Bank Polska Kasa Opieki (PEO) investor relations material

Economic and sector backdrop

• 2026 GDP growth is forecast at 3.7%, with private consumption at 3.0% and investment at 8.0%; 2027 GDP growth is forecast at 2.9%.

• The outlook anticipates three NBP rate hikes to 4.5%, with inflation above target through much of 2027; 2026 loan growth is expected to accelerate, particularly in corporate lending.

• Polish banks reported PLN 21bn net profit in 1H26, 14.98% ROE, 45% C/I and 21.3% TCR; sector assets totaled PLN 3.5tn.

Competitive position and business model

• Poland’s second-largest bank by assets, with PLN 368bn in assets, ~6.8m clients and a network of 557 outlets; retail and corporate loans make up 42% and 58% of the portfolio.

• CHF mortgages are less than 1% of the loan book; more cyclical segments account for 22%, with ~78% of the portfolio concentrated in more defensive segments.

• Retail priorities include growing consumer lending and micro lending, digital acquisition and bancassurance; corporate priorities include expanding SME and MID market share and building leasing and factoring client volumes.

• Subsidiaries generated ~PLN 237m net profit in 1H26, up 19.1% YoY; Pekao TFI fund assets reached ~PLN 45.7bn, up 25.3% YoY, and Pekao Faktoring held an 18.4% market share.

1H26 financial performance

• Operating income was PLN 8.541bn, up 0.5% YoY; net interest income fell 3.6% to PLN 6.614bn, while fee and commission income rose 11.0% to PLN 1.661bn.

• Net income was PLN 2.748bn, down 16.4% YoY; income tax expense rose 51.2% to PLN 1.509bn.

• NIM was 3.84%, down 0.43 percentage points YoY; ROE was 15.7%, down from 20.6%.

• Operating costs increased 7.3% to PLN 2.903bn; C/I including BGF and IPS was 38.9%, versus 35.7% in 1H25.