Granolio d.d.

Quarterly Report • Apr 30, 2025

Consolidated financial results for the three months period ended 31 March 2025 (unaudited)

General information on Granoliod.d.

GRANOLIO d.d. ("The Company") is a joint-stock company registered with the Commercial Court of Zagreb, Croatia.The Company's tax number (OIB) is 59064993527, and its registration number (MBS) 080111595.

The Company's headquarter is located in Zagreb at Budmanijeva 5.

Subsidiaries

The Company holds 100% of the shares in Zdenačkafarma d.o.o.

It has a controlling influence in the decision-making process in Zdenkamliječniproizvodi d.o.o. which has been consolidated into the Granolio Group since 2011.

Ownership in subsidiaries is presented in the organizational chart below:

The Group monitors its business operations through four business segments:

• Milling

• Dairy and cheese production

• Wholesale trade

• Other

Milling is a segment that includes the production and sale of flour. This business segment is represented exclusively in the parent company.

Dairy and cheese production (hereinafter "Dairy") includes the production and sale of cheese realized in the company Zdenka - mliječni proizvodi d.o.o. and the production and sale of milk on a dairy farm in the company Zdenačka farma d.o.o.

Wholesale is a segment that includes trade in cereals, oilseeds and raw materials for sowing represented in the company Granolio d.d.

The Other segment includes cattle fattening, silos and warehousing services, goods reception services and the like. All of the above is represented in the parent company.

Granolio Group's financial indicators for the three-month period of 2025

In thousands of				EUR
	1-3 2025	1-3 2024	change
Operating income	26.209	21.784	4.425	20%
Operating expenses	(25.248)	(21.458)	(3.790)	(18%)
EBIT	961	326	635	195%
EBIT margin	4%	1%
EBITDA	1.974	1.212	762	63%
EBITDA margin	8%	6%
Net financial result	(504)	(219)	(285)	(130%)
Profit tax	6.405	444
Net result for the period	458	107	351	(328%)
Attributable to the Group	429	11	418	(3743%)
Non-controlling interest	29	96	(67)	70%

The Group's EBITDA in the three-month period of 2025 amounts to EUR 1.974 million.

The net financial result represents the difference between financial income and financial expenses.

Financial indicators			In thousands of EUR
	31.3.2025	31.12.2024	change
Net assets (Capital and reserves)*	27.920	28.440	(520)	(2%)
Total debt	42.396	32.367	10.029	31%
Cash and cash equivalents	241	505	(264)	(52%)
Given loans, deposits and similar**	6.992	3.149	3.843	122%
Net debt	35.163	28.712	6.451	22%
Net debt/ EBITDA	3,05	2,67
EBITDA for the last 12 months	11.526	10.764

* Net assets = capital and reserves attributable to the equity holders of the parent and to the minority interests

** Loans given, securities and deposits

The Group's total debt has increased due to the new loans of Granolio d.d. and Zdenka-mliječni proizvodi d.o.o.

Granolio d.d. In thousands of EUR
	1-3 2025	1-3 2024	change
Operating income	16.957	13.280	3.677	28%
		-
EBIT	586	(59)	645	1094%
margin %	3%	(0%)
EBITDA	961	213	748	351%
margin %	6%	2%
Net financial result	551	312	239	(77%)
Net result	1.137	253	884	(349%)
margin %	6,7%	1,9%

Separate business results for the three-month period of 2025

In the three-month period of 2025, a more favorable operating result was achieved compared to the same period of the previous year due to the increase in flour quantity sales. The net financial result represents the difference between financial income and financial expenses.

Zdenka - mliječni proizvodi d.o.o.			In thousands of EUR
	1-3 2025	1-3 2024	change
Operating income	8.887	8.164	723	9%
EBIT	81	190	(109)	57%
margin %	1%	2%
EBITDA	595	684	(89)	(13%)
margin %	7%	8%
Net financial result	(24)	2	(26)	1300%
Net result	57	191	(134)	70%
margin %	1%	2%

In the three-month period of 2025, the Company generated revenues higher by 9% compared to the same period last year, due to better sales of cheese.

Zdenačka farma d.o.o. In thousands of EUR
	1-3 2025	1-3 2024	change
Operating income	1.412	1.219	193	16%
EBIT	294	196	98	50%
margin %	21%	16%
EBITDA	418	316	102	32%
margin %	30%	26%
Net financial result	(30)	(32)	2	6%
Net result	264	163	101	62%
margin %	19%	13%

In the three-month period of 2025, the Company generated revenues higher by 16% compared to the same period last year due to higher price of milk.

Employees

In the three-month period of 2025, the Group employed 471 employees based on man-hour basis (in the three-month period of 2024: 430 employees).

Environment

Regarding environmental protection, the Group has implemented comprehensive and systematic solutions and established environment-friendly production processes.

Other

The supervisory Board has approved Granolio Group's financial statements for the three-month period 2025. year.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2025	to	31.3.2025
Year:		2025
Quarter:		1.
		Quarterly financial statements
Registration number (MB):	01244272		Issuer's home Member State code:	HRVATSKA
Entity's registration number (MBS):	08011595
Personal identification number (OIB):	59064993527		LEI:	213800O3Z6ZSDBAKG321
Institution code:	15989
Name of the issuer: GRANOLIO d.d.
Postcode and town:	10000		ZAGREB
Street and house number: Budmanijeva 5
	E-mail address: granolio@granolio.hr
	Web address: www.granolio.hr
Number of employees (end of the reporting	523
Consolidated report:	KD	(KN-not consolidated/KD-consolidated)		KN	KD
Audited:	RN	(RN-not audited/RD-audited)		RN	RD
	Names of subsidiaries (according to IFRS):		Registered office:		MB:
	GRANOLIO d.d.			ZAGREB	1244272
	ZDENAČKA FARMA d.o.o.			VELIKI ZDENCI	2095777
	ZDENKA-MLIJEČNI PROIZVODI d.o.o.			VELIKI ZDENCI	1623982
					Yes No
Bookkeeping firm:	No	(Yes/No)		(name of the bookkeeping firm)
	Contact person: Mirjana Kelava
	(only name and surname of the contact person) Telephone: 01/6320-261
	E-mail address: mkelava@granolio.hr
	Audit firm: BDO CROATIA
	(name of the audit firm)
	Certified auditor: VEDRANA STIPIĆ (name and surname)

1. 1. 1. 4.

BALANCE SHEET balance as at 31.3.2025

ADP code Last day of the preceding business year At the reporting date of the current period 2 3 4 001 0 0 002 49.942.827 50.042.868 003 1.352.104 1.300.445 004 0 005 1.352.104 1.300.445 006 0 0 007 0 0 008 0 0 009 0 0 010 48.205.619 48.351.517 011 2.051.970 2.052.330 012 23.010.500 22.740.028 013 12.969.257 12.548.163 014 319.249 299.377 015 1.009.361 1.028.587 016 0 0 017 7.983.870 8.821.946 018 15.197 14.871 019 846.215 846.215 020 385.104 390.906 021 0 0 022 0 0 023 0 0 024 0 0 025 0 0 026 0 0 027 375.261 375.261 028 9.737 15.539 029 0 0 030 106 106 031 0 0 032 0 0 033 0 0 034 0 0 035 0 0 036 0 0 037 38.758.456 44.477.973 038 14.680.706 15.326.182 039 10.331.406 10.015.672 040 719.863 1.605.411 041 1.865.239 2.419.807 042 1.764.198 1.285.292 043 0 0 044 0 0 045 0 0 046 20.808.296 22.309.859 047 648.853 639.285 048 0 0 049 15.844.180 17.936.536 050 922 388 051 2.346.562 1.837.244 052 1.967.779 1.896.406 053 2.764.159 6.601.122 054 0 0 4 Other receivables V DEFERRED TAX ASSETS 3 Finished goods 4 Merchandise in EUR 8 Other tangible assets 9 Investment property III FIXED FINANCIAL ASSETS (ADP 021 to 030) 5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests 2 Concessions, patents, licences, trademarks, software and other rights 3 Goodwill 4 Advances for the purchase of intangible assets 5 Intangible assets in preparation 5 Biological assets 6 Advances for the purchase of tangible assets 7 Tangible assets in preparation Submitter:GRANOLIO d.d._____________________________________________________________ 6 Other intangible assets II TANGIBLE ASSETS (ADP 011 to 019) 1 Item A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID B) FIXED ASSETS (ADP 003+010+020+031+036) I INTANGIBLE ASSETS (ADP 004 to 009) 1 Research and development C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045) 1 Raw materials and consumables 6 Fixed assets held for sale 7 Biological assets 7 Investments in securities 8 Loans, deposits, etc. given 9 Other investments accounted for using the equity method 10 Other fixed financial assets 5 Advances for inventories 2 Work in progress IV RECEIVABLES (ADP 032 to 035) 1 Receivables from undertakings within the group 1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group 4. Investments in holdings (shares) of companies linked by virtue of participating interests 1 Land 2 Buildings 3 Plant and equipment 4 Tools, working inventory and transportation assets 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables II RECEIVABLES (ADP 047 to 052) 1 Receivables from undertakings within the group 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables III CURRENT FINANCIAL ASSETS (ADP 054 to 062) 1 Investments in holdings (shares) of undertakings within the group 4 Receivables from employees and members of the undertaking 5 Receivables from government and other institutions 6 Other receivables

2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	1.259.725	1.259.725
4 Investments in holdings (shares) of companies linked by virtue of			0
participating interests 5 Investment in other securities of companies linked by virtue of	057	0
participating interests	058	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	059	0	0
7 Investments in securities	060	19.858	19.858
8 Loans, deposits, etc. given	061	1.484.576	5.321.539
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	505.295	240.810
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	67.609	312.290
E) TOTAL ASSETS (ADP 001+002+037+064)	065	88.768.892	94.833.131
OFF-BALANCE SHEET ITEMS	066
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	28.440.248	27.919.949
070+076+077+083+086+089)
I INITIAL (SUBSCRIBED) CAPITAL	068	2.523.910	2.523.910
II CAPITAL RESERVES	069	11.171.208	11.171.208
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	1.348.867	1.348.867
1 Legal reserves	071	1.239.189	1.239.189
2 Reserves for treasury shares	072	109.678	109.678
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves	074	0	0
5 Other reserves	075	0	0
IV REVALUATION RESERVES	076	5.264.405	5.164.788
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive income (i.e. available for sale)	078	0	0
2 Cash flow hedge - effective portion	079	0	0
3 Hedge of a net investment in a foreign operation - effective portion			0
	080	0	0
4 Other fair value reserves	081	0
5 Exchange differences arising from the translation of foreign	082	0	0
operations (consolidation)
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084- 085)	083	-1.068.214	3.234.427
1 Retained profit	084	0	3.234.427
2 Loss brought forward	085	1.068.214	0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	4.181.159	429.269
1 Profit for the business year	087	4.181.159	429.269
2 Loss for the business year	088	0	0
VIII MINORITY (NON-CONTROLLING) INTEREST	089	5.018.913	4.047.480
B) PROVISIONS (ADP 091 to 096)	090	0	0
1 Provisions for pensions, termination benefits and similar obligations	091	0	0
2 Provisions for tax liabilities			0
3 Provisions for ongoing legal cases	092	0	0
	093	0	0
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0
6 Other provisions	096	0	0
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	26.303.305	25.321.213
1 Liabilities to undertakings within the group	098	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	099	0	0
3 Liabilities to companies linked by virtue of participating interests	100	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of	101	1.344.723	1.344.723
participating interests
5 Liabilities for loans, deposits etc.	102	530.892	530.892
6 Liabilities to banks and other financial institutions	103	22.506.740	21.688.701
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	432.702	332.097
9 Liabilities for securities	106	332.647	291.066
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	1.155.601	1.133.734
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	30.790.810	38.445.450
1 Liabilities to undertakings within the group	110	116.448	174.393

2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0
3 Liabilities to companies linked by virtue of participating interests	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests	113	0	0
5 Liabilities for loans, deposits etc.	114	4.470.605	6.670.605
6 Liabilities to banks and other financial institutions	115	3.014.883	11.686.844
7 Liabilities for advance payments	116	1.002.554	539.759
8 Liabilities to suppliers	117	20.281.270	17.585.121
9 Liabilities for securities	118	166.323	166.323
10 Liabilities to employees	119	592.015	655.958
11 Taxes, contributions and similar liabilities	120	653.893	607.947
12 Liabilities arising from the share in the result	121	0	0
13 Liabilities arising from fixed assets held for sale	122	0	0
14 Other short-term liabilities	123	492.819	358.500
E) ACCRUALS AND DEFERRED INCOME	124	3.234.529	3.146.519
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	88.768.892	94.833.131
G) OFF-BALANCE SHEET ITEMS	126

for the period 01.01.2025 to 31.03.2025 STATEMENT OF PROFIT OR LOSS

in EUR

Submitter: GRANOLIOd.d._____________
Item	ADP	Same period of the previous year		Current period
	code	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006)	001	21.783.931	21.783.931	26.209.346	26.209.346
1 Income from sales with undertakings within the group 2 Income from sales (outside group)	002 003	0 21.187.654	0 21.187.654	300 24.809.638	300 24.809.638
3 Income from the use of own products, goods and services	004	55.467	55.467	55.546	55.546
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	540.810	540.810	1.343.862	1.343.862
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	21.457.989	21.457.989	25.247.924	25.247.924
1 Changes in inventories of work in progress and finished goods	008	-453.125	-453.125	-1.442.035	-1.442.035
2 Material costs (ADP 010 to 012)	009	18.372.611	18.372.611	22.165.680	22.165.680
a) Costs of raw materials and consumables	010	12.425.038	12.425.038	17.422.581	17.422.581
b) Costs of goods sold	011	4.697.416	4.697.416	2.800.367	2.800.367
c) Other external costs	012	1.250.157	1.250.157	1.942.732	1.942.732
3 Staff costs (ADP 014 to 016) a) Net salaries and wages	013	1.969.547	1.969.547 1.301.934	2.703.659 1.730.504	2.703.659 1.730.504
b) Tax and contributions from salary costs	014 015	1.301.934 423.375	423.375	639.090	639.090
c) Contributions on salaries	016	244.238	244.238	334.065	334.065
4 Depreciation	017	886.440	886.440	1.012.231	1.012.231
5 Other costs	018	324.037	324.037	433.742	433.742
6 Value adjustments (ADP 020+021)	019	0	0	0	0
a) fixed assets other than financial assets	020	0	0	0	0
b) current assets other than financial assets	021	0	0	0	0
7 Provisions (ADP 023 to 028) a) Provisions for pensions, termination benefits and similar obligations	022	0	0 0	0 0	0 0
b) Provisions for tax liabilities	023 024	0 0	0	0	0
c) Provisions for ongoing legal cases	025	0	0	0	0
d) Provisions for renewal of natural resources	026	0	0	0	0
e) Provisions for warranty obligations	027	0	0	0	0
f) Other provisions	028	0	0	0	0
8 Other operating expenses	029	358.479	358.479	374.647	374.647
III FINANCIAL INCOME (ADP 031 to 040)	030	20.880	20.880	42.551	42.551
1 Income from investments in holdings (shares) of undertakings within the group	031	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by virtue of participating interests	032	0	0	0	0
3 Income from other long-term financial investment and loans granted to undertakings within the group	033	0	0	0	0
4 Other interest income from operations with undertakings within the group	034	20.295	20.295	590	590
5 Exchange rate differences and other financial income from operations with undertakings within the group	035	0	0	0	0
6 Income from other long-term financial investments and loans	036	0	0	40.266	40.266
7 Other interest income	037	585	585	1.695	1.695
8 Exchange rate differences and other financial income	038	0	0	0	0
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	0		0	0
IV FINANCIAL EXPENSES (ADP 042 to 048) 1 Interest expenses and similar expenses with undertakings within the	041	240.037	240.037	546.137	546.137
group 2 Exchange rate differences and other expenses from operations with	042	28.496	28.496	28.259	28.259
undertakings within the group	043	0	0	0	0
3 Interest expenses and similar expenses	044	205.741	205.741	511.915	511.915
4 Exchange rate differences and other expenses	045	0	0	0	0
5 Unrealised losses (expenses) from financial assets	046	0	0 0	0 0	0 0
6 Value adjustments of financial assets (net) 7 Other financial expenses	047 048	0 5.800	5.800	5.963	5.963
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE
OF PARTICIPATING INTERESTS	049	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES	050	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	051	0	0	0	0
PARTICIPATING INTEREST VIII SHARE IN LOSS OF JOINT VENTURES	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	21.804.811	21.804.811	26.251.897	26.251.897
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	21.698.026	21.698.026	25.794.061	25.794.061
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	106.785	106.785	457.836	457.836
1 Pre-tax profit (ADP 053-054)	056	106.785	106.785	457.836	457.836
2 Pre-tax loss (ADP 054-053)	057	0	0	0	0
XII INCOME TAX	058	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	106.785	106.785	457.836	457.836

1 Profit for the period (ADP 055-059)	060	106.785	106.785	457.836	457.836
2 Loss for the period (ADP 059-055)	061	0	0	0	0
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS			0	0	0
(ADP 063-064)	062	0
1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations	064	0	0	0	0
XV INCOME TAX OF DISCONTINUED OPERATIONS	065	0	0	0	0
1 Discontinued operations profit for the period (ADP 062-065)	066	0	0	0	0
2 Discontinued operations loss for the period (ADP 065-062)	067	0	0	0	0
TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)
XVI PRE-TAX PROFIT OR LOSS (ADP 055-+062)	068	0	0	0	0
1 Pre-tax profit (ADP 068)	069	0	0	0	0
2 Pre-tax loss (ADP 068)	070	0	0	0	0
XVII INCOME TAX (ADP 058+065)	071	0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072	0	0	0	0
1 Profit for the period (ADP 068-071)	073	0	0	0	0
2 Loss for the period (ADP 071-068)	074	0	0	0	0
APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements)
XIX PROFIT OR LOSS FOR THE PERIOD (ADP 076+077)	075	106.786	106.786	457.836	457.836
1 Attributable to owners of the parent	076	11.162	11.162	429.269	429.269
2 Attributable to minority (non-controlling) interest	077	95.624	95.624	28.567	28.567
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	106.786	106.786	457.836	457.836
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX
(ADP 80+ 87)	079	0	0	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	0	0
1 Changes in revaluation reserves of fixed tangible and intangible
assets	081	0	0	0	0
2 Gains or losses from subsequent measurement of equity instruments			0	0	0
at fair value through other comprehensive income	082	0
3 Fair value changes of financial liabilities at fair value through	083	0	0	0	0
statement of profit or loss, attributable to changes in their credit risk
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at	089	0	0	0	0
fair value through other comprehensive income
3 Profit or loss arising from effective cash flow hedging	090	0	0	0	0
4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091	0	0	0	0
5 Share in other comprehensive income/loss of companies linked by
virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	0	0
7 Changes in fair value of forward elements of forward contracts	094	0	0	0	0
8 Other items that may be reclassified to profit or loss			0	0	0
	095	0
9 Income tax relating to items that may be reclassified to profit or loss	096	0	0	0	0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096)	097	0	0	0	0
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP	098	106.786	106.786	457.836	457.836
078+097)
APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 100+101)	099	106.786	106.786	457.836	457.836
1 Attributable to owners of the parent	100	11.162	11.162	429.269	429.269
2 Attributable to minority (non-controlling) interest	101	95.624	95.624	28.567	28.567

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2025 . to 31.03.2025.

Submitter: GRANOLIO d.d._____________			in EUR
Item	ADP	Same period of the	Current period
1	code 2	previous year 3	4
Cash flow from operating activities
1 Pre-tax profit	001	106.785	457.834
2 Adjustments (ADP 003 to 010):	002	1.092.294	1.485.453
a) Depreciation b) Gains and losses from sale and value adjustment of fixed tangible and	003	886.440	1.012.231
intangible assets	004	113.184	86.160
c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets	005	0	0
d) Interest and dividend income	006	-1.094	-1.226
e) Interest expenses	007	236.581	536.221
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	0	0
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	-142.817	-147.933
I Cash flow increase or decrease before changes in working capital	011	1.199.079	1.943.287
(ADP 001+002)
3 Changes in the working capital (ADP 013 to 016)	012	-5.212.374	-5.613.883
a) Increase or decrease in short-term liabilities	013	-1.791.726	-3.361.996
b) Increase or decrease in short-term receivables c) Increase or decrease in inventories	014	-1.712.339	-1.606.412
d) Other increase or decrease in working capital	015 016	-1.708.309 0	-645.475 0
II Cash from operations (ADP 011+012)	017	-4.013.295	-3.670.596
4 Interest paid	018	-206.072	-580.165
5 Income tax paid	019	-293.014	-140.257
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	-4.512.381	-4.391.018
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets			0
	021	0
2 Cash receipts from sales of financial instruments	022	0	0
3 Interest received	023	1.613	1.650
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	26.275.479	0
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	26.277.092	1.650
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-1.188.352	-1.068.294
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-29.037.883	-3.842.763
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	0 -4.911.057
IV Total cash payments from investment activities (ADP 028 to 032)	033	-30.226.235
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-3.949.143	-4.909.407
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	035	0	0
2 Cash receipts from the issue of equity financial instruments and debt financial instruments	036	0	0
3 Cash receipts from credit principals, loans and other borrowings	037	8.483.758	10.832.813
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	8.483.758	10.832.813
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-1.017.121	-720.365
2 Cash payments for dividends	041	-500.000	-1.000.000
3 Cash payments for finance lease	042	-40.065	-34.926
4 Cash payments for the redemption of treasury shares and decrease in			0
initial (subscribed) capital	043	0
5 Other cash payments from financing activities	044	-41.581	-41.581
VI Total cash payments from financing activities (ADP 040 to 044)	045	-1.598.767	-1.796.872
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	6.884.991	9.035.941
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0	0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047)	048	-1.576.533	-264.484
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	2.541.408	505.295
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	964.875	240.811

STATEMENT OF CASH FLOWS - direct method

for the period __.__.____ to __.__.____

in EUR
Submitter: ______________ Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities			0
1 Cash receipts from customers 2 Cash receipts from royalties, fees, commissions and other revenue	001	0
	002
3 Cash receipts from insurance premiums	003
4 Cash receipts from tax refund	004
5 Other cash receipts from operating activities	005
I Total cash receipts from operating activities (ADP 001 to 005)	006	0	0
1 Cash payments to suppliers	007
2 Cash payments to employees	008
3 Cash payments for insurance premiums	009
4 Interest paid	010
5 Income tax paid	011
6 Other cash payments from operating activities	012
II Total cash payments from operating activities (ADP 007 to 012)	013	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013)	014	0	0
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	015
2 Cash receipts from sales of financial instruments	016
3 Interest received	017
4 Dividends received	018
5 Cash receipts from the repayment of loans and deposits	019
6 Other cash receipts from investment activities	020
III Total cash receipts from investment activities (ADP 015 to 020)	021	0	0
1 Cash payments for the purchase of fixed tangible and intangible assets	022
2 Cash payments for the acquisition of financial instruments	023
3 Cash payments for loans and deposits	024
4 Acquisition of a subsidiary, net of cash acquired	025
5 Other cash payments from investment activities	026
IV Total cash payments from investment activities (ADP 022 to 026)	027	0	0
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027)	028	0	0
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	029
2 Cash receipts the from issue of equity financial instruments and debt financial instruments	030
3 Cash receipts from credit principals, loans and other borrowings	031
4 Other cash receipts from financing activities	032
V Total cash receipts from financing activities (ADP 029 to 032)	033	0	0
1 Cash payments for the repayment of credit principals, loans andother borrowings and debt financial instruments	034
2 Cash payments for dividends	035
3 Cash payments for finance lease	036
4 Cash payments for the redemption of treasury shares and decrease	037
in initial (subscribed) capital 5 Other cash payments from financing activities	038
VI Total cash payments from financing activities (ADP 034 to 038)	039	0	0
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039)	040	0	0
1 Unrealised exchange rate differences in respect of cash and cash equivalents	041
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 + 041)	042	0	0
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	043
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (042+043)	044	0	0

STATEMENT OF CHANGES IN EQUITY for the period from 1.1.2025 to	31.3.2025																in EUR
								Attributable to owners of the parent	Fair value of
Item	ADP	Initial (subscribed)			Reserves for	Treasury shares and		Revaluation	financial assets	Cash flow hedge -	Hedge of a net investment in a	Other fair value	Exchange rate differences from	Retained profit / loss	Profit/loss for the	Total attributable to	Minority (non controlling)	Total capital and
	code	capital	Capital reserves	Legal reserves	treasury shares	holdings (deductible item)	Statutory reserves Other reserves	reserves	through other comprehensive	effective portion	foreign operation -	reserves	translation of foreign	brought forward	business year	owners of the parent	interest	reserves
									income (available for sale)		effective portion		operations			18 (3 to 6 - 7
1 Previous period	2	3	4	5	6	7 8	9	10	11	12	13	14	15	16	17	+ 8 to 17)	19	20 (18+19)
1 Balance on the first day of the previous business year	01	2.523.910	11.174.708	1.140.679	106.178	0	0	0 5.662.872		0	0 0		0	0 -3.257.131	1.892.460	19.243.676	4.110.382	23.354.058
2 Changes in accounting policies 3 Correction of errors	02 03	0 0		0 0	0 0 0 0	0 0	0 0	0 0 0 0		0 0	0 0 0 0		0 0	0 0	0 0 0 0	0 0	0 0	0 0
4 Balance on the first day of the previous business year (restated) (ADP 01 to 03)	04	2.523.910	11.174.708	1.140.679	106.178	0	0	0 5.662.872		0	0 0		0	0 -3.257.131	1.892.460	19.243.676	4.110.382	23.354.058
5 Profit/loss of the period	05	0		0	0 0	0	0	0 0		0	0 0		0	0	0 11.162	11.162	95.624	106.786
6 Exchange rate differences from translation of foreign operations	06	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	07	0		0	0 0	0	0	0 -99.617		0	0 0		0	0 99.617	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale)	08	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
9 Profit or loss arising from effective cash flow hedge	09	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	10	0		0	0 0	0	0	0 0		0	0 0			0	0 0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of				0	0 0	0	0	0		0	0 0		0	0	0 0
participating interests 12 Actuarial gains/losses on the defined benefit obligation	11 12	0 0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0 0	0 0	0 0
13 Other changes in equity unrelated to owners	13	0		0	8 0	0	0	0 0		0	0 0		0	0	0 0	8	0	8
14 Tax on transactions recognised directly in equity 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy	14	0		0	0 0	0	0	0 0		0	0 0		0	0 21.867	0	21.867	0	21.867
settlement procedure or from the reinvestment of profit)	15	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	16	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	17	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
18 Redemption of treasury shares/holdings	18	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
19 Payments from members/shareholders	19	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders	20 21	0 0		0 0	0 0 0 0	0 0	0 0	0 0 0 0		0 0	0 0 0 0		0 0	0 0	0 0 0 0	0 0	-500.000 0	-500.000 0
22 Transfer to reserves according to the annual schedule	22	0		0	0 0	0	0	0 0		0	0 0		0	0 1.892.460	-1.892.460	0	0	0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure 24 Balance on the last day of the previous business year reporting period (ADP	23 24	0 2.523.910	11.174.708	0 1.140.687	0 0 106.178	0 0	0 0	0 0 0 5.563.255		0 0	0 0 0 0		0 0	0 0 -1.243.187	0 0 11.162	0 19.276.713	0 3.706.006	0 22.982.719
04 to 23) APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX	25	0		0	8 0	0	0	0 -99.617		0	0 0		0	0 121.484	0	21.875	0	21.875
(ADP 06 to 14)
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	26	0		0	8 0	0	0	0 -99.617		0	0 0		0	0 121.484	11.162	33.037	95.624	128.661
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED	27	0		0	0 0	0	0	0 0		0	0 0		0	0 1.892.460	-1.892.460	0	-500.000	-500.000
DIRECTLY IN EQUITY (ADP 15 to 23) Current period
1 Balance on the first day of the current business year	28	2.523.910	11.171.208	1.239.181	109.678	0	0	0 5.264.405		0	0 0		0	0 -1.068.206	4.181.159	23.421.335	5.018.914	28.440.249
2 Changes in accounting policies 3 Correction of errors	29 30	0 0		0 0	0 0 0 0	0 0	0 0	0 0 0 0		0 0	0 0 0 0		0 0	0 0	0 0 0 0	0 0	0 0	0 0
4 Balance on the first day of the current business year (restated) (AOP 28 to 30)	31	2.523.910	11.171.208	1.239.181	109.678	0	0	0 5.264.405		0	0 0		0	0 -1.068.206	4.181.159	23.421.335	5.018.914	28.440.249
5 Profit/loss of the period	32	0		0	0 0	0	0	0 0		0	0 0		0	0	0 429.267	429.267	28.566	457.833
6 Exchange rate differences from translation of foreign operations	33	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34	0		0	0 0	0	0	0 -99.617		0	0 0		0	0 99.617	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale)	35	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
9 Profit or loss arising from effective cash flow hedge	36	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	37	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of participating interests	38	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
12 Actuarial gains/losses on the defined benefit obligation	39	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	40 41	0 0		0 0	0 0 0 0	0 0	0 0	0 0 0 0		0 0	0 0 0 0		0 0	0 21.867 0	0 0 0	21.867 0	0 0	21.867 0
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy settlement procedure or from the reinvestment of profit)	42	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement	43	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
procedure 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	44	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
18 Redemption of treasury shares/holdings	45	0		0	0 0	0	0	0 0		0	0 0			0	0 0	0	0	0
19 Payments from members/shareholders	46	0		0	0 0	0	0	0 0		0	0 0		0	0	0 0	0	0	0
20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders	47 48	0 0		0 0	0 0 0 0	0 0	0 0	0 0 0 0		0 0	0 0 0 0		0 0	0 0	0 0 0 0	0 0	-1.000.000 0	-1.000.000 0
22 Carryforward per annual plane 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	49 50	0 0		0 0	0 0 0 0	0 0	0 0	0 0 0 0		0 0	0 0 0 0		0 0	0 4.181.159 0	-4.181.159 0 0	0 0	0 0	0 0
24 Balance on the last day of the current business year reporting period (ADP 31	51	2.523.910	11.171.208	1.239.181	109.678	0	0	0 5.164.788		0	0 0		0	0 3.234.437	429.267	23.872.469	4.047.480	27.919.949
to 50) APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF	52	0		0	0 0	0	0	0 -99.617		0	0 0		0	0 121.484	0	21.867	0	21.867
TAX (ADP 33 to 41) II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32
do 52)	53	0		0	0 0	0	0	0 -99.617		0	0 0		0	0 121.484	429.267	451.134	28.566	479.700
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50)	54	0		0	0 0	0	0	0 0		0	0 0		0	0 4.181.159	-4.181.159	0	-1.000.000	-1.000.000

NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods)

Name of the issuer: _______________________________________________________

Personal identification number (OIB): ________________________________________________________

Reporting period: _____________________________________________

Notes to financial statements for quarterly periods include:

a) explanation of business events relevant to understanding changes in the statement of financial position and financial performance for the reporting semi-annual period of the issuer with respect to the last business year: information is provided regarding these events and relevant information published in the last annual financial statement is updated (items 15 to 15C IAS 34 - Interim financial reporting)

b) information on the access to the latest annual financial statements, for the purpose of understanding information published in the notes to financial statements drawn up for the semi-annual reporting period

c) a statement explaining that the same accounting policies are applied while drawing up financial statements for the semi-annual reporting period as in the latest annual financial statements or, in the case where the accounting policies have changed, a description of the nature and effect of the changes (item 16.A (a) IAS 34 - Interim financial reporting)

d) a description of the financial performance in the case of the issuer whose business is seasonal (items 37 and 38 IAS 34 - Interim financial reporting)

e) other comments prescribed by IAS 34 - Interim financial reporting

f) in the notes to quarterly periods financial statements, in addition to the information stated above, information in respect of the following matters shall be disclosed: 1. undertaking's name, registered office (address), legal form, country of establishment, entity's registration number and, if applicable, the indication whether the undertaking is undergoing liquidation, bankruptcy proceedings, shortened termination proceedings or extraordinary administration

1. adopted accounting policies (only an indication of whether there has been a change from the previous period)

2. the total amount of any financial commitments, guarantees or contingencies that are not included in the balance sheet, and an indication of the nature and form of any valuable security which has been provided; any commitments concerning pensions of the undertaking within the group or company linked by virtue of participating interest shall be disclosed separately

3. the amount and nature of individual items of income or expenditure which are of exceptional size or incidence

4. amounts owed by the undertaking and falling due after more than five years, as well as the total debts of the undertaking covered by valuable security furnished by the undertaking, specifying the type and form of security

5. average number of employees during the financial year

6. where, in accordance with the regulations, the undertaking capitalised on the cost of salaries in part or in full, information on the amount of the total cost of employees during the year broken down into the amount directly debiting the costs of the period and the amount capitalised on the value of the assets during the period, showing separately the total amount of net salaries and the amount of taxes, contributions from salaries and contributions on salaries

7. where a provision for deferred tax is recognised in the balance sheet, the deferred tax balances at the end of the financial year, and the movement in those balances during the financial year

8. the name and registered office of each of the undertakings in which the undertaking, either itself or through a person acting in their own name but on the undertaking's behalf, holds a participating interest, showing the proportion of the capital held, the amount of capital and reserves, and the profit or loss for the latest financial year of the undertaking concerned for which financial statements have been adopted; the information concerning capital and reserves and the profit or loss may be omitted where the undertaking concerned does not publish its balance sheet and is not controlled by another undertaking

9. the number and the nominal value or, in the absence of a nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital

10. the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer

11. the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability

12. the name and registered office of the undertaking which draws up the consolidated financial statements of the largest group of undertakings of which the undertaking forms part as a controlled group member

13. the name and registered office of the undertaking which draws up the consolidated financial statements of the smallest group of undertakings of which the undertaking forms part as a controlled group member and which is also included in the group of undertakings referred to in point 13

14. the place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained, provided that they are available

15. the nature and business purpose of the undertaking's arrangements that are not included in the balance sheet and the financial impact on the undertaking of those arrangements, provided that the risks or benefits arising from such arrangements are material and in so far as the disclosure of such risks or benefits is necessary for the purposes of assessing the financial position of the undertaking

16. the nature and the financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet

Notes to the consolidated report for the three months period ended

31 March 2025

1. The company that is the subject of reporting

GRANOLIO d.d. ("The Company") is a joint-stock company registered with the Commercial Court of Zagreb, Croatia.

The Company's tax number (OIB) is 59064993527, and its registration number (MBS) 080111595.

The Company's headquarter is located in Zagreb at Budmanijeva 5.

The Company has General Assembly, Supervisory Board and Management Board.

2. Basis of preparation of financial statements and significant accounting policies

The same accounting policies are applied when preparing the financial statements for previous periods as in the last quarterly financial report.

3. Financial liabilities, guarantees or contingencies not included in the balance sheet

Guarantees and co-debts on loans were given to member of the group Zdenka-mliječni proizvodi d.o.o. in the amount of 2.655.527 EUR.

4. The amount and nature of individual items of income or expense of exceptional size or occurrence

There was no revenue or expenditure of extraordinary size or occurrence.

5. Liabilities maturing after more than five years and debts covered by valuables insurance provided by the Company

Loans received						000' EUR
	31 Mar 2025	2025	2026	2027	2028	from 2029
Loans received from banks	22.307	6.041	1.607	2.227	2.550	12.351
Loans received from third parties	8.544	3.594	3.340	1.610	-	-
Leasing	66	18	12	12	12	12
	30.917	9.653	4.959	3.849	2.563	12.363

Loans received from banks are secured by mortgage on asset, bills of exchange and promissory notes.

Liabilities for securities						000' EUR
	31 Mar 2025	2025	2026	2027	2028	from 2029
Liabilities for securities	457	125	166	166	-	-
	457	125	166	166	-	-

Liabilities under securities are secured by bills of exchange and promissory notes

6. Average number of employees during the business year

Average number of employees during the current period: 524.

7. Capitalized salary cost during the year

The Company did not capitalize the cost of salaries in the business year.

8. Deferred taxes

31 Mar 2025
1.156
(22)
1.134

1. Name and registered office of each company in which the issuer, either alone or through a person acting in its own name but on behalf of the issuer, holds a participating interest, stating the amount of capital held, the amount of total capital and reserves, and profit or loss

Zdenačka farma d.o.o.,Mate Lovraka 118/b, Veliki Zdenci, OIB 35460243768

Zdenka-mliječni proizvodi d.o.o.,Trg kralja Tomislava 15, Veliki Zdenci, OIB 45651553790

Investments as at 31 March 2025	000' EUR
			Result for the
	Share in Equity	Total Equity	period
ZDENAČKA FARMA d.o.o.	3.918	3.780	264
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	3.414	4.047	29

10. Number and nominal value of shares subscribed during the business year within the authorized capital

The company had no subscription of shares.

1. Existence of any certificates of participation, convertible debentures, guarantees, options or similar securities or rights, indicating their number and the rights conferring The Group has no certificates of participation, convertible debentures, guarantees, options or the like securities or rights.

The company has no certificates.

12. Name, registered office and legal form of each company in which the issuer has unlimited liability The Group has no stake in companies with unlimited liability.

The company holds 100% of the company Zdenačka farma d.o.o., Veliki Zdenci, Mate Lovraka 118 / b, OIB 35460243768

1. Name and registered office of the company compiling the quarterly consolidated financial statements of the largest group of companies in which the issuer participates as a controlled member of the group

The company is the ultimate parent and is not a controlled member of another group.

1. Name and registered office of the company compiling the annual consolidated financial statements of the smallest group of companies in which the issuer participates as a controlled member and which is also included in the group of companies referred to in point 13.

The company is the ultimate parent and there are no other companies in its group that have control over third companies.

1. The place where copies of the quarterly consolidated financial statements referred to in points 13 and 14 can be obtained.

The company prepares quarterly non-consolidated and consolidated financial statements which are published on the Zagreb Stock Exchange, Hanfia and the company's website www.granolio.hr.

1. Nature and business purpose of arrangements of companies not included in the balance sheet and financial impact of those arrangements on the issuer, provided that the risks or rewards of such arrangements are material and to the extent that disclosure of such risks or rewards is necessary to assess the issuer's financial condition

The Company has no material arrangements with companies that are not included in the presented unconsolidated financial statements.

1. Nature and financial impact of significant events that occurred after the balance sheet date and were not reflected in the income statement or balance sheet

There were no significant events after the balance sheet date.