Translation note:
This version of our report is a translation from the original, which was prepared in Polish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k., Nowy Rynek, ul. Wierzbięcice 1A, 61-569 Poznań, Polska T: +48 (61) 851 1500, F: +48 (61) 851 1501, www.pwc.com
PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt Sp. k. is entered into the National Court Register maintained by the District Court for the Capital City of Warsaw, under KRS number 0000750050, NIP 526-021-02-28. The seat of the Company is in Warsaw at Polna 11
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www.pwc.com
Independent Statutory Auditor’s Report
To the General Shareholders’ Meeting and the Supervisory Board of Arctic Paper S.A.
Report on the audit of annual conso lidated financial statements
Our opinion
In our opinion, the annual consolidated financial statements:
• give a true and fair view of the consolidated financial position of Arctic Paper S.A (“Parent C ompany”) and its subsidiaries (together the “Group”), as at 31 December 2025 and the Group ’s consolidated
financial performance result on operation and conso lidated cash flows for the year then ended in accordance with the applicable International Financial Reporting Standards as adopted by the European Union and the adopted accounting policies;
• comply in terms of form and content with the laws applicable to the Group and the Parent Compa ny’s articles of association;
Our opinion is consistent with our additional report to the Audit Committee of the Parent Company issued on the date of this report.
What we have audited
We have audited the annual consolidated financial statements of Arctic Paper S.A. Group which comprise:
• the consolidated statement of financial position as at 31 December 2025;
• the consolidated statement of profit or loss for the financial year then ended;
• the consolidated statement of comprehensive income for the financial year then e nded;
• the consolidated statement of changes in equity for the financial year then e nded;
• the consolidated statement of cash flows for the financial year then ended, and
• the additional information comprising the introduction to the consolidated financial statements and additional notes and explanations.
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Basis for opinion
We conducted our audit in accordance with the National Standards on Auditing in the wording of the International Standards on Auditing as adopted by the resolutions of the National Council of Statutory Auditors and the resolution of the Council of the Polish Agency for Audit Oversight (“NSA”) and pursuant to the act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight (the “Act on Statutory Auditors”) and the Regulation (EU) No. 537/2014 of 16 April 2014 on specific requirements regarding the statutory audit of public interest entities and repealing Commission Decision 2005/909/EC (the “EU Regulation”). Our responsibilities under NSA are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the ethical requirements of the EU Regulation that are relevant to audits of financial statements of public interest entities, the ethical requirements of the Act on Statutory auditors that are relevant to audits of financial statements in Poland and “the Handbook of the International code of ethics for professional accountants (including International independence standards) (the “Code of ethics”) as adopted by resolution of the National Council of Statutory Auditors as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with ethical requirements of the EU Regulation, ethical requirements of the Act on Statutory Auditors and the Code of ethics. During the audit, the key statutory auditor and the audit firm remained independent of the Group in accordance with the independence requirements set out in the Act on Statutory Auditors and in the EU Regulation.
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Our audit approach
Overview
The overall materiality threshold adopted for our audit was set at PLN 25 580 thousand, which represents 0,8% of revenue from sale of paper and pulp.
We performed the audit of the annual separate financial statements of the Parent Company and the annual consolidation reporting package of one subsidiary in Poland. In addition, we received audit reports for two subsidiaries and one consolidated subgroup located within the European Union. The audits of the reporting packages were carried out by statutory auditors belonging to the PwC network, in accordance with our instructions and under our supervision.
• Revenue recognition for the sale of paper and pulp
• Impairment of selected non ‑ current assets in the subsidiary Rottneros AB
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where the Parent Company’s Management Board made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the consolidated financial statements as a whole , as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, if any, both individually and in aggregate on the consolidated financial statements as a whole.
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Materiality
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Group scoping
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Key audit matters
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Overall Group materiality
PLN 25 580 thousand
How we determined it
0,8% revenues from sale of paper and pulp
Rationale for the materiality benchmark applied
We determined materiality based on annual revenue from sale of paper and pulp, as in our view this measure is appropriate for assessing the Group’s performance from the perspective of users of the financial statements and is a generally accepted benchmark when the audited entity reports profit or loss before tax close to zero. We set materiality at 0.8%, which, based on our professional judgment, falls within an acceptable range of quantitative materiality thresholds.
We agreed with the Audit Committee that we would report to them misstatements of the consolidated financial statements identified during our audit above PLN 2 500 thousand, as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
How we tailored our Group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.
We performed the audit of the annual separate financial statements of the Parent Company and the annual consolidation reporting package of one subsidiary in Poland. In addition, we received audit reports for two subsidiaries and one consolidated subgroup located within the European Union. The audits of the reporting packages were carried out by statutory auditors belonging to the PwC network, in accordance with our instructions and under our supervision.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Key audit matter
How our audit addressed the key audit matter
Revenue recognition for the sale of paper and pulp
The Group has presented its accounting principles for the recognition of revenue from the sale of paper and pulp in the notes, as well as revenue-related disclosures in Notes 3 and 4.1 to the consolidated financial statements. For the financial year ended 31 December 2025, the Group generated revenue from sale of paper and pulp totalling PLN 3,197.6 million (2024: PLN 3,434.7 million), arising from the following sources:
● sale of paper;
● sale of pulp.
This matter was an area of our particular focus due to the fact that the application of appropriate financial reporting principles relating to the recognition, measurement and presentation of revenue is complex and requires management to make judgments, including those related to the allocation of transaction prices arising from sale of paper and pulp to the respective performance obligations. In addition, the correct determination of revenue relies on the use of complex IT systems for data processing. Given the significance of revenue to the consolidated financial statements, the need for estimates and judgments, as well as the potential risk of fraud, we determined this matter to be a key audit matter.
Our audit procedures included, in particular:
● obtaining an understanding of and assessing the internal control environment, including the IT environment, relating to the recognition, measurement and presentation of the different types of sales revenue;
● assessing the compliance of the revenue recognition accounting policies with the applicable financial reporting standards, in particular those relating to significant accounting estimates and judgments;
● reviewing significant sales agreements and related contracts entered into by the Group;
● testing internal controls, on a sample basis, over the correctness and accuracy of applied sales prices, as well as the consistency of invoices with sales orders/price lists and the consistency of invoices with shipping documents;
● performing substantive procedures, on a sample basis, including confirmations of selected aspects of transactions with customers or reconciling issued sales invoices, goods issue and delivery documents for sold products and goods to the corresponding customer contracts, applied sales prices and received payments;
● performing substantive procedures relating to the appropriateness of the timing of revenue recognition based on a selected sample;
● testing, on a sample basis, the accuracy and completeness of the recognition of sales discounts and marketing campaigns;
● analysing non ‑ standard journal entries in the transaction journal for the audited year;
● incorporating an element of unpredictability in the selection of the nature, timing and extent of audit procedures;
● assessing the accuracy and completeness of disclosures relating to revenue from sale of paper and pulp in the consolidated financial statements.
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Impairment of selected non ‑ current assets in the subsidiary Rottneros AB
In Notes 5.1 to 5.8 to the consolidated financial statements, the Group presented its accounting policies, disclosures relating to non ‑ current assets and the impairment tests performed, including the results of these tests, a description of the assumptions adopted and sensitivity analyses. As at 31 December 2025, the balance of goodwill recognised in the Group’s consolidated financial statements amounted to PLN 8.2 million, the balance of intangible assets amounted to PLN 78.5 million, while the balance of property, plant and equipment amounted to PLN 1,527.7 million (as at 31 December 2024, respectively: PLN 7.8 million, PLN 38.2 million, PLN 1,419.0 million).
Management performs impairment tests. As at 30 June 2025, the Group’s Parent Company, Rottneros, carried out impairment tests of assets at the Rottneros Mill, which identified the need to recognise an impairment charge of PLN 53.7 million. This amount was recognised in the financial statements of the Rottneros Group and included in the consolidation of the Arctic Paper Group.
The impairment tests performed at the end of the financial year did not indicate any additional impairment of the above ‑ mentioned assets, both in 2025 and in the prior year. The recoverable amount of the assets was determined as value in use.
Our audit procedures included, in particular:
● obtaining an understanding of and assessing the process for identifying indicators of impairment of non ‑ current assets and the appropriateness of grouping assets into cash ‑ generating units in accordance with the applicable financial reporting standards;
● verifying the mathematical accuracy and methodological consistency (with the involvement of PwC internal valuation specialists) of the discounted cash flow valuation model prepared by Management;
● critically evaluating the assumptions adopted and estimates made by Management for the purpose of determining the value in use of non ‑ current assets, including, among others:
– the five ‑ year projection period of future cash flows and the assumed levels of revenue, operating margin and projected changes in net working capital;
– the discount rates applied (based on the weighted average cost of capital), with the involvement of PwC internal specialists;
– terminal growth rates applied beyond the forecast period;
● assessing the sensitivity analysis performed by Management regarding the impact of changes in key assumptions on the valuation results;
● assessing the accuracy and completeness of disclosures relating to impairment testing in the consolidated financial statements.
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Performing impairment tests requires Management to adopt a number of assumptions and make significant judgments, including those relating to the identification of cash ‑ generating units, the Group’s strategy, financial plans and cash flow forecasts for subsequent years, including periods beyond the detailed forecast horizon, as well as macroeconomic and market assumptions.
Given the significance of these balances in the consolidated financial statements, as well as the level of judgment, estimates and assumptions applied in the impairment testing process, this matter was the subject of our audit focus and was determined to be a key audit matter.
Responsibility of the Management and Supervisory Board of the Parent Company for the consolidated financial statements
The Management Board of the Parent Company is responsible for the preparation, based on the properly maintained books of accounts of the annual consolidated financial statements that give a true and fair view of the Group’s financial position and financial performance result on operation, in accordance with International Financial Reporting Standards as adopted by the European Union, the adopted accounting policies, the applicable laws and the Parent Company’s Articles of Association, and for such internal control as the Parent Company’s Management Board determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Parent Company’s Management Board is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Parent Company’s Management Board either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
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The Parent Company’s Management Board and members of the Supervisory Board are obliged to ensure that the consolidated financial statements comply with the requirements specified in the Accounting Act of 29 September 1994 (“the Accounting Act”) . Members of the Supervisory Board are responsible for overseeing the financial reporting process.
Auditor’s responsibility for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the NSA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these consolidated financial statements.
The scope of the audit does not include an assurance on the Group’s future profitability nor the efficiency and effectiveness of conducting its affairs by the Parent Company’s Management Board, now or in future.
As part of an audit in accordance with NSA, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the consolidated financial statements, w hether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opin ion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of interna l control;
• obtain an understanding of internal control relevant to the audit in order to d esign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opin ion on the effectiveness of the Group’s internal control;
• evaluate the appropriateness of accounting policies used and th e reasonableness of accounting estimates and related disclosures made by the Parent Company’s Managemen t Board;
• conclude on the appropriateness of the Parent Company’s Managemen t Board’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continu e as a going concern. If we conclude that a material uncertainty exists, we are required to draw a ttention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu sions are based on the audit evidence
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obtained up to the date of our auditor’s report. However, future events or condi tions may cause the Group to cease to continue as a going concern;
• evaluate the overall presentation, structure and content of the consolidated finan cial statements, including the disclosures, and whether the consolidated financial statements re present the underlying transactions and events in a manner that achieves fair presentation;
• plan and perform the group audit to obtain sufficient appropriate audi t evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opin ion on the consolidated financial statements. We are responsible for the direction, supervi sion and review of the audit work performed for the purpose of the group audit. We remain solely responsible fo r our audit opinion.
We communicate with the Audit Committee of the Parent Compan
y regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee of the Parent Company with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated to Audit Committee of the Parent Company, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other information, including the report on operations
Other information comprises:
• the Report on the Group’s operations for the financial year ended 31 December 2025 (“the Report on the operations”) together with the corporate governance statement and the consolida ted name of the sustainability statement which are separate parts of the Report on the operations,
• other documents included in the Annual Report for the financial year e nded 31 December 2025
(together “Other Information”).
Other information does not include the consolidated financial statements and our auditor’s report thereon.
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Responsibility of the Management and Supervisory Board of the Parent Company
The Management Board of the Parent Company is responsible for the preparation of the Other Information in accordance with the law.
The Parent Company’s Management Board and the members of the Supervisory Board are obliged to ensure that the Report on the operations including its separate parts complies with the requirements of the Accounting Act.
Statutory auditor’s responsibility
Our opinion on the consolidated financial statements does not cover the Other Information.
In connection with our audit of the consolidated financial statements, our responsibility under NSA is to read the Other Information and, in doing so, consider whether the Other Information is materially inconsistent with the information in the consolidated financial statements, our knowledge obtained in our audit, or otherwise appears to be materially misstated. If, based on the work performed, we identified a material misstatement in the Other Information, we are obliged to inform about it in our audit report.
In accordance with the requirements of the Act on Statutory Auditors, we are also obliged to issue an opinion on whether the Report on the operations, to the extent not related to sustainability reporting, has been prepared in accordance with the requirements of Article 49 of the Accounting Act and para. 73 of the Regulation of the Minister of Finance dated 6 June 2025 on current and periodical information submitted by issuers of securities and conditions for considering as equivalent the information required under the legislation of a non-Member State (“Regulation on current information”), is consistent with information included in consolidated financial statements and to issue a statement as to whether, in the light of the knowledge about the Group and its environment obtained during the audit, any material misstatements have been identified in the Report on the operations to the extent not related to sustainability reporting, and an indication of what any such material misstatement is.
Moreover, we are obliged to issue an opinion on whether the Company Group provided the required information in its corporate governance statement .
Statement on the Other information
We declare that, based on the knowledge of the Group and its environment obtained during our audit:
• we have nothing to report regarding identification of material misstatements i n the Other information;
• we have not identified any material misstatements in the Report on the operations, to th e extent not related to sustainability reporting.
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Opinion on the Report on the operations to the extent not related to sustainability reporting
Based on the work we carried out during our audit, in our opinion, the Report on the operations, to the extent not related to sustainability reporting:
• has been prepared in accordance with the requirements of Article 49 of the Accoun ting Act and para. 73 of the Regulation on current information ;
• is consistent with the information in the consolidated financial statements.
Opinion on the corporate governance statement
In our opinion, in its corporate governance statement, the Company Group included information set out in para. 72.7 (5) of the Regulation on current information. In addition, in our opinion, information specified in paragraph 72.7 (5)(c)–(f), (h) and (i) of the said Regulation are consistent with the applicable provisions of the law and with information included in the consolidated financial statements.
Report on other legal and regulatory requirements
Report on the compliance of the marking up of consolidated financial statements with the requirements of the European Single Electronic Format (“ESEF”)
In connection with the audit of consolidated financial statements we have been engaged by the Parent Company’s Management Board as part of our audit engagement letter to conduct a reasonable assurance engagement to express an opinion whether the consolidated financial statements of the Group as at and for the year ended 31 December 2025 prepared in the single electronic format contained in the file named ATC-2025-12-31-1-pl.xbri (the “consolidated financial statements in the ESEF format”) were marked up in accordance with the requirements of the article 4 of the Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format (the “ESEF Regulation”).
Description of a subject matter and applicable criteria
The consolidated financial statements in the ESEF format were prepared by the Parent Company’s Management Board to comply with the technical requirements regarding the specification of a single electronic reporting format and marking up, which are set out in the ESEF Regulation.
The subject matter of our assurance engagement is the compliance of the marking up of consolidated financial statements in the ESEF format with the requirements of the ESEF Regulation and the requirements of this regulation, in our view, constitute appropriate criteria to form an opinion.
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Responsibility of the Management Board and the Supervisory Board of the Parent Company
The Parent Company’s Management Board is responsible for the preparation of the consolidated financial statements in the ESEF format in accordance with the technical requirements regarding the specification of a single electronic reporting format which are set out in the ESEF Regulation. This responsibility includes the selection and application of appropriate markups in XBRL using taxonomy specified in the ESEF Regulation. The responsibility of the Management Board of the Parent Company also includes designing, implementing and maintaining internal controls relevant for the preparation of the consolidated financial statements in the ESEF format which are free from material non-compliance with the requirements of the ESEF Regulation and their marking-up in compliance with these requirements.
Members of the Parent Company’s Supervisory Board are responsible for overseeing the financial reporting process, which also includes the preparation of the consolidated financial statements in accordance with the format that is compliant with legal requirements.
Our responsibility
Our objective was to express an opinion, based on the conducted reasonable assurance engagement, whether the consolidated financial statements prepared in the ESEF format were marked up, in all material respects, with the requirements of the ESEF Regulation.
We conducted our engagement in accordance with the National Standard on Assurance Engagements other than Audit and Review 3001PL – “Audit of financial statements prepared in the single electronic reporting format” (“KSUA 3001PL”) and where relevant with the National Standard on Assurance Engagements 3000 (R) in the wording of the International Standard on Assurance Engagements 3000 (Revised) - ‘Assurance Engagements other than Audits and Reviews of Historical Financial Information’ (“KSUA 3000(R)”).
These standards require that we plan and perform procedures to obtain reasonable assurance whether the consolidated financial statements in the ESEF format were marked up, in all material respects, in compliance with the specified criteria.
Reasonable assurance is a high level of assurance, but it does not guarantee that the engagement performed in accordance with KSUA 3001PL and, where relevant, in accordance with KSUA 3000 (R) will always detect the material misstatement (significant non-compliance with the requirements).
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The selection of the procedures depends on the auditor's judgement, including the auditor's assessment of the risk of material misstatements, whether due to fraud or error. In performing the assessments of this risk, the auditor shall consider the internal control related to the preparation of the consolidated financial statements in the ESEF format in order to plan appropriate procedures to provide the auditor with sufficient evidence appropriate to the circumstances. The assessment of the functioning of the internal control system was not carried out in order to express an opinion on the effectiveness of its operation.
Quality management and ethical requirements
We apply the National Standard on Quality Control 1 in the wording of the International Standard on Quality Management (PL) 1 – “Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements” as issued by the International Auditing and Assurance Standards Board and adopted by the resolution of the Council of the Polish Agency for Audit Oversight (“NSQC 1”). In accordance with the requirements of NSQC 1, we operate a system of quality management including documented policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
When performing the engagement, we have complied with the independence and other ethical requirements in the Code of ethics. The Code of ethics is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. We also complied with other independence and ethical requirements that apply to this assurance engagement in Poland.
Summary of the work performed
Our planned and performed procedures were aimed at obtaining reasonable assurance whether the consolidated financial statements in the ESEF format were marked-up, in all material respects, in compliance with the applicable requirements. Our procedures included in particular:
• obtaining an understanding of the process of preparation of the conso lidated financial statements in the ESEF format, including the process of selection and application by the Group of the XBRL tags and ensuring the compliance with the ESEF Regulation, including understand ing the mechanism of the internal control system related to this process;
• reconciliation, on a selected sample, of the marked-up information contained in the consol idated financial statements in the ESEF format to the audited consolidated financial statements;
• evaluating of compliance with the technical standards regarding the specification o f a single electronic reporting format, including the use of XHTML, using a specialised IT tool/and with the support of an IT expert assessment;
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• evaluating the completeness of marking up the consolidated financial sta tements in the ESEF format using the XBRL tags;
• evaluating the appropriateness of the use of XBRL tags selected from the taxonomy define d in the ESEF Regulation and whether the extension markups were used app ropriately where no suitable element in taxonomy defined in the ESEF Regulation has been identified;
• evaluating the appropriateness of anchoring of the extension eleme nts to the ESEF taxonomy from the ESEF regulation;
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, based on the procedures performed, the consolidated financial statements in the ESEF format were marked-up, in all material respects, in compliance with the requirements of the ESEF Regulation.
Statement on the provision of non-audit services
To the best of our knowledge and belief, we declare that the non-audit services that we provided to the Parent Company and its parent and its controlled entities within the European Union are in accordance with the applicable laws and regulations in Poland and that we have not provided non-audit services that are prohibited under Article 5(1) of the EU regulation and Article 136 of the Act on Statutory Auditors.
The non-audit services which we have provided to the Parent Company and its controlled entities during the period from the beginning of the audited period to the date of issuing this report are disclosed in the Report on the operations.
In the period from the beginning of the audited period to the date of issuing this report, we did not provide the Parent Company and its controlled entities with services other than audit of the financial statements.
Appointment
We were first appointed to audit the annual consolidated financial statements of the Group by resolution of the Supervisory Board of the Parent Company dated 22 February 2023 and re-appointed by resolution dated 6 August 2025. We have been auditing the Group’s consolidated financial statements without interruption since the financial year ended 31 December 2023, i.e. for 3 consecutive years.
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The Key Statutory Auditor responsible for the audit on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., a company entered on the list of audit firms with the number 144., is Krzysztof Zech.
Original report is signed in Polish
Krzysztof Zech
Key Statutory Auditor
No. in the registry: 13917
Poznań, 21 April 2026