Vee Spolka Akcyjna

Earnings Release • Jan 7, 2026

Report Content Operating Results of the Vee Group forDecember 2025 and Summary of Q4 and Full Year 2025The ManagementBoard of the Vee Group ("Group", "Company") hereby reports the Group'soperating results for December 2025, as well as for the fourth quarterand the full year 2025, covering the volume of processed cases (records)and minutes of processed conversations (MPC - Minutes of ProcessedConversations).1. Operating Results for December 2025InDecember 2025, the Vee Group processed a total of:a) 970.4 thousandcases (records), representing 48.5 thousand cases per business day,b)650.4 thousand minutes of conversations (MPC), representing 32.5thousand minutes per business day.Compared to December 2024, inDecember 2025 the Vee Group recorded an increase of:a) 66.6% in thenumber of cases (records),b) 65.6% in the number of conversationminutes (MPC).2. Operating Results for the Fourth Quarter of 2025Inthe fourth quarter of 2025, the Vee Group processed:a) 3.02 millioncases (records),b) 1.95 million minutes of conversations (MPC).Comparedto the fourth quarter of 2024, in Q4 2025 the Vee Group recorded growthof:a) 50.1% in the number of cases (records),b) 51.2% in thenumber of conversation minutes (MPC).The fourth quarter of 2025represented the highest quarterly operating volume in the history of theVee Group.3. Operating Results for the Full Year 2025Inthe full year 2025, the Vee Group processed a total of:a) 11.61million cases (records),b) 7.18 million minutes of conversations(MPC).Compared to 2024, in 2025 the Vee Group recorded growth of:a)45.7% in the number of cases (records),b) 42.9% in the number ofconversation minutes (MPC).The year 2025 represented the highestannual operating volume in the history of the Vee Group.4.Cumulative Operating VolumeIn total, from the commencement ofoperating volume tracking in the Vee Group's operational systems throughthe end of December 2025, the Group has processed 39.32 million cases(records) and 23.70 million minutes of conversations (MPC).5.Business Model and Correlation with Financial PerformanceThe VeeGroup operates under a call/contact center process outsourcing model (AICall Center, AICC), delivering inbound processes and large-scaleoutbound campaigns for clients - particularly from the financialservices sector - in Poland, Austria and Germany. These activitiesinclude, among others, receivables management, lead qualification andinterest verification, satisfaction surveys and NPS research, as well asappointment confirmations.The Vee Group executes its processeswithin a highly scalable operating model, characterized by a high degreeof repeatability, measurability, and operational standardization,supported by proprietary technological solutions. These include advancedcompetencies in voice-based communication ("voice first") and the use ofAI to automate and optimize conversion across telephone-based serviceprocesses.The Group's business model is based on pricingmechanisms directly linked to the volume of processed cases and theduration of conversations, resulting in a strong correlation betweenoperating performance (cases and minutes) and generated revenues.Accordingly, the reported volumes constitute a key operational indicatorof the scale of the Group's business. Reported volumes includeconversations executed both in full production mode and withincommercial pilot projects (POCs), which may affect unit-levelmonetization.The Group's total revenues also includeimplementation (setup) fees, licensing fees, and other componentssettled under fixed-price or success-fee models. In 2024, revenuesgenerated from traffic handling (contact center processes) accounted for93% of the Vee Group's total revenues. Consequently, changes inoperating volumes (cases and minutes) may have a material impact on theGroup's revenue levels, estimated - depending on the structure ofexecuted processes - within a range of 15%.In light of theabove, the Management Board of Vee S.A. considers the disclosedinformation to be material for the assessment of the Group's currentoperating performance and its potential financial results.