PCF Group S.A.

Regulatory Filings • Oct 14, 2025

Report Content The Management Board of MBF Group S.A. with its registered office inWarsaw (the 'Issuer', 'Company'), with reference to Current Report ESPINo. 43/2025 of 4 September 2025 on the conclusion of a strategicconsortium agreement for the development and implementation of UAVtechnology, C-UAS and unmanned transport ('Consortium'), announces thaton 14 October 2025, the implementation of the second of the Consortium'sthree key projects - MALLARD - was commenced.

The MALLARD project is a continuation of work on unmanned cargo aircraft(Cargo UAV) and is a venture aimed at creating a system for regular,civilian unmanned cargo transport. Unlike classic conceptual projects,MALLARD has already entered the practical testing phase, covering threerelated elements of development:

1. A small-capacity unmanned cargo aircraft system (known as the 'SmallMallard'), which is a fully functional model used to organise and carryout test cargo flights for operational and research purposes. Its designallows it to carry loads of up to 300 kilograms, and the project iscurrently in the technical and operational validation phase. Flighttests and operational analyses are being conducted, includingverification of actual aerodynamic parameters, range and stability,calibration of communication and navigation systems, as well as fuel andenergy consumption measurements. The aim of the tests is to obtain thedata necessary to: assess the economic and operational efficiency ofunmanned transport, organise unmanned flights in accordance withexisting regulations, and develop cost models and comparativesimulations with regard to conventional road and air transport. At thesame time, work is underway on ground handling methodology, loadingsafety and the integration of drone operations with existing logisticsinfrastructure.

2. Methodology for medium-distance deliveries using unmanned aerialvehicles, including the development of an operational and organisationalmodel for UAV logistics centres and the preparation of operational,communication and certification standards for future commercialcross-border operations.

3. Concept of a medium-payload unmanned aerial vehicle cargo system(known as 'Big Mallard') with a lifting capacity of up to 1,000 kg and arange of up to 3,000 kilometres, which is the target platform for serialproduction.

According to information obtained from Squadron Sp. z o.o., the companyresponsible for the technical side of the project, the MALLARD (Small)system is currently ready for test flights of a research and calculationnature. The purpose of these flights will be to verify operationalperformance, flight stability, reliability in variable environmentalconditions, as well as to analyse the economics of operation and assessthe profitability of commercial implementations.

As the leader of the Consortium, the Issuer plans to first offeroperational testing and investment cooperation to selected entities fromthe logistics and freight transport industries, courier fleet operators,warehousing and distribution centres, as well as industrial and energycompanies, critical infrastructure institutions and companies from thee-commerce, medical and humanitarian logistics sectors. The project isalso planned to be presented to industry funds and venture capitalinvestors interested in participating in the development of unmannedtechnologies and sustainable transport systems.

The estimated cost of implementing the project up to the full-scaleprototype stage is approximately EUR 12 million, with part of theresearch and testing work being financed from the Consortium members'own funds. The MALLARD project is being implemented by MBF Group S.A.(leader - financing, coordination, investor relations and strategicsupervision), Squadron Sp. z o.o. (design, prototyping, testing andtechnical documentation) and the Eugeniusz Kwiatkowski Polish IndustrialLobby (substantive coordination, scientific support and integration withthe COP2 concept).

In the opinion of the Company's Management Board, MALLARD is a responseto global trends in automation, digitalisation and decarbonisation oftransport. The unmanned cargo aircraft system will significantly reduceoperating costs and increase the safety and flexibility of deliveries.In the medium term, the project may significantly strengthen theIssuer's revenues and the position of MBF Group S.A. on the unmannedtechnology market.

The Issuer will provide information on the subsequent stages of theproject's implementation, including the commencement of test flights andthe signing of letters of intent with industry partners, in separatecurrent reports on ESPI.