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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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PPF Group

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

AMALAR HOLDING announces relocation of PPF Group’s registered office from the Netherlands to the Czech Republic 

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<ul>
<li>AMALAR HOLDING, owned by the Kellner family, announces that PPF Group N.V., the main holding company of the international investment group PPF, has completed the relocation of its registered office from the Netherlands to the Czech Republic. PPF Group operates in 25 countries. </li>
<li>With effect from April 1, 2026, PPF Group N.V. became PPF Group a.s. </li>
<li>PPF Group a.s. also introduces changes to the composition of its governing bodies.</li>
</ul>
Prague, April 2, 2026 &ndash; AMALAR HOLDING (&ldquo;AMALAR&rdquo;), the holding company for assets jointly owned by the Kellner family, announces that its subsidiary, PPF Group N.V., has completed the relocation of its registered office from the Netherlands to the Czech Republic. Effective April 1, 2026, PPF&rsquo;s main holding company has its registered office in Prague.
Following the relocation the company is also going to change the composition of its governing bodies in the coming days.
The company&rsquo;s board of directors will consist of two members: PPF Group co-CEOs Kateřina Jir&aacute;skov&aacute; and Didier Stoessel. Rudolf Bosveld, Ondřej Frydrych, Jan Cornelis Jansen and Menno Verhoeff are stepping down from the board.
Ren&aacute;ta Kellnerov&aacute; and Anna Kellnerov&aacute;, two shareholders in PPF Group, will join the supervisory board of PPF Group a.s., alongside the existing members, Lubom&iacute;r Kr&aacute;l and Tom&aacute;&scaron; Otruba. Two other shareholders, Lara Kodl Kellnerov&aacute; and Marie Isabella Kellnerov&aacute;, will hold observer status on the supervisory board, with the right to attend its meetings. Josef Kotrba, Zuzana Prokopcov&aacute;, Jiř&iacute; &Scaron;mejc and Kamil Ziegler are stepping down from the supervisory board. Tom&aacute;&scaron; Otruba will become chairman of the company&rsquo;s supervisory board.
&ldquo;I would like to thank the departing members of our governing bodies for their years of service to our company. Their support has been crucial, particularly over the past five years, when the group went through a challenging period marked by a shift in focus toward Western markets and a transformation of its shareholder structure,&rdquo; said Ren&aacute;ta Kellnerov&aacute;, majority shareholder of PPF Group.
The relocation of PPF Group&rsquo;s registered office follows changes made last year to the group&rsquo;s shareholder structure and corporate governance. All PPF Group shareholders live in the Czech Republic, from where they actively participate in shaping the group&rsquo;s strategic direction in cooperation with the management, which is based predominantly in the country.
The move of PPF Group to the Czech Republic follows a&nbsp;process initiated in 2021, when PPF Financial Holdings, the holding company for PPF&rsquo;s banks and other financial sector assets in the Czech Republic, Slovakia, the United Kingdom, Serbia, Kazakhstan and Vietnam, relocated its registered office from the Netherlands to the Czech Republic.
&nbsp;
New composition of the Board of Directors of PPF Group a.s.:
Kateřina Jir&aacute;skov&aacute;, co-CEO
Didier Stoessel, co-CEO
New composition of the Supervisory Board of PPF Group a.s.:
Anna Kellnerov&aacute;
Ren&aacute;ta Kellnerov&aacute;
Lubom&iacute;r Kr&aacute;l
Tom&aacute;&scaron; Otruba, chairman&nbsp;
Short CVs of members of PPF Group&rsquo;s governing bodies
Kateřina Jir&aacute;skov&aacute;, Member of the Board of Directors, co-CEO
Kateřina Jir&aacute;skov&aacute; graduated from the University of Economics in Prague and began her career as a&nbsp;securities trader at Conseq. She joined PPF Group in 2000 as a&nbsp;portfolio manager. For eight years, she led Generali PPF Asset Management, overseeing one of the largest investment portfolios in Central and Eastern Europe. She was responsible for the investment performance of 27 companies across 14 countries, managing assets valued at EUR 15 billion. She was appointed Chief Financial Officer of PPF Group in January 2013. She also serves as Chair of the Board of Directors of PPF a.s., Chair of the Board of Directors of PPF Financial Holdings a.s., and Chair of the Board of Trustees of PPF Foundation. In July 2025, she became co-CEO of PPF Group.
Didier Stoessel, Member of the Board of Directors, co-CEO
Didier Stoessel joined PPF Group in 2020, taking charge of its media business following the acquisition of Central European Media Enterprises. Until recently, he served as CEO of CME, one of the largest media groups in Central and Eastern Europe, with programming reaching 49 million viewers. He has extensive leadership experience in managing investment banking, media and technology portfolios. His previous roles include positions at Modern Times Group, HSBC and Merrill Lynch. Since April 2022, he has overseen PPF Group&rsquo;s investment strategy as Chief Investment Officer. In July 2025, he became co-CEO of PPF Group. 
Anna Kellnerov&aacute;, Member of the Supervisory Board
Anna Kellnerov&aacute; is a shareholder in PPF Group, a businesswoman, manager and professional show jumping rider. She holds a bachelor&rsquo;s degree from the University of New York in Prague. At the Tokyo 2020 Summer Olympic Games, held in 2021, she represented the Czech Republic in the individual and team show jumping events. She is also a member of the Board of Trustees of The Kellner Family Foundation.
Ren&aacute;ta Kellnerov&aacute;, Member of the Supervisory Board
Ren&aacute;ta Kellnerov&aacute; is a businesswoman, philanthropist and majority shareholder of PPF Group, which she owns with her daughters through the family holding company AMALAR. She is one of the most influential women in European business and is the founder and Chair of the Board of Trustees of The Kellner Family Foundation.
Lubom&iacute;r Kr&aacute;l, Member of the Supervisory Board
Lubom&iacute;r Kr&aacute;l graduated from the Faculty of Law at Charles University. He joined PPF in 1999 and is PPF Group&rsquo;s Chief Legal Counsel. Since March 2007, he has also served as a&nbsp;member of the Board of Directors of PPF a.s. Before joining PPF, he worked in the legal department of the Prague Stock Exchange settlement center from 1997 to 1999.
Tom&aacute;&scaron; Otruba, Member of the Supervisory Board
Tom&aacute;&scaron; Otruba graduated from the Faculty of Law at Charles University. From 2004 to 2014, he was an international managing partner at the law firm BBH. He has been an active investor since 2015. Since 2023, he has been involved in the development of the Kellner family&rsquo;s holding company, AMALAR. Since July 2025, he has been a member of the Supervisory Board of PPF Group. An avid mountaineer, he has climbed the highest peak on every continent.
Notes for editors:&nbsp;
AMALAR HOLDING was established in fall 2023 to consolidate the Kellner family&rsquo;s asset management under a&nbsp;single entity. In 2024, the holding company became the majority owner of PPF Group N.V., an international investment company operating in 25 countries across multiple sectors and industries.

Renáta Kellnerová and her daughters announce moving the domicile of PPF Group from the Netherlands to the Czech Republic

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<ul>
<li>AMALAR HOLDING of the Kellner family announces that PPF Group N.V., the primary holding company of the international investment company PPF, which operates in 25 countries, has launched its relocation from the Netherlands to the Czech Republic. </li>
<li>The redomicile process is expected to complete in the first half of 2026. </li>
<li>The decision is a logical follow-up to recent changes in PPF&rsquo;s shareholder and governance structures. </li>
<li>Upon migration, PPF Group will be tax resident in the Czech Republic.</li>
</ul>
Prague, December 11, 2025 - AMALAR HOLDING (&ldquo;AMALAR&rdquo;), an umbrella company that manages the assets jointly owned by Ren&aacute;ta Kellnerov&aacute; and her daughters, announces the intention to relocate its subsidiary PPF Group N.V. ("PPF Group") from the Netherlands to the Czech Republic. PPF Group is the primary holding company of PPF, an investment company operating across multiple industries in 25 countries. The move is expected to be completed in the first half of 2026.
"Over nearly 35 years, PPF has grown into the largest international investment company with Czech roots. The relocation of PPF Group&rsquo;s registered office to the Czech Republic demonstrates that we, as its shareholders, have confidence in the country where we live and in the predictability of its legal environment. Given that investment protection laws in the Czech Republic are now on par with Dutch regulations, this is a natural step," said Ren&aacute;ta Kellnerov&aacute;, PPF Group majority shareholder.
The decision to relocate the registered office of PPF Group stems from recent changes in its shareholder and corporate governance structures. PPF Group&rsquo;s shareholders all reside in the Czech Republic, from where they actively participate and set the Group&rsquo;s strategic direction, which is executed by the predominantly Czech-based management.&nbsp;
Moving PPF Group to the Czech Republic is follows-on from a process initiated in 2021, when PPF Financial Holdings, an umbrella for PPF's banks and other financial sector assets in the Czech Republic, Slovakia, the United Kingdom, Serbia, Kazakhstan, and Vietnam, relocated its registered office from the Netherlands to the Czech Republic.
PPF Group will become Czech tax resident upon the completion of the relocation.
Simultaneously, AMALAR announces that it is terminating the activities of its advisory board, which has successfully fulfilled its consulting role primarily related to the transformation of PPF Group.&nbsp;
Notes for editors:&nbsp;
AMALAR HOLDING was established in the fall of 2023 to consolidate the Kellner family's asset management into a single entity. In 2024, the holding became the majority owner of PPF Group N.V., an international investment company operating in 25 countries across multiple sectors and industries.

PPF Group announces Kateřina Jirásková and Didier Stoessel to assume Group co-CEO roles

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PPF Group ("PPF" or "the Group") today announces that Kateřina Jir&aacute;skov&aacute;, current PPF Chief Financial and Operating Officer (CFO/COO), and Didier Stoessel, current PPF Chief Investment Officer (CIO), assume their roles as Group co-CEOs.&nbsp;
The new co-CEOs will retain their heretofore responsibilities, overseeing Group finances and investments, respectively.
Ms Jir&aacute;skov&aacute; and Mr Stoessel take over the reins of chief executive from Jiř&iacute; &Scaron;mejc, whose three-year tenure as PPF CEO ended last month.
The changes to the Group's corporate governance structure that were unveiled in May and which include an enhanced Board of Directors and Supervisory Board, take effect today.
Jiř&iacute; &Scaron;mejc joins the Supervisory Board of PPF Group, as does Tom&aacute;&scaron; Otruba, a member of the advisory board of the Kellner family's AMALAR holding company, and Josef Kotrba, an economist and a former Chairman of Deloitte's Czech office.
The personnel composition of PPF Group corporate governance bodies is <a href="https://www.ppf.eu/en/about-the-ppf-group/people-and-statutory-bodies">here.</a>