In accordance with the Ljubljana Stock Exchange rules and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana (“Sava Re”, “Pozavarovalnica Sava” or the “Company”), makes the following announcement:

Today, S&P Global Ratings (the “Agency”) published its latest credit ratings for Sava Re d.d. and Zavarovalnica Sava d.d. on its website www.spglobal.com/en, affirming their long-term issuer credit and financial strength ratings at “A+” with a stable outlook. The Agency also affirmed the “A-” issue ratings on two of Sava Re’s junior subordinated outstanding bonds.

At the same time, the Agency upgraded the stand-alone credit profile (SACP) of Sava Re and Zavarovalnica Sava from “a” to “a+”. As a result, the “A+” rating of both companies is now based solely on their own business and financial strength, without the rating uplift previously derived from Sava Re’s status as a government-related entity (GRE). At the same time, the Agency continues to assess the Company as having an important role for and strong links to the Republic of Slovenia (rated “AA”, outlook stable).

The Agency attributes the upgrade of the Company’s SACP to its long-term track record of outperforming international peers, supported by very strong underwriting and operations performance in 2025 and the first quarter of 2026. According to the Agency’s methodology, the Group reported a combined ratio of 87.4% and a return on equity (ROE) of 16.4% in 2025, while net profit has more than tripled over the past ten years to reach EUR 114 million. The Agency also highlights the Group’s earnings diversity, with international operations – comprising international reinsurance and primary insurance in the Adriatic region – accounting for more than a quarter of total revenue and contributing commensurately to the Group’s results. In addition, the Agency notes that the Group maintains capital buffers above the 99.99% confidence level under its risk-based capital model, while the Solvency II capital ratio stood between 218% and 224% at the end of the first quarter of 2026.

The stable outlook reflects the Agency’s expectation that the Sava Insurance Group will continue to pursue profitable growth over the next two years, while maintaining solid, stable earnings and very strong capitalisation. The Agency believes that the Group’s existing capital buffers provide solid strategic flexibility for both organic and inorganic expansion in its key markets and products.

This announcement will also be available on the Company’s website, at www.sava-re.si, at least five years from the publication date.