TRANSLATORS’ EXPLANATORY NOTE

The English content of this report is a free translation of the statutory auditor’s report of the below-mentioned Polish Company. In Poland statutory accounts as well as the auditor’s report should be prepared and presented in Polish language and in accordance with Polish legislation, and the accounting principles and practices generally adopted in Poland.

The accompanying translation has not been reclassified or adjusted in any way to conform to the accounting principles generally accepted in countries other than Poland, but certain terminology current in Anglo-Saxon countries has been adopted to the extent practicable. In the event of any discrepancies in interpreting the terminology, the Polish language version is binding.

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k. , International Business Center, ul. Polna 11, 00-633 Warsaw, Poland, T: +48 (22) 746 4000,

www.pwc.pl

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k. is entered into the National Court Register maintained by the District Court for the Capital City of Warsaw, under KRS number 0000750050, NIP 526-021-02-28. The seat of the Company is in Warsaw at Polna 11.

Independent Statutory Auditor’s Report

To the General Shareholders’ Meeting and the Supervisory Board of PragmaGO S.A.

Report on the audit of separate financial statements

Our opinion

In our opinion, section, the accompanying annual separate financial statements:

• give a true and fair view of the separate financial position of PragmaGO S.A. (the “Company”) as at 31 December 2024 and the Company’s separate financial performance and the separate cash flows for the year then ended in accordance with the applicable International Financial Reporting Standards as adopted by the European Union and the adopted accounting policies;

• comply in terms of form and content with the laws applicable to the Company and the Company’s Articles of Association;

• have been prepared on the basis of properly maintained books of accounts in accordance with the provisions of Chapter 2 of the Accounting Act of 29 September 1994 (the “Accounting Act”).

Our opinion is consistent with our additional report to the Audit Committee of the Company issued on the date of this report.

What we have audited

We have audited the annual separate financial statements of PragmaGO S.A. which comprise:

• the separate statement of financial position as at 31 December 2024;

and the following prepared for the financial year then ended 2024:

• the separate statement of profit or loss and other comprehensive income;

• the separate statement of changes in equity;

• the separate cash flow statement, and

• the notes to separate financial statements, comprising a description of the significant accounting policies and other explanations

Basis for opinion

We conducted our audit in accordance with the National Standards on Auditing as adopted by the resolutions of the National Board of Statutory Auditors and the resolution of the Council of the Polish Agency for Audit Oversight (“NSA”) and pursuant to the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight (the “Act on Statutory Auditors”) and the Regulation (EU) No. 537/2014 of 16 April 2014 on specific requirements regarding the statutory audit of public interest entities (the “EU Regulation”). Our responsibilities under NSA are further described in the Auditor’s responsibilities for the audit of the separate financial statements section.

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

Independence

We are independent of the Company in accordance with “the Handbook of the International code of ethics for professional accountants (including International independence standards) (Code of ethics) as adopted by resolution of the National Board of Statutory Auditors and other ethical requirements that are relevant to our audit of the separate financial statements in Poland. We have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of ethics. During the audit, the key statutory auditor and the audit firm remained independent of the Company in accordance with the independence requirements set out in the Act on Statutory Auditors and in the EU Regulation.

Our audit approach

Overview

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the separate financial statements. In particular, we considered where the Company’s Management Board made subjective judgements; for example, in respect of significant accounting

• The overall materiality threshold adopted for our audit was set at PLN 5.300 thousand, which represents 1% of total assets.

• All material items included in the separate financial statements were subject to our audit procedures.

• Income from factoring and loans

• Estimating the value of expected credit losses in the loan and factoring portfolio

Materiality

Group scoping

Key audit matters

estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the separate financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which the Company operates.

Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the separate financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the separate financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the separate financial statements as a whole, as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, if any, both individually and in aggregate on the separate financial statements as a whole.

Overall materiality

PLN 5.300 thousand

How we determined it

Approx. 1% of total assets

Rationale for the materiality benchmark applied

We adopted total assets as the basis for determining materiality because, in our opinion, this metric is widely used to evaluate the Company by shareholders and other stakeholders due to the Company's focus on the process of developing its business and increasing the value of its portfolio.

We have set materiality at approx 1% of net assets because, based on our professional judgment, it is within the range of acceptable quantitative materiality thresholds.

We agreed with the Audit Committee of the Company that we would report to them misstatements of the separate financial statements identified during our audit above PLN 260 thousand, as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the separate financial statements of the current period. They include the most significant identified risks of material misstatements, including the identified risks of material misstatement resulting from fraud. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon. We do not provide a separate opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Income from factoring and loans

In accordance with the agreements concluded, the Group generates income from interest and commissions on factoring and loan products. Interest income is recognized using the effective interest rate method, taking into account commissions charged to the clients and intermediation costs related to obtaining financial assets. Commission income includes remuneration for services provided that are not directly related to obtaining financial assets.

In the process of recognizing income from factoring and loans, there is a risk of recognizing income in an incorrect value or incorrectly assigning income to the wrong period. We considered this area to be a key audit matter due to the significant share of income from factoring and loans in the Group's total revenues, their significant significance for the assessment of the Group's profitability and due to the complex nature of the calculations and the use of input data from several sources.

Note IV, point 11 “Revenue” of the separate financial statements contains detailed information on the accounting policy applied in respect of interest and commission income. Note 1 “Total revenue” of the separate financial statements discloses the value of income from factoring for 2024 in the total amount of PLN 48.517 thousand and the value of income from loans for 2024 in the total amount of PLN 49.993 thousand.

As part of the procedures performed, we assessed the compliance of the adopted accounting policy in the scope of revenue recognition with International Financial Reporting Standard 15 “Revenue from Contracts with Customers” and International Financial Reporting Standard 9 “Financial Instruments” (IFRS 9); As part of the detailed tests, we performed the following procedures:

• we verified the mathematical correctness of the calculations on a selected sample, as well as the completeness and accuracy of the input data used in the calculation of interest income;

• we analysed contracts with partners to confirm the inclusion of contractual provisions in the method of recognizing revenue from these contracts in interest and commission income;

• we tested selected types of fees, commissions and brokerage costs to assess whether they were correctly included or excluded from the calculation of the effective interest rate;

• we tested the correctness of the recognized amounts and their allocation to the appropriate period against the source documentation on a selected sample of transactions generating interest and commission income.

In addition, we verified the completeness and accuracy of the disclosures in the separate financial statements in accordance with the applicable accounting standards.

Estimating the value of expected credit losses in the loan and factoring portfolio

The portfolio of receivables from factoring and loans consists mainly of exposures for which the level of expected credit losses is valued using the portfolio method using statistical models. For each of the homogeneous portfolios identified by the Group, the values of expected credit losses (“ECL”) that may occur within a 12- month period or the remaining life of the financial asset are estimated, depending on the classification of individual assets into risk categories (“baskets”).

Expected credit losses as at 31 December 2024 amounted to PLN 16.813 thousand in the loan portfolio with a gross value of PLN 263,807 thousand and PLN 18.321 thousand in the factoring portfolio with a gross value of PLN 207.416 thousand.

We considered the estimation of allowances for expected credit losses in the loan and factoring portfolio to be a key audit matter due to:

• the high degree of uncertainty related to the estimation of the allowance for expected credit losses;

• the judgment used by Management in modeling future scenarios, forecasting cash flows and the value of collateral accepted;

• the complexity of the audit procedures and audit evidence obtained due to the level of complexity of the calculations and the amount of data used to estimate the allowance for expected credit losses;

In the separate financial statements, the accounting policy and disclosures regarding the estimation of the value of expected credit losses in the loan and factoring portfolio are presented under Note IV "Significant Accounting Policies",

As part of the procedures performed:

• we understood the policies and procedures in the Group related to estimating the value of expected credit losses with the involvement of our credit risk specialists

• we assessed whether the methodology used by the Group to estimate expected credit losses is compliant with the requirements of IFRS 9, in particular we verified the Group’s approach to applying the criteria for identifying a significant increase in credit risk, the definition of default, PD and LGD parameters when calculating expected credit losses;

• we critically analysed the key judgments and assumptions; • we agreed on selected input data used to determine the default parameters and estimate expected credit losses;

• we verified, on a sample basis, the assignment of exposures to the appropriate buckets and the correctness of identifying the indications of a significant increase in credit risk and impairment;

• we recalculated expected credit losses in the loan and factoring portfolio on a selected sample;

• we performed analytical procedures regarding the coverage of the loan and factoring portfolio with expected credit losses and their changes during the audited year and the transfer of exposures between baskets;

In addition, we verified the completeness and accuracy of disclosures in the separate financial statements in accordance with applicable accounting standards.

item 6 "Allowances for Expected Financial Losses" and Note 8 "Financial Assets".

Responsibility of the Management and Supervisory Board of the Company for the separate financial statements

The Management Board of the Company is responsible for the preparation, based on the properly maintained books of accounts of the annual separate financial statements that give a true and fair view of the Company’s financial position and results of operations, in accordance with International Financial Reporting Standards as adopted by the European Union, the adopted accounting policies, the applicable laws and the Company’s Articles of Association, and for such internal control as the Company’s Management Board determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate financial statements, the Company’s Management Board is responsible for assessing the Company’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 Company’s Management Board either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Management Board and members of the Supervisory Board are obliged to ensure that the separate financial statements comply with the requirements specified in the Accounting Act. Members of the Supervisory Board are responsible for overseeing the financial reporting process.

Auditor’s responsibility for the audit of the separate financial statements

Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 the NSA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these separate financial statements.

The scope of the audit does not include an assurance on the Company’s future profitability nor the efficiency and effectiveness of conducting its affairs by the Company’s Management Board, now or in future.

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

• identify and assess the risks of material misstatement of the separate 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 Company’s internal control;

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

• conclude on the appropriateness of the Company’s Management Board’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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the separate 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern;

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

• plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the separate financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purpose of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee of the Company 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 also provide the Audit Committee of the Company 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 to the Audit Committee of the Company, we determine those matters that were of most significance in the audit of the separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report 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

Other information comprises:

• a Report on the Company’s operations for the financial year ended 31 December 2024 (“the Report on the operations”) and the corporate governance statement which is a separate parts of the Report on the operations,

• other documents comprising the Annual Report for the financial year ended 31 December 2024 (“the Annual Report”),

(together “Other Information”). Other information does not include the financial statements and our auditor’s report thereon.

Responsibility of the Management and Supervisory Board of the Company

The Management Board of the Company is responsible for the preparation of the Other Information in accordance with the law.

The Company’s Management Board and the members of the Supervisory Board are obliged to ensure that the Report on the operations including its separate part complies with the requirements of the Accounting Act.

Statutory auditor’s responsibility

Our opinion on the separate financial statements does not cover the Other Information.

In connection with our audit of the separate financial statements, our responsibility under NSA is to read the Other Information and, in doing so, consider whether the Other Information is materially inconsistent with the information in the separate financial statements, our knowledge obtained in our audit, or otherwise appears to be materially misstated. If, based on the work performed, we identified a material misstatement in the Other Information, we are obliged to inform about it in our audit report.

In accordance with the requirements of the Act on the Statutory Auditors, we are also obliged to issue an opinion on whether the Report on the operations has been prepared in accordance with the law, is consistent with information included in annual separate financial statements and to issue a statement as to whether, in the light of the knowledge about the Company and its environment obtained during the audit, any material misstatements have been identified in the Report on the operations and an indication of what any such material misstatement is.

Moreover, we are obliged to issue an opinion on whether the Company provided the required information in its corporate governance statement.

Statement on the Other information

We declare, based on the knowledge of the Company and its environment obtained during our audit, that we have not identified any material misstatements in the Report on the operations and in the remaining Other information.

Opinion on the corporate governance statement

In our opinion, in its corporate governance statement, the Company included information set out in para. 70.6 (5) of the Regulation on current information. In addition, in our opinion, information specified in paragraph 70.6 (5)(c)–(f), (h) and (i) of the said Regulation paragraphs of the applicable By-laws included in the corporate governance statement are consistent with the applicable provisions of the law and with information included in the separate financial statements.

Report on other legal and regulatory requirements

Statement on the provision of non-audit services

To the best of our knowledge and belief, we declare that the non-audit services prohibited under Article 5(1) of the EU regulation and Article 136 of the Act on Statutory Auditors were not provided and the non- audit services that we provided to the Company and its controlled entities within the European Union are in accordance with the applicable laws and regulations in Poland.

The non-audit services which we have provided to the Company and its controlled entities within the European Union during the period from the beginning of the audited period to the date of issuing this report are disclosed in the Report on the Company’s note 25 to the separate financial statements.

Appointment

We have been appointed to audit the annual separate financial statements of the Company by the Resolution of the Supervisory Board of the Company of 12 June 2024. The separate financial statements of the Company were audited by us for the first time.

The Key Statutory Auditor responsible for the audit on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., a company entered on the list of audit firms with the number 144., is Agnieszka Accordi.

Original report is signed in Polish language

Agnieszka Accordi

Key Statutory Auditor

No. in the registry 11665

Warsaw, 24 April 2025