The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
0
.3
sections
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
1
Table of Contents
Consolidated annual financial statements of the PragmaGO S.A. Group as at and for the 12-month
period ended 31 December 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Introduction to the annual consolidated financial statements of PragmaGO S.A. prepared as at
and for the 12-month period ending 31 December 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Notes to the consolidated annual financial statements of PragmaGO S.A. prepared as at and for the
12-month period ended 31 December 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
2
CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE PRAGMAGO
GROUP FOR THE 12-MONTH PERIOD ENDED 31 DECEMBER 2025
Consolidated annual statement of profit or loss and other comprehensive income for the period
Item Note
1 January 2025
1 January 2024
31 December 2025
31 December 2024
TOTAL NET SALES REVENUE
1
179,176
112,977
Revenue from factoring, including:
-
88,020
58,351
Interest income on financial instruments measured at
amortised cost
- 69,639 36,664
Revenue from loans, including:
-
89,267
50,636
Interest income on financial instruments measured at
amortised cost
- 83,104 46,542
Other revenue
-
1,889
3,990
OPERATING EXPENSES
2
(55,372)
(41,887)
Depreciation - (4,762) (3,302)
Remuneration and employee benefits - (23,344) (17,848)
External services - (17,240) (12,033)
Other core expenses - (10,026) (8,704)
PROFIT (LOSS) FROM SALES
-
123,804
71,090
Other operating income - 867 1,726
Other operating expenses 3 (2,490) (1,594)
Result of provisions for expected credit losses 10 (41,701) (18,954)
OPERATING PROFIT (LOSS)
-
80,480
52,268
Financial income 4 3,181 82
Financial expenses 5 (49,662) (37,086)
Exchange position result - (1,627) (94)
PROFIT (LOSS) BEFORE TAX
-
32,372
15,170
Income tax 6 (9,558) (4,088)
NET PROFIT (LOSS) FROM CONTINUING OPERATIONS
-
22,814
11,082
Other comprehensive income - (454) (77)
COMPREHENSIVE INCOME FOR THE REPORTING
PERIOD
-
22,360
11,005
NET PROFIT (LOSS) ATTRIBUTABLE TO:
-
22,814
11,082
Shareholders of the Parent Company
-
22,247 11,052
Non-controlling interests
-
567 30
COMPREHENSIVE INCOME FOR THE REPORTING
PERIOD ATTRIBUTABLE TO:
-
22,360
11,005
Shareholders of the Parent Company
-
21,843
10,981
Non-controlling interests
-
517
24
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
3
Consolidated annual statement of financial position
Specification
Note
31 December 2025
31 December 2024
FIXED ASSETS
-
124,151
101,652
Property, plant and equipment 7 4,581 3,283
Intangible assets 8 50,619 41,319
Goodwill 9 28,492 28,492
Factoring 10 519 530
Loans 10 38,006 26,311
Deferred tax assets 6
1,934
1,717
CURRENT ASSETS
-
650,192
458,401
Trade receivables 11 1,550 1,129
Current income tax receivables - 843 -
Other current assets 11 1,766 1,269
Factoring 10 262,986 233,950
Loans 10 350,409 211,099
Prepayments and accruals 13 1,539 1,339
Cash and cash equivalents 12 31,099 9,615
TOTAL ASSETS:
-
774,343
560,053
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
4
Consolidated annual statement of financial position
Breakdown
Note
31 December 2025 31 December 2024
TOTAL EQUITY
-
175,167
143,588
Equity attributable to shareholders of the
Parent Company
-
173,396
142,334
Share capital
14
8,482
6,891
Treasury shares
-
-
(468)
Share premium
-
120,809
94,784
Retained earnings reserve
-
19,649
25,743
Other reserves
-
-
18,434
Retained earnings, including:
-
24,456
(3,050)
Net profit (loss) for the period
-
22,247
11,052
Equity attributable to non-controlling
interests
-
1,771
1,254
LONG-TERM LIABILITIES
-
371,600
279,455
Long-term provisions
-
50
49
Long-term loans and borrowings
liabilities
15
32,088 11,060
Long-term bonds liabilities
16
336,554
264,399
Long-term lease liabilities
17
2,908
2,033
Earn-out liabilities 18 - 1,914
SHORT-TERM LIABILITIES
-
227,576
137,010
Short-term loans and borrowings
liabilities
15
141,509
65,601
Short-term bonds liabilities
16
58,001
52,089
Short-term lease liabilities
17
1,628
1,141
Earn-out liabilities
18
1,914
-
Trade payables
18
6,263
4,878
Current income tax liabilities
18
4,426
731
Other liabilities and accruals
18
10,404
9,532
Deferred income
19
3,431
3,038
TOTAL EQUITY AND LIABILITIES:
-
774,343
560,053
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
5
Consolidated annual statement of cash flows
(indirect method)
Item Note
1 January 2025
1 January 2024
31 December 2025
31 December
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss) before tax
-
32,372
15,170
Total adjustments:
-
(143,258)
(73,977)
Depreciation - 4,762 3,302
Foreign exchange gains (losses) - (450) 564
Interest and share of profits (dividends) - 42,793 29,945
Net provisions for expected credit losses - 41,701 18,954
Adjustments for non-cash changes 20 (3,038) (413)
Change in balance due to factoring receivables 20 (45,754) (16,472)
Change in balance due to loans granted 20 (175,978) (102,389)
Change in provisions - 1 (7)
Change in trade receivables - (918) 832
Change in short-term liabilities, except for financial liabilities - 2,134 488
Change in prepayments accruals - (1,599) (3,899)
Income tax paid
-
(6,923)
(4,882)
Other - 10 -
Net cash flows from operating activities
-
(110,886)
(58,807)
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditure on the acquisition of intangible assets
-
(12,660)
(11,229)
Expenditure on the acquisition of property, plant and
equipment
- (26) (76)
Expenditure on the acquisition of control in a subsidiary, net
of cash acquired
- - (27,047)
Net cash flows from investing activities
-
(12,686)
(38,352)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings 20 247,209 135,479
Repayments of loans and borrowings 20 (150,267) (153,484)
Repayment of lease liabilities 20 (1,258) (965)
Proceeds from the issuance of shares - 9,209 18,434
Proceeds from the bonds issuance 20 130,000 216,895
Bond redemption outflows 20 (49,000) (90,000)
Interest paid on bonds 20 (34,340) (24,855)
Interest paid on loans, borrowings and leases 20 (6,496) (4,172)
Net cash flows from financing activities
-
145,057
97,332
TOTAL NET CASH FLOWS
-
21,484
173
CHANGE IN CASH AND CASH EQUIVALENTS
-
21,484
173
CASH AT THE BEGINNING OF THE PERIOD
-
9,615
9,442
CASH AT THE END OF THE PERIOD
-
31,099
9,615
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
6
Consolidated annual statement of changes in equity
Item Share capital
Treasury
shares
Share
premium
Retained
earnings
reserve
Other
reserves
Retained
earnings,
including:
Profit (loss) for
the current
period and prior
years
Foreign
exchange
differences on
translation of
subsidiaries
Changes in equity from 1 January 2025 to 31 December 2025
Balance as of 1 January 2025
6,891
(468)
94,784
25,743
18,434
(3,050)
(2,979)
(71)
Distribution of the 2024 profit - - - 7,844 - (7,844)
(7,844) -
Coverage of losses from previous
years
- - - (13,497) - 13,497
13,497 -
Payments in respect of the capital
increase – issuance of Series K
shares
1,180 - 17,254 - (18,434) -
- -
Payments in respect of the capital
increase – issuance of series L
shares
438 - 8,771 - - -
- -
Increases due to other
adjustments
- - - - - 10
10 -
Capital reduction – redemption of
Series G shares
(27) 468 - (441) - -
- -
Comprehensive income for the
period from 1 January to 31
December 2025, including:
-
-
-
-
-
21,843
22,247
(404)
Net financial profit (loss) for the
period 1 January 2025–31
December 2025
- - - - -
22,247
22,247 -
Other comprehensive income for
the period 1 January 2025 to 31
December 2025
- - - - -
(404)
- (404)
Balance as of 31 December 2025
8,482
-
120,809
19,649
-
24,456
24,931
(475)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
7
Consolidated annual statement of changes in equity cont.
Item
Equity attributable
to shareholders of the
Parent Company
Equity attributable to non-
controlling interests
Equity
Total
Balance as of 1 January 2025
142,334
1,254
143,588
Distribution of the 2024 profit
-
-
-
Coverage of losses from previous years
-
-
-
Payments in respect of a capital increase – issuance of Series K
shares
- -
-
Payments in respect of capital increase – issuance of series L
shares
9,209
-
9,209
Increases due to other adjustments 10
-
10
Capital reduction – redemption of own shares of series G -
-
-
Total comprehensive income for the period from 1 January to 31
December 2025, including:
21,843
517
22,360
Net financial profit (loss) for the period 1 January 2025 to 31
December 2025
22,247 567
22,814
Other comprehensive income for the period 1 January 2025–31
December 2025
(404) (50)
(454)
Balance as of 31 December 2025
173,396
1,771
175,167
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
8
Consolidated annual statement of changes in equity
Item Share capital Treasury shares Share premium
Retained
earnings
reserve
Other reserves
Retained
earnings,
including:
Profit (loss) for
the current
period and prior
years
Foreign
exchange
differences
arising from the
translation of
subsidiaries
Changes in equity from 1 January 2024 to 31 December 2024
Balance as of 1 January 2024
6,891
(468)
94,784
18,254
-
(6,542)
(6,542)
-
Allocation of profit for 2023
-
-
-
7,489
-
(7,489)
(7,489)
-
Payments in respect of a capital
increase – issuance of Series K
shares
- - - - 18,434
-
-
-
Acquisition of a subsidiary with
minority interests
- - - - -
-
- -
Comprehensive income for the
period from 1 January to 31
December 2024, including:
-
-
-
-
-
10,981
11,052
(71)
Net financial profit (loss) for the
period 1 January 2024–31
December 2024
- - - - - 11,052 11,052 -
Other comprehensive income for
the period 1 January 2024 to 31
December 2024
- - - - - (71) - (71)
Balance as of 31 December 2024
6,891
(468)
94,784
25,743
18,434
(3,050)
(2,979)
(71)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
9
Consolidated annual statement of changes in equity cont.
Item
Equity attributable
to shareholders of the
Parent Company
Equity attributable to non-
controlling interests
Equity
Total
Balance as of 1 January 2024
112,919
-
112,919
Distribution of the 2023 profit
-
-
-
Payments in respect of the capital increase – issuance of Series K
shares
18,434
-
18,434
Acquisition of a subsidiary with minority interests
-
1,230
1,230
Comprehensive income for the period from 1 January to 31
December 2024, including:
10,981
24
11,005
Net financial profit (loss) for the period 1 January 2024 to 31
December 2024
11,052 30
11,082
Other comprehensive income for the period 1 January 2024 to 31
December 2024
(71) (6)
(77)
Balance as of 31 December 2024
142,334
1,254
143,588
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
10
INTRODUCTION TO THE CONSOLIDATED ANNUAL FINANCIAL
STATEMENTS OF PRAGMAGO S.A. PREPARED AS AT AND FOR THE
12-MONTH PERIOD ENDED 31 DECEMBER 2025
I. BASIC INFORMATION ABOUT THE GROUP AND THE PARENT COMPANY
1. Basic information about the Parent Company
Name:
PragmaGO S.A.
Address:
40-584 Katowice, 72 Brynowska Street
Registered office:
Poland
Telephone:
32 44 20 200
Registering court:
Katowice District Court
8th Commercial Division of the National Court Register
REGON:
277573126
Tax Identification Number:
634-24-27-710
KRS:
0000267847
Country of registration:
Poland
Email address:
biuro@pragmago.pl
Website address:
https://pragmago.pl/
https://inwestor.pragmago.pl/
The Parent Company’s core business is providing financing in the form of factoring and loans to the micro,
small and medium-sized enterprise sector. The Group provides services in Poland and in Romania through
a subsidiary.
Factoring
The factoring service provided by the Parent Company involves the factor purchasing the non-overdue
receivables of the factoring clients (factoring customers) owed to them by third parties (factoring debtors).
By using factoring, a business receives funds arising from the factoring transaction it has entered into
sooner than the original payment date specified in the transaction. Upon submission of an invoice by the
factoring client, the factor pays them, in the form of an advance, a pre-agreed percentage of the receivable
in question (usually 80–90% of the invoice value). The factor transfers the remaining value of the invoice
(less the factor’s remuneration) to the client once payment has been made by the factoring debtor.
Factoring therefore allows a company to shorten its accounts receivable turnover cycle and thus improve
its cash flow.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
11
The factoring products offered include:
● Invoice financing – financing of the client’s non-due receivables with a limit ranging from PLN
10,000 to PLN 250,000 (limit per individual factor),
● Online factoring – financing of the client’s non-due receivables with a limit ranging from PLN 50,000
to PLN 10 million (limit per individual factor),
● Online factoring pre-financing (advances) – this product involves providing clients who conduct
regular factoring transactions with PragmaGO with additional financing in the form of an advance
against future factoring settlements, from which the advance will subsequently be repaid.
Loans
In the loans segment, financing is provided in the form of deferred payment and revenue advances.
Deferred payment (Buy Now Pay Later B2B) is a loan to finance business purchases with a limit of up to PLN
50,000, where, under the basic model, the customer can defer payment for goods by 30 or 60 days. In the
event of non-payment by the declared deadline, the payment is automatically extended, and the
outstanding balance, together with the commission, is spread over 6 equal monthly instalments. The buyer
makes a purchase within the granted limit, and the funds are transferred directly to the seller’s account.
Financing is granted on the basis of information obtained from external databases and information
regarding the customer’s activity as a buyer on the Partner’s platform (for example, Allegro) and, in the case
of entities that are also sellers, data about them as sellers.
Business loan (Merchant Cash Advance) – a loan for any purpose offered through the partner channel for
amounts ranging from PLN 3,000 to PLN 200,000 via automated decisions, which may be increased to PLN
300,000–500,000. This product is available in two versions, depending on the repayment method and
schedule. We distinguish between MCA with daily repayments, which are automatically deducted by the
partner (e.g. a payment service provider – PSP) from the borrowers’ cash flows, or MCA with monthly
instalments, which are repaid traditionally by the borrower or, alternatively, through automatic deductions
from cash flows or via recurring payments. Financing is offered for a period of 4 to 24 months.
The duration of the Parent Company and its subsidiaries is indefinite. The Parent Company operates in
accordance with its Articles of Association and the provisions of the Commercial Companies Code.
Since 2021, Polish Enterprise Funds SCA has been the majority shareholder of PragmaGO S.A.
Between 14 June 2007 and 8 September 2021, the Parent Company’s shares were listed on the regulated
market of the Warsaw Stock Exchange (WSE). On 9 September 2021, the Parent Company’s shares were
delisted from the WSE at the Parent Company’s request.
Share capital of the Parent Company
The share capital of the Parent Company as at 31 December 2025 amounted to PLN 8,481,652.00 and was
divided into 8,481,652 shares with a nominal value of PLN 1 each. Compared to the end of the previous
reporting period ended 31 December 2024, it changed due to:
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
12
● a capital increase of PLN 1,180,129.00 through the issuance of 1,180,129 Series K shares. Registered
with the National Court Register on 9 January 2025;
● a capital increase of PLN 437,922.00 through the issuance of 437,922 Series L shares. Registered
with the National Court Register (KRS) on 25 July 2025;
● a capital reduction of PLN 27,440.00 through redemption of 27,440 Series G shares. Registered in
the National Court Register (KRS) on 13 October 2025.
Management Board and Supervisory Board of the Parent Company
The composition of the Management Board of the Parent Company as at 31 December 2025 was as follows:
Chairman of the Management Board
Tomasz Boduszek
Vice-President of the Management
Board
Jacek Obrocki
Vice-President of the Management
Board
Danuta Czapeczko
Vice-President of the Management
Board
Łukasz Ramczewski
Compared to the previous reporting period ended 31 December 2024 and up to the date of publication, there
have been no changes to the Management Board of the Parent Company, PragmaGO S.A.
The composition of the Supervisory Board of the Parent Company, both as at 31 December 2025 and at the
end of the previous reporting period, i.e. 31 December 2024, was as follows:
Chairman of the Supervisory Board
Dariusz Prończuk
Member of the Supervisory Board
Bartosz Chytła
Member of the Supervisory Board
Member of the Supervisory Board
Grzegorz Grabowicz
Agnieszka Kamola
Member of the Supervisory Board
Michał Kolmasiak
Member of the Supervisory Board
Jakub Kuberski
Member of the Supervisory Board
Piotr Lach
As at the date of publication of this report, the composition of the Supervisory Board has not changed.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
13
2. Capital Group
As at 31 December 2025, the Capital Group comprises:
● PRAGMAGO S.A. as the Parent Company;
● BRUTTO Sp. z o.o., with its registered office in Warsaw, as a subsidiary, consolidated using the full
consolidation method;
● PragmaGO.TECH Sp. z o.o., with its registered office in Kraków, as a subsidiary, consolidated using the
full consolidation method;
● Monevia Sp. z o.o. with its registered office in Bydgoszcz as a Subsidiary, consolidated using the full
consolidation method;
● Telecredit IFN S.A., with its registered office in Bucharest, as a subsidiary, consolidated using the full
consolidation method;
The parent company at the next higher level is Polish Enterprise Funds SCA, based in Luxembourg. The
ultimate parent company is Enterprise Investors Corporation, based in New York (USA).
As at 31 December 2025, the Parent Company held:
● 2,924 shares in BRUTTO SP. Z O.O. with a nominal value of PLN 100 each, representing 100% of the shares
in BRUTTO Sp. z o.o.
● 520 shares in PragmaGO.TECH Sp. z o.o. with a nominal value of PLN 50 each, representing 100% of the
shares in PragmaGO.TECH Sp. z o.o.
● 17,000 shares in Monevia Sp. z o.o. with a nominal value of PLN 500 each, representing 100% of the
shares in Monevia Sp. z o.o.
● 2,719,439 shares in Telecredit IFN SA with a nominal value of RON 1 each, representing an 89% stake in
the Company.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
14
The composition of the Capital Group did not change during the period covered by these financial
statements. After the balance sheet date, the Company established PragmaGO Spain S.L., with its
registered office in Barcelona, Spain, and PragmaGO d.o.o., with its registered office in Zagreb, Croatia.
The Parent Company consolidates its subsidiaries using the full consolidation method.
II. INFORMATION ON THE ACCOUNTING POLICIES APPLIED IN THE PREPARATION OF
THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS PREPARED AS AT AND
FOR THE 12-MONTH PERIOD ENDED 31 DECEMBER 2025
1. Basis for the preparation of the financial statements
The Parent Company, PragmaGO S.A., prepares its financial statements in accordance with International
Financial Reporting Standards as adopted by the European Commission.
The consolidated financial statements of the Group cover the year ended 31 December 2025 and include
comparative figures as at and for the year ended 31 December 2024. Financial data is presented in
thousands of PLN (PLN ‘000), unless otherwise stated.
2. Statement of Compliance
These consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards as adopted by the European Union (IFRS) and other applicable regulations, and in
matters not covered by the above standards, in accordance with the requirements of the Accounting Act of
29 September 1994 (Journal of Laws 2023, item 120, as amended) and the implementing regulations issued
thereunder, as well as the requirements applicable to issuers of securities admitted to trading or applying
for admission to trading on the official stock exchange market.
IFRS comprises all International Accounting Standards (IAS), International Financial Reporting Standards
(IFRS) and related Interpretations of the International Financial Reporting Interpretations Committee (IFRIC),
with the exception of Standards and Interpretations awaiting endorsement by the European Union, as well
as Standards and Interpretations that have been endorsed by the European Union but have not yet come
into force.
These consolidated financial statements include selected explanatory notes that are material to the Group’s
financial performance and position during the reporting period. The Group presents each significant
category of similar items separately. The Group presents items that differ in nature or function separately,
unless they are immaterial.
These consolidated financial statements were approved by the Management Board of the Parent Company
on 22 April 2026.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
15
3. Going concern
The financial statements have been prepared on the assumption that the Group’s companies will continue
as going concerns for a period of at least twelve months from the balance sheet date. As at the date of
preparation of these financial statements, the Management Board of the Parent Company has not identified
any circumstances indicating a threat to the Group’s companies’ ability to continue as going concerns.
4. Functional currency and presentation currency of the financial statements
The functional currency of the Group and the presentation currency of these financial statements is the
Polish zloty. These financial statements are presented in thousands of zlotys, unless otherwise stated.
Numerical values have been rounded to the nearest thousand.
The results and financial position of Group companies whose functional currency differs from the
presentation currency are translated into the presentation currency as follows:
● assets and liabilities in each statement of financial position presented (i.e. including comparative
figures) are translated at the closing rate prevailing on the date of the statement of financial
position;
● revenue and expenses recognised in each statement of profit or loss and other comprehensive
income (i.e. including comparative figures) are translated at a rate representing the arithmetic mean
of the average exchange rates of the National Bank of Poland at the end of each month of the period
covered by the financial statements;
● and all resulting exchange differences are recognised in other comprehensive income.
Functional Currency
The Company
Polish zloty (PLN)
PragmaGO S.A.
Monevia Sp. z .o.o.
PragmaGO.TECH Sp. z o.o.
BRUTTO Sp. z o.o.
Romanian leu (RON) Telecredit IFN SA
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
16
III. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS TO EXISTING
STANDARDS
Standards and interpretations approved by the European Union
Standards and
interpretations
Description of changes
Commencement of the period
of application
Impact on the
financial statements
their initial
application
Amendments to
IAS 21
Effects of changes
exchange rates
– Non-
convertibility
The amendments introduce a
requirement to disclose
information enabling users of
financial statements to understand
the effects of non-convertible
currencies and explain how the
convertibility of currencies should
be assessed.
1 January
2025
The application of the
amended standard did
not have a significant
impact on the financial
statements.
Standards and interpretations that are not yet effective and have not been early adopted by the Group
Standards and
interpretations
Description of changes
Commencement of
Effective
Impact on the Group’s
financial statements
their initial
application
Annual
Improvements to
IFRSs, Part 11
The annual improvements introduce
minor amendments to IFRS 1 First-
time Adoption of IFRS, IFRS 7
Financial Instruments: Disclosures,
IFRS 9 Financial Instruments, IFRS 10
Consolidated Financial Statements
and Agriculture, and IAS 7 Statement
of Cash Flows.
1 January
2026
The application of the
standard will not have an
impact on the financial
statements.
IFRS 18
Presentation and
disclosures in
financial
financial
In April 2024, the Board published
the new standard IFRS 18
‘Presentation and Disclosures in
Financial Statements’. The standard
is intended to replace IAS 1 –
Presentation of Financial
Statements and will be effective
from 1 January 2027. The changes
compared to the standard it replaces
mainly concern three areas: the
income statement, required
disclosures regarding performance
measures, and issues related to the
aggregation and disaggregation of
information contained in financial
statements.
1 January
2027
The Group is in the
process of preparing to
implement the
amendments to the
financial statements in
accordance with the
standard. Early adoption
is not planned.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
17
The published standard will apply to
financial statements for periods
beginning on or after 1 January
2027. As at the date of preparation of
these consolidated financial
statements, these amendments
have not yet been endorsed by the
European Union.
IFRS 19
Subsidiaries
without public
accountability:
disclosure
IFRS 19 allows qualifying subsidiaries
to apply IFRS with limited
disclosures. The application of IFRS
19 is intended to reduce the cost of
preparing financial statements for
subsidiaries whilst maintaining the
usefulness of the information for
users of th
eir financial statements.
The Group
qualifies to apply the
standard if it does not have a public
accountability function and its
ultimate or intermediate parent
entity prepares separate financial
statements available for public use
that comply with IFRS.
1 January
2027
The application of the
standard will not have an
impact on the financial
statements.
Amendments to
IFRS 9 and IFRS 7
– classification
and
measurement of
financial
instruments
In May 2024, the IASB published
amendments to IFRS 9 and IFRS 7
aimed at:
a)
clarify the date of recognition
and derecognition of certain
financial assets and liabilities, with
an exemption for certain financial
liabilities settled through an
electronic funds transfer system;
b)
clarifying and adding further
guidance on assessing whether a
financial asset meets the criteria for
SPPI;
c)
adding new disclosures
regarding certain instruments
whose contractual terms may affect
cash flows; and
d) updates the disclosures regarding
equity instruments measured at fair
value through other comprehensive
income (FVOCI).
1 January
2026
The application of the
standard will not have an
impact on the financial
statements.
As at the date of preparation of these consolidated financial statements, the amendments listed below have
not yet been endorsed by the European Union.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
18
Standards and
interpretations
Description of amendments
Effective date
Effective
Impact on the
financial statements
their initial
application
IFRS 18
Presentation
and
disclosures in
financial
statements
A new standard published in April 2024,
which will replace IAS 1.
The implementation of the new
guidelines aims to improve the
comparability
and transparency of entities’ financial
statements.
As of the date of
preparation of these
consolidated
financial statements,
these amendments
have not yet been
endorsed by the
European Union.
The Group is in the process
of preparing to implement
the changes to the financial
statements in accordance
with the standard. There are
no plans for early adoption
IFRS 19
Subsidiaries
without public
accountability:
disclosures
and
amendments
to IFRS 19
(published on
21 August
2025
)
The new standard, published in May
2024, will be voluntarily
by entities that do not have the status of
a public-interest entity
publicly accountable entity, and which
are subsidiaries of entities that prepare
publicly available consolidated financial
statements.
As at the date of
preparation of these
consolidated
financial statements,
these amendments
had not yet been
endorsed by the
European Union.
The application of the
amended standard will not
have an impact on the
financial statements.
Amendments
to IAS 21
The effects of
changes in
foreign
exchange
rates:
Translation
into the
presentation
currency
under
These amendments specify how the
Group should assess whether a currency
is convertible into another currency and
how it should determine the spot
exchange rate where conversion is not
possible.
As at the date of
preparation of these
consolidated
financial statements,
these amendments
had not yet been
endorsed by the
European Union.
.
The application of the
amended standard will not
have an impact on the
financial statements.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
19
Implementation of other standards and interpretations
The effective dates are those specified in the standards issued by the International Accounting Standards
Board. The dates of application of the standards in the European Union may differ from those specified in
the standards and are announced upon their adoption by the European Union. As at the date of approval of
these consolidated financial statements for publication, the Management Board of the Parent Company
does not anticipate that the introduction of the remaining standards and interpretations will have a material
impact on the accounting policies applied by the Group.
IV. SIGNIFICANT ACCOUNTING POLICIES
The Group has disclosed in these consolidated financial statements a description of the accounting policies
which the Group considers to be significant in the context of the consolidated financial statements. In
preparing the annual consolidated financial statements, the Group has applied the same accounting policies
consistently across all periods presented.
1. Property, plant and equipment
Property, plant and equipment include assets which:
● the Group holds for use in the provision of services, for letting to other entities under a lease
agreement, or for administrative purposes, and
● are expected to be used for more than one year.
The initial value of an item of tangible fixed assets that meets the criteria for recognition in the balance
sheet is its acquisition or production cost, i.e. the amount of cash or cash equivalents paid, or the fair value
of other assets transferred in exchange for the asset at the time of its acquisition or production. The cost of
a fixed asset comprises:
● the purchase price, including import duties and non-refundable taxes, less trade discounts and
rebates;
● all costs directly attributable to bringing the asset to the location and condition necessary for it to
be capable of operating in the manner intended by management.
The carrying amount of fixed assets is their historical cost less accumulated depreciation and provisions for
expected credit losses.
The appropriateness of the depreciation rates applied is reviewed periodically (once a year), resulting in an
adjustment to depreciation charges from the beginning of the financial year in which the change occurred.
The Group applies the following useful lives for fixed assets:
● Rights of use – buildings and structures – up to 7 years;
● Investments in third-party fixed assets – 10 years;
● Technical equipment and machinery – from 3 to 10 years;
● Rights of use – means of transport – 5 years;
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
20
● Other fixed assets – 5 years.
2. Intangible assets
Intangible assets include non-monetary assets without physical form that are identifiable, i.e. they can be
separated, i.e. excluded or set aside from the Group’s assets, transferred, licensed or made available for use
by third parties for a fee, either individually or in conjunction with a related contract, asset or liability, or arise
from contractual or other legal rights, regardless of whether they are transferable or separable from the
Group’s other assets or liabilities. Intangible assets are recognised if it is probable that they will generate
future economic benefits that may be associated with those assets and their value can be measured reliably.
The Group recognises expenditure on development work as intangible assets, provided the following
conditions are met:
a) it is technically feasible to complete the intangible asset so that it is ready for use or sale;
b) the Group intends to complete the intangible asset and to use or sell it;
c) the Group has the ability to use or sell the intangible asset;
d) the intangible asset will generate probable future economic benefits;
e) the Group has the necessary technical, financial and other resources available to complete the
development work and to use or sell the intangible asset;
f) it is possible to reliably determine the expenditure incurred during the development work that can be
attributed to that intangible asset.
Intangible assets are initially recognised at acquisition price or production cost. Intangible assets recognised
as a result of a business combination are initially recognised at fair value at the date of the combination.
Following initial recognition, intangible assets are measured at their carrying amount less depreciation and
impairment losses. Intangible assets with a finite useful life are amortised on a straight-line basis once they
are available for use, i.e. when the intangible asset is in a location and condition that enables it to be used
in the manner intended by the Parent Company’s management over a period corresponding to its estimated
useful life. The Group applies the following useful lives for intangible assets:
● ERP systems 2–15 years
● Other intangible assets 2–5 years
The appropriateness of the applied amortisation periods and rates is reviewed periodically, at least at the
end of the financial year, and any adjustment to amortisation charges is made from the beginning of the
period in which the change occurred. Intangible assets with indefinite useful lives are not amortised; they
are subject to annual impairment tests.
3. Goodwill
Goodwill represents the positive difference between the purchase price of the shares (acquisition of the
entity) and the net fair values of the assets, liabilities and contingent liabilities allocated to them, determined
as at the date of acquisition of control, which is recognised in the consolidated financial statements as a
separate intangible asset, taking into account the shareholding held. The purchase price includes the fair
value of the consideration transferred as at the acquisition date and the contingent liability known as the
‘earn-out’. The earn-out liability is measured at fair value as at the acquisition date, which is determined on
the basis of the expected value of future payments, taking into account any discount (where material).
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
21
Following initial recognition and until settlement, depreciation or expiry, a contingent liability arising from a
business combination to which IFRS 3 applies is measured at fair value, with changes recognised in profit
or loss.
Goodwill is not amortised. However, an impairment test is carried out annually, as described in detail in Note
9. If impairment has occurred, provisions for expected credit losses are recognised in other operating
expenses.
4. Consolidation principles
The financial statements of subsidiaries are prepared as at the same reporting date as the Parent Company’s
financial statements and these consolidated financial statements of the Group and using the same
accounting policies in all material respects.
The consolidated financial statements combine the assets, liabilities, equity, income and expenses of the
Parent Company and its subsidiaries, excluding intra-group balances and the value of transactions between
Group entities, including any unrealised gains or losses and the carrying amount of the Parent Company’s
investment in each subsidiary, as well as that portion of the equity of each subsidiary which corresponds to
the Parent Company’s shareholding.
PragmaGO S.A. exercises control over the entity in which it has made an investment if:
● it has power over the entity,
● it is exposed to variable financial results or has a right to variable financial results,
● it has the ability to influence the amount of those financial results through its power over that entity.
If facts and circumstances indicate that there have been changes in at least one of the three elements of
control listed above, PragmaGO S.A. reassesses whether it exercises control over the entity in question.
Where PragmaGO S.A. does not hold a majority of the voting rights in the investee, it considers other facts
and circumstances in determining whether it exercises control over the entity in accordance with IFRS 10.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
22
5. The Group as a lessee
A lease is defined as a contract or part of a contract that conveys the right to control the use of an identified
asset (the underlying asset) for a specified period in exchange for remuneration. For short-term leases, the
Group applies the simplifications provided for in IFRS 16 ‘Leases’. To this end, three fundamental aspects
are analysed:
● whether the agreement relates to an identifiable asset that is either explicitly specified in the
agreement or implied at the time the asset is made available to the Group,
● whether the Group has the right to obtain substantially all the economic benefits from the use of
the asset over its useful life to the extent specified in the contract,
● whether the Group has the right to direct the use of the identified asset throughout its useful life.
At the commencement date of the lease, and provided that the definition of a lease is met, the Group
recognises the right-of-use asset in the appropriate category of property, plant and equipment and the
liability under ‘Lease liabilities’. The right-of-use asset is initially measured at cost, comprising the initial
amount of the lease liability, the initial direct costs incurred by the Group as the lessee, and lease payments
made on or before the commencement date, net of any lease incentives.
The Group amortises the right-of-use asset on a straight-line basis from the commencement date until the
end of the useful life of the right-of-use asset or the end of the lease term, whichever is earlier.
At the commencement date, the Group measures the lease liability at the present value of the lease
payments remaining to be paid using the lease interest rate, if this can be readily determined. Otherwise,
the lessee’s incremental borrowing rate is used. Lease payments included in the measurement of the lease
liability consist of fixed lease payments, variable lease payments dependent on an index or rate, amounts
expected to be paid as a guaranteed residual value, and payments under a purchase option, if exercise of
the option is reasonably certain.
After the commencement date of the lease, the Group measures the right-of-use asset at cost less
accumulated depreciation and accumulated impairment losses and adjusted for any revaluation of the
lease liability. In subsequent periods, the lease liability is reduced by payments made and increased by
interest accrued and is adjusted based on the carrying amount to reflect any reassessment or changes to
the lease, or to reflect updated, substantially fixed lease payments.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
23
6. Financial assets
Financial assets include: factoring receivables, loan receivables, trade receivables, cash, contractual rights
to receive cash, and contractual rights to exchange financial assets with another entity on potentially
favourable terms.
The Group recognises a financial asset when it becomes a party to a financial instrument, i.e. at the time it
acquires the asset.
Classification is determined at the time of initial recognition and depends on the entity’s financial instrument
management model and the characteristics of the contractual cash flows from those instruments.
In accordance with IFRS 9, financial assets are classified into the following measurement categories at the
time of their initial recognition:
1. financial assets measured at amortised cost,
2. financial assets measured at fair value through other comprehensive income,
3. financial assets measured at fair value through profit or loss.
The Group classifies financial assets as measured at amortised cost if:
● it is held in accordance with a business model whose objective is to hold financial assets to collect
contractual cash flows; and
● the terms of the contract relating to the financial asset give rise to cash flows at specified dates
that consist solely of repayment of principal and interest on the outstanding principal (the financial
asset meets the SPPI criterion).
The business model relates to the way in which the Group manages financial assets to generate cash flows.
This means that the business model determines whether cash flows will arise from the collection of
contractual cash flows, from the sale of financial assets, or from both of these sources. The business model
is determined on the basis of qualitative and quantitative criteria. The Group has a single business model,
namely a model involving holding assets to collect contractual cash flows. Under this model, the sale of
assets is incidental and may occur in the event of an increase in credit risk.
When assessing whether contractual cash flows consist solely of principal and interest payments (the SPPI
criterion), the Group analyses the contractual cash flows of the instrument. This analysis includes an
assessment of whether the contract contains any provisions that could alter the timing or amount of
contractual payments in such a way that, from an economic perspective, they would not constitute merely
principal and interest payments on the outstanding principal.
Purchased factoring receivables and loan receivables meet the SPPI criteria and are classified as held-to-
maturity assets. The Group presents them as financial assets measured at amortised cost. Financial assets
are recognised in the accounts on the contract date at the fair value of the expenditure incurred or other
assets transferred in exchange. The calculation of the effective interest rate includes commissions paid by
the Group that form an integral part of the effective interest rate and are presented in the consolidated
statement of profit or loss and other comprehensive income as a reduction in revenue. Interest calculated
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
24
using the effective interest rate is recognised in interest income from financial instruments measured at
amortised cost. The carrying amount of receivables is reduced by the amount of provisions for expected
credit losses, and the amount of the provision is charged to the statement of profit or loss and other
comprehensive income.
As at the balance sheet date, financial assets denominated in foreign currencies are measured at the
average exchange rate of the National Bank of Poland (NBP) prevailing on the balance sheet date.
During the reporting period, the Group did not reclassify any financial assets, nor were any financial assets
derecognised or discontinued in the accounts, apart from the sale of receivables described in Note 10.
7. Provisions for expected credit losses
For the purposes of estimating provisions for factoring receivables (“Factoring”) and loan receivables
(“Loans”), the Group applies a model based on the concept of “expected credit losses” (ECL).
In accordance with IFRS 9, provisions are determined in the following categories:
● Stage 1 – comprises exposures for which the risk has not increased significantly since initial
recognition of the exposure and, consequently, the calculation of expected credit losses is
performed over a 12-month horizon,
● Stage 2 – comprises exposures for which a significant deterioration in credit quality has been
identified as at the reporting date compared to the date of initial recognition of the exposure – the
calculation of expected credit losses is carried out over a lifetime horizon,
● Stage 3 – comprises exposures for which an impairment trigger has been identified.
The primary indicator of impairment (default) is a payment delay exceeding 90 days. In addition, other
grounds for classifying a debtor in this category may arise, including termination of the agreement, the
debtor’s declaration of bankruptcy, or the Group becoming aware that the debtor has filed for bankruptcy
or other restructuring proceedings.
A criterion indicating a significant increase in exposure risk and thus assignment to stage 2 is a delay in
repayment of disbursed financing exceeding 30 days. An additional criterion may be an analyst’s individual
identification, as part of an individual analysis of significant exposures, based on the entity’s financial data
and market information regarding its payment history, taking into account the Group’s collateral for
receivables.
The risk analysis is carried out on a contract-by-contract basis. This is justified by the Group’s broad product
range, where the Group may have exposures to a single client across various products that differ
significantly in their settlement methods (in particular in the case of factoring, where the source of
repayment is the customer, or in the case of certain loan products, where the Group has the ability to collect
payments directly from payment operators cooperating with the client). The materiality threshold is
calculated in aggregate for all amounts analysed within a given product or product group characterised by
the same settlement method.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
25
For the purposes of estimating provisions for expected credit losses, the Company classifies receivables
into stages in accordance with the following rules:
1) Stage 1 – instalments not yet due and instalments with a payment delay of up to 30 days (DPD ≤30);
2) Stage 2 – instalments with payment delays of between 31 and 90 days (DPD>30 and DPD≤90);
3) Stage 3 – instalments classified as in default, with arrears of over 90 days (DPD>90).
The estimation of expected credit loss is based on the same calculation formula in each of the stages.
Depending on the assigned stage and segment, the relevant credit risk parameter values are mapped.
= _
where:
● – the amount of the provision for expected credit losses,
● – probability of default, the PD value assigned to the relevant stage (for exposures in Stage
3, a value of 100% is assigned),
● – estimated loss given default, the LGD value set for the relevant stage (a value of 100% is
assigned to exposures with a DPD value above 1095),
● – the exposure value at default, which is the value of the outstanding amount of financing
or trade receivables,
● _ – the value of individual provisions made.
Provisions on factoring receivables
Probability of Default (PD)
The PD parameter is estimated by product group within factoring and is updated monthly. For exposures in
Stage 1, the calculation of the probability of default is based on the weighted average of repayment rates
over the last 3 months.
=
(
,
)
Where:
●
repayment_t – the weighted average over the last 3 months of repayments relative to the
outstanding amount of financing (or, as appropriate, the amount of trade receivables) in a given
month.
The calculation of the PD parameter at stage 2 is based on the PD value from stage 1, taking into account
the weight of the financing amounts (or, where applicable, the weight of trade receivables) in the individual
periods of the analysis.
=
_
(
+
100%
60
(
30
)
)
Where:
• – the amount of financing or, where applicable, the amount of consideration receivableson
a given day of delay ,
• _ – the sum of financing amounts (or, respectively, the sum of trade receivables) from
all periods under analysis,
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
26
• – the number of the delay day, taking values from 31,
• – the maximum day of delay for which the analysis is carried out, takes a maximum of 90 DPD,
•
– PD value for Stage 1.
For exposures in Stage 3, a PD value of 100% is assumed.
Estimated loss given default (LGD)
The LGD parameter in the factoring model is estimated in three variants: 3M/36M, 6M/36M and 12M/36M,
corresponding to the effectiveness of debt recovery over 3, 6 and 12 months within a 36-month horizon.
= min(
, 100%)
Where:
•
– the weighted average of repayments over the last 3 months in relation to the
outstanding amount of financing for the month in question (or, where applicable, the outstanding
amount of trade receivables).
•
– the weighted average of repayments over the last 36 months in relation to the
outstanding amount of financing in a given month (or, where applicable, the outstanding amount of
trade receivables).
The LGD value for a given horizon is determined as the inverse of the average recovery rates over 12 months,
with outliers (min, max) excluded.
3|36 = 100% (, … ,
)
The values of ‘6|36 ’ and ‘12|36 ’ are determined in the same way, where instead of the
’ variable, the values for 6 and 12 months are used respectively.
For the purposes of estimating provisions for expected credit losses at stages 1 and 2 for trade receivables,
the determined LGD value is discounted using the 3-month WIBOR rate. For principal receivables, the
determined LGD value is discounted using a rate corresponding to the cost of capital.
=
= _3|36
_3|36 = 100% (
(
100% 3
|
36
)
)
Where:
● - the percentage share of repayments observed in a given month ,
broken down into principal and interest components and determined for the entire portfolio
regardless of segment,
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
27
● – discount factor based on the average cost of debt and the number of the month ,
● – observation month, taking values from 4,
● – maximum number of observation months.
The discounted values of6|36 and12|36 are used to determine the LGD value used to
estimate expected credit losses for receivables in Stage 3.
=
_3|36 +
_6|36
+
_12|36
•
– the proportion of the financing amount (or, where applicable, the consideration
receivablesamount) that is 91–180 days past due
•
- the proportion of the financing amount (or, where applicable, the consideration
receivablesamount) past due by 181–365 days
•
- the proportion of the financing amount (or, where applicable, the consideration
receivablesamount) past due by 366–1,095 days
For receivables overdue by more than 1,095 days, the Group assumes an LGD of 100%.
Exposure at default (EAD)
The exposure value used to estimate provisions corresponds to the amount of financing or, where
applicable, the amount of trade receivables.
= __ (1 )
= _ _(1 )
where:
● _ – the nominal value of collateral meeting the requirements for reducing the basis
for calculating provisions for expected credit losses. Collateral includes mortgages, pledges,
guarantees and sureties. Where the amount of collateral exceeds the value of the exposure in
question, the amount of financing (or, where applicable, the amount of trade receivables) is used.
● (1 ) – the recoverable value applied to different types of collateral:
o BGK guarantee – 80% of the financing amounts,
o Insurance – 90% of the financing amount,
o Mortgage – 66% of the property value less any prior mortgage entries, not exceeding the
amount of financing (trade receivables, pledge).
Provisions of loan receivables
Probability of Default (PD)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
28
For loans, the PD parameter is estimated based on historical data for products or product groups with similar
characteristics. The analysis period covers observations from at least two years of the product’s history. In
the case of a shorter product history, the product is grouped with another product of similar characteristics.
Arrears on a loan in a given period are defined as the number of days that have elapsed since the due date
specified in the repayment schedule for the most overdue instalment. The entire loan (tranche) is analysed.
To identify loans that have become more than 90 days past due (default), migration matrices with a 12-
month observation window are used. A value-based approach was adopted; specifically, the model uses
the opening balance of the loan at amortised cost.
The model checks for overdue payments at the start and end of the observation window and then
categorises them into DPD categories 0–5, 6–30, 31–60, 61–90, 91+. In the 0–5 range, the risk grades used
by the Company (A–E) are also taken into account, as these significantly influence the probability of the
debtor defaulting on their obligation. The resulting set, comprising 12 monthly observation windows, was
converted into 24- and 36-month PDs using matrix multiplication. Observations marked as fraud in the
system were excluded from the modelling. PD indicators are rescaled by a macroeconomic factor based on
the Vasick model, which is based on GDP dynamics.
Estimated loss given default (LGD)
Recoveries based on the available repayment history for the product are used to calculate LGD. In the case
of a short history, it is possible to group products or apply expert analysis.
Each month, the population entering default is analysed, and repayments in subsequent months are then
monitored.
Recoveries in a given month are used to calculate the Recovery Rate (RR), which is the quotient of the sum
of recoveries from all products in a given month divided by the EAD (balance at the time of entry into
stage_3). Recoveries are discounted using the effective interest rate specific to the contract or contracts
within a homogeneous group. For trade receivables, discounting is carried out using a risk-free rate (WIBOR
3M). For each month in default, a separate LGD value is determined, taking into account payments observed
exclusively in subsequent months.
When estimating the LGD curve dependent on the number of months in default (MID), the amortisation of
the balance over time (i.e. early repayments before reaching a given MID) is taken into account. There are
no recoveries in the portfolio; the only form of recovery is full repayment, which is reflected in the payment
analysis.
Exposure at default (EAD)
Credit risk exposure (EAD) is calculated as the end-of-month balance, using the carrying amount at adjusted
cost. Monthly balance amortisation is calculated based on the number of days remaining until the end of
the repayment schedule. The average EAD value is then calculated for the first, second and third years. It is
assumed that the amortisation of the balance is delayed by three periods, reflecting the fact that in most
cases, between the cessation of repayments and the occurrence of default (90 DPD), the exposure will not
settle its obligations. For each year, a discount factor is calculated based on the loan’s effective interest
rate. The assumed discounting period is 0.5 years for the first year and 1.5 years for the second year. This
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
29
period is adjusted to maturity (e.g. for an exposure maturing in 9 months, the ECL value is calculated using
the average balance over the 9-month period and discounted over a 4.5-month period). Loans in default
are not subject to amortisation or discounting. The basis for estimating the value of the provision is the
balance at adjusted cost. For exposures over 1 year, a corresponding component is added for the second
year, and subsequently for subsequent years.
ECL Model
The annual PD is assigned to each exposure according to its membership of the DPD stage: 0–5, 6–30, 31–
60, 61–90, 91+, where the first group is further subdivided into grades. LGD is determined based on the
duration of the exposure in default, using the specified LGD curve. The annual PD is scaled by the number
of days remaining to maturity, based on the end of the repayment schedule (which reflects the shortened
period during which the exposure may enter default).
In the case of past-due payments that have not yet reached the default level, the annual PD is scaled using
a multiplier of 0.25 (within 3 months the exposure will be repaid or go into default). Loans marked as fraud
in the Company’s system are allocated to ECL in the full amount of the balance. At the same time, such
exposures were not included in the modelling of PD and LGD parameters, which ensures consistency
between the population on which the parameters are estimated and the population for which they are used.
The ECL level is calculated by multiplying all the listed components for a given loan or receivable.
Individual method
For all individually significant exposures (i.e. those exceeding PLN 500,000) that were impaired as at the
balance sheet date, the Group determines the amount of the provision for expected credit losses as part of
the individual assessment.
Individual assessment involves the individual verification of impairment of credit exposures and the
forecasting of future cash flows, including those arising from the realisation of collateral or other sources of
repayment. Individual assessment is carried out and updated every 3 months.
8. Cash and cash equivalents
Cash comprises cash on hand and in bank accounts. Cash equivalents are short-term, highly liquid
investments (with an original maturity of up to three months from the date of acquisition), readily convertible
into specific amounts of cash and subject to insignificant risk of changes in value.
The balance of cash and cash equivalents, as shown in the cash flow statement, comprises the cash and
cash equivalents defined above, less outstanding overdrafts, provided they form an integral part of cash
management.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
30
9. Equity
Equity is recognised in the accounts by type and in accordance with the principles set out in the law and
the provisions of the Parent Company’s Articles of Association. Share capital is stated at par value, in an
amount consistent with the Parent Company’s Articles of Association and the entry in the National Court
Register.
Retained earnings comprise:
● amounts arising from the distribution of profit;
● transfers to the revaluation reserve (the revaluation reserve comprises the difference between fair
value and cost, net of deferred tax, of assets measured at fair value through other comprehensive
income);
● retained earnings from previous years;
● the financial result for the current year;
● advance payments made towards dividends; and
● the effects of prior-period errors.
Foreign exchange differences arising from the translation of foreign operations are recognised as a separate
item within equity.
10. Non-controlling interests
Non-controlling interests represent that portion of a subsidiary’s equity which is attributable to equity
interests not held, directly or indirectly through other subsidiaries, by the Parent Company’s Shareholders.
11. External financing costs
External financing costs costs are recognised as expenses in the period in which they are incurred.
12. Liabilities
Bond liabilities are measured at amortised cost using the effective interest rate method. The Group applies
simplified measurement methods to other financial liabilities (including bank loans and borrowings), trade
payables and other liabilities, which are measured at the amount payable at the time of initial recognition
and in the period following initial recognition (including at the balance sheet date).
Liabilities are presented broken down into long-term and short-term components. A liability is classified as
short-term when:
a) it is expected to be settled within the entity’s normal operating cycle;
b) the liability is held principally for trading purposes;
c) the liability is due within twelve months of the end of the reporting period; or
d) the entity does not have an unconditional right to defer the settlement of the liability for at least
twelve months after the end of the reporting period. Terms of the liability which could, at the
discretion of the counterparty, result in the liability being settled through the issuance of equity
instruments do not affect its classification.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
31
Other liabilities are classified as lontg-term liabilities.
If, in the event of a breach of the terms of long-term financing agreements on or before the end of the
reporting period, the liability becomes payable on demand, the liability is classified as a short-term liability,
even if the lender has, after the end of the reporting period and before the financial statements are
authorised for issue, to waive the demand for repayment despite the breach of the contract terms. Liability
is classified by the entity as short-term because, at the end of the reporting period, the entity does not have
an unconditional right to defer repayment of the liability for at least twelve months after the date of the
financial statements’ publication.
13. Revenue
The consolidated statement of profit or loss and other comprehensive income recognises all interest income
relating to financial instruments measured at amortised cost using the effective interest rate method, from
financial assets measured at fair value through other comprehensive income and at fair value through profit
or loss.
The effective interest rate is the rate that discounts the estimated future cash inflows and outflows over
the expected life of the financial instrument, excluding, however, expected credit losses (except for so-
called POCI assets). The calculation of the effective interest rate includes commissions paid by the Group
for intermediation directly attributable to revenue and any other premiums and discounts forming an
integral part of the effective interest rate.
The Group recognises revenue from commissions and fees not subject to the effective interest rate method
on a one-off basis or amortises them on a straight-line basis. Revenue is recognised in such a way as to
reflect the transfer of promised services to the customer in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those services. The Group takes into account the
terms of the contract and all relevant facts and circumstances.
Revenue recognised over time includes, in particular, revenue related to the granting of a credit limit in a
factoring agreement, commissions received on factoring receivables, increased factoring commissions (in
the event of late payment), remuneration in reverse factoring, and commissions for servicing and financing
after the payment due date. Commission and interest income from loans is accounted for using the effective
interest rate, except for the commissions listed below, which are accounted for on a one-off basis.
Income recognised on a one-off basis includes, amongst other things, factoring income relating to advance
commission, administrative fees (relating to, amongst other things, annexes, settlements and repayment
agreements), commissions for increasing the contract limit, for late payment, for exceeding the amount limit
and/or concentration limit, minimum commissions, and loan-related revenue concerning debt collection
commissions due to their nature.
Revenue from sales is reduced by intermediary costs relating to the acquisition of contracts and/or
customers, which are recognised over time in line with the revenue to which they relate.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
32
Other operating revenue includes operating revenue not directly related to the statutory activities of the
PragmaGO Group. These include, in particular, revenue from portfolio servicing, accounting services, IT
services and re-invoiced services.
14. Operating expenses
Operating costs include depreciation, services provided by external entities, staff remuneration and
benefits, taxes and charges, and other basic costs. Costs are recognised in the income statement in the
period to which they relate. Legal costs are recognised when incurred and are presented under Other core
expenses. Costs relating to more than one period are amortised over time.
15. Income tax
Current income tax is the amount determined in accordance with tax legislation, calculated on the taxable
income for the period.
Current income tax is recognised as a liability in the amount that has not yet been paid. If the amount paid
to date in respect of current income tax exceeds the amount payable, the surplus is recognised as
receivable.
Income tax is charged against the gross profit.
Deferred tax assets are recognised in respect of negative temporary differences, unused tax losses and
unused tax credits. A deferred tax liability is recognised in respect of positive temporary differences.
Negative temporary differences give rise to amounts that reduce the tax base in future periods when the
carrying amount of an asset is realised or a liability is settled. Negative temporary differences arise when
the carrying amount of an asset is lower than its tax base or the carrying amount of a liability is higher than
its tax base. Negative temporary differences may also arise in connection with items not recognised in the
accounts as assets or liabilities.
Positive temporary differences give rise to amounts that increase the tax base in future periods when the
carrying amount of an asset is realised or a liability is settled. Positive temporary differences arise when the
carrying amount of an asset is higher than its tax base or the carrying amount of a liability is lower than its
tax base. Positive temporary differences may also arise in connection with items not recognised in the
accounts as assets or liabilities.
The tax base is determined in accordance with the expected manner of utilising the assets or settling the
liabilities.
The amount of deferred tax assets and liabilities is determined at each reporting date, taking into account
the income tax rates applicable in the year in which the tax liability arises, using for this purpose the rates
resulting from published legislation.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences can be utilised (an analysis of the amount of deferred tax assets
expected to be realised is carried out at each reporting date).
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
33
Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities relating to
transactions recognised directly in other comprehensive income are also recognised in other
comprehensive income. Deferred tax assets and liabilities are treated in their entirety as non-current.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the recognised
amounts. It is assumed that such a legal right exists if the recognised amounts relate to the same taxpayer
(including a tax group), with the exception of amounts relating to items taxed on a lump-sum basis or in a
similar manner, where tax regulations do not provide for the possibility of offsetting them against tax
assessed under general rules.
16. Operating segments
The Group has an internal reporting system for management and budgeting purposes based on the financial
products offered and applies a division of reporting into the ‘Factoring’ and ‘Loans’ segments. The reporting
segments identified at Group level are identical to the operating segments.
The management model for budgeting and monitoring segment performance covers all components of the
statement of profit or loss and other comprehensive income up to the level of gross profit. Revenue
generated from the operations of each segment, as well as operating costs and other costs related to those
operations, are allocated to the respective segments through direct allocation of cost categories or the
allocation of costs according to appropriate allocation keys in accordance with the adopted allocation model.
General and administrative costs that do not relate directly to any of the segments but are associated with
the Group’s operations are recognised as unassigned costs. Assets are allocated to operating segments
except for:
● “Property, plant and equipment”;
● “Goodwill”;
● “Deferred tax assets”;
● “Other current assets”;
● “Cash and cash equivalents” and
● “Prepayments and accruals”.
Assets not directly attributable to any of the segments are presented under unassigned operations. “Bond
liabilities”, “Lease liabilities” and “Loans and borrowings liabilities” have been allocated to segments in
accordance with the structure of the assets they finance. “Provisions”, “Trade payables”, “Current Income
tax liabilities”, “Other liabilities and accruals” not directly attributable to any of the segments are reported
under unassigned operations. The accounting policies adopted are consistent across all segments and
applied to the Group. There were no inter-segment transactions that needed to be eliminated.
The “Factoring” segment comprises services for the small and medium-sized enterprise (SME) sector and
micro-enterprises relating to the provision of financing through digital factoring, nano-factoring and reverse
factoring.
The “Loans” segment comprises services involving the provision of financing in the form of deferred
payment (“BNPL”) for the e-commerce sector and Merchant Cash Advances under the embedded finance
model through integration with Partners’ systems, as well as instalment loans, special-purpose loans and
financing of taxes and social security contributions for business customers.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
34
The statement of profit or loss and other comprehensive income, as well as assets and liabilities broken
down by operating segment, are presented in Note 23.
17. Statement of cash flows
In the statement of cash flows, the Group presents expenditure and receipts relating to financial assets
used in its core business under operating activities as a change in balance, whilst in the statement of other
comprehensive income, income from these assets is presented under core business, as they serve the
Group’s statutory activities.
18. Professional judgement, estimates and assumptions
The preparation of financial statements in accordance with IFRS requires the Management Board of the
Parent Company to exercise professional judgement, make estimates and apply assumptions that affect
the accounting policies adopted and the amounts of assets, equity and liabilities, income and expenses
recognised in subsequent periods. Estimates and the related assumptions are based on historical
experience and various other factors deemed reasonable in the circumstances, and their results provide the
basis for professional judgement regarding the carrying amount of assets and liabilities that is not directly
derived from other sources. Actual values may differ from estimated values. Estimates and the underlying
assumptions are subject to ongoing review. A change in accounting estimates is recognised in the period in
which the estimate is revised, if the change relates solely to that period, or in the current and future periods,
if the changes relate to both the current and future periods.
Professional judgements made by the Management Board of the Parent Company in applying IFRS, which
have a material impact on the financial statements, as well as estimates giving rise to a significant risk of
material changes in future years, are presented in notes 7, 8, 9 and 10 to the consolidated annual financial
statements.
Professional judgement relates in particular to determining the useful lives of property, plant and equipment
and intangible assets, recognising impairment losses and expected losses on financial assets, as well as
verifying the carrying amount of deferred tax assets.
Item
Value of the item to which the
estimate relates
Note
No.
Assumptions and calculation of estimates
31 December
2025
31 December
2024
Property,
plant and
equipment
4,581 3,283 7
Depreciation rates
Depreciation rates are determined on the basis of
the expected useful lives of items of property,
plant and equipment and intangible assets. The
Group reviews the useful lives adopted annually
on the basis of current estimates.
Impairment of property, plant and equipment and
intangible assets
At each balance sheet date, the Group assesses
whether there are any indications that any of its
tangible fixed assets or intangible assets may be
Intangible
assets
50,619 41,319 8
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
35
Item
Value of the item to which the
estimate relates
Note
No.
Assumptions and calculation of estimates
31 December
2025
31 December
2024
impaired. If such indications are found to exist, the
Group estimates the recoverable amount of that
asset. Intangible assets with indefinite useful lives
are tested annually. The recoverable amount is the
higher of two values: the fair value of the asset
less costs to sell and its value in use. If
If it is not possible to estimate the recoverable
amount of an individual asset, the recoverable
amount is determined for the cash-generating
unit to which the asset belongs (the cash-
generating unit of the asset in question). The
carrying amount of a fixed asset or an intangible
asset is reduced to its recoverable amount if the
carrying amount exceeds the estimated
recoverable amount.
Goodwill 28,492 28,492 9
Impairment of goodwill
At least at each balance sheet date, or more
frequently if, in the opinion of the Parent
Company’s Management Board, there are
indications of possible impairment, the Group
performs an impairment test on goodwill.
The Group formally assesses the recoverable
amount of all cash-generating units to which the
goodwill relates, based on projected future cash
flows. The projected future cash flows are
estimates and are derived from the budget
prepared by the Parent Company’s Management
Board. Future cash flows are discounted using the
weighted average cost of capital. Furthermore, the
Management Board of the Parent Company
assumes, based on its best judgement and
expectations, a growth rate for the calculation of
the residual value. Where the carrying amount of
an asset exceeds its recoverable amount, an
impairment loss is recognised and a provision for
expected credit losses is taken to reduce its
carrying amount to the recoverable amount.
Recoverable amount is the higher of the fair value
of the cash-generating unit less costs to sell and
the value in use of the cash-generating unit.
Financial
assets
651,920 471,890 10
PD, LGD, EAD
The detailed assumptions used to estimate
provisions for expected credit losses are set out in
Note IV.7.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
36
NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE
PRAGMAGO S.A. GROUP PREPARED AS AT AND FOR THE 12-MONTH PERIOD
ENDED 31 DECEMBER 2025
THE ATTACHED NOTES FORM AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS
List of notes:
Number
Title
1
Total net revenue
2
Operating expenses
3 Other operating expenses
4 Financial income
5
Financial expenses
6 Income tax – current and deferred
7
Property, plant and equipment
8
Intangible assets
9 Goodwill
10
Financial assets
11
Receivables
12 Cash
13 Prepayments and accruals
14
Share capital
15 Loans and borrowings liabilities
16
Bonds liabilities
17
Lease liabilities
18 Trade and other payables – short-term and long-term
19
Deferred income
20
Reconciliation of changes in liabilities and other items disclosed in the statement of cash flows
21 Guarantees, sureties and contingent liabilities
22 Financial instruments
23
Operating segments
24 Average number of full-time equivalent employees in the Group
25
Ownership in the Parent Company held by persons managing and controlling the Parent
Company
26
Remuneration of key personnel of the Group and the Supervisory Board
27
Remuneration of the entity authorised to audit financial statements
28
Transactions and balances within the Group with related parties
29
Fair value
30
Events after the balance sheet date
31
Other disclosures required by law – forecasts of financial liabilities
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
37
1. Total net revenue
1.1 - Total net revenue
1 January 2025
31 December 2025
1 January 2024
31 December 2024
Revenue from factoring, including:
88,020
58,351
Interest income on financial instruments
measured at amortised cost, including:
69,639 36,664
Intermediary costs
(4,426)
(4,087)
Periodic fees 7,702 9,724
Initial and renewal fees 6,301 6,169
Late payment fees 1,469 2,394
Other
2,909
3,400
Revenue from loans, including:
89,267
50,636
Interest income on financial instruments
measured at amortised cost, including:
83,104 46,542
Intermediary costs
(19,738)
(10,074)
Late payment fees
5,830
3,583
Other
333
511
Other revenue, including:
1,889
3,990
Revenue from servicing the Pragma Faktor
portfolio
1,487 1,463
Other
402
2,527
TOTAL:
179,176
112,977
Intermediary costs
Intermediary costs, as direct transaction costs of financial instruments, are recognised together with
revenue and are amortised over time in line with the revenue to which they relate – either on an effective
rate basis or on a straight-line basis, as appropriate.
2. Operating expenses
2.1 – Operating expenses for the period
1 January 2025
31.12.2025
1 January 2024
31 December 2024
Depreciation
4,762
3,302
Remuneration and employee benefits
23,344
17,848
External services
17,240
12,033
Consumption of materials and energy
655
626
Taxes and fees
2,672
2,497
Other core expenses
6,699
5,581
TOTAL:
55,372
41,887
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
38
3. Other operating expenses
3.1 – Other operating expenses for the
period
1 January 2025 1 January 2024
31 December 2025 31 December 2024
Loss on the sale of receivables
552
-
Annual VAT adjustment
1,207
645
Donations
146
125
Other core expenses
585
824
TOTAL:
2,490
1,594
4. Financial income
4.1 - Financial income for the period
1 January 2025
1 January 2024
31 December 2025
31.12.2024
Valuation of bonds
3,038
-
Other financial income
143
82
TOTAL:
3,181
82
5. Finance costs
5.1 - Financial costs for the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Interest on bonds
34,969
26,133
Interest on loans and borrowings
7,506
4,744
Bond issuance costs
3,666
2,638
Commissions on loans and borrowings
3,152
2,407
Interest on leases
318
259
Costs of early redemption of bonds
-
692
Other
51
213
TOTAL:
49,662
37,086
6. Income tax – current and deferred
6.1 - Income tax for the period
1 January 2025
31 December 2025
1 January 2024
31 December 2024
Current income tax
9,775
5,422
Deferred income tax
(217)
(1,334)
TOTAL:
9,558
4,088
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
39
6.2 - Reconciliation of the effective tax rate
1 January 2025
31 December 2025
1 January 2024
31 December 2024
Gross profit before tax
32,372
15,170
Income tax at the statutory tax rate applicable in Poland
of 19%
(6,151) (2,882)
Impact of tax rates in foreign jurisdictions 184 10
Impact of permanent differences between gross profit
and income subject to income tax, including
:
(3,591)
(1,216)
Non-deductible provisions for expected credit losses on
factoring and loan exposures
(4,414) (2,132)
Sale of receivables
801
794
Utilisation of tax losses
145
263
Permanent cost differences
(156)
(202)
Other
33
61
Income tax recognised in the statement of profit or loss
and other comprehensive income
(9,558)
(4,088)
Effective tax rate
30%
27%
6.3 - Change in deferred tax assets during the period
1 January 2025
31.12.2025
1 January 2024
31 December 2024
Balance at the beginning of the period 10,185 6,328
Recognition 3,986 3,990
Increase due to acquisition of control over a subsidiary - 156
Utilisation (93) -
Reversal (43) (289)
TOTAL:
14,035
10,185
6.4 - Change in deferred tax liability during the period
1 January 2025
31.12.2025
1 January 2024
31 December 2024
Balance at the beginning of the period
8,468
5,945
Recognition
3,633
2,755
Utilisation
-
-
Reversal
-
(232)
TOTAL:
12,101
8,468
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
40
6.5 - Net deferred tax assets and liabilities for the period
1 January 2025
31.12.2025
1 January 2024
31 December 2024
Net deferred tax assets 1,934 1,717
Net deferred tax liability - -
6.6 - Deferred tax
Deferred tax assets
Balance as of
Balance as of
Impact on tax
Impact on tax
31 December
2025
31 December
2024
31 December
2025
31 December
2024
Valuation of financial liabilities
152
557
405
(182)
Provisions
469
331
(138)
(282)
Deferred income relating to financial
assets
9,948 6,296 (3,652) (2,609)
Provisions on receivables
2,404
2,259
(145)
(731)
Difference between the tax and carrying
amounts of fixed assets
708 426 (282) 94
Annual VAT adjustment 197 117 (80) (117)
Other 157 199 42 (30)
TOTAL DEFERRED TAX ASSETS:
14,035
10,185
(3,850)
(3,857)
Deferred tax liability
Balance as of Balance as of Impact on tax
Tax
implications
31 December
2025
31 December
2024
31 December
2025
31 December
2024
Valuation of financial investments 797 478 319 298
Bad debt relief 2,501 1,705 796 811
Profit of the acquired company - - - (232)
Difference between the tax and carrying
amounts of fixed assets
5,604 3,809 1,795 780
Accrued expenses 3,194 2,424 770 1,039
Other 5 52 (47) (173)
TOTAL DEFERRED TAX PROVISION:
12,101
8,468
3,633
2,523
Reconciliation of the effective tax rate
From December 2024, the consolidation includes a subsidiary based in Romania, where the applicable tax
rate is 16%.
Provisions for expected credit losses on loans not constituting tax-deductible costs
In accordance with the Corporate Income Tax Act (consolidated text, Journal of Laws 2025, item 278), tax-
deductible costs include the value of receivables previously recognised as taxable income, which are
written-off, have become time-barred or have become uncollectible in the portion covered by provisions
for expected credit losses. The value of provisions for expected credit losses on expected credit losses from
factoring and loan exposures relating to financing amounts that were not previously included in taxable
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
41
income does not constitute a tax-deductible expense; it constitutes a permanent difference and results in
a discrepancy between the effective tax rate and the applicable rate of 19%.
Unrecognised deferred tax
Given the Parent Company’s control over the timing of the settlement of temporary differences relating to
goodwill, and its knowledge that, within a foreseeable timeframe, these differences will not be reversed, no
deferred tax has been recognised in respect of this.
Tax risk
Regulations concerning value added tax, corporation tax and social security contributions are subject to
frequent changes both in Poland and in Romania, where the Group operates. These frequent changes result
in a lack of appropriate reference points, inconsistent interpretations and few established precedents that
could be applied. The applicable regulations also contain ambiguities that lead to differences of opinion
regarding the legal interpretation of tax regulations, both between state authorities and between state
authorities and businesses.
Tax returns and other areas of activity may be subject to audits by authorities authorised to impose penalties
and fines, together with interest, and any additional tax liabilities arising from such audits must be paid
together with high interest. These conditions mean that tax risk in Poland and in certain other countries
where the Group operates is higher than in countries with a more mature tax system. Consequently, the
amounts presented and disclosed in the financial statements may change in the future as a result of a final
decision by the tax audit authority.
7. Property, plant and equipment
7.1 - Property, plant and equipment
Balance as of
Balance as of
31 December 2025
31 December 2024
Rights of use – buildings and structures
2,397
874
Technical equipment and machinery
198
147
Rights of use – means of transport
1,931
2,216
Other fixed assets
38
6
Investments in third-party fixed assets
17
40
TOTAL:
4,581
3,283
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
42
7.2 - Property, plant
and equipment during
the reporting period
Rights of use
– buildings
and
structures
Technical
equipment
and
machinery
Rights of use
– means of
transport
Other
fixed
assets
Investments
in third-
party fixed
assets
Total
Gross carrying
amount as at 1
January 2025
2,476 735 3,193 413 99 6,916
Direct acquisitions
82
146
-
-
-
228
Granting of rights of
use
- - 341 - - 341
Change in lease
payments
525 - - - - 525
Reductions due to
sale/disposal
- (97) (246) - - (343)
Reductions due to
lease buy-outs
- - - - - -
Exchange differences
arising from the
translation of a
subsidiary’s financial
statements
(19) - (1) (7) - (27)
Gross carrying
amount as at 31
December 2025
3,064
784
3,287
406
99
7,640
Property, plant and
equipment during the
reporting period
Rights of use
– buildings
and
structures
Technical
equipment
and
machinery
Rights of use
– means of
transport
Other
fixed
assets
Investments
in third-
party fixed
assets
Total
Gross carrying
amount as at 1
January 2024
2,100 663 2,320 394 70 5,547
Increases due to the
acquisition of control
over a subsidiary
379 28 477 16 8 908
Direct acquisitions - 78 - 4 21 103
Granting of rights of
use
- - 648 - - 648
Reductions due to
sale/disposal
- (34) (251) - - (285)
Exchange differences
arising from the
translation of a
subsidiary’s financial
statements
(3) - (1) (1) - (5)
Gross carrying
amount as at 31
December 2024
2,476
735
3,193
413
99
6,916
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
43
7.3 - Depreciation of
property, plant and
equipment
Rights of use
– buildings
and
structures
Technical
equipment
and
machinery
Rights of use
– means of
transport
Other
fixed
assets
Investments
in third-
party fixed
assets
Total
Depreciation value as
at 1 January 2025
1,602 588 977 407 59 3,633
Depreciation for the
period
664 94 488 21 12 1,279
Decreases due to
sale/disposal
- (96) (108) - - (204)
Lease modification (1,592) - - - - (1,592)
Adjustment for
depreciation
- - - (56) 11 (45)
Exchange differences
arising from the
translation of a
subsidiary’s financial
statements
(7) - (1) (4) - (12)
Depreciation value as
at 31 December 2025
667
586
1,356
368
82
3,059
Depreciation of
property, plant and
equipment
Rights of use
– buildings
and
structures
Technical
equipment
and
machinery
Rights of use
– means of
transport
Other
fixed
assets
Investments
in third-
party fixed
assets
Total
Depreciation value as
at 1 January 2024
1,085 505 695 388 58 2,731
Depreciation for the
period
522 99 433 8 10 1,072
Decreases due to
sale/disposal
- (31) (150) - (11) (192)
Other (reclassification) - 15 - 15 - 30
Exchange differences
arising from the
translation of a
subsidiary’s financial
statements
(5) - (1) (4) 2 (8)
Depreciation value as
at 31 December 2024
1,602
588
977
407
59
3,633
8. Intangible assets
8.1 - Intangible assets
Balance as of
Balance as of
31 December 2025 31 December 2024
ERP systems
43,100
35,573
Computer systems under development
7,519
5,746
TOTAL:
50,619
41,319
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
44
8.2 - Intangible assets during
the reporting period
ERP system
Intangible
assets in
progress
Costs of
completed
development
work
Total
Gross carrying amount as at 1
January 2025
41,930 5,746 311 47,987
Acquisition/expenditure
incurred
80 12,715 - 12,795
Acceptance into use 10,942 (10,942) - -
Foreign exchange differences
arising from the translation of a
subsidiary’s financial
statements
(75) - - (75)
Gross carrying amount as at 31
December 2025
52,877
7,519
311
60,707
Intangible assets during the
reporting period
ERP system
Intangible
assets in
progress
Costs of
completed
development
work
Total
Gross carrying amount as at 1
January 2024
26,202 6,757 311 33,270
Increases due to the acquisition
of control over a subsidiary
3,066 950 - 4,016
Acquisition/expenditure
incurred
32 11,203 - 11,235
Acceptance for use 13,164 (13,164) - -
Decreases (519) - - (519)
Exchange differences arising
from the translation of a
subsidiary’s financial
statements
(15) - - (15)
Gross carrying amount as at 31
December 2024
41,930
5,746
311
47,987
8.3 - Depreciation of intangible
assets
ERP system
Costs of completed
development work
Total
Accumulated depreciation as at 1
January 2025
6,357 311 6,668
Increase in depreciation for the
period
3,483 - 3,483
Foreign exchange differences
arising from the translation of a
subsidiary’s financial statements
(63) - (63)
Depreciation value as at 31
December 2025
9,777
311
10,088
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
45
Depreciation of intangible assets ERP system
Costs of completed
development work
Total
Accumulated depreciation as at 1
January 2024
4,655 311 4,966
Decreases due to liquidation
(517)
-
(517)
Increase in depreciation for the
period
2,230 - 2,230
Foreign exchange differences
arising from the translation of a
subsidiary’s financial statements
(11) - (11)
Accumulated depreciation as at
31 December 2024
6,357
311
6,668
Intangible assets held by the Group are assets with a finite useful life and are amortised on a straight-line
basis.
9. Goodwill
9.1 - Goodwill Head office
Balance as of Balance as of
31 December 2025 31 December 2024
BRUTTO Sp. z o.o.
Warsaw
3,056
3,056
PragmaGO.TECH Ltd.
Kraków
1,861
1,861
Monevia Ltd
Bydgoszcz
6,365
6,365
Telecredit IFN SA
Bucharest
17,210
17,210
TOTAL COMPANY VALUE:
28,492
28,492
9.2 - Goodwill - changes during the period
Balance as of Balance as of
31 December 2025 31 December 2024
Balance at the beginning of the period
28,492
4,917
Increases during the period, including:
-
23,575
- acquisition of control over a subsidiary – Monevia
-
6,365
- acquisition of control over a subsidiary – Telecredit IFN
-
17,210
TOTAL GOODWILL:
28,492
28,492
Goodwill of Brutto sp. z o.o.
The goodwill of Brutto sp. z o.o. arose in connection with the acquisition of 2,103 shares in 2021 and a capital
increase of 804 new shares subscribed for in exchange for a cash contribution of PLN 600,000. In 2023,
the Parent Company purchased the remaining shares in Brutto Sp. z o.o. and, in accordance with the
settlement agreement of 31 July 2023, became a 100% shareholder in exchange for additional remuneration
totalling PLN 1,150,562.00. As at the date of acquisition of control, the acquired assets and liabilities were
fully identified and measured.
Acquisition of control over Monevia
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
46
On 5 February 2024, the Parent Company acquired 100% of the shares in Monevia Sp. z o.o., based in
Bydgoszcz. The company’s core business is providing financing in the form of factoring. The purpose of the
share acquisition is to strengthen the Group’s position in the micro-factoring sector for small and micro-
enterprises. As at 31 December 2025, the purchase price allocation process was completed.
Acquisition of control over Telecredit IFN SA
On 5 December 2024, the Parent Company acquired control of Telecredit, based in Bucharest, Romania. The
Parent Company holds shares representing an 89% stake in the share capital. This company has the status
of a financial institution and its primary business activity is the provision of financing in the form of factoring
and loans. As at 31 December 2025, the purchase price allocation process was completed. The purpose of
the share acquisition is international expansion in line with the Group’s long-term development plan. In
accordance with the agreement, the purchase price amounted to EUR 5,785,000, subject to the proviso that
this price may be adjusted up to a maximum of EUR 6,230,000, provided that Telecredit’s financial results
for 2025 show the net profit specified in the Sale Agreement. As part of the settlement of the acquisition, a
contingent liability in respect of the earn-out was recognised in the amount of EUR 445,000, corresponding
to the maximum level of additional remuneration. As at 31 December 2025, Telecredit’s financial results
indicate that the conditions for the full earn-out amount have been met, in line with estimates. However,
this amount is subject to verification. The earn-out is scheduled to be settled in the third quarter of 2026.
The recognised goodwill reflects the potential for expansion in the Romanian market in line with the Capital
Group’s development plans. The outlook focuses on the factoring market, where there is visible dynamic
growth in financial services in this area in Romania, as well as in embedded finance products.
Provisions for expected credit losses
As at 31 December 2025 and 31 December 2024, there were no indications of impairment and no provisions
for expected credit losses were recognised.
Impairment
In accordance with IAS 36, the Management Board of the Parent Company performed an impairment test
on goodwill as at 31 December 2025. The valuation was carried out on the basis of three-year financial
forecasts prepared in relation to the operating activities of the subsidiaries and the risk-adjusted cost of
capital for the company being valued. The goodwill impairment test was prepared using the income
approach.
Future cash flows were estimated using the Parent Company’s Management Board’s assumptions in line
with the Group’s budget. The detailed projection period covered 3 years, i.e. the period 2026–2028. The
goodwill impairment tests were prepared using the FCFE (Free cash flow to equity) income approach.
The discount rate was estimated using the WACC (weighted average cost of capital) approach.
Key assumptions used to determine fair value as at 31 December 2025:
● Average change in sales revenue over the detailed projection period as per the table below
● Detailed forecast period – 2026–2028
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
47
● Discount rate – 14.09%
● Real FCFE growth rate after 2028 – 1–3.5%
Assumption Telecredit IFN Monevia PragmaGO.Tech Brutto
Average change in sales revenue
over the projection period
1.1% 15.7% (1.9%) 6.1%
Detailed forecast period (years)
3
3
3
3
Discount rate
14.09%
14.09%
14.09%
14.09%
Real FCFE growth rate after 2028
3.5%
3.5%
1.0%
3.5%
The results of the tests carried out indicate that no impairment has occurred. There are therefore no grounds
for making provisions for expected credit losses on the carrying amount.
Sensitivity analysis
The key assumptions having the greatest impact on the recoverable amount are the budgeted net profit,
the growth rate after the forecast period, and the discount rate. The results of the sensitivity analyses
conducted in relation to the key assumptions and their impact on the recoverable amount are presented
below. Within the analysed ranges of variation in the assumptions relative to the base case, the recoverable
amount did not fall below the carrying amount.
a.
Growth rate after the forecast period
Deviation from the recoverable
amount
in the base case
+ 100 bps
- 100 bps
(thousand PLN) % (PLN thousand) %
Telecredit IFN 6,328 +9.2 (5,286) (7.7)
Monevia 2,844 +8.7 (2,365) (7.2)
PragmaGO.tech 384 +6.6 (329) (5.7)
Brutto 1,030 +9.1 (852) (7.6)
TOTAL:
10,586
-
(8,832)
-
b.
Discount rate (WACC)
Deviation from recoverable
amounts in the base case
+ 100 bps - 100 bps
(thousand PLN) % (PLN thousand) %
Telecredit IFN
(8,867)
(12.9)
10,813
+15.8
Monevia
(3,494)
(10.7)
4,250
+13.0
PragmaGO.tech
(419)
(7.2)
488
+8.4
Brutto
(1,027)
(9.1)
1,243
+11.0
TOTAL:
(13,807)
-
16,794
-
In the case of the growth rate beyond the forecast period, a reduction of 100 basis points results in a
decrease in the recoverable amount of PLN (8,832) thousand, whilsvt an increase of 100 basis points results
in an increase of PLN 10,586 thousand. In the case of the discount rate, a reduction of 100 basis points
results in an increase in the recoverable amount of PLN 16,794 thousand, whilst an increase of 100 basis
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
48
points results in a decrease in the recoverable amount of PLN (13,807) thousand. The above sensitivity
analysis did not reveal any changes in recoverable amount that would exceed the headroom.
10. Financial assets
10.1 – Short- and
long-term financial
assets as at
31 December 2025 31 December 2024
Specification Gross value
Provisions for
expected
credit losses
Carrying
amount
Gross value
Provisions for
expected credit
losses
Carrying
amount
Loans 421,464 (33,049) 388,415 254,220 (16,810) 237,410
Factoring 298,221 (34,716) 263,505 252,880 (18,400) 234,480
TOTAL:
719,685
(67,765)
651,920
507,100
(35,210)
471,890
10.2 - Provisions for expected credit losses on short-
and long-term financial assets – changes during the
period
1 January 2025
1 January 2024
31 December 2025 31 December 2024
Provisions at the beginning of the period (35,210) (44,022)
Recognition of provisions (64,539) (37,051)
Reversal of provisions 22,787 18,078
Reversal of provisions related to the sale of receivables 8,931 27,712
Utilization of provisions 216 54
Exchange differences on translation 51 19
PROVISIONS AT THE END OF THE PERIOD:
(67,775)
(35,210)
Provisions for expected credit losses
The methodology for calculating and recognising individual and statistical provisions is described in the
section on Significant Accounting Policies of the consolidated annual financial statements in point IV. 7.
31 December 2025 gross value
provisions for expected
credit losses
net value
factoring receivables
298,221
(34,716)
263,505
stage 1 234,805 (6,716)
228,089
stage 2 18,796 (6,925)
11,871
stage 3 44,620 (21,075)
23,545
loan receivables
421,464
(33,049)
388,415
stage 1 381,607 (6,246) 375,361
stage 2 8,326 (1,670) 6,656
stage 3 31,531 (25,133) 6,398
total receivables
719,685
(67,765)
651,920
stage 1 616,412 (12,962) 603,450
stage 2 27,122 (8,595) 18,527
stage 3 76,151 (46,208) 29,943
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
49
31 December 2024 gross value
provisions for expected
credit losses
net value
factoring receivables
252,880
(18,400)
234,480
stage 1
208,665
(257)
208,408
stage 2 3,838 (400) 3,438
stage 3 40,377 (17,743) 22,634
loan receivables
254,220
(16,810)
237,410
Stage 1 232,755 (4,113) 228,642
stage 2 3,971 (666) 3,305
stage 3 17,494 (12,031) 5,463
total receivables
507,100
(35,210)
471,890
stage 1 441,420 (4,370) 437,050
stage 2
7,809
(1,066)
6,743
stage 3 57,871 (29,774) 28,097
Financial assets measured at
amortised cost 31 December 2025 –
factoring
stage 1 stage 2 stage 3 Total
Gross carrying amount as at
1 January 2025
208,665 3,838 40,377 252,880
Transfer to stage 1
(2,953)
2,953
-
-
Transfer to stage 2
(532)
532
-
-
Transfer to stage 3
(2,112)
(1,360)
3,472
-
Increases in consideration
receivables (fees and commissions)
57,166 9,017 5,800 71,983
Increases – granting 2,214,363 30,580 6,888 2,251,831
Decreases due to repayment (2,234,885) (26,585) (10,897) (2,272,367)
Decreases due to sales (3,320) - (963) (4,283)
Other changes (including accruals
and exchange rate differences)
(1,587) (179) (57) (1,823)
Gross carrying amount as at
31 December 2025
234,805
18,796
44,620
298,221
Financial assets measured at
amortised cost
31 December 2025 – loans
stage 1 stage 2 stage 3 Total
Gross carrying amount as at
1 January 2025
232,755 3,971 17,494 254,220
Transfer to stage 2
(2,496)
2,496
-
-
Transfer to stage 3
(12,903)
(1,976)
14,879
-
Increases in consideration
receivables (fees and commissions)
123,050 15,502 12,745 151,297
Increases – granting
868,896
3,894
6,788
879,578
Decreases due to repayment
(811,507)
(15,557)
(8,635)
(835,699)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
50
Financial assets measured at
amortised cost
31 December 2025 – loans
stage 1 stage 2 stage 3 Total
Decreases due to sales
-
-
(11,705)
(11,705)
Other changes (including accruals
and exchange rate differences)
(16,188) (4) (35) (16,227)
Gross carrying amount as at
31 December 2025
381,607
8,326
31,531
421,464
Sale of non-performing portfolio
During the period covered by this report, the Group completed several sales transactions involving a non-
performing loan and factoring portfolio with a total net value of PLN 7,057 thousand for a price of PLN 6,505
thousand. In connection with the sale, provisions for expected credit losses amounting to PLN 8,931
thousand were reversed. As a result of the agreement, the risks, rewards and control were transferred, and
consequently these assets were derecognised. The primary objective of these transactions is to manage
credit risk and portfolio quality; therefore, they do not constitute a change to the Group’s existing business
model, in which the fundamental principle is to hold financial assets to maturity.
31 December 2025 Loans Factoring Total
Gross value
11,705
4,283
15,988
Reversal of provisions for
expected credit losses
(8,573) (358) (8,931)
Net value
3,132
3,925
7,057
Selling price
2,843
3,662
6,505
Result on sales
(289)
(263)
(552)
31 December 2024 Loans Factoring Total
Gross value
22,682
8,292
30,974
Reversal of provisions for
expected credit losses
(19,591) (8,121) (27,712)
Net value
3,091
171
3,262
Selling price
3,764
208
3,972
Result on sales
673
37
710
Increases due to granting and transfers
The changes in the gross carrying amount of factoring receivables and loans relating to transfers shown in
the table include receivables that were in the portfolio at the opening balance and were transferred to the
subsequent stage. In contrast, the increase due to granting reflects the value of financing granted and trade
receivables during the year, which were classified at the end of the reporting period into stages 1, 2 or 3, as
appropriate.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
51
Financial assets measured at
amortised cost
31 December 2024 – factoring
stage 1 stage 2 Stage 3 Total
Gross carrying amount as at
1 January 2024
142,826 4,301 36,110 183,237
Transfer to stage 2
(218)
218
-
-
Transfer to stage 3
(6,571)
(1,903)
8,474
-
Increases due to the acquisition of
control over a subsidiary
59,513 302 1,531 61,346
Increases in consideration
receivables (fees and commissions)
60,175 13,272 8,651 82,098
Increases – granting 1,888,368 3,488 11,733 1,903,589
Decreases due to repayment
(1,934,851)
(15,840)
(17,821)
(1,968,512)
Decreases due to sales - - (8,292) (8,292)
Other changes (including accruals
and exchange rate differences)
(577) - (9) (586)
Gross carrying amount as at
31 December 2024
208,665
3,838
40,377
252,880
Financial assets measured at
amortised cost
31 December 2024 – loans
stage 1 stage 2 stage 3 Total
Gross carrying amount as at
1 January 2024
142,211 3,388 24,968 170,567
Transfer to stage 2
(369)
369
-
-
Transfer to stage 3
(7,000)
(297)
7,297
-
Increases due to the acquisition of
control over a subsidiary
852 - 3 855
Increases in consideration
receivables (fees and commissions)
72,243 8,875 7,322 88,440
Increases – granting 515,353 3,384 7,908 526,645
Decreases due to repayment (478,915) (11,747) (7,322) (497,984)
Decreases due to sales - - (22,682) (22,682)
Other changes (including accruals
and exchange rate differences)
(11,620) (1) - (11,621)
Gross carrying amount as at
31 December 2024
232,755
3,971
17,494
254,220
Increases in financial assets arising from the acquisition of control over subsidiaries
During the comparative period covered by this report, the Group gained control of Monevia by acquiring a
factoring portfolio with a net value of PLN 21,434,000, and of Telecredit by increasing its financial assets
relating to factoring by PLN 39,912,000 and those relating to loans by PLN 855,000.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
52
Increases in financial assets in
connection with the acquisition of
control over a subsidiary
Gross value
Provisions for
expected credit
losses
Net amount
Loans 1,896 (1,041) 855
Factoring
65,421
(4,075)
61,346
TOTAL:
67,317
(5,116)
62,201
Change in provisions for expected
credit losses as at 31 December 2025
– factoring
stage 1 stage 2 stage 3 Total
Value of provisions as at 1 January
2025
(257) (400) (17,743) (18,400)
Provisions resulting from changes in
the balance
(1,483) 3,524 5,394 7,435
Provisions resulting from changes in
credit risk
(5,008) (10,181) (8,780) (23,969)
Foreign exchange differences on
translation of subsidiary data
32 132 54 218
Value of provisions as at 31
December 2025
(6,716)
(6,925)
(21,075)
(34,716)
Change in provisions for expected
credit losses as at 31 December 2025
– loans
stage 1 stage 2 stage 3 Total
Value of provisions as at 1 January
2025
(4,113) (666) (12,031) (16,810)
Provisions resulting from changes in
the balance
(2,562) (2,443) (12,209) (17,214)
Provisions resulting from changes in
credit risk
427 1,439 (927) 939
Foreign exchange differences on
translation of subsidiary data
2 - 34 36
Value of provisions as at 31 December
2025
(6,246)
(1,670)
(25,133)
(33,049)
Change in provisions for expected
credit losses as at 31 December 2024
– factoring
stage 1 stage 2 stage 3 Total
Value of provisions as at 1 January
2024
(387) (255) (20,187) (20,829)
Provisions resulting from changes in
the balance
159 38 (3,624) (3,427)
Provisions resulting from changes in
credit risk
(31) (183) 6,059 5,845
Foreign exchange differences on
translation of subsidiary data
2 - 9 11
Value of provisions as at 31
December 2024
(257)
(400)
(17,743)
(18,400)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
53
Change in provisions for expected
credit losses as at 31 December 2024
– loans
stage 1 stage 2 stage 3 Total
Value of provisions as at 1 January
2024
(2,339) (383) (20,471) (23,193)
Provisions resulting from changes in
the balance
(1,617) (142) 5,619 3,860
Provisions resulting from changes in
credit risk
(158) (141) 2,814 2,515
Foreign exchange differences on
translation of subsidiary data
1 - 7 8
Value of provisions as at 31 December
2024
(4,113)
(666)
(12,031)
(16,810)
Collateral for financial assets
In 2025, the PragmaGO S.A. Group utilised the following collateral for financing receivables:
● Mortgages securing receivables arising from factoring, reverse factoring and loans,
● Insurance of receivables arising from factoring provided by the specialist insurance company Euler
Hermes S.A., Polish Branch (Allianz) and Hestia,
● A bank guarantee covering receivables from factoring and reverse factoring provided by Bank
Gospodarstwa Krajowego,
● Pledges securing receivables arising from factoring and reverse factoring on fixed assets.
For collateral in the form of mortgages and pledges, the Group assumes a potential recovery rate of 66% of
the collateral’s value, net of any prior provisions. Insurance of factoring receivables covers 80–90% of the
nominal value of the receivables covered, with advance financing of such receivables under factoring
amounting to 80–85% (the remainder is settled with the client upon repayment by the payer); consequently,
the insurance value is higher than or equal to the level of financing. The BGK guarantee covers 80% of the
nominal value of receivables financed under factoring (at a financing level of 80–85%) and 80% of
receivables financed under reverse factoring.
The value of receivables by which the company reduced its exposure at the time of default (EAD) as part of
the calculation of the expected loss allowance due to the collateral held amounted to, as at:
Collateral
31 December 2025
31 December 2024
Mortgages 39,227 17,944
Insurance 102,937 96,739
Guarantees 956 2,253
Pledges 1,415 -
TOTAL:
144,535
116,936
The value of receivables subject to provisions amounting to PLN 60,131 thousand as at 31 December 2025
(PLN 31,844 thousand as at 31 December 2024)* remains subject to debt recovery proceedings.
* The Group has corrected the incorrectly disclosed value of receivables subject to provisions in the annual financial statements
prepared as at 31 December 2024, amounting to PLN 37,708 thousand
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
54
11. Receivables
11.1 - Receivables 31.12.2025 31.12.2024
Specification Value Provisions
Carrying
amount
Value Provisions
Carrying
amount
Trade receivables 1,677 (127) 1,550 1,256 (127) 1,129
Other receivables
and current assets
1,789 (23) 1,766 1,292 (23) 1,269
TOTAL:
3,466
(150)
3,316
2,548
(150)
2,398
11.2 - Provisions on receivables – changes during the
period
Balance as of Balance as of
31 December 2025 31 December 2024
Balance at the beginning of the period
(150)
(94)
Recognition
-
(56)
TOTAL:
(150)
(150)
12. Cash and cash equivalents
12.1 – Cash
Balance as of Balance as of
31 December 2025 31 December 2024
Cash on hand
6
2
Cash in bank accounts, including:
31,093
9,613
Cash in transit
4,945
-
Restricted cash
1,211
2,864
TOTAL:
31,099
9,615
13. Prepayments and accruals
13.1 - Accruals
Balance as of Balance as of
31 December 2025 31 December 2024
Insurance
380
411
Prospectus costs
200
156
Licences (with a useful life of up to 12 months)
669
245
Other accruals
290
527
TOTAL:
1,539
1,339
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
55
14. Share capital
14.1 - Share capital of the Parent Company
Number of shares as
at
Number of shares as
at
31 December 2025
(in thousands)
31 December 2024
(in thousands)
Series A shares
703
703
Series B shares
1,200
1,200
Series C shares
663
663
Series D shares
186
186
Series E shares
1,658
1,658
Series F shares
155
155
Series G shares
8
35
Series H shares
1,334
1,334
Series I shares
512
512
Series J shares
445
445
Series K shares
1,180
-
Series L shares
438
-
TOTAL:
8,482
6,891
Share capital
The Parent Company’s share capital as at 31 December 2025 amounted to PLN 8,482,000 and was divided
into 8,482,000 shares. The shareholder structure, share of capital and voting rights changed during 2025
following the issuance of series K and L shares and the redemption of series G shares.
The registration of the increase in the share capital by the amount of:
● PLN 1,180,000 took place on 9 January 2025,
● PLN 438,000 took place on 25 July 2025.
The registration of the reduction in share capital by the amount of:
● PLN 27,000 took place on 13 October 2025.
The Parent Company’s share capital as at 31 December 2025 and 2024 is fully paid up. 703,324 shares are
preference shares with regard to voting rights (2 votes per share).
Equity management
The Group defines its capital as equity as shown in the statement of financial position.
The primary objective of the Group’s capital management is to ensure the Group’s ability to continue as a
going concern and to maintain sound capital ratios that optimally support the Group’s operations and
enhance value for its shareholders. The Parent Company complies with the requirements of the Commercial
Companies Code regarding the amount and nature of equity. The Parent Company manages the capital
structure and makes adjustments to it in response to changes in economic conditions and in line with the
Group’s development. In order to maintain or adjust the capital structure, the Company may return capital
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
56
to shareholders or issue new shares. The Parent Company’s current capital management policy provides for
the retention of profits and no dividend payments.
The Group takes measures to maintain an appropriate balance between equity and debt financing. In
particular, it seeks to optimise the capital structure in a manner that enables the implementation of its
development strategy, whilst complying with the financial covenants required by external financing
agreements, which specify a net debt to equity ratio of less than 400%. The Group defines net debt as: long-
term and short-term liabilities arising from loans and borrowings, bonds and leases, less cash and cash
equivalents and short-term deposits.
The Group’s net debt ratio was as follows:
14.2 - Net debt ratio 31 December 2025 31 December 2024
Cash and cash equivalents
31,099
9,615
Loans and borrowings liabilities
(173,597)
(76,661)
Bonds liabilities
(394,555)
(316,488)
Lease liabilities
(4,536)
(3,174)
Net debt
(541,589)
(386,708)
Total equity
175,167
143,597
Net debt to equity ratio 309% 269
Maximum net debt level
400%
400%
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
57
14.3 - Largest
shareholders of the
Parent Company as at
31 December 2025
Number of shares
(in thousands)
Number of votes
(in thousands)
Nominal value of
shares (PLN)
Value of shares held
(in thousands of
PLN)
Share in share
capital
Share of votes in the
total number
Polish Enterprise Funds
SCA
7,876 8,579 1.00 7,876 92.85% 93.40%
NPL NOVA S.A. 552 552 1.00 552 6.51% 6.01%
Others 54 54 1.00 54 0.64% 0.59%
TOTAL:
8,482
9,185
-
8,482
100.00%
100.00%
Major shareholders of
the Parent Company as
at 31 December 2024
Number of shares
(in thousands)
Number of votes
(in thousands)
Nominal value of
shares (PLN)
Value of shares held
(in thousands of
PLN)
Share in share
capital
Share of votes in the
total number
Polish Enterprise Funds
SCA
6,373 7,076 1.00 6,373 92.48% 93.18%
NPL NOVA S.A. 447 447 1.00 447 6.49% 5.89%
Others 71 71 1.00 71 1.03% 0.93%
TOTAL:
6,891
7,594
-
6,891
100.00%
100.00%
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month
period ended 31 December 2025
58
15. Loans and borrowings liabilities
15.1 - Loans and borrowings liabilities at the end of
the reporting period
Balance as of
31 December 2025
Balance as of
31 December 2024
Long-term bank loans, including: 16,066 -
Principal 16,066 -
Interest - -
Long-term loans, including: 16,022 11,060
Principal 16,011 11,060
Interest 11 -
TOTAL LONG-TERM LOANS AND BORROWINGS:
32,088
11,060
Short-term bank loans, including: 113,357 39,338
Capital 113,151 39,304
Interest 206 34
Short-term loans, including: 28,152 26,263
Capital 27,554 25,784
Interest 598 479
TOTAL SHORT-TERM LOANS AND BORROWINGS:
141,509
65,601
TOTAL:
173,597
76,661
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
59
15.2 – Loans and borrowings liabilities at the end of the period
Loans and
borrowings at the
end of the period
– as at 31
December 2025
Loan amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency Interest rate
Repayment
date
Collateral
Overdraft facility* 29,900 (356) (356) - PLN
variable interest
rate based on the
base rate plus a
margin
13 November
2026
financial pledge on rights to funds in
bank accounts,
declaration of submission to
enforcement pursuant to Article
777(1)(5) of the Code of Civil
Procedure
Overdraft facility** 41,841 36,578 36,578 - PLN
variable interest
rate based on the
base rate plus a
margin
31 October
2026
a blank promissory note together
with a promissory note declaration
issued by the Borrower,
power of attorney to dispose of
funds in bank accounts,
registered pledge on a separate pool
of current and future receivables
Overdraft facility 20,000 908 908 - PLN
variable interest
rate based on the
base rate plus a
margin
09/04/2026
power of attorney to dispose of
funds in bank accounts,
financial pledge and registered
pledge together with power of
attorney over the Borrower’s
account,
registered pledge on a separate pool
of current and future receivables,
declaration of submission to
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
60
Loans and
borrowings at the
end of the period
– as at 31
December 2025
Loan amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency Interest rate
Repayment
date
Collateral
enforcement pursuant to Article 777
of the Code of Civil Procedure
Revolving loan 50,000 49,904 49,904 - PLN
variable interest
rate based on the
base rate plus a
margin
13 October
2027
registered pledge on the pool of
Receivables Constituting Security
registered and financial pledge on
receivables arising from the Account
Borrower’s declaration of submission
to enforcement pursuant to Article
777(1)(5)
Overdraft facility* 30,000 (27) (27) - PLN
variable interest
rate based on the
base rate plus a
margin
13 November
2026
registered pledge on the pool of
Receivables Constituting Security
registered and financial pledge on
receivables arising from the Account
Borrower’s declaration of submission
to enforcement pursuant to Article
777(1)(5)
Loan 21,313 21,211 5,383 15,828 PLN
variable interest
rate based on the
base rate plus a
margin
25 May 2028
registered pledge on receivables,
registered and financial pledge on
rights to bank accounts,
a blank promissory note issued by
the Borrower together with a
promissory note declaration,
a declaration of submission to
enforcement pursuant to Article 777
of the Code of Civil Procedure
Overdraft facility 20,000 18,884 18,884 - PLN
variable interest
rate based on the
12 October
2026
financial pledges on rights to funds in
bank accounts,
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
61
* The negative balance results from unsettled bank fees reducing the carrying amount of the liability in accordance with the valuation at amortised cost. As at the balance sheet date, the loan had not
been drawn down.
Loans and
borrowings at the
end of the period
– as at 31
December 2025
Loan amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency Interest rate
Repayment
date
Collateral
base rate plus a
margin
the Borrower’s declaration of
submission to enforcement pursuant
to Article 777(1)(5)
Overdraft facility 3,316 985 985 - RON
variable interest
rate based on the
base rate plus a
margin
07/03/2026
pledge on receivables, security on a
bank account, guarantee by minority
shareholders
Loan 1,184 1,187 948 239 RON
variable interest
rate based on the
base rate plus a
margin
27 March
2027
pledge on receivables, security on
bank accounts, shareholder
guarantees
Loans in PLN 3,450 3,532 3,532 - PLN
variable interest
rate based on the
base rate plus a
margin
- blank promissory note
Loans in PLN
19,350
17,833
17,272
561
PLN
fixed interest rate
-
blank promissory note
Loans in EUR 16,909 14,796 - 14,796 EUR
variable interest
rate based on the
base rate plus a
margin
-
security in the form of receivables,
bank accounts and shareholder
guarantees
Loans in EUR 6,141 6,191 6,191 - EUR fixed interest rate
- -
Loans in RON
1,940
1,958
1,294
664
RON
fixed interest rate
-
-
Credit card
20
13
13
-
PLN
fixed interest rate
TOTAL:
265,364
173,597
141,509
32,088
-
-
-
-
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
62
** A credit facility, with a maximum value of PLN 75 million, is made available on the basis of monthly information regarding the current value of the portfolio of receivables serving as security for the loan.
As at 31 December 2025, the loan was in use and the facility limit stood at PLN 41,841,000
15.2 – Loans and borrowings liabilities at the end of the period
Loans and
borrowings at the
end of the period
– as at 31
December 2024
Loan amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment
date
Collateral
Multi-
product/multi-
purpose
facility/agreement
2,000 (4) (4) -
PLN/
EUR
variable interest
rate based on the
base rate plus a
margin
loan in the
form of a
multi-purpose
credit facility,
final
repayment
date 30 April
2026
a blank promissory note together
with a promissory note declaration,
a financial pledge over the funds
held in all the Borrower’s accounts
maintained with the bank, a
declaration of submission to
enforcement pursuant to Article
777(1)(5) of the Code of Civil
Procedure
Revolving credit 29,900 29,546 29,546 - PLN
variable interest
rate based on the
base rate plus a
margin
13 November
2025
financial pledge on the rights to
funds in all PLN bank accounts with
the bank, excluding the VAT
account; declaration of submission
to enforcement pursuant to Article
777(1)(5) of the Code of Civil
Procedure
Overdraft facility 40,000 1,100 1,100 - PLN
variable interest
rate based on the
base rate plus a
margin
02/08/2025
a blank promissory note together
with a promissory note declaration
issued by the Borrower, a power of
attorney to dispose of funds in the
Borrower’s bank accounts held with
the Bank, and a registered pledge
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
63
* The loan amount includes the value of the loan received in EUR. As at 31 December 2024, the balance of the foreign currency loan drawn down was EUR 1,250,000. After conversion to PLN at the
exchange rate as at 31 December 2024, the balance amounted to PLN 5,341,000. The loan balance in PLN includes the value of the commission on the loan granted and the interest accrued.
Loans and
borrowings at the
end of the period
– as at 31
December 2024
Loan amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment
date
Collateral
on a separate pool of current and
future receivables
Loan* 5,341 5,282 5,282 - EUR
variable interest
rate based on the
base rate plus a
margin
25 May 2025
registered pledge on receivables
arising from factoring agreements,
a blank promissory note together
with a promissory note declaration,
submission of a declaration of
voluntary submission to
enforcement
Overdraft facility 3,436 3,411 3,411 - RON
variable interest
rate based on the
base rate plus a
margin
07/03/2025
pledge on receivables, security on a
bank account, guarantee by
minority shareholders
Loan 15,050 15,421 14,871 550 PLN
variable interest
rate based on the
base rate plus a
margin
-
blank promissory note together
with a promissory note declaration
Loan 4,715 4,771 4,771 - PLN fixed interest rate - -
Loan 17,089 10,510 - 10,510 EUR
variable interest
rate based on the
base rate plus a
margin
- -
Loan
4,725
4,760
4,760
-
EUR
fixed interest rate
-
-
Credit card 10 2 2 - PLN fixed interest rate - -
TOTAL:
124,114
76,661
65,601
11,060
-
-
-
-
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
64
Impact of the IBOR reform
In the second half of 2022, the National Working Group on Reference Rate Reform (NGR) was established
with the aim of preparing a ‘roadmap’ and a schedule of actions to ensure the smooth and secure
implementation of the various elements of the process leading to the replacement of the WIBOR interest
rate benchmark with a new benchmark (hereinafter the WIBOR reform). In October 2023, the NGR Steering
Committee announced that the deadline for completing the transition from WIBOR to the new benchmark
would be the end of 2027, and on 10 December 2024, it designated the WIRF- (POLSTR) index as the
successor to WIBOR.
The Group has financial liabilities bearing interest at a variable rate based on 3M WIBOR quotes. The key risk
for the Group in connection with the IBOR reform is the risk associated with uncertainty regarding the
method of transitioning contracts to alternative reference rates, which may lead to an unfavourable change
in the risk profile of these contracts. To the best of its knowledge, the Group does not expect the IBOR reform
to have a material impact on its financial liabilities; however, it cannot definitively determine its impact, as
not all systemic and regulatory solutions related to the reform have been finalised. The Group is taking steps
to ensure it is prepared for a change in reference rates in its financial instruments in the event that WIBOR
ceases to be published. In particular, the Group continuously monitors regulatory changes regarding
reference rates to ensure a transition to an alternative reference rate when it replaces the WIBOR reference
rate, and includes appropriate clauses in the financial agreements it enters into.
Financial liabilities bearing
interest based on WIBOR –
nominal value
Balance as of
31 December 2025
Balance as of
31 December 2024
Bonds liabilities
400,706
320,100
Loans and borrowings liabilities
130,634
45,513
Lease liabilities
1,518
2,792
Covenants
The Group has financing agreements containing both financial and non-financial covenants, the breach of
which could result in the need to repay financial liabilities earlier than disclosed in Note 22. Financial
covenants include, amongst other things, maintaining the net financial debt to equity ratio at a level not
exceeding 400%, and maintaining the bank account inflows specified in the agreement. Non-financial
covenants relate in particular to compliance with legal and regulatory requirements. No breaches of the
financial and non-financial covenants relating to loans and borrowings were identified as at the balance
sheet date. Contractual covenants are subject to periodic review and monitoring by the Management Board
to ensure compliance with the financing agreements.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
65
15.4 – Value of financial assets held as
collateral for loan and borrowing liabilities
Balance as of
Balance as of
31 December 2025
31 December 2024
Registered pledge on the factoring
portfolio
42,194 56,942
Registered pledge on the loan portfolio 168,209 48,000
Pledge on cash in bank accounts
11,606
4,981
16. Bonds liabilities
16.1 – Bonds liabilities
Balance as of 31 December 2025
Bonds liabilities Nominal value Amortised cost
Of which:
Interest on
bonds
Maturity date
TOTAL:
400,706
394,555
3,979
-
U series 10,000 9,913 42 13 June 2026
B1 series 12,779 12,753 193 28 October 2026
V series 12,000 12,026 84 5 March 2026
C1 series 20,000 19,831 182 27 November 2026
C2 series 25,000 24,983 443 25 January 2027
C3 series 25,000 24,441 63 21 March 2027
EUR1 series* 14,793 14,695 216 16 April 2027
Series C4 30,000 29,198 36 28 June 2027
C5 series 35,000 34,724 532 30 July 2027
C6 series 30,000 29,330 183 2 September 2027
D1EUR series** 21,134 20,851 209 6 February 2028
D2 series 35,000 33,836 95 18 December 2028
D3 series 50,000 49,480 980 4 April 2029
D4 series 50,000 48,883 290 6 June 2028
E1 series 30,000 29,611 431 28 October 2028
* The nominal value of the EUR1 series bonds in EUR is EUR 3,500,000. When converted to PLN at the exchange rate as at 31 December
2025, the nominal value is PLN 14,793,000.
** The nominal value of the D1EUR series bonds in EUR is EUR 5,000,000. After conversion to PLN at the exchange rate as at 31
December 2025, the nominal value is PLN 21,134,000.
15.3 – Loans and borrowings – additional
information
Balance as of
Balance as of
31 December 2025
31 December 2024
Additional credit limit available to the
Parent Company and subsidiaries under
existing agreements
89,025 47,972
Cash
31,099
9,615
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
66
Long-term bonds liabilities Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
345,927
336,554
-
-
C2 series 25,000 24,540 - 25 January 2027
C3 series 25,000 24,378 - 21 March 2027
EUR1 series 14,793 14,479 - 16 April 2027
C4 series
30,000
29,162
-
28 June 2027
C5 series 35,000 34,192 - 30 July 2027
C6 series 30,000 29,147 - 2 September 2027
D1EUR series
21,134
20,642
-
6 February 2028
D2 series 35,000 33,741 - 18 December 2028
D3 series 50,000 48,500 - 4 April 2029
D4 series 50,000 48,593 - 6 June 2028
E1 series 30,000 29,180 - 28 October 2028
Short-term bonds liabilities Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
54,779
54,022
3,979
-
U series
10,000
9,871
42
13 June 2026
B1 series
12,779
12,560
193
28 October 2026
V series
12,000
11,942
84
5 March 2026
C1 series
20,000
19,649
182
27 November 2026
C2 series
-
-
443
-
C3 series
-
-
63
-
EUR1 series
-
-
216
-
C4 series
-
-
36
-
C5 series
-
-
532
-
C6 series
-
-
183
-
D1EUR series
-
-
209
-
D2 series
-
-
95
-
D3 series
-
-
980
-
D4 series
-
-
290
-
E1 series
-
-
431
-
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
67
Bond redemptions
During the period from 1 January to 31 December 2025, the Parent Company redeemed, in accordance with
the redemption date specified in the terms and conditions of issuance, Series
● A1 with a nominal value of PLN 16,000,000 in accordance with the redemption date specified in the terms
and conditions of issuance on 12 May 2025
● A2 with a nominal value of PLN 17,000,000 in accordance with the redemption date specified in the terms
and conditions of issuance on 1 October 2025
● T with a nominal value of PLN 16,000,000 in accordance with the redemption date specified in the terms
and conditions of issuance on 23 December 2025.
Bond issuances
During the period from 1 January to 31 December 2025, the Group carried out the following series of bond
issuances:
● Series D3 was issued on 4 April 2025 with a nominal value of PLN 50,000,000, bearing interest at a variable
rate based on WIBOR 3M + 3.40 percentage points and maturing on 4 April 2029.
● Series D4 was issued on 6 June 2025 with a nominal value of PLN 50,000,000, bearing a floating interest
rate based on WIBOR 3M + 4.25 percentage points and maturing on 6 June 2028.
● Series E1 was issued on 28 October 2025 with a nominal value of PLN 30,000,000, a floating interest rate
based on WIBOR 3M + 3.75 percentage points and a maturity date of 28 October 2028.
New Bond Issuance Programme
On 17 July 2025, the Management Board of PragmaGO S.A. adopted a resolution establishing the Sixth Bond
Issuance Programme with a total nominal value not exceeding PLN 500 million, based on the prospectus.
The bonds may be issued in PLN or in EUR. The bonds will be admitted to and introduced for trading on the
Catalyst market, on a regulated market or in an alternative trading system. Bonds issued under the 6th Bond
Issuance Programme may be secured or unsecured bonds.
Issuances and redemptions after the balance sheet date
After the end of the reporting period, the Parent Company carried out:
● Early redemption of Series V bonds issued on 5 September 2023 with a nominal value of PLN
12,000,000 and a variable interest rate based on WIBOR 3M + margin. The early redemption took
place on 12 January 2026.
● Early redemption of Series C1 bonds issued on 27 November 2023 with a nominal value of PLN
20,000,000 and a floating interest rate based on WIBOR 3M plus a margin. The early redemption
took place on 4 March 2026.
No bond issuances took place between the balance sheet date and the date of approval of these financial
statements.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
68
16.2 – Bonds liabilities Balance as of 31 December 2024
Bonds liabilities Nominal value Amortised cost
Of which:
Interest on
bonds
Maturity date
TOTAL:
320,100
316,488
3,327
-
A1 series
16,000
16,217
212
12 May 2025
A2 series
17,000
17,313
413
1 October 2025
T Series
16,000
15,895
38
23 December 2025
U series
10,000
9,860
51
13 June 2026
B1 series
12,779
12,748
224
28 October 2026
V series
12,000
11,918
98
5 March 2026
C1 series
20,000
19,853
214
27 November 2026
C2 series
25,000
24,990
505
25 January 2027
C3 Series
25,000
24,495
75
21 March 2027
EUR1 series*
14,956
14,795
254
16 April 2027
Series C4
30,000
29,288
45
28 June 2027
C5 series
35,000
34,742
616
30 July 2027
C6 series
30,000
29,368
222
2 September 2027
D1EUR series**
21,365
20,991
244
06/02/2028
D2 series
35,000
34,015
116
18 December 2028
* The nominal value of the EUR1 series bonds in EUR is EUR 3,500,000. When converted to PLN at the exchange rate as at 31 December
2024, the nominal value is PLN 14,956,000.
** The nominal value of the D1EUR series bonds in EUR is EUR 5,000,000. After conversion to PLN at the exchange rate as at 31
December 2024, the nominal value is PLN 21,365,000.
Long-term bonds liabilities Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
271,100
264,399
-
-
U Series 10,000 9,809 - 13 June 2026
B1 series
12,779
12,524
-
28 October 2026
V series 12,000 11,820 - 5 March 2026
C1 Series
20,000
19,639
-
27 November 2026
C2 series
25,000
24,485
-
25 January 2027
C3 series 25,000 24,420 - 21 March 2027
EUR1 series
14,956
14,541
-
16 April 2027
Series C4
30,000
29,243
-
28 June 2027
C5 series 35,000 34,126 - 30 July 2027
C6 series 30,000 29,146 - 2 September 2027
D1EUR series
21,365
20,747
-
06/02/2028
D2 series 35,000 33,899 - 18 December 2028
Short-term bond liabilities Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
69
TOTAL:
49,000
48,762
3,327
-
A1 series 16,000 16,005 212 12 May 2025
A2 series 17,000 16,900 413 1 October 2025
T Series 16,000 15,857 38 23 December 2025
U Series - - 51 -
B1 Series - - 224 -
V Series - - 98 -
C1 Series - - 214 -
C2 series - - 505 -
C3 series - - 75 -
EUR1 series - - 254 -
C4 series - - 45 -
C5 series - - 616 -
C6 series - - 222 -
D1EUR series - - 244 -
D2 series - - 116 -
16.3 – Collateral for issued bonds against the Group’s
assets
Balance as of Balance as of
31 December 2025 31 December 2024
Pledge on loan and factoring receivables
170,633
164,943
Pledge on cash in bank accounts
1
36
17. Lease liabilities
17.1 - Lease liabilities
Balance as of
Balance as of
31 December 2025
31 December 2024
Long-term
2,908
2,033
Short-term
1,628
1,141
Lease liabilities relate to passenger cars and the leased building housing the Parent Company’s registered
office at 72 Brynowska Street in Katowice and the registered office of the subsidiary Telecredit. The buildings
are used under a lease agreement that meets the criteria for recognition as a lease in accordance with IFRS
16 ‘Leases’.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
70
18. Trade payables and other liabilities – current and non-current
18.1 - Trade payables and other liabilities
Balance as of Balance as of
31 December 2025 31 December 2024
Earn-out liabilities
-
1,914
Total long-term liabilities:
-
1,914
Trade payables
6,263
4,878
Current income tax liabilities
4,426
731
Liabilities for other taxes, duties and social security
contributions
3,223 2,411
Earn-out liability
1,914
-
Amounts to be refunded* 2,349
2,784
Liabilities arising from financing 1,214 1,374
Provisions for liabilities
302
680
Provisions for unused holiday entitlement 595 455
Provisions for Management Board bonuses 1,338 533
Accruals and other liabilities
1,383
1,295
Total SHORT-TERM LIABILITIES:
23,007
15,141
TOTAL:
23,007
17,055
* Payments received in respect of assignments for security, settled on an ongoing basis with the original creditors.
Earn-out liabilities
As at the date of acquiring control over the subsidiary, the Group recognised a liability relating to the
contingent purchase price for the shares of Telecredit IFN SA; in accordance with the agreement, the Parent
Company will be obliged to pay an additional purchase price if the results for 2025 reach the target level. In
line with the expectations of the Parent Company’s Management Board, based on the budget prepared, a
liability of EUR 445,000 was recognised, corresponding to the maximum level of additional remuneration.
Telecredit’s financial results for 2025 indicate that the conditions set out in the agreement have been met;
consequently, the previously recognised liability corresponds to the estimated amount of the additional
remuneration due. However, the final amount of the liability remains subject to further verification. The
liability is scheduled to be settled in the second half of 2026.
17.2 - Future minimum lease
payments and interest under
lease liabilities
31 December 2025
31 December 2024
Fees Interest Fees Interest
Up to 1 year 1,628 277 1,141 166
From 1 to 5 years 2,908 357 2,033 172
Over 5 years - - - -
TOTAL:
4,536
634
3,174
338
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
71
19. Deferred income
19.1 - Deferred income
Balance as of Balance as of
31 December 2025 31 December 2024
Settlements relating to bad debt allowances
3,386
2,967
Revenue from grants
45
71
TOTAL:
3,431
3,038
20. Reconciliation of changes in liabilities and other items disclosed in the
statement of cash flows
20.1 – Reconciliation of changes in liabilities with
cash flows from financing activities
Bonds
Loans and
borrowings
Leases TOTAL
As at 1 January 2025
316,488
76,661
3,174
396,323
Changes in cash flows from financing activities
Proceeds from loans and borrowings - 247,209 - 247,209
Repayments of loans and borrowings - (149,636) - (149,636)
Proceeds from the issuance of bonds 130,000 - - 130,000
Bond redemption outflows (49,000) - - (49,000)
Interest paid on bonds (34,319) - - (34,319)
Interest paid on loans, borrowings and leases - (6,178) (318) (6,496)
Realised exchange rate differences (21) (631) - (652)
Repayment of lease liabilities - - (1,258) (1,258)
Total changes from cash flows from financing
activities
46,660
90,764
(1,576)
135,848
Changes due to valuation (3,038) 157 - (2,881)
Interest accrued
34,969
7,506
318
42,793
Exchange differences on translation
-
(223)
70
(153)
Acquisition of rights of use
-
-
2,550
2,550
Other changes (including prepayment and
accruals)
(524) (1,268) - (1,792)
Balance as of 31 December 2025
394,555
173,597
4,536
572,688
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
72
20.2 – Reconciliation of changes in liabilities with
cash flows from financing activities
Bonds
Loans and
borrowings
Leases TOTAL
As at 1 January 2024 186,194 43,557 2,737 232,488
Changes in cash flows from financing activities
Proceeds from loans and borrowings - 135,479 - 135,479
Repayments of loans and borrowings - (152,456) - (152,456)
Proceeds from the issuance of bonds
216,895
-
-
216,895
Bond redemption outflows (90,000) - - (90,000)
Interest paid on bonds (24,855) - - (24,855)
Interest paid on loans, borrowings and leases - (3,910) (262) (4,172)
Realised exchange rate differences - (1,028) - (1,028)
Repayment of lease liabilities - - (965) (965)
Total changes in cash flows from financing
activities
102,040
(21,915)
(1,227)
78,898
Changes due to valuation
(437)
869
-
432
Increases due to the acquisition of control in a
subsidiary
6,136 51,133 826 58,095
Interest accrued
26,133
3,550
262
29,945
Increases in leases
-
-
453
453
Other changes (including prepayment and
accruals)
(3,578) (533) 123 (3,988)
As at 31 December 2024
316,488
76,661
3,174
396,323
20.3 – Adjustments due to non-cash changes
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Gain/loss on the valuation of bonds (3,038) (437)
Net result from provisions for expected credit losses - 24
TOTAL:
(3,038)
(413)
20.4 – Change in balance due to factoring receivables
1 January 2025 1 January 2024
31 December 2025 31 December 2024
Change in factoring balance
(29,025)
(72,072)
Value of financial assets – factoring – acquisition of
control over a subsidiary
- 61,346
Net provisions for expected credit losses
(16,513)
2,429
Utilisation of provisions for expected credit losses (216) (54
Sale of receivables (reversal of provisions)
-
(8,121)
TOTAL:
(45,754)
(16,472)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
73
20.5 – Change in balance due to loans granted
1 January 2025 1 January 2024
31 December 2025
31 December 2024
Change in loans
(151,005)
(90,036)
Result of provisions for expected credit losses
(24,973)
6,383
Value of financial assets – loans – acquisition of control
over a subsidiary
- 855
Sale of receivables (reversal of provisions) - (19,591)
TOTAL:
(175,978)
(102,389)
20.6 – Change in prepayments and accruals
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Change in prepayments and accruals
(200)
(58)
Change in deferred income
393
848
Change arising from the acquisition of control over a
subsidiary
- (804)
Change in prepayments and accruals relating to bonds
(1,792)
(3,885)
TOTAL:
(1,599)
(3,899)
21. Guarantees, sureties and contingent liabilities
21.1 – Guarantees and sureties granted
Balance as of Balance as of
31 December 2025
31 December 2024
For related parties
1,758
1,899
Guarantee for the repayment of a loan to
Pragma Faktor sp. z o.o.
- 121
Guarantee for the repayment of a loan to
Telecredit IFN S.A.
1,758 1,778
TOTAL:
1,758
1,899
Loan repayment guarantee – TELECREDIT
The guarantee was provided by the Parent Company to Telecredit and relates to a loan liability incurred from
a third party. The Group monitors the risk of non-repayment of the aforementioned loan on an ongoing basis
and, as at the balance sheet date and as at the date of signing this Report, the Group has not identified any
risks of liabilities arising from the guarantee provided.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
74
22. Financial instruments
22.1 - Financial instruments by category
Balance as of Balance as of
31 December 2025 31 December 2024
Financial assets, including:
686,335
483,903
Loans and factoring measured at amortised cost
651,920
471,890
Own receivables measured at nominal value
1,550
1,129
Other current assets measured at nominal value
1,766
1,269
Cash and cash equivalents
31,099
9,615
Financial liabilities, including:
580,865
403,115
Liabilities measured at outstanding amount (nominal
value plus interest)
180,047 81,749
Liabilities measured at amortised cost 394,555 316,488
Trade payables measured at nominal value 6,263 4,878
On the assets side, the Group holds financial assets such as factoring receivables, loan receivables, trade
receivables, short-term deposits and cash. These assets are financed by financial instruments used by the
Group, including corporate bonds, bank loans, borrowings and trade payables. The purpose of these financial
instruments is to raise funds for the Group’s operating activities.
The main risks to which the Group is exposed are credit risk, market risk (interest rate risk, currency risk) and
liquidity risk; their detailed descriptions and impact on the Group’s operations are set out in the Management
Board’s Report on the Group’s Operations. The Management Boards of the Parent Company and its
subsidiaries are responsible for establishing, implementing and overseeing the Group’s risk management
system, which includes identifying the risks to which the Group is exposed, setting appropriate risk limits
and control mechanisms, as well as the ongoing monitoring of risk levels and their compliance with
established limits. Risk management policies and procedures are subject to regular review to take account
of changes in market conditions and changes in the Group’s operations.
Credit risk
Credit risk is the risk of incurring a financial loss in a situation where a customer or the counterparty to a
financial instrument fails to meet its contractual obligations. The credit risk to which the Group is exposed
relates primarily to the financing it provides in the form of factoring and loans, and to a lesser extent to trade
receivables.
Credit risk also manifests itself in the form of impairment of receivables from factoring and loans as a result
of a deterioration in the debtor’s credit rating and has been accounted for by recognising Provisions for
expected credit losses in accordance with the methodology described in point 6 of the Significant
Accounting Policies in the annual Consolidated Financial Statements.
For both factoring services and loans, the Company employs a range of reversals and tools designed to
minimise the credit risk associated with the financing provided.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
75
In the case of factoring, recourse agreements are used, which enable the Group to pursue claims against
the factor should the factoring debtor fail to repay the debt. Factoring receivables have a varied structure
of collateral, in the form of insurance policies, BGK guarantees and mortgage security, which provides the
Group with independent sources of repayment for factoring receivables.
Loans are a financial instrument with a higher credit risk than factoring; they are granted for longer periods
than factoring and most of them are not secured by collateral, but thanks to the Issuer’s deep integration
with partners who offer the Issuer’s loans within their ecosystems, the Company obtains unique data on
potential customers, enabling it to actively manage this risk. The Issuer gains access, amongst other things,
to a two-year (continuously updated) financial history of a potential customer, allowing it to set an
appropriate credit limit. Loan repayments may be made automatically from the customer’s turnover, without
their intervention.
An element of credit risk is concentration risk, which is managed through appropriate diversification of
customers and debtors, as well as through the use of collateral for its receivables. Data on portfolio structure,
concentration and insurance coverage are included in the Management Board’s Report on the Group’s
Operations and below. Concentration risk is minimised through portfolio diversification and is assessed both
by client and by debtor (in the case of factoring). As at the date of preparation of these consolidated annual
financial statements, the Group has no single exposures whose non-repayment could significantly reduce
the Group’s liquidity.
Credit risk is minimised by verifying customers prior to granting financing based on a creditworthiness
assessment using advanced economic and statistical tools, and by adjusting the offered limit accordingly.
Factoring and loan receivables are regularly monitored for timely repayment.
The Management Board of the Parent Company assesses the significance of the above risk as high and the
likelihood of its materialisation as medium.
Credit risk is managed using the following tools:
● a risk management policy broken down by factoring and loan products, as well as traditional and digital
sales channels, which includes, amongst other things, guidelines on creditworthiness assessment, credit
authorisation, rules for granting factoring and loan limits, collateral, and risk concentration rules;
● credit classification, based on external and internal risk classification systems,
● insurance of receivables purchased under insured factoring and reverse factoring with insurance
companies,
● the use of other contractual and collateral security.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
76
Interest rate risk
The Group is exposed to interest rate risk, as a significant portion of its operating activities is financed
through financial instruments (bonds, bank loans, loans) whose cost is determined based on the level of
variable market interest rates – primarily WIBOR 3M, ROBOR 3M and €STR.
Assets with variable interest rates constitute only a negligible part of the Group’s financial portfolio. At the
same time, when providing financing through factoring and loans, the Group applies a policy allowing for
the adjustment of contractual pricing terms depending on changes in reference rates.
Exposure to interest rate risk and sensitivity analysis for financial assets and liabilities are presented in Note
22.3. The Management Board of the Parent Company assesses the materiality of interest rate risk as
moderate. The Management Board assesses the likelihood of this risk materialising as moderate.
Currency risk
The Group seeks to minimise foreign exchange risk by matching its liability exposure to the value of
receivables denominated in the same foreign currency. Currently, the Group has significant exposures in
foreign currencies, namely the euro and the Romanian leu (note 22.4).
Liquidity risk
As a significant portion of its operations is financed with external capital, the Group is exposed to a moderate
level of liquidity risk, understood as the risk of encountering difficulties in raising funds to meet obligations
arising from financial instruments. In addition to equity, sources of financing include funds raised through
bond issuances, bank loans, other loans and lease agreements. Despite an increase in the Group’s net
interest-bearing debt to equity ratio during 2025 (309% as at 31 December 2025, 269% as at 31 December
2024) as at the date of publication of these financial statements, the Group has the capacity to settle its
liabilities on time. This is due to the following factors mitigating this risk:
● the average turnover cycle for factoring receivables is short and stood at 35 days (balance as of 31
December 2025; balance as of 31 December 2024, it stood at 36 days). This allows for the rapid conversion
of financial assets into cash in an amount corresponding to their fair value and the immediate settlement of
financial liabilities,
● the risk of financial liabilities becoming immediately due or of cash outflows occurring sooner than
indicated in Note 22.2 is of limited materiality, as the Group has a diversified financing structure. The Group
finances its operations through corporate bonds with maturities ranging from 1 to 4 years and through loans
and borrowings with terms ranging from 1 to 3 years.
On the assets side, the main source of liquidity risk is the risk of late repayment of loan and factoring
receivables. Market liquidity risk is a type of risk characterised by the total or partial inability to realise held
assets, or the ability to sell such assets only at an unfavourable price. The risk of illiquidity is mitigated by
high asset turnover.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
77
In the event of a deterioration in the Group’s financial position, which may result in a lack of sufficient funds
to repay debt on time or a breach of specific contractual provisions or bond issuance terms, bondholders or
financial institutions may declare the debt immediately due and payable. Excessive debt or market
conditions may also limit access to additional external financing required for the Issuer’s development and
the achievement of its strategic objectives. The Group identifies specific risks associated with each type of
financing it utilises in the course of its core operations.
These risks are minimised through active management of the Group’s receivables and liabilities, ensuring
that the Group always has sufficient cash available in advance to settle its maturing liabilities. In addition,
the bonds issued to date by the Parent Company have an original maturity of between 2 and 4 years, and
the redemption dates for individual bond series vary. Consequently, should it not be possible to issue further
bond series, the Parent Company is able to plan in advance to replace part of its existing sources of funding
with new ones (bank financing or off-balance-sheet financing) or, if necessary, to plan a temporary
reduction in operations (reduce the working receivables portfolio) and adjust its scale to the amount of
available funding.
The objective of liquidity risk management within the Group is to establish a balance sheet and off-balance-
sheet liabilities structure that ensures constant liquidity whilst optimising financial costs. The Group
assesses its liquidity level based on:
● a statement of mismatches in the payment terms of assets and liabilities (liquidity gap analysis),
● cash flow analysis,
● an analysis of ratios based on liquidity ratios and asset turnover ratios.
The Group mitigates financial liquidity risk through ongoing monitoring of receivables and payables, as well
as control of cash balances and available credit limits, which enables it to respond promptly in the event of
unforeseen circumstances. The Group does not expect that the projected cash flows, as set out in the
maturity analysis, will occur significantly earlier or in significantly different amounts.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
78
22.2 - Financial instruments by maturity date and
type of interest rate as at:
31 December 2025 31 December 2024
Specification
Maturing within 1
year
Maturing between 1
and 5 years
Maturing in
over
5 years
Due
up to 1
year
Due within 1 to 5
years
Due in
over
5 years
Fixed interest rate:
681,222
41,495
-
473,088
28,755
-
Receivables
647,810
38,525
-
456,815
26,841
-
Loans granted
350,409
38,006
-
210,852
26,311
-
Factoring
262,986
519
-
233,950
530
-
Own receivables measured at nominal value
1,550
-
-
1,129
-
-
Other current assets measured at nominal value
1,766
-
-
1,269
-
-
Cash and cash equivalents
31,099
-
-
9,615
-
-
Liabilities
33,412
2,970
-
16,273
1,914
-
Loans and borrowings received
24,770
1,225
-
11,395
-
-
Earn-out liabilities
1,914
-
-
-
1,914
-
Lease liabilities
465
1,745
-
-
-
-
Trade payables measured at nominal value
6,263
-
-
4,878
-
-
Variable interest rate:
175,903
368,580
-
107,683
277,492
-
Receivables
-
-
-
247
-
-
Loans granted
-
-
-
247
-
-
Liabilities
175,903
368,580
-
107,436
277,492
-
Loans and borrowings received
116,739
30,863
-
54,206
11,060
-
Bonds
58,001
336,554
-
52,089
264,399
-
Lease liabilities
1,163
1,163
-
1,141
2,033
-
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
79
22.3 - Financial instruments – interest rate risk
The Group is exposed to interest rate risk as it borrows funds at variable rates – primarily WIBOR 3M, ROBOR
3M and €STR.
In the factoring and loan portfolios, however, the Group’s remuneration is fixed. In managing interest rate
risk, the Group has secured in its agreements with clients the option to increase remuneration levels in the
event of interest rate rises relative to the date of conclusion of a given agreement and to set a new
remuneration level.
The sensitivity analysis presented below shows the impact of a 0.5% increase or decrease in the interest
rate on an annual basis on the Group’s financial results. The calculation presented below has been applied
to financial instruments with variable interest rates.
Financial instruments by
category as at 31
December 2025
Principal
(PLN)
Impact on the Group’s
financial result at a
variable rate %
by 0.5% upwards (PLN)
Impact on the Group’s
financial result at a
variable rate %
down by 0.5% (PLN)
Loans and borrowings
received
(147,602) (738) 738
Bonds issued (400,706) (2,004) 2,004
Lease liabilities (2,326) (12) 12
TOTAL:
(550,634)
(2,754)
2,754
Financial instruments by
category as at 31
December 2024
Principal
(PLN)
Impact on the Group’s
financial result at a
variable rate %
of 0.5% increase (PLN)
Impact on the Group’s
financial result at a
variable rate %
down by 0.5% (PLN)
Loans granted
247
1
(1)
Loans and borrowings
received
(65,266) (326) 326
Bonds issued (316,488) (1,582) 1,582
Lease liabilities
(3,174)
(16)
16
TOTAL:
(384,681)
(1,923)
1,923
22.4 - Financial instruments - currency risk
The Group is exposed to currency risk due to holding factoring receivables and financial liabilities in foreign
currencies. Furthermore, the Group is exposed to currency risk arising from its investment in a subsidiary
operating in Romania, which prepares its statutory financial statements in Romanian lei (RON). In
accordance with IFRS requirements, during the consolidation process, the assets and liabilities of the
subsidiary are translated into the Group’s presentation currency at the closing rate as at the balance sheet
date, whilst items in the statement of profit or loss and other comprehensive income are translated at
average exchange rates for the reporting period. This results in exchange differences recognised in other
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
80
comprehensive income (revaluation reserve), which may significantly affect the value of equity attributable
to the Parent Company’s shareholders. In addition, Telecredit IFN finances its operations partly with debt
denominated in euros, which results in exposure to currency risk arising from changes in the EUR/RON
exchange rate. Fluctuations in this exchange rate affect both the level of finance costs incurred by the
subsidiary and the carrying amount of its liabilities recognised in the consolidated financial statements. As
part of its hedging against currency risk, the Group finances receivables in foreign currency with a loan in
the same currency, and in most contracts it has the option to pass on any resulting exchange rate
differences to its counterparties.
As at 31 December 2025:
a) EUR/PLN currency risk
Financial instruments
by category as at 31
December 2025
Exposure in
(EUR)
Conversion of
values from EUR to
PLN at the
exchange rate as at
31 December 2025
Impact on the
Group’s financial
result in the
event of a 5%
increase in the
exchange rate
Impact on the
Group’s financial
result if the
exchange rate
changes by 5%
downwards
Factoring granted
7,761
32,804
1,640
(1,640)
Bonds liabilities (8,500) (35,927) (1,796) 1,796
TOTAL:
(739)
(3,123)
(156)
156
b) EUR/RON currency risk
Financial instruments
by category as at 31
December 2025
Exposure in
currency
(EUR)
Conversion of EUR
values to PLN at
the exchange rate
as at 31 December
2025
Impact on the
Group’s financial
result if the
exchange rate
increases by 5%
Impact on the
Group’s financial
result if the
exchange rate
changes by 5%
downwards
Factoring granted
94
399
20
(20)
Loans and borrowings
received
(3,195) (13,503) (675) 675
Lease liabilities
(15)
(63)
(3)
3
TOTAL:
(3,116)
(13,167)
(658)
658
c) Translation currency risk
Financial instruments
by category as at 31
December 2025
Exposure in
(RON)
Conversion of
amounts in RON to
PLN at the
exchange rate as
at 31 December
2025
Impact on the
Group’s equity
following a
by 5% in the
positive direction
Impact on the
Group’s equity
following a change
in the exchange
rate
by 5% down
Net assets of the
subsidiary
19,393 16,078 804 (804)
TOTAL:
19,393
16,078
804
(804)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
81
As at 31 December 2024:
a) EUR/PLN currency risk
Financial instruments
by category as at 31
December 2024
Exposure in
(EUR)
Conversion of EUR
values to PLN at the
exchange rate as at
31 December 2024
Impact on the
Group’s financial
result if the
exchange rate
increases by 5%
Impact on the
Group’s financial
result if the
exchange rate
changes by 5%
downwards
Loans granted
4
17
1
1
Factoring granted
6,145
26,258
1,313
(1,313)
Loans and borrowings
received
(1,250) (5,341) (267) 267
Bonds liabilities
(8,500)
(36,321)
(1,816)
1,816
TOTAL:
(3,601)
(15,387)
(769)
769
b) EUR/RON currency risk
Financial instruments
by category as at 31
December 2024
Exposure in
currency
(EUR)
Conversion of EUR
values to PLN at the
exchange rate as at
31 December 2024
Impact on the
Group’s financial
result if the
exchange rate
increases by 5%
Impact on the
Group’s financial
result if the
exchange rate
changes by 5%
downwards
Factoring granted
51
12
3
(3)
Loans and borrowings
received
(3,595) (15,359) (768) 768
Lease liabilities
(89)
(380)
(19)
19
TOTAL:
(3,672)
(15,688)
(784)
784
c) Translation currency risk
Financial instruments
by category as at 31
December 2024
Exposure in
(RON)
Conversion of RON
values to PLN at
the exchange rate
as at 31 December
2024
Impact on the
Group’s equity
following a 5%
change in the
exchange rate
by 5% upwards
Impact on the
Group’s equity
following a change
in the exchange
rate
by 5% down
Net assets of the
subsidiary
13,244 11,375 569 (569)
TOTAL:
13,244
11,375
569
(569)
22.5 - Liquidity risk management
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
82
Responsibility for liquidity risk management lies with the Parent Company’s Management Board, which has
implemented an appropriate system for managing the Group’s financial liquidity. The system is used to
manage short-, medium- and long-term financing and liquidity management requirements.
Liquidity risk management within the Group takes the form of maintaining an appropriate level of reserve
capital and standby credit facilities, continuously monitoring forecast and actual cash flows, and matching
the maturity profiles of assets and financial liabilities.
This note below provides information on the maturity dates of the Group’s main assets (receivables portfolio)
and its liabilities. As part of its liquidity risk management, the Parent Company, as the Issuer, conducts
liquidity gap analyses, plans repayments of financial liabilities in advance (sources, alternative scenarios),
and works continuously to diversify its sources of funding. Given the nature of the Group’s operations (the
vast majority of assets are current assets and they turn over approximately four times a year; the Parent
Company is financed mainly by long-term debt), there is a constant surplus of assets maturing in the current
period over liabilities due in that period. Regardless of this, the realisation of assets to settle financial
liabilities is not the Group’s primary but an alternative repayment scenario. The base case is the use of cash
on hand, available credit facilities (the Group has presented the level of available funds in Note 15.3), as well
as new bond issues (the level of financial debt arising therefrom is described in point 16). Taking the above
circumstances into account, the Group does not see any significant threats to its financial liquidity.
Exposures subject to credit risk related to balance
sheet assets as at 31 December 2025
655,236
Factoring 263,505
Loans 388,415
Own receivables measured at nominal value 1,550
Other current assets measured at nominal value 1,766
Fair value
The carrying amount of financial assets represents the Group’s maximum exposure to credit risk.
Due to the short-term nature of the assets, their fair value is close to their carrying amount.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
83
Exposures – gross value
as at 31 December 2025
Undue
Past due
Impairment losses
Up to 30 days 31–90 days 91–180 days 181–365 days
over
365 days
Total
Factoring
199,608
35,800
17,865
4,445
6,079
34,424
298,221
(34,716)
Loans
376,376
5,373
8,163
8,720
12,795
10,037
421,464
(33,049)
Own receivables
measured at nominal
value
1,527 3 - 1 1 145 1,677
(127)
Other current assets
measured at nominal
value
1,534 2 6 9 12 226 1,789
(23)
TOTAL:
579,045
41,178
26,034
13,175
18,887
44,832
723,151
(67,915)
Exposures – net value as at 31
December 2025
0–30 days 31–90 days over 90 days Total
Factoring
228,089
11,871
23,545
263,505
Loans
375,361
6,656
6,398
388,415
Own receivables measured at
nominal value
1,526 4 20 1,550
Other current assets measured
at nominal value
1,515 6 245 1,766
TOTAL:
606,491
18,537
30,208
655,236
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
84
Ageing analysis of the Group’s
financial assets with fixed maturities
as at 31 December 2025
Maturity
Up to 30 days 31–90 days 91–365 days 1–3 years 3–5 years Over 5 years Total
Factoring 114,239 66,564 18,286 519 - - 199,608
Loans 36,214 64,053 238,103 38,006 - - 376,376
Own receivables measured at nominal
value
574 953 - - - - 1,527
Other current assets measured at
nominal value
1,534 - - - - - 1,534
TOTAL:
152,561
131,570
256,389
38,525
-
-
579,045
Ageing analysis of the Group’s
financial and other liabilities as at
31 December 2025
Undue
Past due
Total
Up to 30 days 31–90 days 91–365 days 1–3 years 3–5 years Over 5 years
Loans and credits 173,597 - - - - - - 173,597
Bonds
394,555
-
-
-
-
-
-
394,555
Leasing 4,536 - - - - - - 4,536
Trade payables 6,257 2 1 - 1 2 - 6,263
Earn-out liabilities
1,914
-
-
-
-
-
-
1,914
Other liabilities and accruals
measured at nominal value
10,171 - - - 63 170 - 10,404
TOTAL:
591,030
2
1
-
64
172
-
591,269
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
85
Ageing analysis of the Group’s term
financial liabilities and other liabilities
as at 31 December 2025
Maturity
Up to 30 days 31–90 days 91–365 days 1–3 years 3–5 years Over 5 years Total
Loans and borrowings 684 6,984 133,841 17,289 14,799 - 173,597
Bonds 2,263 13,658 42,080 288,054 48,500 - 394,555
Leasing 84 597 947 1,867 1,041 - 4,536
Trade payables 5,300 957 - - - - 6,257
Earn-out liabilities - - 1,914 - - - 1,914
Other liabilities and accruals
measured at nominal value
8,376 283 1,512 - - - 10,171
TOTAL:
16,707
22,479
180,294
307,210
64,340
-
591,030
Exposures subject to credit risk associated with balance sheet assets as at 31 December 2024
474,288
Factoring
234,480
Loans 237,410
Own receivables measured at nominal value
1,129
Other current assets measured at nominal value
1,269
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
86
Exposures – gross
value as at 31
December 2024
Current
Past due
Provisions for
expected credit
losses
Up to 30 days 31–90 days 91–180 days 181–365 days Over 365 days Total
Factoring
192,074
17,210
3,830
4,905
10,347
24,514
252,880
(18,400)
Loans
229,977
3,027
3,721
5,688
8,875
2,932
254,220
(16,810)
Own receivables
measured at nominal
value
659 450 2 - - 145 1,256
(127)
Other current assets
measured at nominal
value
1,064 2 4 7 18 197 1,292
(23)
TOTAL:
423,774
20,689
7,557
10,600
19,240
27,788
509,648
(40,477)
Exposures – net value as at 31
December 2024
0–30 days 31–90 days over 90 days Total
Factoring
208,378
3,441
22,661
234,480
Loans
228,892
3,055
5,463
237,410
Own receivables measured at
nominal value
662 449 18 1,129
Other current assets measured
at nominal value
1,043 6 220 1,269
TOTAL:
438,975
6,951
28,362
474,288
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
87
Age analysis of the Group’s financial
assets as at 31 December 2024
Due date
Up to 30 days 31–90 days 91–365 days 1–3 years 3–5 years Over 5 years Total
Factoring
124,355
60,577
6,612
530
-
-
192,074
Loans
27,966
39,563
136,137
26,311
-
-
229,977
Own receivables measured at nominal
value
494 165 - - - - 659
Other current assets measured at
nominal value
1,064 - - - - - 1,064
TOTAL:
153,879
100,305
142,749
26,841
-
-
423,774
Ageing analysis of the Group’s
financial and other liabilities as at
31 December 2024
Current
Past due
Total
Up to 30 days 31–90 days 91–365 days 1–3 years 3–5 years Over 5 years
Loans and borrowings
76,661
-
-
-
-
-
-
76,661
Bonds
316,488
-
-
-
-
-
-
316,488
Leasing
3,174
-
-
-
-
-
-
3,174
Trade payables
4,846
30
-
1
1
-
-
4,878
Earn-out liabilities
1,914
-
-
-
-
-
-
1,914
Other liabilities and accruals
measured at nominal value
9,354 - 6 56 116 - - 9,532
TOTAL:
412,437
30
6
57
117
-
-
412,647
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
88
Ageing analysis of the Group’s term
financial liabilities and other liabilities
as at 31 December 2024
Maturity
Up to 30 days 31–90 days 91–365 days 1–3 years 3–5 years Over 5 years Total
Loans and borrowings 2,385 7,906 55,310 11,060 - - 76,661
Bonds 1,396 1,932 48,761 209,753 54,646 - 316,488
Leasing 87 206 848 1,599 434 - 3,174
Trade payables 4,209 637 - - - - 4,846
Earn-out liabilities - - - 1,914 - - 1,914
Other liabilities and accruals
measured at nominal value
9,189 165 - - - - 9,354
TOTAL:
17,266
10,846
104,919
224,326
55,080
-
412,437
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
89
23. Operating segments
23.1 – Operating segments – statement of profit
and other comprehensive income
1 January 2025 – 31 December 2025
Factoring Loans Unassigned TOTAL
TOTAL NET SALES REVENUE
89,486
89,457
233
179 176
Revenue from factoring, including:
88,020
-
-
88,020
Interest income on financial instruments measured at
amortised cost
69,639 - -
69,639
Revenue from loans, including:
-
89,267
-
89,267
Interest income on financial instruments measured at
amortised cost
- 83,104 -
83,104
Other income
1,466
190
233
1,889
OPERATING EXPENSES
(28,946)
(14,187)
(12,239)
(55,372)
Depreciation - - (4,762)
(4,762)
Remuneration and employee benefits (16,304) (6,856) (184)
(23,344)
External services (7,764) (3,383) (6,093)
(17,240)
Other core expenses (4,878) (3,948) (1,200)
(10,026)
PROFIT (LOSS) FROM SALES
60,540
75,270
(12,006)
123,804
Other operating income - - 867
867
Other operating expenses (263) (1,490) (737)
(2,490)
Result of provisions for expected credit losses (16,839) (24,862) -
(41,701)
OPERATING PROFIT (LOSS)
43,438
48,918
(11,876)
80,480
Financial income 1,211 1,827 143
3,181
Finance costs (23,490) (24,811) (1,361)
(49,662)
Exchange position result - - (1,627)
(1,627)
PROFIT (LOSS) BEFORE TAX
21,159
25,934
(14,721)
32,372
Income tax - - (9,558)
(9,558)
NET PROFIT (LOSS)
-
-
-
22,814
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
90
23.2 – Operating segments – statement of
profit or loss and other comprehensive income
1 January 2024 – 31 December 2024
Factoring
Loans
Unassigned
TOTAL
TOTAL NET SALES REVENUE
59,763
53,052
162
112,977
Revenue from factoring, including:
58,351
-
-
58,351
Interest income on financial instruments
measured at amortised cost
36,664 - - 36,664
Revenue from loans, including:
-
50,636
-
50,636
Interest income on financial instruments
measured at amortised cost
- 46,542 - 46,542
Other income
1,412
2,416
162
3,990
OPERATING EXPENSES
(21,253)
(12,576)
(8,058)
(41,887)
Depreciation
-
-
(3,302)
(3,302)
Remuneration and employee benefits
(11,695)
(6,153)
-
(17,848)
External services
(5,272)
(2,957)
(3,804)
(12,033)
Other core expenses
(4,286)
(3,466)
(952)
(8,704)
PROFIT (LOSS) FROM SALES
38,510
40,476
(7,896)
71,090
Other operating income
-
-
1,726
1,726
Other operating expenses
(37)
(673)
(884)
(1,594)
Result of provisions for expected credit losses
(5,738)
(13,216)
-
(18,954)
OPERATING PROFIT (LOSS)
32,735
26,587
(7,054)
52,268
Financial income
-
-
82
82
Financial expenses
(20,170)
(16,768)
(148)
(37,086)
Exchange position result
-
-
(94)
(94)
PROFIT (LOSS) BEFORE TAX
12,565
9,819
(7,214)
15,170
Income tax
-
-
(4,088)
(4,088)
NET PROFIT (LOSS)
-
-
-
11,082
Operating segments –
assets and liabilities
Balance as of 31 December 2025
Factoring
Loans
Unassigned
TOTAL
Total segment assets 289,504 415,559 69,280 774,343
Total segment liabilities
(271,019)
(317,688)
(10,469)
(599,176)
Operating segments –
assets and liabilities
Balance as of 31 December 2024
Factoring
Loans
Unassigned
TOTAL
Total segment assets 258,870 241,150 60,033 560,053
Total segment liabilities
(220,590)
(185,871)
(10,004)
(416,465)
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
91
24. Average number of full-time equivalent employees in the Group
24.1 - Average number of full-time equivalent employees in the
Group during the period
1 January 2025 1 January 2024
31 December 2025
31 December 2024
White-collar workers 130 119
Total average number of full-time equivalents
130
119
25. Ownership in the Parent Company held by persons managing and controlling
the Parent Company
25.1 - Shares in the Parent Company held by Members of the Management Board
First name and
surname
Position
Number of
shares
held
(in
thousands)
Share in
share capital
Share of total
votes at the
AGM
Tomasz Boduszek President of the Management Board 20 0.24% 0.22%
Jacek Obrocki Vice-President of the Management Board
20 0.24% 0.22%
Danuta Czapeczko Vice-Chair of the Management Board 4 0.05% 0.04%
Members of the Management Board do not hold options on shares in the Parent Company.
Members of the Parent Company’s Supervisory Board do not hold, directly, any shares or share options in
the Parent Company.
26. Remuneration of key personnel of the Capital Group and Supervisory Boards
within the Capital Group received during the period
26.1 - Remuneration of key personnel of the Capital
Group and Supervisory Boards
1 January 2025
01.01.2024
31 December 2025
31 December 2024
The Management Board of PragmaGO as the Parent
Company
3,225
2,561
Short-term benefits
3,225
2,561
Management of Subsidiaries
1,813
-
Short-term benefits
1,813
-
TOTAL:
5,038
2,561
PragmaGO Supervisory Board
240
240
Short-term benefits
240
240
Supervisory Boards of Subsidiaries
86
-
Short-term benefits
86
-
TOTAL:
326
240
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
92
27. Remuneration of entities authorised to audit financial statements
27.1 - Remuneration of entities authorised to audit
financial statements
1 January 2025 1 January 2024
31 December 2025 31 December 2024
Audit of financial statements
separate and consolidated
328 334
Review of separate and consolidated financial
statements
111 100
Other assurance services - -
TOTAL:
439
434
28. Transactions and balances within the Group with related parties
28.1 - Transactions and balances with related parties as of 31 December
2025 and for the period ending 31 December 2025
Other related parties
Revenue
2,984
Costs
2,735
Trade receivables and other current receivables
1,054
Factoring receivables
12,998
Loan receivables
1,107
Loan liabilities 3,282
Trade and other SHORT-TERM LIABILITIES
251
Revenue from related parties relates mainly to services provided by PragmaGO S.A. to Pragma Faktor, which
include portfolio servicing in respect of financing granted and revenue from accounting services.
Costs from related parties relate to the re-invoicing of insurance, scoring and debt collection costs from
Pragma Faktor, the lease of the building housing the Parent Company’s registered office from NPL Nova,
and legal service costs from Pragma Adwokaci.
Factoring receivables relate to advance factoring financing granted to Pragma Faktor.
Additional information regarding loans granted to related parties:
Related party
Balance at
the end of
the period
Interest rates
on loans
Loan security Additional information
Pragma
Faktor Sp. z
o.o. (loan)
1,107 fixed
two blank promissory notes
issued by the Borrower
together with a promissory
note declaration
-
Pragma
Faktor Sp. z
o.o.
(factoring)
12,896 fixed -
Service cooperation
component
Loans granted to related parties are not subject to provisions for expected credit losses.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
93
Additional information regarding loans received by related parties:
Related party
Amount of
loan
received
Balance at
the end of
the period
Interest rate on
loans
Loan collateral
Additional
information
NPL Nova
S.A.
3,200 3,282 variable
Blank promissory note
issued by the Borrower
together with a promissory
note declaration
-
All transactions carried out by the Parent Company with related parties were on arm’s length conditions.
An individual assessment was carried out in respect of the above-mentioned receivables and no evidence
of impairment was found.
The Parent Company in relation to PragmaGO S.A. is:
Polish Enterprise Funds SCA
Subsidiaries of the Company
Brutto sp. z o.o.
PragmaGO.TECH sp. z o.o.
Monevia sp. z o.o.
Telecredit IFN S.A.
Other companies that are related parties (including personal connections) with which the company had
transactions during the period 1 January to 31 December 2025 are:
Pragma Faktor Ltd
NPL NOVA S.A.
Pragma Adwokaci limited partnership
Aseo Paper sp. z o.o.
Anwim S.A.
28.2 - Transactions and balances with related parties as of 31 December 2024
and for the period ending 31 December 2024
Other related parties
Revenue
2,913
Costs
2,503
Trade receivables and other current receivables
313
Factoring receivables
12,832
Loan receivables
1,115
Loan liabilities
2,577
Trade and other payables
735
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
94
Revenue from related parties relates primarily to services provided by PragmaGO S.A. to Pragma Faktor,
which include portfolio management, financing provided, and revenue from accounting services. Other
sources of revenue from related parties are immaterial.
Costs from related parties relate to the re-invoicing of insurance, scoring and debt collection costs from
Pragma Faktor, the lease of the building housing the Parent Company’s registered office from NPL Nova,
and legal services provided by Pragma Adwokaci.
Factoring receivables relate to advance factoring financing granted to Pragma Faktor.
Additional information regarding loans granted to related parties:
Related party
Value of
the loan
granted
Balance at
the end of
the period
Interest rate on
loans
Loan collateral
Additional
information
Pragma
Faktor Sp. z
o.o.
1,100 1,115 fixed
two blank promissory notes
issued by the Borrower
together with a promissory
note declaration
Service
cooperation
component
Loans granted to related parties are not subject to provisions for expected credit losses.
Additional information regarding loans received by related parties:
Related party
Value of
the loan
received
Balance at
the end of
the period
Interest rate on
loans
Loan collateral
Additional
information
NPL Nova
S.A.
2,500 2,577 variable
A blank promissory note
issued by the Borrower
together with a promissory
note declaration
-
28.3 - Transactions and balances with the
Management Board and Supervisory Board
31 December 2025 31 December 2024
Management
Board
Supervisory
Board
Management
Board
Supervisory
Board
Short-term liabilities
-
-
2
-
Loans received during the period
-
250
500
-
Balance at the end of the period in respect
of loans received by the Parent Company
- 250 - -
Interest paid on loans received - 3 17 -
Value of bonds held 59 - 61 -
All transactions carried out by the Parent Company with related parties were on arm’s length conditions.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
95
29. Fair value
29.1 - Fair value of instruments not measured at
fair value
31 December 2025 31 December 2024
Carrying
amount
Fair value
Carrying
amount
Fair value
Financial assets
684,569
684,569
482,634
482,634
Cash and cash equivalents 31,099 31,099 9,615 9,615
Factoring receivables 263,505 263,505 234,480 234,480
Loan receivables 388,415 388,415 237,410 237,410
Trade receivables 1,550 1,550 1,129 1,129
Financial liabilities
580,865
591,401
403,115
411,218
Loans and borrowings liabilities 173,597 173,597 76,661 76,661
Earn-out liabilities 1,914 1,914 1,914 1,914
Lease liabilities 4,536 4,536 3,174 3,174
Floating-rate bonds liabilities* 394,555 405,091 316,488 324,591
Trade payables
6,263
6,263
4,878
4,878
* The fair value as at 31 December 2025 includes the value of Series EUR1 and D1EUR bonds, calculated based on the market price as
at 31 December 2025.
The fair value of liabilities arising from floating-rate bonds as at 31 December 2024 includes the nominal value of series D2 bonds
amounting to PLN 35 million, due to the commencement of trading in the subsequent reporting period, i.e. 10 January 2025.
The fair value of financial assets and financial liabilities is defined as the price that would be received to sell
the asset or paid to settle the liability in a transaction conducted under normal market conditions between
market participants at the measurement date. Fair values of assets – including cash and short-term
deposits, trade receivables, factoring receivables, loan receivables and other receivables, and liabilities –
including loan liabilities, trade payables and other SHORT-TERM LIABILITIES – are close to their carrying
amounts, mainly due to the short maturities and due dates of these instruments.
Based on the fair value measurement methods applied, the Company classifies financial assets and liabilities
into the following categories:
● Level 1: quoted prices in active markets for the same instrument (unadjusted);
● Level 2: prices quoted in active markets for similar instruments or other valuation methods for which all
significant inputs are based on observable market data;
● Level 3: valuation methods for which at least one significant input is not based on observable market
data.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period ended 31 December 2025
96
29.2 – Fair value
31 December 2025
31 December 2024
Of which:
Level 1
Level 2
Level 3
Including:
Level 1
Level 2
Level 3
Financial liabilities
405,091
405,091
-
-
324,591
324,591
-
-
Floating-rate bonds liabilities 405,091 405,091 - - 324,591 324,591 - -
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
97
30. Events after the balance sheet date
1. On 11 February 2026, the Parent Company entered into a partnership agreement with PragmaGO Spain
S.L. (“PragmaGO Spain”). PragmaGO Spain is a company incorporated under Spanish law with its registered
office in Barcelona (Spain). The Issuer acquired 100% of the shares in the share capital of PragmaGO Spain,
which amounts to EUR 3,000 and is divided into 3,000 indivisible shares with a par value of EUR 1 each.
2. On 20 February 2026, the Management Board of PragmaGO S.A. adopted a resolution on the early
redemption of Series C1 bonds. The early redemption covers all 200,000 (two hundred thousand) Series C1
bonds with a total nominal value of PLN 20 million. All settlements relating to the early redemption of Series
C1 bonds were carried out through Krajowy Depozyt Papierów Wartościowych S.A.
3. On 3 April 2026, the Management Board of the Parent Company, PragmaGO S.A., was informed that
PragmaGO d.o.o. had been registered in the Croatian Register of Companies on 2 April 2026. PragmaGO
d.o.o. is a company incorporated under Croatian law with its registered office in Zagreb (Croatia). The Issuer
acquired 100% of the shares in the share capital of PragmaGO d.o.o., which amounts to EUR 2,500.
4. On 8 April 2026, the Parent Company entered into agreements with CK LEGAL Chabasiewicz Kowalska i
Wspólnicy Spółka Komandytowo-Akcyjna, with its registered office in Kraków, concerning changes to the
pool of receivables securing the Series U, B1, C6, D2 and D3 bonds. The amendment involves the exclusion
of certain receivables from the pool and prevents their inclusion in the future. The amendment will not result
in a shortfall in collateral and does not constitute a change to the terms of the bond issue. It was carried out
in accordance with the issue documentation and is intended to enable the raising of new financing, secured
against the excluded receivables.
5. On 20 April 2026, the Management Board of the Parent Company, PragmaGO S.A., was informed that the
Parent Company had obtained two certificates confirming the compliance of its implemented management
systems with international standards:
● Certificate of compliance with the PN-EN ISO/IEC 27001:2023-08 standard in the field of online
financial services for businesses. This certificate confirms that the Parent Company has
implemented an effective Information Security Management System (ISMS), covering processes for
the identification, assessment and management of information security risks in the provision of
financial services.
● Certificate of compliance with the PN-EN ISO 22301:2020-04 standard in the field of online financial
services for businesses. This certificate confirms that the Parent Company has implemented an
effective Business Continuity Management System (BCMS), ensuring readiness to respond to
operational disruptions and maintain key business processes in crisis situations.
31. Other disclosures required by law – forecasts of financial liabilities
Forecasts of financial liabilities
In accordance with the requirements of Article 35(1b) of the Bonds Act of 15 January 2015 (Journal of Laws
2024, item 708), the Parent Company, as the issuer, provides an explanation of the differences between the
financial liability forecasts published on 23 December 2024 and their actual realisation.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
98
a. Forecast of financial liabilities as at 31 December 2025 (unaudited):
Balance sheet item
Amount (PLN
million)
Share o of total
equity and
liabilities (separate)
Consolidated
value (PLN
million)
Share of total
equity and
liabilities
(consolidated)
Total equity and liabilities 810.7 100.0% 903.1 100.0%
Loans and borrowings 237.8 29.3% 314.8 34.9%
Bonds liabilities
348.6
43.0%
348.6
38.6%
Lease liabilities 2.5 0.3% 3.0 0.3%
b. Actual level of financial liabilities as at 31 December 2025:
Balance sheet item
Unit value
(PLN million)
Share of total
equity and
liabilities (separate)
Consolidated
value (PLN
million)
Share of total
equity and
liabilities
(consolidated)
Total equity and liabilities
714.8
100.0%
774.3
100.0%
Loans and borrowings
130
18.2%
173.6
22.4%
Bonds liabilities
394.6
55.2%
394.6
50.9%
Lease liabilities
3.7
0.5%
4.5
0.6%
c. Deviations:
Balance sheet item
Unit value
(PLN million)
Share of total
equity and
liabilities (separate)
Consolidated
value (PLN
million)
Share of total
equity and
liabilities
(consolidated)
Total equity and liabilities
(95.9)
-
(128.8)
-
Loans and borrowings
(107.8)
(11.1%)
(141.2)
(12.5%)
Bonds liabilities
46.0
12.2%
46.0
12.0%
Lease liabilities
1.2
0.2%
1.5
0.3%
In accordance with the requirements of Article 35(1b) of the Bonds Act of 15 January 2015 (Journal of Laws
2024, item 708), the Parent Company, as the issuer, provides an explanation of the differences between the
forecasts of financial liabilities and their actual realisation:
Total financial liabilities at the standalone level amounted to PLN 528 million, which was PLN 61 million
(10.3%) lower than forecast. The lower level of liabilities was due to lower-than-planned capital
requirements. At the consolidated level, total liabilities amounted to PLN 573 million, which was PLN 94
million (14.1%) lower than forecast. The Management Board of the Parent Company decided to issue bonds
with a higher value than originally planned, taking advantage of the very favourable conditions on the capital
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
99
market and high demand for bonds, which resulted in competitive financing terms. At the same time, the
utilisation of available credit facilities and loans was lower than budgeted by PLN (107.8) million at the Parent
Company level and by PLN (141.2) million at the consolidated level, due to the financing requirements being
met through bond issues. The level of lease liabilities deviated from the budgeted level mainly due to the
recognition of a lease modification by the Parent Company in accordance with IFRS 16.
The consolidated annual financial statements of the PragmaGO S.A. Group, prepared as at and for the 12-month period
ended 31 December 2025
100
Yours faithfully,
The Management Board of
PragmaGO S.A.
President of the Management
Board
Tomasz Boduszek
Vice-President of the
Management Board
Jacek Obrocki
Vice-President of the
Management Board
Danuta Czapeczko
Vice-President of the
Management Board
Łukasz Ramczewski
Katowice, 22 April 2026
