This document is a free translation of the Polish original. Terminology current

in Anglo-Saxon countries has been used where practicable for the purposes

of this translation in order to aid understanding. The binding Polish original

should be referred to in matters of interpretation.

Independent Auditor's Report

To the General Shareholders’ Meeting and Supervisory Board

of PKO Bank Hipoteczny S.A.

Report on the Audit of the Annual Financial Statements

Opinion

We have audited the accompanying annual financial statements of PKO Bank Hipoteczny S.A. (the “Bank”), which comprise:

•      the statement of financial position as at 31 December 2025;

and, for the period from 1 January to 31 December 2025:

•      the income statement;

•      the statement of comprehensive income;

•      the statement of changes in equity;

•      the statement of cash flows;

and

•      notes to the financial statements comprising a summary of significant accounting policies and other explanatory information;

(the “financial statements”).

In our opinion, the accompanying financial statements of the Bank:

•      give a true and fair view of the financial position of the Bank as at 31 December 2025 and of its financial performance and its cash flows for the financial year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union (“IFRS EU”) and the adopted accounting policy;

•      comply, in all material respects, with regard to form and content, with applicable laws and regulations and the provisions of the Bank's articles of association;

•      have been prepared, in all material respects, on the basis of properly maintained accounting records in accordance with chapter 2 of the accounting act dated 29 September 1994 (the “Accounting Act”).

Our audit opinion on the financial statements is consistent with our report to the Audit and Finance Committee dated 9 March 2026.

Basis for Opinion

We conducted our audit in accordance with:

•      International Standards on Auditing as adopted by the National Council of Statutory Auditors and the Council of Polish Agency for Audit Oversight as National Standards on Auditing (the “NSA”); and

•      the act on statutory auditors, audit firms and public oversight dated 11 May 2017 (the “Act on statutory auditors”);

•      regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC (the “EU Regulation”); and

•      other applicable laws and regulations.

Our responsibilities under those standards and regulations are further described in the Auditor’s Responsibility for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence and Ethics

We are independent of the Bank in accordance with International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”) as adopted by the resolution of the National Council of Statutory Auditors, together with the ethical requirements that are relevant to audits of financial statements of public interest entities in Poland. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. During our audit the key statutory auditor and the audit firm remained independent of the Bank in accordance with requirements of the Act on statutory auditors and in the EU Regulation.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. They are the most significant assessed risks of material misstatements, including those due to fraud. Key audit matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon we have summarised our response to those risks. We do not provide a separate opinion on these matters. We have determined the following key audit matter:

Allowance for expected credit losses for loans and advances to customers
The net carrying value of loans and advances to customers as of 31 December 2025 amounted to PLN 17.130.406 thousand (PLN 16.600.671 thousand as of 31 December 2024), which consisted of the gross carrying amount of loans and advances to customers of PLN 17.211.830 thousand less accumulated allowances for expected credit losses on these assets in the amount of PLN 81.424 thousand. The result on allowances for expected credit losses amounted to PLN 7.176 thousand in 2025 (in 2024 PLN 5.427 thousand). Reference to the financial statements: note 17 “Net allowances for expected credit losses,” note 26 “Loans and advances to customers,” note 27 “Expected credit losses”.
Key audit matter	Our response
The process of estimation of expected credit losses on loans and advances to customers comprises two major phases – identification of impairment triggers or significant increase in credit risk and measurement of expected credit losses. The triggers of significant increase in credit risk (SICR) and impairment triggers are identified mainly on the basis of payment delinquencies, economic and financial standing of the debtor and current probability of default as compared to the date of initial recognition of a given exposure. Allowances for expected credit losses are estimated collectively using statistical methods based on risk parameters. Risk parameters such as probability of default (PD), loss given default (LGD) or exposure at default (EAD), as well as thresholds for allocation to stages, are determined for homogenous groups of loan exposures based on historical data incorporating forward-looking information on expected macroeconomic conditions. Allowances for expected credit losses are the best estimate of expected credit losses on loans and advances as at the balance sheet date to be incurred within the next 12 month period or within the lifetime of the exposure. The main risk area comprises the failure to identify existing impairment trigger or significant increase in credit risk as well as the application of inappropriate data to calculate the parameters of statistical model, including forward-looking information, which may not adequately reflect the expected credit losses existing as at a given balance sheet date. Moreover, there is a risk of errors occurring during the impairment allowances calculation	Our audit procedures conducted with the support of our internal financial risk management and IT specialists included i.a.: •      assessment of the Bank’s methodology used for estimating expected credit losses in terms of its compliance with the requirements of applicable financial reporting standards; •      assessment of the design and implementation and testing of key internal controls, including general IT system controls, over identification of impairment triggers or significant increase in credit risk and estimation of expected credit losses; •      analytical procedures on the structure and dynamics of the loan portfolio and loan quality and impairment allowances parameters (i.e. share of overdue loans, allowance coverage ratio) in order to identify groups of loans with underestimated allowances on expected credit losses; •      analysis of appropriateness of the Bank’s identification of impairment triggers and significant increase in credit risk and allocation to stages, taking into account qualitative and quantitative criteria; •      critical assessment of assumptions and input data used for key credit risk parameters, such as PD, LGD and EAD as well as an evaluation of the criteria applied to identify a significant increase in credit risk (SICR); •      independent recalculation of selected risk parameters and expected loss for a selected sample of loan exposures;

process. A relatively small change in these assumptions and other relevant model parameters could have a significant impact on the Bank's estimate of allowances for expected credit losses. We considered this area to be a key audit matter since estimation of allowances for expected credit losses involves significant inherent risk of error and uncertainty and requires the Management Board to apply significant judgement, as well as, considering the size of the loan portfolio, has a material impact on the financial statements.

•      assessment of adequacy of allowances for expected credit losses through comparison with losses incurred historically on a given homogenous portfolio; •      assessment of completeness and appropriateness of disclosures required by the relevant financial reporting standards in the financial statements regarding significant judgments and estimates of expected credit losses, as well as sensitivity analysis of the level of expected credit losses relative to key assumptions applied in the model.

Responsibility of the Management Board and Supervisory Board of the Bank for the Financial Statements

The Management Board of the Bank is responsible for the preparation, on the basis of properly maintained accounting records, of the financial statements that give a true and fair view in accordance with IFRS EU, the adopted accounting policy, the applicable laws and regulations and the provisions of the Bank's articles of association and for such internal control as the Management Board of the Bank determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Management Board of the Bank is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management Board of the Bank either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

According to the Accounting Act, the Management Board and members of the Supervisory Board of the Bank are required to ensure that the financial statements are in compliance with the requirements set forth in the Accounting Act. Members of the Supervisory Board of the Bank are responsible for overseeing the Bank’s financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with NSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The scope of audit does not include assurance on the future viability of the Bank or on the efficiency or effectiveness with which the Management Board of the Bank has conducted or will conduct the affairs of the Bank.

As part of an audit in accordance with NSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

•      identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

•      obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control;

•      evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management Board of the Bank;

•      conclude on the appropriateness of the Management Board of the Bank’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report on the audit of the financial statements to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report on the audit of the financial statements. However, future events or conditions may cause the Bank to cease to continue as a going concern;

•      evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Audit and Finance Committee of the Bank regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We provide the Audit and Finance Committee of the Bank with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Audit and Finance Committee of the Bank, we determine those matters that were of most significance in the audit of the financial statements of the current reporting period and are therefore the key audit matters. We describe these matters in our auditors’ report on the audit of the financial statements unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Information

The other information comprises:

•      the letter from the President of the Management Board,

•      PKO Bank Hipoteczny S.A. Directors’ Report for the year ended 31 December 2025 (the “report on activities”), including the corporate governance statement and the statement of the Management Board regarding the preparation of the financial statements and report on activities,

•      the Management Board information on the audit firm conducting the audit of the financial statements of PKO Bank Hipoteczny SA for the year ended 31 December 2025, as well as regarding the lack of

selection of an audit firm to perform assurance services on the sustainability statement for the year ended 31 December 2025,

•      the Statement of the Supervisory Board concerning the Audit and Finance Committee of the Supervisory Board of PKO Bank Hipoteczny SA,

•      the Evaluation of the Directors’ Report of PKO Bank Hipoteczny S.A. for the year ended 31 December 2025 and the Financial Statements of PKO Bank Hipoteczny S.A. for the year ended 31 December 2025 by the Supervisory Board,

(together the “other information”).

The Management Board of the Bank is responsible for the other information.

The Management Board and members of the Supervisory Board of the Bank are required to ensure that the report on activities, including its separate parts, is in compliance with the requirements set forth in the Accounting Act.

Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the other information, we are required to report that fact. We have nothing to report in this regard.

Additional Matters to be Reported under the Act on Statutory Auditors

In accordance with the Act on statutory auditors our responsibility is to opine on whether the report on activities was prepared in accordance with applicable laws and regulations and the information given in the report on activities is consistent with the financial statements.

Moreover, in accordance with the requirements of the Act on statutory auditors our responsibility is to opine on whether the Bank included in the statement on corporate governance the information required by the applicable laws and regulations, and in relation to specific information indicated in those laws or regulations, to determine whether it complies with the applicable laws and regulations and is consistent with the financial statements.

Opinion on the Report on Activities

Based on the work undertaken in the course of our audit of the financial statements, in our opinion, the accompanying report on activities, in all material respects:

•      has been prepared in accordance with applicable laws and regulations, and

•      is consistent with the financial statements.

Opinion on the Statement on Corporate Governance

In our opinion, the corporate governance statement, which is a separate part of the report on activities, includes the information required by paragraph 72 subparagraph 7 point 5 of the Decree of the Ministry of Finance dated 6 June 2025 on current and periodic information provided by issuers of securities and the conditions for recognition as equivalent of information required by the laws and regulations of a non-member state (the “decree”).

Furthermore, in our opinion, the information identified in paragraph 72 subparagraph 7 point 5 letter c-f, h and letter i of the decree, included in the corporate governance statement, in all material respects:

•      has been prepared in accordance with applicable laws and regulations; and

•      is consistent with the financial statements.

Statement on Report on Activities

Furthermore, based on our knowledge about the Bank and its environment obtained in the audit of the financial statements, we have not identified material misstatements in the report on activities.

Report on Other Legal and Regulatory Requirements

Information on Compliance with Prudential Regulations

The Management Board of the Bank is responsible for the Bank’s compliance with the applicable prudential regulations defined in separate laws, in particular for the appropriate determination of the capital ratios.

Our responsibility was to inform in our auditor’s report whether the Bank complies with the applicable prudential regulations defined in separate laws, in particular whether the Bank appropriately determined the capital ratios presented in note 53 “Capital adequacy and the management of capital risk”.

The audit objective was not to express an opinion on the Bank’s compliance with the applicable prudential regulations and therefore we do not express such an opinion.

Based on our audit of the financial statements of the Bank, we inform that we have not identified any instances of non-compliance, in the period from 1 January to 31 December 2025, of the Bank with the applicable prudential regulations, defined in separate laws, in particular with respect to the determination of the capital ratios as at 31 December 2025, that could have a material impact on the financial statements.

Statement on Services Other than Audit of the Financial Statements

To the best of our knowledge and belief, we did not provide prohibited non-audit services referred to in Art. 5 paragraph 1 second subparagraph of the EU Regulation and Art. 136 of the act on statutory auditors.

Services other than audit of the financial statements, which were provided to the Bank in the audited period are listed in section 7.2 of the report on activities.

Appointment of the Audit Firm

We have been appointed for the first time to audit the annual financial statements of the Bank by resolution of the Supervisory Board dated 1 March 2023. Our period of total uninterrupted engagement is 2 years, covering the periods ended 31 December 2024 to 31 December 2025.

On behalf of audit firm

KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp.k.

Registration No. 3546

Signed on the Polish original

Katarzyna Łącka-Dziekan

Key Statutory Auditor

Registration No. 13131

Proxy

Warsaw, 9 March 2026