COLUMBUS ENERGY S.A.

Shareholders of Columbus Energy S.A.

Columbus Energy S.A. is a listed company whose shares trade on the Main Market of the Warsaw Stock Exchange. A Polish listed issuer does not publish a complete share register: ownership is disclosed through notifications made under art. 69 of the Act on Public Offering, which are triggered only when a holding crosses statutory thresholds (5%, 10%, 15%, 20%, 25%, 33%, 33⅓%, 50%, 75% and 90% of total votes). Holdings below the lowest threshold, and movements between thresholds, are not disclosed.

The shareholding presented by the company in its investor–relations section is dominated by a single shareholders’ agreement (porozumienie) within the meaning of art. 87 of that Act, shown as holding 48,473,139 shares, representing 70.48% of the share capital and 70.48% of the votes at the general meeting. The company identifies the parties to that agreement as Dawid Zieliński, Gemstone ASI S.A., KPM INVEST sp. z o.o., Piotr Kurczewski, Janusz Sterna and Polsyntes sp. z o.o., and states a combined figure of 72.56% for those parties; the two percentages are presented side by side in the company’s own disclosure and have not been reconciled here.

The underlying art. 69 notification was made on 1 April 2025 by Dawid Zieliński acting under art. 87(3) on behalf of the parties to an agreement dated 8 October 2019. The parties named in that notification are Dawid Zieliński, Gemstone Alternatywna Spółka Inwestycyjna S.A. (Kraków), Odyssey Capital sp. z o.o. (Otwock, formerly Polsyntes sp. z o.o.), Piotr Kurczewski and Janusz Sterna. The composition differs from the list shown on the investor–relations page (which names KPM INVEST sp. z o.o. and uses the former name Polsyntes sp. z o.o.), so both versions are recorded rather than merged.

The split of the agreement’s holding between its individual parties, and the identity of any other shareholder above 5%, could not be established from an authoritative source within this review. The remaining share capital is assumed to be free float but has not been verified.

Ultimate beneficial ownership

No ultimate beneficial owner is asserted here. The parties to the shareholders’ agreement include both natural persons (Dawid Zieliński, Piotr Kurczewski, Janusz Sterna) and corporate holders (Gemstone ASI S.A., Odyssey Capital sp. z o.o. / Polsyntes sp. z o.o., KPM INVEST sp. z o.o.). Direct or indirect holders disclosed under art. 69 are not the same thing as beneficial owners: the individual percentage held by each party, and the persons standing behind the corporate parties, were not verified, and no beneficial owner is named on that basis. Poland maintains a Central Register of Beneficial Owners (Centralny Rejestr Beneficjentów Rzeczywistych), which was not consulted for this entry; a KYB file should take the UBO position from that register or from the company directly.

Data availability

The ownership record underlying this profile contained a single entry, "SPDR Portfolio Emerging Markets ETF – 100%". That entry is inconsistent on its face: a passive index fund does not hold the entire share capital of a listed issuer, and it conflicts with the company’s own disclosure of a 70.48% shareholders’ agreement. It has not been used and should not be relied on. The ownership information above is taken from the company’s investor–relations disclosure and from the art. 69 notification described; percentages change whenever a threshold is crossed and should be re–checked against the latest current reports before use.

Directors and officers of Columbus Energy S.A.

As a Polish joint–stock company, Columbus Energy S.A. has two separate bodies: the Zarząd (management board), which manages the company and represents it externally, and the Rada Nadzorcza (supervisory board), which oversees the management board and does not represent the company in dealings with third parties. The two must not be conflated.

Zarząd (management board), as published by the company:

• Dawid Zieliński – Prezes Zarządu (President of the Management Board)
• Michał Gondek – Wiceprezes Zarządu (Vice–President of the Management Board)

Rada Nadzorcza (supervisory board), as published by the company:

• Michał Kalinowski – Przewodniczący Rady Nadzorczej (Chairman of the Supervisory Board)
• Konrad Cedro – Członek Rady Nadzorczej (Member of the Supervisory Board)
• Michał Bochowicz – Członek Rady Nadzorczej (Member of the Supervisory Board)
• Arkadiusz Krzemiński – Członek Rady Nadzorczej (Member of the Supervisory Board)
• Dorota Semenowicz – Członek Rady Nadzorczej (Member of the Supervisory Board)

Nationality is not disclosed for any of the persons listed, and none has been inferred.

Recent officer changes

• 3 September 2026 – current report 29/2026: resignation of Dariusz Kowalczyk–Tomerski from the office of Wiceprezes Zarządu (Vice–President of the Management Board), with effect from that date.

Further changes to the composition of the Rada Nadzorcza were announced during 2026 in current reports 3/2026 and 14/2026; the effective dates of those changes were not verified and are therefore not stated.

Data availability

The officer record underlying this profile carried four management–board entries with no dates: "Dawid Zieliński" as President, "Michał Gondek" as Vice–President, "Dariusz Kowalczyk" as Vice–President and "Dariusz Kowalczyk–tomerski" as Vice–President. The last two have been deduplicated into a single person, Dariusz Kowalczyk–Tomerski, whose surname is double–barrelled and appears to have been truncated in one of the two entries; no additional individual has been created. That person is no longer a member of the management board following his resignation of 3 September 2026, so the record is out of date on this point.

The lists above reflect the composition published by the company at the date of this review. Board members of a Polish joint–stock company serve for terms fixed by the statute and changes take effect on the date of the resolution or resignation rather than on the date of registration in the KRS, so the KRS extract and the company’s current reports may differ for a period. Dates of appointment, terms of office and the scope of representation were not verified and should be taken from a current KRS extract.

Group structure of Columbus Energy S.A.

Columbus Energy S.A. is the parent of a capital group and is not itself controlled by a corporate parent. No single shareholder is disclosed as holding a controlling stake in its own right; the largest disclosed position is a shareholders’ agreement (porozumienie) of several persons and companies reported at 70.48% of the votes, which means control over the general meeting is exercised jointly by the parties to that agreement rather than by one entity above the company. The bogus "SPDR Portfolio Emerging Markets ETF – 100%" entry in the source record does not establish a parent and has not been used.

The consolidated annual report for 2025 could not be obtained during this review, so the subsidiary list below has not been reconciled against the group’s own list of consolidated entities. The entities are those recorded in the linkage data held on file, together with one further company named in the exchange’s profile of the issuer. Ownership percentages are not stated because none was verified.

Data availability

The linkage record and the group’s published information do not fully agree: the record lists five subsidiaries and does not include Columbus Obrót sp. z o.o., which the exchange profile identifies as the group’s energy–trading entity. Conversely, none of the five recorded entities was confirmed as a consolidated subsidiary from an official filing within this review. Both positions are shown above rather than silently merged.

The scope of consolidation changed materially in the period under review: standalone total assets fell from PLN 799.0 million at 31 December 2024 to PLN 275.8 million at 31 December 2025, and the supervisory authority issued reporting recommendations concerning the method of consolidation that delayed publication of the 2025 annual reports. Any group chart used for onboarding should therefore be taken from the consolidated annual report for 2025 and from current KRS extracts for each entity, and the ownership percentages obtained from those sources.