904 6,017,553 – – – 0 -17,528,351 99,834,651 82,306,300 Insurance service result -26,629,491 5,106,951 0 0 -863,010 -863,010 -22,385,550 34,826,683 12,441,134 Net finance income or expenses from insurance contracts 932,485 43,699 – – 244,950 244,950 1,221,134 198,039 1,419,173 Effect of movement in exchange rates -352,113 101,156 – – 19,877 19,877 -231,080 -213,608 -444,688 Total changes in the statement of profit or loss and other comprehensive income -26,049,119 5,251,805 0 0 -598,182 -598,182 -21,395,496 34,811,114 13,415,619 Cash flows Premiums received for insurance contracts issued 45,690,000 – – – – 0 45,690,000 61,172,478 106,862,478 Claims incurred and insurance service expenses paid -63,580,458 – – – – 0 -63,580,458 -3,797,947 -67,378,406 Insurance acquisition cash flows -1,968,922 – – – – 0 -1,968,922 -2,699,761 -4,668,683 Total cash flows -19,859,380 0 0 0 0 0 -19,859,380 54,674,769 34,815,390 Other movements – – – – 636,523 636,523 636,523 0 636,523 Assets -18,671,402 2,763,408 2,005 – 1,625,466 1,627,471 -14,280,523 -2,193,224 -16,473,747 Liabilities 193,114,737 28,027,473 295,828 117,799 7,595,143 8,008,770 229,150,981 107,492,783 336,643,763 Closing balance – net assets/liabilities 174,443,335 30,790,881 297,833 117,799 9,220,610 9,636,242 214,870,458 105,299,559 320,170,016
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72 Sava Re as at 30 June 2025 EUR Present value of future cash flows Adjustment for non-financial risk Contractual service margin Total insurance contracts measured using the BBA Total insurance contracts measured using the PAA Total insurance contracts Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts Total contractual service margin Assets -7,600,553 955,021 2,005 – 997,501 999,506 -5,646,027 -23,988 -5,670,015 Liabilities 222,559,060 26,015,711 295,828 117,799 8,199,676 8,613,303 257,188,073 28,887,602 286,075,675 Opening balance – net assets/liabilities 214,958,506 26,970,731 297,833 117,799 9,197,177 9,612,808 251,542,046 28,863,614 280,405,660 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -45,684,262 16,834,737 0 0 30,944,840 30,944,840 2,095,315 -7,680,895 -5,585,580 Changes in estimates that adjust the contractual service margin -3,714,875 -811,200 – – 5,622,218 5,622,218 1,096,143 0 1,096,143 Changes in estimates that do not adjust the contractual service margin (recognition/reversals of losses on onerous contracts) -1,758,882 -39,940 – – 1,413,527 1,413,527 -385,295 0 -385,295 Effects of contracts initially recognised in the period -40,210,504 17,685,876 – – 23,909,095 23,909,095 1,384,467 0 1,384,467 Effects of contracts measured using the PAA 0 -7,680,895 -7,680,895 Changes that relate to current service 15,933,213 -942,826 0 0 -18,915,432 -18,915,432 -3,925,045 0 -3,925,045 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – – – -18,915,432 -18,915,432 -18,915,432 0 -18,915,432 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -942,826 – – – 0 -942,826 0 -942,826 Experience adjustment 15,933,213 – – – – 0 15,933,213 0 15,933,213 Changes that relate to past service -12,685,174 -6,483,207 0 0 0 0 -19,168,381 1,522,764 -17,645,617 Changes in fulfilment cash flows relating to incurred claims -12,685,174 -6,483,207 – – – 0 -19,168,381 1,522,764 -17,645,617 Insurance service result -42,436,222 9,408,704 0 0 12,029,409 12,029,409 -20,998,110 -6,158,131 -27,156,241 Net finance income or expenses from insurance contracts 4,208,646 803,508 – – 496,015 496,015 5,508,170 47,906 5,556,076 Effect of movement in exchange rates -5,645,074 -1,327,617 – – -747,041 -747,041 -7,719,733 -20,475 -7,740,208 Total changes in the statement of profit or loss and other comprehensive income -43,872,651 8,884,595 0 0 11,778,383 11,778,383 -23,209,674 -6,130,700 -29,340,374 Cash flows Premiums received for insurance contracts issued 72,919,161 – – – – 0 72,919,161 13,867,866 86,787,027 Claims incurred and insurance service expenses paid -51,460,716 – – – – 0 -51,460,716 -9,212,515 -60,673,231 Insurance acquisition cash flows -3,478,082 – – – – 0 -3,478,082 0 -3,478,082 Total cash flows 17,980,362 0 0 0 0 0 17,980,362 4,655,351 22,635,713 Assets -13,575,041 2,331,537 2,005 – 3,470,283 3,472,287 -7,771,217 -205,131 -7,976,348 Liabilities 202,641,259 33,523,789 295,828 117,799 17,505,277 17,918,904 254,083,952 27,593,395 281,677,347 Closing balance – net assets/liabilities 189,066,218 35,855,326 297,833 117,799 20,975,559 21,391,191 246,312,735 27,388,264 273,700,999
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73 14.7.8 Movement in individual components of reinsurance contracts Sava Insurance Group as at 30 June 2026 – non-life EUR Present value of future cash flows Adjustment for non-financial risk Contractual service margin Total reinsurance contracts measured using the BBA Total reinsurance contracts measured using the PAA Total reinsurance contracts Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts Total contractual service margin Assets -44,003,943 -5,734,958 43 42,280 -5,626,942 -5,584,619 -55,323,520 -14,359,689 -69,683,209 Liabilities 4,839,182 -185,198 – – -900,342 -900,342 3,753,642 2,733,905 6,487,547 Opening balance – net assets/liabilities -39,164,762 -5,920,155 43 42,280 -6,527,284 -6,484,961 -51,569,878 -11,625,784 -63,195,662 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services 2,468,019 -144,532 44 -10,230 -2,310,935 -2,321,121 2,366 27,080,013 27,082,379 Changes in estimates that adjust the contractual service margin -1,032,316 -26,411 44 -10,230 1,068,914 1,058,728 0 0 0 Changes in estimates relating to recognition of and reversals of losses on onerous underlying contracts – – – – 2,867 2,867 2,867 0 2,867 Changes in recoveries of losses on onerous underlying contracts that adjust the contractual service margin – – – – -500 -500 -500 0 -500 Effects of contracts initially recognised in the period 3,500,335 -118,120 – – -3,382,215 -3,382,215 0 0 0 Effects of contracts measured using the PAA 0 27,080,013 27,080,013 Changes that relate to current service -16,961,933 -1,588,019 -2 30,879 4,105,608 4,136,485 -14,413,468 0 -14,413,468 Amount of the contractual service margin recognised in profit or loss – – -2 30,879 4,105,608 4,136,485 4,136,485 4,136,485 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -1,588,019 – – – 0 -1,588,019 -1,588,019 Experience adjustment -16,961,933 – – – – 0 -16,961,933 -16,961,933 Changes that relate to past service -3,273,996 481,060 0 0 0 0 -2,792,936 -35,724,917 -38,517,853 Changes in fulfilment cash flows relating to incurred claims -3,273,996 481,060 – – – 0 -2,792,936 -35,724,917 -38,517,853 Result from reinsurance contracts held -17,767,910 -1,251,491 42 20,649 1,794,672 1,815,364 -17,204,037 -8,644,905 -25,848,942 Net finance income or expenses from reinsurance contracts -253,741 -47,304 – 31 -112,117 -112,085 -413,131 -115,670 -528,800 Finance effects from credit risk 512,700 – – – – 0 512,700 219,813 732,514 Effect of movement in exchange rates 3,916 -12,334 – – -3,132 -3,132 -11,550 60,870 49,320 Foreign currency translation differences – – – – – 0 0 5,110 5,110 Total changes in the statement of profit or loss and other comprehensive income -17,505,035 -1,311,129 42 20,680 1,679,424 1,700,146 -17,116,018 -8,474,782 -25,590,800 Cash flows Premiums received for insurance contracts issued -18,204,842 – – – – 0 -18,204,842 -30,066,433 -48,271,275 Recovered claims and insurance service expenses 19,024,153 – – – – 0 19,024,153 5,091,859 24,116,012 Total cash flows 819,310 0 0 0 0 0 819,310 -24,974,573 -24,155,263 Other movements – – – – -343,235 -343,235 -343,235 0 -343,235 Assets -57,525,363 -6,708,125 85 62,960 -5,136,304 -5,073,259 -69,306,746 -50,011,569 -119,318,315 Liabilities 1,674,877 -523,160 – – -54,791 -54,791 1,096,925 4,936,430 6,033,355 Closing balance – net assets/liabilities -55,850,486 -7,231,285 85 62,960 -5,191,095 -5,128,050 -68,209,821 -45,075,139 -113,284,960
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74 Sava Insurance Group as at 30 June 2025 – non-life EUR Present value of future cash flows Adjustment for non-financial risk Contractual service margin Total reinsurance contracts measured using the BBA Total reinsurance contracts measured using the PAA Total reinsurance contracts Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts Total contractual service margin Assets -48,206,300 -5,060,681 3 14,865 -4,493,853 -4,478,985 -57,745,966 -19,572,514 -77,318,480 Liabilities 3,392,439 -416,305 – – -1,101,974 -1,101,974 1,874,160 1,965,347 3,839,507 Opening balance – net assets/liabilities -44,813,861 -5,476,986 3 14,865 -5,595,827 -5,580,959 -55,871,806 -17,607,167 -73,478,973 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services 9,870,951 -2,758,648 60 -118,390 -7,022,197 -7,140,527 -28,223 11,863,720 11,835,497 Changes in estimates that adjust the contractual service margin -536,398 35,292 60 -118,390 619,435 501,106 0 0 0 Changes in estimates relating to recognition of and reversals of losses on onerous underlying contracts – – – – 29,069 29,069 29,069 0 29,069 Changes in recoveries of losses on onerous underlying contracts that adjust the contractual service margin – – – – -57,292 -57,292 -57,292 0 -57,292 Effects of contracts initially recognised in the period 10,407,349 -2,793,940 – – -7,613,409 -7,613,409 0 0 0 Effects of contracts measured using the PAA 0 11,863,720 11,863,720 Changes that relate to current service -6,566,490 519,968 -1 129,019 5,981,288 6,110,306 63,784 0 63,784 Amount of the contractual service margin recognised in profit or loss – – -1 129,019 5,981,288 6,110,306 6,110,306 6,110,306 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – 519,968 – – – 0 519,968 519,968 Experience adjustment -6,566,490 – – – – 0 -6,566,490 -6,566,490 Changes that relate to past service 7,407,241 1,077,518 0 0 0 0 8,484,759 -2,706,894 5,777,866 Changes in fulfilment cash flows relating to incurred claims 7,407,241 1,077,518 – – – 0 8,484,759 -2,706,894 5,777,866 Result from reinsurance contracts held 10,711,703 -1,161,162 59 10,629 -1,040,909 -1,030,221 8,520,320 9,156,827 17,677,146 Net finance income or expenses from reinsurance contracts -225,046 -76,929 – 61 -172,130 -172,069 -474,044 -251,490 -725,535 Finance effects from credit risk -4,544 – – – – 0 -4,544 25,978 21,434 Effect of movement in exchange rates 28,348 9,844 – – 9,108 9,108 47,300 0 47,300 Foreign currency translation differences – – – – – 0 0 6,758 6,758 Total changes in the statement of profit or loss and other comprehensive income 10,510,461 -1,228,248 59 10,690 -1,203,931 -1,193,182 8,089,032 8,938,072 17,027,104 Cash flows Premiums received for insurance contracts issued -6,206,069 – – – – 0 -6,206,069 -15,429,977 -21,636,047 Recovered claims and insurance service expenses 3,354,954 – – – – 0 3,354,954 6,274,555 9,629,509 Total cash flows -2,851,115 0 0 0 0 0 -2,851,115 -9,155,423 -12,006,538 Assets -43,106,711 -6,079,841 62 25,555 -4,615,480 -4,589,863 -53,776,415 -19,832,885 -73,609,300 Liabilities 5,952,196 -625,392 – – -2,184,278 -2,184,278 3,142,526 2,008,367 5,150,894 Closing balance – net assets/liabilities -37,154,515 -6,705,233 62 25,555 -6,799,758 -6,774,141 -50,633,889 -17,824,518 -68,458,407
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75 Sava Insurance Group as at 30 June 2026 – life EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total reinsurance contracts measured using the BBA Total reinsurance contracts Contracts under the fair value approach Other contracts Total contractual service margin Assets 1,011,087 -45,676 248,746 -1,448,416 -1,199,669 -234,258 -234,258 Liabilities 281,808 -6,712 -187,205 – -187,205 87,891 87,891 Opening balance – net assets/liabilities 1,292,896 -52,388 61,541 -1,448,416 -1,386,874 -146,366 -146,366 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services -60,303 14,044 -22,351 68,609 46,259 0 0 Changes in estimates that adjust the contractual service margin -100,107 18,570 -22,351 103,888 81,537 0 0 Effects of contracts initially recognised in the period 39,804 -4,526 – -35,278 -35,278 0 0 Changes that relate to current service -43,169 3,075 56,663 26,198 82,861 42,768 42,768 Amount of the contractual service margin recognised in profit or loss – – 56,663 26,198 82,861 82,861 82,861 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – 3,075 – – 0 3,075 3,075 Experience adjustment -43,169 – – – 0 -43,169 -43,169 Changes that relate to past service -24,832 0 0 0 0 -24,832 -24,832 Changes in fulfilment cash flows relating to incurred claims -24,832 – – – 0 -24,832 -24,832 Result from reinsurance contracts held -128,303 17,119 34,312 94,808 129,120 17,936 17,936 Net finance income or expenses from reinsurance contracts 20,457 -3,997 -413 -7,018 -7,431 9,029 9,029 Effect of movement in exchange rates 450 -52 – -424 -424 -27 -27 Foreign currency translation differences -424 51 – 408 408 35 35 Total changes in the statement of profit or loss and other comprehensive income -107,820 13,121 33,899 87,774 121,673 26,973 26,973 Cash flows Premiums received for insurance contracts issued -153,756 – – – 0 -153,756 -153,756 Recovered claims and insurance service expenses 105,854 – – – 0 105,854 105,854 Total cash flows -47,903 0 0 0 0 -47,903 -47,903 Assets 874,055 -32,783 276,244 -1,360,642 -1,084,398 -243,125 -243,125 Liabilities 263,117 -6,484 -180,804 – -180,804 75,830 75,830 Closing balance – net assets/liabilities 1,137,172 -39,267 95,440 -1,360,642 -1,265,201 -167,296 -167,296
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76 Sava Insurance Group as at 30 June 2025 – life EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total reinsurance contracts measured using the BBA Total reinsurance contracts Contracts under the fair value approach Other contracts Total contractual service margin Assets 443,756 35,393 208,632 -888,056 -679,424 -200,274 -200,274 Liabilities 996,130 -131,717 -183,695 -537,021 -720,717 143,696 143,696 Opening balance – net assets/liabilities 1,439,886 -96,324 24,937 -1,425,077 -1,400,140 -56,578 -56,578 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services 91,231 -10,383 -12,909 -67,939 -80,848 0 0 Changes in estimates that adjust the contractual service margin 46,411 -3,734 -7,646 -35,030 -42,677 0 0 Effects of contracts initially recognised in the period 44,821 -6,649 -5,263 -32,909 -38,172 0 0 Changes that relate to current service -14,651 3,248 58,960 20,319 79,279 67,875 67,875 Amount of the contractual service margin recognised in profit or loss – – 58,960 20,318.53 79,279 79,279 79,279 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – 3,248 – – 0 3,248 3,248 Experience adjustment -14,651 – – – 0 -14,651 -14,651 Changes that relate to past service -44,855 0 0 0 0 -44,855 -44,855 Changes in fulfilment cash flows relating to incurred claims -44,855 – – – 0 -44,855 -44,855 Result from reinsurance contracts held 31,725 -7,135 46,051 -47,621 -1,570 23,020 23,020 Net finance income or expenses from reinsurance contracts 186 1,645 -296 -6,823 -7,119 -5,288 -5,288 Finance effects from credit risk – – – – 0 0 0 Effect of movement in exchange rates 987.87 -173 – -756 -756 59 59 Foreign currency translation differences -1,411 256 – 1,127.29 1,127 -27 -27 Total changes in the statement of profit or loss and other comprehensive income 31,488 -5,406 45,755 -54,072 -8,318 17,764 17,764 Cash flows Premiums received for insurance contracts issued -155,947 – – – 0 -155,947 -155,947 Recovered claims and insurance service expenses 118,748 – – – 0 118,748 118,748 Total cash flows -37,199 0 0 0 0 -37,199 -37,199 Assets 1,147,347 -95,127 244,740 -1,479,150 -1,234,410 -182,190 -182,190 Liabilities 286,828 -6,603 -174,048 – -174,048 106,178 106,178 Closing balance – net assets/liabilities 1,434,175 -101,730 70,691 -1,479,150 -1,408,458 -76,013 -76,013
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77 Sava Re as at 30 June 2026 EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total reinsurance contracts measured using the BBA Total reinsurance contracts measured using the PAA Total reinsurance contracts Other contracts Total contractual service margin Assets -40,281,263 -5,073,062 -4,543,214 -4,543,214 -49,897,539 -4,846,691 -54,744,230 Liabilities 4,639,157 -181,476 -890,248 -890,248 3,567,433 696,579 4,264,012 Opening balance – net assets/liabilities -35,642,106 -5,254,538 -5,433,463 -5,433,463 -46,330,106 -4,150,111 -50,480,218 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services 2,196,592 -154,332 -2,042,260 -2,042,260 0 18,805,778 18,805,778 Changes in estimates that adjust the contractual service margin -1,295,398 -23,341 1,318,739 1,318,739 0 0 Effects of contracts initially recognised in the period 3,491,990 -130,991 -3,360,998 -3,360,998 0 0 Effects of contracts measured using the PAA 0 18,805,778 18,805,778 Changes that relate to current service -17,069,196 -1,620,296 3,407,278 3,407,278 -15,282,214 0 -15,282,214 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – 3,407,278 3,407,278 3,407,278 3,407,278 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – -1,620,296 – 0 -1,620,296 -1,620,296 Experience adjustment -17,069,196 – – 0 -17,069,196 -17,069,196 Changes that relate to past service -3,031,891 410,576 0 0 -2,621,315 -31,065,791 -33,687,106 Changes in fulfilment cash flows relating to incurred claims -3,031,891 410,576 – 0 -2,621,315 -31,065,791 -33,687,106 Result from reinsurance contracts held -17,904,495 -1,364,053 1,365,018 1,365,018 -17,903,530 -12,260,013 -30,163,543 Net finance income or expenses from reinsurance contracts -234,985 -42,760 -101,139 -101,139 -378,883 -44,723 -423,607 Finance effects from credit risk 663,939 – – 0 663,939 156,603 820,542 Effect of movement in exchange rates 3,916 -12,334 -3,132 -3,132 -11,550 60,870 49,320 Total changes in the statement of profit or loss and other comprehensive income -17,471,626 -1,419,146 1,260,748 1,260,748 -17,630,024 -12,087,263 -29,717,288 Cash flows Premiums received for insurance contracts issued -17,371,528 – – 0 -17,371,528 -18,523,122 -35,894,650 Recovered claims and insurance service expenses 17,957,431 – – 0 17,957,431 2,329,411 20,286,842 Total cash flows 585,903 0 0 0 585,903 -16,193,711 -15,607,808 Other movements – – -343,235 -343,235 -343,235 0 -343,235 Assets -54,161,582 -6,150,524 -4,461,159 -4,461,159 -64,773,265 -35,040,379 -99,813,644 Liabilities 1,633,753 -523,160 -54,791 -54,791 1,055,802 2,609,294 3,665,096 Closing balance – net assets/liabilities -52,527,829 -6,673,684 -4,515,950 -4,515,950 -63,717,463 -32,431,085 -96,148,548
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78 Sava Re as at 30 June 2025 EUR Present value of future cash flows Adjustment for non- financial risk Contractual service margin Total reinsurance contracts measured using the BBA Total reinsurance contracts measured using the PAA Total reinsurance contracts Other contracts Total contractual service margin Assets -44,372,090 -4,533,413 -3,939,618 -3,939,618 -52,845,122 -13,116,985 -65,962,107 Liabilities 3,018,701 -349,022 -939,138 -939,138 1,730,540 461,485 2,192,025 Opening balance – net assets/liabilities -41,353,390 -4,882,436 -4,878,756 -4,878,756 -51,114,582 -12,655,500 -63,770,082 Changes in the statement of profit or loss and other comprehensive income Changes that relate to future services 6,733,552 -2,120,811 -4,612,740 -4,612,740 0 6,891,356 6,891,356 Changes in estimates that adjust the contractual service margin -1,007,268 52,029 955,239 955,239 0 0 Effects of contracts initially recognised in the period 7,740,819 -2,172,840 -5,567,980 -5,567,980 0 0 Effects of contracts measured using the PAA 0 6,891,356 6,891,356 Changes that relate to current service -7,044,476 255,593 4,525,168 4,525,168 -2,263,715 0 -2,263,715 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services – – 4,525,168 4,525,168 4,525,168 4,525,168 Change in the risk adjustment for non-financial risk that does not relate to future service or past service – 255,593 – 0 255,593 255,593 Experience adjustment -7,044,476 – – 0 -7,044,476 -7,044,476 Changes that relate to past service 7,744,916 919,148 0 0 8,664,064 -952,409 7,711,654 Changes in fulfilment cash flows relating to incurred claims 7,744,916 919,148 – 0 8,664,064 -952,409 7,711,654 Result from reinsurance contracts held 7,433,991 -946,070 -87,572 -87,572 6,400,349 5,938,946 12,339,295 Net finance income or expenses from reinsurance contracts -199,506 -62,854 -142,005 -142,005 -404,365 -172,470 -576,835 Finance effects from credit risk 44,674 – – 0 44,674 -8,014 36,659 Effect of movement in exchange rates 28,348 9,844 9,108 9,108 47,300 0 47,300 Total changes in the statement of profit or loss and other comprehensive income 7,307,507 -999,080 -220,469 -220,469 6,087,958 5,758,462 11,846,420 Cash flows Premiums received for insurance contracts issued -2,543,513 – – 0 -2,543,513 -9,050,508 -11,594,021 Recovered claims and insurance service expenses 2,336,654 – – 0 2,336,654 4,760,616 7,097,270 Total cash flows -206,859 0 0 0 -206,859 -4,289,892 -4,496,751 Assets -40,097,509 -5,267,738 -2,919,714 -2,919,714 -48,284,961 -11,331,175 -59,616,136 Liabilities 5,844,767 -613,778 -2,179,511 -2,179,511 3,051,478 144,246 3,195,724 Closing balance – net assets/liabilities -34,252,742 -5,881,516 -5,099,225 -5,099,225 -45,233,483 -11,186,929 -56,420,412
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79 14.7.9 Effects of (re)insurance contracts initially recognised in the period (BBA, VFA) EUR 30 June 2026 Sava Insurance Group Sava Re Non-life Life Non-life Contracts issued Contracts issued Contracts issued Profitable Onerous Profitable Onerous Profitable Onerous Insurance contracts Claims incurred and other insurance service expenses 6,377,123 2,656,561 94,768,985 8,091,600 11,632,291 64,250 Insurance acquisition cash flows 3,917,370 2,282,359 14,592,593 1,623,296 46,943 174 Present value of expected cash outflows 10,294,493 4,938,920 109,361,578 9,714,896 11,679,234 64,424 Present value of expected cash inflows -14,337,592 -5,182,059 -126,861,930 -9,478,940 -18,747,137 -69,624 Adjustment for non-financial risk 829,074 130,966 3,106,097 159,957 251,546 5,818 Contractual service margin 3,214,025 – 14,394,255 – 6,816,356 – Total at initial recognition 0 -112,173 0 395,914 0 618 EUR 30 June 2026 Sava Insurance Group Sava Re Non-life Life Non-life Contracts issued Contracts issued Contracts issued Contracts recognised without loss recovery Contracts recognised with loss recovery Contracts recognised without loss recovery Contracts recognised without loss recovery Reinsurance contracts Premiums -6,529,419 0 -34,199 -6,503,958 Present value of expected cash outflows -6,529,419 0 -34,199 -6,503,958 Present value of expected cash inflows 10,029,755 0 74,003 9,995,947 Adjustment for non-financial risk -118,120 0 -4,526 -130,991 Contractual service margin -3,382,215 0 -35,278 -3,360,998 Loss component – -1,702 – – Total at initial recognition 0 -1,702 0 0
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80 EUR 30 June 2025 Sava Insurance Group Sava Re Non-life Life Non-life Contracts issued Contracts issued Contracts issued Profitable Onerous Profitable Onerous Profitable Onerous Insurance contracts Claims incurred and other insurance service expenses 62,785,862 13,052,780 79,476,254 6,709,800 109,324,781 11,288,231 Insurance acquisition cash flows 10,061,094 2,226,962 13,283,929 1,270,748 7,018,318 1,026,726 Present value of expected cash outflows 72,846,956 15,279,742 92,760,184 7,980,548 116,343,099 12,314,957 Present value of expected cash inflows -100,715,041 -16,463,987 -110,373,712 -7,663,539 -155,339,449 -13,529,112 Adjustment for non-financial risk 10,412,779 2,677,754 2,936,887 159,082 15,087,254 2,598,622 Contractual service margin 17,455,306 – 14,676,641 – 23,909,095 – Total at initial recognition 0 1,493,509 0 476,091 0 1,384,467 EUR 30 June 2025 Sava Insurance Group Sava Re Non-life Life Non-life Contracts issued Contracts issued Contracts issued Contracts recognised without loss recovery Contracts recognised with loss recovery Contracts recognised without loss recovery Contracts recognised without loss recovery Reinsurance contracts Premiums -14,035,573 -132,108 -38,025 -12,034,378 Present value of expected cash outflows -14,035,573 -132,108 -38,025 -12,034,378 Present value of expected cash inflows 24,305,878 269,152 82,845 19,775,197 Adjustment for non-financial risk -2,752,537 -41,403 -6,649 -2,172,840 Contractual service margin -7,517,768 -95,641 -38,172 -5,567,980 Loss component – -62,850 – – Total at initial recognition 0 -62,850 0 0
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81 14.7.10 Expected CSM release Sava Insurance Group as at 30 June 2026 – non-life EUR < 1 year 1–2 years 2–3 years 3–4 years 4–5 years 5–10 years > 10 years Total Insurance contracts 4,491,173 1,675,933 1,358,572 1,115,340 855,784 1,336,711 470,775 11,304,287 Reinsurance contracts -1,283,581 -450,699 -435,227 -432,183 -341,503 -1,074,998 -1,109,859 -5,128,050 Total 3,207,592 1,225,234 923,344 683,157 514,281 261,713 -639,084 6,176,237 Sava Insurance Group as at 30 June 2025 – non-life EUR < 1 year 1–2 years 2–3 years 3–4 years 4–5 years 5–10 years > 10 years Total Insurance contracts 13,793,612 1,843,533 1,118,145 910,286 736,973 1,331,380 417,072 20,151,002 Reinsurance contracts -6,306,224 -459,870 -8,047 – – – – -6,774,141 Total 7,487,388 1,383,663 1,110,099 910,286 736,973 1,331,380 417,072 13,376,861 Sava Insurance Group as at 30 June 2026 – life EUR < 1 year 1–2 years 2–3 years 3–4 years 4–5 years 5–10 years > 10 years Total Insurance contracts 23,184,361 20,214,578 17,804,520 15,840,794 14,125,057 49,221,685 46,587,755 186,978,749 Reinsurance contracts -162,775 -132,798 -118,890 -108,156 -97,206 -349,150 -296,225 -1,265,201 Total 23,021,586 20,081,779 17,685,629 15,732,638 14,027,851 48,872,536 46,291,530 185,713,548 Sava Insurance Group as at 30 June 2025 – life EUR < 1 year 1–2 years 2–3 years 3–4 years 4–5 years 5–10 years > 10 years Total Insurance contracts 20,545,086 18,036,988 15,972,375 14,205,008 12,726,269 44,900,078 41,873,686 168,259,490 Reinsurance contracts -164,546 -136,664 -123,590 -112,428 -103,620 -389,964 -377,645 -1,408,458 Total 20,380,540 17,900,324 15,848,785 14,092,580 12,622,648 44,510,113 41,496,041 166,851,032 Sava Re as at 30 June 2026 EUR < 1 year 1–2 years 2–3 years 3–4 years 4–5 years 5–10 years > 10 years Total Insurance contracts 2,620,910 705,159 657,044 614,680 558,053 2,194,887 2,285,509 9,636,242 Reinsurance contracts -992,680 -369,403 -347,305 -332,643 -289,153 -1,074,970 -1,109,796 -4,515,950 Total 1,628,230 335,756 309,739 282,037 268,900 1,119,917 1,175,712 5,120,291 Sava Re as at 30 June 2025 EUR < 1 year 1–2 years 2–3 years 3–4 years 4–5 years 5–10 years > 10 years Total Insurance contracts 20,058,934 1,282,309 15,323 8,562 6,561 17,106 2,397 21,391,191 Reinsurance contracts -4,745,533 -349,433 -4,260 – – – – -5,099,225 Total 15,313,401 932,877 11,063 8,562 6,561 17,106 2,397 16,291,966
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82 14.7.11 Finance income or expenses from (re)insurance contracts EUR 30 June 2026 Sava Insurance Group Sava Re Non-life Life Total Non-life Net finance income or expenses from insurance contracts Changes in the fair value of the portfolio of insurance contracts with direct participation features – -142,518,211 -142,518,211 – Accrued interest under current financial assumptions – -45,931 -45,931 – Accrued interest at locked-in interest rate -7,107,233 -2,765,247 -9,872,480 -4,443,405 Changes in interest rates and other financial assumptions 2,498,372 -2,027,085 471,287 3,022,803 Foreign exchange gains/losses 428,905 -9,169 419,735 446,117 Foreign currency translation differences 30,078 8,085 38,163 – Total net finance income or expenses from insurance contracts -4,149,879 -147,357,559 -151,507,438 -974,485 Net finance income or expenses from reinsurance contracts Accrued interest at locked-in interest rate 857,240 -1,082 856,158 704,487 Changes in interest rates and other financial assumptions -328,210 -7,938 -336,147 -280,650 Foreign exchange gains/losses -49,550 17 -49,532 -49,550 Foreign currency translation differences -5,110 -35 -5,144 – Net finance income or expenses from reinsurance contracts 474,371 -9,037 465,334 374,287 Finance effects from credit risk -732,514 – -732,514 -820,542 Total net finance income or expenses from reinsurance contracts -258,143 -9,037 -267,180 -446,255 Total -4,408,022 -147,366,596 -151,774,617 -1,420,740 Recognised in Amounts recognised in profit or loss -6,603,152 -144,897,743 -151,500,895 -4,162,893 Amounts recognised in other comprehensive income 2,195,131 -2,468,853 -273,723 2,742,153 Finance income or expenses from insurance contracts Net finance income or expenses from insurance contracts -4,149,879 -147,357,559 -151,507,438 -974,485 Recognised in profit or loss -6,678,329 -144,896,678 -151,575,007 -3,997,288 Recognised in other comprehensive income (excluding the effect of exchange rate differences) 2,499,508 -2,469,831 29,677 3,024,232 Effects of exchange rate differences in other comprehensive income -1,136 866 -270 -1,429 Foreign currency translation differences 30,078 8,085 38,163 – Net finance income or expenses from reinsurance contracts -258,143 -9,037 -267,180 -446,255 Recognised in profit or loss 75,177 -1,065 74,112 -165,605 Recognised in other comprehensive income (excluding the effect of exchange rate differences) -328,440 -7,947 -336,387 -280,880 Effects of exchange rate differences in other comprehensive income 230 9 239 230 Foreign currency translation differences -5,110 -35 -5,144 –
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83 EUR 30 June 2025 Sava Insurance Group Sava Re Non-life Life Total Non-life Net finance income or expenses from insurance contracts Changes in the fair value of the portfolio of insurance contracts with direct participation features – 5,025,605 5,025,605 – Accrued interest under current financial assumptions – -71,247 -71,247 – Accrued interest at locked-in interest rate -7,380,449 37,025 -7,343,424 -4,652,252 Changes in interest rates and other financial assumptions 201,853 -3,631,753 -3,429,900 -950,907 Foreign exchange gains/losses 7,836,021 -15,198 7,820,823 7,787,291 Foreign currency translation differences 58,868 19,618 78,486 – Total net finance income or expenses from insurance contracts 716,293 1,364,049 2,080,342 2,184,132 Net finance income or expenses from reinsurance contracts Accrued interest at locked-in interest rate 953,539 -108 953,431 819,335 Changes in interest rates and other financial assumptions -227,789 5,386 -222,403 -242,286 Foreign exchange gains/losses -47,515 -49 -47,564 -47,515 Foreign currency translation differences -6,758 27 -6,731 – Net finance income or expenses from reinsurance contracts 671,477 5,256 676,733 529,534 Finance effects from credit risk -21,434 – -21,434 -36,659 Total net finance income or expenses from reinsurance contracts 650,043 5,256 655,299 492,875 Total 1,366,336 1,369,305 2,735,641 2,677,008 Recognised in Amounts recognised in profit or loss 1,340,161 3,328,244 4,668,405 3,870,200 Amounts recognised in other comprehensive income 26,174 -1,958,939 -1,932,764 -1,193,192 Finance income or expenses from insurance contracts Net finance income or expenses from insurance contracts 716,293 1,364,049 2,080,342 2,184,132 Recognised in profit or loss 455,572 3,328,401 3,783,973 3,135,039 Recognised in other comprehensive income (excluding the effect of exchange rate differences) 250,779 -1,984,816 -1,734,037 -903,824 Effects of exchange rate differences in other comprehensive income -48,926 847 -48,079 -47,083 Foreign currency translation differences 58,868 19,618 78,486 – Net finance income or expenses from reinsurance contracts 650,043 5,256 655,298 492,875 Recognised in profit or loss 884,589 -157 884,433 735,161 Recognised in other comprehensive income (excluding the effect of exchange rate differences) -228,004 5,395 -222,609 -242,501 Effects of exchange rate differences in other comprehensive income 215 -10 206 215 Foreign currency translation differences -6,758 27 -6,731 –
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84 14.7.12 Cash and cash equivalents Sava Insurance Group Sava Re EUR 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Cash in hand 245,854 116,447 – – Cash in bank accounts 24,784,564 21,649,477 4,569,891 4,920,388 Call and overnight deposits, and deposits of up to 3 months 36,598,039 21,929,615 9,545,332 2,162,566 Total 61,628,457 43,695,540 14,115,223 7,082,955 14.7.13 Equity 14.7.13.1 Accumulated other comprehensive income Sava Insurance Group Sava Re EUR 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Accumulated other comprehensive income from financial investments -42,736,433 -43,010,546 -4,639,064 -4,076,899 Accumulated other comprehensive income on insurance contracts 29,203,591 29,248,501 1,869,062 -488,724 Accumulated other comprehensive income on reinsurance contracts 134,465 399,593 86,942 305,849 Provisions for employees 1,483,774 1,839,805 151,027 148,864 Total -11,914,603 -11,522,648 -2,532,033 -4,110,909 14.7.13.2 Retained earnings Retained earnings increased by EUR 35.5 million compared to year-end 2025, as a result of the net effect of the transfer of net profit of EUR 78.1 million and the dividend payout of EUR 42.7 million. 14.7.13.3 Earnings per share The weighted average number of shares outstanding in the financial period was 15,497,696. As at 30 June 2025, the parent comp any held 1,721,966 own shares, which are subtracted when calculating the weighted average number of shares.
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85 Earnings or loss per share Sava Insurance Group Sava Re EUR 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Net profit or loss for the period 55,627,689 57,694,160 89,097,697 62,994,149 Net profit or loss attributable to owners of the controlling company 55,601,562 57,665,250 – – Weighted average number of shares outstanding 15,497,696 15,497,696 15,497,696 15,497,696 Earnings per share 3.59 3.72 – – Comprehensive income per share Sava Insurance Group Sava Re EUR 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Comprehensive income for the period 55,216,125 65,648,966 90,676,575 64,497,907 Comprehensive income attributable to owners of the controlling company 55,186,659 65,609,024 – – Weighted average number of shares outstanding 15,497,696 15,497,696 15,497,696 15,497,696 Comprehensive income per share 3.56 4.23 – – 14.7.14 Insurance revenue EUR 1–6/2026 Sava Insurance Group Sava Re Non-life Life Total Non-life Insurance contracts measured using the BBA or VFA Amounts relating to changes in the liability for remaining coverage: 21,716,934 36,760,008 58,476,942 31,062,920 Expected claims expenses and other insurance service expenses 19,373,789 22,826,217 42,200,006 28,182,390 Release of the risk adjustment for non-financial risk for risk expired 2,735,218 2,415,833 5,151,050 2,857,300 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services 7,357,241 11,890,785 19,248,026 7,730,654 Other amounts (e.g., experience adjustments for premium receipts) -7,749,314 -372,826 -8,122,141 -7,707,424 Refund of insurance acquisition cash flows 4,150,451 8,239,892 12,390,342 1,370,957 Total 25,867,385 44,999,900 70,867,284 32,433,877 Insurance contracts measured using the PAA 382,153,691 0 382,153,691 65,007,968 Insurance revenue 408,021,076 44,999,900 453,020,976 97,441,844
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86 EUR 1–6/2025 Sava Insurance Group Sava Re Non-life Life Total Non-life Insurance contracts measured using the BBA or VFA Amounts relating to changes in the liability for remaining coverage: 61,608,947 34,205,341 95,814,288 85,676,961 Expected claims expenses and other insurance service expenses 37,950,409 21,481,916 59,432,325 55,837,201 Release of the risk adjustment for non-financial risk for risk expired 6,719,597 2,506,261 9,225,857 8,796,225 Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services 14,588,947 10,701,333 25,290,280 18,915,432 Other amounts (e.g., experience adjustments for premium receipts) 2,349,993 -484,168 1,865,825 2,128,103 Refund of insurance acquisition cash flows 6,343,682 6,911,879 13,255,561 4,218,532 Total 67,952,629 41,117,220 109,069,849 89,895,494 Insurance contracts measured using the PAA 323,414,550 323,414,550 7,680,895 Insurance revenue 391,367,178 41,117,220 432,484,398 97,576,388
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87 14.7.15 Insurance service expenses EUR 1–6/2026 Sava Insurance Group Sava Re Non-life Life Non-life Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total Insurance contracts measured using the BBA or VFA Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total Claims incurred 1,293,991 -282,656,007 -281,362,016 -9,455,037 -7,906,808 -94,012,087 -101,918,896 Diverse other expenses from insurance contracts -6,720,531 -94,788,119 -101,508,650 -20,202,500 -2,141,519 -5,822,564 -7,964,082 Amortisation of insurance acquisition cash flows -4,150,451 -53,985,657 -58,136,108 -8,239,892 -1,370,957 -4,421,323 -5,792,280 Losses on onerous contracts -47,154 493,078 445,924 -31,677 175,629 -98,376 77,253 Operating expenses of insurance contracts, excluding acquisition costs -2,522,927 -41,295,540 -43,818,467 -11,930,931 -946,191 -1,302,864 -2,249,055 Insurance service expenses -5,426,540 -377,444,126 -382,870,667 -29,657,537 -10,048,327 -99,834,651 -109,882,978 EUR 1–6/2025 Sava Insurance Group Sava Re Non-life Life Non-life Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total Insurance contracts measured using the BBA or VFA Insurance contracts measured using the BBA Insurance contracts measured using the PAA Total Claims incurred -38,983,489 -172,437,208 -211,420,697 -10,068,878 -62,166,319 -1,522,564 -63,688,883 Insurance service operating expenses -9,955,068 -86,229,471 -96,184,539 -18,146,944 -6,731,065 -200 -6,731,264 Amortisation of insurance acquisition cash flows -6,343,682 -46,140,524 -52,484,206 -6,911,879 -4,218,532 -200 -4,218,732 Losses on onerous contracts -456,310 -797,033 -1,253,343 165,742 -503,891 – -503,891 Operating expenses of insurance contracts, excluding acquisition costs -3,155,076 -39,291,914 -42,446,990 -11,400,807 -2,008,642 – -2,008,642 Insurance service expenses -48,938,557 -258,666,679 -307,605,236 -28,215,822 -68,897,383 -1,522,764 -70,420,147
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88 14.7.16 Reinsurance revenue and reinsurance service expenses EUR 1–6/2026 Sava Insurance Group Sava Re Non-life Life Total Non-life Reinsurers’ share of insurance revenue, of which -36,580,293 -83,112 -36,663,405 -27,137,964 Contracts measured using the BBA -9,500,281 -83,112 -9,583,392 -8,332,186 Contracts measured using the PAA -27,080,013 – -27,080,013 -18,805,778 Reinsurers’ share of claims, of which 62,429,235 65,176 62,494,411 57,301,507 Contracts measured using the BBA 26,704,318 65,176 26,769,493 26,235,716 Contracts measured using the PAA 35,724,917 – 35,724,917 31,065,791 Net reinsurance revenue / service expenses 25,848,942 -17,936 25,831,006 30,163,542 EUR 1–6/2025 Sava Insurance Group Sava Re Non-life Life Total Non-life Reinsurers’ share of insurance revenue, of which -25,941,829 -80,729 -26,022,558 -17,717,061 Contracts measured using the BBA -14,078,109 -80,729 -14,158,838 -10,825,705 Contracts measured using the PAA -11,863,720 – -11,863,720 -6,891,356 Reinsurers’ share of claims, of which 8,264,683 57,709 8,322,391 5,377,765 Contracts measured using the BBA 5,557,789 57,709 5,615,498 4,425,356 Contracts measured using the PAA 2,706,894 – 2,706,894 952,409 Net reinsurance revenue / service expenses -17,677,146 -23,020 -17,700,166 -12,339,295
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89 EUR 1–6/2026 Sava Insurance Group Sava Re Non-life Life Total Non-life Reinsurers’ share of insurance revenue Expected recovery for insurance service expenses incurred in the period -31,833,027 -30,289 -31,863,316 -23,193,392 Changes in the risk adjustment for non-financial risk -684,070 -3,075 -687,146 -602,640 Finance income/expenses recognised in profit or loss -4,063,196 -49,747 -4,112,943 -3,341,932 Allocation of reinsurers’ shares of premiums -36,580,293 -83,112 -36,663,405 -27,137,964 Reinsurers’ share of claims and other insurance service expenses in the period 58,531,383 40,344 58,571,727 54,237,120 Changes in amounts recoverable arising from changes in liabilities for incurred claims 3,800,895 24,832 3,825,726 3,064,386 Changes in fulfilment cash flows which relate to onerous underlying contracts 96,957 – 96,957 – Reinsurers’ shares of insurance service expenses 62,429,235 65,176 62,494,411 57,301,507 Net reinsurance revenue / service expenses 25,848,942 -17,936 25,831,006 30,163,542 EUR 1–6/2025 Sava Insurance Group Sava Re Non-life Life Total Non-life Reinsurers’ shares of insurance revenue Expected recovery for insurance service expenses incurred in the period -17,655,558 -33,486 -17,689,044 -11,351,296 Changes in the risk adjustment for non-financial risk -1,498,998 -3,248 -1,502,246 -1,136,904 Finance income/expenses recognised in profit or loss -6,787,273 -43,995 -6,831,268 -5,228,861 Allocation of reinsurers’ shares of premiums -25,941,829 -80,729 -26,022,558 -17,717,061 Reinsurers’ share of claims and other insurance service expenses in the period 20,989,569 12,854 21,002,423 18,069,341 Changes in amounts recoverable arising from changes in liabilities for incurred claims -12,666,661 44,855 -12,621,806 -12,691,576 Changes in fulfilment cash flows which relate to onerous underlying contracts -58,226 – -58,226 – Reinsurers’ shares of insurance service expenses 8,264,683 57,709 8,322,391 5,377,765 Net reinsurance revenue / service expenses -17,677,146 -23,020 -17,700,166 -12,339,295
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90 14.7.17 Investment income and expenses The analysis includes the effects of assets of policyholders who bear the investment risk in income and expenses. The most si gnificant net effect arose from these assets through changes in the fair value of FVTPL investments, which amounted to EUR 141.8 million as at 30 June 2026 (30 June 2025: -EUR 5.25 million). Income from financial investments by IFRS category Income from financial investments by IFRS category from 1 January 2026 to 30 June 2026 Sava Insurance Group EUR Interest income Change in fair value of FVTPL investments Gains on disposal of FVTPL investments Gains on disposal of investments of other IFRS categories Income from dividends and shares of other investments Exchange gains Change in expected credit losses (ECL) Other income Total Investments measured at amortised cost 2,229,003 0 0 0 0 613,435 267,030 0 3,109,469 Debt instruments 1,002,175 – – – – 34,971 51,567 – 1,088,713 Cash and cash equivalents 283,496 – – – – 578,370 – – 861,866 Deposits and CDs 643,701 – – – – 94 185,279 – 829,074 Loans 299,632 – – – – – 30,184 – 329,816 Investments measured at fair value through profit or loss 152,967 198,964,562 1,053,609 0 233,355 848,720 0 647,732 201,900,946 Mandatorily measured at fair value through profit or loss, not held for trading 152,967 198,964,562 1,053,609 0 233,355 848,720 0 647,732 201,900,946 Debt instruments 152,967 143,498 1,579 – – – – – 298,044 Equity instruments – 196,412,081 1,052,030 – 233,355 185,514 – – 197,882,980 Investments in alternative funds – 2,408,984 – – – 663,206 – 647,732 3,719,922 Investments measured at fair value through other comprehensive income 15,989,298 0 0 84,851 505,528 3,768,805 486,827 6,425 20,841,733 Debt instruments 15,989,298 – – 84,851 – 3,768,805 486,827 2,924 20,332,704 Equity instruments – – – – 505,528 – – 3,501 509,029 Investment property 0 0 0 0 0 0 0 736,366 736,366 Investment property – – – – – – – 736,366 736,366 Total investment income, of which 18,371,269 198,964,562 1,053,609 84,851 738,883 5,230,960 753,857 1,390,523 226,588,514 Income on assets held for the benefit of policyholders who bear the investment risk 287,949 191,535,635 1,043,289 375 4,810 58,918 25,574 – 192,956,551
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91 Income from financial investments by IFRS category from 1 January 2025 to 30 June 2025 Sava Insurance Group EUR Interest income Change in fair value of FVTPL investments Gains on disposal of FVTPL investments Gains on disposal of investments of other IFRS categories Income from dividends and shares of other investments Exchange gains Change in expected credit losses (ECL) Other income Total Investments measured at amortised cost 1,849,872 0 0 0 0 516,504 155,187 25 2,521,588 Debt instruments 913,315 – – – – 35,421 6,210 25 954,970 Cash and cash equivalents 272,314 – – – – 480,977 – – 753,291 Deposits and CDs 573,623 – – – – 106 131,420 – 705,149 Loans 90,620 – – – – – 17,558 – 108,178 Investments measured at fair value through profit or loss 163,843 81,918,123 320,644 0 219,438 86,059 0 766,498 83,474,606 Mandatorily measured at fair value through profit or loss, not held for trading 163,843 81,918,123 320,644 0 219,438 86,059 0 766,498 83,474,606 Debt instruments 163,843 176,212 165 – – – – – 340,220 Equity instruments – 80,628,173 320,479 – 219,438 15,088 – – 81,183,178 Investments in alternative funds – 1,113,739 – – – 70,971 – 766,498 1,951,208 Investments measured at fair value through other comprehensive income 13,426,331 0 0 123,048 548,697 2,428,290 219,291 64,750 16,810,407 Debt instruments 13,426,331 – – 123,048 – 2,428,290 219,291 23,760 16,220,720 Equity instruments – – – – 548,697 – – 40,990 589,687 Investment property 0 0 0 0 0 0 0 750,171 750,171 Investment property – – – – – – – 750,171 750,171 Total investment income, of which 15,440,047 81,918,123 320,644 123,048 768,136 3,030,853 374,478 1,581,443 103,556,771 Income on assets held for the benefit of policyholders who bear the investment risk 307,418 76,964,020 314,050 – 7,213 8,340 8,652 6,000 77,615,692
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92 Income from financial investments by IFRS category from 1 January 2026 to 30 June 2026 Sava Re EUR Interest income Change in fair value of FVTPL investments Gains on disposal of FVTPL investments Gains on disposal of investments of other IFRS categories Income from dividends and shares of other investments Exchange gains Change in expected credit losses (ECL) Other income Total Investments measured at amortised cost 491,817 0 0 0 0 564,961 30,401 0 1,087,179 Debt instruments 26,090 – – – – – 127 – 26,217 Cash and cash equivalents 72,257 – – – – 564,961 – – 637,218 Deposits and CDs 58,451 – – – – – 3,983 – 62,435 Loans 335,018 – – – – – 26,290 – 361,309 Investments measured at fair value through profit or loss 43,390 3,306,861 7,900 0 62,544 625,583 0 232,281 4,278,559 Mandatorily measured at fair value through profit or loss, not held for trading 43,390 3,306,861 7,900 0 62,544 625,583 0 232,281 4,278,559 Debt instruments 43,390 35,930 – – – – – – 79,320 Equity instruments – 2,305,103 7,900 0 62,544 134,661 – – 2,510,207 Investments in alternative funds – 965,828 – – – 490,922 – 232,281 1,689,031 Investments measured at fair value through other comprehensive income 5,340,744 0 0 29,148 0 3,690,317 112,443 127 9,172,779 Debt instruments 5,340,744 – – 29,148 – 3,690,317 112,443 127 9,172,779 Investment property 0 0 0 0 0 0 0 484,920 484,920 Investment property – – – – – – – 484,920 484,920 Total investment income 5,875,951 3,306,861 7,900 29,148 62,544 4,880,861 142,844 717,329 15,023,437
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93 Income from financial investments by IFRS category from 1 January 2025 to 30 June 2025 Sava Re EUR Interest income Change in fair value of FVTPL investments Gains on disposal of FVTPL investments Gains on disposal of investments of other IFRS categories Income from dividends and shares of other investments Exchange gains Change in expected credit losses (ECL) Other income Total Investments measured at amortised cost 295,987 0 0 0 0 471,229 14,874 0 782,090 Debt instruments 50,602 – – – – – 5 – 50,607 Cash and cash equivalents 72,245 – – – – 471,229 – – 543,474 Deposits and CDs 35,194 – – – – – 528 – 35,722 Loans 137,946 – – – – – 14,341 – 152,287 Investments measured at fair value through profit or loss 43,390 2,408,898 5,750 0 59,791 63,153 0 257,074 2,838,057 Mandatorily measured at fair value through profit or loss, not held for trading 43,390 2,408,898 5,750 0 59,791 63,153 0 257,074 2,838,057 Debt instruments 43,390 41,350 – – – – – – 84,740 Equity instruments – 1,859,544 5,750 0 59,791 10,003 – – 1,935,088 Investments in alternative funds – 508,004 – – – 53,150 – 257,074 818,228 Investments measured at fair value through other comprehensive income 4,237,934 0 0 42,437 0 2,334,866 22,739 10,000 6,647,976 Debt instruments 4,237,934 – – 42,437 – 2,334,866 22,739 10,000 6,647,976 Investment property 0 0 0 0 0 0 0 484,776 484,776 Investment property – – – – – – – 484,776 484,776 Total investment income 4,577,311 2,408,898 5,750 42,437 59,791 2,869,248 37,613 751,850 10,752,899
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94 Expenses for financial investments by IFRS category Expenses for financial investments by IFRS category from 1 January 2026 to 30 June 2026 Sava Insurance Group EUR Change in fair value of FVTPL investments Losses on disposal of FVTPL investments Losses on disposal of investments of other IFRS categories Exchange losses Change in expected credit losses (ECL) Other Total Investments measured at amortised cost 0 0 93 647,240 140,995 59,062 847,390 Debt instruments – – 93 11,458 3,118 51,422 66,092 Cash and cash equivalents – – – 635,733 – 62 635,795 Deposits and CDs – – – 50 133,548 7,578 141,176 Loans granted – – – – 4,328 – 4,328 Investments measured at fair value through profit or loss 51,934,402 551,659 0 426,221 0 0 52,912,282 Mandatorily measured at fair value through profit or loss, not held for trading 51,934,402 551,659 0 426,221 0 0 52,912,282 Debt instruments 258,670 – – – – – 258,670 Equity instruments 51,131,909 551,659 – 88,857 – – 51,772,425 Investments in alternative funds 543,823 – – 337,364 – – 881,187 Investments measured at fair value through other comprehensive income 0 0 382,683 3,355,428 111,177 100,102 3,949,390 Debt instruments – – 382,683 3,355,428 111,177 6,909 3,856,197 Other investments – – – – – 93,193 93,193 Investment property 0 0 0 0 0 270,396 270,396 Investment property – – – – – 270,396 270,396 Total investment expenses, of which 51,934,402 551,659 382,776 4,428,889 252,172 429,559 57,979,458 Expenses related to assets held for the benefit of policyholders who bear the investment risk 49,697,840 551,643 – 27,985 1,599 – 50,279,067
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95 Expenses for financial investments by IFRS category from 1 January 2025 to 30 June 2025 Sava Insurance Group EUR Change in fair value of FVTPL investments Losses on disposal of FVTPL investments Losses on disposal of investments of other IFRS categories Exchange losses Change in expected credit losses (ECL) Other Total Investments measured at amortised cost 0 0 0 917,306 428,460 52,509 1,398,275 Debt instruments – – – 11,293 104,134 46,483 161,910 Cash and cash equivalents – – – 906,003 – – 906,003 Deposits and CDs – – – 11 199,522 6,026 205,559 Loans granted – – – – 124,804 – 124,804 Investments measured at fair value through profit or loss 85,906,184 445,823 0 1,486,880 0 4,069 87,842,955 Mandatorily measured at fair value through profit or loss, not held for trading 85,906,184 445,823 0 1,486,880 0 4,069 87,842,955 Debt instruments 83,034 – – – – – 83,034 Equity instruments 84,026,775 445,823 – 249,736 – – 84,722,334 Investments in alternative funds 1,796,374 – – 1,237,144 – 4,069 3,037,586 Investments measured at fair value through other comprehensive income 0 0 35,672 9,193,678 337,290 109,150 9,675,790 Debt instruments – – 35,672 9,193,678 337,290 4,057 9,570,697 Other investments – – – – – 105,093 105,093 Investment property 0 0 0 0 0 311,443 311,443 Investment property – – – – – 311,443 311,443 Total investment expenses, of which 85,906,184 445,823 35,672 11,597,865 765,750 477,170 99,228,464 Expenses related to assets held for the benefit of policyholders who bear the investment risk 82,214,466 445,093 – 104,935 6,820 – 82,771,314
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96 Expenses for financial investments by IFRS category from 1 January 2026 to 30 June 2026 Sava Re EUR Change in fair value of FVTPL investments Losses on disposal of investments of other IFRS categories Exchange losses Change in expected credit losses (ECL) Other Total Investments measured at amortised cost 0 0 619,057 31,990 0 651,047 Cash and cash equivalents – – 619,057 – – 619,057 Deposits and CDs – – – 31,831 – 31,831 Loans granted – – – 158 – 158 Investments measured at fair value through profit or loss 1,032,509 0 315,897 0 0 1,348,405 Mandatorily measured at fair value through profit or loss, not held for trading 1,032,509 0 315,897 0 0 1,348,405 Debt instruments 76,054 – – – – 76,054 Equity instruments 683,454 – 65,043 – – 748,496 Investments in alternative funds 273,001 – 250,854 – – 523,855 Investments measured at fair value through other comprehensive income 0 114,371 3,329,845 14,880 268 3,459,364 Debt instruments – 114,371 3,329,845 14,880 268 3,459,364 Investment property 0 0 0 0 113,411 113,411 Investment property – – – – 113,411 113,411 Total investment expenses 1,032,509 114,371 4,264,798 46,870 113,679 5,572,227 Expenses for financial investments by IFRS category from 1 January 2025 to 30 June 2025 Sava Re EUR Change in fair value of FVTPL investments Losses on disposal of FVTPL investments Losses on disposal of investments of other IFRS categories Exchange losses Change in expected credit losses (ECL) Other Total Investments measured at amortised cost 0 0 0 852,257 125,508 0 977,765 Debt instruments – – – – 20 – 20 Cash and cash equivalents – – – 852,257 – – 852,257 Deposits and CDs – – – – 2,083 – 2,083 Loans granted – – – – 123,405 – 123,405 Investments measured at fair value through profit or loss 1,666,007 350 0 1,091,466 0 0 2,757,823 Mandatorily measured at fair value through profit or loss, not held for trading 1,666,007 350 0 1,091,466 0 0 2,757,823 Debt instruments 24,528 – – – – – 24,528 Equity instruments 1,170,207 350 – 167,960 – – 1,338,517 Investments in alternative funds 471,273 – – 923,506 – – 1,394,779 Investments measured at fair value through other comprehensive income 0 0 25,675 9,086,156 51,922 191 9,163,943 Debt instruments – – 25,675 9,086,156 51,922 191 9,163,943 Investment property 0 0 0 0 0 148,252 148,252 Investment property – – – – – 148,252 148,252 Total investment expenses 1,666,007 350 25,675 11,029,879 177,429 148,443 13,047,784
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97 14.7.18 Related-party disclosures Remuneration of management board members in 1–6/2026 EUR Gross salary – fixed amount Gross salary – variable amount Benefits in kind – insurance premiums Benefits in kind – use of company car Total Marko Jazbec 110,791 91,653 202 3,660 206,306 Polona Pirš 99,991 80,865 2,850 2,197 185,902 Peter Skvarča 99,991 80,865 2,711 5,928 189,495 David Benedek 99,991 52,650 1,641 2,498 156,780 Total 410,764 306,033 7,404 14,283 738,484 Remuneration of management board members in 1–6/2025 EUR Gross salary – fixed amount Gross salary – variable amount Benefits in kind – insurance premiums Benefits in kind – use of company car Total Marko Jazbec 110,803 58,500 121 4,445 173,869 Polona Pirš 100,003 52,650 2,691 2,707 158,051 Peter Skvarča 100,003 80,865 2,623 1,067 184,559 David Benedek 100,003 52,650 88 2,423 155,164 Total 410,812 244,665 5,524 10,642 671,642 Liabilities to management board members based on gross remuneration EUR 30 June 2026 31 December 2025 Marko Jazbec 18,000 18,000 Polona Pirš 16,200 16,200 Peter Skvarča 16,200 16,200 David Benedek 16,200 16,200 Total 66,600 66,600 As at 30 June 2026, the Company recognised liabilities for potential payment of the variable pay of the management board members for the years 2023, 2024 and 2025, subject to certain conditions being met in the amount of EUR 715,321. As at 30 June 2026, the Company had no receivables due from the management board members. The management board members do not receive any remuneration for their positions in subsidiaries. They have other entitlements under employment contracts, i.e., an allowance for annual leave of EUR 2,791, severance pay upon retirement and contributions to a voluntary supplementary pension scheme. The management board members are not entitled to jubilee benefits for 10, 20 or 30 years of service.
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98 Remuneration of the members of the supervisory board and its committees in 1–6/2026 EUR Attendance fees Remuneration for performing the function Reimbursement of expenses and training Total Supervisory board members Klemen Babnik chairman (from 5 March 2026)* 825 9,883 168 10,876 Mojca Androjna deputy chair (from 5 March 2026)** 825 7,667 2,022 10,514 Nataša Damjanovič member 825 7,167 912 8,904 Edita Rituper member 825 7,167 168 8,160 Blaž Garbajs member 825 7,167 168 8,160 Davor Ivan Gjivoje Jr chairman (until 25 February 2026) – 3,250 74 3,324 Total supervisory board members 4,125 42,301 3,512 49,938 Audit committee members Mojca Androjna chair 1,100 2,688 20 3,808 Blaž Garbajs member 1,100 1,792 – 2,892 Simona Korošec Lavrič external member 1,100 3,780 – 4,880 Dragan Martinović external member 1,100 3,780 55 4,935 Total audit committee members 4,400 12,040 75 16,515 Members of the nominations and remuneration committee Klemen Babnik chairman 1,760 2,688 21 4,469 Mojca Androjna member 1,760 1,792 15 3,567 Nataša Damjanovič member 1,760 1,792 – 3,552 Edita Rituper member 1,760 1,792 – 3,552 Blaž Garbajs member 1,760 1,792 – 3,552 Davor Ivan Gjivoje Jr member (until 25 February 2026) – 542 – 542 Total members of the nominations and remuneration committee 8,800 10,398 36 19,234 Members of the risk committee Nataša Damjanovič chair 660 2,688 – 3,348 Edita Rituper member (from 5 March 2026) 440 1,250 – 1,690 Slaven Mićković external member 660 3,780 – 4,440 Janez Komelj external member 660 3,780 – 4,440 Davor Ivan Gjivoje Jr member (until 25 February 2026) – 542 – 542 Total risk committee members 2,420 12,040 0 14,460 Members of the fit and proper committee Nataša Damjanovič chair 1,320 2,688 – 4,008 Klemen Babnik member 1,320 1,792 – 3,112 Rok Saje external member 1,100 1,620 168 2,888 Klara Hauko external member 1,320 1,620 – 2,940 Davor Ivan Gjivoje Jr alternate member (until 25 February 2026) – – – 0 Total members of the fit and proper committee 5,060 7,720 168 12,948 * Served as deputy chairman of the supervisory board until 5 March 2026 and as chairman of the supervisory board from 5 March 2026 onwards. ** Served as a member of the supervisory board until 5 March 2026 and as deputy chair of the supervisory board from 5 March 2026 onwards.
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99 Remuneration of the members of the supervisory board and its committees in 1–6/2025 EUR Attendance fees Remuneration for performing the function Reimbursement of expenses and training Total Supervisory board members Davor Ivan Gjivoje Jr chairman 1,375 9,750 26,716 37,841 Keith William Morris deputy chairman 1,375 7,176 2,086 10,637 Klemen Babnik member 1,375 6,500 – 7,875 Matej Gomboši member 1,375 6,500 1,074 8,949 Edita Rituper member 1,375 6,500 – 7,875 Blaž Garbajs member 1,375 6,500 – 7,875 Total supervisory board members 8,250 42,926 29,876 81,052 Audit committee members Matej Gomboši chairman 1,100 2,438 1,074 4,612 Blaž Garbajs member 1,100 1,625 – 2,725 Katarina Sitar Šuštar external member 1,100 3,780 – 4,880 Dragan Martinović external member 1,100 3,780 2 4,882 Total audit committee members 4,400 11,623 1,076 17,099 Members of the nominations and remuneration committee Klemen Babnik chairman 440 2,438 – 2,878 Davor Ivan Gjivoje Jr member 1,100 2,050 26,716 29,866 Keith William Morris member 1,100 1,625 2,086 4,811 Matej Gomboši member 440 1,625 429 2,494 Edita Rituper member 1,100 1,625 – 2,725 Blaž Garbajs member 1,100 1,625 – 2,725 Total members of the nominations and remuneration committee 5,280 10,988 29,231 45,499 Members of the risk committee Keith William Morris chairman 880 2,438 1,669 4,987 Davor Ivan Gjivoje Jr member 880 1,625 21,373 23,878 Slaven Mićković external member 880 3,780 – 4,660 Janez Komelj external member 880 3,780 – 4,660 Total risk committee members 3,520 11,623 23,042 38,185 Members of the fit and proper committee Keith William Morris chairman 440 2,438 834 3,712 Klemen Babnik member 220 1,625 – 1,845 Rok Saje external member 440 1,625 – 2,065 Klara Hauko external member 440 1,625 – 2,065 Davor Ivan Gjivoje Jr alternate member 220 849 5,343 6,412 Total members of the fit and proper committee 1,760 8,162 6,177 16,099 As at 30 June 2026, the Company had no receivables due from the supervisory board members and no gross remuneration payable to any members of the supervisory board or its committees.
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100 Transactions with subsidiaries Investments in and amounts due from Group companies Sava Re EUR 30 June 2026 31 December 2025 Loans granted to Group companies 1,839,002 1,826,340 Other short-term receivables 49,135 96,399 Total 1,888,136 1,922,739 Liabilities to Group companies Sava Re EUR 30 June 2026 31 December 2025 Other current liabilities 10,540 11,817 Other current liabilities include liabilities that are settled by the companies within the financial year, so all such liabilities are classified as liabilities with a maturity of up to one year. Income and expenses relating to Group companies Sava Re EUR 1–6/2026 1–6/2025 Insurance revenue 41,700,495 39,422,892 Insurance service expenses -78,071,917 -27,580,065 Finance result from insurance contracts -1,221,593 -1,223,691 Other operating expenses -158,675 -157,990 Dividend income 82,173,274 60,476,615 Other income 232,612 231,148 Interest income 42,661 57,374 Total 44,696,857 71,226,283 Characteristics of loans granted to subsidiaries Sava Re Borrower Principal Type of loan Maturity Interest rate Sava Osiguruvanje (MKD) 1,300,000 ordinary 20 October 2038 4.31% Sava Pokojninska (SVN) 500,000 subordinated 28 June 2027 6.00% Total 1,800,000 Transactions with associates Operating income and expenses relating to associate companies Sava Re EUR 1–6/2026 1–6/2025 Interest income 285,137 72,466 Total 285,137 72,466 Characteristics of loans granted to associates Sava Re Borrower Principal Type of loan Maturity Interest rate DCB Bled 5,750,000 subordinated 15 May 2035 10.00% 5,750,000
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101 Transactions with the state and majority state-owned entities Receivables due from the state and majority state-owned companies Sava Insurance Group Sava Re EUR 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Interests in companies 2,985,574 2,436,052 2,985,574 2,436,052 Debt securities and loans 57,863,077 67,501,296 13,685,940 16,820,416 Receivables due from policyholders 3,218,382 825,532 – – Total 64,067,034 70,762,880 16,671,514 19,256,468 Liabilities to the state and majority state-owned companies Sava Insurance Group Sava Re EUR 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Liabilities for shares in claims 14,065 1,478 – – Total 14,065 1,478 0 0 Income and expenses relating to majority state-owned companies Sava Insurance Group Sava Re EUR 1–6/2026 1–6/2025 1–6/2026 1–6/2025 Dividend income 21,000 27,440 21,000 27,440 Interest income at effective interest rate 466,188 520,059 109,500 134,316 Other investment income 5,827 5,750 5,827 5,750 Other investment expenses -2,299 -2,257 -2,299 -2,257 Gross premiums written 5,725,758 3,333,218 – – Gross claims payments -624,258 -889,346 – – Total 5,592,216 2,994,864 134,029 165,249
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102 15 Significant events after the reporting date • In July 2026, the rating agency S&P Global Ratings affirmed the “A+” ratings of Sava Re and Zavarovalnica Sava. The outlook was stable. The agency also upgraded the Group’s stand-alone credit profile from “a” to “a+”.
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103 Sava Re d.d. Dunajska Cesta 56 SI-1001 Ljubljana, Slovenia T +386 1 47 50 200 F +386 1 47 50 264 info@sava-re.si www.sava-re.si