Consensus

Quarterly consensus (4Q24)

PZU consensus as at 13.03.2025, based on forecasts of analysts from PKO BP, Trigon, Autonomous, HSBC, Santander, Citi, JPMorgan, Erste, Wood.

* Including: interest income calculated using the effective interest rate, other net investment income, result on derecognition of financial instruments and investments, movement in allowances for expected credit losses and impairment losses on financial instruments, net movement in fair value of assets and liabilities measured at fair value and interest expenses

Annual consensus (2024-2027)

PZU consensus as at 20.01.2025, based on forecasts of analysts from Citi Research, Erste, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

PZU consensus as at 20.01.2025, based on forecasts of analysts from Citi Research, Erste, HSBC, JP Morgan, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

PZU consensus as at 20.01.2025, based on forecasts of analysts from Erste, PKO BP, Santander, Trigon, UBS, Wood & Company.

Changes in market consensus on PZU Group net profit attributable to the equity holders of the parent company

Source: own compilation based on analyses by institutions and analysts.

Aggregated recommendations

Average target price

54.90

Recommendation	Number
Buy	10
Hold	2
Sell	0

PZU consensus as at 7.11.2024, based on forecasts of analysts from Citi Research, Erste, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

Analyst contact details / Disclaimers

Institution	Analyst	Mail	Telephone
Autonomous Research	Youdish Chicooree	ychicooree@autonomous.com	+44 207 776 34 42
Citi	Andrzej Powierża	n/a	+48 22 690 35 66
Erste Securities	Łukasz Jańczak	lukasz.janczak@erstegroup.com	+48 22 257 57 54
HSBC	Bhavin Rathod	bhavinkumarrathod@hsbc.co.in	+91 804 550 29 93
Ipopema	Marta Czajkowska-Bałdyga	marta.czajkowska-baldyga@ipopema.pl	+48 22 236 92 31
JP Morgan	Samuel Goodacre	samuel.goodacre@jpmorgan.com	+44 207 134 67 20
mBank	Michał Konarski	michal.konarski@mdm.pl	+48 22 697 47 37
PKO BP	Jaromir Szortyka	jaromir.szortyka@pkobp.pl	+48 22 580 39 47
Raiffeisen Centrobank	Rok Stibric	rok.stibric@rbinternational.com	+43 171 7075975
Trigon	Maciej Marcinowski	maciej.marcinowski@trigon.pl	+48 22 433 83 75
Santander	Kamil Stolarski	kamil.stolarski@santander.pl	+48 22 586 81 00
UBS	Michał Potyra	michal.potyra@ubs.com	+44 20 756 81935
Wood & Company	Marta Jeżewska-Wasilewska	marta.jezewska-wasilewska@wood.com	+48 22 222 15 48

Disclaimers

The PZU Group is not responsible for the effects of decisions made on the basis of the above information.

At the same time, the above information cannot be considered as part of an invitation or offer to purchase securities or to make an investment. Neither do they constitute an offer or invitation to conduct other transactions in securities.

The information presented is the Company's own compilation based on the analyses of the listed institutions and analysts and may not be considered summaries or extracts from recommendations made by third parties, as referred to in the Commission Delegated Regulation (EU) 2016/958 of March 9, 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards on technical measures for the objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and the disclosure of vested interests or indications of conflicts of interest.