Major areas of activities of the Group’s subsidiaries
Summary of companies financial results
In 2025, the companies of the Pekao S.A. Group generated a net profit of PLN 354 million. Compared to the net profit generated in 2024, it was higher by PLN 163 million, i.e. by 85.3%.
The table below presents the level of net profit of individual consolidated companies in 2025 compared to 2024.
**Consolidated profit - Pekao Investment Banking S.A. prepares consolidated financial statements for the purposes of consolidation of the Pekao S.A. Group with Pekao Inwestycje Dłużne Sp. z o.o.
***It includes the results of 4 companies from the Group (Centrum Kart S.A., Pekao Direct Sp. z o.o., Pekao Fundusz Kapitałowy Sp. z o.o., Pekao Property S.A. in liquidation), which conduct ancillary activities in the Group without providing services to external customers.
Entity structure of net profit
| NAME OF THE ORGANISATION | DESCRIPTION OF ACTIVITIES AND RESULTS (2025) |
|---|---|
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Pekao IM, in which Bank Pekao S.A. holds 100% of shares, is the owner of Pekao Towarzystwo Funduszy Inwestycyjnych S.A. (Pekao TFI). Pekao TFI, the longest-operating investment fund company in Poland, offers state-of-the-art products enabling investment on the domestic and foreign markets. The Company creates savings programs, including solutions under the third pension pillar, as well as provides portfolio management services and operates Employee Capital Plans. Pekao TFI is included in the ECP register and its offer is available on the http://www.mojeppk.pl portal.
As at 31 December 2025, the net asset value of Pekao TFI’s investment funds (including PPK) amounted to PLN 41,224 million and was higher by PLN 9,035 million, i.e. by 28.1% compared to the end of December 2024, thanks to the favourable situation on the capital markets and falling interest rates, mobilising clients to look for products with potentially higher rates of return than bank deposits. Pekao IM’s consolidated net profit for 2025 amounted to PLN 235 million, compared to PLN 168 million in 2024. Two Pekao TFI funds were awarded for their performance in 2024 with the „Golden Portfolios” statuette in the TFI of the year category awarded by Gazeta Giełdy i Inwestorów Parkiet. |
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Pekao Leasing provides financial services supporting the sale and purchase of fixed assets, i.e. means of transport, machinery and equipment, as well as office real estate – both through operating and financial leases. The Company cooperates with Bank Pekao S.A. in the sale of leases to customers who are also the Bank’s customers. Pekao Leasing, under agreements with the European Investment Bank, the Council of Europe Development Bank and the European Bank for Reconstruction and Development, offers financing for the SME sector on preferential terms, in particular for green projects and initiatives supporting female entrepreneurship. The company also cooperates with Bank Gospodarstwa Krajowego S.A., offering financing of vehicles as well as machinery and equipment secured by a BGK guarantee.
In 2025, Pekao Leasing concluded over 24.6 thousand new contracts. The value of assets leased by the Company amounted to PLN 7,839 million and was higher by 12.5% than in 2024, including: 60% of the assets leased by the Company, 34% by machinery and equipment, 4% by real estate, and 2% by others. As part of the diversification of financing sources, Pekao Leasing issues bonds. As at 31 December 2025, liabilities under the issued bonds amounted to PLN 9,717 million. In 2025, Pekao Leasing generated a net profit of PLN 113 million compared to PLN 108 million in 2024. The Company’s higher result was achieved thanks to an increase in the value of leased assets. |
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PeUF is a company 100% owned by Pekao Leasing Sp. z o.o. and acts as an insurance agent, providing services in the field of insurance sales. PeUF provides Pekao Leasing with insurance for newly concluded lease agreements, policies and renewal policies. PeUF’s activities include agency services, including policy monitoring, claims settlement and handling of insurance terminations. In 2025, PeUF provided intermediary services to seven insurance companies. The value of commissions from policies sold amounted to over PLN 56 million and was higher by 16.5% than in 2024.
In 2025, PeUF generated a net profit of PLN 14 million, compared to PLN 9 million in 2024. This increase is due to the increased number of policies sold, which was 26.3% higher than in 2024. |
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Pekao Financial Services (PFS) provides outsourcing services as a transfer agent for financial institutions in the field of operational and technological solutions. PFS specialises in providing services to domestic and foreign investment funds, general and occupational pension funds, as well as entities offering insurance products. The group of fourteen clients served by the Company includes companies with an established market position. PFS is the only company that handles OFE funds using the services of an external transfer agent. In addition, the Company provides accounting services to Pekao Group companies.
In 2025, PFS generated a net profit of PLN 11 million (including the Bank’s share of PLN 7 million), compared to a profit of PLN 9 million in 2024. The net result was higher due to an increase in revenues from clients from the investment sector, which is the result of a positive situation on the capital market. |
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Pekao Bank Hipoteczny is a specialist bank, focused on granting mortgage loans and servicing assets, using the issue of covered bonds to finance them. As part of the Group’s cooperation, portfolios of mortgage loans and bonds of local government units (LGUs) are transferred to Pekao Bank Hipoteczny, which may be used as collateral for covered bonds issued by Pekao Bank Hipoteczny. In 2025, Pekao Bank Hipoteczny continued transactions of purchase and transfer of mortgage receivables from Bank Pekao S.A. The transferred portfolio of mortgage receivables, for a total amount of PLN 1,167 million, included loans granted in PLN, which were intended to finance the housing needs of natural persons.
The net value of the loan portfolio, including the portfolio of local government bonds, at the end of 2025 amounted to PLN 3,898 million. Loans to individual customers accounted for 84.4% of the portfolio, 14.3% for local government units and 1.3% for enterprises. As a result of the pooling operations of loans from Bank Pekao S.A. to Pekao Bank Hipoteczny, the loan portfolio (together with the portfolio of local government bonds) increased by 9.8% compared to 2024. In 2025, Pekao Bank Hipoteczny carried out two issues of mortgage covered bonds. As at 31 December 2025, liabilities in this respect amounted to PLN 2,747 million. The Bank also carried out one bond issue with a total nominal value of PLN 200 million. The value of liabilities under issued bonds at the end of the year amounted to PLN 444 million. In 2025, Pekao Bank Hipoteczny generated a net profit of PLN 14 million, compared to a profit of PLN 5 million in 2024. The increase in profit is due to the growth of the portfolio, but also to lower costs of legal risk of FX mortgage loans than last year. |
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Pekao Investment Banking S.A. (Pekao IB) provides highly specialized services for large and medium-sized enterprises and financial institutions. The scope of services provided by Pekao IB includes, in particular, brokerage services: receiving and transmitting orders to purchase or sell financial instruments, offering financial instruments, as well as advising companies on capital structure, enterprise strategy or other issues related to such structure or strategy, as well as advisory and other services in the field of mergers, divisions and acquisitions of enterprises. In October 2025, Pekao IB took part in a project to create an innovative product within the Bank Pekao S.A. Group, i.e. PZU FIZ Private Debt. As part of the participation in this project, a subsidiary of Pekao IB was established: Pekao Inwestycje Dłużne sp. z o.o. („PID”), 100% of whose shares were acquired by Pekao IB. PID holds PZU FIZ Private Debt investment certificates and intends to maintain them in the long term.
In 2025, Pekao IB acted as a joint bookrunner in six transactions on the WSE, and was also an intermediary in invitations to submit offers for the sale of shares in two companies listed on the WSE. He has provided bond issue services to five entities and has closed nine advisory transactions in obtaining financing (including ESG sustainability advisory) and four M&A projects. The Company has also implemented a number of projects on the capital market and in the field of debt advisory, which are expected to be finalized in subsequent periods. In 2025, Pekao IB generated a consolidated net profit (from PID) of PLN 15 million, compared to a profit of PLN 3 million in 2024. The result was influenced by a higher number and value of completed transactions in the area of advisory services on the private and public capital markets compared to the previous year. |
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Pekao Faktoring offers a full range of factoring services, including non-recourse and non-recourse factoring, as well as accompanying services, such as: obtaining information on the financial condition of debtors, debt collection, accounting for settlements and ongoing monitoring of payments. The offer is complemented by settlements of mass transactions, financial advisory, consulting in the field of business financing as well as loans and advances related to factoring agreements. The Company, in cooperation with the Bank, is developing its offer for customers and new sales channels. As part of this cooperation, a factoring service is available for micro-entrepreneurs – the Bank’s clients – based on a fully automated decision-making process. The Company participates in the factoring limit repayment programme supported by BGK, using guarantees for financing non-recourse and reverse factoring granted under the BGK Crisis Guarantee Fund. In order to diversify its sources of financing, Pekao Faktoring issues bonds with a value of liabilities of PLN 4,737 million as at 31 December 2025.
Pekao Faktoring ranks 1st on the factoring services market, it is its leader with an 18.7% market share. In 2025, Pekao Faktoring reported a net loss of PLN 54 million, compared to a loss of PLN 129 million in 2024. Losses in both periods were affected by high levels of credit risk costs. |
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Bank Pekao S.A. owns 38.33% of shares in Krajowy Integrator Płatności S.A., the owner of the Tpay fast online payment system (formerly Transferuj.pl). The company has the status of a domestic payment institution and is supervised by the Polish Financial Supervision Authority. The activity of KIP consists in intermediating in the transfer of payments between the payer and the recipient. 2025 was another year in which the Company increased the scale of its operations in the area of online and mobile payments. It continued to search for new areas for the development of services, acquired new customers and developed cooperation with existing ones, also as part of the strategic partnership with Bank Pekao S.A. As a result of the cooperation, the Bank’s customers receive access to modern and secure payment services, while the Company’s customers can take advantage of an attractive and comprehensive offer of banking services.
In 2025, KIP reported a net loss of PLN -12 million (PLN 6 million was included in the Group’s result), compared to a profit of PLN 17 million in 2024. This year’s loss is mainly due to the implementation of several large investment projects supporting the dynamic development of KIP and the costs resulting from the increase in the customer base. |