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PPF Group is an international investment group founded in the Czech 
Republic in 1991. It has grown to manage operations in 25 countries around the world.

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www.ppf.eu

PPF Group a.s. 

Czech Republic

Companies Register of the Municipal Court in Prague, April 1 2026, Ref. B 30605 ID: 24908487 PPF a.s. was struck off the register and ceased to exist following its merger with PPF Group a.s. on 1 July 2026

PPF Group a.s.

Under the Terms of Use of these websites, it is forbidden to use the photographs contained in the Annual Reports posted on the aforementioned websites for any purposes other than for exclusively personal and non-commercial use, to copy, reproduce, edit, modify, rearrange or otherwise tamper with the photographs contained in the Annual Reports, or to disseminate any such photographs treated in this way. You may display the content of the Annual Reports, including photographs, on a&nbsp;computer, tablet, or mobile telephone screen, print individual pages on paper (but not photocopy them), and store such pages in electronic form on a&nbsp;disk or on your mobile telephone (but not on any server or other networked storage device) for your personal, non-commercial use only.

Annual Reports Agreement

PPF a.s., with its registered office in Prague 6, Evropsk&aacute; 2690/17, postal code 16041, Czech Republic, entered in the Commercial Register kept by the Municipal Court in Prague, Section B, Insert 4495, IČ: 25099345 (hereinafter referred to as the &ldquo;PPF Company&rdquo;), offers download on the website <a href="//www.ppf.eu">www.ppf.eu</a> (hereinafter referred to as the "website") official photos that are intended for download by PPF (such photos hereinafter referred to as "Photos").
Photographs, as well as all other material placed on any part of the website (including text, website design, graphics, all images on this website, as well as the selection and arrangement of files contained on this website) - hereinafter "content", are subject to protection pursuant to Act No. 121/2000 Coll., on Copyright, on Rights Related to Copyright and on Amendments to Certain Acts (Copyright Act), as amended (hereinafter referred to as the &ldquo;Copyright Act&rdquo;). Only PPF is entitled to exercise proprietary copyrights to the Photos and content, as well as to the website.
If you are interested in downloading and using some of the Photos, you must always accept the license agreements listed below. It is expressly stated that you acknowledge that you are not authorized to download and use any Photograph without accepting these license agreements.
License Agreement
The photo is provided for download and use under the conditions set forth in these license agreements. PPF grants you the right to download and use the Photo only if you unconditionally accept the license agreement set forth in this section. Unless otherwise agreed between you and PPF, any use of the Photograph that is not in accordance with these license agreements is prohibited.
By accepting these license agreements, you acquire a free, non-exclusive, non-transferable, territorially and time-limited license to download and view the Photos on your computer, tablet or mobile phone and print them on paper (but not to make copies). Unless otherwise stated or agreed below, you are entitled to use the Photos only for your own personal purposes.
Unless otherwise stated or agreed below, it is excluded and prohibited to copy (make copies), reproduce, modify, change, transform or otherwise interfere with the Photographs and further reproduce the Photographs concerned. Furthermore, it is forbidden to hand over, sell or otherwise provide the Photographs for use to another person (including the granting of a license or sublicense) or to make the Photographs available to another person in any way.
You further exclude and by accepting these license agreements you agree not to:
<ul>
 <li>Use the photographs in such a way that the persons depicted can give the public the impression that they support or promote political, religious, economic or other ideological movements, parties and other groups or political, religious, economic or other currents of thought (including and their display on promotional materials, including billboards);</li>
 <li>Use and edit photographs in such a way that the persons shown on them may give the public the impression that they are promoting erotic or sexual services, sexual health products or the promotion of sexual desire and libido;</li>
 <li>Use and edit the photographs so that the persons depicted on them may give the public the impression that the persons depicted on them promote drugs, alcohol (of any kind) and / or cigarettes;</li>
 <li>Use photographs for advertising purposes of any kind;</li>
 <li>Use photographs for the purpose of publication on billboards;</li>
 <li>Take photos by placing them on gift items;</li>
 <li>Use photographs as part of business communications;</li>
 <li>Use the photographs in such a way that the persons depicted on them may give the public the impression that those persons purchase, use or promote any goods or services;</li>
 <li>Use the Photographs in a manner that may give rise to reasonable doubt that such use could infringe or otherwise disparage the personal rights of the persons depicted in the Photographs.</li>
</ul>
If you have any doubts as to whether you are entitled to use the Photograph, taking into account the restriction mentioned above under the last indent, you undertake to seek the opinion of PPF before using the Photograph itself.
If you are interested in using the Photograph in a manner or to the extent beyond the scope of these license agreements, please contact PPF, specifically contact PPF at the e-mail address <a href="mailto:images@ppf.cz">images@ppf.cz</a>. In the e-mail message, state which Photo, for what purpose, to what extent, in what way and for how long you are interested in using it. With regard to the purpose, scope and manner of use of the Photograph that you specify in your application, it will be at PPF's sole discretion whether your application will be approved or rejected and you will be able to use the Photograph. In order to obtain consent to the use of the Photograph, you are obliged to provide only true and complete data in the application. If your application is approved, you will be able to download the requested Photo and use it for the purpose, manner and to the extent specified in the application. However, PPF reserves the right to set the conditions for the scope and method of use Photography.
By downloading the Photo, you do not become its owner in any way. The User who has been allowed to download the Photo undertakes to use the Photo only in accordance with the purpose and to the extent to which the Photo has been allowed to download and use, and only once.
For the media
Notwithstanding the above license agreements, media representatives are entitled, based on the acceptance of these license agreements, to use the Photographs under a news license and in an editorial sense, ie primarily as part of an article in newspapers, magazines and newspaper and magazine websites, including for commercial purposes. In the cases described in this paragraph, you may modify the Photo only by common technical interventions that do not change the image content of the Photo, which means cropping the Photo, and common color adjustments that do not change the meaning or image meaning of the Photo. With the exception of the above, the restrictions on the use of the Photograph resulting from the license agreements also apply to media representatives and the media itself.
General provisions
In the event that you request to combine the Photograph with the author's work (literary or artistic), you are obliged to ask PPF for consent to combine the Photograph with the author's work by sending a request to the e-mail address images@ppf.cz. PPF reserves the right, prior to the actual issuance of the consent, to request from you the submission of such copyright work for approval and as a basis for the decision to issue such consent. PPF also reserves the right not to issue a consent to the merger of the Photograph and the author's work after the assessment of the author's work. PPF also reserves the right to request the submission of a graphic design of each material on which the Photograph is to be displayed.
If you wish to use the Photograph on behalf of your employer, you represent and agree that you are authorized to accept these license agreements on behalf of your employer.
Only PPF is entitled to change or supplement these license agreements. The legal relations that arose between PPF and the user of Fotografie before the change or cancellation of these license agreements are governed by the wording effective as of the date of these relations.
These license agreements are governed by the applicable laws of the Czech Republic. All disputes arising in connection with the use of the Photograph will be heard by a locally competent court in the Czech Republic in accordance with the laws of the Czech Republic.
These license agreements are valid and effective on the date of their publication. These license agreements were published on 17/6/2021.
These license agreements are also prepared in English and Czech. In the event of a conflict between the Czech and English texts of the license agreements, the Czech text of the license agreements shall apply.

Terms of use of website content

PPF to establish investment company for Air Bank and PPF bank clients. Portfolio Managers Michal Semotan and Patrik Hudec are joining the Group

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PPF has long been developing its financial services and is preparing to launch an investment company whose goal will be to offer clients of Air Bank and PPF Bank access to its own investment products. The Group’s ambition is to create a strong player on the Czech market, combining top-tier investment expertise, modern digital distribution and PPF Group’s stable capital base.
“The arrival of Michal Semotan and Patrik Hudec marks an important milestone in building PPF Group’s new investment platform. Both rank among the most experienced portfolio managers on the Czech market and bring to PPF many years of experience managing funds, developing investment strategies and overseeing portfolios worth billions,” said Kateřina Jirásková, Chair of the Board of Directors of PPF Financial Holdings and co-CEO of PPF Group.
Michal Semotan and Patrik Hudec will help shape the investment strategy and future product offering. Once the necessary regulatory processes have been completed, the planned investment company will offer investment products for both retail and qualified investors. PPF Group will provide further details about the project in the coming months.&nbsp;
Michal Semotan has worked in the Czech capital and investment markets for more than two decades and has helped manage funds with assets worth billions of Czech crowns. He graduated from the Faculty of Finance and Accounting at the Prague University of Economics and Business (VŠE). He began his career at Investkonzult in 1997 and joined J&amp;T Securities a year later as a broker. He led trading operations for J&amp;T Banka clients from 2004 to 2011 and worked at J&amp;T Investment Company from 2012.
At J&amp;T Investment Company, he was portfolio manager of the J&amp;T Opportunity Fund and later assumed responsibility for the J&amp;T Dividend, J&amp;T NextGen and J&amp;T Energy funds. The J&amp;T Opportunity Fund has long ranked among the best-performing equity funds on the Czech market and has repeatedly outperformed the major stock indices.&nbsp;&nbsp;
Patrik Hudec studied financial and insurance mathematics at the Faculty of Mathematics and Physics at Charles University and holds the CFA (Chartered Financial Analyst) designation. He began his career at PPF Asset Management while still a student, progressing into senior portfolio manager responsible for equity and commodity investments.
Following the integration of PPF Group’s insurance operations into Generali Group, he took charge of the portfolio management team for Generali funds in Prague and later also in Budapest. He also served as regional director for equity investments and held several management positions on the governing bodies of Generali Group’s investment companies abroad. Throughout his career, Hudec has managed funds for both retail and qualified investors and gained extensive experience in portfolio management across a broad range of asset classes, including equities, bonds, commodities and derivative strategies. He has long been involved in developing new investment products and bringing them to market.

PPF Partners with Live Nation on Prague’s Top Venues: O2 arena, O2 universum and Forum Karlín

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<ul>
<li>PPF and Live Nation will form a joint venture to operate flagship live entertainment venues in Czechia: O2 arena, O2 universum and Forum Karlín. </li>
<li>The Partnership will combine PPF’s strong creative local content and venue ownership with Live Nation’s global expertise and know-how in the management of live entertainment venues. The venues’ management teams will remain in place, continuing to support all artists and show runners. </li>
<li>The joint venture is set to significantly increase the scale, frequency and international profile of all types of local and international &nbsp;events in Czechia. </li>
<li>While Live Nation will oversee venue operations through the joint venture, PPF will retain full ownership of O2 arena, O2 universum and the associated real estate assets. </li>
<li>O2 arena and O2 universum will continue to operate under the established O2 brand. </li>
</ul>
PPF Group today announced a landmark partnership with Live Nation, one of the world’s leading live entertainment companies, to create a powerful new platform for Prague’s premier event venues. The partnership will combine O2 arena, O2 universum and Forum Karlín with Live Nation’s global expertise and know-how in the management of venues for live entertainment events.&nbsp;
The partnership is designed to significantly elevate both the scale and quality of live entertainment in the Czech Republic. It will strengthen Czechia’s and Prague’s position as key destinations on the map for live entertainment.&nbsp;
For the first time, Prague’s leading venues will be directly connected to a global live entertainment company. The partnership is expected to materially increase both the number and profile of events hosted in the Czech capital.
Under the agreement, PPF, through its wholly owned subsidiary Bestsport, will continue to own O2 arena, O2 universum and all related real estate assets. The newly established joint venture will take responsibility for day-to-day operations, booking and event programming, bringing Live Nation’s global expertise into the local market.
Live Nation will hold a 51% stake in the joint venture, with Bestsport holding 49%. This structure combines strong local ownership with best-in-class global operating capabilities. The inclusion of Forum Karlín in the partnership broadens the joint venture’s reach, enabling it to host a wider range of events.
Through the partnership with Live Nation, PPF is reinforcing its strategy of actively developing the long-term value of its assets while working with leading operators. The collaboration is expected to reshape Czechia’s position on the global live entertainment scene and expand both the commercial potential and international profile of its leading venues.&nbsp;
O2 arena, O2 universum and Forum Karlín will continue to operate under their established brands. The transaction is subject to customary regulatory approvals.

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PPF in 2025 – Yearbook

In 2025, PPF confirmed the strong performance of its key business lines and continued to develop investments focused on developed markets in Europe and North America

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Companies Register of the Municipal Court in Prague, April 1 2026, Ref. B 30605 ID: 24908487

<ul>
<li>In 2025, PPF Group recorded operating income of EUR 3.65 billion, up more than 32% year-on-year. The results confirm the strong operating performance of the Group&rsquo;s core business activities in the telecommunications, media, financial services, real estate and e-commerce sectors. </li>
<li>The year-on-year comparison of net profit was affected by the high comparative base in 2024, which included one-off proceeds from the e&amp; PPF Telecom Group transaction. </li>
<li>PPF continued to strengthen its strategic focus on stable and mature markets in Central and Western Europe and North America. The Group also completed several significant transactions to support the further development of its telecommunications and real estate verticals. </li>
<li>The Group further developed digital ecosystems linking telecommunications, media and financial services, including Oneplay and Unity in the Czech Republic. These ecosystems demonstrate PPF&rsquo;s ability to create new products through collaboration between companies across its portfolio. </li>
<li>In 2025, the Group&rsquo;s ownership structure changed. Ren&aacute;ta Kellnerov&aacute; and her daughters became the sole shareholders of PPF Group. </li>
<li>In 2025, PPF Group began relocating its registered office from the Netherlands to the Czech Republic and completed the move in April.</li>
</ul>
PPF Group reported consolidated operating income of EUR 3.65 billion, up more than 32% year-on-year. The results confirm the strong performance of the Group&rsquo;s core business activities, its disciplined approach to portfolio management and its continued focus on long-term value creation.
The Group&rsquo;s net profit reached EUR 692 million. The year-on-year comparison was affected by the exceptionally high base in 2024, which included, among other items, a one-off gain from the sale of a 50% plus one share stake in international telecommunications company PPF Telecom Group to its strategic partner Emirates Telecommunication Group Company, e&amp;. The 2025 financial results reflect the continued strong operating performance of the Group&rsquo;s main business verticals.
In recent years, PPF has gradually shifted its business focus towards stable and mature markets in Central and Western Europe and North America, while further strengthening its core business pillars in telecommunications, media, financial services, real estate and e-commerce.
&ldquo;2025 confirmed that our core business verticals deliver strong operating performance and can generate stable cash flow over the long term. Another significant moment last year was the finalisation of the agreement with Petr Kellner Jr. Following this, Ren&aacute;ta Kellnerov&aacute; and her daughters became the sole shareholders of PPF Group, preserving the Group&rsquo;s long-term character, the stability of its ownership structure and its ability to invest strategically over a horizon extending beyond individual economic cycles. At the same time, artificial intelligence is increasingly transforming the way our companies operate, not only in process automation, but above all by accelerating decision-making, service development and collaboration across the Group,&rdquo; said Kateřina Jir&aacute;skov&aacute;, co-CEO and CFO of PPF Group.
&ldquo;Last year clearly demonstrated the strength of the model on which PPF is built. Our e&amp; PPF Telecom Group continued to grow across the region and further strengthened its position through the acquisitions of SBB in Serbia and UPC in Slovakia. In the Czech Republic, we successfully integrated our media and telecommunications assets into the Oneplay platform, which became the largest streaming service on the market in its first year, and we continued to develop the Unity ecosystem, which connects O2 and Air Bank services in the Czech Republic. This ability to collaborate effectively across telecoms, media and financial services represents one of PPF&rsquo;s greatest competitive advantages today,&rdquo; said Didier Stoessel, co-CEO and Chief Investment Officer of PPF Group.
For PPF Group&rsquo;s telecommunications companies, last year was marked by stable growth and continued investment in the integration of mobile and fixed-line services. PPF&rsquo;s media companies continued to focus on creating attractive local content and distributing it through digital services to reach new viewers and subscribers.
In financial services, PPF continued to implement its strategy of gradually shifting from emerging markets to stable and developed economies. In 2025, the Group completed the sale of Home Credit&rsquo;s assets in India and Kazakhstan while continuing to develop its banking and financial services in Europe. The Group&rsquo;s Czech banks, PPF banka and Air Bank, contributed to strengthening synergies across PPF Group by collaborating on the creation and distribution of investment instruments.&nbsp;
Positive developments also continued in other parts of the portfolio. PPF Real Estate Holding further expanded its activities in Western markets, including the Gasworx development project in Florida, and entered the premium hospitality segment in Prague. Companies operating in transport engineering and smart transport solutions also had a successful year, with their products and services continuing to gain ground in foreign markets. A successful transformation and active commercial strategy delivered positive financial results for engineering firm &Scaron;koda Group. ITIS Holding secured several contracts in Europe, Asia and the US.
The Group&rsquo;s assets rose by two per cent year-on-year to EUR 42.6 billion. This increase reflects ongoing investment in strategic business areas, particularly telecommunications, media, real estate and e-commerce. Equity in 2025 was primarily affected by the share buyback carried out under the agreement with Petr Kellner Jr.
<table>
<tbody>
<tr>
<td colspan="4">
Key financial indicators in millions of EUR 
</td>
<td>
&nbsp;
</td>
</tr>
<tr>
<td>
&nbsp;
</td>
<td>
2025
</td>
<td>
2024
</td>
<td colspan="2">
y-o-y change
</td>
</tr>
<tr>
<td>
Net Profit
</td>
<td>
692
</td>
<td>
3,191
</td>
<td colspan="2">
(78%)
</td>
</tr>
<tr>
<td>
Total Operating Income*
</td>
<td>
3,648
</td>
<td>
2,758
</td>
<td colspan="2">
32%
</td>
</tr>
<tr>
<td>
&nbsp;
</td>
<td>
&nbsp;
</td>
<td>
&nbsp;
</td>
<td colspan="2">
&nbsp;
</td>
</tr>
<tr>
<td>
Total assets&nbsp;
</td>
<td>
42,167
</td>
<td>
41,757
</td>
<td colspan="2">
2%
</td>
</tr>
<tr>
<td>
Equity
</td>
<td>
11,752
</td>
<td>
12,500
</td>
<td colspan="2">
(6%)
</td>
</tr>
</tbody>
</table>
* Figures represent continuing operations

PPF Group a.s.

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PPF Group a.s.

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