Table of Contents
Separate annual financial statements of PragmaGO S.A. as at and for the 12-month period ended
31 December 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Introduction to the separate annual financial statements of PragmaGO S.A. prepared as at and for
the 12-month period ended 31 December 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Notes to the separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-
month period ended 31 December 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
1
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
2
SEPARATE ANNUAL FINANCIAL STATEMENTS OF PRAGMAGO S.A.
PREPARED AS AT AND FOR THE 12-MONTH PERIOD ENDED 31
DECEMBER 2025
Separate annual statement of profit or loss and other comprehensive income for the
period
Item
Note
1 January 2025
31 December 2025
1 January 2024
31 December 2024
TOTAL NET SALES REVENUE
1
139,687
102,450
Revenue from factoring, including:
-
47,494
48,517
Interest income on financial instruments measured at
amortised cost
-
29,468
27,124
Income from loans, including:
-
90,212
49,933
Interest income on financial instruments measured at
amortised cost
-
84,206
45,840
Other revenues
-
1,981
4,000
OPERATING EXPENSES
2
(43,329)
(36,629)
Depreciation
-
(3,769)
(2,853)
Remuneration and employee benefits
-
(17,607)
(15,363)
External services
-
(12,952)
(10,650)
Other core expenses
-
(9,001)
(7,763)
PROFIT (LOSS) FROM SALES
-
96,358
65,821
Other operating income
-
392
1,411
Other operating expenses
3
(2,081)
(1,283)
Result of provisions for expected credit losses
10
(28,117)
(18,823)
OPERATING PROFIT (LOSS)
-
66,552
47,126
Financial income
4
3,038
67
Financial costs
5
(47,200)
(35,729)
Exchange position result
-
(336)
(5)
PROFIT (LOSS) BEFORE TAX
-
22,054
11,459
Income tax
6
(7,881)
(3,615)
NET PROFIT (LOSS) FROM CONTINUING OPERATIONS
-
14,173
7,844
Other comprehensive income
-
-
-
COMPREHENSIVE INCOME FOR THE REPORTING
PERIOD
-
14,173
7,844
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
3
Separate annual statement of financial position
Item
Note
31 December 2024
FIXED ASSETS
-
111,716
Property, plant and equipment
7
2,309
Intangible assets
8
37,381
Stocks and shares
9
43,717
Factoring
10
530
Loans
10
26,253
Deferred tax assets
6
1,526
CURRENT ASSETS
-
418,741
Trade receivables
11
1,117
Other current assets
11
1,127
Factoring
10
188,566
Loans
10
220,741
Prepayments and accruals
13
1,207
Cash and cash equivalents
12
5,983
TOTAL ASSETS:
-
530,457
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
4
Separate annual statement of financial position
Item
Note
31 December 2025
31 December 2024
TOTAL EQUITY
-
163,113
139,731
Share capital
14
8,482
6,891
Treasury shares
-
-
(468)
Share premium
-
120,809
94,784
Retained earnings reserve
-
19,649
25,743
Other reserves
-
-
18,434
Retained earnings, including:
-
14,173
(5,653)
Net profit (loss) of the period
-
14,173
7,844
LONG-TERM LIABILITIES
-
355,024
267,636
Long-term provisions
-
25
26
Long-term loans and borrowings
liabilities
15
15,828
-
Long-term bonds liabilities
16
336,554
264,399
Long-term lease liabilities
17
2,617
1,297
Earn-out liabilities
18
-
1,914
SHORT-TERM LIABILITIES
-
196,577
123,090
Short-term loans and borrowings
liabilities
15
114,133
54,448
Short-term bonds liabilities
16
58,001
52,089
Short-term lease liabilities
17
1,111
943
Earn-out liabilities
18
1,914
-
Trade payables
18
5,396
4,578
Current income tax liabilities
18
4,379
445
Other liabilities and accruals
18
8,212
7,549
Deferred income
19
3,431
3,038
TOTAL EQUITY AND LIABILITIES:
-
714 714
530,457
 
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
5
Separate annual statement of cash flows
(indirect method)
Item
Note
1 January 2025
1 January 2024
31 December 2025
31 December 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss) before tax
-
22,054
11,459
Total adjustments:
-
(130,928)
(96,239)
Depreciation
-
3,769
2,853
Foreign exchange gains (losses)
-
555
829
Interest and profit shares (dividends)
-
42,179
31,413
Result of provisions for expected credit losses
-
28,104
(8,888)
Adjustments for non-cash changes
20
(2,807)
(720)
Change in balance due to factoring receivables
20
(5,120)
(24,180)
Change in balance due to loans granted
20
(193,168)
(92,783)
Change in provisions
-
(1)
11
Change in trade receivables
-
(650)
778
Change in short-term liabilities, except for financial
liabilities
-
1,358
1,646
Change in prepayments and accruals
20
(964)
(2,681)
Income tax paid
-
(4,183)
(4,517)
Net cash flows from operating activities
-
(108,874)
(84,780)
CASH FLOWS FROM INVESTING ACTIVITIES
Expenses on the acquisition of intangible assets
-
(12,293)
(10,934)
Expenses on the acquisition of property, plant and
equipment
-
(134)
(47)
Expenditure on the acquisition of shares and stocks
-
-
(38,477)
Net cash flows from investing activities
-
(12,427)
(49,458)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings
20
222,806
135,882
Repayments of loans and borrowings
20
(147,417)
(125,448)
Repayment of lease liabilities
20
(1,062)
(880)
Proceeds from the issuance of shares
14
9,209
18,434
Proceeds from bond issuance
20
130,000
216,895
Bond redemption outflows
20
(49,000)
(84,000)
Interest paid on bonds
20
(34,340)
(24,653)
Interest paid on loans, borrowings and leases
20
(6,931)
(5,401)
Net cash flows from financing activities
-
123,265
130,829
TOTAL NET CASH FLOWS
-
1,964
(3,409)
CHANGE IN CASH AND CASH EQUIVALENTS
-
1,964
(3,409)
CASH AT THE BEGINNING OF THE PERIOD
-
5,983
9,392
CASH AT THE END OF THE PERIOD
-
7,947
5,983
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
6
Separate annual 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 2025 to 31 December 2025
Balance as of 1 January 2025
6,891
(468)
94,784
25,743
18,434
(5,653)
139,731
Distribution of profit for 2024
-
-
-
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
shares
438
-
8,771
-
-
-
9,209
Capital reductions – redemption
of Series G shares
(27)
468
-
(441)
-
-
-
Comprehensive income for the
period from 1 January to 31
December 2025
-
-
-
-
-
14,173
14,173
Balance as of 31 December 2025
8,482
-
120,809
19,649
-
14,173
163,113
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
7
Separate annual 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 2024 to 31 December 2024
Balance as of 1 January 2024
6,891
(468)
94,784
18,254
-
(6,008)
113,453
Distribution of profit for 2023
-
-
-
7,489
-
(7,489)
-
Payments in respect of a capital
increase – issuance of Series K
shares
-
-
-
-
18,434
-
18,434
Comprehensive income for the
period from 1 January to 31
December 2024
-
-
-
-
-
7,844
7,844
Balance as of 31 December 2024
6,891
(468)
94,784
25,743
18,434
(5,653)
139,731
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
8
INTRODUCTION TO THE SEPARATE ANNUAL FINANCIAL
STATEMENTS OF PRAGMAGO S.A. PREPARED AS AT AND FOR THE
12-MONTH PERIOD ENDED 31 DECEMBER 2025
I. Basic information about the Entity
Name:
PragmaGO S.A.
Address:
40-584 Katowice, ul. Brynowska 72
Registered office:
Poland
Telephone:
32 44 20 200
Registering court:
Katowice District Court
8th Commercial Division of the National Court Register
REGON:
277573126
Tax Identification Number:
634-24-27-710
KRS:
0000267847
Country of registration:
Poland
Email address:
biuro@pragmago.pl
Website address:
https://pragmago.pl/
https://inwestor.pragmago.pl/
The Entity’s core 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) owed to them by third parties (factoring debtors).
By using factoring, a business receives funds arising from the factoring transaction it has entered into
sooner than the original payment date specified in the transaction. Upon submission of an invoice by the
factoring client, the factor transfers to the client, in the form of an advance, a pre-agreed percentage of the
receivable in question (usually 80–90% of the invoice value). The factor transfers the remaining value of the
invoice (less the factor’s remuneration) to the client once 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 offered include:
 
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
9
▪ Invoice financing – financing of the client’s non-due receivables with a limit ranging from PLN 10,000 to
PLN 250,000 (limit per individual factor),
▪ Online factoring – financing of the client’s non-due receivables with a limit ranging from PLN 50,000 to
PLN 10 million (limit per individual factor),
▪ Online factoring pre-financing (advances) – this product involves providing clients who conduct regular
factoring transactions with PragmaGO with additional financing in the form of an advance against future
factoring settlements, from which the advance will subsequently be repaid.
Loans
In the loans segment, financing is provided in the form of deferred payment and revenue advances.
Deferred payment (Buy Now Pay Later B2B) is a loan to finance business purchases with a limit of up to PLN
50,000, where, under the basic model, the customer can defer payment for goods by 30 or 60 days. In the
event of non-payment by the declared deadline, the payment is automatically extended, and the
outstanding balance, together with the commission, is spread over 6 equal monthly instalments. The buyer
makes a purchase within the granted limit, and the funds are transferred directly to the seller’s account.
Financing is granted on the basis of information obtained from external databases and information
regarding the customer’s activity as a buyer on the Partner’s platform (for example, Allegro) and, in the case
of entities that are also sellers, data about them as sellers.
Business loan (Merchant Cash Advance) – a loan for any purpose offered through the partner channel for
amounts ranging from PLN 3,000 to PLN 200,000 via automated decisions, which may be increased to PLN
300,000–500,000. This product is available in two versions, depending on the repayment method and
schedule. We distinguish between MCA with daily repayments, which are automatically deducted by the
partner (e.g. a payment service provider – PSP) from the borrower’s cash flow, or MCA with monthly
instalments, which are repaid traditionally by the borrower or, alternatively, through automatic deductions
from cash flow or via recurring payments. Financing is offered for a period of 4 to 24 months.
The duration of the Entity’s operations is indefinite.
The 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 Company’s shares were listed on the regulated market of the
Warsaw Stock Exchange (WSE). On 9 September 2021, the Company’s shares were delisted from the WSE at
the Company’s request.
The Company’s share capital
The Company’s share capital as of 31 December 2025 amounted to 8,481,652.00 PLN and was divided into
8,481,652 shares with a nominal value of 1 PLN each. It changed compared to the end of the previous
reporting period ended 31 December 2024 due to:
▪ a capital increase of PLN 1,180,129.00 through the issuance of 1,180,129 Series K shares, registered
with the National Court Register on 9 January 2025;
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
10
▪ an increase in share capital of PLN 437,922.00 through the issuance of 437,922 Series L shares.
Registered with the National Court Register (KRS) on 25 July 2025;
▪ a capital reduction of PLN 27,440.00 through redemption of 27,440 Series G shares. Registered in
the National Court Register (KRS) on 13 October 2025.
The composition of the Company’s Management Board as at 31 December 2025 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
Compared to the previous reporting period ending on 31 December 2024 and up to the date of publication,
there have been no changes to the Management Board of PragmaGO S.A.
The composition of the Supervisory Board of the Company, both as of 31 December 2025 and at the end of
the previous reporting period, i.e. 31 December 2024, was as follows:
Chairman of the Supervisory Board
Dariusz Prończuk
Member of the Supervisory Board
Bartosz Chytła
Member of the Supervisory Board
Member of the Supervisory Board
Grzegorz Grabowicz
Agnieszka Kamola
Member of the Supervisory Board
Michał Kolmasiak
Member of the Supervisory Board
Jakub Kuberski
Member of the Supervisory Board
Piotr Lach
As of the date of publication of this report, the composition of the Supervisory Board has not changed.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
11
The Capital Group formed by the Entity
The PragmaGO Capital Group, in which the Company is the Parent Entity as at 31 December 2025, comprises:
▪ PRAGMAGO S.A. as the Parent Company;
▪ BRUTTO Sp. z o.o. with its registered office in Warsaw as a Subsidiary, consolidated using the full
consolidation method;
▪ PragmaGO.TECH Sp. z o.o., with its registered office in Kraków, as a Subsidiary, consolidated using the
full consolidation method;
▪ Monevia Sp. z o.o., with its registered office in Bydgoszcz, as a subsidiary, consolidated using the full
consolidation method;
▪ Telecredit IFN S.A., with its registered office in Bucharest, as a subsidiary, consolidated on a full
consolidation basis;
The parent company at the next higher level is Polish Enterprise Funds SCA, based in Luxembourg. The
ultimate parent company is Enterprise Investors Corporation, based in New York (USA).
As of 31 December 2025, PragmaGO held:
▪ 2,924 shares in BRUTTO Sp. z o.o. with a nominal value of PLN 100 each, representing 100% of the shares
in BRUTTO Sp. z o.o.
▪ 520 shares in PragmaGO.TECH Sp. z o.o. with a nominal value of PLN 50 each, representing 100% of the
shares in PragmaGO.TECH Sp. z o.o.
▪ 17,000 shares in Monevia Sp. z o.o. with a nominal value of PLN 500 each, representing 100% of the
shares in Monevia Sp. z o.o.
▪ 2,719,439 shares in Telecredit IFN SA with a nominal value of RON 1 each, representing an 89% stake in
the Company.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
12
The composition of the Capital Group remained unchanged during the period covered by these financial
statements. After the balance sheet date, the Company established PragmaGO Spain S.L., with its registered
office in Barcelona, Spain (current report No. 5/2026 of 11 February 2026) and registered PragmaGO d.o.o.,
with its registered office in Zagreb, Croatia (current report No. 9/2026 of 3 April 2026).
The Parent Company prepares consolidated financial statements in which it accounts for subsidiaries using
the full consolidation method.
II. INFORMATION ON THE PRINCIPLES ADOPTED IN THE PREPARATION OF THE
SEPARATE ANNUAL FINANCIAL STATEMENTS PREPARED AS AT AND FOR THE PERIOD
ENDED 31 DECEMBER 2025
1. Basis for the preparation of the financial statements
PragmaGO S.A. prepares its financial statements in accordance with International Financial Reporting
Standards as adopted by the European Commission.
The separate financial statements cover the year ended 31 December 2025 and include comparative figures
as at and for the year ended 31 December 2024. Financial figures are presented in thousands of PLN (PLN
‘000), unless otherwise stated.
2. Statement of compliance
These separate financial statements have been prepared in accordance with International Financial
Reporting Standards as adopted by the European Union (IFRS) and other applicable regulations, and in
matters not covered by the above standards, in accordance with the requirements of the Accounting Act of
29 September 1994 (Journal of Laws 2023, item 120, as amended) and the implementing regulations issued
thereunder, as well as the requirements relating to issuers of securities admitted to, or applying for
admission to, trading on the official stock exchange market.
IFRS comprises all International Accounting Standards (IAS), International Financial Reporting Standards
(IFRS) and related Interpretations of the International Financial Reporting Interpretations Committee (IFRIC),
except for Standards and Interpretations awaiting endorsement by the European Union, as well as
Standards and Interpretations that have been endorsed by the European Union but have not yet come into
force.
These separate financial statements include selected explanatory notes that are material to the Entity’s
results and financial position for the reporting period. The Entity presents each material category of similar
items separately. The Entity presents items that differ in nature or function separately, unless they are
immaterial.
These separate financial statements were approved by the Company’s Management Board on 22 April 2026.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
13
3. Going concern
These financial statements have been prepared on the assumption that the Company will continue as a
going concern for at least twelve months from the balance sheet date. As at the date of these financial
statements, the Company’s Management Board is not aware of any circumstances that would indicate a
threat to the Company’s ability to continue as a going concern.
4. Functional currency and presentation currency of the financial statements
The Entity’s functional currency and the currency of presentation 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.
III. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS TO EXISTING STANDARDS
Standards and interpretations approved by the European Union
Standards
and
interpretations
Description of changes
Effective date
of application
Impact on the
financial statements of
the Entity
during the period of
their initial
application
Amendments to
IAS 21
Effects of
changes
exchange rates
– Non-
convertibility
The amendments introduce a
requirement to disclose
information enabling users of
financial statements to understand
the effects of non-convertible
currencies and explain how the
convertibility of currencies should
be assessed.
1 January
2025
The application of the
amended standard has
no impact on the
financial statements.
Standards and interpretations that have been issued but are not yet effective and have not been early
adopted by the Entity
Standards and
interpretations
Description of changes
Commencement
date
Effective
Impact on the
of the entity
during the period of their
initial
application
Annual
Improvements to
IFRSs, Part 11
The annual improvements
introduce minor amendments to
IFRS 1 First-time Adoption of IFRS,
IFRS 7 Financial Instruments:
Disclosures, IFRS 9 Financial
Instruments, IFRS 10 Consolidated
Financial Statements and
1 January
2026
The application of the
standard will not have an
impact on the financial
statements.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
14
Agriculture, and IAS 7 Statement of
Cash Flows.
IFRS 18
Presentation and
disclosures in
financial
financial
In April 2024, the Board published
the new standard IFRS 18
‘Presentation and Disclosures in
Financial Statements’. The
standard is intended to replace IAS
1 – Presentation of Financial
Statements and will be effective
from 1 January 2027. The changes
compared to the standard it
replaces mainly concern three
areas: the income statement,
required disclosures regarding
performance measures, and issues
related to the aggregation and
disaggregation of information
contained in financial statements.
The published standard will apply
to financial statements for periods
beginning on or after 1 January
2027. As at the date of preparation
of these separate financial
statements, these amendments
have not yet been endorsed by the
European Union.
1 January
2027
The entity is in the process
of preparing to implement
the amendments to the
financial statements in
accordance with the
standard. Early adoption is
not planned.
IFRS 19
Subsidiaries
without public
accountability:
disclosure
IFRS 19 allows qualifying
subsidiaries to apply IFRS with
limited disclosures. The application
of IFRS 19 is intended to reduce the
cost of preparing financial
statements for subsidiaries whilst
maintaining the usefulness of the
information for users of their
financial statements. An entity
qualifies to apply the standard if it
has no public accountability and its
ultimate or intermediate parent
entity prepares separate financial
statements available for public use
that comply with IFRS.
1 January
2027
The application of the
standard will not have a
significant impact on the
financial statements.
Amendments to
IFRS 9 and IFRS 7
– classification
and measurement
of financial
instruments
In May 2024, the IASB published
amendments to IFRS 9 and IFRS 7
aimed at:
a) clarify the date of recognition
and derecognition of certain
financial assets and liabilities, with
an exemption for certain financial
liabilities settled through an
electronic funds transfer system;
1 January
2026
The application of the
standard will not have a
significant impact on the
financial statements.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
15
b) clarifying and adding further
guidance on assessing whether a
financial asset meets the criteria
for SPPI;
c) adding new disclosures
regarding certain instruments
whose contractual terms may
affect cash flows; and
d) updates the disclosures
regarding equity instruments
measured at fair value through
other comprehensive income
(FVOCI).
As at the date of preparation of these separate financial statements, the amendments listed below have
not yet been endorsed by the European Union.
Standards and
interpretations
Description of amendments
Effective date
Effective
Impact on the
of the entity
during their
initial
application
IFRS 18
Presentation and
Disclosures in
Financial
Statements
A new standard published in April
2024, which will replace IAS 1.
The implementation of the new
guidelines aims to improve the
comparability
and transparency of entities’
financial statements
As at the date of
preparation of
these separate
financial
statements, these
amendments have
not yet been
approved by the
European Union.
The entity is in the process
of preparing to implement
the changes to the financial
statements in accordance
with the standard. There are
no plans for early adoption
IFRS 19
Subsidiaries
without public
accountability:
disclosures and
amendments to
IFRS 19 (published
on 21 August 2025)
The new standard, published in
May 2024, will be voluntarily
by entities that do not have the
status of a public-interest entity
publicly accountable entity, and
which are subsidiaries of entities
that prepare
publicly available consolidated
financial statements.
As at the date of
preparation of
these separate
financial
statements, these
amendments had
not yet been
endorsed by the
European Union.
The application of the
amended standard will not
have a material impact on
the financial statements.
Amendments to
IAS 21
The effects of
changes in foreign
exchange rates:
Translation into the
presentation
currency under
These amendments specify how
an entity should assess whether a
currency is convertible into
another currency and how it
should determine the spot
exchange rate where conversion is
not possible.
As at the date of
preparation of
these separate
financial
statements, these
amendments had
not yet been
The application of the
amended standard will not
have a material impact on
the financial statements.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
16
endorsed by the
European Union.
.
Implementation of other standards and interpretations
The effective dates are those specified in the standards issued by the International Accounting Standards
Board. The dates of application of the standards in the European Union may differ from those specified in
the standards and are announced upon their adoption by the European Union. As at the date of approval of
these separate financial statements for publication, the Company’s Management Board does not anticipate
that the introduction of the remaining standards and interpretations will have a material impact on the
accounting policies applied by the Company.
IV. SIGNIFICANT ACCOUNTING POLICIES
The Company has disclosed in these separate financial statements a description of the accounting policies
which it considers to be material to the separate financial statements. In preparing the separate annual
financial statements, the Company has applied the same accounting policies consistently across all periods
presented.
1. Property, plant and equipment
Property, plant and equipment include assets which:
▪ the Entity holds for use in the provision of services, for letting to other parties under a lease agreement,
or for administrative purposes, and
▪ are expected to be used for more than one year.
The initial value of an item of property, plant and equipment that meets the criteria for recognition in the
balance sheet is its acquisition or production cost, i.e. the amount of cash or cash equivalents paid, or the
fair value of other assets transferred to acquire the asset at the time of its acquisition or production. The
cost of a fixed asset comprises:
▪ the purchase price, including import duties and non-refundable taxes, less trade discounts and rebates;
▪ all costs directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management.
The carrying amount of fixed assets is their historical cost less accumulated depreciation and provisions for
expected credit losses.
The appropriateness of the depreciation rates applied is reviewed periodically (once a year), resulting in an
adjustment to depreciation charges from the beginning of the financial year in which the change occurred.
The entity applies the following useful lives for fixed assets:
▪ Rights of use – buildings and structures – up to 7 years;
▪ Investments in third-party fixed assets – 10 years;
▪ Technical equipment and machinery – from 3 to 10 years;
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
17
▪ Rights of use – means of transport – 5 years;
▪ Other fixed assets – 5 years.
2. Intangible assets
Intangible assets include non-monetary assets without physical form that are identifiable, i.e. they can be
separated, i.e. excluded or set aside from the entity’s assets, transferred, licensed or made available for use
by third parties for a fee, either individually or in conjunction with a related contract, asset or liability, or arise
from contractual or other legal rights, regardless of whether they are transferable or separable from the
Entity or other rights or liabilities. Intangible assets are recognised if it is probable that future economic
benefits associated with those assets will flow to the entity and their value can be measured reliably. The
entity recognises expenditure on development work as an intangible asset, provided the following
conditions are met:
a) it is technically feasible to complete the intangible asset so that it is available for use or sale;
b) the entity intends to complete the intangible asset and to use or sell it;
c) the entity has the ability to use or sell the intangible asset;
d) the intangible asset will generate probable future economic benefits;
e) The entity has the necessary technical, financial and other resources available to complete the
development work and to use or sell the intangible asset;
f) it is possible to reliably determine the expenditure incurred during the development work that can be
attributed to that intangible asset.
Intangible assets are initially recognised at acquisition price or production cost. Intangible assets recognised
as a result of a business combination are initially recognised at fair value at the date of the combination.
Following initial recognition, intangible assets are measured at their carrying amount less depreciation and
impairment losses. Intangible assets with a finite useful life are amortised on a straight-line basis once they
are available for use, i.e. when the intangible asset is in a location and condition that enables it to be used
in the manner intended by the entity’s management over a period corresponding to its estimated useful life.
The entity applies the following useful lives for intangible assets:
▪ ERP systems 2–15 years
▪ Other intangible assets 2–5 years
The appropriateness of the applied amortisation periods and rates is reviewed periodically, at least at the
end of the financial year, and any adjustment to amortisation charges is made from the beginning of the
period in which the change occurred. Intangible assets with indefinite useful lives are not amortised but are
subject to annual impairment tests.
3. Stocks and shares
The entity recognises shares in subsidiaries, associates and jointly controlled entities in its separate financial
statements, which are not classified as held for sale (or which do not form part of a disposal group classified
as held for sale in accordance with IFRS 5), are recognised at cost, net of any impairment losses. At the end
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
18
of the reporting period, the Company assesses whether there is any indication that any of its assets or cash-
generating units (CGUs) may be impaired.
If indications of impairment of shares and equity interests are identified, an impairment test is carried out.
If impairment has occurred, provisions for expected credit losses are recognised in other operating
expenses.
4. The entity as a lessee
A lease is defined as a contract or part of a contract that conveys the right to control the use of an identified
asset (the underlying asset) for a specified period in exchange for remuneration. For short-term leases, the
entity applies the simplifications provided for in IFRS 16 ‘Leases’. In order to determine the correct
classification of a lease, three fundamental aspects are analysed:
▪ whether the contract relates to an identifiable asset that is either explicitly specified in the contract
or implied at the time the asset is made available to the entity,
▪ whether the entity has the right to obtain substantially all the economic benefits from the use of
the asset over its useful life to the extent specified in the contract,
▪ whether the Entity has the right to direct the use of the identified asset throughout its useful life.
At the commencement date of the lease and where the definition of a lease is met, the Entity recognises
the right-of-use asset in the appropriate property, plant and equipment category and the liability under
‘Lease liabilities’. The right-of-use asset is initially measured at cost, comprising the initial amount of the
lease liability, the initial direct costs incurred by the Entity as the lessee, and lease payments made on or
before the commencement date, net of lease incentives.
The Entity amortises the right-of-use asset on a straight-line basis from the commencement date until the
end of the useful life of the right-of-use asset or the end of the lease term, whichever is earlier.
At the commencement date, the Entity measures the lease liability at the present value of the lease
payments remaining to be paid using the lease interest rate, if this can be readily determined. Otherwise,
the lessee’s incremental borrowing rate is used. Lease payments included in the measurement of the lease
liability consist of fixed lease payments, variable lease payments linked to an index or rate, amounts
expected to be paid as a guaranteed residual value, and payments under a purchase option, if exercise of
the option is reasonably certain.
After the commencement date of the lease, the entity measures the right-of-use asset at cost less
accumulated depreciation and accumulated impairment losses and adjusted for any revaluation of the lease
liability. In subsequent periods, the lease liability is reduced by payments made and increased by interest
accrued, and is adjusted on the basis of the carrying amount to reflect any re-measurement or changes to
the lease, or to reflect updated substantially fixed lease payments.
5. Financial assets
Financial assets include: factoring receivables, loan receivables, trade receivables, cash, contractual rights
to receive cash, and contractual rights to exchange financial assets with another entity on potentially
favourable terms.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
19
The Capital Entity recognises a financial asset when it becomes a party to a financial instrument, i.e. at the
time it acquires the asset.
Classification is determined at the time of initial recognition and depends on the entity’s financial instrument
management model and the characteristics of the contractual cash flows from those instruments.
In accordance with IFRS 9, financial assets are classified into the following measurement categories at the
time of their initial recognition:
1. financial assets measured at amortised cost,
2. financial assets measured at fair value through other comprehensive income,
3. financial assets measured at fair value through profit or loss.
An entity classifies financial assets as measured at amortised cost if:
▪ it is held in accordance with a business model whose objective is to hold financial assets to collect
contractual cash flows; and
▪ the terms of the contract relating to the financial asset give rise to cash flows at specified dates
that consist solely of repayment of principal and interest on the outstanding principal (the financial
asset meets the SPPI criterion).
The business model relates to the way in which the Entity manages financial assets to generate cash flows.
This means that the business model determines whether cash flows will arise from the collection of
contractual cash flows, from the sale of financial assets, or from both of these sources. The business model
is determined on the basis of qualitative and quantitative criteria. The entity has a single business model,
i.e. a model involving holding assets to collect contractual cash flows. Under this model, the sale of assets
is incidental and may occur in the event of an increase in credit risk.
When assessing whether the contractual cash flows consist solely of principal and interest payments (the
SPPI criterion), the entity analyses the contractual cash flows of the instrument. This analysis includes an
assessment of whether the contract contains any provisions that could alter the timing or amount of
contractual payments in such a way that, from an economic perspective, they would not constitute merely
principal and interest on the outstanding principal.
Purchased factoring receivables and loan receivables meet the SPPI criteria and are classified as held-to-
maturity assets. The entity presents them as financial assets measured at amortised cost. Financial assets
are recognised in the accounts on the date of the contract at the fair value of the expenditure incurred or
other assets transferred in exchange. The calculation of the effective interest rate includes commissions
paid by the entity that form an integral part of the effective interest rate and are presented in the separate
statement of profit or loss and other comprehensive income as a reduction in revenue. Interest calculated
using the effective interest rate is recognised in interest income from financial instruments measured at
amortised cost. The carrying amount of receivables is reduced by the amount of provisions for expected
credit losses, and the amount of the provision is charged to the statement of profit or loss and other
comprehensive income.
As at the balance sheet date, financial assets denominated in foreign currencies are measured at the
average exchange rate of the National Bank of Poland (NBP) prevailing on the balance sheet date.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
20
During the reporting period, the Entity did not reclassify any financial assets, nor were any financial assets
derecognised or discontinued in the accounts, apart from the sale of receivables described in Note 10.
6. Provisions for expected credit losses
For the purposes of estimating allowances for factoring receivables (“Factoring”) and loan receivables
(“Loans”), the Entity applies a model based on the concept of “Expected Credit Loss” (hereinafter: ECL).
In accordance with IFRS 9, allowances are determined in the following categories:
▪ Stage 1 – comprises exposures for which the risk has not increased significantly since initial
recognition of the exposure and, consequently, the calculation of expected credit losses is
performed over a 12-month horizon,
▪ Stage 2 – comprises exposures for which a significant deterioration in credit quality has been
identified as at the reporting date compared to the date of initial recognition of the exposure – the
calculation of expected credit losses is carried out over a lifetime horizon,
▪ Stage 3 – comprises exposures for which an default trigger has been identified.
The primary indicator of impairment (default) is a payment delay exceeding 90 days. In addition, other
grounds for classifying a debtor in this category may arise, including termination of the agreement, the
debtor’s declaration of bankruptcy, or the Entity becoming aware that the debtor has filed for bankruptcy or
other restructuring proceedings.
A criterion indicating a significant increase in exposure risk and thus assignment to stage 2 is a delay in
repayment of disbursed financing exceeding 30 days. An additional criterion may be an analyst’s individual
identification, as part of an individual analysis of significant exposures, based on the entity’s financial data
and market information regarding its payment history, taking into account the collateral held by the Entity.
The risk analysis is conducted on a per-contract basis. This is justified by the broad product range, where
the Entity may have exposures to a single customer across various products that differ significantly in their
settlement methods (in particular in the case of factoring, where the source of repayment is the customer,
or in the case of certain loan products, where the Company has the option of collecting payments directly
from payment operators cooperating with the customer). The materiality threshold is calculated in
aggregate for all amounts analysed within a given product or product group characterised by the same
settlement method.
For the purposes of estimating provisions for expected credit losses, the Company classifies receivables
into stages in accordance with the following rules:
1) Stage 1 – instalments not yet due and instalments with a payment delay of up to 30 days (DPD≤30);
2) Stage 2 – instalments with arrears of between 31 and 90 days (DPD>30 and DPD≤90);
3) Stage 3 – instalments classified as in default, with a delay of over 90 days (DPD>90).
The estimation of expected credit loss is based on the same calculation formula in each of the stages.
Depending on the assigned stage and segment, the corresponding credit risk parameter values are mapped.
    
where:
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
21
▪ – the amount of the provision for expected credit losses,
▪ – probability of default, the PD value assigned to the relevant stage (for exposures in Stage
3, a value of 100% is assigned),
▪  – estimated loss given default, the LGD value set for the relevant stage (a value of 100% is
assigned to exposures with a DPD value above 1095),
▪  – the exposure value at default, which is the value of the outstanding amount of financing
or trade receivables,
▪  – the value of individual provisions made.
Provisions on factoring receivables
Probability of Default (PD)
The PD parameter is estimated by product group within factoring and is updated monthly. For exposures in
Stage 1, the calculation of the probability of default is based on the weighted average of repayment rates
over the last 3 months.


󰇛



󰇜
Where:
▪ repayment_t – the weighted average over the last 3 months of repayments relative to the outstanding
amount of financing (or, where applicable, the amount of trade receivables) in a given month.
The calculation of the PD parameter in stage 2 is based on the PD value from stage 1, taking into account
the weighting of the financing amounts (or, where applicable, the weighting of trade receivables) in each
period of the analysis.



󰇛




󰇛

󰇜
󰇜


where:
 – the amount of financing or, respectively, the amount of trade receivables on a given day of delay
 – the sum of financing amounts (or, respectively, the sum of trade receivables) from all
periods under analysis,
– the number of the delay day, taking values from 31,
– the maximum day of delay for which the analysis is carried out, takes a maximum of 90 DPD,

– PD value for Stage 1.
For exposures in Stage 3, a PD value of 100% is assumed.
Estimated loss given default (LGD)
The LGD parameter in the factoring model is estimated in three variants: 3M/36M, 6M/36M and 12M/36M,
corresponding to the effectiveness of debt recovery over 3, 6 and 12 months within a 36-month horizon.

󰇛






󰇜
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
22
Where:


– the weighted average of repayments over the last 3 months relative to the outstanding
amount of financing in a given month (or, respectively, the outstanding amount of trade receivables).


– the weighted average of repayments over the last 36 months in relation to the
outstanding amount of financing in a given month (or, respectively, the outstanding amount of trade
receivables).
The LGD value for a given horizon is determined as the inverse of the average recovery rates over 12 months,
with outliers (min, max) excluded.
  󰇛



󰇜
The values of ‘ ’ and ‘ ’ are determined in the same way, where instead of the
‘

’ variable, the values for 6 and 12 months are used respectively.
For the purpose of estimating provisions for expected credit losses at stages 1 and 2 for trade receivables,
the estimated LGD is discounted using the 3-month WIBOR rate. For senior receivables, the estimated LGD
is discounted using a rate corresponding to the cost of capital.





  󰇛
󰇛
 

󰇜
 󰇜
Where:
- the percentage share of repayments observed in a given month , broken
down into principal and interest components and determined for the entire portfolio regardless of segment,
 – discount factor based on the average cost of debt and the number of the month ,
– observation month, taking values from 4,
– maximum number of observation months.
The discounted values and are used to determine the LGD value used to
estimate expected credit losses for receivables in Stage 3.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
23







▪
– proportion of the financing amount (or, where applicable, the trade receivables amount)
overdue by 91–180 days
▪
- the proportion of the financing amount (or, where applicable, the trade receivables amount)
past due by 181–365 days
▪
- the proportion of the financing amount (or, where applicable, the trade receivables amount)
past due by 366–1,095 days
▪ For receivables overdue by more than 1,096 days, the Entity assumes an LGD of 100%.
Exposure at default (EAD)
The exposure value used to estimate provisions corresponds to the amount of financing or, where
applicable, the amount of trade receivables.


  󰇛 󰇜


  󰇛 󰇜
where:
▪  – the nominal value of collateral meeting the requirements for reducing the basis for
calculating provisions for expected credit losses. Collateral includes mortgages, pledges, guarantees
and sureties. Where the amount of collateral exceeds the value of the exposure in question, the amount
of financing (or, where applicable, the amount of trade receivables) is taken as the basis.
▪ 󰇛 󰇜 – recoverable value applied to different types of collateral:
o BGK guarantee – 80% of the financing amounts,
o Insurance – 90% of the financing amount,
o Mortgage – 66% of the property value less any prior mortgage entries, not exceeding the amount
of financing (trade receivables, pledge).
Provisions of loan receivables
Probability of Default (PD)
For loans, the PD parameter is estimated based on historical data for products or product groups with similar
characteristics. The analysis period covers observations from at least two years of the product’s history. In
the case of a shorter product history, the product is grouped with another product of similar characteristics.
Arrears on a loan in a given period are defined as the number of days that have elapsed since the due date
specified in the repayment schedule for the most overdue instalment. The entire loan (tranche) is analysed.
To identify loans that have reached 90+ days past due (default), migration matrices with a 12-month
observation window are used. A value-based approach was adopted; specifically, the model uses the
opening balance of the loan at amortised cost.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
24
The model checks for arrears at the start and end of the observation window and then classifies them into
DPD categories 0–5, 6–30, 31–60, 61–90, 91+. In the 0–5 range, the risk grades used by the Company (A–E)
are additionally taken into account, as these significantly influence the probability of the debtor defaulting
on their obligation. The resulting set, comprising 12 monthly observation windows, was converted into 24-
and 36-month PDs using matrix multiplication. Observations marked as fraud in the system were excluded
from the modelling. PD indicators are rescaled by a macroeconomic factor based on the Vasick model, which
is based on GDP growth.
Estimated loss given default (LGD)
Recoveries based on the available repayment history for the product are used to calculate LGD.
In the case of a short history, it is possible to group products or apply expert analysis.
Each month, the population entering default is analysed, and repayments in subsequent months are then
monitored.
Recoveries in a given month are used to calculate the Recovery Rate (RR), which is the quotient of the sum
of recoveries from all products in a given month divided by the EAD (balance at the time of entry into Stage
3). Recoveries are discounted using the effective interest rate specific to the contract or contracts within a
homogeneous group. For trade receivables, discounting is carried out using a risk-free rate (WIBOR 3M). For
each month in default, a separate LGD value is determined, taking into account payments observed
exclusively in subsequent months.
When estimating the LGD curve based on the number of months in default (MID), account is taken of the
amortisation of the outstanding balance over time (i.e. early repayments made before reaching a given MID).
There are no recoveries in the portfolio; the only form of recovery is full repayment, which is reflected in the
payment analysis.
Exposure at default (EAD)
Credit risk exposure (EAD) is calculated as the end-of-month balance, using the carrying amount at adjusted
cost. Monthly balance amortisation is calculated based on the number of days remaining until the end of
the repayment schedule. The average EAD value is then calculated for the first, second and third years. It is
assumed that the amortisation of the balance is delayed by three periods, reflecting the fact that in most
cases, between the cessation of repayments and the occurrence of default (90 DPD), the exposure will not
settle its obligations. For each year, a discount factor is calculated based on the loan’s effective interest
rate. The assumed discounting period is 0.5 years for the first year and 1.5 years for the second year. This
period is adjusted to maturity (e.g. for an exposure maturing in 9 months, the ECL value is calculated using
the average balance over the 9-month period and discounted over a 4.5-month period). Loans in default
are not subject to amortisation or discounting. The basis for estimating the value of the provisions is the
balance at adjusted cost. For exposures over 1 year, a corresponding component is added for the second
year, and subsequently for subsequent years.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
25
ECL Model
The annual PD is assigned to each exposure according to its membership of the DPD stage: 0–5, 6–30, 31–
60, 61–90, 91+, where the first group is further subdivided into grades. LGD is determined based on the
duration of the exposure in default, using the specified LGD curve. The annual PD is scaled by the number
of days remaining to maturity, based on the end of the repayment schedule (which reflects the shortened
period during which the exposure may enter default).
In the case of past-due payments that have not yet reached the default level, the annual PD is scaled using
a multiplier of 0.25 (within 3 months the exposure will be repaid or go into default). Loans marked as fraud
in the Company’s system are allocated to ECL in the full amount of the balance. At the same time, such
exposures were not included in the modelling of PD and LGD parameters, which ensures consistency
between the population on which the parameters are estimated and the population for which they are used.
The ECL level is calculated by multiplying all the listed components for a given loan or receivable.
Individual method
For all individually significant exposures (i.e. those exceeding PLN 500,000) that were impaired as at the
balance sheet date, the Entity determines the amount of the provision for expected credit losses as part of
the individual assessment.
Individual assessment involves the individual verification of default of credit exposures and the forecasting
of future cash flows, including those arising from the realisation of collateral or other sources of repayment.
Individual assessment is carried out and updated every 3 months.
7. Cash and cash equivalents
Cash comprises cash on hand and in bank accounts. Cash equivalents are short-term, highly liquid
investments (with an original maturity of up to three months from the date of acquisition), readily convertible
into specific amounts of cash and subject to insignificant risk of changes in value.
The balance of cash and cash equivalents, as shown in the cash flow statement, comprises the cash and
cash equivalents defined above, less outstanding overdrafts, provided they form an integral part of cash
management.
8. Equity
Equity is recognised in the accounts by type and in accordance with the principles set out in the law and
the provisions of the Entity’s Articles of Association. Share capital is stated at par value, in an amount
consistent with the Entity’s Articles of Association and the entry in the National Court Register.
Retained earnings comprise:
▪ amounts arising from the distribution of profit;
▪ transfers from the revaluation reserve (the revaluation reserve comprises the difference between fair
value and cost, net of deferred tax, of assets measured at fair value through other comprehensive income);
▪ retained earnings from previous years;
▪ the financial result for the current year;
▪ advance payments made towards dividends; and
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
26
▪ the effects of prior-period errors.
9. External financing costs
External financing costs are recognised as expenses in the period in which they are incurred.
10. Liabilities
Bonds liabilities are measured at amortised cost using the effective interest rate method. The entity applies
simplified measurement methods for other financial liabilities (including bank loans and borrowings), trade
payables and other liabilities, which are measured at the amount payable at the time of initial recognition
and in the period following initial recognition (including at the balance sheet date).
Liabilities are presented broken down into long-term and short-term components. A liability is classified as
short-term when:
a) it is expected to be settled within the entity’s normal operating cycle;
b) the liability is held principally for trading purposes;
c) the liability is due within twelve months of the end of the reporting period; or
d) the entity does not have an unconditional right to defer the settlement of the liability for at least twelve
months after the end of the reporting period. Terms of the liability which could, at the discretion of the
counterparty, result in the liability being settled through the issuance of equity instruments do not affect its
classification.
Other liabilities are classified as non-current liabilities.
If, in the event of a breach of the terms of long-term financing agreements on or before the end of the
reporting period, the liability becomes payable on demand, the liability is classified as a current liability, even
if the lender has, after the end of the reporting period but before the financial statements are authorised for
issue, to waive the demand for repayment despite the breach of the contract terms. The liability is classified
by the entity as current because, at the end of the reporting period, the entity does not have an
unconditional right to defer repayment of the liability for at least twelve months after the date of the financial
statements’ publication.
11. Revenue
The separate statement of profit or loss and other comprehensive income recognises all interest income
relating to financial instruments measured at amortised cost using the effective interest rate method, from
financial assets measured at fair value through other comprehensive income and at fair value through profit
or loss.
The effective interest rate is the rate that discounts the estimated future cash inflows and outflows over
the expected life of the financial instrument, excluding, however, expected credit losses (except for so-
called POCI assets). The calculation of the effective interest rate includes commissions paid by the Entity
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
27
for intermediation directly attributable to revenue and any other premiums and discounts forming an
integral part of the effective interest rate.
Revenue from commissions and fees not subject to the effective interest rate method is recognised on a
one-off basis or amortised on a straight-line basis. Revenue is recognised in such a way as to reflect the
transfer of the services promised to the customer in an amount that reflects the remuneration to which the
entity expects to be entitled in exchange for those services. The entity takes into account the terms of the
contract and all relevant facts and circumstances.
Revenue recognised over time includes, in particular, revenue related to the granting of a credit limit in a
factoring agreement, commissions received on factoring receivables, increased factoring commissions (in
the event of late payment), remuneration in reverse factoring, and commissions for servicing and financing
after the payment due date. Commission and interest income from loans is accounted for using the effective
interest rate, except for the commissions listed below, which are accounted for on a one-off basis.
Income recognised on a one-off basis includes, amongst other things, factoring income relating to advance
commission, administrative fees (relating to, amongst other things, annexes, settlements and repayment
agreements), commissions for increasing the contract limit, for late payment, for exceeding the amount limit
and/or concentration limit, minimum commissions, and loan-related revenue concerning debt collection
commissions due to their nature.
Revenue from sales is reduced by intermediary costs relating to the acquisition of contracts and/or
customers, which are recognised over time in line with the revenue to which they relate.
Other operating revenue includes operating revenue not directly related to PragmaGO’s statutory activities.
These include, in particular, revenue from portfolio servicing, accounting services, IT services and re-
invoiced services.
12. Operating expenses
Operating costs include depreciation, services provided by external entities, remuneration and employee
benefits, taxes and charges, and other basic costs. Costs are recognised in the income statement in the
period to which they relate. Legal costs are recognised when incurred and are presented under other
operating costs. Costs relating to more than one period are amortised over time.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
28
13. Income tax
Current income tax is the amount determined in accordance with tax legislation, calculated on the taxable
income for the period.
Current income tax is recognised as a liability in the amount that has not yet been paid. If the amount paid
to date in respect of current income tax exceeds the amount payable, the surplus is recognised as a
receivable.
Income tax is charged against the gross profit.
Deferred tax assets are recognised in respect of negative temporary differences, unused tax losses and
unused tax credits. A deferred tax liability is recognised in respect of positive temporary differences.
Negative temporary differences give rise to amounts that reduce the tax base in future periods when the
carrying amount of an asset is realised or a liability is settled. Negative temporary differences arise when
the carrying amount of an asset is lower than its tax base or the carrying amount of a liability is higher than
its tax base. Negative temporary differences may also arise in connection with items not recognised in the
accounts as assets or liabilities.
Positive temporary differences give rise to amounts that increase the tax base in future periods when the
carrying amount of an asset is realised or a liability is settled. Positive temporary differences arise when the
carrying amount of an asset is higher than its tax base or the carrying amount of a liability is lower than its
tax base. Positive temporary differences may also arise in connection with items not recognised in the
accounts as assets or liabilities.
The tax base is determined in accordance with the expected manner of utilising the assets or settling the
liabilities.
The amount of deferred tax assets and liabilities is determined at each reporting date, taking into account
the income tax rates applicable in the year in which the tax liability arises, using for this purpose the rates
resulting from published legislation.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences can be utilised (an analysis of the amount of deferred tax assets
expected to be realised is carried out at each reporting date).
Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities relating to
transactions recognised directly in other comprehensive income are also recognised in other
comprehensive income. Deferred tax assets and liabilities are treated in their entirety as non-current.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off the recognised
amounts. It is assumed that such a legal right exists if the recognised amounts relate to the same taxpayer,
with the exception of amounts relating to items taxed on a lump-sum basis or in a similar manner, where
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
29
tax legislation does not provide for the possibility of offsetting them against tax assessed under general
rules.
14. Operating segments
The entity has implemented an internal reporting system for management and budgeting purposes based
on the financial products offered and has divided its reporting into the ‘Factoring’ and ‘Loans’ segments.
The reporting segments identified at the entity level are identical to the operating segments.
The management model for budgeting and monitoring segment performance covers all components of the
statement of profit or loss and other comprehensive income up to the level of gross profit. Revenue
generated from the activities of each segment, as well as operating costs and other costs related to those
activities, are allocated to the respective segments through direct allocation of cost categories or the
allocation of costs according to appropriate allocation keys in accordance with the adopted allocation model.
General and administrative costs that do not relate directly to any of the segments but are associated with
the Entity’s operations are recognised as unassigned costs. Assets are allocated to operating segments
except for:
▪ “Property, plant and equipment”;
▪ “Stocks and shares”;
▪ “Deferred tax assets”;
▪ “Other current assets”;
▪ “Cash and cash equivalents” and
▪ “Prepayments and accruals”.
Assets not directly attributable to any of the segments are presented under unassigned operations. “Bond
liabilities”, “Lease liabilities” and “Loans and borrowings” have been allocated to segments in accordance
with the structure of the assets they finance. “Provisions”, “Trade payables”, “Current income tax liabilities”,
“Other liabilities and accruals” not directly related to any of the segments are reported under unassigned
operations. The accounting policies adopted are consistent across all segments and applied to the Entity.
There were no inter-segment transactions that needed to be eliminated.
The “Factoring” segment comprises services for the small and medium-sized enterprise (SME) sector and
micro-enterprises relating to the provision of financing through digital factoring, nano-factoring and reverse
factoring.
The “Loans” segment comprises services involving the provision of financing in the form of deferred
payment (“BNPL”) for the e-commerce sector and Merchant Cash Advances under the embedded finance
model through integration with Partners’ systems, as well as instalment loans, special-purpose loans and
financing of taxes and social security contributions for business customers.
The statement of profit or loss and other comprehensive income, as well as assets and liabilities broken
down by operating segment, are presented in Note 23.
15. Statement of cash flows
In the cash flow statement, the Entity presents expenditure and receipts relating to financial assets used in
its core business as a change in balance within operating activities, whilst in the statement of other
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
30
comprehensive income, income from these assets is presented within core business activities, as they serve
the Entity’s statutory business.
16. Professional judgement, estimates and assumptions
The preparation of financial statements in accordance with IFRS requires the Company’s Management
Board to exercise professional judgement, make estimates and apply assumptions that affect the
accounting policies adopted and the reported amounts of assets, equity and liabilities, income and expenses
recognised in subsequent periods. Estimates and the related assumptions are based on historical
experience and various other factors deemed reasonable in the circumstances, and their results provide the
basis for professional judgement regarding the carrying amount of assets and liabilities that is not directly
derived from other sources. Actual values may differ from estimated values. Estimates and the underlying
assumptions are subject to ongoing review. A change in accounting estimates is recognised in the period in
which the estimate is revised, if it relates solely to that period, or in the current and future periods, if the
changes relate to both the current and future periods.
Professional judgements made by the Company’s Management Board in applying IFRS, which have a
material impact on the financial statements, as well as estimates giving rise to a significant risk of material
changes in future years, are presented in notes 7, 8 and 10 to the separate annual financial statements.
Professional judgement relates in particular to determining the useful lives of property, plant and equipment
and intangible assets, verifying the grounds for impairment of stocks and shares, recognising impairment
losses and expected losses on financial assets, as well as verifying the carrying amount of deferred tax
assets.
Item
Value of the item to
which the estimate
relates
Note
No.
Assumptions and calculation of estimates
31
December
2025
31
December
2024
Property,
plant and
equipment
2,309
2,816
7
Depreciation rates
Depreciation rates are determined on the basis of the
expected useful lives of items of property, plant and
equipment and intangible assets. The entity reviews the
useful lives adopted annually on the basis of current
estimates.
Impairment of property, plant and equipment and
intangible assets
At each balance sheet date, the Entity assesses whether
there are any indications that any of its tangible fixed
assets or intangible assets may be impaired. If such
indications are found to exist, the Entity estimates the
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
31
Item
Value of the item to
which the estimate
relates
Note
No.
Assumptions and calculation of estimates
31
December
2025
31
December
2024
Intangible
assets
37,381
28,304
8
recoverable amount of that asset. Intangible assets with
indefinite useful lives are tested annually. The recoverable
amount is the higher of two values: the fair value of the
asset less costs to sell and its value in use. If it is not
possible to estimate the recoverable amount of an
individual asset, the recoverable amount is determined for
the cash-generating unit to which the asset belongs (the
cash-generating unit of the asset in question). The
carrying amount of a fixed asset or an intangible asset is
reduced to its recoverable amount if the carrying amount
exceeds the estimated recoverable amount.
Stocks and
shares
43,717
5,240
9
Impairment of shares and equity interests
At least at each balance sheet date, or more frequently if,
in the opinion of the Entity’s Management Board, there
are indications of possible impairment, the Entity
performs an impairment test on its investments in shares
and equity interests.
The entity formally assesses the recoverable amount of
cash-generating units for which there are indications of
impairment, based on projected future cash flows. The
projected future cash flows are estimates and are derived
from the budget prepared by the Parent Company’s
Management Board. Future cash flows are discounted
using the weighted average cost of capital. Furthermore,
the Management Board of the Parent Company assumes,
based on its best judgement and expectations, a growth
rate for the calculation of the residual value. Where the
carrying amount of an asset exceeds its recoverable
amount, an impairment loss is recognised and provisions
for expected credit losses are made to bring its carrying
amount down to the recoverable amount. Recoverable
amount is the higher of the fair value of the cash-
generating unit less costs to sell and the value in use of
the cash-generating unit.
Financial
assets
606,274
436,090
10
PD, LGD, EAD
The detailed assumptions used to estimate provisions for
expected credit losses are set out in Note IV.6.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
32
NOTES TO THE SEPARATE ANNUAL FINANCIAL STATEMENTS OF PragmaGO S.A.
PREPARED AS AT AND FOR THE PERIOD ENDED 31 DECEMBER 2025
THE ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE SEPARATE FINANCIAL STATEMENTS
List of notes:
Number
Name
1
Total net revenue
2
Operating expenses
3
Other operating expenses
4
Financial income
5
Financial expenses
6
Income tax – current and deferred
7
Property, plant and equipment
8
Intangible assets
9
Stocks and shares
10
Financial assets
11
Receivables
12
Cash
13
Prepayments and accruals
14
Share capital
15
Loans and borrowings liabilities
16
Bonds liabilities
17
Lease liabilities
18
Trade and other payables – short-term and long-term
19
Deferred income
20
Reconciliation of changes in liabilities disclosed in the statement of cash flows
21
Guarantees, sureties and contingent liabilities
22
Financial instruments
23
Operating segments
24
Average number of full-time equivalent employees in the Entity
25
Ownership in the Entity held by persons managing and controlling the Entity
26
Remuneration of key personnel of the Company and the Supervisory Board
27
Remuneration of the entity authorised to audit financial statements
28
Transactions and balances with related parties
29
Fair value
30
Events after the balance sheet date
31
Other disclosures required by law – forecasts of financial liabilities
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
33
1. Total net revenue
1.1 - Total net revenue
1 January 2025
31 December 2025
1 January 2024
31 December 2024
Revenue from factoring, including:
47,494
48,517
Interest income on financial instruments
measured at amortised cost, including:
29,468
27,124
Intermediary costs
(3,315)
(3,663)
Flat fees and subscription fees
7,702
9,724
Initial and revolving fees for granted limits, for
increase of limits
6,200
6,130
Monitoring and collection fees, for delays
1,341
2,254
Other
2,783
3,285
Income from loans, including:
90,212
49,933
Interest income on financial instruments
measured at amortised cost, including:
84,206
45,840
Intermediary costs
(19,735)
(10,074)
Monitoring and collection fees
5,830
3,583
Other
176
510
Other revenue, including:
1,981
4,000
Revenue from servicing the Pragma Faktor
portfolio
1,466
1,412
Other
515
2,588
TOTAL:
139,687
102,450
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.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
34
2. Operating expenses
2.1 - Operating expenses for the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Depreciation
3,769
2,853
Remuneration and employee benefits
17,607
15,363
External services
12,952
10,650
Consumption of materials and energy
383
430
Taxes and fees
2,595
2,361
Other core expenses
6,023
4,972
TOTAL:
43,329
36,629
3. Other operating expenses
3.1 – Other operating expenses for the
period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Loss on the sale of receivables
552
-
Annual VAT adjustment
1,034
615
Donations
146
125
Other operating costs
349
543
TOTAL:
2,081
1,283
4. Financial income
4.1 - Financial income for the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Valuation of bonds
3,038
-
Other financial income
-
67
TOTAL:
3,038
67
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
35
5. Finance expenses
5.1 - Financial expenses for the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Interest on bonds
34,969
26,067
Interest on loans and borrowings
6,953
5,133
Bond issuance costs
3,666
2,638
Interest on leases
257
213
Valuation of bonds
-
121
Costs of early redemption of bonds
-
692
Other
1,355
865
TOTAL:
47,200
35,729
6. Income tax – current and deferred
6.1 - Income tax for the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Current income tax
8,118
4,758
Deferred income tax
(237)
(1,143)
TOTAL:
7,881
3,615
6.2 - Reconciliation of the effective tax rate
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Profit (loss) before tax before tax
22,054
11,459
Income tax at the applicable tax rate of 19%
(4,190)
(2,177
Effect of permanent differences between
gross profit and income subject to income tax,
including:
(3,691)
(1,438)
Non-deductible provisions for expected credit
losses on factoring and loan exposures
(4,330)
(1,798)
Sale of receivables
801
794
Other
(162)
(434)
Income tax recognised in the statement of
profit or loss and other comprehensive income
(7,881)
(3,615)
Effective tax rate
36%
32%
6.3 - Change in deferred tax assets during the
period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Balance at the beginning of the period
9,994
6,328
Recognition
3,864
3,666
TOTAL:
13,858
9,994
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
36
6.4 - Change in deferred tax liability during
the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Balance at the beginning of the period
8,468
5,945
Recognition
3,628
2,755
Utilization
-
(232)
TOTAL:
12,096
8,468
6.5 - Net deferred tax assets for the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Net deferred tax assets
1,762
1,526
6.6 - Deferred tax
Deferred tax assets
Balance as
of
Balance
as of
Impact on
tax
Impact on
tax
31
December
2025
31
December
2024
31
December
2025
31
December
2024
Valuation of financial liabilities
145
550
405
(175)
Provisions
401
294
(107)
(245)
Deferred income relating to financial assets
9,948
6,296
(3,652)
(2,609)
Provisions on receivables
2,351
2,215
(136)
(687)
Difference between the tax and carrying amounts of
fixed assets
708
426
(282)
94
Annual VAT adjustment
197
117
(80)
(117)
Other
108
96
(12)
73
TOTAL DEFERRED TAX ASSETS:
13,858
9,994
(3,864)
(3,666
Deferred tax liability
Balance as
of
Balance
as of
Impact on
tax
Impact on
tax
31
December
2025
31
December
2024
31
December
2025
31
December
2024
Valuation of financial assets
797
478
319
298
Bad debt relief
2,501
1,705
795
811
Profit of the acquired company
-
-
-
(232)
Difference between the tax and carrying amounts of
fixed assets
5,604
3,809
1,795
780
Accrued expenses
3,194
2,424
770
1,039
Other
-
52
(52)
(173)
TOTAL DEFERRED TAX PROVISION:
12,096
8,468
3,627
2,523
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
37
Unrecognised deferred tax
Given the Entity’s control over the timing of the settlement of temporary differences relating to the value of
shares and its knowledge that, within a foreseeable timeframe, these differences will not be reversed, no
deferred tax has been recognised in respect of this.
Non-deductible provisions for credit losses on factoring and loans exposures
In accordance with the Corporate Income Tax Act (consolidated text: Journal of Laws 2025, item 278), tax
costs include the value of receivables previously classified as tax revenue that are written-off, have become
time-barred or have become uncollectible, to the extent covered by the provisions for expected credit
losses. 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%.
Tax risk
Regulations concerning value added tax, corporation tax and social security contributions are subject to
frequent changes. These frequent changes result in a lack of appropriate reference points, inconsistent
interpretations and few established precedents that could be applied. The current legislation also contains
ambiguities that lead to differences of opinion regarding the legal interpretation of tax provisions, both
between state authorities and between state authorities and businesses.
Tax settlements and other areas of activity may be subject to audits by authorities empowered to impose
penalties and fines, together with interest, and any additional tax liabilities arising from such audits must be
paid with high interest. These conditions mean that tax risk in Poland is greater 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 the final decision of the tax audit authority.
7. Property, plant and equipment
7.1 - Property, plant and equipment
Balance as of
Balance as of
31 December 2025
31 December 2024
Rights of use – buildings and structures
2,100
508
Technical equipment and machinery
174
122
Rights of use – means of transport
1,527
1,669
Other fixed assets
1
4
Investments in third-party fixed assets
-
6
TOTAL:
3,802
2,309
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
38
7.2 - Property, plant
and equipment
during the reporting
period
Rights of use
– buildings
and
structures
Technical
equipment
and
machinery
Rights of use
– means of
transport
Other
fixed
assets
Investments
in third-
party fixed
assets
Total
Gross carrying
amount as at 1
January 2025
2,100
642
2,522
390
70
5,724
Direct acquisitions
-
134
-
-
-
134
Granting of rights of
use
-
-
341
-
-
341
Change in lease
payments
525
-
-
-
-
525
Reductions due to
sale/disposal
-
(64)
(246)
-
-
(310)
Gross carrying
amount as at 31
December 2025
2,625
712
2,617
390
70
6,414
Property, plant and
equipment during the
reporting period
Rights of
use
– buildings
and
structures
Technical
equipment
and
machinery
Rights of use –
means of
transport
Other
fixed
assets
Investments
in third-party
fixed assets
Total
Gross carrying amount
as at 1 January 2024
2,100
629
2,320
394
70
5,513
Direct acquisitions
-
47
-
-
-
47
Granting of rights of
use
-
-
453
-
-
453
Reductions due to
sale/disposal
-
(34)
(251)
(4)
-
(289)
Gross carrying amount
as at 31 December
2024
2,100
642
2,522
390
70
5,724
7.3 - Depreciation of
property, plant and
equipment
Rights of use
– buildings
and structures
Technical
equipment
and
machinery
Rights of use
– means of
transport
Other
fixed
assets
Investments
in third-
party fixed
assets
Total
Depreciation value
as at 1 January
2025
1,592
520
853
386
64
3,415
Depreciation for the
period
525
81
345
3
6
960
Reductions due to
sale/disposal
-
(63)
(108)
-
-
(171)
Lease modification
(1,592)
-
-
-
-
(1,592)
Depreciation value
as at 31 December
2025
525
538
1,090
389
70
2,612
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
39
Depreciation of
property, plant and
equipment
Rights of use –
buildings and
structures
Technical
equipment
and
machinery
Rights of use –
means of
transport
Other
fixed
assets
Investment
s in third-
party fixed
assets
Total
Depreciation value
as at 1 January 2024
1,085
471
695
388
58
2,697
Depreciation for the
period
507
80
308
2
6
903
Reductions due to
sale/disposal
-
(31)
(150)
(4)
-
(185)
Depreciation value
as at 31 December
2024
1,592
520
853
386
64
3,415
8. Intangible assets
8.1 - Intangible assets
Balance as of
Balance as of
31 December 2025
31 December 2024
ERP systems
41,173
32,794
Computer systems under development
5,815
4,587
TOTAL:
46,988
37,381
8.2 - Intangible assets during the reporting period
ERP system
Intangible
assets
in progress
Total
Gross carrying amount as at 1 January 2025
39,619
4,587
44,206
Acquisition
117
12,299
12,416
Acceptance for use
11,070
(11,070)
-
Gross carrying amount as at 31 December 2025
50,806
5,816
56,622
Intangible assets in the
reporting period
ERP system
Intangible
assets
in progress
Total
Gross carrying amount as at 1 January 2024
26,423
6,757
33,180
Acquisition
32
10,994
11,026
Acceptance for use
13,164
(13,164)
-
Gross carrying amount as at 31 December 2024
39,619
4,587
44,206
8.3 - Depreciation of intangible assets
ERP system
Total
Accumulated depreciation as at 1 January 2025
6,825
6,825
Depreciation for the period
2,809
2,809
Accumulated depreciation as at 31 December 2025
9,634
9,634
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
40
Depreciation of intangible assets
ERP system
Total
Accumulated depreciation as at 1 January 2024
4,876
4,876
Depreciation for the period
1,949
1,949
Accumulated depreciation as at 31 December 2024
6,825
6,825
Intangible assets held by the Entity are assets with a finite useful life and are amortised on a straight-line
basis.
9. Stocks and shares
9.1 – Stocks and shares
Registered office
Balance as of
Balance as of
31 December 2025
31 December 2024
BRUTTO Sp. z o.o.
Warsaw
3,408
3,408
PragmaGO.TECH Ltd
Krakow
1,832
1,832
Monevia Ltd
Bydgoszcz
11,319
11,319
Telecredit IFN S.A.
Bucharest
27,158
27,158
TOTAL SHARES AND
STOCKS:
-
43,717
43,717
9.2 - Stocks and shares – changes in the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Balance at the beginning of the period
43,717
5,240
Increases during the period
-
38,477
SHARES AT THE END OF THE PERIOD:
43,717
43,717
Acquisition of Telecredit shares
On 5 December 2024, following the fulfilment of the conditions precedent to the agreement for the
acquisition of shares in Telecredit, the Entity gained control of that entity by acquiring shares representing
an 89% stake in the share capital. In accordance with the agreement, the total purchase price amounted to
EUR 5,785,000, subject to the proviso that this price may be adjusted up to a maximum of EUR 6,230,000,
provided that Telecredit’s financial results for 2025 show the net profit specified in the Sale Agreement. As
part of the settlement of the acquisition transaction, a contingent liability in respect of the earn-out in the
amount of EUR 445,000 was recognised, corresponding to the maximum level of additional remuneration.
Telecredit’s results for 2025 indicate that the conditions for the payment of the earn-out in the maximum
amount have been met, although they will be subject to further verification. The liability will be settled in the
second half of 2026.
Impairment of shares
As at 31 December 2025 and 31 December 2024, there were no indications of impairment of stocks and
shares.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
41
As at 31 December 2025 and 31 December 2024
Name of entity
Principal activity
Register
ed office
Number
of shares/
shares
Nominal
value of
shares
(PLN)
Value of
shares
(PLN)
Percentage of
shares and voting
rights held by the
Company
Number of
shares held by
the Company
Nominal value of
shares held by
the Company
(PLN)
BRUTTO Sp. z o.o.
operation of internet portals
Warsaw
2,924
100
292,400
100%
2,924
292,400
PragmaGO.TECH Ltd.
software development
services
Krakow
520
50
26,000
100%
520
26,000
Monevia Sp. z o.o.
factoring services
Bydgosz
cz
17,000
500
8,500,00
0
100%
17,000
8,500,000
Telecredit IFN S.A.
factoring services
and lending
Buchare
st
3,055,549
*
0.86**
2,642,44
0
89%
2,719,439
2,351,772
* Telecredit IFN’s equity amounts to RON 3,056,000 and has been converted at the exchange rate on the date of acquisition of control, i.e. PLN 0.8648/RON
** 1 RON converted to PLN at the exchange rate on the date of acquisition of the shares
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
42
10. Financial assets
10.1 - Short- and
long-term financial
assets as at
31 December 2025
31 December 2024
Specification
Gross value
Provisions
for expected
credit losses
Carrying
amount
Gross value
Provisions
for expected
credit losses
Carrying
amount
Loans
448,044
(32,990)
415,054
263,807
(16,813)
246,994
Factoring
212,537
(21,317)
191,220
207,417
(18,321)
189,096
TOTAL:
660,581
(54,307)
606,274
471,224
(35,134)
436,090
Sale of non-performing portfolio
During the period covered by this report, the Entity carried out several sales transactions involving a non-
performing loan and factoring portfolio to unrelated parties, with a total net value of PLN 7,057,000, for a
price of PLN 6,505,000. In connection with the sale, provisions for expected credit losses amounting to PLN
8,931 thousand were reversed. As a result of the agreement, the risks, rewards and control were transferred,
and consequently these assets were derecognised.
The Company carries out receivables sales transactions as part of its ongoing management of the
receivables portfolio, in particular to mitigate credit risk or improve liquidity. These transactions are of an
occasional nature and do not form part of the core financial asset management strategy; their purpose is to
maintain the appropriate quality of the portfolio. The Company’s primary business model in relation to the
receivables portfolio remains the ‘held to generate contractual cash flows’ model.
31 December 2025
Loans
Factoring
Total
Gross value
11,705
4,283
15,988
Reversal of provisions for
expected credit losses
(8,573)
(358)
(8,931)
Net value
3,132
3,925
7,057
Selling price
2,843
3,662
6,505
Result on sales
(289)
(263)
(552)
31 December 2024
Loans
Factoring
Total
Gross value
22,682
8,292
30,974
Reversal of provisions for
expected credit losses
(19,591)
(8,121)
(27,712)
Net value
3,091
171
3,262
Selling price
3,764
208
3,972
Result on sales
673
37
710
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
43
10.2 - Provisions for expected credit losses
on short- and long-term financial assets –
changes during the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Provisions at the beginning of the period
(35,134)
(44,022)
Recognition of provisions
(38,861)
(34,653)
Reversal of provisions
10,744
15,829
Utilization of provisions
13
-
Reversal of provisions related to the sale of
receivables
8,931
27,712
PROVISIONS AT THE END OF THE PERIOD:
(54,307)
(35,134)
Provisions for expected credit losses
The methodology for calculating and recognising individual and statistical provisions is described in the
section on Significant Accounting Policies in these financial statements under point IV.6. There were no
changes in the method of calculating provisions during the financial year for which these financial
statements have been prepared.
31 December 2025
gross value
provisions for expected
credit losses
net value
factoring receivables
212,537
(21,317)
191,220
stage 1
165,990
(517)
165,473
stage 2
4,263
(339)
3,924
stage 3
42,284
(20,461)
21,823
loan receivables
448,044
(32,990)
415,054
stage 1
408,374
(6,211)
402,163
stage 2
8,082
(1,587)
6,495
stage 3
31,588
(25,192)
6,396
total receivables
660,581
(54,307)
606,274
stage 1
574,364
(6,728)
567,636
stage 2
12,345
(1,926)
10,419
stage 3
73,872
(45,653)
28,219
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
44
31 December 2024
gross value
provisions for expected
credit losses
net value
factoring receivables
207,417
(18,321)
189,096
stage 1
165,172
(366)
164,806
stage 2
3,480
(414)
3,066
stage 3
38,765
(17,541)
21,224
loan receivables
263,807
(16,813)
246,994
stage 1
242,615
(4,119)
238,496
stage 2
3,691
(653)
3,038
stage 3
17,501
(12,041)
5,460
total receivables
471,224
(35,134)
436,090
stage 1
407,787
(4,485)
403,302
stage 2
7,171
(1,067)
6,104
stage 3
56,266
(29,582)
26,684
Financial assets measured at
amortised cost
31 December 2025 – factoring
stage 1
stage 2
stage 3
Total
Gross carrying amount as at
1 January 2025
165,172
3,480
38,765
207,417
Transfer to stage 3
(1,145)
(1,360)
2,505
-
Increases in consideration receivables
(fees and commissions)
57,166
9,017
5,800
71,983
Increases – granting
1,772,842
3,235
4,943
1,781,020
Decreases due to repayment
(1,825,404)
(10,109)
(8,766)
(1,844,279)
Decreases due to sales
(3,320)
-
(963)
(4,283)
Other changes (including accruals and
exchange rate differences)*
679
-
-
679
Gross carrying amount as at
31 December 2025
165,990
4,263
42,284
212,537
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
45
Financial assets measured at
amortised cost
31 December 2025 – loans
stage 1
stage 2
stage 3
Total
Gross carrying amount as at
1 January 2025
242,615
3,691
17,501
263,807
Transfer to stage 2
(2,403)
2,403
-
-
Transfer to stage 3
(12,903)
(1,976)
14,879
-
Increases in consideration receivables
(fees and commissions)
123,050
15,502
12,745
151,297
Increases – granting
921,272
3,608
4,685
929,565
Decreases due to repayment
(847,121)
(15,146)
(6,517)
(868,784)
Decreases due to sales
-
-
(11,705)
(11,705)
Other movements (including accruals
and exchange differences)*
(16,136)
-
-
(16,136)
Gross carrying amount as at
31 December 2025
408,374
8,082
31,588
448,044
Financial assets measured at
amortised cost as at 31 December
2024 – factoring
stage 1
stage 2
stage 3
Total
Gross carrying amount as at
1 January 2024
142,826
4,301
36,110
183,237
Transfer to stage 3
(6,571)
(1,783)
8,354
-
Increases in consideration
receivables (fees and
commissions)
60,175
13,272
8,651
82,098
Increases – granting
1,703,974
3,488
11,733
1,719,195
Decreases due to repayment
(1,734,778)
(15,798)
(17,791)
(1,768,367)
Decreases due to sales
-
-
(8,292)
(8,292)
Other changes (including
exchange rate differences)*
(454)
-
-
(454)
Gross carrying amount as at
31 December 2024
165,172
3,480
38,765
207,417
Financial assets measured at
amortised cost 31 December 2024
– loans
stage 1
stage 2
stage 3
Total
Gross carrying amount as at
1 January 2024
142,668
3,388
24,968
171,024
Transfer to stage 2
(338)
338
-
-
Transfer to stage 3
(7,000)
(297)
7,297
-
Increases in consideration
receivables (fees and
commissions)
72,243
8,875
7,322
88,440
Increases – granting
525,409
3,384
7,904
536,697
Decreases due to repayment
(478,751)
(11,997)
(7,308)
(498,056)
Decreases due to sales
-
-
(22,682)
(22,682)
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
46
Financial assets measured at
amortised cost 31 December 2024
– loans
stage 1
stage 2
stage 3
Total
Other changes (including
exchange rate differences)*
(11,616)
-
-
(11,616)
Gross carrying amount as at
31 December 2024
242,615
3,691
17,501
263,807
* Other changes relate to: deferred income and deferred Intermediary costs, as well as balance sheet valuations of settlements in
foreign currencies
Increases due to grants 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 subsequently
transferred to the next stage.
Conversely, the increase arising from the granting of financing reflects the value of financing granted and
trade receivables during the year, which were classified at the end of the reporting period into stage 1, 2 or
3, as appropriate.
Change in provisions for expected
credit losses as at 31 December 2025
– factoring
stage 1
stage 2
stage 3
Total
Gross provisions as at 1 January
2025
(366)
(414)
(17,541)
(18,321)
Provisions resulting from changes in
the balance
(157)
(368)
(1,148)
(1,673)
Provisions resulting from changes in
credit risk
6
443
(1,772)
(1,323)
Value of provisions as at 31
December 2025
(517)
(339)
(20,461)
(21,317)
Change in provisions for
expected credit losses 31 December
2025 – loans
stage 1
stage 2
stage 3
Total
Gross provisions as at 1 January
2025
(4,119)
(653)
(12,041)
(16,813)
Provisions resulting from changes in
the balance
(2,513)
(2,460)
(12,363)
(17,336)
Provisions resulting from changes in
credit risk
421
1,526
(788)
1,159
Value of provisions as at 31
December 2025
(6,211)
(1,587)
(25,192)
(32,990)
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
47
Change in provisions for expected
credit losses 31 December 2024 –
factoring
stage 1
stage 2
stage 3
Total
Gross provisions as at 1 January
2024
(387)
(255)
(20,187)
(20,829)
Provisions resulting from changes in
the balance*
47
37
(4,276)
(4,192)
Provisions resulting from changes in
credit risk*
(26)
(196)
6,922
6,700
Value of provisions as at 31
December 2024
(366)
(414)
(17,541)
(18,321)
Change in provisions as at
Expected credit losses as at 31
December 2024 – loans
stage 1
stage 2
stage 3
Total
Gross provisions as at 1 January 2024
(2,339)
(383)
(20,471)
(23,193)
Provisions resulting from changes in
the balance*
(1,609)
(142)
5,616
3,865
Provisions resulting from changes in
credit risk*
(171)
(128)
2,814
2,515
Value of provisions as at 31 December
2024
(4,119)
(653)
(12,041)
(16,813)
*In accordance with the harmonised presentation, changes in loan loss allowances related to the sale of receivables in
the comparative period are recognised as part of the allowances arising from changes in the balance.
Collateral for financial assets
In 2025, PragmaGO S.A. utilised the following collateral 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.
For collateral in the form of mortgages and pledges, the Company assumes a potential recovery rate from
the collateral of 66% of the collateral’s value, net of any prior 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 the time of default (EAD) as part of
the calculation of the provisions for expected credit loss due to the collateral held amounted to, as at:
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
48
Collateral
31 December 2025
31 December 2024
Mortgages
34,761
17,944
Insurance
70,396
82,240
Guarantees
956
2,253
Pledges
1,415
-
TOTAL:
107,528
102,437
The value of receivables subject to provisions amounting to PLN 57,814 thousand as at 31 December 2025
(PLN 31,844 thousand as at 31 December 2024)* remains subject to debt recovery proceedings.
* The entity corrected the incorrectly recognised value of receivables subject to provisions in the annual financial
statements prepared as at 31 December 2024 in the amount of PLN 37,708 thousand
11. Receivables
11.1 - Receivables
31 December 2025
31 December 2024
Specification
Gross value
Provisions
Carrying
amount
Gross value
Provisions
Carrying
amount
Trade receivables
1,587
(18)
1,569
1,135
(18)
1,117
Other receivables
and current assets
1,348
(23)
1,325
1,150
(23)
1,127
TOTAL:
2,935
(41)
2,894
2,285
(41)
2,244
11.2 - Provisions for receivables – changes during
the period
Balance as of
Balance as of
31 December 2025
31 December 2024
Balance at the beginning of the period
(41)
(41)
Recognition
-
-
Reversal
-
-
Usage
-
-
TOTAL:
(41)
(41)
12. Cash and cash equivalents
12.1 – Cash
Balance as of
Balance as of
31 December 2025
31 December 2024
Cash on hand
5
1
Cash in bank accounts, including:
7,942
5,982
Split payment – restricted cash
875
2,778
TOTAL:
7,947
5,983
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
49
13. Prepayments and accruals
14. Share capital
14.1 - Share capital of the Company
Number of shares as at
Number of shares as at
31 December 2025
(in thousands)
31 December 2024
(in thousands)
Series A shares
703
703
Series B shares
1,200
1,200
Series C shares
663
663
Series D shares
186
186
Series E shares
1,658
1,658
Series F shares
155
155
Series G shares*
8
35
Series H shares
1,334
1,334
Series I shares
512
512
Series J shares
445
445
Series K shares
1,180
-
Series L shares
438
-
TOTAL:
8,482
6,891
* Partial depreciation of series G shares registered with the National Court Register on 13 October 2025.
Share capital
The Company’s share capital as at 31 December 2025 amounted to PLN 8,482,000 and was divided into
8,482,000 shares. The shareholder structure, share of capital and voting rights changed during 2025 in
connection with the issuance of series K and L shares and the depreciation of series G shares.
The registration of the increase in share capital by the amount of:
▪ PLN 1,180,000 took place on 9 January 2025,
▪ PLN 438,000 took place on 25 July 2025.
The registration of the reduction in share capital by the amount of:
▪ PLN 27,000 took place on 13 October 2025.
13.1 – Prepayments and accruals
Balance as of
Balance as of
31 December 2025
31 December 2024
Insurance
319
337
Prospectus costs
200
156
Licences with a term of up to 12 months
580
245
Other accruals
231
469
TOTAL:
1,330
1,207
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
50
The share capital as at 31 December 2025 and 2024 is fully paid up. 703,324 shares are preference shares
with regard to voting rights (2 votes per share).
Treasury shares
As at 31 December 2024, the entity held 27,440 treasury shares with a value of PLN 468,000, which were
acquired for the purpose of depreciation. On 24 June 2025, in accordance with a resolution of the Ordinary
General Meeting, a decision was taken for the depreciation of the treasury shares and, at the same time, for
a reduction in the share capital. The reduction in share capital was registered with the National Court
Register after the balance sheet date on 13 October 2025.
Equity management
The Entity defines its capital as equity as presented in the statement of financial position.
The primary objective of the Entity’s capital management is to ensure the Entity’s ability to continue as a
going concern and to maintain sound capital ratios that optimally support the Entity’s operations and
enhance value for its shareholders. The Entity complies with the requirements of the Commercial
Companies Code regarding the amount and nature of equity. The Company manages its capital structure
and makes adjustments to it in response to changes in economic conditions and as the Company develops.
In order 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 Company takes steps to maintain an appropriate balance between equity and debt financing. In
particular, it seeks to optimise the capital structure in a manner that enables the implementation of its
development strategy, whilst complying with the financial covenants required by external financing
agreements, specified as a net debt to equity ratio calculated on a consolidated basis of less than 400%.
The Entity 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 Entity’s net debt ratio was as follows:
14.2 - Net debt ratio
31 December 2025
31 December 2024
Cash and cash equivalents
7,947
5,983
Loans and borrowings liabilities
(129,961)
(54,448)
Bonds liabilities
(394,555)
(316,488)
Lease liabilities
(3,728)
(2,240)
Contingent liabilities arising from guarantees given
-
121
Net debt
(520,297)
(367,314)
Total equity
163,113
139,731
Net debt to equity ratio
319%
263
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
51
14.3 - The Company’s
largest shareholders as
at 31 December 2025
Number of
shares
(in thousands)
Number of
votes
(in thousands)
Nominal value of shares
(PLN)
Value of shares
held
(in thousands of
PLN)
Share in share
capital
Share of votes in the total
number
Polish Enterprise Funds
SCA
7,876
8,579
1.00
7,876
92.85%
93.40%
NPL NOVA S.A.
552
552
1.00
552
6.51%
6.01%
Others
54
54
1.00
54
0.64%
0.59%
TOTAL:
8,482
9,185
-
8,482
100.00%
100.00%
The Company’s largest
shareholders as at 31
December 2024
Number of
shares
(in thousands)
Number of
votes
(in thousands)
Nominal value of shares
(PLN)
Value of shares
held
(in thousands of
PLN)
Share in share
capital
Share of votes in the total
number
Polish Enterprise Funds
SCA
6,373
7,076
1.00
6,373
92.48%
93.18%
NPL NOVA S.A.
447
447
1.00
447
6.49%
5.89%
Others
71
71
1.00
71
1.03%
0.93%
TOTAL:
6,891
7,594
-
6,891
100.00%
100.00%
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended
31 December 2025
52
15. Loans and borrowings liabilities
15.1 - Loans and borrowings liabilites at the
end of the reporting period
Balance as of
31 December 2025
Balance as of
31 December 2024
Long-term bank loans, including:
15,828
-
Principal
15,828
-
Interest
-
-
Long-term loans, including:
-
-
Principal
-
-
Interest
-
-
TOTAL LONG-TERM LOANS AND
BORROWINGS:
15,828
-
Short-term bank loans, including:
92,390
35,924
Capital
92,224
35,889
Interest
166
35
Short-term loans, including:
21,743
18,524
Capital
21,200
18,130
Interest
543
394
TOTAL SHORT-TERM LOANS AND
BORROWINGS:
114,133
54,448
TOTAL:
129,961
54,448
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
53
15.2 – Loans and borrowings liabilities at the end of the period
Loans and borrowings at
the end of the period – as
at 31 December 2025
Loan
amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment date
Collateral
Overdraft facility*
29,900
(356)
(356)
-
PLN
variable interest
rate based on
the base rate
plus a margin
13 November
2026
financial pledge on rights to funds in
bank accounts,
declaration of submission to
enforcement pursuant to Article
777(1)(5) of the Code of Civil Procedure
Overdraft facility**
41,841
36,578
36,578
-
PLN
variable interest
rate based on
the base rate
plus a margin
31 October 2026
a blank promissory note together with
a promissory note declaration issued
by the Borrower,
power of attorney to dispose of funds
in the Borrower’s bank accounts held
with the Bank,
registered pledge on a separate pool of
current and future receivables
Overdraft facility
20,000
908
908
-
PLN
variable interest
rate based on
the base rate
plus a margin
09/04/2026
power of attorney to dispose of funds
in the Borrower’s bank accounts held
with the Bank,
financial pledge and registered pledge
together with power of attorney over
the Borrower’s account
registered pledge on a separate set of
current and future receivables
a declaration of submission to
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
54
Loans and borrowings at
the end of the period – as
at 31 December 2025
Loan
amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment date
Collateral
enforcement pursuant to Article 777 of
the Code of Civil Procedure
Revolving loan
50,000
49,904
49,904
-
PLN
variable interest
rate based on
the base rate
plus a margin
13 October 2027
registered pledge on the pool of
Receivables Constituting Security
registered and financial pledge on
receivables arising from the Account
Borrower’s declaration of submission
to enforcement pursuant to Article
777(1)(5)
Overdraft facility*
30,000
(27)
(27)
-
PLN
variable interest
rate based on
the base rate
plus a margin
13 November
2026
registered pledge on the pool of
Receivables Constituting Security
registered and financial pledge on
receivables arising from the Account
Borrower’s declaration of submission
to enforcement pursuant to Article
777(1)(5)
Loan
21,313
21,211
5,383
15,828
PLN
variable interest
rate based on
the base rate
plus a margin
25 May 2028
registered pledge on receivables
arising from factoring agreements,
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
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
55
Loans and borrowings at
the end of the period – as
at 31 December 2025
Loan
amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment date
Collateral
enforcement pursuant to Article 777 of
the Code of Civil Procedure
Loan
14,500
14,917
14,917
-
PLN
fixed interest
rate
31 December
2026
blank promissory note together with a
promissory note declaration
Loan
1,900
1,952
1,952
-
PLN
variable interest
rate based on
the base rate
plus a margin
31 December
2026
a blank promissory note issued by the
Borrower together with a promissory
note declaration
Loan
1,300
1,330
1,330
-
PLN
variable interest
rate based on
the base rate
plus a margin
30 September
2026
blank promissory note together with a
promissory note declaration
Loan
200
200
200
-
PLN
fixed interest
rate
31 December
2026
blank promissory note together with a
promissory note declaration
Loan
1,450
1,460
1,460
-
PLN
fixed interest
rate
31 December
2026
blank promissory note together with a
promissory note declaration
Loan
200
200
200
-
PLN
fixed interest
rate
26 November
2026
blank promissory note together with a
promissory note declaration
Loan
600
600
600
-
PLN
fixed interest
rate
26 November
2026
blank promissory note together with a
promissory note declaration
Loan
800
805
805
-
PLN
fixed interest
rate
31 December
2026
blank promissory note together with a
promissory note declaration
Loan
250
250
250
-
PLN
variable interest
rate based on
the base rate
plus a margin
30 October 2026
a blank promissory note issued by the
Borrower together with a promissory
note declaration
Loan***
2,000
29
29
-
PLN
fixed interest
rate
31 December
2025
a blank promissory note issued by the
Borrower together with a promissory
note declaration
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
56
* The negative balance results from unsettled bank fees reducing the carrying amount of the liability in accordance with the valuation at amortised cost. As at the balance sheet date, the loan had not
been drawn down.
** A credit facility, with a maximum value of PLN 75 million, is made available on the basis of monthly information regarding the current value of the portfolio of receivables serving as security for the
loan. As at 31 December 2025, the loan was in use and the facility limit stood at PLN 41,841,000
*** The loan was repaid in full on 30 December 2025. As at the balance sheet date, the balance of liabilities includes the amount of accrued, unpaid interest, payable by 14 January 2026.
Loans and borrowings at
the end of the period – as
at 31 December 2025
Loan
amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment date
Collateral
TOTAL:
216,254
129,961
114,133
15,828
-
-
-
-
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
57
Loans and borrowings at
the end of the period – as
at 31 December 2024
Loan
amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment date
Collateral
Multi-product
line/agreement/
multi-purpose
2,000
(4)
(4)
-
PLN/
EUR
variable interest
rate based on
the base rate
plus a margin
loan in the form
of a multi-
purpose credit
facility, final
repayment date
30 April 2026
blank promissory note together with a
promissory note declaration, financial
pledge on cash held in all the
Borrower’s accounts maintained with
the bank, declaration of submission to
enforcement pursuant to Article
777(1)(5) of the Code of Civil Procedure
Revolving loan
29,900
29,546
29,546
-
PLN
variable interest
rate based on
the base rate
plus a margin
13 November
2025
financial pledge on the rights to funds
in all PLN bank accounts with the bank,
excluding the VAT account;
declaration of submission to
enforcement pursuant to Article
777(1)(5) of the Code of Civil Procedure
Overdraft facility
40,000
1,100
1,100
-
PLN
variable interest
rate based on
the base rate
plus a margin
02/08/2025
a blank promissory note together with
a promissory note declaration issued
by the Borrower, a power of attorney
to dispose of funds in the Borrower’s
bank accounts held with the Bank, and
a registered pledge on a separate pool
of current and future receivables
Loan*
5,341
5,282
5,282
-
EUR
variable interest
rate based on
the base rate
plus a margin
25 May 2025
registered pledge on receivables
arising from factoring agreements, a
blank promissory note together with a
promissory note declaration,
submission of a declaration of
voluntary submission to enforcement
Loan
12,000
12,294
12,294
-
PLN
variable interest
rate based on
the base rate
plus a margin
30 June 2025
blank promissory note together with a
promissory note declaration
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
58
*The loan amount includes the value of the loan received in EUR. As at 31 December 2023, the balance of the foreign currency loan drawn down stood at EUR 3,750,000. After conversion to PLN at the
exchange rate of 29 December 2023, the balance amounted to PLN 16,305,000. The loan balance in PLN includes the value of the commission on the loan granted and the interest accrued.
Loans and borrowings at
the end of the period – as
at 31 December 2024
Loan
amount
Balance in
PLN
Due within 1
year
Due in over
1 year
Currency
Interest rate
Repayment date
Collateral
Loan
2,500
2,521
2,521
-
PLN
fixed interest
rate
30 June 2025
blank promissory note together with a
promissory note declaration
Loan
2,500
2,577
2,577
-
PLN
variable interest
rate based on
the base rate
plus a margin
31 December
2025
blank promissory note together with a
promissory note declaration
Loan
450
452
452
-
PLN
fixed interest
rate
31 December
2025
a blank promissory note issued by the
Borrower together with a promissory
note declaration
Loan
180
180
180
-
PLN
fixed interest
rate
30 June 2025
blank promissory note together with a
promissory note declaration
Loan
200
200
200
-
PLN
fixed interest
rate
26 November
2025
blank promissory note together with a
promissory note declaration
Loan
300
300
300
-
PLN
fixed interest
rate
26 November
2025
blank promissory note together with a
promissory note declaration
TOTAL:
95,371
54,448
54,448
-
-
-
-
-
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
59
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 reference index with a new reference index (hereinafter the WIBOR reform). In October 2023, the NGR
Steering Committee announced that the deadline for completing the transition from WIBOR to the new
benchmark would be the end of 2027, and on 10 December 2024, it designated the WIRF- (POLSTR) index
as the successor to WIBOR.
The Entity has financial liabilities bearing interest at a variable rate based on WIBOR quotations. The key
risk for the Entity in connection with the IBOR reform is the risk associated with uncertainty regarding the
method of transitioning contracts to alternative reference rates, which may lead to an unfavourable
change in the risk profile of these contracts. To the best of its knowledge, the Entity does not expect the
IBOR reform to have a material impact on its financial liabilities; however, it cannot definitively determine
its impact, as not all systemic and regulatory solutions related to the reform have been finalised. The Entity
is taking steps to ensure it is prepared for a change in the reference rates in its financial instruments in
the event that WIBOR ceases to be published. In particular, the Entity continuously monitors regulatory
changes regarding reference rates to ensure a transition to an alternative reference rate at the point when
it replaces the WIBOR reference rate and includes appropriate clauses in the financial agreements it enters
into.
Financial liabilities bearing
interest based on WIBOR –
nominal value
Balance as of
31 December 2025
Balance as of
31 December 2024
Bonds liabilities
400,706
320,100
Loans and borrowings liabilities
111,750
45,513
Lease liabilities
1,518
2,240
Covenants
The Company has financing agreements containing both financial and non-financial covenants, the
breach of which could result in the need to repay financial liabilities earlier than disclosed in Note 22.
Financial covenants include, amongst other things, maintaining a specified net financial debt to equity
ratio at the consolidated level, and maintaining specified levels of inflows into the bank account as set out
in the agreement. Non-financial covenants relate in particular to compliance with legal and regulatory
requirements. No breaches of the financial and non-financial covenants relating to loans and borrowings
were identified as at the balance sheet date. Contractual covenants are subject to periodic review and
monitoring by the Management Board to ensure compliance with the financing agreements.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
60
16. Bonds liabilities
16.1 – Bonds liabilities
Balance as of 31 December 2025
Bonds liabilities
Nominal value
Amortised cost
Of which:
Interest on
bonds
Maturity date
TOTAL:
400,706
394,555
3,979
-
U Series
10,000
9,913
42
13 June 2026
B1 series
12,779
12,753
193
28 October 2026
V series
12,000
12,026
84
5 March 2026
C1 series
20,000
19,831
182
27 November 2026
C2 series
25,000
24,983
443
25 January 2027
C3 series
25,000
24,441
63
21 March 2027
EUR1 series*
14,793
14,695
216
16 April 2027
C4 series
30,000
29,198
36
28 June 2027
C5 series
35,000
34,724
532
30 July 2027
C6 series
30,000
29,330
183
2 September 2027
D1EUR series**
21,134
20,851
209
6 February 2028
D2 series
35,000
33,836
95
18 December 2028
D3 series
50,000
49,480
980
4 April 2029
D4 series
50,000
48,883
290
6 June 2028
E1 series
30,000
29,611
431
28 October 2028
* The nominal value of the EUR1 series bonds in EUR is EUR 3,500,000. When converted to PLN at the exchange rate as at 31 December
2025, the nominal value is PLN 14,793,000.
**The nominal value of the D1EUR series bonds in EUR is EUR 5,000,000. After conversion to PLN at the exchange rate as at 31
December 2025, the nominal value is PLN 21,134,000.
15.3 – Loans and borrowings – additional
information
Balance as of
Balance as of
31 December 2025
31 December 2024
Additional credit limit available to the
Company under the agreements entered
into
83,607
41,258
Cash
7,947
5,983
15.4 – Value of financial assets held as
collateral for loan and borrowing liabilities
Balance as of
Balance as of
31 December 2025
31 December 2024
Registered pledge on the factoring portfolio
26,017
27,313
Registered pledge on the loan portfolio
168,209
48,000
Pledge on cash in bank accounts
7,440
1,923
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
61
Long-term bonds liabilities
Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
345,927
336,554
-
-
C2 series
25,000
24,540
-
25 January 2027
C3 series
25,000
24,378
-
21 March 2027
EUR1 series
14,793
14,479
-
16 April 2027
C4 series
30,000
29,162
-
28 June 2027
C5 series
35,000
34,192
-
30 July 2027
C6 series
30,000
29,147
-
2 September 2027
D1EUR series
21,134
20,642
-
6 February 2028
D2 series
35,000
33,741
-
18 December 2028
D3 series
50,000
48,500
-
4 April 2029
D4 series
50,000
48,593
-
6 June 2028
E1 series
30,000
29,180
-
28 October 2028
Short-term bonds liabilities
Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
54,779
54,022
3,979
-
U series
10,000
9,871
42
13 June 2026
B1 series
12,779
12,560
193
28 October 2026
V series
12,000
11,942
84
5 March 2026
C1 series
20,000
19,649
182
27 November 2026
C2 series
-
-
443
-
C3 series
-
-
63
-
EUR1 series
-
-
216
-
C4 series
-
-
36
-
C5 series
-
-
532
-
C6 series
-
-
183
-
D1EUR series
-
-
209
-
D2 series
-
-
95
-
D3 series
-
-
980
-
D4 series
-
-
290
-
E1 series
-
-
431
-
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
62
Bond redemptions
During the period from 1 January to 31 December 2025, the Company redeemed, in accordance with the
redemption date specified in the terms and conditions of issue, its Series A1 bonds
▪ A1 with a nominal value of PLN 16,000,000 in accordance with the redemption date specified in the terms
and conditions of issue on 12 May 2025
▪ A2 with a nominal value of PLN 17,000,000 in accordance with the redemption date specified in the
terms and conditions of issue on 1 October 2025
▪ T with a nominal value of PLN 16,000,000, in accordance with the redemption date specified in the terms
and conditions of issue, on 23 December 2025.
Bond issuances
During the period from 1 January to 31 December 2025, the Entity carried out the following series of bond
issuances:
▪ Series D3 was issued on 4 April 2025 with a nominal value of PLN 50,000,000, bearing interest at a variable
rate based on WIBOR 3M + 3.40 percentage points and maturing on 4 April 2029.
▪ Series D4 was issued on 6 June 2025 with a nominal value of PLN 50,000,000, bearing a floating interest
rate based on WIBOR 3M + 4.25 percentage points and maturing on 6 June 2028.
▪ Series E1 was issued on 28 October 2025 with a nominal value of PLN 30,000,000, a floating interest rate
based on WIBOR 3M + 3.75 percentage points and a maturity date of 28 October 2028.
New Bond Issuance Programme
On 17 July 2025, the Management Board of PragmaGO S.A. adopted a resolution establishing the Sixth Bond
Issuance Programme with a total nominal value not exceeding PLN 500 million, based on the prospectus.
The bonds may be issued in PLN or in EUR. The bonds will be admitted to and listed on the Catalyst market,
a regulated market or an alternative trading system. Bonds issued under the 6th Bond Issuance Programme
may be secured or unsecured bonds.
Issues and redemptions after the balance sheet date
After the end of the reporting period, the Parent Company carried out:
▪ Early redemption of Series V bonds issued on 5 September 2023 with a nominal value of PLN
12,000,000 and a variable interest rate based on WIBOR 3M + margin. The early redemption took
place on 12 January 2026.
▪ Early redemption of Series C1 bonds issued on 27 November 2023 with a nominal value of PLN
20,000,000 and a variable interest rate based on WIBOR 3M plus a margin. The early redemption
took place on 4 March 2026.
No bond issues took place between the balance sheet date and the date of approval of these financial
statements.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
63
16.2 – Bonds liabilities
Balance as of 31 December 2024
Bonds liabilities
Nominal value
Amortised cost
Of which:
Interest on
bonds
Maturity date
TOTAL:
320,100
316,488
3,327
-
A1 series
16,000
16,217
212
12 May 2025
A2 series
17,000
17,313
413
1 October 2025
T Series
16,000
15,895
38
23 December 2025
U series
10,000
9,860
51
13 June 2026
B1 series
12,779
12,748
224
28 October 2026
V series
12,000
11,918
98
5 March 2026
C1 series
20,000
19,853
214
27 November 2026
C2 series
25,000
24,990
505
25 January 2027
C3 Series
25,000
24,495
75
21 March 2027
EUR1 series*
14,956
14,795
254
16 April 2027
Series C4
30,000
29,288
45
28 June 2027
C5 series
35,000
34,742
616
30 July 2027
C6 series
30,000
29,368
222
2 September 2027
D1EUR series**
21,365
20,991
244
06/02/2028
D2 series
35,000
34,015
116
18 December 2028
Long-term bonds
liabilities
Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
271,100
264,399
-
-
U series
10,000
9,809
-
13 June 2026
B1 series
12,779
12,524
-
28 October 2026
V series
12,000
11,820
-
5 March 2026
C1 Series
20,000
19,639
-
27 November 2026
C2 series
25,000
24,485
-
25 January 2027
C3 series
25,000
24,420
-
21 March 2027
EUR1 series*
14,956
14,541
-
16 April 2027
Series C4
30,000
29,243
-
28 June 2027
C5 series
35,000
34,126
-
30 July 2027
C6 series
30,000
29,146
-
2 September 2027
D1EUR* series
21,365
20,747
-
06/02/2028
D2 series
35,000
33,899
-
18 December 2028
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
64
Short-term bonds
liabilities
Nominal value
Amortised cost
excluding interest
Interest on
bonds
Maturity date
TOTAL:
49,000
48,762
3,327
-
A1 series
16,000
16,005
212
12 May 2025
A2 series
17,000
16,900
413
1 October 2025
T Series
16,000
15,857
38
23 December 2025
U series
-
-
51
-
B1 Series
-
-
224
-
V Series
-
-
98
-
C1 Series
-
-
214
-
C2 series
-
-
505
-
C3 series
-
-
75
-
EUR1 series*
-
-
254
-
C4 series
-
-
45
-
C5 series
-
-
616
-
C6 series
-
-
222
-
D1EUR series**
-
-
244
-
D2 series
-
-
116
-
* The nominal value of the EUR1 series bonds in EUR was EUR 3,500,000. After conversion to PLN at the exchange rate as at 31
December 2024, the nominal value was PLN 14,956,000.
** The nominal value of the D1EUR series bonds in EUR was EUR 5,000,000. After conversion to PLN at the exchange rate as at 31
December 2024, the nominal value was PLN 21,365,000.
16.3 – Collateral for issued bonds against the Company’s
assets
Balance as of
Balance as of
31 December 2025
31 December 2024
Pledge on loan and factoring receivables
170,633
164,943
Pledge on cash in bank accounts
1
36
17. Lease liabilities
17.1 – Lease liabilities
Balance as of
Balance as of
31 December 2025
31 December 2024
Long-term
2,617
1,297
Short-term
1,111
943
Lease liabilities relate to passenger cars and the leased building housing the Company’s registered office at
72 Brynowska Street in Katowice. The building is used under a lease agreement that meets the criteria for
recognition as a lease in accordance with IFRS 16 ‘Leases’.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
65
17.2 - Future minimum lease payments and
interest under finance leases
31 December 2025
31 December 2024
Payments
Interest
Payments
Interest
Up to 1 year
1,111
243
943
121
From 1 year to 5 years
2,617
338
1,297
138
Over 5 years
-
-
-
-
TOTAL:
3,728
581
2,240
259
18. Trade payables and other liabilities – short-term and long-term
18.1 - Trade payables and other liabilities
Balance as of
Balance as of
31 December 2025
31 December 2024
Earn-out liabilities
-
1,914
Total long-term liabilities:
-
1,914
Trade payables
5,396
4,578
Current income tax liabilities
4,379
445
Liabilities for other taxes, duties and social security
contributions
2,401
1,658
Amounts to be refunded*
2,349
2,684
Earn-out liabilities
1,914
-
Liabilities arising from financings
1,214
1,374
Provisions for liabilities
255
680
Provisions for unused leave
477
455
Provisions for Management Board bonuses
1,035
533
Accruals and other liabilities
481
165
Total short-term liabilities:
19,901
12,572
TOTAL:
19,901
14,486
* Payments received in respect of assignments for security, settled on an ongoing basis with the original creditors.
Earn-out liabilities
As at the date of acquiring control over the subsidiary, the Entity recognised a liability relating to the
contingent purchase price for the shares of Telecredit IFN SA; in accordance with the agreement, the Entity
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 Company’s Management Board, a liability of EUR 445,000 has been recognised,
corresponding to the maximum level of additional remuneration. Telecredit’s actual financial results for 2025
indicate that the earn-out will be payable in full, although this is subject to further verification. The liability
is scheduled to be settled in the second half of 2026.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
66
19. Deferred income
19.1 - Deferred income
Balance as of
Balance as of
31 December 2025
31 December 2024
Settlements relating to bad debt allowances
3,386
2,967
Revenue from grants
45
71
TOTAL:
3,431
3,038
20. Reconciliation of changes in liabilities and other items disclosed in the
statement of cash flows
20.1 – Reconciliation of changes in liabilities with
cash flows from financing activities
Bonds
Loans and
borrowings
Leases
TOTAL
As at 1 January 2025
316,488
54,448
2,240
373,176
Changes in cash flows from financing activities
Proceeds from loans and borrowings
-
222,806
-
222,806
Repayments of loans and borrowings
-
(146,786)
-
(146,786)
Proceeds from the issuance of bonds
130,000
-
-
130,000
Bond redemption outflows
(49,000)
-
-
(49,000)
Interest paid on bonds
(34,319)
-
-
(34,319)
Interest paid on loans, borrowings and leases
-
(6,674)
(257)
(6,931)
Realised exchange differences
(21)
(631)
-
(652)
Lease buy-outs and repayments
-
-
(1,062)
(1,062)
Total changes in cash flows from financing
activities (excluding proceeds from the issuance
of shares)
46,660
68,715
(1,319)
114,056
Changes due to valuation
(3,038)
555
-
(2,483)
Interest accrued
34,969
6,953
257
42,179
Acquisition of rights of use
-
-
341
341
Lease modifications
-
-
2,209
2,209
Other changes (including prepayments and
accruals)
(524)
(710)
-
(1,234)
Balance as of 31 December 2025
394,555
129,961
3,728
528,244
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
67
20.2 – Reconciliation of changes in liabilities with
cash flows from financing activities
Bonds
Loans and
borrowings
Leases
TOTAL
As at 1 January 2024
186,194
43,557
2,737
232,488
Changes in cash flows from financing activities
Proceeds from loans and borrowings
-
135,882
-
135,882
Repayments of loans and borrowings
-
(124,427)
-
(124,427)
Proceeds from the issuance of bonds
216,895
-
-
216,895
Bond redemption outflows
(84,000)
-
-
(84,000)
Interest paid on bonds
(24,653)
-
-
(24,653)
Interest paid on loans, borrowings and leases
-
(5,188)
(213)
(5,401)
Realised exchange rate differences
-
(1,021)
-
(1,021)
Repayment of lease liabilities
-
-
(880)
(880)
Total changes in cash flows from financing activities
108,242
5,246
(1,093)
112,395
Changes due to valuation
(437)
829
-
392
Interest accrued
26,067
5,133
213
31,413
Increases in leases
-
-
453
453
Other changes (including prepayments and accruals)
(3,578)
(317)
(70)
(3,965)
As at 31 December 2024
316,488
54,448
2,240
373,176
20.3 – Adjustments for non-cash changes
Balance as of
Balance as of
31 December 2025
31 December 2024
Gain/loss on the valuation of bonds
(3,038)
(437)
Decreases in property, plant and equipment
231
104
Valuation changes
-
(387)
TOTAL:
(2,807)
(720)
20.4 – Change in balance due to factoring receivables
Balance as of
Balance as of
31 December 2025
31 December 2024
Change in factoring balance
(2,124)
(26,688)
Result of provisions for expected credit losses
(2,996)
2,508
TOTAL:
(5,120)
(24,180)
20.5 – Change in balance due to loans granted
Balance as of
Balance as of
31 December 2025
31 December 2024
Change in loans
(168,060)
(99,163)
Result of provisions for expected credit losses
(25,108)
6,380
TOTAL:
(193,168)
(92,783)
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
68
20.6 – Change in prepayments and accruals
Balance as of
Balance as of
31 December 2025
31 December 2024
Change in prepayments and accruals relating to
loans and borrowings
(710)
-
Change in deferred income
393
848
Change in accruals relating to bonds
(524)
(3,578)
Change in other accruals and deferrals
(123)
49
TOTAL:
(964)
(2,681)
21. Guarantees, sureties and contingent liabilities
21.1 – Guarantees and sureties granted
Balance as of
Balance as of
31 December 2025
31 December 2024
For related parties:
1,758
1,899
Guarantee for the repayment of a loan
to Pragma Faktor sp. z o.o.
-
121
Guarantee for the repayment of a loan
to Telecredit IFN S.A.
1,758
1,778
TOTAL:
1,758
1,899
Sureties and guarantees received
As at the balance sheet date, the Company had not received any sureties or guarantees.
Loan repayment guarantee – TELECREDIT
The surety relates to liabilities arising from a loan granted to TELECREDIT by a third party. The Company
monitors the risk of non-repayment of the aforementioned loan on an ongoing basis and, as at the balance
sheet date and as at the date of signing this report, the Company does not identify any risks of liabilities
arising from the surety.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
69
22. Financial instruments
22.1 - Financial instruments by category
Balance as of
Balance as of
31 December 2025
31 December 2024
Financial assets, including:
617,115
444,317
Loans and factoring measured at amortised cost
606,274
436,090
Own receivables measured at nominal value
1,569
1,117
Other current assets measured at nominal value
1,325
1,127
Cash
7,947
5,983
Financial liabilities, including:
535,554
379,668
Liabilities measured at outstanding amount
(nominal value plus interest)
135,603
58,602
Liabilities measured at amortised cost
394,555
316,488
Trade payables measured at nominal value
5,396
4,578
On the assets side, the Entity 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
Company, including corporate bonds, bank loans, borrowings and trade payables. The purpose of these
financial instruments is to raise funds for the operating activities of the Company and the Group. The main
risks to which the Company is exposed are credit risk, market risk (interest rate risk, currency risk) and
liquidity risk; their detailed descriptions and impact on the Entity’s operations are set out in the Management
Board’s Report on Operations. The Management Board is responsible for establishing, implementing and
overseeing the Entity’s risk management system, which includes identifying the risks to which the Entity is
exposed, setting appropriate risk limits and control mechanisms, as well as the ongoing monitoring of risk
levels and their compliance with the established limits. Risk management policies and procedures are
subject to regular review to take account of changes in market conditions and changes in the Entity’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 Entity 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 provisions of receivables arising from factoring and loans as a
result of a deterioration in the debtor’s credit rating, and has been accounted for by recognising Provisions
for expected credit losses in accordance with the methodology described in point 6 of the Significant
Accounting Policies in the annual separate financial statements.
For both factoring services and loans, the Company employs a range of reversals and tools designed to
minimise the credit risk associated with the financing provided.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
70
In the case of factoring, recourse agreements are used, which enable the Company 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
Company 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 may be made automatically from the customer’s turnover, without their intervention.
An element of credit risk is concentration risk, which is managed through appropriate diversification of
customers and debtors, as well as by securing its receivables with collateral. Data on portfolio structure,
concentration and insurance coverage are included in the Management Board’s Report on the Activities of
PragmaGO S.A. Concentration risk is minimised through portfolio diversification and is assessed both by
client and by debtor (in the case of factoring). As at the date of preparation of these separate annual financial
statements, the Company has no single exposures whose non-repayment could significantly reduce the
Company’s liquidity.
Credit risk is minimised by verifying clients 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 Entity’s Management Board assesses the significance of the above risk as high and the likelihood of its
materialisation as medium.
Credit risk is managed using the following tools:
▪ a risk management policy broken down by factoring and loan products, as well as traditional and digital
sales channels, which includes, amongst other things, guidelines on creditworthiness assessment, credit
decision-making, rules for granting factoring and loan limits, collateral, and risk concentration rules;
▪ credit classification, based on external and internal risk classification systems,
▪ insurance of receivables purchased under insured factoring and reverse factoring with insurance
companies,
▪ the use of other contractual and collateral security.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
71
Interest rate risk
The Entity is exposed to interest rate risk because it finances a significant portion of its operating activities
using financial instruments (bonds and bank loans) whose cost is determined on the basis of variable market
interest rates – primarily 3M WIBOR.
Assets with variable interest rates constitute only a negligible part of the Entity’s financial portfolio. At the
same time, when providing financing through factoring and loans, the Entity applies a policy allowing for
the adjustment of contractual pricing terms in line with changes in reference rates. It should be noted,
however, that the Issuer may not be able, in a competitive market, to pass on the higher costs of its debt
financing quickly and in full to higher rates of Remuneration for the services it provides.
Exposure to interest rate risk and sensitivity analysis for financial assets and liabilities are presented in Note
22.3. The Management Board of the Entity assesses the significance of interest rate risk as moderate. The
Management Board assesses the likelihood of the above risk materialising as moderate.
Currency risk
The Entity seeks to minimise foreign exchange risk by matching its liability exposure to the value of
receivables denominated in the same foreign currency. Currently, the Entity has significant exposures in
foreign currencies, namely the euro and the Romanian leu (note 22.4).
Liquidity risk
As a significant portion of its operations is financed with external capital, the Company 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 ratio of net
interest-bearing debt to equity during 2025 for the Entity (319% as at 31 December 2025, 263% as at 31
December 2024) as at the date of publication of these financial statements, the Entity has the capacity to
settle its liabilities on time. This is due to the following factors mitigating this risk:
▪ The average turnover period for factoring receivables is short, with a balance of 35 days as of 31
December 2025; as of 31 December 2024, it stood at 36 days. This allows for the rapid conversion of financial
assets into cash in an amount corresponding to their fair value and the immediate settlement of financial
liabilities,
▪ the risk of financial liabilities becoming immediately due or of cash outflows occurring sooner than
indicated in Note 22.2 is of limited materiality, as the Entity has a diversified financing structure. The Entity
finances its operations on the basis of issued corporate bonds with maturities ranging from 2 to 4 years and
through loans and borrowings with financing periods ranging from one to three years.
On the assets side, the main source of liquidity risk is the risk of late repayment of loan and factoring
receivables. Market liquidity risk is a type of risk characterised by the total or partial inability to realise held
assets, or the ability to dispose of such assets only at an unfavourable price. The risk of loss of liquidity is
mitigated by high asset turnover.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
72
In the event of a deterioration in the Company’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 required for the Issuer’s development and
the achievement of its strategic objectives. The Company identifies specific risks associated with each type
of financing it utilises in the course of its core operations.
These risks are minimised through active management of the Company’s receivables and liabilities, in such
a way that, in each instance, the Company has cash available in advance in an amount sufficient to settle
its due liabilities. In addition, the bonds issued to date by the 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 Entity 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 outstanding loan portfolio) and adjust its scale to the
amount of available funding.
The objective of liquidity risk management within the Entity 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 Entity assesses the level of liquidity 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 entity mitigates financial liquidity risk through ongoing monitoring of receivables and payables, as well
as control of cash balances and available credit limits, which enables it to respond promptly in the event of
unforeseen circumstances. The entity does not expect that the expected cash flows, as set out in the
maturity analysis, will occur significantly earlier or in significantly different amounts.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
73
22.2 Financial instruments by maturity date and type of
interest rate as at
31 December 2025
31 December
2024
Specification
Maturity
up to 1 year
Maturing
between 1 and
5 years
Maturity over
5 years
Due
up to 1 year
Due within 1 to
5 years
Due in over
5 years
Fixed interest rate:
581,209
63,637
-
425,518
28,697
-
Receivables
555,223
61,892
-
417,287
26,783
-
Loans granted
353,162
61,892
-
220,494
26,253
-
Factoring
191,220
-
-
188,566
530
-
Own receivables measured at nominal value
1,569
-
-
1,117
-
-
Other current assets measured at nominal value
1,325
-
-
1,127
-
-
Cash and cash equivalent
7,947
-
-
5,983
-
-
Liabilities
25,986
1,745
-
8,231
1,914
-
Loans and borrowings received
18,211
-
-
3,653
-
-
Earn-out liabilities
1,914
-
-
-
1,914
-
Lease liabilities
465
1,745
-
-
-
-
Trade payables measured at nominal value
5,396
-
-
4,578
-
-
Variable interest rate:
154,569
353,254
-
104,074
265,696
-
Receivables
-
-
-
247
-
-
Loans granted
-
-
-
247
-
-
Liabilities
154,569
353,254
-
103,827
265,696
-
Loans and borrowings received
95,922
15,828
-
50,795
-
-
Bonds liabilities
58,001
336,554
-
52,089
264,399
-
Lease liabilities
646
872
-
943
1,297
-
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
74
22.3 - Financial instruments – interest rate risk
The entity is exposed to interest rate risk as it borrows funds at variable interest rates. In the factoring
portfolio, however, the Company’s remuneration is fixed. In managing interest rate risk, the Company has
secured in its contracts with clients the option to increase remuneration levels in the event of interest rate
rises relative to the date of conclusion of a given contract and to set a new remuneration level. The
sensitivity analysis presented below shows the impact of a 0.5% increase or decrease in the interest rate on
an annual basis on the Entity’s financial results. The calculation presented below has been applied to
financial instruments with variable interest rates.
Financial instruments by
category as at 31 December
2025
Principal
(PLN)
Impact on the
Company’s financial
result at a variable rate
of %
by 0.5% upwards (PLN)
Impact on the
Company’s financial
result at a variable rate
%
down by 0.5% (PLN)
Loans and borrowings
received
(111,750)
559
(559)
Bonds issued
(400,706)
2,004
(2,004)
Lease liabilities
(1,518)
8
(8)
TOTAL:
(513,974)
2,571
(2,571)
Financial instruments by
category as at 31 December
2024
Principal
(PLN)
Impact on the
Company’s financial
result at a variable rate
of %
of 0.5% increase (PLN)
Impact on the
Company’s financial
result at a variable rate
%
down by 0.5% (PLN)
Loans and borrowings
received
(50,795)
(254)
254
Bonds issued
(320,100)
(1,600)
1,600
Lease liabilities
(2,240)
(11)
11
TOTAL:
(373,135)
(1,866)
1,866
22.4 - Financial instruments - currency risk
The entity is exposed to currency risk due to holding factoring receivables and loans to related parties in
foreign currencies. To mitigate currency risk, the entity employs natural hedging, which involves financing
receivables in a foreign currency with funding in the same currency. In addition, in most of its contracts, the
Company has the right to pass on any exchange rate differences to its counterparties. The Company does
not use any other instruments to hedge currency risk.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
75
Financial instruments
by category as at 31
December 2025
Principal
(EUR)
Conversion of EUR
amounts to PLN at
the exchange rate
as at 31 December
2025
Impact on the
Company’s
financial result in
the event of a
by 5% upwards
Impact on the
Company’s
financial result if
the exchange rate
changes
by 5% down
Loans granted
6,900
29,164
1,458
(1,458)
Factoring granted
7,303
30,868
1,543
(1,544)
Bonds liabilities
(8,500)
(35,927)
(1,796)
1,796
TOTAL:
5,703
24,105
1,205
(1,206)
Financial instruments
by category as at 31
December 2024
Principal
(EUR)
Conversion of EUR
amounts to PLN at
the exchange rate
as at 31 December
2024
Impact on the
Company’s
financial result if
the exchange rate
changes
by 5% upwards
Impact on the
Company’s
financial result if
the exchange rate
changes
by 5% down
Loans granted
2,376
10,153
238
(238)
Factoring granted
6,145
26,258
614
(615)
Loans and borrowings
received
(1,250)
(5,341)
(125)
125
Bonds liabilities
(8,500)
(36,321)
(850)
850
TOTAL:
(1,229)
(5,252)
(123)
123
22.5 - Liquidity risk management
Responsibility for liquidity risk management rests with the Company’s Management Board, which has
implemented an appropriate system for managing the Company’s financial liquidity. The system is used to
manage short-, medium- and long-term financing and liquidity management requirements.
Liquidity risk management within the Entity 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 Entity’s main assets (receivables portfolio)
and its liabilities. As part of its liquidity risk management, the Issuer conducts liquidity gap analyses, plans
repayments of financial liabilities in advance (sources, alternative scenarios), and continuously works to
diversify its sources of funding. Given the nature of the Entity’s operations (the vast majority of assets are
current assets and they turn over approximately five times a year), the Entity is financed mainly by long-
term debt, and 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 repay financial liabilities is not the Company’s primary
but an alternative repayment scenario. The base scenario involves the use of cash on hand, available credit
facilities (the level of available funds is presented by the Company in note no. 15.3), as well as new bond
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
76
issues (the level of financial debt arising therefrom is described in point 16). Taking the above circumstances
into account, the Company does not foresee any significant threats to its financial liquidity.
Exposures subject to credit risk related to balance
sheet assets as at 31 December 2025
609,168
Factoring
191,220
Loans
415,054
Own receivables measured at nominal value
1,569
Other current assets measured at nominal value
1,325
Fair value
The carrying amount of financial assets represents the Company’s maximum exposure to credit risk. Due to
the short-term nature of the assets, their fair value is close to their carrying amount.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
77
Exposures – gross value as
at 31 December 2025
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
141,120
24,870
4,263
3,032
5,625
33,627
212,537
(21,317)
Loans
403,083
5,291
8,082
8,681
12,765
10,142
448,044
(32,990)
Own receivables measured
at nominal value
1,549
-
-
1
1
36
1,587
(18)
Other current assets
measured at nominal value
1,093
2
6
9
12
226
1,348
(23)
TOTAL:
546,845
30,163
12,351
11,723
18,403
44,031
663,516
(54,348)
Exposures – net value as at 31
December 2025
0–30 days
31–90 days
over 90 days
Total
Factoring
165,473
3,924
21,823
191,220
Loans
402,163
6,495
6,396
415,054
Own receivables measured at
nominal value
1,549
-
20
1,569
Other current assets measured
at nominal value
1,074
6
245
1,325
TOTAL:
570,259
10,425
28,484
609,168
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
78
Age analysis of the Company’s
financial assets with fixed
maturities as at 31 December 2025
Maturity
Up to 30 days
31–90 days
91–365 days
1–3 years
3–5 years
Over 5 years
Total
Factoring
94 108
39,687
7,325
-
-
-
141,120
Loans
36,191
63,552
241,448
37,658
24,234
-
403,083
Own receivables measured at
nominal value
596
953
-
-
-
-
1,549
Other current assets measured at
nominal value
1,093
-
-
-
-
-
1,093
TOTAL:
131,988
104,192
248,773
37,658
24,234
-
546,845
Ageing analysis of the
Company’s financial and
other liabilities as at 31
December 2025
Undue
Past due
Total
Up to 30 days
31–90 days
91–365 days
1–3 years
3–5 years
Over 5 years
Loans and credits
129,961
-
-
-
-
-
-
129,961
Bonds
394,555
-
-
-
-
-
-
394,555
Leasing
3,728
-
-
-
-
-
-
3,728
Trade payables
5,390
2
1
-
1
2
-
5,396
Earn-out liabilities
1,914
-
-
-
-
-
-
1,914
Other liabilities and accruals
measured at nominal value
7,979
-
-
-
63
170
-
8,212
TOTAL:
543,527
2
1
-
64
172
-
543,766
Maturity
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
79
Ageing analysis of the Company’s
term financial liabilities and other
liabilities as at 31 December 2025
Up to 30 days
31–90 days
91–365 days
1–3 years
3–5 years
Over 5 years
Total
Loans and credits
543
1,166
112,424
15,828
-
-
129,961
Bonds
2,263
13,658
42,080
288,054
48,500
-
394,555
Leasing
65
406
640
1,583
1,034
-
3,728
Trade payables
4,433
957
-
-
-
-
5,390
Earn-out liabilities
-
-
1,914
-
-
-
1,914
Other liabilities and accruals
measured at nominal value
6,184
283
1,512
-
-
-
7,979
TOTAL:
13,488
16,470
158,570
305,465
49,534
-
543,527
Exposures subject to credit risk associated with balance sheet
assets as at 31 December 2024
438,334
Factoring
189,096
Loans
246,994
Own receivables measured at nominal value
1,117
Other current assets measured at nominal value
1,127
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
80
Exposures – gross value as
at 31 December 2024
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
151,320
13,852
3,480
4,871
9,759
24,135
207,417
(18,321)
Loans
239,621
2,994
3,691
5,688
8,850
2,963
263,807
(16,813)
Own receivables measured
at nominal value
652
447
-
-
-
36
1,135
(18)
Other current assets
measured at nominal value
922
2
4
7
18
197
1,150
(23)
TOTAL:
392,515
17,295
7,175
10,566
18,627
27,331
473,509
(35,175)
Exposures – net value as at 31
December 2024
0–30 days
31–90 days
over 90 days
Total
Factoring
164,806
3,066
21,224
189,096
Loans
238,496
3,038
5,460
246,994
Own receivables measured at
nominal value
652
447
18
1,117
Other current assets measured
at nominal value
902
6
219
1,127
TOTAL:
404,856
6,557
26,921
438,334
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
81
Age analysis of the Company’s
financial assets with fixed
maturities as at 31 December 2024
Maturity
Up to 30 days
31–90 days
91–365 days
1–3 years
3–5 years
Over 5 years
Total
Factoring
81,768
60,785
8,237
530
-
-
151,320
Loans
28,031
39,344
145,993
26,253
-
-
239,621
Own receivables measured at
nominal value
487
165
-
-
-
-
652
Other current assets measured at
nominal value
922
-
-
-
-
-
922
TOTAL:
111,208
100,294
154,230
26,783
-
-
392,515
Ageing analysis of the
Company’s financial and
other liabilities as at 31
December 2024
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
54,448
-
-
-
-
-
-
54,448
Bonds
316,488
-
-
-
-
-
-
316,488
Leasing
2,240
-
-
-
-
-
-
2,240
Trade payables
4,551
25
-
1
1
-
-
4,578
Earn-out liabilities
1,914
-
-
-
-
-
-
1,914
Other liabilities and accruals
measured at nominal value
7,371
-
6
56
116
-
-
7,549
TOTAL:
387,012
25
6
57
117
-
-
387,217
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31 December 2025
82
Ageing analysis of the Company’s
term financial liabilities and other
liabilities as at 31 December 2024
Maturity
Up to 30 days
31–90 days
91–365 days
1–3 years
3–5 years
Over 5 years
Total
Loans and borrowings
392
1,568
52,488
-
-
-
54,448
Bonds
1,396
1,932
48,761
209,753
54,646
-
316,488
Leasing
71
169
703
941
356
-
2,240
Trade payables
4,052
499
-
-
-
-
4,551
Earn-out liabilities
-
-
-
1,914
-
-
1,914
Other liabilities and accruals
measured at nominal value
7,371
-
-
-
-
-
7,371
TOTAL:
13,282
4,168
101,952
212,608
55,002
-
387,012
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
83
23. Operating segments
23.1 – Operating segments – statement of profit or
loss and other comprehensive income
1 January 2025 – 31 December 2025
Factoring
Loans
Unassigned
TOTAL
TOTAL NET SALES REVENUE
49,101
90,402
184
139,687
Revenue from factoring, including:
47,494
-
-
47,494
Interest income on financial instruments measured at
amortised cost
29,468
-
-
29,468
Income from loans, including:
-
90,212
-
90,212
Interest income on financial instruments measured at
amortised cost
-
84,206
-
84,206
Other income
1,607
190
184
1,981
OPERATING EXPENSES
(20,048)
(14,531)
(8,750)
(43,329)
Depreciation
-
-
(3,769)
(3,769)
Remuneration and employee benefits
(10,812)
(6,795)
-
(17,607)
External services
(4,932)
(3,959)
(4,061)
(12,952)
Other operating costs
(4,304)
(3,777)
(920)
(9,001)
PROFIT (LOSS) FROM SALES
29,053
75,871
(8,566)
96,358
Other operating income
-
-
392
392
Other operating expenses
(263)
(1,324)
(494)
(2,081)
Result of provisions for expected credit losses
(3,355)
(24,762)
-
(28,117)
OPERATING PROFIT (LOSS)
25,435
49,785
(8,668)
66,552
Financial income
1,211
1,827
-
3,038
Financial costs
(18,273)
(27,572)
(1,355)
(47,200)
Exchange position result
-
-
(336)
(336)
PROFIT (LOSS) BEFORE TAX
8,373
24,040
(10,359)
22,054
Income tax
-
-
(7,881)
(7,881)
NET PROFIT (LOSS) FROM CONTINUING OPERATIONS
8,373
24,040
(18,240)
14,173
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
84
23.2 – Operating segments – statement of profit or loss and
other comprehensive income
1 January 2024 – 31 December 2024
Factoring
Loans
Unassigned
TOTAL
TOTAL NET SALES REVENUE
49,929
52,349
172
102,450
Revenue from factoring, including:
48,517
-
-
48,517
Interest income on financial instruments measured at
amortised cost
27,124
-
-
27,124
Income from loans, including:
-
49,933
-
49,933
Interest income on financial instruments measured at
amortised cost
-
45,840
-
45,840
Other income
1,412
2,416
172
4,000
OPERATING EXPENSES
(16,786)
(12,752)
(7,091)
(36,629)
Depreciation
-
-
(2,853)
(2,853)
Remuneration and employee benefits
(9,235)
(6,128)
-
(15,363)
External services
(3,977)
(3,199)
(3,474)
(10,650)
Other core expenses
(3,574)
(3,425)
(764)
(7,763)
PROFIT (LOSS) FROM SALES
33,143
39,597
(6,919)
65,821
Other operating income
-
-
1,411
1,411
Other operating expenses
(37)
(673)
(573)
(1,283)
Result of provisions for expected credit losses
(5,612)
(13,211)
-
(18,823)
OPERATING PROFIT (LOSS)
27,494
25,713
(6,081)
47,126
Financial income
-
-
67
67
Financial costs
(18,823)
(16,762)
(144)
(35,729)
Exchange position result
-
-
(5)
(5)
PROFIT (LOSS) BEFORE TAX
8,671
8,951
(6,163)
11,459
Income tax
-
-
(3,615)
(3,615)
NET PROFIT (LOSS) FROM CONTINUING OPERATIONS
8,671
8,951
(9,778)
7,844
Operating segments – assets and liabilities
Balance as of 31 December 2025
Factoring
Loans
Unassigned
TOTAL
Total segment assets
231,787
418,915
64,012
714,714
Total segment liabilities
(223,868)
(318,411)
(9,322)
(551,601)
Operating segments – assets and liabilities
Balance as of 31 December 2024
Factoring
Loans
Unassigned
TOTAL
Total segment assets
228,388
251,091
50,978
530,457
Total segment liabilities
(331,038)
(52,323)
(7,365)
(390,726)
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
85
24. Average number of full-time equivalent employees at the Entity in
24.1 - Average number of full-time equivalent employees in the
Entity during the period
1 January 2025
1 January 2024
31 December 2025
31 December 2024
White-collar workers
83
82
Total average number of full-time equivalents
83
82
25. Ownership in the Entity held by persons managing and controlling the Entity
25.1 - Company shares held directly by members of the Management Board
First name and
surname
Position
Number of
shares
held
(in
thousands)
Share in the
share
capital
Share of total
votes at the
AGM
Tomasz Boduszek
President of the Management Board
20
0.24%
0.22%
Jacek Obrocki
Vice- President of the Management Board
20
0.24%
0.22%
Danuta Czapeczko
Vice- President of the Management Board
4
0.05%
0.04%
Members of the Management Board and Members of the Supervisory Board of the Entity do not hold options
on the Entity’s shares.
Members of the Company’s Supervisory Board do not hold any shares in the Company directly.
26. Remuneration of key personnel of the Entity and the Supervisory Board
received during the period
26.1 - Remuneration of key personnel of the Entity and
the Supervisory Board
1 January 2025
1 January 2024
31 December 2025
31 December 2024
PragmaGO Management Board
3,225
2,561
Short-term benefits
3,225
2,561
TOTAL:
3,225
2,561
Supervisory Board
240
240
Short-term benefits
240
240
TOTAL:
240
240
27. Remuneration of the entity authorised to audit financial statements
27.1 - Remuneration of the entity authorised to audit
financial statements
1 January 2025
1 January 2024
31 December 2025
31 December 2024
Audit of separate and consolidated financial statements
294
300
Review of the condensed separate and consolidated
financial statements
104
100
Other assurance services
-
-
TOTAL:
398
400
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
86
28. Transactions and balances with related parties
28.1 - Transactions and balances
with related parties as of 31
December 2025 and for the
period ending 31 December 2025
Gross
Ltd.
PragmaGO.
TECH
Ltd.
Monevia
Ltd
Telecredit
IFN S.A.,
Other
related
entities
Revenue
42
48
1,881
2,846
2,984
Costs
1,422
1,260
21
-
2,735
Purchase of fixed assets and
intangible assets
-
10,781
-
-
-
Shares
3,408
1,832
11,319
27,158
-
Trade receivables and other
current receivables
4
4
17
-
1,054
Factoring receivables
-
-
522
-
12,998
Loan receivables
-
-
-
29,505
1,107
Loan liabilities
1,460
805
-
-
3,282
Trade and other payables
94
1,192
-
-
251
The Company generates interest income from financing provided to its subsidiaries Monevia, Telecredit and
Pragma Faktor. Income from other related parties relates primarily to services provided by PragmaGO S.A.
to Pragma Faktor, which include portfolio servicing and income from accounting services. Other income
from related parties, recognised on a stand-alone basis, is not material.
Costs from subsidiaries relate to: remuneration for intermediary services purchased from Brutto, and
remuneration for the maintenance and servicing of the system from PragmaGO.TECH. Costs from other
related parties relate to the re-invoicing of insurance costs, scoring and debt collection services from
Pragma Faktor, the lease of the building in which the Entity’s registered office is located from NPL Nova,
and legal services provided by Pragma Adwokaci.
The Entity purchases services from PragmaGO.TECH relating to the expansion and improvement of the NAVI
system, which are capitalised as intangible assets.
Factoring receivables from other related parties relate to advance factoring financing granted to Pragma
Faktor.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
87
Additional information regarding financing provided to related entities:
Related party
Balance at the end
of the period
Interest rate
Additional information
Pragma Faktor Sp. z o.o. (loan)
1,107
fixed
-
Pragma Faktor Sp. z o.o. (factoring)
12,998
fixed
Part of the maintenance
partnership
Monevia Sp. z o.o.
522
permanent
-
Telecredit IFN SA
29,505
fixed
-
Loans granted to related parties are not subject to provisions for expected credit losses.
All transactions carried out by the Entity with related parties were on arm’s length conditions.
Further information regarding loans received from related parties:
Related party
Balance at the end
of the period
Interest rate on
loans
Additional information
NPL Nova S.A.
3,282
variable
-
Brutto Sp. z o.o.
1,460
fixed
-
PragmaGO.Tech Ltd
805
permanent
-
The Parent Company of the Company is:
Polish Enterprise Funds SCA
Subsidiaries of the Company
Brutto sp. z o.o.
PragmaGO.TECH sp. z o.o.
Monevia sp. z o.o.
Telecredit IFN S.A.
Other companies that are related parties (personal links) with which the company had transactions
during the period 1 January to 31 December 2025 are:
Pragma Faktor Ltd
NPL NOVA S.A.
Pragma Adwokaci limited partnership
Aseo Paper sp. z o.o.
Anwim S.A.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
88
28.2 - Transactions and balances
with related parties as of 31
December 2024 and for the
period ending 31 December 2024
Gross
Ltd.
PragmaGO.
TECH
Ltd.
Monevia
Ltd
Telecredit
IFN S.A.,
Other
related
entities
Revenue
53
44
1,558
75
2,913
Costs
1,055
1,006
51
-
2,503
Purchase of fixed assets and
intangible assets
-
9,639
-
-
-
Shares
3,408
1,832
11,319
27,158
-
Trade receivables and other
current receivables
5
2
-
-
313
Factoring receivables
-
-
22,456
-
12,832
Loan receivables
-
-
-
10,265
1,115
Loan liabilities
452
-
-
-
2,577
Trade payables and other
payables
147
1,070
12
-
735
Additional information regarding financing provided to related parties:
Related party
Balance at the end
of the period
Interest rate on
loans
Additional information
Pragma Faktor Sp. z o.o. (loan)
1,115
fixed
-
Pragma Faktor Sp. z o.o. (factoring)
12,832
fixed
Part of the
maintenance
partnership
Monevia Sp. z o.o.
10,265
fixed
-
Telecredit IFN SA
22,456
fixed
-
Loans granted to related parties are not subject to provisions for expected credit losses.
Additional information regarding loans received by related parties:
Related party
Balance at the end
of the period
Interest rate on
loans
Additional information
NPL Nova S.A.
2,577
variable
-
Brutto Sp. z o.o.
452
fixed
-
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
89
28.3 - Transactions and balances with
members of the Management Board and
Supervisory Board as of and for the period
31 December 2025
31 December 2024
Management
Board
Supervisory
Board
Management
Board
Supervisory
Board
Short-term liabilities
-
-
2
-
Loans received during the period
-
250
500
-
Balance at the end of the period in respect of
loans received by the Entity
-
250
-
-
Interest paid on loans received
-
3
17
-
Value of bonds held
59
-
61
-
All transactions carried out by the Entity with related parties were on arm’s length conditions.
29. Fair value
29.1 - Fair value of assets not measured at
fair value
31 December 2025
31 December 2024
carrying
amount
fair value
carrying
amount
fair value
Financial assets
615,790
615,790
443,190
443,190
Cash and cash equivalents
7,947
7,947
5,983
5,983
Factoring receivables
191,220
191,220
189,096
189,096
Loan receivables
415,054
415,054
246,994
246,994
Trade receivables
1,569
1,569
1,117
1,117
Financial liabilities
535,554
546,090
379,668
387,771
Loans and borrowings liabilities
129,961
129,961
54,448
54,448
Lease liabilities
3,728
3,728
2,240
2,240
Floating-rate bonds liabilities*
394,555
405,091
316,488
324,591
Trade payables
5,396
5,396
4,578
4,578
Earn-out liability
1,914
1,914
1,914
1,914
*The fair value of liabilities arising from floating-rate bonds as at 31 December 2024 includes the nominal value of Series D2 bonds
amounting to PLN 35 million, due to the commencement of trading in the subsequent reporting period, i.e. 10 January 2025
The fair values of financial assets and financial liabilities are defined as the price that would be received for
the sale of an asset or paid to settle a liability in a transaction conducted under normal market conditions
between market participants as at the measurement date. The fair values of assets – including cash and
short-term deposits, trade receivables, factoring receivables, loan receivables and other receivables, and
liabilities - loan liabilities, trade payables and other current liabilities are close to their carrying amounts,
mainly due to the short maturities and due dates of these instruments.
Based on the fair value measurement methods applied, the Company classifies financial assets and liabilities
into the following categories:
▪ Level 1: quoted prices in active markets for the same instrument (unadjusted);
▪ Level 2: prices quoted in active markets for similar instruments or other valuation methods for which all
significant inputs are based on observable market data;
▪ Level 3: valuation methods for which at least one significant input is not based on observable market data.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
90
29.2 – Fair value
31 December 2025
31 December 2024
Of which:
Level 1
Level 2
Level 3
Including:
Level 1
Level 2
Level 3
Financial liabilities
405 091
405 091
-
-
324,591
324,591
-
-
Floating-rate bonds
liabilities
405,091
405,091
-
-
324,591
324,591
-
-
30. Events after the balance sheet date
1. On 11 February 2026, the Company entered into the articles of association of PragmaGO Spain S.L.
(“PragmaGO Spain”). PragmaGO Spain is a company incorporated under Spanish law with its registered
office in Barcelona (Spain). The Issuer acquired 100% of the shares in the share capital of PragmaGO Spain,
which amounts to EUR 3,000 and is divided into 3,000 indivisible shares with a par value of EUR 1 each.
2. On 20 February 2026, the Management Board of PragmaGO S.A. adopted a resolution on the early
redemption of Series C1 bonds. The early redemption covers all 200,000 (two hundred thousand) Series C1
bonds with a total nominal value of PLN 20 million. The early redemption date was set for 4 March 2026. All
settlements relating to the early redemption of Series C1 bonds were carried out through Krajowy Depozyt
Papierów Wartościowych S.A.
3. On 3 April 2026, the Management Board of PragmaGO S.A. was informed that PragmaGO d.o.o. had been
registered in the Croatian Register of Companies on 2 April 2026. PragmaGO d.o.o. is a company
incorporated under Croatian law with its registered office in Zagreb (Croatia). The Issuer acquired 100% of
the shares in the share capital of PragmaGO d.o.o., which amounts to EUR 2,500.
4. On 8 April 2026, the Company entered into agreements with CK LEGAL Chabasiewicz Kowalska i Wspólnicy
Spółka Komandytowo-Akcyjna, with its registered office in Kraków, concerning changes to the pool of
receivables securing the Series U, B1, C6, D2 and D3 bonds. The amendment involves the exclusion of
certain receivables from the pool and prevents their inclusion in the future. The amendment will not result
in a shortfall in collateral and does not constitute a change to the terms of the bond issue. It was carried out
in accordance with the issue documentation and is intended to enable the Company to obtain new financing
secured by the excluded receivables.
5. On 20 April 2026, the Management Board of PragmaGO S.A. was informed that the 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 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 Company has implemented an effective
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
91
Business Continuity Management System (BCMS), ensuring readiness to respond to operational
disruptions and maintain key business processes in crisis situations.
31. Other disclosures required by law – forecasts of financial liabilities
Forecasts of financial liabilities
In accordance with the requirements of Article 35(1b) of the Bonds Act of 15 January 2015 (Journal of Laws
2024, item 708), the issuer provides an explanation of the differences between the financial liability
forecasts published on 23 December 2024 and the actual outcomes.
a. Forecast of financial liabilities as at 31 December 2025 (unaudited):
Balance sheet item
Amount (PLN million)
Share of total equity and
liabilities
Total equity and liabilities
810.7
100.0%
Loans and borrowings
237.8
29.3%
Bonds liabilities
348.6
43.0%
Lease liabilities
2.5
0.3%
b. Fulfilment of financial liabilities as at 31 December 2025
Balance sheet item
Unit value (PLN million)
Share of total equity and
liabilities
Total equity and liabilities
714.8
100.0%
Loans and borrowings
130.0
18.2%
Bonds liabilities
394.6
55.2%
Lease liabilities
3.7
0.5%
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
92
c. Deviations
Balance sheet item
Amount (PLN million)
Share of total equity and
liabilities
Total equity and liabilities
(95.9)
-
Loans and borrowings
(107.8)
(11.1%)
Bonds liabilities
46.0
+12.2%
Lease liabilities
1.2
+0.2%
Total financial liabilities on a standalone basis amounted to PLN 528.2 million and were PLN 60.7 million
(10.3%) lower than forecast. The lower level of liabilities resulted from lower-than-planned capital
requirements. The budget had assumed a 43.0% share of bonds in liabilities; ultimately, this stood at 55.2%
on a standalone basis. The Company’s Management Board decided to issue bonds with a higher value than
originally planned, taking advantage of the very favourable conditions on the capital market and high
demand for bonds, which resulted in competitive financing terms.
At the same time, the utilisation of available credit facilities and loans was PLN (107.8) million lower than
budgeted, due to the financing requirement being met through the bond issue and a more favourable
liquidity position than anticipated.
The level of lease liabilities deviated from the budgeted level due to the recognition of a lease modification
in accordance with IFRS 16.
The separate annual financial statements of PragmaGO S.A. prepared as at and for the 12-month period ended 31
December 2025
93
Yours faithfully,
The Management Board of
PragmaGO S.A.
President of the Board
Tomasz Boduszek
Vice-President of the
Management Board
Jacek Obrocki
Vice-President of the
Management Board
Danuta Czapeczko
Vice-President of the
Management Board
Łukasz Ramczewski
Katowice, 22 April 2026