A good foundation from which to grow

Poland's role and the strength of its economy are increasingly visible in the European commercial real estate market. We have strengthened our leading position in Central and Eastern Europe, and our image across Europe is steadily improving, creating favourable conditions for further investment. The outlook for the Polish commercial real estate market over the coming years is positive. Economic growth forecasts show that we are ahead of other countries in the region. Declining interest rates, lower inflation, and rising consumption also contribute to optimism. The war in Ukraine remains a question mark over the market's future. If things go well and the conflict ends, we will become a transfer country, which will give a boost to both the real estate market and the economy as a whole. In terms of transaction volume, Poland closed 2025 with a figure approximately 10 pct lower than the previous year, reflecting fewer high-profile transactions. We have returned to pre-2024 levels. Polish