Telelink Business Services Group AD

Interim / Quarterly Report • Nov 30, 2025

EXCERPTS

31/03/2025

consolidated non audited

	Data for the respective reporting period
Starting date:	01/01/2025
Ending date:	30/09/2025
Date of preparation:	01/12/2025
	Data about the person
Name of the person:	Telelink Business Services Group AD
Type of person:	Public company
UIC:	205744019
Represented by:	Ivan Krasimirov Zhitiyanov
Way of representation:	EXECUTIVE DIRECTOR
	Sofia, Vitosha district, 2 "Donka Ushlinova" Str.
Management address:	Garitage Park, Building 1, 4th floor
	1766 Sofia
	Sofia, Vitosha district, 2 "Donka Ushlinova" Str.
Correspondence address:	Garitage Park, Building 1, 4th floor
	1766 Sofia
Telephone number:	+359 2 9882413
Fax:
E-mail:	IR-TBS@TELELINK.COM
Website:	https://www.tbs.tech/investors/
Media:	x3news
Person that prepared the report:	Jordanka Klenovska
Position:	Financial Director

^*last update December 2021

BALANCE SHEET

(consolidated)

Telelink Business Services Group AD 205744019 30/09/2025

ASSETS	Code	Current period	Previous period	LIABILITIES	Code	Current period	*(thousand BGN) Previous period
а		1	2	а	б	1	2
А. NON-CURRENT ASSETS				А. SHAREHOLDERS' EQUITY
I. Property, plant and equipment				I. Share capital
1. Land	1-0011	0		0 Issued and outstanding shares	1-0411	12,500	12,500
2. Buildings	1-0012	4,256		4,869 Ordinary shares	1-0411-1	12,500	12,500
3. Machinery and equipment	1-0013	1,033		366 Preferred shares	1-0411-2	0	0
4. Facilities	1-0014	0		0 Treasury ordinary shares	1-0417	0	0
5. Vehicles	1-0015	1,657		2,083 Treasury preferred shares	1-0417-1	0	0
6. Office fittings	1-0017-1	963		1,082 Unpaid capital	1-0416	0	0
7. Assets under construction	1-0018	8		0 Total share capital	1-0410	12,500	12,500
8. Other	1-0017	8,559		9,224 II. Reserves
Total property, plant and equipment	1-0010	16,476		17,624 1. Issue premiums	1-0421
II. Investment property	1-0041	525		526 2. Revaluation reserve	1-0422
III. Farm animals	1-0016	0		0 3. Reserves incl.:	1-0423	-14,759	-12,532
IV. Intangible assets				general reserves	1-0424	1,377	1,374
1. Rights of ownership	1-0021	22		0 special reserves	1-0425	-449	-537
2. Software	1-0022	351		814 other reserves	1-0426	-15,687	-13,369
3. R&D expenses	1-0023	0		0 Total reserves	1-0420	-14,759	-12,532
4. Other intangible assets	1-0024	56		267 III. Retained earnings
Total intangible assets	1-0020	429		1,081 1. Retained earnings from previous periods	1-0451	38,549	26,917
				undistributed profit	1-0452	38,549	26,917
V. Goodwill				loss not covered	1-0453	0	0
1. Positive goodwill	1-0051	15,922		15,922 one-time effect from changes in accounting policy	1-0451-1	0	0
2. Negative goodwill	1-0052	0		0 2. Current year profit	1-0454	16,743	11,615
Total goodwill	1-0050	15,922		15,922 3. Current year loss	1-0455	0	0
VI. Financial assets				Total retained earnings	1-0450	55,292	38,532
1. Share participations in:	1-0031	0	0
subsidiary companies	1-0032
joint ventures	1-0033			TOTAL SHAREHOLDERS' EQUITY	1-0400	53,033	38,500
associated companies	1-0034
other companies	1-0035
2. Long-term investment securities held to maturity	1-0042	0		0 B. MINORITY SHAREHOLDINGS	1-0400-1
treasury bonds	1-0042-1
bonds	1-0042-2			C. LONG-TERM LIABILITIES
incl. municipality bonds	1-0042-3			I. Long-term debt
other	1-0042-4			1. Due to related parties	1-0511	0	0
3. Other financial assets	1-0042-5			2.Due to financial institutions	1-0512	5,560	5,210
Total long-term financial assets	1-0040	0		0 3. Due under ZUNK	1-0512-1	0	0
VII. Long-term trade and other receivables from:				4. Trade loans	1-0514	0	0
1. Related parties	1-0044			5. Bonds	1-0515	0	0
2. Trade loans	1-0045			6. Other long-term liabilities	1-0517	62	2,594
3. Financial lease receivables	1-0046-1			Total long-term debt	1-0510	5,622	7,804
4. Other long-term receivables	1-0046	29	363
Total long-term trade and other receivables	1-0040-1	29		363 II. Other long-term liabilities	1-0510-1	3,654	4,768
				III. Deferred revenues	1-0520	7,050	7,267
VIII. Deferred expenses	1-0060	9,474		9,551 IV. Liabilities on deferred taxes	1-0516	0
IX. Assets on deferred tax payments	1-0060-1	1,732		1,731 V. Financing	1-0520-1	547	547
TOTAL NON-CURRENT ASSETS	1-0100	44,587		46,798 TOTAL LONG-TERM LIABILITIES	1-0500	16,873	20,386
B. CURRENT ASSETS
I. Inventory				D. SHORT-TERM LIABILITIES
1. Materials	1-0071	444		270 I. Trade and other payables
2. Finished goods	1-0072	0		0 1. Short-term borrowings	1-0612	17,324	13,252

3. Goods for resale	1-0073	4,545		1,461 2. Short-term part of long-term loans	1-0510-2	0	0
4. Work in progress	1-0076	4,630		3,919 3. Short-term payables	1-0630	63,668	73,075
5. Farm animals	1-0074	0		0 related parties payables	1-0611	0	2
6. Other	1-0077	0		0 trade loans	1-0614	0	0
Total inventory	1-0070	9,619		5,650 trade accounts payables	1-0613	44,104	58,507
				advance payments	1-0613-1	12,027	1,051
II. Receivables				salaries payable	1-0615	2,060	3,752
1. Related parties receivables	1-0081	4,556		5,167 social security payable	1-0616	680	642
2. Trade accounts receivables	1-0082	102,019		77,663 tax payable	1-0617	4,797	9,121
3. Advance payments	1-0086-1	2,496		369 4. Other	1-0618	2,954	4,251
4. Trade loans	1-0083	0		5. Provisions	1-0619	18,098	11,288
5. Court receivables	1-0084	0		0 Total trade and other payables	1-0610	102,044	101,866
6. Recoverable taxes	1-0085	1,427		1,490 II. Other short-term liabilities	1-0610-1	2,671	2,641
7. Personnel receivables	1-0086-2	0	0
8. Other receivables	1-0086	368		1,274 III. Deferred revenues	1-0700	7,337	12,507
Total receivables	1-0080	110,866	85,963
				IV. Financing	1-0700-1	246	725
III.Financial assets
1. Financial assets held for trading	1-0093	0		0 TOTAL SHORT-TERM LIABILITIES	1-0750	112,298	117,739
bonds	1-0093-1
derivatives	1-0093-2
other	1-0093-3
2. Financial assets declared for sale	1-0093-4
3. Other current financial assets	1-0095
Total current financial assets	1-0090	0	0
IV. Cash and cash equivalents
1. Cash	1-0151	1	2
2. Cash in banks	1-0153	6,456	24,883
3. Restricted cash	1-0155	0	0
4. Cash equivalents	1-0157	59	94
Total cash and cash equivalents	1-0150	6,516	24,979
V. Deferred expenses	1-0160	10,616	13,235
TOTAL CURRENT ASSETS	1-0200	137,617	129,827
TOTAL ASSETS	1-0300	182,204		176,625 TOTAL LIABILITIES	1-0800	182,204	176,625

Date: 01 December, 2025

Preparer: Jordanka Klenovska

Representative: Ivan Zhitiyanov

INCOME STATEMENT

(consolidated)

Telelink Business Services Group AD 205744019 30/09/2025

							*(thousand BGN)
EXPENSES	Code		Current period Previous period	REVENUES	Code		Current period Previous period
а		1	2	а	б	1	2
А. Expenditures				А. Revenues
I. Operating expenses				I. Net revenues from the sale of:
1. Materials	2-1120	679		704 1. Finished goods	2-1551	0	0
2. External services	2-1130	61,339		48,073 2. Goods for sale	2-1552	83,311	40,954
3. Depreciation	2-1160	5,403		4,236 3. Services	2-1560	102,208	80,434
4. Salaries	2-1140	24,795		21,778 4. Other	2-1556	50	120
5. Social security	2-1150	3,147	2,858	Total net revenues from sale 2-1610		185,569	121,508
6. Net book value of assets sold (finished goods excluded)	2-1010	49,014	31,987
7. Changes in inventories of finished goods and work in progress	2-1030	-371		1,593 II. Revenues from financing	2-1620	559	448
8. Other expenses	2-1170	20,378		3,926 incl. government grants	2-1621	559	448
incl. impairment of assets	2-1171	0	0
incl. provisions	2-1172	-137		0 III. Financial income
Total operating expenses: 2-1100		164,384		115,155 1. Interest revenue	2-1710	0	1
				2. Divident income	2-1721	0	0
II. Financial expenses				3. Gains from operations with financial assets and instruments	2-1730	0	0
1. Interest expenses	2-1210	803		815 4. Gains from foreign exchange operations	2-1740	2,877	1,275
2. Losses from operations with financial assets and instruments	2-1220	0		-1 5. Other financial income		0	0
3. Losses from foreign exchange operations	2-1230	4,748	1,622	Total financial income 2-1700		2,877	1,276
4. Other financial expenses	2-1240	353	258
Total financial expenses: 2-1200		5,904	2,694
B. Total operating expenses	2-1300	170,288		117,849 B. Total revenues before extraordinary activities	2-1600	189,005	123,232
C. Profit/(loss) from operations	2-1310	18,717		5,383 C. Operating loss	2-1810	0	0
III. Share in the profit of associated and joint companies	2-1250-1	0		0 IV. Share in the loss of associated and joint companies	2-1810-1	0	0
IV. Extraordinary costs	2-1250	101		173 V. Extraordinary revenues	2-1750	60	299
D. Total expenses	2-1350	170,389		118,022 D. Total revenues	2-1800	189,065	123,531
E. Profit before tax	2-1400	18,676		5,509 E. Loss before taxes	2-1850	0	0
V. Tax expense	2-1450	1,933	796
1.Corporate profit tax	2-1451	1,933	796
2. Expenses/(gains) on deferred corporate taxes	2-1452	0	0
3. Other taxes	2-1453	0	0
F. Profit after taxes	2-0454	16,743		4,713 F. Loss after taxes	2-0455	0	0
incl. from minotiry shareholding	2-0454-1			incl. from minority shareholdings	2-0455-1
G. Net profit	2-0454-2	16,743		4,713 G. Net loss	2-0455-2	0	0
Total	2-1500	189,065	123,531 Total		2-1900	189,065	123,531

Note: Exerpt № 2 - Income statement is prepared on accumulated basis.

Date: 01 December, 2025

Preparer: Jordanka Klenovska

Representative: Ivan Zhitiyanov

CASH FLOW STATEMENT

(consolidated)

Telelink Business Services Group AD 205744019

30/09/2025 *(thousand BGN)

CASH FLOW	Code	Current period	Previous period
а		1	2
А. Cash flow from operating activities
1. Cash receipts from customers	45351	197,059	173,056
2. Cash paid to suppliers	3-2201-1	-157,902	-133,302
3. Payments/income related to financial assets	3-2202	0	0
4. Cash paid to employees and social security	3-2203	-28,910	-25,456
5. Paid/refunded taxes except corporate tax/	3-2206	-19,886	-13,346
6. Corporate tax paid	3-2206-1	-689	-1,050
7. Interest received	3-2204	0	0
8. Interest and bank charges paid on short-term loans	3-2204-1	-13	-188
9. Foreign currency exchange gains/losses net	3-2205	-1,692	-350
10. Other proceeds/payments from operational activity	3-2208	-197	73
Net cash flow from operational activities (A):	3-2200	-12,230	-563
B. Cash flow from investing activity
1. Purchase of fixed assets	3-2301	-2,768	-5,186
2. Sale of fixed assets	3-2301-1	0	271
3. Loans granted	3-2302	0	0
4. Proceeds from loans	3-2302-1	0	505
5. Interest received on granted loans	3-2302-2	0	0
6. Purchase of investments	3-2302-3	-2,596	-10,747
7. Sale of investments	3-2302-4	0	93
8. Dividents received	3-2303	0	0
9. Foreign currency exchange gains/losses net	3-2305	0	0
10. Other proceeds/payments from investing activity	3-2306	80	322
Net cash flow from investing activities (B):	3-2300	-5,284	-14,742
C. Cash flow from financing activities
1. Proceeds on securities issued	3-2401	0	0
2. Payments on securities buy-back	3-2401-1	-2,307	-159
3. Proceeds on loans	3-2403	7,888	75,278
4. Payments of loans	3-2403-1	-3,448	-65,269
5. Payments on leasing contracts	3-2405	-2,093	-1,818
6. Paid interest, charges and commissions on investment loans	3-2404	-634	-252
7 . Dividents paid	3-2404-1	0	0
8. Other proceeds/payments on financing activities	3-2407	-355	-259
Net cash flow from financing activities (C):	3-2400	-949	7,521
D. Net decrease/increase in cash and cash equivalents (A+B+C):	3-2500	-18,463	-7,784
E. Cash and cash equivalents as of the beginning of the period	3-2600	24,979	14,091
F. Cash and cash equivqlents as of the end of the period	3-2700	6,516	6,307
cash and bank deposits	3-2700-1	6,516	6,307
restricted cash	3-2700-2

Note:

The number in the cell "Cash and cash equivalents at the beginning fo the period" represents the respective value at the beginning of the year .

Date: 01 December, 2025

Preparer: Jordanka Klenovska

Representative: Ivan Zhitiyanov

CHANGES IN SHAREHOLDERS' EQUITY STATEMENT

(consolidated)

Telelink Business Services Group AD 205744019

30/09/2025 *(thousand BGN)

					Reserves			Retained earnings
INDEXES	Code	Share capital	Issue premiums	Revaluation reserve	Reserves including:			profit	loss	Reserve from transfers	Total shareholders' equity	Minority shareholdings
					general	special	other
а	45291	1	2	3	4	5	6	7	8	9	10	11
Code of the row - 6	45351	1-0410	1-0410	1-0422	1-0424	1-0425	1-0426	1-0452	1-0453	4-0426-1	1-0400	1-0400-1
Balance-beginning of reporting period	4-01	12,500	0	0	1,374	-537	-13,369	38,532			38,500	0
Changes in initial balances due to:	4-15	0	0	0	0	0	0	0	0	0	0	0
Effect from changes in accounting policy	4-15-1										0
Fundamental mistakes	4-15-2										0
Corrected balance - beginning of reporting period	4-01-1	12,500	0	0	1,374	-537	-13,369	38,532	0	0	38,500	0
Net profit/loss	4-05							16,743	0		16,743
1. Distributed profit for:	4-06	0	0	0	0	0	0	0	0	0	0	0
dividends	4-07										0
other	4-07-1										0
2. Loss coverage	4-08										0
3. Revaluation of non-current tangible and intangible assets, incl.:	4-09	0	0	0	0	0	0	0	0	0	0	0
increase	4-10										0
decrease	4-11										0
4. Revaluation of financial assets and instruments, incl.:	4-12	0	0	0	0	0	0	0	0	0	0	0
increase	4-13										0
decrease	4-14										0
5. Deferred tax effect	4-16-1										0
6. Other changes	4-16				3	88	-2,318	17			-2,210
Balance - end of reporting period	4-17	12,500	0	0	1,377	-449	-15,687	55,292	0	0	53,033	0
7. Changes from transfers of annual financial reports of companies abroad	4-18										0
8. Changes from revaluation of financial reports in case of hyper inflation	4-19										0
Shareholders' equity - as of end of reporting period	4-20	12,500	0	0	1,377	-449	-15,687	55,292	0	0	53,033	0

Note: The number in the cell "Balance at the beginning of the reporting period" represents the respective value at the end of the previous period.

Date: 01 December, 2025

Preparer: Jordanka Klenovska

YORDANKA LYUBCHOVA KLENOVSKA

Digitally signed by YORDANKA LYUBCHOVA KLENOVSKA Date: 2025.12.01 15:59:20 +02'00'

Representative: Ivan Zhitiyanov

IVAN KRASIMIROV ZHITIYANOV

Digitally signed by IVAN KRASIMIROV ZHITIYANOV Date: 2025.12.01 17:29:23 +02'00'