259400KV9G7ARDY89677

Consolidated Quarterly Report of the PragmaGO S.A. Group

Table of contents

Letter from the President of the PragmaGO S.A. Capital Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Selected consolidated financial data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Selected separate financial data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consolidated condensed interim financial statements of the PragmaGO S.A. Group as of and for

the three-month period ended 31 March 2026. . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Introduction to the consolidated condensed interim financial statements of the PragmaGO S.A.

Group as of and for the three-month period ended 31 March 2026. . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to the consolidated condensed interim financial statements of PragmaGO S.A. prepared as

of and for the three-month period ended 31 March 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Separate condensed interim financial statements of PragmaGO S.A. as of and for the three-month

period ended 31 March 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Introduction to the separate condensed interim financial statements of PragmaGO S.A. prepared

as of and for the three-month period ended 31 March 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to the separate condensed interim financial statements of PragmaGO S.A. prepared as of

and for the three-month period ended 31 March 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100

Consolidated condensed interim report of the Management Board on the activities of the

PragmaGO S.A. Group for the period from 1 January to 31 March 2026 . . . . . . . . . . . . . . . . . . . . . . . . .

157

Consolidated Quarterly Report of the PragmaGO S.A. Group

Dear Sir or Madam,

We are pleased to present the quarterly report of the PragmaGO Group. The year 2026 brings significant milestones in the Group’s

development; the parent company is celebrating its 30th anniversary – over three decades, we have built a brand and a Group

that is now present in the Polish, Romanian, Spanish and Croatian markets. We are consistently implementing the Group’s strategy

of international expansion, taking further steps in its development. In foreign markets, we intend to replicate the business model

that has proven successful in Poland. The objective remains unchanged – to provide financing to micro, small and medium-sized

enterprises. We are working on partnerships that will enable us to build distribution channels and gain access to a customer base

in new markets.

In the first quarter of 2026, the Group achieved consolidated revenue of PLN 48 million, representing a 30% increase compared

to the same period of the previous year, with operating costs up by 24%. This translated into an operating profit of PLN 21.5 million

(+12% y/y) and a net profit of PLN 6.9 million, compared to a net profit of PLN 6.5 million in the first quarter of 2025 (+6% y/y). On

a standalone basis, net profit amounted to PLN 5.7 million (+149% y/y). The increase in profitability is strongly supported by the

operating leverage effect: operating costs are rising significantly more slowly than revenue and fell to 32% of revenue for the first

three months of 2026.

We attribute these results to the consistent expansion of our operations: as at 31 March 2026, total assets had risen to PLN 802

million, compared with PLN 774 million as at 31 December 2025 (+3.5%) and compared to PLN 620 million as at 31 March 2025

(+29% y/y). This growth was achieved, amongst other things, through the increasing number of customers using our services

(15,300 in the first quarter of 2026, +6.6% y/y), which is a result of growing awareness of the PragmaGO brand, the attractiveness

of its products and the effectiveness of its distribution channels, particularly the effectiveness of our Embedded Finance model

and its Merchant Cash Advance and PragmaPay deferred payment products for businesses purchasing via e-commerce (BNPL

B2B), in which we are the clear market leader in Poland, as well as thanks to the growth of the portfolios of our subsidiaries

Monevia and Telecredit. Despite its growing scale, the Group maintains a safe level of debt for the financial services sector – net

financial debt as at 31 March 2026 stood at 315% of equity, with a level of 400% permitted under the financial covenants applicable

to PragmaGO. The Group’s assets are characterised by high liquidity: total cash inflows from financial assets amounted to PLN

0.8 billion in the period from January to March 2026, which represents a very high level of cash flows given that net financial debt

at the end of the period stood at PLN 574 million.

During the reporting period, the Group focused on optimising its debt structure. As part of the diversification of funding sources,

bonds with a total value of PLN 32 million were redeemed early, replacing them with alternative forms of financing on more

favourable terms. Despite the absence of new bond issuances in 2026, the Group remains an active participant in the capital

market and maintains its position as a credible issuer, which is a key element of its funding management strategy.

In the coming quarters, we expect further growth in turnover and portfolio size. We plan to continue activities that will enable the

company to launch Partnerships in Spain and Croatia and pursue further international expansion, which, as expected, will

translate into growing profitability for the Group’s operations. We would like to thank our investors for the trust they have placed

in us.

Yours faithfully,

Tomasz Boduszek,

President of the Management

Board of PragmaGO S.A.

Consolidated Quarterly Report of the PragmaGO S.A. Group

thousands

of PLN

thousands

of EUR

SELECTED CONSOLIDATED FINANCIAL DATA

Q1 2026

(unaudited)

2025

(audited)

Q1 2025

(unaudited)

Q1 2026

(unaudited)

2025

(audited)

Q1 2025

(unaudited)

I. Total net revenue

48,088

179,176

37,037

11,336

42,286

8,850

II. Operating profit (loss)

21,492

80,480

19,161

5,067

18,994

4,579

III. Profit (loss) before tax

9,341

32,372

8,449

2,202

7,640

2,019

IV. Net profit (loss) from continuing operations

6,868

22,814

6,475

1,619

5,384

1,547

V. Net cash flows from operating activities

(16,549)

(110,886)

(39,395)

(3,901)

(26,170)

(9,414)

VI. Net cash flows from investing activities

(3,315)

(12,686)

(3,215)

(781)

(2,994)

(768)

VII. Net cash flows from financing activities

6,006

145,057

40,532

1,416

34,234

9,686

VIII. Total net cash flows

(13,858)

21,484

(2,078)

(3,267)

5,070

(497)

IX. Total assets

801,827

774,343

619,642

186,932

183,203

148,102

X. Liabilities and provisions for liabilities

619,550

599,176

469,807

144,437

141,760

112,289

XI. Long-term liabilities

317,509

371,600

267,554

74,022

87,917

63,948

XII. Short-term liabilities

302,041

227,576

202,253

70,416

53,842

48,341

XIII. Total equity

182,277

175,167

149,835

42,495

41,443

35,812

XIV. Share capital

8,482

8,071

1,977

2,007

1,929

XV. Number of shares at period-end (in thousands)

8,482

8,071

8,482

8,071

XVI. Earnings (loss) per weighted average ordinary share (in PLN/EUR)

0.80

2.70

0.81

0.19

0.64

0.19

XVII. Diluted earnings (loss) per weighted average ordinary share

(in PLN/EUR)

0.80

2.70

0.81

0.19

0.64

0.19

XVIII. Book value per weighted average share (in PLN/EUR)

21.49

21.25

18.78

5.01

5.03

4.49

XIX. Diluted book value per weighted average share (in PLN/EUR)

21.49

21.25

18.78

5.01

5.03

4.49

XX. Factoring balance

272,062

263,505

250,112

63,427

62,343

59,780

XXI. Payments from factoring during the period

522,562

2,203,716

519,420

123,190

520,088

124,121

XXII. Loans balance

416,720

388,415

279,658

97,151

91,896

66,841

XXIII. Payments from loans during the period

210,444

716,982

137,867

49,610

169,211

32,946

Consolidated Quarterly Report of the PragmaGO S.A. Group

thousands

of PLN

thousands

of EUR

SELECTED SEPARATE FINANCIAL DATA

Q1 2026

(unaudited)

2025

(audited)

Q1 2025

(unaudited)

Q1 2026

(unaudited)

2025

(audited)

Q1 2025

(unaudited)

I. Total net revenue

41,421

139,687

29,253

9,765

32,967

6,990

II. Operating profit (loss)

19,170

66,552

13,675

4,519

15,707

3,268

III. Profit (loss) before tax

7,790

22,054

3,547

1,836

5,205

848

IV. Net profit (loss) from continuing operations

5,664

14,173

2,274

1,335

3,345

543

V. Net cash flows from operating activities

(11,512)

(108,874)

(39,095)

(2,714)

(25,695)

(9,342)

VI. Net cash flows from investing activities

(3,549)

(12,427)

(3,343)

(837)

(2,933)

(799)

VII. Net cash flows from financing activities

9,723

123,265

39,307

2,292

29,091

9,393

VIII. Total net cash flows

(5,338)

1,964

(3,131)

(1,258)

464

(748)

IX. Total assets

743,451

714 714

584,261

173,323

169,095

139,645

X. Liabilities and provisions for liabilities

574,674

551,601

442,256

133,975

130,504

105,704

XI. Long-term liabilities

304,118

355,024

255,195

70,900

83,996

60,995

XII. Short-term liabilities

270,556

196,577

187,061

63,075

46,508

44,710

XIII. Total equity

168,777

163,113

142,005

39,347

38,591

33,941

XIV. Share capital

8,482

8,071

1,977

2,007

1,929

XV. Number of shares at period-end (in thousands)

8,482

8,071

8,482

8,071

XVI. Earnings (loss) per weighted average ordinary share (in PLN/EUR)

0.67

1.72

0.29

0.16

0.41

0.07

XVII. Diluted earnings (loss) per weighted average ordinary share

(in PLN/EUR)

0.67

1.72

0.29

0.16

0.41

0.07

XVIII. Book value per weighted average share (in PLN/EUR)

19.90

19.79

17.80

4.64

4.68

4.25

XIX. Diluted book value per weighted average share (in PLN/EUR)

19.90

19.79

17.80

4.64

4.68

4.25

XX. Factoring balance

197,893

191,220

193,949

46,135

45,241

46,356

XXI. Payments from factoring during the period

436,556

1,771,617

413,600

102,914

418,110

98,834

XXII. Loans balance

437,945

415,054

295,271

102,099

98,198

70,573

XXIII. Payments from loans during the period

214,629

733,623

138,079

50,597

173,139

32,995

Consolidated Quarterly Report of the PragmaGO S.A. Group

The key items of the statement of financial position, the statement of profit or loss and other comprehensive

income, and the statement of cash flows have been converted into EUR at the average exchange rates set

by the National Bank of Poland in accordance with the specified, applicable conversion principle (dividing

amounts expressed in thousands of PLN by the exchange rate):

a) Statement of financial position at the exchange rate prevailing on the last working day of the

relevant period:

▪ as of 31 March 2026, the average NBP exchange rate was: 4.2894;

▪ as of 31 December 2025, the NBP average exchange rate was: 4.2267;

▪ as of 31 March 2025, the average NBP exchange rate was: 4.1839.

b) Statement of profit or loss and other comprehensive income and statement of cash flows at average

exchange rates for the period, calculated as the arithmetic mean of the exchange rates prevailing

on the last day of each month in the period:

▪ arithmetic mean for the period from 1 January to 31 March 2026: 4.2419;

▪ arithmetic mean for the period from 1 January to 31 December 2025: 4.2372;

▪ arithmetic mean for the period from 1 January to 31 March 2025: 4.1848.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

OF THE PRAGMAGO GROUP PREPARED AS OF AND FOR THE 3-

MONTH PERIOD ENDED 31 MARCH 2026

Consolidated condensed interim statement of profit or loss and other comprehensive

income for the period

Item

Note

1 January 2026

1 January 2025

31 March 2026

(unaudited)

31 March 2025

(unaudited)

TOTAL NET REVENUE

48,088

37,037

Revenue from factoring, including:

19,146

18,867

Interest income on financial instruments measured

at amortised cost

14,125

14,273

Revenue from loans, including:

28,617

17,131

Interest income on financial instruments measured

at amortised cost

26,329

15,922

Other revenue

325

1,039

OPERATING EXPENSES

(15,395)

(12,382)

Depreciation

(1,282)

(902)

Remuneration and employee benefits

(6,397)

(5,377)

External services

(5,240)

(3,733)

Other core expenses

(2,476)

(2,370)

PROFIT (LOSS) FROM SALES

32,693

24,655

Other operating income

331

278

Other operating expenses

(1,318)

(187)

Net provision for expected credit losses

(10,214)

(5,585)

OPERATING PROFIT (LOSS)

21,492

19,161

Financial income

244

247

Financial expenses

(12,616)

(10,948)

Exchange position result

221

(11)

PROFIT (LOSS) BEFORE TAX

9,341

8,449

Income tax

(2,473)

(1,974)

NET PROFIT (LOSS)

6,868

6,475

Other comprehensive income

242

(235)

COMPREHENSIVE INCOME FOR THE REPORTING

PERIOD

7,110

6,240

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Item

Note

1 January 2026

1 January 2025

31 March 2026

(unaudited)

31 March 2025

(unaudited)

NET PROFIT (LOSS) ATTRIBUTABLE TO:

6,868

6,475

Shareholders of the Parent Company

6,810

6,153

Non-controlling interests

322

COMPREHENSIVE INCOME FOR THE REPORTING

PERIOD ATTRIBUTABLE TO:

7,110

6,240

Shareholders of the Parent Company

7,025

5,944

Non-controlling interests

296

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Consolidated condensed interim statement of financial position

Item

Note

31 March 2026

(unaudited)

31 December 2025

FIXED ASSETS

130,565

124,151

Property, plant and equipment

4,186

4,581

Intangible assets

53,047

50,619

Goodwill

28,492

Factoring

3,217

519

Loans

39,085

38,006

Deferred tax assets

2,538

1,934

CURRENT ASSETS

671,262

650,192

Trade receivables

915

1,550

Current income tax receivables

792

843

Other current assets

2,673

1,766

Factoring

268,845

262,986

Loans

377,635

350,409

Prepayments and accruals

3,161

1,539

Cash and cash equivalents

17,241

31,099

TOTAL ASSETS:

801,827

774,343

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Consolidated condensed interim statement of financial position

Item

Note

31 March 2026

(unaudited)

31 December 2025

TOTAL EQUITY

182,277

175,167

Equity attributable to shareholders of the

Parent Company

180,421

173,396

Share capital

8,482

Share premium

120,809

Retained earnings reserve

19,649

Retained earnings, including:

31,481

24,456

Net profit (loss) for the period

6,810

22,247

Equity attributable to non-controlling

interests

1,856

1,771

LONG-TERM LIABILITIES

317,509

371,600

Long-term provisions

Long-term loans and borrowings

liabilities

26,427

32,088

Long-term bonds liabilities

288,588

336,554

Long-term lease liabilities

2,435

2,908

SHORT-TERM LIABILITIES

302,041

227,576

Short-term loans and borrowings

liabilities

196,870

141,509

Short-term bonds liabilities

74,941

58,001

Short-term lease liabilities

1,694

1,628

Earn-out liabilities

1,914

Trade payables

6,873

6,263

Current income tax liabilities

2,022

4,426

Other liabilities and accruals

14,189

10,404

Deferred income

3,538

3,431

TOTAL EQUITY AND LIABILITIES:

801,827

774,343

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Consolidated condensed interim statement of cash flows

(indirect method)

Item

Note

1 January 2026

1 January 2025

31 March 2026

(unaudited)

31 March 2025

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Profit (loss) before tax

9,341

8,449

Total adjustments:

(25,890)

(47,884)

Depreciation

1,282

902

Foreign exchange gains (losses)

471

(725)

Interest and share of profits (dividends)

10,967

9,268

Net Provisions for expected credit losses

10,214

5,585

Adjustments for non-cash changes

(216)

(956)

Change in balance due to factoring receivables

(10,656)

(16,540)

Change in balance due to loans granted

(36,420)

(46,897)

Change in provisions

Change in receivables

(272)

(126)

Change in short-term liabilities, except for financial

liabilities

4,395

2,623

Change in prepayments and accruals

(235)

489

Income tax paid

(5,430)

(1,480)

Other

Net cash flows from operating activities

(16,549)

(39,395)

CASH FLOWS FROM INVESTING ACTIVITIES

Expenditure on the acquisition of intangible assets

(3,403)

(3,184)

Expenditure on the acquisition of property, plant and

equipment

(31)

Net cash flows from investing activities

(3,315)

(3,215)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from loans and borrowings

76,870

89,094

Repayments of loans and borrowings

(27,746)

(38,758)

Repayments of lease liabilities

(245)

(293)

Bond redemption outflows

(32,000)

Interest paid on bonds

(7,554)

(8,326)

Interest paid on loans, borrowings and leases

(3,319)

(1,185)

Net cash flows from financing activities

6,006

40,532

TOTAL NET CASH FLOWS

(13,858)

(2,078)

CHANGE IN CASH AND CASH EQUIVALENTS

(13,858)

(2,078)

CASH AT THE BEGINNING OF THE PERIOD

31,099

9,615

CASH AT THE END OF THE PERIOD

17,241

7,537

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Specification

Share capital

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 2026 to 31 March 2026 (unaudited)

Balance as of 1 January 2026

8,482

120,809

19,649

24,456

24,931

(475)

Comprehensive income for the

period from 1 January to 31

March 2026, including:

7,025

6,810

215

Net profit (loss) for the period 1

January 2026 to 31 March 2026

6,810

Other comprehensive income for

the period 1 January 2026 to 31

March 2026

215

Balance as of 31 March 2026

8,482

120,809

19,649

31,481

31,741

(260)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Consolidated condensed interim statement of changes in equity

Item

Equity attributable

to shareholders of the

Parent Company

Equity attributable to non-

controlling interests

Total equity

Balance as of 1 January 2026

173,396

1,771

175,167

Comprehensive for the period from 1 January to 31 March 2026,

including:

7,025

7,110

Net profit (loss) for the period 1 January 2026 to 31 March 2026

6,810

6,868

Other comprehensive income for the period 1 January 2026 to 31

March 2026

215

242

Balance as of 31 March 2026

180,421

1,856

182,277

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Consolidated condensed interim 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)

Allocation of 2024 profit

7,844

(7,844)

Coverage of losses from

previous years

(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

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 profit (loss) for the period 1

January 2025–31 December

2025

22,247

Other comprehensive income

for the period 1 January 2025

to 31 December 2025

(404)

Balance as of 31 December

2025

8,482

120,809

19,649

24,456

(24,931)

(475)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Specification

Equity attributable

to shareholders of the Parent

Company

Equity attributable to

non-controlling interests

Total equity

Balance as of 1 January 2025

142,334

1,254

143,588

Allocation of 2024 profit

Coverage of losses from previous years

Payments in respect of the capital increase – issuance of series K

Payments in respect of the capital increase – issuance of series L

9,209

Increases due to other adjustments

Capital reduction – redemption of series G shares

Comprehensive income for the period from 1 January to 31

December 2025, including:

21,843

517

22,360

Net 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 to 31

December 2025

(404)

(50)

(454)

Balance as of 31 December 2025

173,396

1,771

175,167

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Consolidated condensed interim 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 March 2025 (unaudited)

Balance as of 1 January

2025

6,891

(468)

94,784

25,743

18,434

(3,050)

(2,979)

(71)

Allocation of 2024 profit

Payments in respect of the

capital increase – issuance

of series K shares

1,180

17,254

(18,434)

Increases due to other

adjustments

Comprehensive income for

the period from 1 January to

31 March 2025, including:

5,944

6,153

(209)

Net profit (loss) for the

period 1 January 2025 to 31

March 2025

6,153

Other comprehensive

income for the period 1

January 2025 to 31 March

2025

(209)

Balance as of 31 March 2025

8,071

(468)

112,038

25,743

2,901

3,181

(280)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Consolidated condensed interim statement of changes in equity

Item

Equity attributable

to shareholders of the Parent

Company

Equity attributable to

non-controlling interests

Total equity

Balance as of 1 January 2025

142,334

1,254

143,588

Allocation of 2024 profit

Payments in respect of the capital increase – issuance of series K

Increases due to other adjustments

Comprehensive income for the period from 1 January to 31 March

2025, including:

5,945

296

6,240

Net profit (loss) for the period 1 January 2025 to 31 March 2025

6,153

322

6,475

Other comprehensive income for the period 1 January 2025 to 31

March 2025

(209)

(26)

(235)

Balance as of 31 March 2025

148,285

1,550

149,835

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

INTRODUCTION TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS OF THE PragmaGO S.A. GROUP

PREPARED AS OF AND FOR THE 3-MONTH PERIOD ENDED 31

MARCH 2026

I. BASIC INFORMATION ABOUT THE CAPITAL 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

Registered 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 PragmaGO Group provides services in Poland and Romania through Telecredit IFN, and in early 2026 it

established operations in Spain and Croatia.

Factoring

The factoring service provided by the Parent Company involves the factor (the Issuer) purchasing the non-

overdue receivables of the factoring clients (factoring customers) due to them from third parties (factoring

debtors). By using factoring, a company receives funds arising from the factoring transaction it has entered

into sooner than the original payment date specified in the transaction. After the factoring client submits an

invoice, 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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

the factor’s remuneration) to the client once payment has been made by the factoring debtor. Factoring

therefore allows a business to shorten its accounts receivable turnover cycle and thereby improve its cash

flow.

The factoring products on offer 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 receivables not yet due, 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 generate

regular factoring turnover 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 a maximum of PLN 300,000 via automated decisions, which may be

increased in the case of manual decisions. This product is available in two versions, depending on the

repayment method and schedule. We distinguish between MCAs 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 term of

4 to 24 months.

The Parent Company’s duration is indefinite.

The Parent Company operates in accordance with its Articles of Association and the provisions of the

Commercial Companies Code.

Since 2021, the majority shareholder of PragmaGO S.A. has been Polish Enterprise Funds SCA.

From 14 June 2007 to 8 September 2021, the Parent Company’s shares were listed on the regulated market

of the Warsaw Stock Exchange.

On 9 September 2021, the Parent Company’s shares were delisted from the Warsaw Stock Exchange at the

Parent Company’s request.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Share capital of the Parent Company

The share capital of the Parent Company as of 31 March 2026 amounted to PLN 8,481,652.00 and was

divided into 8,481,652 shares with a nominal value of PLN 1 each. The share capital remained unchanged

compared with the end of the previous reporting period ended 31 December 2025.

Management Board and Supervisory Board of the Parent Company

The composition of the Management Board of the Parent Company as of 31 March 2026 was as follows:

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

There have been no changes to the Management Board of the Parent Company, PragmaGO S.A., between

the reporting period ended 31 December 2025 and the date of publication.

The composition of the Supervisory Board of the Parent Company as of 31 March 2026 and at the end of

the reporting period, i.e. 31 December 2025, was as follows:

Chairman of the Supervisory Board

Dariusz Prończuk

Member of the Supervisory Board

Bartosz Chytła

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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

2. Capital Group

As of 31 March 2026, 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 on a full consolidation

basis;

▪ 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 SA, with its registered office in Bucharest, as a subsidiary, consolidated using the full

consolidation method;

▪ PragmaGO Spain S.L., with its registered office in Barcelona, as a Subsidiary established on 11 February

2026, 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).

After the balance sheet date, PragmaGO d.o.o., based in Zagreb, became part of the Group as a subsidiary.

It was registered on 2 April 2026.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

As of 31 March 2026, 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., each with a nominal value of PLN 500, 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.

▪ 3,000 shares in PragmaGO Spain S.L. with a nominal value of EUR 1 each, representing 100% of the shares

in the company.

The Parent Company consolidates its subsidiaries using the full consolidation method.

II. INFORMATION ON THE PRINCIPLES ADOPTED IN THE PREPARATION OF THE

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PREPARED AS OF

AND FOR THE PERIOD ENDED 31 MARCH 2026

1. Basis for the preparation of the financial statements

The Parent Company, PragmaGO S.A., prepares interim condensed financial statements in accordance with

International Accounting Standard 34 Interim Financial Reporting, as adopted by the European Union (IAS

34).

The condensed consolidated interim financial statements comprise the statements of profit or loss

and other comprehensive income covering the three-month period ended 31 March 2026 and comparative

figures for the three-month period ended 31 March 2025, the Group’s statement of cash flows covers the

three-month period ended 31 March 2026 and includes comparative figures for the three-month period

ended 31 March 2025. The statement of changes in equity has been prepared for the three-month period

ended 31 March 2026 and includes comparative figures for the year ended 31 December 2025. The

condensed consolidated interim statement of financial position of the Group has been prepared as of 31

March 2026 and includes comparative figures as of 31 December 2025.

Financial data is presented in thousands of PLN (PLN ‘000), unless otherwise stated.

2. Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34

as adopted by the European Union (EU) as of 31 March 2026 and the applicable 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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

trading or applying for admission to trading on the official stock exchange market. The condensed interim

financial statements do not contain all the information required for the preparation of annual financial

statements and should therefore be analysed in conjunction with the annual financial statements prepared

as of and for the year ended 31 December 2025, published on the PragmaGO website in the investor relations

section.

These condensed consolidated interim financial statements include selected explanatory notes that are

material from the perspective of the Group’s results and financial 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 condensed consolidated interim financial statements were approved by the Management Board of

the Parent Company on 21 May 2026.

3. Going concern

The financial statements have been prepared on the assumption that the Group’s companies will continue

as going concerns for at least twelve months from the balance sheet date. As of the date of preparation of

these financial statements, the Management Board of the Parent Company is not aware of any

circumstances indicating a threat to the Group 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 is different 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 preparation 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.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Functional Currency

The Company

Polish zloty (PLN)

PragmaGO S.A.

Monevia Sp. z o.o.

PragmaGO.TECH Ltd

Brutto Sp. z o.o.

Romanian leu (RON)

Telecredit IFN SA

Euro (EUR)

PragmaGO Spain S.L.

III. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS TO EXISTING

STANDARDS

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 the period

Effective

Impact on the

financial statements

their initial

application

IFRS 18

Presentation

and

disclosures in

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 issues: 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 changes to

the financial statements in

accordance with the

standard. Early adoption is

not planned.

IFRS 19

Subsidiaries

without public

accountability:

disclosures

IFRS 19 allows qualifying subsidiaries to

apply IFRS with limited disclosures. The

application of IFRS 19 is intended to

reduce the costs of preparing financial

statements for subsidiaries whilst

maintaining the usefulness of the

information for users of their financial

statements. An entity qualifies to apply

the standard if it is not a public- e entity

and its ultimate or intermediate parent

prepares consolidated financial

statements available for public use that

comply with IFRS.

1 January

2027

The application of the

standard will not have a

significant impact on the

financial statements.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

As of the date of preparation of these consolidated financial statements, these amendments have not yet been

endorsed by the European Union.

Standards and

interpretations

Description of amendments

Commencement date

Effective

Impact on the

financial statements

their initial

application

IFRS 14

‘Regulatory

Deferrals’

This standard allows entities preparing

financial statements in accordance with

IFRS for the first time (on or after 1

January 2016) to recognise amounts

arising from activities with regulated

prices in accordance with previously

applied accounting policies. To improve

comparability with entities that already

apply IFRS and do not report such

amounts, in accordance with the

published IFRS 14, amounts arising from

regulated activities should be presented

as a separate item in both the statement

of financial position and the income

statement, as well as in the statement of

other comprehensive income.

By decision of the

European Union, IFRS

14 will not be

adopted.

The Group does not apply

standards that have not been

endorsed by the European

Union.

Amendments to

IFRS 10 and IAS 28

regarding the sale

or contribution of

assets between an

investor and its

associates or joint

ventures

The amendments resolve the current

inconsistency between IFRS 10 and IAS

28. The accounting treatment depends

on whether the non-monetary assets

sold or contributed to an associate or

joint venture constitute a ‘business’.

Where the non-monetary assets

constitute a ‘business’, the investor

recognises the full gain or loss on the

transaction in . Where the assets do not

meet the definition of a business, the

investor recognises the gain or loss only

to the extent of the portion representing

the interests of other investors.

The amendments were published on 11

September 2014.

As of the date of

preparation of these

consolidated financial

statements, the

European Union has

deferred the

endorsement of this

amendment.

The application of the

standard will not have a

material impact on the

financial statements.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Contracts relating

to natural

resource-based

electricity:

Amendments to

IFRS 9 and IFRS 7

In December 2024, the Board published

amendments to help companies better

recognise the financial effects of

contracts relating to natural-variable

electricity, which often take the form of

power purchase agreements (PPAs). The

current guidance may not fully reflect

the impact of these contracts on a

company’s results. To enable companies

to better reflect these contracts in their

financial statements, the Board has

introduced amendments to IFRS 9

Financial Instruments and IFRS 7

Financial Instruments: Disclosures.

These amendments include:

a) clarification of the application of the

‘own use’ criterion;

b) permitting hedge accounting where

these contracts are used as hedging

instruments;

c)adding new disclosures to enable

stakeholders to understand the impact of

these contracts on financial

performance and cash flows.

As of the date of

preparation of these

consolidated financial

statements, these

amendments have

not yet been

endorsed by the

European Union.

The application of the

amended standard will not

have a material impact on

the financial statements.

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 within the European Union may differ from those specified

in the standards and are announced upon their adoption by the European Union. As of 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

In preparing the interim consolidated financial statements, the Group has applied the same accounting

policies consistently in all material respects across all periods presented.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

OF THE PRAGMAGO S.A. CAPITAL GROUP PREPARED AS OF AND FOR THE 3-

MONTH PERIOD ENDED 31 MARCH 2026

THE ATTACHED NOTES FORM AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

List of notes:

Number

Title

Total net revenue

Operating expenses

Financial expenses

Income tax – current and deferred

Property, plant and equipment

Intangible assets

Goodwill

Financial assets

Receivables

Cash

Prepayments and accruals

Share capital

Loans and borrowings liabilities

Bonds liabilities

Lease liabilities

Trade and other payables

Deferred income

Reconciliation of changes in liabilities and other items disclosed in the statement of cash flows

Guarantees, sureties and contingent liabilities

Financial instruments

Seasonality or cyclicality of the Group’s operations

Operating segments

Average number of full-time equivalent employees in the Group

Ownership in the Parent Company held by persons managing and controlling the Parent

Company

Transactions and balances within the Group with related parties

Fair value

Events after the balance sheet date

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

1. Total net revenue

1.1 - Total net revenue

1 January 2026

31 March 2026

1 January 2025

31 March 2025

Revenue from factoring, including:

19,146

18,867

Interest income on financial instruments measured at

amortised cost, including:

14,125

14,273

Intermediary costs

(837)

(1,093)

Periodic fees

2,278

1,942

Initial and renewal fees

1,430

1,545

Late payment fees

485

377

Other

828

730

Revenue from loans, including:

28,617

17,131

Interest income on financial instruments measured at

amortised cost, including:

26,329

15,922

Intermediary costs

(6,260)

(3,887)

Late payment fees

2,221

1,173

Other

Other revenue, including:

325

1,039

Revenue from servicing the Pragma Faktor portfolio

187

219

Other

138

820

TOTAL:

48,088

37,037

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 2026

1 January 2025

31 March 2026

31 March 2025

Depreciation

1,282

902

Remuneration and employee benefits

6,397

5,377

External services

5,240

3,733

Other core expenses

1,513

1,406

Taxes and fees

794

800

Consumption of materials and energy

169

164

TOTAL:

15,395

12,382

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

3. Financial expenses

3.1 - Financial expenses for the

period

01 January 2026

01 January 2025

31 March 2026

31 March 2025

Interest on bonds

7,692

7,805

Interest on loans and borrowings

3,197

1,503

Bond issuance costs

890

781

Cost of early redemption of bonds

218

Commissions on loans and

borrowings

518

785

Interest on leases

Other

TOTAL:

12,616

10,948

4. Income tax – current and deferred

4.1 - Income tax for the period

1 January 2026

31 March 2026

1 January 2025

31 March 2025

Current income tax

(3,077)

(2,599)

Deferred income tax

604

625

TOTAL:

(2,473)

(1,974)

4.2 - Reconciliation of the effective tax rate

1 January 2026

31 March 2026

1 January 2025

31 March 2025

Gross profit before tax

9,341

8,449

Income tax at the statutory tax rate applicable in

Poland of 19%

(1,775)

(1,605)

Impact of tax rates in foreign jurisdictions

Impact of permanent differences between gross

profit and income subject to income tax, including:

(716)

(457)

Non-deductible provisions for expected credit losses

on factoring and loan exposures

(810)

(755)

Sale of receivables

219

(2)

Utilisation of tax losses

146

Permanent cost differences

(88)

(44)

Other

(37)

198

Income tax recognised in the statement of profit or

loss and other comprehensive income

(2,473)

(1,974)

Effective tax rate

26%

23%

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

4.3 - Change in deferred tax assets during the period

1 January 2026

31 March 2026

1 January 2025

31 December 2025

Balance at the beginning of the period

14,035

10,185

Recognition

1,112

3,986

Utilisation

(24)

(93)

Reversal

(37)

(43)

TOTAL:

15,086

14,035

4.4 - Change in deferred tax liability during the period

1 January 2026

31 March 2026

1 January 2025

31 December 2025

Balance at the beginning of the period

12,101

8,468

Recognition

446

3,633

Reversal

TOTAL:

12,548

12,101

4.5 - Deferred tax assets and liabilities at the end of

the period

31 March 2026

31 December 2025

Net deferred tax assets

2,538

1,934

Net deferred tax liability

4.6 - Deferred tax

Deferred tax assets

Balance as of

Impact on tax

31 March

2026

31 December

2025

31 March

2026

31 December

2025

Valuation of financial liabilities

111

152

405

Provisions

454

469

(138)

Deferred income relating to financial

assets

10,535

9,948

(587)

(3,652)

Provisions on receivables

3,240

2,404

(836)

(145)

Difference between the tax and carrying

amount of fixed assets

670

708

(282)

Annual VAT adjustment

197

(80)

Other

157

TOTAL DEFERRED TAX ASSETS:

15,086

14,035

(1,051)

(3,850)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Deferred tax liability

Balance as of

Impact on tax

31 March

2026

31 December

2025

31 March

2026

31 December

2025

Valuation of financial investments

771

797

(26)

319

Bad debt relief

2,490

2,501

(11)

796

Difference between the tax and carrying

amounts of fixed assets

5,994

5,604

390

1,795

Accrued expenses

3,164

3,194

(30)

770

Other

129

124

(47)

TOTAL DEFERRED TAX LIABILITY:

12,548

12,101

447

3,633

Reconciliation of the effective tax rate

The consolidation includes foreign subsidiaries based in jurisdictions with different standard applicable tax

rates:

• 16% in Romania,

• 25% in Spain (a reduced tax rate of 15% applies in the first and subsequent tax periods in which the

tax base is positive).

Provisions for expected credit losses on loans not constituting tax expenses

Pursuant to the Corporate Income Tax Act of 7 March 2025 (Journal of Laws 2025, item 278), tax-deductible

costs include the value of receivables previously recognised as taxable income, which have undergone

depreciation, time-barred or been written down as uncollectible, to the extent that the provisions for

expected credit losses made on them were previously recognised as tax-deductible costs. The value of

provisions for expected credit losses on credit losses from factoring and loan exposures relating to financing

amounts that were not previously included in taxable 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 this respect.

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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

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.

5. Property, plant and equipment

5.1 - Property, plant and equipment

Balance as of

31 March 2026

31 December 2025

Rights of use – buildings and structures

2,233

2,397

Technical equipment and machinery

214

198

Rights of use – means of transport

1,679

1,931

Other fixed assets

Investments in third-party fixed assets

TOTAL:

4,186

4,581

6. Intangible assets

6.1 - Intangible assets

Balance as of

31 March 2026

31 December 2025

ERP systems

41,965

43,100

Computer systems under development

11,082

7,519

TOTAL:

53,047

50,619

6.2 - Intangible assets during

the reporting period

ERP systems

Intangible

assets in

progress

Costs of

completed

development

work

Total

Gross carrying amount as of 1

January 2026

52,877

7,519

311

60,707

Acquisition/expenditure

incurred

3,560

Exchange differences arising

from the translation of a

subsidiary’s financial

statements

Other decreases

(164)

Gross carrying amount as of 31

March 2026

52,746

11,082

311

64,139

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Intangible assets during the

reporting period

ERP systems

Intangible

assets in

progress

Costs of

completed

development

work

Total

Gross carrying amount as of 1

January 2025

41,930

5,746

311

47,987

Acquisition/expenditure incurred

12,715

12,795

Acceptance for use

10,942

(10,942)

Foreign exchange differences

arising from the translation of a

subsidiary’s financial statements

(75)

Gross carrying amount as of 31

December 2025

52,877

7,519

311

60,707

6.3 - Depreciation of intangible

assets

ERP systems

Costs of completed

development work

Total

Accumulated depreciation as of 1

January 2026

9,777

311

10,088

Increase in depreciation for the

period

975

Foreign exchange differences

arising from the translation of a

subsidiary’s financial statements

Depreciation value as of 31 March

2026

10,781

311

11,092

Depreciation of intangible assets

ERP systems

Costs of completed

development work

Total

Accumulated depreciation as of 1

January 2025

6,357

311

6,668

Increase in depreciation for the

period

3,483

Foreign exchange differences

arising from the translation of a

subsidiary’s financial statements

(63)

Depreciation value as of 31

December 2025

9,777

311

10,088

Intangible assets held by the Group are assets with a finite useful life and are amortised on a straight-line

basis.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

7. Goodwill

7.1 - Goodwill

Head office

Balance as of

31 March 2026

31 December 2025

Brutto Sp. z o.o.

Warsaw

3,056

PragmaGO.TECH Ltd

Krakow

1,861

Monevia Ltd

Bydgoszcz

6,365

Telecredit IFN SA

Bucharest

17,210

TOTAL COMPANY VALUE:

28,492

Provisions for expected credit losses

As of 31 March 2026, and 31 December 2025, no indications of impairment or need to recognise provisions

for expected credit losses.

8. Financial assets

8.1 – Short- and

long-term financial

assets as of

31 March 2026

31 December 2025

Specification

Gross value

Provisions for

expected

credit losses

Carrying

amount

Gross value

Provisions for

expected

credit losses

Carrying

amount

Loans

455,545

(38,825)

416,720

421,464

(33,049)

388,415

Factoring

309,131

(37,069)

272,062

298,221

(34,716)

263,505

TOTAL:

764,676

(75,894)

688,782

719,685

(67,765)

651,920

8.2 - Provisions for expected credit losses on

short- and long-term financial assets –

changes during the period

1 January 2026

1 January 2025

31 March 2026

31 December 2025

Provisions at the beginning of the period

(67,765)

(35,210)

Recognition of provisions

(24,491)

(64,539)

Reversal of provisions

14,277

22,787

Utilization of provisions

216

Reversal of provisions related to the sale of

receivables

2,339

8,931

Exchange differences on translation

(253)

PROVISIONS AT THE END OF THE PERIOD:

(75,894)

(67,765)

Provisions for expected credit losses

The methodology for calculating and recognising individual and statistical provisions is described in the

Significant Accounting Policies section of the consolidated annual financial statements published on 23

April 2026. There were no changes in the method of calculating provisions in the interim periods covered by

these financial statements.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

31 March 2026

gross value

provisions for expected

credit losses

net value

factoring receivables

309,131

(37,069)

272,062

stage 1

250,767

(5,572)

245,195

stage 2

5,429

(446)

4,983

stage 3

52,935

(31,051)

21,884

loans receivables

455,545

(38,825)

416,720

stage 1

409,232

(5,983)

403,249

stage 2

7,950

(1,628)

6,322

stage 3

38,363

(31,214)

7,149

total receivables

764,676

(75,894)

688,782

stage 1

659,999

(11,555)

648,444

Stage 2

13,379

(2,074)

11,305

stage 3

91,298

(62,265)

29,033

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

loans 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

Financial assets measured at

amortised cost 31 March 2026 –

factoring

stage 1

stage 2

stage 3

Total

Gross carrying amount as of

1 January 2026

229,662

23,908

44,651

298,221

Transfer to stage 2

(14,773)

14,773

Transfer to stage 3

(1,573)

(13,345)

14,918

Increases in trade receivables (fees

and commissions)

15,480

699

16,179

Increases – granting

532,607

865

533,472

Decreases due to repayment

(511,430)

(21,536)

(6,774)

(539,740)

Other changes (including accruals

and exchange rate differences)

794

140

999

Gross carrying amount as of

31 March 2026

250,767

5,429

52,935

309,131

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Financial assets measured at

amortised cost

31 March 2026 – loans

stage 1

stage 2

stage 3

Total

Gross carrying amount as of

1 January 2026

381,607

8,326

31,531

421,464

Transfer to stage 2

(8,084)

8,084

Transfer to stage 3

(2,834)

(7,971)

10,805

Increases in trade receivables (fees

and commissions)

35,138

1,138

36,276

Increases – granting

249,385

354

249,739

Decreases due to repayment

(244,576)

(730)

(184)

(245,490)

Decreases due to sales

(153)

(1,255)

(3,806)

(5,214)

Other movements (including accruals

and exchange rate differences)

(1,251)

(1,230)

Gross carrying amount as of

31 March 2026

409,232

7,950

38,363

455,545

Financial assets measured at

amortised cost

31 December 2025 – factoring

stage 1

stage 2

stage 3

Total

Gross carrying amount as of

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 trade 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 disposals

(3,320)

(963)

(4,283)

Other changes (including accruals

and exchange rate differences)

(1,587)

(179)

(57)

(1,823)

Gross carrying amount as of

31 December 2025

234,805

18,796

44,620

298,221

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Financial assets measured at

amortised cost

31 December 2025 – loans

stage 1

stage 2

stage 3

Total

Gross carrying amount as of

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 trade 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)

Decreases due to sales

(11,705)

Other movements (including accruals

and exchange rate differences)

(16,188)

(4)

(35)

(16,227)

Gross carrying amount as of

31 December 2025

381,607

8,326

31,531

421,464

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.

Change in provisions for expected

credit losses as of 31 March 2026 –

factoring

stage 1

stage 2

Stage 3

Total

Value of provisions as of 1 January

2026

(6,716)

(6,925)

(21,075)

(34,716)

Changes resulting from changes in

the balance

(459)

12,713

(7,715)

4,539

Changes resulting from changes in

credit risk

1,680

(6,207)

(2,147)

(6,674)

Foreign exchange differences on

translation of subsidiary data

(77)

(27)

(114)

(218)

Value of provisions as of 31 March

2026

(5,572)

(446)

(31,051)

(37,069)

Change in provisions for expected

credit losses as of 31 March 2026 –

loans

stage 1

stage 2

stage 3

Total

Value of provisions as of 1 January

2026

(6,246)

(1,670)

(25,133)

(33,049)

Changes resulting from changes in

the balance

(628)

916

(2,521)

(2,233)

Changes resulting from changes in

credit risk

891

(873)

(3,542)

(3,524)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Change in provisions for expected

credit losses as of 31 March 2026 –

loans

stage 1

stage 2

stage 3

Total

Foreign exchange differences on

translation of subsidiary data

(1)

(18)

(19)

Value of provisions as of 31 March

2026

(5,983)

(1,628)

(31,214)

(38,825)

Change in provisions for expected

credit losses as of 31 December 2025

– factoring

stage 1

stage 2

stage 3

Total

Value of provisions as of 1 January

2025

(257)

(400)

(17,743)

(18,400)

Changes resulting from changes in

the balance

(1,483)

3,524

5,394

7,435

Changes resulting from changes in

credit risk

(5,008)

(10,181)

(8,780)

(23,969)

Decreases due to disposals

Exchange differences arising from

the translation of a subsidiary’s

financial statements

132

218

Value of provisions as of 31

December 2025

(6,716)

(6,925)

(21,075)

(34,716)

Change in provisions for

expected credit losses

31 December 2025 – loans

stage 1

stage 2

stage 3

Total

Value of provisions as of 1 January

2025

(4,113)

(666)

(12 03)

(16,810)

Changes resulting from changes in

the balance

(2,562)

(2,443)

(12,209)

(17,214)

Changes resulting from changes in

credit risk

427

1,439

(927)

939

Decreases due to disposals

Exchange differences on translation

of subsidiary data

Value of provisions as of 31 December

2025

(6,246)

(1,670)

(25,133)

(33,049)

Collateral for financial assets

In the first quarter of 2026, the PragmaGO S.A. Group utilised the following collaterals for financing

receivables:

▪ Mortgages securing receivables 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 from factoring and reverse factoring on fixed assets.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

For collateral in the form of mortgages and pledges, the Group assumes a potential recovery rate from the

collateral of 66% of the collateral’s value, less any prior mortgage entries. Insurance of receivables arising

from factoring 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); therefore, the value of the insurance 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 default (EAD) as part of the

calculation of the expected loss allowance due to the collateral held amounted to, at the balance as of:

Collateral

31 March 2026

31 December 2025

Mortgages

42,496

39,227

Insurance

95,364

102,937

Guarantees

561

956

Pledges

1,490

1,415

TOTAL:

139,911

144,535

The value of receivables subject to Provisions amounting to PLN 37,956 thousand as of 31 March 2026 (PLN

60,131 thousand as of 31 December 2025) remains subject to debt recovery measures.

9. Receivables

9.1 – Receivables

31 March 2026

31 December 2025

Specification

Value

Provisions

Carrying

amount

Value

Provisions

Carrying

amount

Trade receivables

1,041

(127)

914

1,677

(127)

1,550

Other receivables

and current assets

2,697

(23)

2,674

1,789

(23)

1,766

TOTAL:

3,738

(150)

3,588

3,466

(150)

3,316

9.2 - Provisions on receivables – changes during the

period

Balance as of

31 March 2026

31 December 2025

Balance at the beginning of the period

(150)

Changes during the period

TOTAL:

(150)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

10. Cash

10.1 - Cash

Balance as of

31 March 2026

31 December 2025

Cash on hand

Cash in bank accounts, including:

17,236

31,093

Cash in transit

4,945

Restricted cash

142

1,211

TOTAL:

17,241

31,099

11. Prepayments and accruals

12. Share capital

12.1 - Share capital of the Parent Company

Number of shares

as of

Number of shares

as of

31 March 2026

(in thousands)

31 December 2025

(in thousands)

Series A shares

703

Series B shares

1,200

Series C shares

663

Series D shares

186

Series E shares

1,658

Series F shares

155

Series G shares

Series H shares

1,334

Series I shares

512

Series J shares

445

Series K shares

1,180

Series L shares

438

TOTAL:

8,482

11.1 – Prepayments and accruals

Balance as of

31 March 2026

31 December 2025

Insurance

802

380

Prospectus costs

200

Licences (with a useful life of up to 12 months)

374

669

Other accruals

1,785

290

TOTAL:

3,161

1,539

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Share capital

The Parent Company’s share capital as of 31 March 2026 amounted to PLN 8,482,000 and was divided into

8,482,000 shares. The shareholder structure, shareholding and voting rights remained unchanged

compared to the end of the previous reporting period ended 31 December 2025.

The share capital as of 31 March 2026 and 31 December 2025 is fully paid up; 703,324 shares are preference

shares with regard to voting rights (2 votes per share).

Treasury shares

The entity does not hold any treasury shares.

Equity management

The Group defines its capital as equity as shown in the statement of financial position.

The main 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 adjusts it in response to changes in economic conditions and in line with the Group’s

development. To maintain or adjust the capital structure, the Company may return capital to shareholders

or issue new shares. The current capital management policy provides for the retention of profits and no

dividend payments.

The Group takes steps to maintain an appropriate balance between equity and debt financing. In particular,

it seeks to optimise its 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 short-term deposits.

The Group’s net debt ratio was as follows:

12.2 - Net debt ratio

31 March 2026

31 December 2025

Cash and cash equivalents

17,241

31,099

Loans and borrowings

(223,297)

(173,597)

Bonds liabilities

(363,529)

(394,555)

Lease liabilities

(4,129)

(4,536)

Net debt

(573,714)

(541,589)

Equity

182,277

175,167

Net debt to equity ratio

315%

309%

Maximum net debt level

400%

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

As of 31 March 2026, and 31 December 2025

12.3 - Major shareholders of

the Parent Company

Number of

(in

thousands)

Number of

votes

(in

thousands)

Nominal

value of

(PLN)

Value of

held

(in

thousands

of PLN)

Share in

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

1.00

552

6.51%

6.01%

Others

1.00

0.64%

0.59%

TOTAL:

8,482

9,185

8,482

100.00%

13. Loans and borrowings liabilities

13.1 - Loans and borrowings liabilities at the end of the

reporting period

Balance as of

31 March 2026

Balance as of

31 December 2025

Long-term bank loans, including:

13,193

16,066

Principal

13,193

16,066

Interest

Long-term loans, including:

13,234

16,022

Principal

13,234

16,011

Interest

TOTAL LONG-TERM LOANS AND BORROWINGS:

26,427

32,088

Short-term bank loans, including:

169,446

113,357

Principal

169,293

113,151

Interest

153

206

Short-term loans, including:

27,424

28,152

Principal

26,733

27,554

Interest

691

598

TOTAL SHORT-TERM LOANS AND BORROWINGS:

196,870

141,509

TOTAL:

223,297

173,597

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

13.2 – Loans and borrowings liabilities at the end of the period

Loans and

borrowings at the

end of the period

– as of 31 March

2026

Loan

amount

Balance in

PLN

Due within

1 year

Due in over

1 year

Currency

Interest

rate

Repayment

date

Collateral

Overdraft facility

29,900

23,743

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*

48,957*

42,569

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 the Borrower’s bank

accounts held with the Bank

registered pledge on a separate pool

of current and future receivables

Overdraft facility**

20,000

9,230

PLN

variable interest

rate based on the

base rate plus a

margin

09/04/2026

a power of attorney to dispose of

funds in the Borrower’s bank

accounts held with the Bank

a financial pledge and a registered

pledge, together with a power of

attorney over the Borrower’s account

a registered pledge on a separate

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Loans and

borrowings at the

end of the period

– as of 31 March

2026

Loan

amount

Balance in

PLN

Due within

1 year

Due in over

1 year

Currency

Interest

rate

Repayment

date

Collateral

pool of current and future

receivables

a declaration of submission to

enforcement pursuant to Article 777

of the Code of Civil Procedure

Revolving credit

50,000

49,917

PLN

variable interest

rate based on the

base rate plus a

margin

13 November

2027

registered pledge on the pool of

Receivables Constituting Security

registered and financial pledge on

receivables arising from the Account

the Borrower’s declaration of

submission to enforcement pursuant

to Article 777 § 1(5)

Overdraft facility

30,000

14,764

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

21,221

8,029

13,192

PLN

variable interest

rate based on the

base rate plus a

margin

25 May 2028

registered pledge on receivables

arising from factoring agreements,

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Loans and

borrowings at the

end of the period

– as of 31 March

2026

Loan

amount

Balance in

PLN

Due within

1 year

Due in over

1 year

Currency

Interest

rate

Repayment

date

Collateral

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

18,743

PLN

variable interest

rate based on the

base rate plus a

margin

12 October

2026

financial pledges on rights to funds in

bank accounts

Borrower’s declarations of

submission to enforcement pursuant

to Article 777(1)(5)

Overdraft facility

3,365

1,488

RON

variable interest

rate based on the

base rate plus a

margin

07/05/2026

pledge on receivables

security in a bank account

guarantee by minority shareholders

Loan

961

963

RON

variable interest

rate based on the

base rate plus a

margin

27 March 2027

pledge on receivables

security over bank accounts

shareholder guarantees

Loans in PLN

17,750

18,115

PLN

variable interest

rate based on the

base rate plus a

margin

blank promissory note

Loans in PLN

3,250

3,311

2,760

551

PLN

fixed interest rate

blank promissory note

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

* 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 of 31 March 2026, the loan was in use and the facility limit stood at PLN 48,957,000

** The Management Board of PragmaGO S.A. entered into an amendment to the credit agreement with Alior Bank S.A., enabling the extension of the credit period until 6 May 2027 and an increase in the

credit amount to PLN 25 million

Loans and

borrowings at the

end of the period

– as of 31 March

2026

Loan

amount

Balance in

PLN

Due within

1 year

Due in over

1 year

Currency

Interest

rate

Repayment

date

Collateral

Loans in EUR

17,158

12,011

EUR

variable interest

rate based on the

base rate plus a

margin

secured against receivables in bank

accounts, with a shareholder

guarantee

Loans in EUR

5,160

5,202

EUR

fixed interest rate

Loans in RON

1,968

1,986

1,313

673

RON

fixed interest rate

Credit card

PLN

TOTAL:

269,852

223,297

196,870

26,427

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Loans and

borrowings at the

end of the period

– as of 31

December 2025

Loan amount

PLN

balance

Due within 1

year

Due in over

1 year

Currency

Interest rate

Repayment

date

Collateral

overdraft facility*

29,900

(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

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

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

enforcement pursuant to Article 777

of the Code of Civil Procedure

revolving credit

50,000

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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Loans and

borrowings at the

end of the period

– as of 31

December 2025

Loan amount

PLN

balance

Due within 1

year

Due in over

1 year

Currency

Interest rate

Repayment

date

Collateral

Borrower’s declaration of submission

to enforcement pursuant to Article

777 § 1(5)

overdraft facility*

30,000

(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 declarations 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

PLN

variable interest

rate based on the

base rate plus a

margin

12 October

2026

financial pledges on rights to funds in

bank accounts,

the Borrower’s declaration of

submission to enforcement pursuant

to Article 777(1)(5)

Overdraft facility

3,316

985

RON

variable interest

rate based on the

base rate plus a

margin

07/03/2026

a charge on receivables, a bank

account security ( ), a guarantee

from minority shareholders

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

* The negative balance results from unsettled bank fees reducing the carrying amount of the liability in accordance with the adjusted cost measurement. As of the balance sheet date, the loan had not

drawn down.

** The 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

31 December 2025, the loan was in use and the limit stood at PLN 41,841,000

Loans and

borrowings at the

end of the period

– as of 31

December 2025

Loan amount

PLN

balance

Due within 1

year

Due in over

1 year

Currency

Interest rate

Repayment

date

Collateral

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

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

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

EUR

fixed interest rate

Loans in RON

1,940

1,958

1,294

664

RON

fixed interest rate

Credit card

PLN

fixed interest rate

TOTAL:

265,364

173,597

141,509

32,088

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

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 reference rate

would be the end of 2027, and on 10 December 2024, it designated the WIRF- (POLSTR) index as the

successor to WIBOR. In 2026, it was announced that the last day of publication of the WIBOR reference rate

would be 31 December 2036; at the same time, the Polish Financial Supervision Authority (KNF) expects the

final bond issues based on WIBOR to be carried out by the end of December 2026, which means that from

2027 WIBOR should not be used in new issues. Consequently, from 2027 onwards, the POLSTR index will

become the market standard for floating-rate bonds.

The Group has financial liabilities bearing interest at a variable rate based on 3M WIBOR. Steps are being

taken to meet the requirements regarding reference rates in the financial instruments entered into.

Covenants

The Group has financing agreements containing both financial and non-financial covenants, a breach of

which could result in the need to repay financial liabilities earlier than disclosed in Note 20. Financial ratios

include, among 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 ratios 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 of the balance sheet date.

Contractual covenants are subject to periodic review and monitoring by the Management Board to ensure

compliance with the financing agreements.

13.4 – Value of financial assets covered

by hedging

Balance as of

31 March 2026

31 December 2025

Registered pledge on the factoring

portfolio

38,979

42,194

Registered charge on the loan portfolio

176,748

168,209

Pledge on cash in bank accounts

6,496

11,606

13.3 – Loans and borrowings – additional

information

Balance as of

31 March 2026

31 December 2025

Additional credit limit available to the

Parent Company and subsidiaries under

existing agreements

46,150

89,025

Cash

17,241

31,099

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

14. Bonds liabilities

14.1 – Bonds liabilities

Balance as of 31 March 2026

Bonds liabilities

Nominal value

Amortised cost

Of which:

Interest on

bonds

Maturity date

TOTAL:

369,239

363,529

3,413

U Series

10,000

9,977

13 June 2026

B1 series

12,779

12,750

175

28 October 2026

C2 series

25,000

24,932

403

25 January 2027

C3 series

25,000

24,547

21 March 2027

EUR1 series*

15,013

14,962

213

16 April 2027

C4 series

30,000

29,328

28 June 2027

C5 series

35,000

34,832

483

30 July 2027

C6 series

30,000

29,393

174

2 September 2027

D1EUR series**

21,447

21,188

204

6 February 2028

D2 series

35,000

33,906

18 December 2028

D3 series

50,000

49,200

870

4 April 2029

D4 series

50,000

48,936

275

6 June 2028

E1 series

30,000

29,578

389

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 of 31 March

2026, the nominal value is PLN 15,013,000.

** The nominal value of the D1EUR series bonds in EUR is EUR 5,000,000. After conversion to PLN at the exchange rate as of 31 March

2026, the nominal value is PLN 21,447,000.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Long-term bonds liabilities

Nominal value

Amortised cost

excluding interest

Interest on

bonds

Maturity date

TOTAL:

296,460

288,588

EUR1 series

15,013

14,749

16 April 2027

C4 series

30,000

29,292

28 June 2027

C5 series

35,000

34,349

30 July 2027

C6 series

30,000

29,219

2 September 2027

D1EUR series

21,447

20,984

6 February 2028

D2 series

35,000

33,815

18 December 2028

D3 series

50,000

48,330

4 April 2029

D4 series

50,000

48,661

6 June 2028

E1 series

30,000

29,189

28 October 2028

Short-term bonds liabilities

Nominal value

Amortised cost

excluding interest

Interest on

bonds

Maturity date

TOTAL:

72,779

71,528

3,413

U Series

10,000

9,937

13 June 2026

B1 series

12,779

12,575

175

28 October 2026

C2 series

25,000

24,529

403

25 January 2027

C3 series

25,000

24,487

21 March 2027

EUR1 series

213

C4 series

C5 series

483

C6 series

174

D1EUR series

204

D2 series

D3 series

870

D4 series

275

E1 series

389

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Bond redemptions

Between 1 January and 31 March 2026, the Group redeemed the following bonds:

▪ Series V with a nominal value of PLN 12,000,000, issued on 5 September 2023, bearing interest at a

variable rate based on WIBOR 3M plus a margin. The early redemption took place on 12 January 2026.

▪ Series C1 with a nominal value of PLN 20,000,000, issued on 27 November 2023, with a floating interest

rate based on WIBOR 3M + margin. The early redemption took place on 4 March 2026.

Bond issuances

Between 1 January and 31 March 2026, the Group did not issue any bonds.

Issuances and redemptions after the balance sheet date

After the balance sheet date, the Group did not carry out any redemptions or bond issuances.

14.2 – 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

13 June 2026

B1 series

12,779

12,753

193

28 October 2026

V series

12,000

12,026

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

21 March 2027

EUR1 series

14,793

14,695

216

16 April 2027

Series C4

30,000

29,198

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

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 of 31 December

2025, 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 of 31

December 2025, the nominal value is PLN 21,365,000.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

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

13 June 2026

B1 series

12,779

12,560

193

28 October 2026

V series

12,000

11,942

5 March 2026

C1 series

20,000

19,649

182

27 November 2026

C2 series

443

C3 series

EUR1 series

216

C4 series

C5 series

532

C6 series

183

D1EUR series

209

D2 series

D3 series

980

D4 series

290

E1 Series

431

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

14.3 – Collateral of issued bonds against the Group’s

assets

Balance as of

31 March 2026

31 December 2025

Pledge on loan and factoring receivables

165,729

170,633

Pledge on cash in bank accounts

15. Lease liabilities

15.1 - Lease liabilities

Balance as of

31 March 2026

31 December 2025

Long-term

2,435

2,908

Short-term

1,694

1,628

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 lease agreements that meet the criteria for recognition as leases in accordance with IFRS 16

“Leases”.

15.2 - Future minimum lease

payments and interest under

finance leases

31 March 2026

31 December 2025

Payments

Interest

Payments

Interest

Up to 1 year

1,694

253

1,628

277

From 1 to 5 years

2,435

297

2,908

357

Over 5 years

TOTAL:

4,129

550

4,536

634

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

16. Trade payables and other payables

16.1 - Trade payables and other liabilities

Balance as of

31 March 2026

31 December 2025

Trade payables

6,873

6,263

Current income tax liabilities

2,022

4,426

Liabilities for other taxes, duties and social security

contributions

2,203

3,223

Amounts to be refunded*

3,593

2,349

Liabilities arising from financing

4,023

1,214

Earn-out liabilities

1,914

Provisions for liabilities

411

302

Provisions for unused holiday entitlement

823

595

Provisions for Management Board bonuses

1,064

1,338

Accruals and other liabilities

2,072

1,383

TOTAL:

24,998

23,007

* Payments received in respect of assignments for security, settled on an ongoing basis with the original creditors.

Earn-out liabilities

As of 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 prepared budget, 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. Deferred income

17.1 - Deferred income

Balance as of

31 March 2026

31 December 2025

Settlements relating to bad debt allowances

3,500

3,386

Revenue from grants

TOTAL:

3,538

3,431

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

18. Reconciliation of changes in liabilities and other items disclosed in the cash

flow statement

18.1 – Reconciliation of changes in liabilities with

cash flows from financing activities

Bonds

Loans and

borrowings

Leases

TOTAL

Balance as of 1 January 2026

394,555

173,597

4,536

572,688

Changes in cash flows from financing activities

Proceeds from loans and borrowings

76,870

Repayments of loans and borrowings

(27,746)

Bonds redemption outflows

(32,000)

Interest paid on bonds

(8,257)

Interest paid on loans, borrowings and leases

(3,241)

(78)

(3,319)

Realised exchange differences

703

Lease buy-outs and repayments

(245)

Total changes in cash flows from financing

activities (excluding proceeds from the issuance

of shares)

(39,554)

45,883

(323)

6,006

Changes due to valuation

(216)

(293)

(509)

Interest accrued

7,692

3,197

10,967

Exchange differences on translation

685

689

Other changes (including accruals)

1,052

228

(166)

1,114

Balance as of 31 March 2026

363,529

223,297

4,129

590,955

18.2 – Reconciliation of changes in liabilities with

cash flows from financing activities

Bonds

Loans and

borrowings

Leases

TOTAL

Balance as of 1 January 2025

316,488

76,661

3,174

396,323

Changes in cash flows from financing activities

Proceeds from loans and borrowings

89,094

Repayments of loans and borrowings

(38,416)

Interest paid on bonds

(8,326)

Interest paid on loans, borrowings and leases

(1,121)

(64)

(1,185)

Realised exchange rate differences

(342)

Repayments of lease liabilities

(293)

Total changes in cash flows from financing

activities (excluding proceeds from the issuance

of shares)

(8,326)

49,215

(357)

40,532

Changes due to valuation

(956)

201

(755)

Interest accrued

7,805

1,399

9,268

Increases in leases

149

Other changes (including accruals)

671

(494)

(8)

169

Balance as of 31 March 2025

315,682

126,982

3,022

445,686

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

18.3 – Adjustments for non-cash changes

1 January 2026

1 January 2025

31 March 2026

31 March 2025

Gain on the valuation of bonds

(216)

(956)

TOTAL:

(216)

(956)

18.4 – Change in balance due to factoring

receivables

1 January 2026

1 January 2025

31 March 2026

31 March 2025

Change in factoring balance

(8,557)

(15,632)

Net provisions for expected credit losses

(2,099)

(895)

Utilisation of provisions for expected credit losses

(13)

TOTAL:

(10,656)

(16,540)

18.5 – Change in balance due to loans granted

1 January 2026

1 January 2025

31 March 2026

31 March 2025

Change in loans balance

(28,305)

(42,248)

Net provisions for expected credit losses

(8,115)

(4,649)

TOTAL:

(36,420)

(46,897)

18.6 – Change in prepayments and accruals

1 January 2026

1 January 2025

31 March 2026

31 March 2025

Change in prepayments and accruals

(1,622)

(575)

Change in deferred income

107

231

Change in prepayments and accruals relating to

bonds

1,280

833

TOTAL:

(235)

489

19. Guarantees, sureties and contingent liabilities

19.1 – Guarantees and sureties granted

Balance as of

31 March 2026

31 December 2025

For related parties

1,784

1,758

Guarantee for the repayment of a loan to

Telecredit IFN S.A.

1,784

1,758

TOTAL:

1,784

1,758

Loan repayment guarantee – Telecredit

The guarantee relates to liabilities arising from a loan granted to Telecredit by a third party. The Group

monitors the risk of non-repayment of the aforementioned loan on an ongoing basis and, as of the balance

sheet date and as of the date of signing this Report, the Group does not identify any risks of liabilities arising

from the guarantee.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

20. Financial instruments

20.1 - Financial instruments by category

Balance as of

31 March 2026

31 December 2025

Financial assets, including:

709,611

686,335

Loans and factoring measured at amortised cost

688,782

651,920

Own receivables measured at nominal value

915

1,550

Other current assets measured at nominal value

2,673

1,766

Cash and cash equivalents

17,241

31,099

Financial liabilities, including:

599,742

580,865

Liabilities measured at outstanding amount (nominal

value plus interest)

229,340

180,047

Liabilities measured at amortised cost

363,529

394,555

Trade payables measured at nominal value

6,873

6,263

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 main purpose of these

financial instruments is to raise funds for the Group’s operations.

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 Board is responsible for establishing and

overseeing the Group’s risk management, including the identification and analysis of the risks to which the

Group is exposed, the setting of appropriate limits and controls, as well as the monitoring of risk

and compliance with 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 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 8 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.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

In the case of factoring, recourse agreements are used, which enable the Group to pursue claims against

the factor in the event of non-payment by the factoring debtor. Additionally, factoring agreements include

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 unsecured, 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 can 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 by securing its receivables with collateral. 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 on

both a customer and a debtor basis (in the case of factoring). As of the date of preparation of these

consolidated interim 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 the calculation of creditworthiness,

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.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

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, borrowings) whose cost is determined on the basis of

variable market interest rates – primarily 3-month WIBOR, 3-month ROBOR and €STR.

Assets with variable interest rates constitute only a negligible portion 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 in line with changes in reference rates.

Exposure to interest rate risk and sensitivity analysis for financial assets and liabilities are presented in Note

20.3. The Management Board of the Parent Company assesses the materiality of interest rate risk as

medium. The Management Board assesses the likelihood of the materialisation of the above risk as medium.

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

euros and Romanian lei (Note 20.4).

Liquidity risk

Due to the fact that 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 issues, bank loans, other loans and lease agreements. Despite an

increase in the Group’s net interest-bearing debt to equity ratio during the first quarter of 2026 (315% as of

31 March 2026, 309% – 31 December 2025), the Group is, as of the date of publication of these financial

statements, able 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 March

2026; Balance as of 31 December 2025, 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 20.2 is of limited materiality, as the Group has a diversified financing structure. The Group

finances its operations through corporate bonds with maturities ranging from 2 to 4 years and through loans

and borrowings with financing periods 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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

assets, or the ability to sell such assets only at an unfavourable price. The risk of loss of liquidity is mitigated

by high asset turnover.

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 issue 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 needed for the Issuer’s development and

the achievement of its strategic objectives. The Group identifies specific risks for 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 shape the structure of the balance sheet

and off-balance-sheet liabilities in such a way as to ensure 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 the ongoing monitoring of receivables and payables, as

well as the 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 included in

the maturity analysis will occur significantly earlier or in significantly different amounts.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

20.2 - Financial instruments by maturity date

and type of interest rate as of:

31 March 2026

31 December 2025

Specification

Due up to

1 year

Due from 1 year

to 5 years

Due in over

5 years

Due

up to 1 year

Due from 1 year

to 5 years

Due in over

5 years

Fixed interest rate:

685,884

45,145

681,222

41,495

Receivables

667,309

42,302

647,810

38,525

Loans granted

319,388

35,934

350,409

38,006

Factoring

274,868

586

262,986

519

Own receivables measured at nominal value

915

1,550

Other current assets measured at nominal

value

2,673

1,766

Cash

17,241

31,099

Liabilities

18,575

2,843

33,412

2,970

Loans and borrowings received

9,309

1,224

24,770

1,225

Earn-out liabilities

1,914

Lease liabilities

479

1,619

465

1,745

Trade payables measured at nominal value

6,873

6,263

Variable interest rate:

263,717

314,607

175,903

368,580

Liabilities

263,717

314,607

175,903

368,580

Loans and borrowings received

187,561

25,203

116,739

30,863

Bonds

74,941

288,588

58,001

336,554

Lease liabilities

1,215

816

1,163

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

20.3 - 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. The situation is similar for some of the loans granted by the Group.

In the factoring portfolio, however, the Group’s remuneration is set at fixed rates. 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 50 basis point 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 of 31 March

2026

Principal receivables

(PLN)

Impact on the Group's

financial result in the

event of a 0.5% increase

in the variable rate (PLN)

Impact on the Group's

financial result in the

event of a 0.5%

decrease in the variable

rate (PLN)

Loans and borrowings

received

(212,764)

(1,064)

1,064

Bonds liabilities

(369,239)

(1,846)

1,846

Lease liabilities

(2,031)

(10)

TOTAL:

(584,034)

(2,920)

2,920

Financial instruments by

category as of 31

December 2025

Principal receivables

(PLN)

Impact on the Group's

financial result in the

event of a 0.5% increase

in the variable rate (PLN)

Impact on the Group's

financial result in the

event of a 0.5%

decrease in the variable

rate (PLN)

Loans and borrowings

received

(147,602)

(738)

738

Bonds liabilities

(400,706)

(2,004)

2,004

Lease liabilities

(2,326)

(12)

TOTAL:

(550,634)

(2,754)

2,754

20.4 - Financial instruments - currency risk

The Group is exposed to currency risk due to its factoring receivables and financial liabilities denominated

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 of the balance sheet

date, whilst items in the statement of profit or loss and other comprehensive income— —are translated at

the average exchange rates for the reporting period. This gives rise to exchange differences recognised in

other comprehensive income (revaluation reserve), which may significantly affect the amount of equity

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

attributable to the shareholders of the parent company. 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 of 31 March 2026:

a) Currency risk EUR/PLN

Financial instruments

by category as of 31

March 2026

Exposure in

(EUR)

Conversion of EUR

values to PLN at the

exchange rate as of

31 March 2026

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 in the event

of a 5% decrease in

the exchange rate

Factoring granted

9,135

39,183

1,959

(1,959)

Bonds liabilities

(8,500)

(36,460)

(1,823)

1,823

TOTAL:

635

2,723

136

(136)

b) Currency risk EUR/RON

Financial instruments

by category as of 31

March 2026

Exposure in

currency

(EUR)

Conversion of EUR

values to PLN at the

exchange rate as of

31 March 2026

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 in the event

of a 5% decrease in

the exchange rate

Factoring granted

487

2,089

104

(104)

Loans and borrowings

received

(4,071)

(17,464)

(873)

873

Lease liabilities

(67)

(287)

(14)

TOTAL:

(3,651)

(15,662)

(783)

783

c) Translation currency risk

Financial instruments

by category as of 31

March 2026

Exposure in

(RON)

Conversion of RON

values to PLN at the

exchange rate as of

31 March 2026

Impact on the

Group’s equity in

the event of a 5%

increase in the

exchange rate

Impact on the

Group’s equity in

the event of a 5%

decrease in the

exchange rate

Net assets of the

subsidiary

20,023

16,846

843

(843)

TOTAL:

20,023

16,846

843

(843)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

As of 31 December 2025:

a) EUR/PLN currency risk

Financial instruments

by category as of 31

December 2025*

Exposure in

(EUR)

Conversion of EUR

values to PLN at the

exchange rate as of

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 in the event

of a 5% decrease in

the exchange rate

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) Currency risk EUR/RON

Financial instruments

by category as of 31

December 2025*

Exposure in

currency

(EUR)

Conversion of EUR

values to PLN at the

exchange rate as of

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 in the event of

a 5% decrease in the

exchange rate

Factoring granted

399

(20)

Loans and borrowings

received

(3,195)

(13,503)

(675)

675

Lease liabilities

(15)

(63)

(3)

TOTAL:

(3,116)

(13,167)

(658)

658

c) Translation currency risk

Financial instruments

by category as of 31

December 2025*

Exposure in

(RON)

Conversion of RON

values to PLN at the

exchange rate as of

31 December 2025

Impact on the

Group’s equity in

the event of a 5%

increase in the

exchange rate

Impact on the

Group’s equity in

the event of a 5%

decrease in the

exchange rate

Net assets of the

subsidiary

19,393

16,078

804

(804)

TOTAL:

19,393

16,078

804

(804)

*A change has been made to the presentation of the Capital Group’s currency risk, excluding translation risk and

currency risk related to the EUR/RON exchange rate.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

20.5 - Liquidity risk management

Responsibility for liquidity risk management lies with the Management Board of the Parent Company, 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, standby credit facilities, continuous monitoring of 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 Group analyses liquidity gaps, plans

repayments of financial liabilities in advance (sources, alternative scenarios), and continuously works to

diversify its sources of funding. Due to the nature of the Group’s operations (the vast majority of assets are

current assets and they turn over approximately five times a year, whilst 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 scenario involves the use of cash on hand, available

credit facilities (the Group has presented the level of available funds in Note 14.3), as well as new bond issues

(the level of financial debt arising therefrom is described in point 15). Taking the above circumstances into

account, the Group does not foresee any significant threats to its financial liquidity.

Exposures subject to credit risk related to balance

sheet assets as of 31 March 2026

692,370

Factoring

272,062

Loans

416,720

Own receivables measured at nominal value

915

Other current assets measured at nominal value

2,673

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.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Exposures – gross value

as of 31 March 2026

Undue

Past due

Up to 30 days

31–90 days

91–180 days

181–365 days

Over 365 days

Total

Provisions for

expected credit

losses

Factoring

235,908

14,859

5,429

13,221

5,093

34,621

309,131

(37,069)

Loans

402,626

6,606

7,950

8,400

14,760

15,203

455,545

(38,825)

Own receivables

measured at nominal

value

894

146

1,042

(127)

Other current assets

measured at nominal

value

2,468

201

2,696

(23)

TOTAL:

641,896

21,468

13,383

21,626

19,870

50,171

768,414

(76,044)

Exposures – net value as of 31

March 2026

0–30 days

31–90 days

over 90 days

Total

Factoring

245,195

4,983

21,884

272,062

Loans

403,249

6,322

7,149

416,720

Own receivables measured at

nominal value

894

915

Other current assets measured

at nominal value

2,450

220

2,673

TOTAL:

651,788

11,309

29,273

692,370

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Ageing analysis of the Group’s

financial assets at 31 March 2026

Maturity

Up to 30 days

31–90 days

91–365 days

1–3 years

3–5 years

Over 5 years

Total

Factoring

114,563

89,520

28,608

3,217

235,908

Loans

43,642

67,650

252,249

39,085

402,626

Own receivables measured at nominal

value

743

894

Other current assets measured at

nominal value

2,103

365

2,468

TOTAL:

161,051

157,608

280,935

42,302

641,896

Ageing analysis of the Group’s

financial and other liabilities as of

31 March 2026

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 borrowings

223,297

Bonds

363,529

Leasing

4,129

Trade payables

6,866

6,873

Earn-out liabilities

1,914

Other liabilities and accruals

measured at nominal value

13,952

170

14,189

TOTAL:

613,687

170

613,931

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Ageing analysis of the Group’s term

financial liabilities and other liabilities

as of 31 March 2026

Maturity

Up to 30 days

31–90 days

91–365 days

1–3 years

3–5 years

Over 5 years

Total

Loans and borrowings

9,997

3,613

183,260

14,415

12,012

223,297

Bonds

2,051

11,299

61,591

240,258

48,330

363,529

Leasing

346

149

1,199

1,583

852

4,129

Trade payables

6,102

764

6,866

Earn-out liabilities

1,914

Other liabilities and accruals

measured at nominal value

11,478

279

2,195

13,952

TOTAL:

29,974

16,104

250,159

256,256

61,194

613,687

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Exposures subject to credit risk related to balance sheet assets as

of 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

Exposures – gross

value as of 31

December 2025

Undue

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

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

145

1,677

(127)

Other current assets

measured at nominal

value

1,534

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 of 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

1,550

Other current assets measured

at nominal value

1,515

245

1,766

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Exposures – net value as of 31

December 2025

0–30 days

31–90 days

over 90 days

Total

TOTAL:

606,491

18,537

30,208

655,236

Age analysis of the Group’s financial

assets with fixed maturities as of 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

TOTAL:

152,561

131,570

256,389

38,525

579,045

Ageing analysis of the Group’s

financial and other liabilities as of

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 borrowings

173,597

Bonds

394,555

Leasing

4,536

Trade payables

6,257

6,263

Earn-out liabilities

1,914

Other liabilities and accruals

measured at nominal value

10,171

170

10,404

TOTAL:

591,030

172

591,269

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-month period ended 31 March 2026

Ageing analysis of the Group’s term

financial liabilities and other liabilities

as of 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

597

947

1,867

1,041

4,536

Trade payables

5,300

957

6,257

Earn-out liabilities

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

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

21. Seasonality and cyclicality of the Group’s operations

The Group’s operations are not characterised by significant seasonality or cyclicality.

22. Operating segments

22.1 – Operating segments – statement of profit

and other comprehensive income

1 January 2026 – 31 March 2026

Factoring

Loans

Unassigned

TOTAL

TOTAL NET REVENUE

19,333

28,904

(149)

48,088

Revenue from factoring, including:

19,146

Interest income on financial instruments measured at

amortised cost

14,125

Revenue from loans, including:

28,617

Interest income on financial instruments measured at

amortised cost

26,329

Other revenue

187

287

(149)

325

OPERATING EXPENSES

(6,417)

(2,602)

(6,376)

(15,395)

Depreciation

(1,282)

Remuneration and employee benefits

(4,282)

(1,546)

(569)

(6,397)

External services

(1,040)

(4,274)

(5,240)

Other core expenses

(1,095)

(1,130)

(251)

(2,476)

PROFIT (LOSS) FROM SALES

12,916

26,302

(6,525)

32,693

Other operating income

331

Other operating expenses

(1,037)

(281)

(1,318)

Net provision for expected credit losses

(2,116)

(8,098)

(10,214)

OPERATING PROFIT (LOSS)

10,800

17,167

(6,475)

21,492

Financial income

147

244

Financial expenses

(4,931)

(7,234)

(451)

(12,616)

Exchange position result

221

PROFIT (LOSS) BEFORE TAX

5,938

10,080

(6,677)

9,341

Income tax

(2,473)

NET PROFIT (LOSS)

6,868

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

22.2 – Operating segments – statement of profit

and other comprehensive income

1 January 2025 – 31 March 2025

Factoring

Loans

Unassigned

TOTAL

TOTAL NET REVENUE

19,190

17,685

162

37,037

Revenue from factoring, including:

18,867

Interest income on financial instruments measured at

amortised cost

14,273

Revenue from loans, including:

17,131

Interest income on financial instruments measured at

amortised cost

15,922

Other revenue

323

554

162

1,039

OPERATING EXPENSES

(7,064)

(2,257)

(3,061)

(12,382)

Depreciation

(902)

Remuneration and employee benefits

(4,412)

(965)

(5,377)

External services

(1,519)

(344)

(1,870)

(3,733)

Other core expenses

(1,133)

(948)

(289)

(2,370)

PROFIT (LOSS) FROM SALES

12,126

15,428

(2,899)

24,655

Other operating income

278

Other operating expenses

(187)

Net provision for expected credit losses

(896)

(4,689)

(5,585)

OPERATING PROFIT (LOSS)

11,230

10,739

(2,808)

19,161

Financial income

247

Financial expenses

(5,636)

(5,041)

(271)

(10,948)

Exchange position result

(11)

PROFIT (LOSS) BEFORE TAX

5,594

5,698

(2,843)

8,449

Income tax

(1,974)

NET PROFIT (LOSS)

6,475

Operating segments – assets and liabilities

Balance as of 31 March 2026

Factoring

Loans

Unassigned

TOTAL

Total segment assets

296,277

419,787

85,763

801,827

Total segment liabilities

(232,435)

(374,580)

(12,535)

(619,550)

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)

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

23. Average number of full-time equivalents in the Group

23.1 – Average number of full-time equivalent employees in the

Group during the period

01 January 2026

01 January 2025

31 March 2026

31 December 2025

White-collar workers

133

130

Total average number of full-time equivalents

133

130

24. Shareholdings in the Parent Company held by persons managing and

controlling the Parent Company

24.1 - Shares in the Parent Company held directly by members of the Management Board

First name and

surname

Position

Number of

held

(in

thousands)

Share in the

share capital

Share of total

votes at the

AGM

Tomasz Boduszek

President of the Management Board

0.24%

0.22%

Jacek Obrocki

Vice-President of the Management Board

0.24%

0.22%

Danuta Czapeczko

Vice-President of the Management Board

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.

25. Transactions and balances within the Group with related parties

25.1 - Transactions and balances with related parties as of 31 March 2026

and for the period ending 31 March 2026

Other related parties

Revenue

559

Costs

644

Trade receivables and other current receivables

310

Factoring receivables

14,674

Loan receivables

1,107

Loan liabilities

2,255

Trade and other short-term liabilities

2,345

Revenue from related parties relates mainly to services provided by PragmaGO S.A. to Pragma Faktor, which

include portfolio servicing, factoring revenue for financing granted, and revenue from accounting services.

Other items 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 in which the Parent Company’s registered office is located from

NPL Nova, and legal services provided by Pragma Adwokaci.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

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 rate on

loans

Collateral

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)

14,569

fixed

Service

cooperation

component

Loans granted to related parties are not subject to provisions for expected credit losses.

Additional information regarding loans received from related parties:

Related party

Amount of

loan

received

Balance at

the end of

the period

Interest rate on

loans

Collateral

Additional

information

NPL Nova

S.A.

2,200

2,255

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 terms not deviating from

market conditions.

An individual assessment was carried out in respect of the above-mentioned receivables, and no indications

of impairment were identified.

The Parent Company in relation to PragmaGO S.A. is:

Polish Enterprise Funds SCA

Subsidiaries of the Parent Company

Brutto Sp. z o.o.

PragmaGO.TECH Sp. z o.o.

Monevia Sp. z o.o.

Telecredit IFN SA

PragmaGO Spain S.L.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Other entities that are related parties (personal links) with which the company had transactions during

the period 1 January to 31 March 2026 are:

Pragma Faktor Sp. z o.o.

NPL NOVA S.A.

Pragma Adwokaci limited partnership

Aseo Paper Sp. z o.o.

Anwim S.A.

25.2 – 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, factoring revenue for financing granted, and revenue from accounting services.

Other items 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 in which the Parent Company’s registered office is located 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

Balance at

the end of

the period

Interest rate on

loans

Collateral

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.

Additional information regarding loans received from related parties:

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

Related party

Amount of

loan

received

Balance at

the end of

the period

Interest rate on

loans

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 terms not deviating from

market conditions.

An individual assessment was carried out in respect of the above-mentioned receivables and no indication

of impairment were identified.

The Parent Company of PragmaGO S.A. is:

Polish Enterprise Funds SCA

Subsidiaries of the Parent Company

Brutto Sp. z o.o.

PragmaGO.TECH Sp. z o.o.

Monevia Sp. z o.o.

Telecredit IFN SA

PragmaGO Spain S.L.

Other companies that are related parties (personal links) with which the company had transactions

during the period 1 January to 31 December 2025 are:

Pragma Faktor Sp. z o.o.

NPL NOVA S.A.

Pragma Adwokaci limited partnership

Aseo Paper Sp. z o.o.

Anwim S.A.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

26. Fair value

26.1 - Fair value of instruments not measured at

fair value

31 March 2026

31 December 2025

Carrying

amount

Fair value

Carrying

amount

Fair value

Financial assets

706,938

684,569

Cash and cash equivalents

17,241

31,099

Factoring receivables

272,062

263,505

Loan receivables

416,720

388,415

Trade receivables

915

1,550

Financial liabilities

599,742

609,444

580,865

591,401

Loans and borrowings liabilities

223,297

173,597

Earn-out liabilities

1,914

Lease liabilities

4,129

4,536

Floating-rate bonds liabilities*

363,529

373,231

394,555

405,091

Trade payables

6,873

6,263

* The fair value as of 31 March 2026 includes the value of the EUR1 and D1EUR series bonds converted into PLN at the exchange rate

quoted on 31 March 2026.

The fair values of financial assets and financial liabilities are defined as the price that would be received for

the sale of an asset or paid for the settlement of a liability in a transaction conducted under normal market

conditions between market participants as of the measurement date. The fair values of cash and short-term

deposits, trade receivables, factoring receivables, loan receivables and other receivables, 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.

26.2 – Fair value

31 March 2026

31 December 2025

which:

Level 1

Level 2

Level 3

Of which:

Level 1

Level 2

Level 3

Financial liabilities

373,231

405,091

Floating-rate

bonds liabilities

373,231

405,091

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

27. Events after the balance sheet date

1. On 2 April 2026, PragmaGO d.o.o. was registered in the Croatian Register of Companies. PragmaGO d.o.o.

is a subsidiary of PragmaGO S.A., incorporated under Croatian law with its registered office in Zagreb

(Croatia). The Parent Company acquired 100% of the shares in the share capital of PragmaGO d.o.o., which

amounts to EUR 2,500.

2. 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 specific 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.

3. 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.

4. The Supervisory Board of PragmaGO S.A. has passed resolutions appointing the Management Board of

PragmaGO S.A. for another joint five-year term. The composition of the Parent Company’s Management

Board remains unchanged.

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

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

Person responsible for

keeping the accounts

Ewa Orymowska

Katowice, 21 May 2026

Consolidated condensed interim financial statements of the PragmaGO S.A. Group prepared as at and for the three-

month period ended 31 March 2026

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-

month period ended 31 March 2026

SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS OF

PragmaGO S.A. PREPARED AS OF AND FOR THE 3-MONTH

PERIOD ENDED 31 MARCH 2026

Separate condensed interim statement of profit or loss and other comprehensive

income for the period

Item

Note

1 January 2026

1 January 2025

31 March 2026

(unaudited)

31 March 2025

(unaudited)

TOTAL NET REVENUE

41,421

29,253

Revenue from factoring, including:

12,247

11,157

Interest income on financial instruments

measured at amortised cost

7,298

6,642

Revenue from loans, including:

28,824

17,048

Interest income on financial instruments

measured at amortised cost

26,536

15,840

Other revenue

350

1,048

OPERATING EXPENSES

(11,942)

(10,205)

Depreciation

(1,058)

(875)

Remuneration and employee benefits

(4,783)

(4,180)

External services

(3,886)

(3,011)

Other core expenses

(2,215)

(2,139)

PROFIT (LOSS) FROM SALES

29,479

19,048

Other operating income

116

Other operating expenses

(1,228)

(98)

Net provision for expected credit losses

(9,197)

(5,340)

OPERATING PROFIT (LOSS)

19,170

13,675

Financial income

216

241

Financial expenses

(11,775)

(10,467)

Foreign exchange gain or loss

179

PROFIT (LOSS) BEFORE TAX

7,790

3,547

Income tax

(2,126)

(1,273)

NET PROFIT (LOSS)

5,664

2,274

Other comprehensive income

COMPREHENSIVE INCOME FOR THE

REPORTING PERIOD

5,664

2,274

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month

period ended 31 March 2026

Separate condensed interim statement of financial position

Item

Note

31 March 2026

(unaudited)

31 December 2025

FIXED ASSETS

162,688

158,161

Property, plant and equipment

3,604

3,802

Intangible assets

49,433

46,988

Shares and equity interests

43,827

43,717

Factoring

Loans

63,413

61,892

Deferred tax assets

2,411

1,762

CURRENT ASSETS

580,763

556,553

Trade receivables

837

1,569

Other current assets

2,024

1,325

Factoring

197,893

191,220

Loans

374,532

353,162

Prepayments and accruals

2,868

1,330

Cash and cash equivalents

2,609

7,947

TOTAL ASSETS:

743,451

714,714

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month

period ended 31 March 2026

Separate condensed interim statement of financial position

Specification

Note

31 March 2026

(unaudited)

31 December 2025

TOTAL EQUITY

168,777

163,113

Share capital

8,482

Share premium

120,809

Retained earnings reserve

19,649

Retained earnings, including:

19,837

14,173

Net profit (loss) for the period

5,664

14,173

LONG-TERM LIABILITIES

304,118

355,024

Long-term provisions

Long-term loans and borrowings

liabilities

13,192

15,828

Long-term bonds liabilities

288,588

336,554

Long-term lease liabilities

2,305

2,617

SHORT-TERM LIABILITIES

270,556

196,577

Short-term loans and borrowings

liabilities

169,134

114,133

Short-term bonds liabilities

74,941

58,001

Short-term leases liabilities

1,223

1,111

Earn-out liability

1,914

Trade payables

5,484

5,396

Current income tax liabilities

1,904

4,379

Other liabilities and accruals

12,417

8,212

Deferred income

3,539

3,431

TOTAL EQUITY AND LIABILITIES:

743,451

714,714

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month

period ended 31 March 2026

Separate condensed interim statement of cash flows

(indirect method)

Item

Note

1 January 2026

1 January 2025

31 March 2026

(unaudited)

31 March 2025

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Profit (loss) before tax

7,790

3,547

Total adjustments:

(19,302)

(42,642)

Depreciation

1,058

875

Foreign exchange gains (losses)

(734)

Interest and share of profits (dividends)

10,221

9,402

Net result of provisions for expected credit losses

9,197

5,339

Adjustments for non-cash changes

(216)

238

Change in balance of factoring receivables

(8,076)

(5,497)

Change in balance of loans granted

(30,685)

(52,972)

Change in provisions

Change in trade receivables

(7)

Change in short-term liabilities, except for financial

liabilities

4,427

1,604

Change in prepayments and accruals

(19)

183

Income tax paid

(5,250)

(1,077)

Net cash flows from operating activities

(11,512)

(39,095)

CASH FLOWS FROM INVESTING ACTIVITIES

Expenditure on the acquisition of intangible assets

(3,399)

(3,311)

Expenditure on the acquisition of property, plant and

equipment

(40)

(32)

Expenditure on the acquisition of shares

(110)

Net cash flows from investing activities

(3,549)

(3,343)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from loans and borrowings

53,185

82,201

Repayments of loans and borrowings

(1,000)

(32,849)

Repayment of finance lease liabilities

(200)

(245)

Bond redemption outflows

(32,000)

Interest paid on bonds

(7,554)

(8,326)

Interest paid on loans, borrowings and leases

(2,708)

(1,474)

Net cash flows from financing activities

9,723

39,307

TOTAL NET CASH FLOWS

(5,338)

(3,131)

CHANGE IN CASH AND CASH EQUIVALENTS

(5,338)

(3,131)

CASH AT THE BEGINNING OF THE PERIOD

7,947

5,883

CASH AT THE END OF THE PERIOD

2,609

2,852

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month period ended 31 March 2026

Separate condensed interim statement of changes in equity

Item

Share capital

Treasury shares

Share premium

Retained

earnings reserve

Other reserves

Retained

earnings

Total equity

Changes in equity from 1 January 2026 to 31 March 2026 (unaudited)

Balance as of 1 January 2026

8,482

120,809

19,649

14,173

163,113

Comprehensive income for the

period from 1 January to 31

March 2026

5,664

Balance as of 31 March 2026

8,482

120,809

19,649

19,837

168,777

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month period ended 31 March 2026

Separate condensed interim statement of changes in equity

Description

Share capital

Treasury shares

Share premium

Retained

earnings reserve

Other reserves

Retained

earnings

Total equity

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

(5,653)

139,731

Allocation of the 2024 profit

7,844

(7,844)

Coverage of losses from previous

years

(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 a capital

increase – issuance of series L

438

8,771

9,209

Capital reductions – depreciation

of series G shares

(27)

468

(441)

Comprehensive income for the

period from 1 January to 31

December 2025

14,173

Balance as of 31 December 2025

8,482

120,809

19,649

14,173

163,113

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month period ended 31 March 2026

Item

Share capital

Treasury shares

Share premium

Retained

earnings reserve

Other reserves

Retained

earnings

Total equity

Changes in equity from 1 January 2025 to 31 March 2025

Balance as of 1 January 2025

6,891

(468)

94,784

18,254

18,434

(5,653)

139,731

Payments in respect of the

capital increase – issuance of

series K shares

1,180

17,254

(18,434)

Comprehensive income for the

period from 1 January to 31

March 2025

2,274

Balance as of 31 March 2025

8,071

(468)

112,037

25,743

(3,378)

142,005

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month

period ended 31 March 2026

INTRODUCTION TO THE SEPARATE CONDENSED INTERIM

FINANCIAL STATEMENTS OF PRAGMAGO S.A. PREPARED AS OF

AND FOR THE 3-MONTH PERIOD ENDED 31 MARCH 2026

I. Basic information about the Entity

Name:

PragmaGO S.A.

Address:

40-584 Katowice, 72 Brynowska Street

Registered office:

Poland

Telephone:

32 44 20 200

Registered 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 Entity’s principal business is providing financing in the form of factoring and loans to the micro, small

and medium-sized enterprise sector. The Entity provides services in Poland.

Factoring

The factoring service provided by the Entity involves the factor (the Issuer) purchasing the non-overdue

receivables of the factoring clients (factoring customers) due to them from 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 transfers to the client, in the form of an advance payment, 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 the factoring debtor has

made the payment . Factoring therefore allows a company to shorten its accounts receivable turnover cycle

and thus improve its cash flow.

The factoring products on offer include:

The separate condensed interim financial statements of PragmaGO S.A. prepared as at and for the three-month

period ended 31 March 2026

▪ 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 receivables not yet due, 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 generate regular

factoring turnover with PragmaGO with additional financing in the form of an advance against future

factoring settlements, from which the advance will subsequently be repaid.