Ilirija d.d.

Annual Report • Oct 30, 2025

FINANCIAL STATEMENTS FOR THE PERIOD 01/01-30/09/2025

Biograd na Moru, October 2025

TABLE OF CONTENTS

Overview of key performance indicators for the period 01/01-	4	5 FINANCIAL RESULTS AT COMPANY LEVEL	100
30/09/2025		5.1 Financial-operating results of the Company	100
		5.1.1 Hotel sector	100
Key information for the period 01/01-30/09/2025	9	5.1.2 Nautical sector	102
		5.1.3 Camping sector	105
1 ABOUT ILIRIJA d.d.	13	5.1.4 City Galleria Business and Shopping Centre	107
1.1 Basic information	13
1.2 Chronological overview of the Company's development	14	5.2 Financial position of the Company	109
1.3 Company's bodies	19	5.2.1 Financial results of the Company	109
1.4 Subsidiaries	20	5.2.2 Financial position of the Company	113
1.5 Affiliated companies	20
1.6 Ownership structure of the Company and overview of trading in	21
Company's shares at Zagreb Stock Exchange		6 ADDITIONAL INFORMATION ON THE STATUS AND BUSINESS OPERATIONS	119
1.7 Company business model	25	OF THE COMPANY
1.8 Brands of the Company	26	6.1 Significant events	119
		6.2 Legal matters	121
2 CORPORATE STRATEGY AND GOVERNANCE	28	6.3 Investments in 2025	124
2.1 Vision, mission and fundamental values	28	6.4 Non-operating assets	125
2.2 Organisational structure	29	6.5 Other	126
2.3 Risks and risk management	30
		7 BUSINESS EXPECTATIONS IN 2025	128
3 BUSINESS CAPACITIES OF THE COMPANY AND ADDITIONAL	41
FACILITIES		8 NOTES	130
3.1 Hotel sector	43
3.2 Nautical sector	46	Financial statements for the period 01/01-30/09/2025	131
3.3 Camping sector	49
3.4 Ilirija Travel	51	Notes to the financial statements	145
3.5 Hospitality	53
3.6 Additional facilities	55	Representation letter by persons responsible for the preparation of financial	148
3.7 City Galleria Business and Shopping Centre	58	statements
4 KEY PHYSICAL PERFORMANCE INDICATORS OF THE COMPANY	59
4.1 Hotel sector	61
4.2 Nautical sector - Marina Kornati	71
4.3 Camping sector - Campsite "Park Soline"	83
4.4 City Galleria Business and Shopping Centre	94
4.5 Ilirija Travel	98

OVERVIEW OF KEY PERFOR-MANCE INDICATORS FOR THE PERIOD 01/01-30/09/2025

in EUR	I-IX 2025	I-IX 2024	INDEX 2025/2024
Financial indicators
Total revenue	29.866.273,38	27.724.211,90	107,73
Operating revenue	29.605.398,77	27.481.001,01	107,73
Hospitality	9.666.760,41	8.967.128,66	107,80
Nautics	8.724.670,87	8.062.177,01	108,22
Camping	8.471.961,17	7.672.624,63	110,42
Real-estate sector	1.714.098,48	1.629.288,25	105,21
Other sectors and profit centers	1.027.907,84	1.149.782,46	89,40
Revenues from sales	29.501.959,13	27.250.342,27	108,26
EBITDA	11.318.770,29	10.776.806,01	105,03
EBITDA margin	38,23%	39,22%	97,49
Adjusted EBITDA	11.555.559,61	10.851.834,72	106,48
Adjusted EBITDA margin	39,03%	39,49%	98,84
EBIT	8.900.463,99	8.426.225,32	105,63
Adjusted EBIT	9.137.253,31	8.501.254,03	107,48
Profit	8.580.017,20	8.072.639,22	106,29

in EUR	I-IX 2025	I-IX 2024	INDEX 2025/2024
Balance sheet indicators
Net debt	0,00	0,00	#DIV/0!
Net financial assets	2.787.240,86	996.772,97	279,63
Interest coverage	26,78%	22,83%	117,30
Capital investments	3.229.704,85	1.394.626,24	231,58
ROE	13,97%	13,61%	102,62
ROA	11,25%	10,78%	104,41
Adjusted ROCE	15,58%	14,60%	106,71

in EUR I-IX 2025	I-IX 2024	INDEX 2025/2024
Indicators of the financial position
Value of assets 76.253.890,52	74.905.576,20	101,80
Capital 61.433.008,30	59.316.822,15	103,57
Total liabilities 14.820.882,22	15.588.754,05	95,07

in EUR	I-IX 2025	I-IX 2024	INDEX 2025/2024
ACHIEVEMENTS ON THE CAPITAL MARKET
Market capitalization	66.612.268,80	72.887.337,60	91,39
EV	63.825.027,94	71.861.307,65	88,82
EV / EBITDA	5,64	6,67	84,56
P / E	7,73	8,99	85,98
EPS	3,57	3,36	106,25
DPS	0,80	0,70	114,29

Physical indicators	I-IX 2025	I-IX 2024	INDEX 2025/2024
Hotel sector
Number of accommodation units	435	435	100,00
Arrivals of tourists	37.364	36.115	103,46
Overnight stays of tourists	125.457	113.024	111,00
Occupancy days	127	123	103,25
Annual occupancy	46,46%	44,80%	103,71
Nautics
Number of berths	805	805	100,00
Contracted vessel	736	745	98,79
Transith berth, overnight stays of vessels	6.300	6.461	97,51
Transith berth, inbound sail of vessels	2.327	2.614	89,02
Port service - number of operations	3.427	3.402	100,73
Days of work	365	365	100,00
Camping
Number of accommodation units	1.130	1.130	100,00
Days of work	183	183	100,00
Occupancy days	109,06	110,08	99,07
Mobile homes	94,96	87,56	108,45
Individuals	48,91	47,73	102,47
Fixed lease	183,00	183,00	100,00
Lump sum	183,00	183,00	100,00
Occupancy	59,60%	60,15%	99,09
Mobile homes	51,89%	47,85%	108,44
Individuals	26,72%	26,08%	102,45
Fixed lease	100,00%	100,00%	100,00
Lump sum	100,00%	100,00%	100,00
Arrivals of tourists	53.667	49.288	108,88
Overnight stays of tourists	331.459	318.010	104,23
Physical indicators - hotel and camping sector
Number of accommodation units	1.565	1.565	100,00
Arrivals of tourists	91.031	85.403	106,59
Overnight stays of tourists	456.916	431.034	106,00

in EUR	I-IX 2025	I-IX 2024	INDEX 2025/2024
Ilirija Travel
Number of events	233	239	97,49
Number of people (events)	27.995	31.093	90,04
Real-estate
Number of leesses	36	36	100,00
Common expenses	34	34	100,00
Common areas	26	24	108,33
Advertising space	8	8	100,00
Garage - number of parking spaces	410	410	100,00
Rented area (m2 )	9.445,32	9.445,32	100,00
Garage - number of vehicle	552.809	547.354	101,00

KEY INFORMATION FOR THE PERIOD 01/01– 30/09/2025

1 In the nine months of 2025, the Company achieved its best operating results to date, both at the Company level and in all of its tourism sectors. The best financial performance results to date were recorded in terms of revenue, total and operating, and the sectors with revenue growth also achieved growth in key market and financial indicators, while the camping sector achieved the best physical indicators to date, i.e. arrivals and overnight stays. Furthermore, the growth in revenue at the level of all key tourism sectors and the real-estate sector, along with the optimisation of operating expenses, resulted in the growth of all key profitability indicators, which are the best for the reporting period to date. Also, the Company continued to further strengthen its financial position, reflected in the increase in asset value, growth in capital and reserves, increase in net financial assets, and at the same time reduced total liabilities, eliminated net debt and increased the share of self-financing, which strengthened the financial and capital stability of the Company.

Total revenue was generated in the amount of EUR 29,866,273.38, constituting an increase of 7.73% compared to the same period of the previous year, when it amounted to EUR 27,724,211.90, which was achieved due to an increase in operating revenue. Furthermore, the Company's operating revenue amounted to EUR 29,605,398.77 and grew by 7.73% compared to EUR 27,481,001.01 of revenue generated in the same period of 2024, resulting in an increase in revenue in all key tourism sectors of the Company, which was marked by a strong growth of business activities, particularly in the pre-season and post-season, along with the growth of tourist traffic in the high season, followed by a continuous increase in revenue in the real-estate sector. The increase in operating revenue was mostly generated by the strong growth of the camping sector revenue at a rate of 10%, in addition to the hotel and nautical sector revenue recording an 8% increase, and real-estate revenue increasing by 5%, while DMC Ilirija Travel recorded an 11% decrease in revenue.

The camping sector generated EUR 8,471,961.17 in revenue, representing an increase of 11% compared to the same period of the previous year when revenue amounted to EUR 7,672,624.63. Revenue was generated due to an increase in accommodation revenue, i.e. the "Park Soline" campsite, which grew by 11% due to an increase in revenue from mobile homes, lump sum guests and individuals with the growth in physical indicators, arrivals and overnight stays, which led the camping sector to achieve its best operating results to date in terms of both financial and physical performance indicators for the reporting period.

The hotel sector generated revenue in the amount of EUR 9,666,760.41, representing an 8% increase compared to the same period of the previous year, when revenue amounted to EUR 8,967,128.66. Revenue growth is the result of a significant increase in demand in the pre-season and post-season, along with an increase in tourist traffic in the high season, followed by an increase in capacity occupancy and days of occupancy as well as an increase in the average daily price, which ultimately generated an increase in the hotel sector's revenue not only compared to the previous year but also the realisation of the best revenue to date in the reporting period.

At the same time, revenue of the nautical sector amounted to EUR 8,724,670.87 compared to EUR 8,062,177.01 generated in the same period of the previous year, marking an 8% increase. The nautical sector's revenue is the result of strong revenue growth in all its profit centres, Marina Kornati by 6%, catering by 17% and the nautical fair by 33% compared to the same period of the previous year. The increase in revenue generated by the nautical sector in absolute terms was mostly due to the revenue recorded by Marina Kornati, which achieved revenue growth in all key operating items except revenue from other services, allowing the nautical sector to continue its steady growth in revenue in the reporting period, achieving the best result to date, as at the end of the third quarter of the business year.

The real-estate sector, i.e. the City Galleria Business and Shopping Centre, generated revenue in the amount of EUR 1,714,098.48, representing a 5% increase compared to EUR 1,629,288.25 in revenue from the same period of the previous year. The revenue growth is the result of increased revenue from the lease of business premises, parking, common costs and use of common areas, along with continued high occupancy of the centre and an increase in the average monthly rent per square meter of business premises (ARM) by 4%.

The destination management company Ilirija Travel, an integrated and complementary product of all tourist services and offer of the Company focusing on the development of selective forms of tourism, generated revenue in the amount of EUR 1,020,003.41. Compared to the same period of the previous year, when revenue amounted to EUR 1,143,201.50, the revenue of DMC Ilirija Travel was 11% lower as a result of the decrease in physical indicators, the number of events and people at events, due to the Company's orientation towards the organisation of higher-value events, which was consequently reflected in the realisation of revenue.

2 In the reporting period of the current business year total expenses amounted to EUR 21,286,256.18, recording an increase of 8.32% compared to the same period of 2024, when they amounted to EUR 19,651,572.68, due to an increase in operating expenses and amortization.

Operating expenses amounted to EUR 18,547,503.09, recording an increase of 9.44% compared to the same period of 2024, when they amounted to EUR 16,947,405.89. The increase in operating expenses was due to the growth of sala- ry costs by 18%, other costs by 11% and the cost of raw materials and supplies by 8%. The increase in operating expenses in absolute amounts was mostly generated by the growth of salary costs as a result of earlier employment of employees, an increase in the number of employees compared to the same period of the previous year and a continuous improvement of their material benefits. This resulted in a strong increase in salary costs, which, accompanied by an increase in other operating expenses, due to the increase in the volume of business activities, generated an increase in operating expenses at a rate higher than the growth in revenue.

3 In the nine months of 2025, the Company recorded both business profitability and growth in all key profitability indicators (operating profit, profit, EBITDA and EBIT), which were the best for the reporting period to date. The growth in profitability indicators was the result, on the one hand, of an increase in business activities in the Company's tourism sectors, particularly hotel and camping sectors, and on the other hand, of the optimisation of operating expenses.

Operating profit was generated in the amount of EUR 11,057,895.68, a 4.98% increase compared to the same period of the previous business year, when it amounted to EUR 10,533,595.12, while profit amounted to EUR 8,580,017.20 and is 6.29% higher compared to the same period in 2024, when it amounted to EUR 8,072,639.22.

EBITDA amounted to EUR 11,318,770.29 and was 5.03% higher compared to the same period of the previous year when it amounted to EUR 10,776,806.01. Moreover, adjusted EBITDA, which is adjusted for one-time expenses from previous years and one-time expenses for results achieved in previous years, amounted to EUR 11,555,559.61, a 6.48% increase compared to the adjusted EBITDA realised in the same period of 2024.

EBIT was generated in the amount of EUR 8,900,463.99, higher by 5.63%, compared to the same period of the previous year, when it amounted to EUR 8,426,225.32.

4 In the reporting period, capital amounted to EUR 61,433,008.30, representing a 3.57%, or EUR 2,116,186.15 increase compared to the same period of the previous year, when it amounted to EUR 59,316,822.15, due to the increase in profit from previous years and profit from the current year.

5 In the reporting period total liabilities amounted to EUR 14,820,882.22, showing a decrease of 4.93%, or EUR 767,871.83 compared to the same period of the previous year, when they amounted to EUR 15,588,754.05, as a result of a decrease in long-term liabilities related to the settlement of long-term loan liabilities and long-term financial leasing.

6 At the end of the third quarter of 2025, the value of assets amounted to EUR 76,253,890.52, which, compared to the same period of the previous year, when the value of assets amounted to EUR 74,905,576.20, represented an increase of 1.80%, or EUR 1,348,314.32 on account of the increase in current assets.

7 Net debt, including short-term and long-term liabilities towards banks, minus cash in hand and in the account and deposits, as at the end of the third quarter of the business year amounted to EUR 0.00, i.e. there is none, which means that the Company has successfully maintained the continuity of low indebtedness from the same period of the previous year when net debt amounted to EUR 0.00.

At the same time, in the reporting period the Company recorded net financial assets in the amount of EUR 2,787,240.86, representing an increase of 179.63%, or EUR 1,790,468.07, compared to the same period of the previous business year when net financial assets amounted to EUR 996,772.79.

8 Own sources of funds (capital and reserves) as at 30 September 2025 accounted for 80.56% of total sources of funds, while other sources of financing accounted for 19.44%, meaning that the Company continued to further strengthen the share of self-financing, i.e. reduce indebtedness compared to the same period of 2024.

The Company's balance sheet indicates that, in the reporting period, the share of self-financing con- tinued to increase, capital grew, total liabilities decreased, net debt was eliminated, and net financial assets grew, i.e. the Company continued to further strengthen its financial position.

9 The average share price amounted to EUR 27.58, representing an increase of 2.72% compared to EUR 26.85 in the same period of the previous year, which also increased the market capitalisation expressed by using the methodology of multiplying the number of shares by the average price, i.e. it amounted to EUR 66,563,999.04 in the reporting period. The last share price was EUR 27.60, i.e. 8.61% lower compared to the same period of the previous year, when it amounted to EUR 30.20, which was also reflected in the decrease in market capitalisation expressed by using the methodology of multiplying the number of shares by the last achieved share price, which amounted to EUR 66,612,268.80 in the reporting period.

10 At its session held on 26 February 2025, the Company Management Board adopted the Q4 2024 financial statements (unaudited, unconsolidated), the Annual Report and the 2024 Annual Financial Statements (audited, unconsolidated). Moreover, at the session of the Supervisory Board held on the same day, the Company's Annual Report, 2024 Annual Financial Statements (audited, unconsolidated) were adopted and draft decisions were established, which were sent to the General Assembly for adoption.

11 The General Assembly, held on 23 April 2025, took note of the Company's Annual Report for 2024 together with the Audit Report for 2024, Report of the Supervisory Board on the Performed Supervision of the Company's Operations for 2024, and the Management Board's Report on the Acquisition of Own Shares in 2024. The General Assembly adopted a Decision on the Endorsement of the Report on the Remuneration of Supervisory Board and Supervisory Board Members, the Decision on Granting Discharge to the Company's Management Board for the financial year 2024, Decision on Granting Discharge to the Members of the Supervisory Board for the financial year 2024, and the Decision on the Appointment of the authorised auditing company "UHY RUDAN d.o.o.", Ilica 213, Zagreb, PIN (OIB): 717995390000 as the Company's Auditor for 2025.

Also, the Decision on the Use of Company Profit for the 2024 Financial Year was adopted at the General Assembly, according to which the achieved net profit in the 2024 financial year (after tax) in the amount of EUR 3,576,074.33, is distributed as follows:

• EUR 1,655,334.33 into the retained profit, and
• EUR 1,920,740.00 for dividend distribution. The dividend per share amounts to EUR 0.80.

12 At its meeting held on 10 June 2025, the Supervisory Board adopted the decision to reappoint Mr Goran Ražnjević as the only member of the Management Board of ILIRIJA d.d. for a 5-year term, namely from 18 June 2025 to 18 June 2030.

13 Investments in the reporting period amounted to EUR 3,229,704.85, and referred mostly to the hotel, camping and catering sector with the aim of raising the standards and quality of accommodation facilities and completely renovating the beach catering facility in Biograd na Moru and its market repositioning as well as shifting the concept into a modern beach club.

In the hotel sector, significant investments were made in the expansion of external elevators, i.e. the panoramic elevator on the north-east side of the Ilirija**** hotel, and the external elevator on the north side of the Adriatic*** hotel, where investments also included renovation of the hotel lobby and reception. Moreover, in the hotel sector, investments were made in further digitalisation by introducing an IP telephony system that enables the implementation of technologically advanced solutions in the field of business telecommunications and better Wi-Fi network coverage at the hotel. With regard to the beach facility in Biograd na Moru, investments focused on the renovation and modernisation of the entire facility, including the outdoor pool and the surrounding beach area, in order to create a modern beach bar with dining and relaxation areas, a recognisable design, the ability to effectively adapt to weather conditions, and flexibility in equipment placement. Furthermore, at Sv. Filip i Jakov, investments were made in the first phase of the reconstruction of the beach facility to structurally strengthen the building and reconstruct the entire roof, install the façade and exterior joinery. In the camping sector, investments were made into further infrastructural development of the campsite, i.e. the development of internal roads at the campsite, the modernisation of the children's playground with new facilities, and further horticultural development of the campsite. The Company also purchased land with a surface area of 3,728 m2 in Biograd na Moru, within the area of the industrial zone, with the intention to build a modern central laundry room, a storage and distribution and service centre, as well as new storage spaces which are currently dispersed across several facilities within the hotel resort.

1 ABOUT ILIRIJA D.D.

1.1 BASIC INFORMATION

ILIRIJA d.d. is a public joint stock company registered for hospitality and tourism with registered office in Biograd na Moru, Tina Ujevića 7, that has been active in the Croatian tourist market for over 68 years. The business operations of ILIRIJA d.d. is based on the principles of corporate social responsibility as an integral part its corporate values.

In its business operations, the Management Company applies the Code of Corporate Governance of the Zagreb Stock Exchange and HANFA. The data on the operations are public and transparent, and at all times available to all national, financial and other institutions, shareholders, banking institutions, funds, associations, business partners, institutional, individual and other investors in the regulated capital market in the Republic of Croatia. In its business operations, the Company covers all key segments of the Adriatic Mediterranean tourism offer that is: hotel sector (hotels: Ilirija****, Kornati****, Adriatic***, Villa Donat****/***), nautical sector (Marina Kornati and Hotel port Ilirija-Kornati), camping (campsite "Park Soline"****), hospitality (restaurant "Marina Kornati", restaurant "Park Soline", Beach bar "Donat", "Lavender" lounge bar), destination management company/DMC Ilirija Travel (Arsenal in Zadar, Villa Primorje ****, diffuse hotel Ražnjevića dvori AD 1307, event boat "Nada"), sports-recreational and entertainment center (Tennis center Ilirija with 20 tennis courts and Beach facility Beach Club Ilirija with hospitality facilities), and since the month of December 2016, the Company's portfolio includes the Commercial-Shopping Center City Galleria in Zadar with more than 28.500m2 gross area in total six floors and total 9.445,32m2 net rented floor area.

Its business is based on providing services by using its capacities (hotels, nautics, camping) at the same time providing additional amenities and services, thus creating a high-quality integrated and complementary tourism product in the domestic and international tourism market, presented under the brand Ilirija Travel. Destination management company was established as a result of the modern tourism demand, conditioned by the technological, social, market factors and trends of ever more demanding customer or market.

1.2 CHRONOLOGICAL OVERVIEW OF THE COMPANY'S DEVELOPMENT

Year 1957 | The Company was incorporated and domiciled in Biograd na Moru, where it operates today, although the beginnings of the company date back to 1934 when the first hotel called ILIRIJA in Biograd na Moru was built. These are also the first beginnings of organized tourism not only in Biograd but also in the entire Biograd Riviera, by which the Company becomes the pioneer and the leader of all tourism activities in the Biograd region.

Years 1969-1972 | The construction of new hotel facilities (Hotel Kornati**** and Hotel Adriatic***), the overall reconstruction and construction of hotels Ilirija**** and building an annex to the hotel Villa Donat ****/*** in Sv. Filip and Jakov.

Year 1976 | Start of construction of the first nautical tourism port in Croatia, according to the first building permit in the Republic of Croatia for the construction of the first nautical port issued by the former Municipality of Biograd na Moru, number: UP/I-03-4-318/1977 as of 10th March 1977, Hotel port Ilirija-Kornati, situated in Biograd na Moru, with a total of 100 berths and the purchase the first charter fleet of 40 vessels, by which the Company became a pioneer of development of the nautical tourism.

Year 1986 | Extended nautical capacities of the Company by constructing the nautical tourism Port Marina Kornati, located in Biograd na Moru, with total port area (aquatorium) of 131.600 m2 with a total capacity of 705 berths on land and sea. Today, Marina Kornati is among the Top 3 Croatian marinas according to the number of berths, technical equipment, quality of service, cleanliness and neatness.

Year 1988 | The construction of Tennis center, located in a pinewood Soline right next to the old town center Biograd na Moru (400m from the hotel, 150m from the main beach), on an area of 48.000 m2 with 20 tennis courts (14 clay and 6 artificial grass tennis courts).

Year 1988 | The construction of Aquatic Center, that is, a beach facility as a part of a unique, technological and functional unit of the existing hotel capacities, that is basically an Olympic outdoor swimming pool with many additional amenities, as a supplement to the existing and basic hotel amenities. Built as a swimming, beach and sports, entertainment and hospitality facility with bleachers with the capacity of 4,000 seats and a terrace of 1.000 m2 , whereby it represents a center for holding almost all sports, entertaining and dance events in the City Biograd na Moru.

Year 1989 | Construction of an annex to the hotel Kornati**** and administrative building of the Company.

Year 1991-1992 | Completion of the remaining part of the port area, i.e. the capacities of the Port of Nautical Tourism Marina Kornati, by building docks in the southern and western aquatorium.

Year 1993 | The Croatian Privatization Fund, makes a decision on the transformation of HTP Ilirija into a joint stock company.

Year 1999 | The Company was privatized and is in major ownership of the company Arsenal Holdings d.o.o. from Zadar, which is in major ownership of Mr. Davor Tudorović.

Year 1999 | The Company starts boat show organized as Spring Open Days, mainly intended for companies that operate in the marina, as the first such event in North Dalmatia. Wishing for Biograd na Moru, to be top nautical event, at which all sectors of the boating and charter business will be presented in a short period, the Open Days grew into a boat event - Biograd Boat Show. Since 2004 Biograd Boat Show has been organized as the first autumn boat show in Croatia.

Year 2000 - 2025 | During this period, i.e. as at 30/09/2025, the Company invested EUR 95,992,140.16 in construction, reconstruction, extension, upgrading, renovation and adaptation of accommodation facilities and establishments of the Company in order to enhance the quality, improve the overall service and standards in all sectors of the Company, develop new products, improve and increase the categorization of the accommodation facilities and nautical capacities, expand hospitality facilities with an aim to create a high-quality, recognizable and competitive tourism product and enhance the quality of the offer of the destination itself together with the purchase of the City Galleria Business and Shopping Centre, which resulted in a growth in total revenue and newly created value in the mentioned period in the amount of EUR 202,052,538.92.

Year 2002 | The National Audit Office carried out the audit of transformation and privatization of ILIRIJA d.d. and issued an unqualified opinion on the transformation and privatization in full, with an emphasis that the process was carried out in accordance with the legislation and that no irregularities were determined that would affect the legal implementation of the process of transformation and privatization.

Year 2003 | The Company's shares were listed on the Zagreb Stock Exchange in the quotation of public joint stock companies.

Year 2005 | As part of the Company's business system, the multimedia center Arsenal in Zadar, built in the 17th century at the time of the Venetian Republic, following the completion of the revitalization and renewal according to the concept of "indoor town square," began conducting business activities.

Year 2009 | The Company's shares are listed on the Regular market of the Zagreb Stock Exchange, since the quotation of public joint stock companies was cancelled.

Year 2014 | The market was presented the event ship "Nada" a floating convention center with multifunctional purposes 36m in length and a capacity to accommodate 180 persons.

Year 2014 | As a part of the Company's business system, the first Croatian diffuse hotel Ražnjevića dvori AD 1307 was opened.

Year 2015 | Renovated Villa Primorje****, built in the second half of the 19th century, luxuriously decorated and equipped in line with the latest standards for facilities of its kind and category, has its own restaurant that offers the possibility of organizing a number of events.

Year 2015 | Recapitalization of the Company by Allianz ZB d.o.o., the compulsory pension fund management company, with headquarters in Zagreb, which has acquired 10% equity share in the ownership of the company.

Year 2015 | The Company's shares are transferred from the Regular to the Official market of Zagreb Stock Exchange which will contribute to even greater transparency and openness of the company to all of its stakeholders.

Year 2016 | The second recapitalization of the Company was successfully carried out in the month of November through which the share capital was increased by contributions in cash and by issuing New ordinary shares of the Company through public offering. The main purpose of the recapitalization is to raise funds for the acquisition of the Commercial-Shopping Center City Galleria in Zadar.

Year 2016 | On 19 December 2016, having acquired the Commercial-Shopping Center City Galleria in Zadar, the Company successfully completed and carried out the process of acquisition or buying of the real property which created a company with a wide range of economic activities, where in addition to tourism and hospitality sector consisting of hotel sector, nautics, camping and destination management as core business activities, the Company partly enters the real estate segment having acquired the modern Commercial-shopping center.

Years 2015 - 2017 | The investment cycle in Marina Kornati has been mainly completed by improving the quality of the accommodation of vessels by modernizing nearly seventy percent of the superstructure and the substructure of the marina or piers, allowing thus the accommodation for a larger category of vessels, better exploitation of the marina aquatorium, further enrichment and modernization of the offer by implementing the best existing technical solutions which contributes to further strengthening of the market position of Marina Kornati among the three leading ports of nautical tourism at the Adriatic Sea.

Year 2018 | The construction of the indoor swimming pool of useful surface area of approximately 500m2 along with accompanying facilities, thus complementing the existing tourism offer of the hotel Ilirija Resort in the destination of Biograd na Moru.

1.3 COMPANY'S BODIES

1.3.1 COMPANY MANAGEMENT BOARD

Goran Ražnjević, President of the Management Board represents the Company solely and independently

1.3.2 SUPERVISORY BOARD

Goran Medić, President of the Supervisory Board David Anthony Tudorović, Deputy President of the Supervisory Board Davor Tudorović, Member of the Supervisory Board Siniša Petrović, Member of the Supervisory Board Darko Prebežac, Member of the Supervisory Board

1.3.3 SHAREHOLDERS' ASSEMBLY

1.4. SUBSIDIARIES

Iirija d.d. owns 100% of its two subsidiary companies:

ILIRIJA GRAĐENJE d.o.o., with registered office in Biograd na moru, the registered objects of the company being the performance of construction works,

ILIRIJA NAUTIKA d.o.o., with registered office in Biograd na moru, the registered objects of the company being tourism, nautical and hospitality activities. (not active)

1.5. AFFILIATED COMPANIES

Arsenal Holdings d.o.o., Perivoj Gospe od Zdravlja 1, Zadar, PIN: 59794687464, owns 1,429,032 shares of the company, accounting for 59.21% share in the Company's share capital, as well as for the same proportion of votes in the company's Assembly.

The parent company Arsenal Holdings d.o.o. is registered with the Commercial Court of Zadar, CRN: 060014554; the share capital is HRK 21,027,500.00, which corresponds to EUR 2,790,828.85, using the fixed conversion rate (7,53450).

The majority owner of Arsenal Holdings d.o.o. is Mr Davor Tudorović with a 75.25% share in its share capital, who also holds 95,744 shares of Ilirija d.d. accounting for 3.97% of its share capital.

1.6 OWNERSHIP STRUCTURE OF THE COMPANY AND TRADING IN THE COMPANY'S SHARES AT THE ZAGREB STOCK EXCHANGE

The share capital of the Company amounted to EUR 30,420,000.00, and it is divided into 2,413,488 no-par-value ordinary shares.

As at 30 September 2025, there were no significant changes in the ownership structure, while an overview of the major shareholders of the Company as at 30 September 2025 is provided below.

Owners - shareholders	Number of shares	Share in %
Arsenal Holdings d.o.o. Zadar	1.429.032	59,21
OTP banka d.d./AZ OMF of B category	328.506	13,61
Goran Ražnjević	201.120	8,33
Davor Tudorović	95.744	3,97
OTP banka d.d./AZ mandatory pension fund of A category	69.898	2,90
Zagrebačka banka d.d./AZ Profit voluntary pension fund	68.200	2,83
Goran Medić	40.000	1,66
Zoran Bogdanović	26.216	1,09
CERP/Republic of Croatia	25.342	1,05
Ilirija d.d. (treasury shares)	12.563	0,52
OTP banka d.d./Erste plavi expert - voluntary pension fund	9.726	0,40
OTP banka d.d./Erste plavi OMF of A category	8.631	0,36
Other minor shareholders	98.510	4,08
TOTAL	2.413.488	100,00

OWNERSHIP STRUCTURE OF THE COMPANY AS AT 30/09/2025

TRADING IN COMPANY'S SHARES ON THE CROATIAN CAPITAL MARKET IN THE PERIOD 01/01-30/09/2025

(amounts in EUR)	I-IX 2025	I-IX 2024	% of change
Total turnover	188.003,60	342.105,00	-45,05%
Average share price	27,58	26,85	2,72%
Average turnover per transaction	5.875,11	4.887,21	20,21%
Average daily turnover	8.545,62	9.774,43	-12,57%
Last share price	27,60	30,20	-8,61%
Market capitalization*	66.612.268,80	72.887.337,60	-8,61%
Market capitalization**	66.563.999,04	64.802.152,80	2,72%
Number of shares:	2.413.488	2.413.488

^*indicated by the methodology of calculation according to the last share price multiplied with number of shares

In the reporting period, a total of 6,816 Company shares were traded, generating a turnover of EUR 188,003.60. The last share price at the end of the third quarter of 2025 was EUR 27.60, while the average share price amounted to EUR 27.58, representing a 2.72% increase compared to the end of the third quarter of 2024, when the average price stood at EUR 26.85.

The Company's market capitalisation, calculated as the product of the number of shares and the last share price as at 30 September 2025, amounted to EUR 66,612,268.80, while the market capitalisation calculated as the product of the number of issued shares and the average share price in the first three quarters of 2025 amounted to EUR 66,563,999.04, representing a 2.72% increase compared to the same period of the previous year.

^** indicated by the methodology of calculation according to the average share price multiplied with number of shares

The movement of the ILRA share with the shown volume of trading and a comparison with CROBEX and CROBEXTURIST indices movements is shown in the following graph

1.7 COMPANY BUSINESS MODEL

The Company has been present on the domestic and international tourism markets for over six decades and in 2016, with the acquisition of the City Galleria Business and Shopping Centre, it became a company with a wide range of activities, the portfolio of which is composed of 5 sectors:

• Hotel sector 4 hotels, 435 rooms, 910 beds
• Nautics 805 berths, 2,000 persons
• Camping 1,130 pitches, 3,390 persons
• Destination management company/DMC Ilirija Travel through which 295 special events for 40,424 persons were organised in 2024
• Real-estate segment City Galleria Business and Shopping Centre in Zadar, one of the two largest shopping centres in the wider Zadar region

ILIRIJA d.d. is one of few tourism companies in the Republic of Croatia with such a diverse offer that includes all the segments of the Adriatic or Mediterranean tourism offer in its portfolio (hotel, nautical and camping sectors), additionally strengthened by the destination management company Ilirija Travel and the real-estate sector. With regards to such a diverse portfolio, it is worth noting that the Company manages all business processes (management and operations) within the sector or facility.

Diverse tourism and real-estate portfolios are based on the resources of the region and on a continuous investment in the improvement of the existing contents and products as well as the development of new ones, which is also the foundation of the Company's business and development policy. The presence on the market spanning more than six decades as well as knowledge and experience gained, enable the Company to maximize its economic, financial, market and human resources potential. By developing a complementary and integrated product through the destination management company, the Company strives for achieving one of its strategic goals – year-round business operations of its tourism sectors, with an emphasis on the hotel and camping sectors, through high-standard extension of the high season to pre-season and post-season and creating added value for both the Company and the destination, or the wider community. Through the destination management company, the Company also contributes to the development and recognizability of the destination by organizing events and by offering contents and programs it organises in its own facilities.

1.8 BRANDS OF THE COMPANY

2 CORPORATE STRATEGY AND GOVERNANCE

2.1 VISION, MISSION AND FUNDAMENTAL VALUES

Vision - is to permanently secure position among the 3 leading tourism companies in the region of the North Dalmatia and among the 20 leading tourism companies in the Republic of Croatia in the key segments of the Croatian tourism offer (hotel sector, nautics and camping), be and stay the leader of the tourism and economic development of our region and destinations such as Biograd na Moru, Zadar and Sv. Filip i Jakov thereby developing the whole year's business by offering the complementary and selective forms of tourism offer in the destinations where we conduct business.

According to the foregoing, the mission is: increasing the assets and achieving the financial results of the business operations, which will ensure long-term business and financial stability, establish an optimal level of quality and competitiveness in business at the level of the overall Croatian tourist offer, with continuous investment in human resources and ensuring optimal employment level, ensuring and complying with sustainable development principle which is manifested in recognizing and satisfying the needs of tourists, protecting and restoring natural and cultural heritage and preserving the environment, i.e. creating a responsible and sustainable tourism offer.

Fundamental values:

Respect and integrity – equality of treatment and attitude towards all our stakeholders constitute the basic values of our Company.

Quality – top quality product, professional service and individual approach to clients constitute the basis of the relationship towards our guests, at the heart of the Company's service.

Sustainability and responsibility – in business, investment, relationships with our employees, business partners, clients (guests), the local and regional community, with shareholders and in day-to-day business, through the integration of economic, social and environmental aspects into the Company's decision-making processes and corporate strategy as well as by creating added value for all stakeholder groups through the achieved business results. Balancing the said aspects is the basis of the Company's success and sustainable development.

Transparency – in business and communication with all stakeholders of the company, while adhering to the principles of timely and true information as a prerequisite for the strengthening of the market position of the company and its further growth.

2.2 ORGANIZATIONAL STRUCTURE

2.3 RISKS AND RISK MANAGEMENT

The Company assesses risks at all levels of significance to the Company, i.e. at the macro and micro levels and according to the criterion of likelihood of their occurrence. The Company assesses the risks for each of the business sectors according to the criterion of likelihood of risk occurrence and consequences or impact of each individual risk on the Ilirija d.d. business processes and system as a whole.

The Company's risk management process involves the following essential steps:

• Identification of potential risks;
• Assessment of the likelihood of occurrence of the Company's risk;
• Assigning responsibilities and taking actions in order to eliminate and/or reduce risks:
• Monitoring and reassessment of risks in order to avoid their negative impacts;
• Exchange of information on the activities undertaken and the results of actions between the business process managers and the Company's Management Board through the lines of communication established by the prescribed procedures

The company recognizes the following types of risks

in its operations:

• 1) Economic and financial risks
• 2) Regulatory risks
• 3) Tourism activity risks
• 4) Global risks and risks of the macroeconomic environment

1 Economic and financial risks

In terms of credit risk, i.e. the obligation to repay loans used by the Company, taken out with a currency clause, which were dependent on the movement of the Croatian kuna exchange rate against the euro, the introduction of the euro as the official currency eliminates the said risk. Indebtedness of the Company with the commercial bank is for the most part subject to fixed interest rates. Taking this into consideration, the Company is not exposed to interest rate risk on that basis. For the purpose of reducing credit risk, the Company strives to reduce its overall credit liabilities to an adequate, i.e. a higher level in order for them to be lower than its own sources of funds. In its operations, as one of the foundations of its business and financial security, the Company strives to have as little net debt as possible, thus significantly reducing the existing credit risk. Financial assets that may potentially expose the Company to credit risk are cash and trade receivables. Trade receivables pertaining to certain customers may entail credit risk, depending on the level of turnover realised with certain customers and the general state of liquidity in the country. Trade receivables are reported with reference to real values. The Company actively monitors and manages trade receivables, at the same time taking especially into account the difficult macroeconomic situation, and applying measures of collection in instalments; and, if necessary, eventually undertaking measures of enforced collection, including by activating security instruments for the purpose of collection of its claims. An adjustment of the value of trade receivables is indicated when there is objective evidence that the Company will not be able to collect all of its claims in accordance with the agreed terms. Apart from the aforementioned, the Company has no exposure to any other significant credit risk.

Liquidity management implies maintaining a sufficient amount of money in order to settle the Company's liabilities. One of the primary Company goals in the challenging business environment caused by unfavourable macroeconomic environment is to maintain its current liquidity. The Company is, therefore, undertaking activities to diversify its existing and secure new financing sources if necessary, it is trying to minimise and optimise all of its operating costs, and is willing to and capable of actively cooperating with all significant creditors by settling the liabilities they had at the time when challenging business conditions materialised.

The continuous growth of strong inflationary pressures primarily caused by increases in the prices of primary energy products (oil, gas, electricity), which subsequently spread to consumer goods and services (especially food and beverages), along with the current geopolitical instability essentially generated strong inflation impacts not only on business entities of European Union countries, but also on their society in general. If they remain strong, inflationary pressures could affect purchasing power and new demand generation, and slow down economic activities in the euro area. In the Republic of Croatia, the prices of goods and services for personal consumption, measured by the consumer price index, were on average 4.2% higher in Spetember 2025 than in Spetember 2024. As for the energy costs, primarily electricity as the primary energy source, the Company managed to protect itself from significant increases in electricity prices in time, namely with a multi-year contract, which mitigated the impact of the increase in electricity prices on total operating costs. The very intense increase in food and beverage costs constitutes a strong generator of inflation growth and at the same time accounts for a significant share of the operating expenses and significantly affects the prices of services in the hospitality and tourism industry. Therefore, by actively monitoring food and beverage prices and cooperating with key suppliers, the Company strives to minimise such prices as much as possible, i.e. ensure stability and security of the supply along with the highest possible procurement cost control. On the other hand, through dynamic daily management of accommodation unit prices, it aims to achieve the maximum level of competitiveness possible, as well as intense and systematic demand monitoring, and a quick and strong response to market trends, while at the same time striving for a timely response to potentially negative challenges and impacts such as inflation.

Bookkeeping values of the following items of financial assets and financial liabilities reflect their respective fair values: money, investments, trade payables, other receivables and other liabilities, loans granted to employees, long-term liabilities.

2 Regulatory risks:

As one of the most significant risks in business operations of tourism companies, Ilirija d.d. included, the Company points out unresolved property rights issues concerning tourism land and legal investments in the maritime domain and the related issues of protection of acquired rights based on legitimate investments and of legitimate expectations of companies performing their activities on the maritime domain or tourism land.

The Company is exposed to changes in tax and other regulations within the legal system of the Republic of Croatia. In particular, this applies to the regulations pertaining to the maritime domain and tourism land, in which domain the company has made significant investments crucial for its business, while not all rights guaranteed by the Constitution in the field of acquired rights before, during and after conversion, the protection of legal capital investments, and the legitimate expectations regarding legal investments have been fully realised under Articles 48 and 49 of the Constitution of the Republic of Croatia.

Tourism land – unresolved issue

Pursuant to the Act on Tourism and Other Construction Land Not Evaluated in the Conversion and Privatisation Process (hereinafter: the Act), adopted in July 2010, the Company submitted to the Republic of Croatia, within the legally prescribed deadline, i.e. in January 2011, an application for a concession on tourism land for the "Park Soline" campsite in Biograd na Moru for a period of 50 years. Due to unclear provisions of the Act, no decision has been rendered during its validity regarding the Company's application. In the meantime, in May 2020 a new act on non-evaluated construction land was adopted, and thus the Act on Tourism and Other Construction Land Not Evaluated in the Conversion and Privatisation process ceased to have effect. The new Act provides for the right of tourism companies to submit an application for leasing construction tourism land for a period of 50 years. In March 2021 the Company submitted the appropriate application for leasing construction land in the campsite for a period of 50 years to the competent authority of the Republic of Croatia, that is, to the Ministry of Physical Planning, Construction and State Assets. Under the provisions of the Act on Non-Evaluated Construction land, a company shall become the owner of buildings, land under buildings and land in the campsite that were evaluated and entered into the value of social capital in the conversion and privatisation process, while the Republic of Croatia shall become the owner of buildings and land in the campsite that were not evaluated and entered into the value of social capital in the conversion and privatisation process (so called Parts of the campsite owned by the Republic of Croatia). In the meantime, on 1 April 2022 the Company, in accordance with Article 18) of the Act on Non-Evaluated Construction Land, obtained from the Centre for Restructuring and Sales the Certificate of Conformity of the Geodetic Survey Report, which confirms the conformity of the Park Soline Campsite Geodetic Survey Report with the decision of the Croatian Privatisation Fund of 12 July 1996, by which the real property concerned was evaluated in the process of conversion of the socially-owned enterprise "Ilirija" Biograd na Moru.

Furthermore, the legislator also adopted the Ordinance on the Arrangement of Leases on Parts of the Campsites Owned by the Republic of Croatia (OG 16/24) (hereinafter: Ordinance on the Arrangement of Leases) which, as a by-law, has been in force since 9 February 2024, and which determines the methods and conditions of payment of fees for the lease of unvalued parts of the campsite. The Republic of Croatia, through the departmental Ministry of Physical Planning, Construction and State Assets, in a letter dated 22 April 2024, invited ILIRIJA d.d. to pay the lease fee based on the aforementioned Ordinance, and Ilirija d.d. was calculated lease fee for the period from the date of entry into force of the Act on Unvalued Construction Land until 31 December 2023. (05/2020 – 12/2023) in the total amount of EUR 538,912.31. The amount determined in this way, in accordance with the Ordinance on the Arrangement of Leases, represents 50% of the lease fee for the "Park Soline" campsite, while the remaining 50% of the lease fee shall be calculated according to the decision from Article 17.1 of the Act on Unvalued Construction Land, i.e. the conclusion of a 50-year lease agreement in accordance with the Act. For the next period starting from 2024, the competent Ministry determined the annual lease fee for the "Park Soline" campsite in the amount of EUR 171,624.15, payable in 12 equal monthly instalments, and has issued the lease fee invoices to ILIRIJA d.d. ILIRIJA d.d. duly pays the aforementioned annual lease fee, which amount in accordance with the Ordinance on the Arrange-

ment of Leases, represents 50% of the lease fee.

Also, the Company published on its website and on the website of the Zagreb Stock Exchange the "Study of the uniqueness and sustainability of the "Park Soline" campsite in Biograd na Moru as an economic and functional-technological unit within the business system of Ilirija d.d.", which addresses all relevant issues concerning the "Park Soline" campsite in the context of the application submitted by Ilirija d.d., in accordance with the Act on Non-Evaluated Construction Land, for exercising the right to a long-term lease of the "Park Soline" campsite for a period of 50 years. The purpose of the aforementioned Study is to enable all stakeholders, entities and public bodies that are directly or indirectly involved, within their respective spheres of competence, in resolving the issue of campsite land that was not evaluated in the process of conversion and privatisation of socially-owned enterprises, an integral and comprehensive overview of all aspects of the existing "Park Soline" campsite in Biograd, from complex relations regarding property rights, issues of spatial planning and the need to respect the campsite as an integrated business and functional unit of tourist land and buildings. The Company maintains that, in accordance with the Act on Non-Evaluated Construction Land, it meets the requirements stipulated by the Act for exercising the right to lease construction land in the Campsite for a period of 50 years.

Maritime domain

The Company is a concessionaire of the Kornati nautical tourism port in Biograd na Moru (hereinafter: Marina Kornati) for a period of 32 years, counting from 13 January 1999, and in accordance with Article 22 of the Act on Maritime Domain and Seaports (Official Gazette Nos 153/2003, 100/04, 141/06, 38/09, 123/11 and 56/16, hereinafter referred to as: ZPDML 2003) on 17 October 2017 the Company submitted to the Government of the Republic of Croatia, through the competent Ministry of the Sea, Transport and Infrastructure of the Republic of Croatia, a request for modification and amendment of the Decision on Concession and the Concession Agreement, that is, for extending the term of the concession by a period of 50 years, i.e. until the year 2049 (extension of the concession term if new investments are economically feasible for it), primarily considering the same or similar cases from the recent Croatian practice where, upon an application for the extension of the concession term submitted by other companies engaging in nautical tourism and competing with Ilirija d.d., the concession term for marinas was extended to them by a period of 50 years.

As no meritorious decision was made on the said request, on 11 July 2018, Ilirija d.d. delivered to the Ministry of Maritime Affairs, Transport and Infrastructure a letter informing them of having procured an amendment to the construction permit for the reconstruction of the marina, as part of the new investment included in the application for an extension of the concession licence validity. Moreover, on 6 October 2021, the Company delivered a letter to the Ministry of Maritime Affairs, Transport and Infrastructure and the Ministry of Finance of the Republic of Croatia, so as to initiate the adoption of the decision regarding an extension of the concession licence validity.

In the meantime, on 2 November 2021, the Company received a statement from the Ministry of Finance of the Republic of Croatia, as a body which, along with the competent Ministry of the Sea, Transport and Infrastructure of the Republic of Croatia, is involved in the procedures for extending the terms of concessions, in which they essentially point out that in order to conduct the procedure for extending the concession agreement, the competent Ministry of the Sea, Transport and Infrastructure, while looking at the problems of the nautical tourism system, needs to establish whether the decision on the concession or the agreement related to it may be changed without conducting a new procedure for granting the concession, in order not to violate the principle of market competition with other concessionaires in the Republic of Croatia.

Considering the observations of the competent authorities and the expressed views, in order to successfully complete the procedure for extending the concession licence for Marina Kornati, Ilirija d.d. sent a supplement of the existing request for extension of the concession licence validity for Marina Kornati to the Ministry of the Sea, Transport and Infrastructure on 28 December 2023, in which it essentially offered: a new increased amount of investment in the maritime domain (superstructures and substructures), new increased investments in the green transition, including the decarbonisation and digital transformation in accordance with Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088, Official Journal of the European Union, L 198/13, in the total amount of new investments of: EUR 5,705,066.00, for which the Company has mostly obtained valid building permits and which ensure orderly and legal performance of marina activities with regard to existing technical, technological and environmental requirements for operation in the period until the expiry of the concession. Also, the Company proposed new amounts of concession fees with reference to previous revalued investments in Marina Kornati, which, in the period from 2000 until the end of 2023, amounted in total: EUR 16,013,277.44, all in order to show the actual absolute value of the investments to date. Furthermore, on 15 July 2025, in response to the opinion of the Ministry of Finance dated 29 May 2025, the Company submitted to the competent ministry a revised Economic Feasibility Study for Marina Kornati, including a valuation of the existing concession and an amended request for extending the concession until 2047, and elaborated on the legal basis for the extension in accordance with the Maritime Domain Act, the Concessions Act and Directive 2014/23/EU. No decision has been rendered yet on the mentioned amended request for an extension of the concession licence validity for Marina Kornati.

As regards the Ilirija-Kornati Hotel Port in Biograd na Moru, the Company delivered to the Republic of Croatia (Zadar County) on 19 January 2011 a request with detailed explanations for an extension of the concession licence validity for a period of 20 years, but the competent authority of the regional self-government unit has not reached a decision on this Request by Ilirija d.d. Furthermore, and with regard to the above, in February 2015, the Company once again, pursuant to Article 22 of the Maritime Domain and Seaports Act (new investment), submitted a request to the Zadar County regarding an extension of the concession licence validity for the Ilirija-Kornati Hotel Port, for a period of 30 years in total, but a decision has not been made regarding this request by Ilirija d.d. As regards a beach facility with an outdoor swimming pool in Biograd na Moru, the Company submitted to the concession licence grantor, Zadar County, a request for an extension of the concession licence validity for a total of 30 years (until 2028) with all the necessary documentation, back on 20 October 2008 (before the expiry of the concession licence validity). The competent authority still has not decided on this request. The company has been paying the concession fee in the agreed amount for all of the aforementioned facilities this whole time.

On 18 June 2025, the Company submitted to the Zadar County a request for obtaining a concession upon request for a period of 5 years, for commercial use of the beach in front of the Ilirija, Kornati and Adriatic hotels, the beach facility and the outdoor swimming pool Ilirija in Biograd na Moru, performed by Ilirija d.d. hotels, with a four-star rating, built outside of the maritime domain, and connected infrastructurally with the beach with facilities, built and developed beach facility and the outdoor swimming pool, and investments were made in the construction, developemtn and infrastructure by Ilirija d.d., i.e. the hotels, in accordance with Article 63, paragraph 1, point 2 of the Maritime Domain and Seaports Act. The competent authority has still not decided on the submitted request.

Also, on 24 June 2022, the Company published on its website and on the website of the Zagreb Stock Exchange the research paper of Assoc. Prof. Iva Tuhtan Grgić, PhD, from the Faculty of Law in Rijeka "Acquired rights and legitimate expectations of former holders of the right of use of the maritime domain for an indefinite period as well as for a limited period for as long as economic activity is being carried out", which precisely on the example of Ilirija d.d. addressed the issues of legal capital investments on the maritime domain, conversion of socially-owned enterprises that had part of their assets on the maritime domain, issues of acquired rights and legitimate expectations of former holders of the right of use of the maritime domain, and conversion of the right of use into a time-limited concession. In particular, as it is stated in the aforementioned research paper, the companies that had the permanent right of use of the maritime domain, acquired on the basis of final administrative decisions of municipal assemblies, had indisputably acquired rights and legitimate expectations that they would be able to use these rights in the future under the same conditions under which they were acquired. However, by decisions adopted on the basis of the legislation in force at the time, the aforementioned right of permanent use of the maritime domain was subsequently converted into the right of economic exploitation of the maritime domain based on a time-limited concession. This violated the interests of companies, shareholders and acquirers of shares in these companies, by grossly encroaching on the acquired rights and legitimate expectations that they will be able to use the acquired rights within the same scope as when they acquired them, and those same rights are protected by the provisions of the Constitution of the Republic of Croatia (Articles 48(1) and 49(2) and (4)) and Article 1 of Protocol No. 1 to the Convention for the Protection of Human Rights and Fundamental Freedoms.

On 14 July 2023, the Croatian Parliament adopted a new Maritime Domain and Seaport Act, which entered into force on 29 July 2023. It is evident that the new Act has a series of new provisions, and a certain amount of time will need to pass before we are able to fully assess its effect on complex matters in the area of legal investments in the maritime domain before and after the conversion, evaluation and entering in the share capital of former social enterprises, as well as on acquired legal and legitimate expectations of companies who perform legal activities in maritime domains.

3 Tourism activity risks

In addition to the listed and described potential and possible risks in the Company's business operations, we believe that it is of the utmost importance to give a systematic overview of other key obstacles or restrictions with regard to the development of Croatian tourism in general, and thus of tourism companies, Ilirija d.d. being one of them.

With regard to the forgoing, we present an overview of the key obstacles, that is, of the risks and restrictions with regard to development of and investments in Croatian tourism:

• (I) the unresolved issue of ownership since the moment of conversion, that is, property-legal, physical planning-urban and economic use and utilization of the construction tourism land in campsites and around hotels,
• (II) inadequately resolved or unresolved issue of conversion on the maritime domain, i.e. issues regarding acquired rights, legitimate investments and legitimate expectations in the maritime domain, having in mind, in particular, the contracted permanent right of use of the maritime domain, while companies which took part in the conversion process, as is the case with our Company, carry out economic activity on the maritime domain, contrary to the provisions of Article 49 and Article 50 of the Constitution,
• (III) VAT rate on services in tourism and hotel industry is much higher than in competitive countries, which consequently makes Croatian tourism less compet-

itive, hinders and slows down further investments both in the construction of new accommodation facilities and in improvement of the existing services and standards, affects new employment and salaries in tourism and hospitality,

• (IV) insurmountable obstacles regarding existing bureaucracy, administrative barriers, frequent changes of regulations,
• (V) complex and time-consuming procedure of issuing spatial plans and issuing building and operating permits,
• (VI) inadequate management of the area by regional or local self-government,
• (VII) cancellation of previously acquired rights in urban and spatial plans through conversion of use primarily of construction and tourism land for other non-commercial and non-economic purposes,
• (VIII) fiscal and parafiscal charges unsuitable to seasonal business activities with frequent changes in fiscal regulations.
• (IX) skilled labour shortages were significantly pro-

nounced in 2025 in the Republic of Croatia, namely at the level of most economic activities, and with a special emphasis on hospitality and tourism taking into account the seasonal nature of Croatian tourism, as well as the fact that it is an extremely labour-intensive industry; therefore, skilled labour shortages (with a special emphasis on occupations in high demand) could affect the success of the peak season, and thus ultimately of the entire business year.

Bearing in mind all of the above, the Company has recognized risks pertaining to the said skilled labour shortages, and it undertakes a series of activities to retain working-age, highly qualified and professional employees at all levels for business operations, namely with the aim of retaining full employment, raising the level and quality of services, and achieving smooth operation of business processes through activities aimed at improving the financial standing of employees, investing in their education, and further developing human resources by hiring young, highly educated persons from different professions.

4 Global risks and the macroeconomic environment

Considering the global nature of the hospitality and tourism industry, different events and activities at the global level can significantly affect the operations of tourism companies. As such, the said industry is influenced by geopolitical risks with strong implications for security and stability at the global level, the security, political and economic instability of the region, i.e. of the countries in the immediate vicinity of the Republic of Croatia, the global economic crisis, global health threats such as pandemics and epidemics, as well as the climate impact risk.

In today's globalised world, the said risks affect the free movement of people, goods and capital, i.e. national economies and operations of economic entities. In addition to the aforementioned risks referred to in points 1 – 3, the most significant global risks for the Company's operations are: the health risk, the geopolitical risk, the climate impact risk, and the macroeconomic environment.

In addition to the aforementioned risks referred to in points 1 – 3, the most significant global risks for the Company's operations are: the health risk, the geopolitical risk, the climate impact risk, the macroeconomic environment, and information system security.

Health risk

Since 2020, the world faced an unpredictable, serious and extremely dynamic risk related to the epidemiological situation, i.e. the COVID-19 illness, which has had an extremely negative impact on business entities in almost all industries, albeit the most severely affected ones are certainly the travel industry, tourism and hospitality, all of which form an integral part of the Company's core business. The COVID-19 risk is also the biggest and most serious risk that the Company has faced so far, to which the Company responded with a number of measures and activities by reorganising its business processes and operations in order to safeguard the health and well-being of guests and employees, maintain financial stability and current liquidity for the duration of the COVID-19 pandemic, preserve assets and capital as well as business operations and activities, and retain full employment. The Company has successfully achieved all of its goals. The Company continues to implement different preventive activities within its business processes and operations in order to reduce and always be able to control health risks, just like it did during the COVID-19 pandemic. However, the Company is also aware of the related limitations and the unpredictability of easily transmissible infectious diseases and the threatening consequences of their spread.

Geopolitical risk

Due to the war in Ukraine, geopolitical risk with strong implications for European and global security and the macroeconomic environment has been present since February 2022. Therefore, the Company also reports on such risks and their consequences on its operations. The Company does not have any kind of an ownership relationship with entities from Russia and Ukraine. Moreover, it does not have any assets in Russia and/or Ukraine, and it has not made any investments in entities from Russia and Ukraine or entities materially related to entities from Russia and Ukraine. Thus, the Company is neither exposed nor are there any potential consequences in this respect. Moreover, the Company has no exposure to entities from Russia or Ukraine since it does not do business with legal entities from Russia or Ukraine. The Company does business as a company specialised for hospitality and tourism has a business relationship with natural persons from Russia and Ukraine using the Company's services such as accommodation in its facilities (hotel, camping and nautical sectors). The share of guests from Russia and Ukraine in the Company's total turnover is insignificant, and losing it does not represent a risk to the Company. Should the crisis, that is, the war, spread from Ukraine to other European countries or lead to destabilisation of the countries in the Balkans, this would surely have a negative effect on Croatian tourism as a whole, and thus also on the Company. Croatian tourism generates most of its turnover from the European outbound market, which could be significantly reduced in case the Russian-Ukrainian crisis, that is, the war, spreads across Ukrainian borders and causes major geopolitical instability in the wider European region. The Company will counteract any potential negative effects of the Russian-Ukrainian crisis by adjusting its business processes and activities to the new circumstances, with the aim of strengthening the resilience of its business system.

Climate impact risk

The Company bases its business policy on management in line with the principles of sustainable and responsible development, with particular focus on environmental protection, as the environment is the fundamental resource of the tourism industry. Environmental protection represents a significant segment of the Company's integrated management systems and is a part of its strategic decisions and business processes.

The consequences of climate change are becoming increasingly influential when it comes to almost all activities. In the tourism sector and within the Company, they have been recognised as climate impact risks requiring an interdisciplinary approach and management. The Company continuously monitors its impact on the climate, i.e. its greenhouse gas emissions and other environmental impacts, namely in accordance with all applicable legal regulations and prescribed limit values. The Company has previously recognised its impact on the environment and decided on a systematic approach with a series of activities it carries out. They mainly pertain to the preservation of natural resources (water, air, soil, and coast), biodiversity, energy management, and waste management, which ultimately confirms the Company's focus on sustainable development and growth. The identified risks included the dangers brought on by climate change both at the global level and at the level of the Company's operations. We also noticed that extreme weather conditions can affect tourist demand and cause direct

material damage to the Company's assets.

Climate change, which has a significant impact on the tourism industry globally, also poses a potential risk to the Company in terms of significantly increasing the incidence of extreme weather conditions (storms, hurricanes, etc.), as well as strengthening their intensity and unpredictability, and can cause extraordinary and unpredictable damage and threats for its business. Temperature variability, i.e. dangerous heat waves, reduce the attractiveness of our offer in holiday capacities. This directly affects arrivals and quality of stay. Rising sea levels put the infrastructure in the immediate vicinity of the coast at risk. The same also applies to the marina, arranged beaches, and beach facilities. Unpredictable windstorms or hurricane-force winds can cause direct damage to almost all our capacities. The Company pays maximum attention to overcoming such sudden and extreme climate and weather conditions by ensuring preventive, technical and spatial, as well as functional and organisational elimination of sudden and accidental risks of any nature to the highest degree possible. Other business risks, such as large-scale fires, accidental pollution of the coastal and marine aquarium, which are all beyond the Company's control but may potentially jeopardise the Company's business safety, are the circumstances which the Company attends to insofar as it can actively contribute to lowering their impact on the Company's long-term business viability as much as possible, being aware of the fact that the Company's impact here is reduced to measures which cannot be of key importance for the elimination of all the risks posed to the Company.

Macroeconomic environment

The unfavourable macroeconomic environment, i.e. significant economic uncertainties resulting partially from the global pandemic that affected supply chains, and partially from the Russian-Ukrainian war, led to disruptions in the supply of basic energy products in the euro area and resulted in a significant increase in the prices of all energy products (oil, gas, electricity), and ultimately strong inflationary pressures. An uncertain macroeconomic environment can affect the Company's business activities by reducing the demand for its services as it significantly contributes to the deterioration of the business climate in the key outbound markets for Croatian tourism. This could also result in a slowdown in economic activities and a decrease in purchasing power and standards, as well as, ultimately, in a decrease in travel demand, which would definitely affect the achievements of Croatian tourism companies, including our Company. The company is aware of the challenges and risks arising from the unfavourable macroeconomic environment, and it undertakes a number of activities aimed at preserving its core business objectives (economic viability and security, financial stability, preservation of the Company's fixed assets and capital, and preservation of the Company's business operations and activities), as it did in previous years, namely based on: (I) commercial resilience – based on the Company's ability to quickly and efficiently adapt to the current market circumstances of doing business by adjusting its marketing and sales activities in all Company sectors, (II) operational resilience – based on the ability to adjust operational business processes to the current circumstances whilst maintaining maximum service and amenity quality and minimising possible negative effects, and (III) financial resilience – based on the Company's ability to maintain financial stability of the business system by maintaining liquidity, assets and business activity through the realisation of revenue ensuring the Company's business stability until key global and macroeconomic uncertainty factors end.

Information system security with a particular focus on cybersecurity

The increase in threats to the information security of business systems on a global level together with the increasing and more complex digitalisation of business processes make the information systems of companies more exposed to various forms of security threats. As a result, the Company, in order to raise the level of information security and resilience with a particular focus on cybersecurity, maintain the stability and continuity of operations and preserve information and data, actively works to protect the security of the information system by the strengthening and adapting information system security standards and practices, training employees, performing regular system updates, controlling supply chains of digital services and implementing new security technologies.

3 BUSINESS CAPACITIES OF THE COMPANY AND ADDI-TIONAL FACILITIES

The portfolio of ILIRIJA d.d. consists of four hotels and a villa, Marina Kornati with the Ilirija-Kornati Hotel Port, the "Park Soline" Camp, destination management company Ilirija Travel with its own capacities (Arsenal in Zadar, the "Nada" event boat, agritourism and Villa Primorje), City Galleria Business and Shopping Centre, Tennis Centre, Beach facility Beach Club Ilirija and hospitality facilities.

3.1 HOTEL SECTOR The hotel sector capacities consist of 435 accommodation units (hotel rooms and apartments), with a total of 910 beds located in Biograd na Moru (Ilirija****, Kornati****, Adriatic***) and Sv. Filip i Jakov. Filip i Jakov (hotel Villa Donat***/****), mainly classified as four-star hotels.

Hotel accommodation is located in Hotels and Villas Ilirija Resort in Biograd and Sv. Filip i Jakov. The hotels are located on the coast, not far from the town centre and beach that has been awarded the Blue Flag, and are, owing to their ideal location and infrastructure, intended for holiday and congress tourism. In addition to modern and technically equipped conference halls and meeting rooms intended for conferences, seminars, presentations, workshops and meetings, there are numerous supporting amenities such as the Wellness & Beauty Centre Salvia, an outdoor Olympic swimming pool, fitness center, à la carte restaurants and coffee bars.

Within the Ilirija Resort there is a conference centre consisting of 8 halls, with a total capacity for 30 to 250 people, and there is also a luxurious garden with terraces ideal for banquets, receptions and entertainment, as well as outdoor swimming pools, a beach,

and as of May 2018, an indoor pool.

ILIRIJA RESORT – HOTEL & VILLAS

The Ilirija Hotel is the largest four-star hotel of the Ilirija Resort, with a capacity of 157 rooms and 326 beds, equipped with a 200-seat restaurant, a terrace with 70 seats and an aperitif bar with 50 seats. It is located by the seashore, right next to the old town centre, and it is surrounded by beautiful nature, the sea and a pine forest, as well as numerous facilities offering various amenities.

The design and atmosphere of the four-star Kornati Hotel, with a capacity of 106 rooms and 230 beds, also featuring a restaurant having a capacity for 220 people, a terrace for 50 and a bar for 40 people, is linked to and evokes the images of the most beautiful Croatian national park The Kornati Hotel is unique thanks to its connection with the nautical tourism port, the Ilirija-Kornati Hotel Port, which is located in the very centre of Biograd, and right next to the hotel there is also a beach.

The three-star Adriatic Hotel has a capacity of 100 rooms and 210 beds, a restaurant with a capacity of 230 people, a terrace with a capacity of 300 people and a bar with a capacity of 110 people. It is located in a pine forest, almost on the beach, and right next to it there is the Aquatic Centre, ideal for family fun and for a number attractive summer sea activities.

The Villa Donat Hotel is located in the town of Sv. Filip i Jakov, and it consists of a villa with 16 superbly and modernly furnished rooms. It is a four-star hotel, and it has a three-star annexe. Its total capacity includes 72 rooms and 144 beds, a restaurant with 120 seats, a terrace for 50 and an aperitif bar for 20 persons, as well as an outdoor pool. The hotel is located near the main beach and the town centre, and it is reminiscent of the rich history of the area.

3.2 NAUTICAL SECTOR The Company began developing its nautical sector in 1976 when it concluded a contract on the purchase of 40 ELAN vessels from Slovenia, that is, in 1977 with the construction of the first nautical marina in Croatia (Kornati Hotel Port) with 100 berths and the organisation of the first private charter fleet on the Adriatic with more than 40 vessels for the needs of boaters. Therefore, ILIRIJA d.d. is rightly considered to be a pioneer of nautical tourism on the Adriatic. The Company's current nautical sector consists of Marina Kornati and the Kornati Hotel Port, with a total of 805 berths at sea and on land, which can accommodate up to 2000 boaters in one day, and its number of berths, modern technical equipment, quality of service and cleanliness (blue Flag) make Marina Kornati one of the three leading Croatian marinas, visited by over 60,000 boaters a year.

In 2020 the Ministry of Tourism and Sport carried out the procedure of recategorisation of the Marina Kornati Nautical Tourism Port in which it established that Marina Kornati meets the requirements prescribed for the four-anchor category. Subsequently, the Marina Kornati Nautical Tourism Port received the four-anchor (star) category rating.

Marina Kornati has received numerous awards, notably the Special Award as part of "XVI Tourism Flower – Quality for Croatia 2012", organised by the Croatian Chamber of Commerce and Croatian Radiotelevision, for the best marina in the category of marinas with over 450 berths. In 2013, in "XVII Tourism Flower – Quality for Croatia 2013", it received an award in the category of the largest marinas, while in 2014 and 2015, as part of the same project, it ranked second in the "Best Large Marina" category. In 2017, in "XXI Tourism Flower – Quality for Croatia" it ranked third in the category "Large Marina". In 2018, Marina Kornati was granted two acknowledgements: (I) a special acknowledgement from the Jutarnji list Nautical Patrol for the greatest progress achieved in the tourism season 2018 and for outstanding contribution to the development of Croatian nautical tourism and (II) in the "XXII Tourism Flower – Quality for Croatia" it ranked third in the category "Large Marina".

In 2019, it was awarded recognition as part of the "XX-III Tourism Flower – Quality for Croatia" competition, by the Croatian Chamber of Commerce and Croatian Radiotelevision, it ranked 2rd in the category of large marinas. The Jutarnji list Nautical Patrol awarded Marina Kornati a special recognition for its outstanding contribution to the organization and success of the nautical patrol, while in 2021 it recognised the marina for its outstanding contribution to the development of nautical tourism during the COVID-19 pandemic. In 2023, the Company won the Zadar County Tourist Board annual award "For its contribution to nautical tourism and for having been organising the Biograd Boat Show for 25 years".

Ilirija d.d. is also the organiser of the leading nautical fair in Croatia, "BIOGRAD BOAT SHOW", which has been continuously held in Marina Kornati for 26 years in a row.

3.3 CAMPING SECTOR The four-star "Park Soline" campsite is located in Biograd na Moru within the borders of the populated area, but as a separate physical planning-urban and economic entity in the south-east part of the town of Biograd na Moru, right by the main beach in the coastal length of approx. 1.5 km, with a 450-meter beach positioned right in front of the campsite.

The campsite covers an area of 20.00 ha and includes 1,130 accommodation units with a total capacity for up to 3,390 persons. It is situated in an outstanding natural environment of a predominantly high pine forest which provides shade to 90% of the campsite. By adhering to the principles of sustainability and environmental protection and considering the natural features of the area by using indigenous plant species, the horticultural landscaping of the campsite has been completed to the level of an arboretum, which is a remarkable and rare example in Croatia of creating added value for a tourism camping product.

With its enriched offer of restaurants, a newly built promenade along the entire campsite and a beach leading to the centre of Biograd, the "Park Soline" camp is the right choice for a family holiday. In addition to entertainment activities for children and

evening entertainment, as well as an attractive sports offer guaranteeing active holidays, you can relax on long promenades and recreational trails in a healthy environment, which makes the camp a great choice for all nature lovers.

The "Park Soline" campsite is the largest and the only high-quality four-star campsite in Biograd na Moru, which accounts for 77% of the total campsite accommodation capacities and sets the highest standards of equipment and landscaping in the destination. Since this campsite is the most valuable part of the camping offer in Biograd na Moru, it directly influences the image of this destination and its positioning on the domestic and foreign tourism market.

The value of investments made in the "Park Soline" campsite from 2000 until the end of business year 2024 amounted to approximately EUR 32.3 million and owing to these investments the number of overnight stays increased from 4,556 in 1996 to 321,016 in 2024. The value of own works for the said period accounts for over 30% of the investments, meaning that the total value of investments in the "Park Soline" campsite for the said period amounted to approximately EUR 41.99 million.

3.4 ILIRIJA TRAVEL Ilirija Travel – destination management company: by developing new services and amenities, a high-quality, integrated and complementary tourism product has bee created in response to the contemporary tourist demand, and driven by technological, social and market factors and trends of an increasingly demanding market. Among the most important cornerstones when it comes to the offer and implementation of these special programmes and products are business operations conducted in our own additional facilities such as the following:

Event ship "Nada" a 36-metre multifunctional yacht with a capacity for 140 persons, with a restaurant, kitchen and bar provides guests with excellent services pertaining to food and beverages during navigation. Congresses, seminars, special events, unique business meetings, gala receptions and banquets, unique weddings, exclusive day and night cruises and incentive events are only some of the exciting amenities that the "Nada" event boat offers, while adapting to the individual requirements of clients.

Arsenal is a zero-category monument and multimedia centre located in Zadar, built in the 17th century and revitalized in 2005 as an indoor city square, or as

the centre of public, cultural and entertainment life of the region, where over 100 public and private events are organized every year.

Diffuse Hotel Ražnjevića dvori AD 1307 a diffuse multipurpose functional facility located in Polača, in the municipality bearing the same name, in the heart of Ravni kotari and halfway between Biograd na Moru and Benkovac, is the first facility of its category in the Republic of Croatia. This set-up, based on the traditional farm facility, is a great example of an innovative tourism product conceived as a combination of the traditional and the contemporary.

Villa Primorje, built in the second half of the 19th century, is a typical traditional Dalmatian stone manor house with an outbuilding. Newly renovated, luxuriously decorated and equipped according to the latest standards for facilities of this type and category, it has its own restaurant offering the opportunity to organize a number of events, a Mediterranean garden with a promenade, while since the 2017 tourist season the offer also includes an outdoor swimming pool. Offers of trips, special offers according to the requirements of clients, sports programs, MICE etc.

3.5 HOSPITALITY The Marina Kornati restaurant located in the Marina Kornati, with a capacity for over 350 persons, which along with the Captain's Club having a capacity for 70 persons can receive up to 420 persons, meets the needs of boaters when it comes to hosting various and numerous events in the Marina Kornati. In addition to restaurant services, the Captain's Club also provides services for numerous presentations of nautical products and serves as an ideal place for organorganisedation of smaller conferences and events.

The restaurant Park Soline is located in the Park Soline camp****, right by the sea, about a ten minute walk away from the centre of the town of Biograd na Moru, and its food offer is based on Mediterranean cuisine. This restaurant, with a capacity for 280 persons, offers the possibility of organorganiseding various events – family festivities, banquets and soirées, as well as meetings. Within the restaurant, there is also a Dalmatian tavern with a fireplace, a coffee shop and a wine bar arranged as a wine cellar, which provides you with the opportunity to buy and taste the highest quality red and white wine made from indigenous Croatian grape varieties.

The Donat beach bar is located in the building-magazine within the protected cultural and historical unit of the town of Sv. Filip i Jakov, which is also entered in the Register of Cultural Goods of the Republic of Croatia. To

day, it is categorized as a beach bar/cocktail bar with a capacity for 140 persons.

The Lavender lounge bar located within the Adriatic Hotel located right by the beach, known for its Mediterranean design, fully adapted for relaxation, with a beautiful view of the Pašman Canal, is a place offering the possibility of organizing numerous events of different nature (MICE, weddings, banquets, cocktail bed bar, nightclub, etc.).

The beach facility Beach Club Ilirija, with an outdoor saltwater swimming pool, a beach / sunbathing area surrounding the outdoor pool, and a catering facility, is located directly in front of the Company's hotel complex in Biograd na Moru, forming with it an indivisible, connected and integrated infrastructural, functional and economic unit. This year's extensive renovation and modernisation of the entire facility, aimed at significantly improving the quality of amenities and services as well as bringing them in line with current trends in the tourism and hospitality industry, made the facility an even more attractive destination to enjoy on the beach. In addition to the new range of catering services, the facility also offers various sports activities (swimming, water polo and other sports facilities), and it can be used as a venue for larger events (with a capacity of up to 1000 guests).

3.6 ADDITIONAL FACILITIES Manifestation: Biograd Boat Show - the largest international autumn nautical fair in the Republic of Croatia and the largest nautical fair held on water in South East Europe, bringing together all key representatives of the nautical industry and tourism. The nautical fair was first organised in 1999 as spring Open Days, mainly intended for companies that operate in the marina, as the first such event in Northern Dalmatia.

Given its status as the cradle of nautical tourism, the aim was to organise a first-rate nautical event in Biograd na Moru at which all sectors of nautical and charter activities would be presented, whereby the Open Days grew into Biograd Boat Show. Since 2004, the event has been organised as an autumn nautical fair, which contributed to the improvement of the nautical offer and the extension of the tourist season. The Biograd Boat Show was admitted to the International Federation of Boat Show Organizers (IFBSO) at the 50th session of the Federation held in Istanbul, Türkiye, in June 2014, and in 2015 it became its gold member.

The fairs of former members of the Federation were mainly organized in major world centres, and the fact that the Biograd Boat Show is organized in a town of

only 5,000 residents makes this success even greater and represents a great acknowledgement not only to the Company as the organizer, but also to Croatian nautical industry and tourism. Today the leading international autumn nautical fair has established itself as the biggest Croatian nautical event and in the last three years it has grown into a nautical industry congress in the Republic of Croatia.

Thanks to its partnership with all the relevant entities, the Biograd Boat Show encompasses "5 fairs in one": the Biograd Boat Show exhibition fair, the Biograd B2B business fair, the Days of Croatian Nautics by the Croatian Chamber of Economy congress fair, the Croatia Charter Expo leading charter fair and, for the first time, the Croatia Luxury and Adventure Travel Show – a luxury and exclusive tourism fair, thereby connection in one place all the key segments of the nautical industry and tourism and continuing to contribute to their further development and affirmation.

Due to the great interest and requests from presenters, the 26th Biograd Boat Show held in 2024 was extended to include spaces outside the waters of Marina Kornati, namely a part of the newly renovated Biograd Town Port (a passenger port), therefore enabling the participation of more than 450 presenters from Croatia and beyond, the presentation of more than 500 vessels and 25 premier vessels.

Sports facilities:

Located in the pine forest Soline near the old town centre, the Ilirija Tennis Centre covers a surface area of 48,000 m2 and consists of 20 tennis courts and multi-purpose courts (14 ground and 6 artificial grass courts) with night lighting, a restaurant facility, locker rooms and associated facilities.

3.7 CITY GALLERIA BUSINESS AND SHOPPING CENTRE

City Galleria Business and Shopping Centre is located in a heavily residential area in the immediate centre of Zadar. It is one of the two largest shopping centres in town and the wider Zadar region, completed and opened to the public in October 2008, with a total gross surface area of more than 28,500 m2 spread over a total of six floors (two garage and four retail floors). The gross surface area of the centre consists of the associated underground garage with a total surface area of 10,863.50 m2 , 9,445.32 m2 of net rentable area, as well as ancillary rooms and corridors. As at September 30th 2025, the occupancy of the centre amounted to 99.76% of total capacities.

The centre features the following facilities: an underground car garage with more than 400 parking spaces on two floors, an outdoor and indoor market, a supermarket, speciality shops, clothing and sports stores, service amenities, cafes, office spaces and 6 multiplex cinema halls.

The unique features of the City Galleria Business and Shopping Centre were recognised on the international level during the 2010 International Property Award, a prestigious competition in the real estate business, on which occasion the City Galleria Business and Shopping Centre Zadar received the prestigious fivestar award in the Best Retail Development category.

The unique features of the City Galleria Business and Shopping Centre, which distinguish it from the rest of the market offer can be summarised in a few examples, such as: a very attractive location within the city's pedestrian zone that provides great visibility and easy accessibility of the building, situation of the main marketplace with accompanying gourmet food shops in the Centre and the first and only multiplex cinema in the city of Zadar.

4 KEY PHYSICAL PERFOR-MANCE INDICATORS OF THE COMPANY

In the reporting period, all the key tourism sectors of the Company (hotel, nautical and camping sectors) as well as the real estate sector achieved the best operating results to date in terms of revenue, with the exception of DMC Ilirija Travel due to its orientation of operations towards events with higher added value. A business year marked by strong growth in tourist demand in the pre- and post-season, accompanied by growth in tourist traffic in the high season (hotel and camping sectors), which, in addition to the continuous growth of revenue in the nautical and real-estate sectors, ensured the growth of financial performance results at the level of the entire Company. The camping sector, i.e. the "Park Soline" campsite, achieved not only the best financial performance results, but also the best physical performance results to date, while the hotel sector, with the strong growth of physical performance indicators, achieved the best financial results to date, with the growth of business activities in the pre- and post-season being a major contributing factor.

The camping sector in the accommodation segment, i.e. the "Park Soline" campsite, recorded growth in key physical and financial performance indicators, with 53,667 arrivals and 331,459 overnight stays, which increased at a rate of 8.88% and 4.23% respectively, generating revenue of EUR 7,821,859.72, which was 11.39% higher than the EUR 7,021,854.42 in revenue recorded in the same period of the previous business year. Furthermore, the growth in financial indicators was achieved in the campsite's key market segments: mobile homes, lump sum guests and individuals, while the growth in physical indicators was generated by the growth in the mobile homes and individuals' segments. Furthermore, market indicators also recorded growth, i.e. the average daily rate per campsite unit (ADR) for the reporting period amounted to EUR 63.12, which was 12.36% higher than in the same period of the previous year, when it amounted to EUR 56.17, while the accommodation revenue per campsite unit (RevPAR) based on availability days increased by 11.33%, i.e. to the amount of EUR 37.55. Furthermore, the occupancy of campsite accommodation units based on availability days amounted to 59.60%, while also recoding 109.06 days of occupancy.

The hotel sector generated revenue in the amount of EUR 9,666,760.41, with a 7.80% growth rate and its performance in the period observed was marked by robust growth in business activities in the pre-season, accompanied by continued growth in the high and post season, which amounted to 37,364 arrivals and 125,457 overnight stays realised by the end of the reporting period, as well as by an increase of 3% in arrivals and 11% in overnight stays compared to the same period of the previous year. The growth of key performance indicators, both physical and financial, also led to an increase in revenue per room. Revenue per room based on accommodation with board services, for the reporting period, totalled EUR 162.99 compared to EUR 156.15 in the previous year, while the average revenue per room based on the revenue from other profit centres within the hotel sector totalled EUR 175.19 compared to EUR 167.94 in the previous year, representing an increase of 4.32%. Furthermore, in the hotel sector, 127 days of occupancy were realised with a utilisation rate of 46.46%, which continued the trend of increasing capacity occupancy compared to the previous year, when it amounted to 44.80%.

The nautical sector in its accommodation segment, i.e. Marina Kornati, maintained its continued business growth represented by the growth in financial indicators, i.e. revenue. Revenue for the reporting period amounted to EUR 7,703,104.00, which constitutes a 6.40% increase compared to revenue generated in the same period in 2024 in the amount of EUR 7,240,075.00, recording the best business results achieved by Marina Kornati to date in terms of revenue. The growth of the marina's revenue in absolute terms was generated by the increase in the vessel accommodation revenue, i.e. revenue from contractual berths realised in the amount of EUR 5,882,660.00, which is higher by EUR 436,456.00 or by 8.01%, and daily berth revenue realised in the amount of EUR 403,958.00 with a growth rate of 14.97% or by EUR 52,612.00. In the part of key physical performance indicators, contracted berths and transit berths, they were lower compared to the same period in the previous year. In the contracted berth segment, a key physical indicator of Marina Kornati's activities, 736 berth use contracts were concluded, with 2,327 vessel arrivals and 6,300 overnight stays recorded in the transit berth segment.

Destination management company Ilirija Travel organised 233 special events for a total of 27,995 people. In the reporting period, revenue amounted to EUR 1,284,418.76, partly realised in other profit centres of the Company, which are 5.95% lower compared to EUR 1,365,604.80 realised in the same period of the previous year due to a smaller number of organised events and people at these events. The reduced realisation of physical, and consequently financial indicators, is due to the Company's decision to organise higher-value events while also strengthening operational profitability and eliminating lower profitability events.

The key market indicator in the real estate sector that is City Galleria Business and Shopping Centre continued increasing, as did the revenue. In the reporting period, with a high rate of capacity occupancy of 99.76% and a strong increase in the key revenue items (revenue from lease, common costs, use of common areas and parking), revenue was generated in the amount of EUR 1,714,098.48, representing a 5% increase.

4.1. HOTEL SECTOR The demand for hotel capacities continued to increase during the first nine months of 2025, which resulted in an increase in physical and financial performance results in the hotel sector. When it comes to physical performance indicators during the reporting period, arrivals increased by 3%, while overnight stays grew by 11%. After last year's double-digit growth in arrivals, the reporting period also recorded a continued upward trend in arrivals, albeit at a slower pace compared to the same period of the previous year. At the same time, a strong increase in overnight stays was achieved as well. Following two years of remarkable growth, this year's hotel sector tourist traffic has been marked by moderate growth in physical performance indicators.

During the reporting period, 37,364 arrivals and 125,457 overnight stays were recorded, compared to 36,115 arrivals and 113,024 overnight stays in the same period of 2024. Under such circumstances, the achieved physical performance results had a significant impact on improving financial results, with the hotel sector generating board service revenue amounting to EUR 8,993,328.44, representing an 8% increase compared to EUR 8,337,720.07 earned in the same period of the previous year. Other revenue

from the hotel sector including the revenue generated from selected profit centres, amounted to EUR 673,431.97 recording a 7% increase compared to the EUR 629,408.59 generated in the same period of the previous year. Overall, revenue in the hotel sector reached EUR 9,666,760.41, marking an 8% increase compared to EUR 8,967,128.66 recorded in the corresponding period of the previous year.

As for the structure of guest overnight stays during the first nine months of 2025, domestic (Croatian) guests retained the leading position (I.), accounting for 33% of total overnight stays, with a 26% increase. Among other markets, the leading ones are: (II) Bosnia and Herzegovina, accounting for 9% of total overnight stays, and recording the highest individual growth in overnight stays compared to the previous year; (III) Slovenia, with an 8% share in overnight stays; (IV) Austria, also with an 8% share and a 17% increase; and (V) Slovakia, with a 6% share and a 21% increase. Among other outbound markets, growth in overnight stays was recorded in several of the most significant ones, such as Poland, Spain, France, and Belgium, while the remaining markets maintained their share or recorded a slight decline, namely Germany, the Netherlands, Italy, Sweden, and South Korea.

Moreover, the occupancy and facility utilisation days have improved in the nine months of 2025 compared to the same period of the previous business year. Overall hotel occupancy recorded a slight increase from 45% to 46% of capacity, while the number of occupancy days rose from 123 to 127 days.

In the upcoming period, i.e. the last quarter of the business year, the Company expects the business activities in the hotel sector to continue their growth in relation to the previous year.

Hotel sector capacities

		NUMBER OF ROOMS		NUMBER OF BEDS
ILIRIJA D.D.	2025	2024	INDEX 2025/2024	2025	2024	INDEX 2025/2024
ILIRIJA	157	157	1.00	326	326	1.00
KORNATI	106	106	1.00	230	230	1.00
ADRIATIC	100	100	1.00	210	210	1.00
DONAT	72	72	1.00	144	144	1.00
TOTAL	435	435	1.00	910	910	1.00

% Share of individual hotel (number of beds)

Overview and comparison of realised arrivals and overnight stays for the period 01/01-30/09/2025 with the same period in 2024

			HOTEL SECTOR
PROFIT CENTER	ARRIVALS		INDEX	OVERNIGHT STAYS		INDEX
	2025	2024	2025/2024	2025	2024	2025/2024
Hotel ILIRIJA	17.290	18.369	94	53.702	49.734	108
Hotel KORNATI	10.248	9.133	112	29.914	26.452	113
Hotel ADRIATIC	6.409	5.837	110	26.320	24.946	106
Hotel Villa DONAT	3.417	2.776	123	15.521	11.892	131
TOTAL	37.364	36.115	103	125.457	113.024	111

Realised overnight stays by outbound markets for the period from 01/01/2025 to 30/09 /2025

FINANCIAL STATEMENTS FOR THE PERIOD 01/01-30/09/2025 66 4 .1 HOTEL SECTOR

Occupancy rate for the period from 01/01/2025 to 30/09/2025 and a comparison with the same period in 2024

MONTH Percentage share			ILIRIJA						KORNATI						ADRIATIC						DONAT						GRAND TOTAL
	Room total	2025	%	Room total	2024	%	Room total	2025	%	Room total	2024	%	Room total	2025	%	Room total	2024	%	Room total	2025	%	Room total	2024	%	Room total	2025	%	Room total	2024	%
JANUARY (I)	4.867		573 11,77%	4.867		537 11,03%	3.286	105	3,20%	3.286	61	1,86%	3.100	47	1,52%	3.100	86	2,77%	2.232	0	0,00%	2.232	0	0,00%	13.485	725	5,38%	13.485	684	5,07%
FEBRUARY (II)	4.396		849 19,31%	4.553		491 10,78%	2.968	0	0,00%	3.074	0	0,00%	2.800	0	0,00%	2.900	0	0,00%	2.016	0	0,00%	2.088	0	0,00%	12.180	849	6,97%	12.615	491	3,89%
MARCH (III)	4.867		1.072 22,03%	4.867		2.011 41,32%	3.286	0	0,00%	3.286	67	2,04%	3.100	0	0,00%	3.100	0	0,00%	2.232	0	0,00%	2.232	0	0,00%	13.485	1.072	7,95%	13.485		2.078 15,41%
APRIL (IV)	4.710		2.915 61,89%	4.710		2.396 50,87%	3.180		1.000 31,45%	3.180		488 15,35%	3.000	99	3,30%	3.000	53	1,77%	2.160	0	0,00%	2.160	0	0,00%	13.050		4.014 30,76%	13.050		2.937 22,51%
MAY (V)	4.867		3.348 68,79%	4.867		3.294 67,68%	3.286		2.205 67,10%	3.286		1.823 55,48%	3.100		1.562 50,39%	3.100		2.103 67,84%	2.232	128	5,73%	2.232	28	1,25%	13.485		7.243 53,71%	13.485		7.248 53,75%
JUNE (VI)	4.710		3.029 64,31%	4.710		2.828 60,04%	3.180		2.061 64,81%	3.180		1.872 58,87%	3.000		2.133 71,10%	3.000		1.770 59,00%	2.160		1.184 54,81%	2.160		1.052 48,70%	13.050		8.407 64,42%	13.050		7.522 57,64%
JULY (VII)	4.867		4.203 86,36%	4.867		4.178 85,84%	3.286		2.644 80,46%	3.286		2.633 80,13%	3.100		2.643 85,26%	3.100		2.508 80,90%	2.232		1.786 80,02%	2.232		1.538 68,91%	13.485		11.276 83,62%	13.485		10.857 80,51%
AUGUST (VIII)	4.867		4.346 89,30%	4.867		4.408 90,57%	3.286		2.978 90,63%	3.286		2.959 90,05%	3.100		2.761 89,06%	3.100		2.704 87,23%	2.232		1.938 86,83%	2.232		1.776 79,57%	13.485		12.023 89,16%	13.485		11.847 87,85%
SEPTEMBER (IX)	4.710		3.763 79,89%	4.710		3.744 79,49%	3.180		2.601 81,79%	3.180		2.636 82,89%	3.000		1.999 66,63%	3.000		2.245 74,83%	2.160		1.206 55,83%	2.160		1.107 51,25%	13.050		9.569 73,33%	13.050		9.732 74,57%
TOTAL	42.861		24.098 56,22%	43.018		23.887 55,53%	28.938		13.594 46,98%	29.044		12.539 43,17%	27.300		11.244 41,19%	27.400		11.469 41,86%	19.656		6.242 31,76%	19.728			5.501 27,88% 118.755		55.178 46,46% 119.190			53.396 44,80%

Occupancy days

MONTH				ILIRIJA				KORNATI						ADRIATIC								DONAT			GRAND TOTAL
	Room total	2025	Days in 2025	Room total	2024	Days in 2024	Room total	2025	Days in 2025	Room total	2024	Days in 2024	Room total	2025	Days in 2025	Room total	2024	Days in 2024	Room total	2025	Days in 2025	Room total	2024	Days in 2024	Room total	2025	Days in 2025	Room total	2024	Days in 2024
JANUARY (I)	4.867	573	4	4.867	537	3	3.286	105	1	3.286	61	1	3.100	47	0	3.100	86	1	2.232	0	0	2.232	0	0	13.485	725	2	13.485	684	2
FEBRUARY (II)	4.396	849	5	4.553	491	3	2.968	0	0	3.074	0	0	2.800	0	0	2.900	0	0	2.016	0	0	2.088	0	0	12.180	849	2	12.615	491	1
MARCH (III)	4.867	1.072	7	4.867	2.011	13	3.286	0	0	3.286	67	1	3.100	0	0	3.100	0	0	2.232	0	0	2.232	0	0	13.485	1.072	2	13.485	2.078	5
APRIL (IV)	4.710	2.915	19	4.710	2.396	15	3.180	1.000	9	3.180	488	5	3.000	99	1	3.000	53	1	2.160	0	0	2.160	0	0	13.050	4.014	9	13.050	2.937	7
MAY (V)	4.867	3.348	21	4.867	3.294	21	3.286	2.205	21	3.286	1.823	17	3.100	1.562	16	3.100	2.103	21	2.232	128	2	2.232	28	0	13.485	7.243	17	13.485	7.248	17
JUNE (VI)	4.710	3.029	19	4.710	2.828	18	3.180	2.061	19	3.180	1.872	18	3.000	2.133	21	3.000	1.770	18	2.160	1.184	16	2.160	1.052	15	13.050	8.407	19	13.050	7.522	17
JULY (VII)	4.867	4.203	27	4.867	4.178	27	3.286	2.644	25	3.286	2.633	25	3.100	2.643	26	3.100	2.508	25	2.232	1.786	25	2.232	1.538	21	13.485	11.276	26	13.485	10.857	25
AUGUST (VIII)	4.867	4.346	28	4.867	4.408	28	3.286	2.978	28	3.286	2.959	28	3.100	2.761	28	3.100	2.704	27	2.232	1.938	27	2.232	1.776	25	13.485	12.023	28	13.485	11.847	27
SEPTEMBER (IX)	4.710	3.763	24	4.710	3.744	24	3.180	2.601	25	3.180	2.636	25	3.000	1.999	20	3.000	2.245	22	2.160	1.206	17	2.160	1.107	15	13.050	9.569	22	13.050	9.732	22
TOTAL	42.861	24.098	153	43.018	23.887	152	28.938	13.594	128	29.044	12.539	41	27.300	11.244	38	27.400	11.469	40	19.656	6.242	87	19.728	5.501		76 118.755	55.178		127 119.190	53.396	123

FINANCIAL STATEMENTS FOR THE PERIOD 01/01-30/09/2025 67 4 .1 HOTEL SECTOR

Monthly comparison of revenue/overnight stays of Ilirija Resort hotels for the period 01/01-30/09/2025 and a comparison with the same period in 2024

(EUR)

		GENERATED REVENUES			OVERNIGHT STAYS			AVERAGE PRICE (EUR)
MONTH	2025	2024	INDEX 2025/2024	2025	2024	INDEX 2025/2024	2025	2024	INDEX 2025/2024
JANUARY	227.457,98	195.546,89	116,32	1.222	1.117	109,40	186,14	175,06	106,32
FEBRUARY	111.888,08	65.778,74	170,10	1.649	903	182,61	67,85	72,84	93,15
MARCH	147.977,47	229.186,99	64,57	1.916	3.929	48,77	77,23	58,33	132,40
APRIL	432.449,16	292.591,73	147,80	7.469	5.266	141,83	57,90	55,56	104,21
MAY	802.068,57	758.787,83	105,70	12.960	12.424	104,31	61,89	61,07	101,33
JUNE	1.280.997,27	1.059.039,26	120,96	18.096	15.299	118,28	70,79	69,22	102,26
JULY	2.039.348,95	1.924.043,80	105,99	31.774	27.160	116,99	64,18	70,84	90,60
AUGUST	2.505.974,03	2.477.253,59	101,16	32.504	29.601	109,81	77,10	83,69	92,12
SEPTEMBER	1.445.166,93	1.335.491,24	108,21	17.867	17.325	103,13	80,88	77,08	104,93
OCTOBER	0,00	623.269,43	0,00	0	9.218	0,00	#DIV/0!	67,61	#DIV/0!
NOVEMBER	0,00	94.244,01	0,00	0	1.560	0,00	#DIV/0!	60,41	#DIV/0!
DECEMBER	0,00	92.669,83	0,00	0	2.328	0,00	#DIV/0!	39,81	#DIV/0!
TOTAL	8.993.328,44	9.147.903,34	98,31	125.457	126.130	99,47	71,68	72,53	98,84
30/09	8.993.328,44	8.337.720,07	107,86	125.457	113.024	111,00	71,68	73,77	97,17

Revenue per sold room by 30/09/25 162,99 €

Revenue per sold room - 2025 175,19 € Revenue per sold room by 30/09/24 156,15 € Revenue per sold room - 2024 167,94 €

Selected profit centers within the hotel sector (EUR)

Lavender bar	2025	2024
31/12		182.877,60	INDEX 2025/2024
30/09/	199.571,20	176.469,06	113,09

Beach Club Ilirija	2025	2024
31/12		373.079,14	INDEX 2025/2024
30/09/	387.825,48	371.560,11	104,38

Tennis center	2025	2024
31/12		81.529,99	INDEX 2025/2024
30/09/	86.035,29	71.939,42	119,59

Beach bar "Donat"	2025	2024
31/12		11.955,97	INDEX 2025/2024
30/09/	0,00	9.440,00	0,00

Hotel sector total

(EUR)

TOTAL	2025	2024
31/12		9.797.346,04	INDEX 2025/2024
30/09/	9.666.760,41	8.967.128,66	107,80

revenue by activities

Revenue from hotel services amounted to EUR 8,993,328.44, compared to EUR 8,337,720.07 in the same period in 2024, marking an 8% increase.

Other revenue from the hotel sector including the revenue generated from selected profit centres, amounted to EUR 673,431.97 recording a 7% increase compared to the EUR 629,408.59 generated in the same period of the previous year.

In total, revenue of the hotel sector amounted to EUR 9,666,760.41 compared to EUR 8,967,128.66 in the same period in 2024, representing an 8% increase.

Summary of key market indicators of the Ilirija d.d. hotel sector

In the period from January to September 2025, the Company's hotel sector generated revenue of EUR 9,666,760.00, representing a 7.80% increase compared to the same period in 2024, when revenue amounted to EUR 8,967,128.66. This growth is the result of positive developments in both physical and market indicators.

During the reporting period, a total of 125,457 overnight stays were recorded, which constitutes an 11%

increase compared to 113,024 overnight stays in the same period of the previous year. An increase of 3.34% was also recorded in the number of accommodation units sold. Revenue per available room (RevPAR) increased by 5.47%, from EUR 88.77 in 2024 to EUR 93.63 in 2025, accompanied by a 4.50% growth in the average daily rate (ADR), from EUR 141.27 to EUR 147.62

Number of overnight stays and average daily rate of the accommodation unit (ADR) in the hotels of Ilirija d.d. in the priod I-IX 2025 and I-IX 2024

^* ADR – the average price per accommodation unit is calculated based on board services revenue (revenue from accommodation and food and drink under board services).

Key market indicators of the hotel sector of Ilirija d.d.

	I-IX 2025	I-IX 2024	2025/2024
HOTELS IN BIOGRAD
Accommodation capacities:
Number of hotels	3	3	0,00%
Number of accommodation units	363	363	0,00%
Number of beds	766	766	0,00%
Phyisical turnover
Number of overnight stays	109.936	101.132	8,71%
Number of accommodation units sold	48.936	47.895	2,17%
The occupancy of accommodation units based on a total number of days in a period (%)	49,38%	48,15%	2,55%
Occupancy rate of the accommodation units on an open days basis (%)	62,86%	62,93%	-0,11%
Financial results (in EUR):
Average daily rate of the accommodation unit (ADR) *	149,81 €	143,28 €	4,55%
Revenue per accommodation unit (RevPAR) on a total number of days basis in pe riod **	73,98 €	69,00 €	7,22%
Revenue per accommodation unit (RevPAR) on an open days basis **	94,16 €	90,16 €	4,44%
HOTEL IN SV. FILIP I JAKOV
Accommodation capacities:
Number of hotels	1	1	0,00%
Number of accommodation units	72	72	0,00%
Number of beds	144	144	0,00%
Phyisical turnover
Number of overnight stays	15.521	11.892	30,52%
Number of accommodation units sold	6.242	5.501	13,47%
The occupancy of accommodation units based on a total number of days in a period (%)	31,76%	27,88%	13,89%
Occupancy rate of the accommodation units on an open days basis (%)	68,26%	62,12%	9,90%
Financial results (in EUR):
Average daily rate of the accommodation unit (ADR) *	130,48 €	123,74 €	5,45%
Revenue per accommodation unit (RevPAR) on a total number of days basis in pe riod **	41,44 €	34,50 €	20,09%
Revenue per accommodation unit (RevPAR) on an open days basis **	89,07 €	76,86 €	15,88%
HOTELS - TOTAL ILIRIJA d.d.
Accommodation capacities:
Number of hotels	4	4	0,00%
Number of accommodation units	435	435	0,00%
Number of beds	910	910	0,00%
Phyisical turnover
Number of overnight stays	125.457	113.024	11,00%
Number of accommodation units sold	55.178	53.396	3,34%
The occupancy of accommodation units based on a total number of days in a period (%)	46,46%	44,80%	3,72%
Occupancy rate of the accommodation units on an open days basis (%)	63,43%	62,84%	0,93%
Financial results (in EUR):
Average daily rate of the accommodation unit (ADR) *	147,62 €	141,27 €	4,50%
Revenue per accommodation unit (RevPAR) on a total number of days basis in pe riod **	68,59 €	63,29 €	8,38%
Revenue per accommodation unit (RevPAR) on an open days basis **	93,63 €	88,77 €	5,47%

Notes:

Hotels in Biograd include the hotels Ilirija, Adriatic and Kornati, while the hotel in Sv. Filip Jakov is the hotel Villa Donat. *

^* ADR – Average daily rate of the accommodation unit is calculated on the basis of the revenue from board services (revenue from the accommodation and food and beverages of the board services).

^** RevPAR – Revenue from the board services per accommodation unit includes the revenue from the board services (revenue from the accommodation and food and beverages of the board services) divided by the number of the available accommodation units in a given period (365 days; number of open days).

4.2 NAUTICAL SECTOR – MARINA KORNATI

During the reporting period, Marina Kornati achieved its best financial performance results to date. Revenue amounted to EUR 8,202,797.00, representing an 8% increase compared to the same period in 2024, when revenue totalled EUR 7,617,134.00.

Revenue growth during the reporting period was recorded across nearly all key business items of Marina Kornati, except for revenue from other services. The most significant increase in absolute terms was achieved in the core market segment (contracted berths revenue) which amounted to EUR 5,882,660.00 and accounted for 72% of Marina Kornati's total revenue. Furthermore, business cooperation revenue amounting to EUR 468,692.00, represent an increase of 7%, while the revenue generated by the port service amounted to EUR 429,372.00. A significant increase of revenue was achieved under the item concerning the nautical fair and events, with a growth rate of 33%, reaching EUR 499,693.00 compared to EUR 377,059.00 generated in the same period of the previous year. Revenue growth was also observed under the parking services item, up by 2%, with revenue of EUR 404,866.00 compared to EUR 396,336.00 in the same period of 2024.

The revenue growth of Marina Kornati is the result of well-organised business activities and processes within the marina, as well as the price increases introduced for the 2025 nautical business year, whose performance can be broken down into the following items:

• 1. Contracted berth:
• Contracted berth individual
• Contracted berth charter
• 1. Transit berth vessel arrival
• 1. Transit berth vessel overnight stays
• 1. Port service crane operations

In the nine months of 2025, in the segment of vessels at contracted berths, the most significant physical performance indicators of Marina Kornati, a total of 736 contracts on the use of berths were concluded, of which 382 for individual vessels and 354 for charter vessels. This represents a decrease of 1% compared to the same period of the previous year, when 745 vessels were at contracted berths. In the segment of transit vessels, a total of 2,327 transit vessel arrivals were recorded, representing an 11% decrease compared to 2,614 arrivals, while 6,300 overnight stays of transit vessels were achieved, namely 2% fewer than in the same period of 2024, when 6,461 overnight stays were recorded. In the reporting period, 3,427 port service operations were carried out (vessel lifting, lowering and washing), thereby remaining at the same level as in 2024, when 3,402 port service operations were carried out.

Marina Kornati capacities

	Length of piers / m	Number of berths	Dry berth	Total number of berths
Central marina	923	365	70	435
West marina	262	190	0	190
South marina	180	80	0	80
Hotel marina	450	100	0	100
TOTAL	1.815	735	70	805

% Share of individual marina (number of berths)

Cumulative overview of physical turnover of the Marina Kornati for the period 01/01-30/09/2025 and comparison with the same period in 2024

							2025 by month
Name of position	Measurment unit	1	2	3	4	5	6	7	8	9	10	11	12
Contract-based berth-individual	Contracted vessel	111	241	275	320	355	369	376	377	382
Contract-based berth-charter	Contracted vessel	3	6	14	337	348	352	354	354	354
TOTAL Contract-based berth	Contracted vessel	114	247	289	659	703	721	730	731	736
Transit berth-sailing in port	Sailing in port	2	10	32	109	356	728	1.338	1.973	2.327
Transit berth-overnight stay of ves sels	Boat/day	42	55	225	733	1.427	2.302	3.954	5.508	6.300
Transit berth-overnight stay of vessel crew	Overnight stay of a person
Port service	Operation	94	328	637	1.039	1.504	2.037	2.517	3.025	3.427

							2024 by month
Name of position	Measurment unit	1	2	3	4	5	6	7	8	9	10	11	12
Contract-based berth-individual	Contracted vessel	85	232	270	328	363	379	384	385	385
Contract-based berth-charter	Contracted vessel	0	3	26	330	348	358	358	360	360
TOTAL Contract-based berth	Contracted vessel	85	235	296	658	711	737	742	745	745
Transit berth-sailing in port	Sailing in port	3	13	31	201	451	875	1.456	2.123	2.614
Transit berth-overnight stay of ves sels	Boat/day	67	215	468	1.075	1.768	2.641	3.934	5.510	6.461
Transit berth-overnight stay of vessel crew	Overnight stay of a person
Port service	Operation	163	413	722	1.090	1.537	1.995	2.554	3.124	3.402

Vessels on berth contract for the period 01/01-30/09/2025 and comparison with the same period in 2024

01/01-30/06	Type of berth	Position of berth	01/01/-30/09/	% Total	01/01/-30/09/	% Total	Index
			2025	Vessels	2024	Vessels	2025/2024
		Central aquatorium	263	36	259	35	102
		South aquatorium	32	4	32	4	100
	Annual berth in the sea	Western aquatorium	2	0	2	0	100
Vessel of individual		Hotel port	28	4	33	4	85
owners	Annual berth on the land	Marina land	2	0	3	0	67
		Marina aquatorium	13	2	18	2	72
	Seasonal berth in the sea	Hotel port	42	6	38	5	111
	Total individual vessels:		382	52	385	52	99
		Central aquatorium	129	18	133	18	97
		South aquatorium	1	0	0	0	#DIV/0!
Charter vessels	Annual berth in the sea	Western aquatorium	223	30	225	30	99
		Hotel port	1	0	2	0	50
	Total charter vessels:		354	48	360	48	98
	Total vessels		736	100	745	100	99

Vessels at contractual berth from 01/01 – 30/09/2025

Total 2024 2.614 Index 2025/2024 89

Transit berth – inbound vessels sailing into the port in the period 01/01-30/09/2025 and comparison with the same period in 2024

		Individually monthly			Cumulatively monthly
2025	2025	2024	INDEX	2025	2024	INDEX
Month			2025/2024			2025/2024
1	2	3	67	2	3	67
2	8	10	80	10	77
3	22	18	122	32	31	103
4	77	170	45	109	201	54
5	247	250	99	356	451	79
6	372	424 88 728		875	83
7	610	581	105	1.338	1.456	92
8	635	667	95	1.973	2.123	93
9	354	491	72	2.327	2.614	89
10	0	0		0	0
11	0	0		0	0
12	0 0			0	0
Total 2025	2.327

3.000 Sailing in of transit vessels by months (cumulatively)

Total 2024 6.461 Index 2025/2024 98

Transit berth – vessel overnight stays in the period 01/01-30/09/2025 and comparison with the same period in 2024

		Individually monthly			Cumulatively monthly
2025	2025	2024	INDEX	2025	2024	INDEX
Month			2025/2024			2025/2024
1	42	67	63	42	67	63
2	13	148	9	55	215	26
3	170	253	67	225	468	48
4	508	607	84	733	1.075	68
5	694	693	100	1.427	1.768	81
6	875 873 100 2.302		2.641	87
7	1.652	1.293	128	3.954	3.934	101
8	1.554	1.576	99	5.508	5.510	100
9	792	951	83	6.300	6.461	98
10	0	0		0	0
11	0	0		0	0
12	0	0		0
Total 2025	6.300

Overnight stay of transit vessel by month (cumulatively)

Total 2025 3.427 Total 2024 3.402 Index 2025/2024 101

Activity of port service in the period 01/01-30/09/2025 and comparison with the same period in 2024

		Individually monthly			Cumulatively monthly
2025	2025	2024	INDEX	2025	2024	INDEX
Month			2025/2024			2025/2024
1	94	163	58	94	163	58
2	234	250	94	328	413	79
3	309	309	100	637	722	88
4	402	368	109	1.039	1.090	95
5	465	447	104	1.504	1.537	98
6	533	458	116	2.037	1.995	102
7	480	559	86	2.517	2.554	99
8	508	570	89	3.025	3.124	97
9	402	278	145	3.427	3.402	101
10	0	0		0	0
11	0	0		0	0
12	0	0		0	0

FINANCIAL STATEMENTS FOR THE PERIOD 01/01-30/09/2025 78 4.2 NAUTICAL SECTOR

Revenue generated by the Marina Kornati for the period 01/01-30/09/2025 individually by months and comparison with the same period in 2024

	REVENUES OF MARINA KORNATI 2025 INDIVIDUALLY BY MONTHS (in EUR)
	Revenue positions						Months 2025							2025	2024	Index
		1	2	3	4	5	6	7	8	9	10	11	12	CUMULAT.	Total	2025/2024
I	Daily berths	2.029	2.009	13.699	43.265	46.971	52.873	94.928	93.776	54.408				403.958	351.345	115
II	Contracted berth with accessories	815.130	955.387	181.998	1.878.578	157.212	95.745	1.738.703	30.070	29.837				5.882.660	5.446.204	108
III	Port service	14.200	37.882	46.786	70.942	74.873	65.615	46.567	38.731	33.776				429.372	417.434	103
IV	Vehicle parking	248	592	2.063	20.214	42.054	79.891	78.472	91.240	90.092				404.866	396.336	102
V	Other services	10.009	9.917	4.085	35.518	2.647	6.256	23.536	5.331	16.257				113.556	191.979	59
VI	Business cooperation				236.681	750		230.668		593				468.692	436.776	107
VII	Boat fair and events						4.470	40.858	101.656	352.709				499.693	377.059	133
	TOTAL :	841.616	1.005.787	248.631	2.285.198	324.507	304.850	2.253.732	360.804	577.672				8.202.797	7.617.134	108

	REVENUES OF MARINA KORNATI 2024 INDIVIDUALLY BY MONTHS (in EUR)
	Revenue positions						Months 2024							2024
		1	2	3	4	5	6	7	8	9	10	11	12	Cummulat.
I	Daily berths	2.078	7.392	10.294	30.969	43.039	49.772	72.963	85.124	49.715				351.346
II	Contracted berth with acces sories	544.623	1.053.373	245.530	1.693.381	166.318	111.208	1.588.876	35.285	7.610				5.446.204
III	Port service	26.207	46.000	50.852	64.240	58.770	53.019	52.960	42.167	23.219				417.434
IV	Vehicle parking	206	576	3.747	14.586	47.021	64.087	86.765	91.995	87.353				396.336
V	Other services	1.895	7.471	117.291	18.351	2.157	4.286	20.312	15.511	4.705				191.979
VI	Business cooperation				218.336	1.652		216.788						436.776
VII	Boat fair and events							61.144	89.941	225.974				377.059
	TOTAL :	575.009	1.114.812	427.714	2.039.863	318.957	282.372	2.099.808	360.023	398.576				7.617.134

Revenue generated by the Marina Kornati for the period 01/01-30/09/2025 cumulatively by months and comparison with the same period in 2024

	REVENUES OF MARINA KORNATI 2025 CUMULATIVELY BY MONTHS (in EUR)
	Revenue positions						Months 2025							% of total
		1	2	3	4	5	6	7	8	9	10	11	12	revenues
I	Daily berths	2.029	4.038	17.737	61.002	107.973	160.846	255.774	349.550	403.958				5
II	Contracted berth with acces sories	815.130	1.770.517	1.952.515	3.831.093	3.988.305	4.084.050	5.822.753	5.852.823	5.882.660				72
III	Port service	14.200	52.082	98.868	169.810	244.683	310.298	356.865	395.596	429.372				5
IV	Vehicle parking	248	840	2.903	23.117	65.171	145.062	223.534	314.774	404.866				5
V	Other services	10.009	19.926	24.011	59.529	62.176	68.432	91.968	97.299	113.556				1
VI	Business cooperation				236.681	237.431	237.431	468.099	468.099	468.692				6
VII	Boat fair and events						4.470	45.328	146.984	499.693				6
	TOTAL:	841.616	1.847.403	2.096.034	4.381.232	4.705.739	5.010.589	7.264.321	7.625.125	8.202.797				100

	REVENUES OF MARINA KORNATI 2024 CUMULATIVELY BY MONTHS (in EUR)
	Revenue positions						Months 2024							% of total
		1	2	3	4	5	6	7	8	9	10	11	12	revenues
I	Daily berths	2.078	9.470	19.764	50.733	93.772	143.544	216.507	301.631	351.346				5
II	Contracted berth with acces sories	544.623	1.597.996	1.843.526	3.536.907	3.703.225	3.814.433	5.403.309	5.438.594	5.446.204				72
III	Port service	26.207	72.207	123.059	187.299	246.069	299.088	352.048	394.215	417.434				5
IV	Vehicle parking	206	782	4.529	19.115	66.136	130.223	216.988	308.983	396.336				5
V	Other services	1.895	9.366	126.657	145.008	147.165	151.451	171.763	187.274	191.979				2
VI	Business cooperation				218.336	219.988	219.988	436.776	436.776	436.776				6
VII	Boat fair and events							61.144	151.085	377.059				5
	TOTAL:	575.009	1.689.821	2.117.535	4.157.398	4.476.355	4.758.727	6.858.535	7.218.558	7.617.134				100

Summary of key market indicators of Marina Kornati performance

The nautical sector comprises three segments of operations: Marina Kornati, restaurant and the nautical fair. Marina Kornati (the most important profit centre of the nautical sector) achieved the best financial performance results to date in terms of revenue. Marina Kornati generated a total revenue in the amount of EUR 7,703,104.00, constituting an increase of 6% compared to the same period of the previous year, when they amounted to EUR 7,240,075.00.

The most significant revenue growth of Marina Kornati during the reporting period was generated from vessel accommodation, namely, vessels at contracted berths and transit vessels. When it comes to physical indicators in the contracted berth market segment, the number of contracted vessels decreased by 1%, while financial results, that is, revenue from contracted berths, increased by 8%, reaching EUR 5,882,660.00 compared to EUR 5,446,204.00 in the same period of 2024, and accounting for 76% of Marina Kornati's total revenue. The average revenue per contracted berth amounted to EUR 7,801.94, representing a 7% increase compared to the same period in 2024, when it amounted to EUR 7,290.77. Furthermore, revenue from transit vessels totalled EUR 403,958.00, marking a 15% increase compared to EUR 351,346.00 in the same period of the previous year, while the average revenue per transit berth overnight stay grew by 30%.

In addition, the record-high revenue performance of

Marina Kornati was further supported by growth in other market segments, namely, service, parking, and business cooperation.

Key market indicators of Marina Kornati

	I-IX 2025	I-IX 2024	2025/2024
Capacity(number of berths): *
Central marina	435	435	0,00%
Western marina	190	190	0,00%
Southern marina	80	80	0,00%
Hotel marina	100	100	0,00%
Total number of berths	805	805	0,00%
Physical turnover:
Vessel on berth contract	736	745	-1,21%
Number of overnight stays (vessels having tranzit berth )	6.300	6.461	-2.49%
Number of sertvice operations executed	3.427	3.402	0,73%
Numbe of parking places	500	500	0,00%
Number of bussiness cooperation agreements	49	49	0,00%
Financial results
Total operating revenue of the marina (in EUR):	7.703.104,00 €	7.240.075,00 €	6,40%
Berth contract:
Revenue from berth contracts	5.882.660,00 €	5.446.204,00 €	8,01%
Aver. revenue per berth contract	7.801,94 €	7.290,77 €	7,01%
Share in the total operating revenue of the marina	76,37	75,23	1,52%
Transit berth:
Revenue from the transit berth	403.958,00 €	351.346,00 €	14,97%
Aver. revenue per overnight stay (transit berth)	56,27 €	43,23 €	30,16%
Share in the total operating revenue of the marina	5,2%	4,9%	8,06%
Servicing:
Revenue from servicing	429.372,00 €	417.434,00 €	2,86%
Aver. revenue per serv. operation	107,34 €	109,36 €	-1,85%
Share in the total operating revenue of the marina	5,6%	5,8%	-3,32%
Parking:
Revenue from parking	404.866,00 €	396.336,00 €	2,15%
Aver. revenue per parking space	809,73 €	792,67 €	2,15%
Share in the total operating revenue of the marina	5,3%	5,5%	-3,99%
Business cooperation:
Revenue from business cooperation	468.692,00 €	436.776,00 €	7,31%
Aver. revenue from business cooperation	9.565,14 €	8.913,80 €	7,31%
Share in the total operating revenue of the marina	6,1%	6,0%	0,86%

Notes:

^* Number of berths refers to physically available number of berths in the marina

No. of vessels per berth contract in the Marina Kornati in the period I-IX 2025 and I-IX 2024

Average revenues earned per berth contract in Marini Kornati in the period I-IX 2025 and I-IX 2024

No. of overnight stay transits vessel in Marini Kornati in the period I-IX 2025 and I-IX 2024

Average reveues earned per overnight stay transit vesse in Marini Kornati in the period I-IX 2025 and I-IX 2024

4.3 CAMPING SECTOR – CAMPSITE "PARK SOLINE"

During the nine months of 2025, the camping sector recorded 53,667 arrivals, representing an increase of 8.88% in relation to last year, with 331,459 overnight stays being realised, amounting to a 4.23% increase.

Two segments of campsite operations (individual guests and mobile homes) recorded an increase in arrivals and overnight stays. The individual stay market segment recorded a 10.15% increase in arrivals and a 12.14% increase in overnight stays, resulting in an average stay of 6.14 days for individual guests during the 2025 reporting period. The mobile home market segment recorded an increase of 21.58% in arrivals and of 10.69% in overnight stays compared to the same nine-month period of 2024. Most of the increase was generated in June due to the Slovenian and the Croatian market, and during the peak season. The lump-sum market segment recorded a 1.77% increase in arrivals, while the number of realised overnight stays remained at the same level as in the corresponding period of 2024. The allotment segment achieved 98.14% of arrivals and 92.66% of overnight stays due to a 19.51% reduction in the number of leased plots, which resulted in a lower index of overnight stays and arrivals of agency guests.

The camping sector, i.e. the "Park Soline" campsite, recorded a growth in operating revenue, where generated revenue amounted to EUR 7,821,859.72, an 11% increase compared to the same period in the previous year, when it amounted to EUR 7,024,637.90. During the reporting period, revenue from mobile homes increased by 15% as a result of an improved sales strategy, more aggressive marketing activities, and, ultimately, better booking performance and higher sales prices. Furthermore, revenue growth was also achieved in other market segments: revenue from individual stays increased by 8%, lump-sum revenue rose by 12%, and revenue from other services grew by 6%, while revenue from agencies declined by 4%, or EUR 17,592.78. In the structure of realized overnight stays, among the five leading outbound markets is (I) the Slovenian market with a 23.73% share of overnight stays, (II) the Czech market with a 16.78% share, (III) the Croatian market with a 15.55% share, (IV) the German market with a 10.97% share, and (V) the Polish market with a 6.35% share. In the business segment of mobile homes, the largest increase was recorded among guests from Bosnia and Herzegovina, Switzerland, Croatia, and Slovakia, compared to the same period in 2024.

The increase in physical performance indicators (arrivals, overnight stays, and revenue) over the first nine months of 2025 is the result of investment activities, intensified marketing efforts, and substantial investments in key sales channels, which ultimately contributed to the best accommodation performance of the camping sector to date.

Capacities of the camp "Park Soline"

		2022	2023	2024	2025
	EXTRA ZONE
	CAMPING PITCHES	81	81	81	81
,	CAMPING PLOTS	0	0	0	0
	TOTAL	81	81	81	81
	FIRST ZONE
II	CAMPING PITCHES	303	301	301	301
II II	CAMPING PLOTS	0	0	0	0
	TOTAL	303	301	301	301
	SECOND ZONE
III	CAMPING PITCHES	208	205	205	205
III	CAMPING PLOTS	0	0	0	0
	TOTAL	208	205	205	205
	THIRD ZONE
IV	CAMPING PITCHES	616	543	543	543
IV	CAMPING PLOTS	0	0	0	0
	TOTAL	616	543	543	543
	GRANDTOTAL
	CAMPING PITCHES	1208	1130	1130	1130
Σ	CAMPING PLOTS	0	0	0	0
	TOTAL	1208	1130	1130	1130

Arrivals and overnight stays by outbound market and average days of stay for the period 01/01-30/09/2025 and a comparison with the same period in 2024

	2025		2024		INDEX 2025/2024		AVERAGE STAY (DAYS)
Country	Arrivals	Overnight stays	Arrivals	Overnight stays	Arrivals	Overnight stays	2025	2024
Austria	2.711	15.156	2.258	13.560	120,06	111,77	5,59	6,01
B&H	2.239	10.647	1.450	7.185	154,41	148,18	4,76	4,96
Czech Rep	8.173	55.616	6.987	49.448	116,97	112,47	6,80	7,08
Croatia	9.626	51.545	8.224	44.698	117,05	115,32	5,35	5,44
Italy	662	3.432	648	3.956	102,16	86,75	5,18	6,10
Hungary	1.749	9.575	1.622	9.109	107,83	105,12	5,47	5,62
Netherlands	1.161	8.878	1.862	14.425	62,35	61,55	7,65	7,75
Germany	4.900	36.348	4.636	34.835	105,69	104,34	7,42	7,51
Poland	3.178	21.056	2.919	20.216	108,87	104,16	6,63	6,93
Slovakia	2.372	15.037	1.877	12.235	126,37	122,90	6,34	6,52
Slovenia	12.416	78.650	12.387	79.750	100,23	98,62	6,33	6,44
Other	4.480	25.519	4.418	28.593	101,40	89,25	5,70	6,47
TOTAL	53.667	331.459	49.288	318.010	108,88	104,23	6,18	6,45

Realised overnight stays by outbound markets for the period 01/01-30/09/2025

Arrivals, overnight stays, and number of pitches by market segment from 01/01-30/09/2025 and a comparison with the same period in 2024

MARKET SEGMENT		2025			2024			INDEX 2025/2024		AVERAGE DAYS OF STAY
	Arrivals	Overnight stays	Pitch	Arrivals	Overnight stays	Pitch	Arrivals	Overnight stays	Pitch	2025	2024
Allotment	6.075	42.750	99	6.190	46.135	123	98,14	92,66	80,49	7,04	7,45
Lump sum	19.135	121.724	315	18.803	121.762	318	101,77	99,97	99,06	6,36	6,48
Individuals	10.410	63.899	446	9.451	56.983	419	110,15	112,14	106,44	6,14	6,03
Mobile homes	18.047	103.086	270	14.844	93.130	270	121,58	110,69	100,00	5,71	6,27
TOTAL	53.667	331.459	1.130	49.288	318.010	1.130	108,88	104,23	100,00	6,18	6,45

FINANCIAL STATEMENTS FOR THE PERIOD 01/01-30/09/2025 88 4.3 CAMPING SECTOR – CAMPSITE "PARK SOLINE"

Cumulative overview of daily and monthly occupancy of campsite accommodation units for the period from 01/04/2025 to 30/09/2025

MONTH			APRIL				MAY				JUNE				JULY
SEGMENT	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY
MOBILE HOMES ILIRIJA	8.100	172	2,12%	0,64	8.370	751	8,97%	2,78	8.100	4.393	54,23%	16,27	8.370	7.819	93,42%	28,96
AGENCIES	2.970	2.970	100,00%	30,00	3.069	3.069	100,00%	31,00	2.970	2.970	100,00%	30,00	3.069	3.069	100,00%	31,00
LUMP SUM	9.450	9.450	100,00%	30,00	9.765	9.765	100,00%	31,00	9.450	9.450	100,00%	30,00	9.765	9.765	100,00%	31,00
INDIVIDUALS PITCHES STANDARD MARE, COMFORT AND STANDARD III ZONE	10.380	465	4,48%	1,34	10.726	915	8,53%	2,64	10.380	2.474	23,83%	7,15	10.726	6.017	56,10%	17,39
INDIVIDUALS CAMPING STANDARD IV ZONE	3.000	26	0,87%	0,26	3.100	71	2,29%	0,71	3.000	134	4,47%	1,34	3.100	850	27,42%	8,50
INDIVIDUALS TOTAL	13.380	491	3,67%	1,10	13.826	986	7,13%	2,21	13.380	2.608	19,49%	5,85	13.826	6.867	49,67%	15,40
TOTAL	33.870	13.083	38,63%	11,59	35.030	14.571	41,60%	12,89	33.900	19.421	57,29%	17,19	35.030	27.520	78,56%	24,35

MONTH			AUGUST				SEPTEMBER				TOTAL 2025					TOTAL 2024
SEGMENT	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY	NUMBER OF ACCOMMODATING UNITS	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY	NUMBER OF ACCOMMODATING UNITS	MAXIMUM POSSIBLE PITCHES DAYS	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY
MOBILE HOMES ILIRIJA	8.370	8.000	95,58%	29,63	8.100	4.315	53,27%	15,98	270	49.044	25.450	51,89%	94,96	270	49.044	23.467	47,85%	87,56
AGENCIES	3.069	3.069	100,00%	31,00	2.970	2.970	100,00%	30,00	99	18.117	18.117	100,00%	183,00	123	22.509	22.509	100,00%	183,00
LUMP SUM	9.765	9.765	100,00%	31,00	9.450	9.450	100,00%	30,00	315	57.645	57.645	100,00%	183,00	318	58.194	58.194	100,00%	183,00
INDIVIDUALS PITCHES STANDARD MARE, COMFORT AND STANDARD III ZONE	10.726	6.898	64,31%	19,94	10.380	2.628	25,32%	7,60	346	63.318	19.397	30,63%	56,06	346	63.318	17.904	28,28%	51,75
INDIVIDUALS CAMPING STANDARD IV ZONE	3.100	1.240	40,00%	12,40	3.000	94	3,13%	0,94	100	18.300	2.415	13,20%	24,15	73	13.359	2.093	15,67%	28,67
INDIVIDUALS TOTAL	13.826	8.138	58,86%	18,25	13.380	2.722	20,34%	6,10	446	81.618	21.812	26,72%	48,91	419	76.677	19.997	26,08%	47,73
TOTAL	35.030	28.972	82,71%	25,64	33.900	19.457	57,40%	17,22	1130	206.424	123.024	59,60%	109,06	1130	206.241	124.167	60,15%	110,08

			INDEX 2025/2024
SEGMENT	NUMBER OF ACCOMMODATING UNITS	"MAXIMUM POSSIBLE PITCHES DAYS"	PITCH DAYS	OCCUPANCY IN %	DAYS OF OCCUPANCY
MOBILE HOMES ILIRIJA	100,00	100,00	108,45	108,45	108,45
AGENCIES	80,49	80,49	80,49	100,00	100,00
LUMP SUM	99,06	99,06	99,06	100,00	100,00
INDIVIDUALS PITCHES STANDARD MARE, COMFORT AND STANDARD III ZONE	100,00	100,00	108,34	108,34	108,34
INDIVIDUALS CAMPING STANDARD IV ZONE	136,99	136,99	115,38	84,23	84,23
INDIVIDUALS TOTAL	106,44	106,44	109,08	102,47	102,47
TOTAL	100,00	100,09	99,08	99,08	99,08

Campsite revenue for the period 01/01-30/09/2025 and a comparison with the same period in 2024

				2024				2025			INDEX
	SEGMENT		GENERATED IN 2024		GENERATED PRIOR 30/09/2024			GENERATED PRIOR 30/09/2025			2025/2024
		NO.OF PITCHES	OVERNIGHT STAYS	REVENUES	REALIZED OVERNIGHT STAYS	REVENUES	NO.OF PITCHES	REALIZED OVERNIGHT STAYS	REVENUES	OVERNIGHT STAYS	REVENUES
1	MOBILE HOMES ILIRIJA	270	93.249	3.407.481,06 €	93.130	3.401.836,39 €	270	103.086	3.899.146,01 €	111	115
2	AGENCIES	123	46.813	490.884,95 €	46.135	490.884,95 €	99	42.750	473.292,17 €	93	96
3	INDIVIDUALS	419	57.557	1.067.841,62 €	56.983	1.054.366,13 €	446	63.899	1.140.566,21 €	112	108
4	LUMP SUM	318	123.397	1.749.843,38 €	121.762	1.736.910,30 €	315	121.724	1.948.167,50 €	100	112
5	OTHER SERVICES	-	-	349.313,93 €		337.856,65 €			360.687,83 €	#DIV/0!	107
	TOTAL:	1130	321.016	7.065.364,94 €	318.010	7.021.854,42 €	1130	331.459	7.821.859,72 €	104	111

Summary of key market indicators of the "Park Soline" campsite

In the nine months of 2025, the Company camping sector, consisting of the "Park Soline" campsite and the "Park Soline" restaurant, recorded an increase compared to the previous year, both according to physical and financial indicators. Compared to the same period of the previous business year, the "Park Soline" campsite recorded a higher number of guest arrivals and overnight stays. In relation to the same reporting period in 2024, the number of overnight stays increased by 4.23% and arrivals by 8.88%. As for the financial aspect, revenue grew by 11.00%. The higher increase in arrivals compared to overnight stays resulted in shorter guest stays, which in turn led to a 0.92% decrease in capacity occupancy. At the same time, the average achieved price increased by 12.36%, and accommodation revenue per camping unit rose by 11.33%, based on the occupancy of camping units in relation to the number of business days. These results demonstrated by key market indicators are due to increased marketing activities and strategically planned investments in key sales channels. Investments made in improving the quality of accommodation units has also definitely contributed to the increase of the physical and financial operating results.

Number of overnight stays and revenue from accomodation per camp unit in the campsite Park Soline in the period I-IX 2025 and I-IX 2024

Notes:

^** RevPAR -Revenue from accommodation per camp unit is the revenue from accommodation divided by a number of available camp units in the working period.

Key market indicators of the campsite Park Soline

	I-IX 2025	I-IX 2024	2025/2024
Accommodation capacities:
Number of camping units	1.130	1.130	0,00%
Number of guests	3.390	3.390	0,00%
Physical turnover:
No. of overnight stays	331.459	318.010	4,23%
No. of sold camp units	123.024	124.167	-0,92%
Annual occupancy rate of the camp units (%)	29,83%	30,02%	-0,65%
Occupancy rate of the units on an open days basis (%)	59,49%	60,04%	-0,92%
Financial results:
Total operating revenue	7.821.859,72 €	7.024.637,90 €	11,35%
Fixed lease:
Revenue - fixed lease	473.292,17 €	490.884,95 €	-3,58%
Average revenue per accommodation unit	4.780,73 €	3.990,93 €	19,79%
Share in the total operating campsite revenue	6,1%	7,0%	-13,41%
Number of units	99	123	-19,51%
Lump sum:
Revenue - Lump sum	1.948.167,50 €	1.736.910,30 €	12,16%
Average revenue per accommodation unit	6.184,66 €	5.461,98 €	13,23%
Share in the total operating campsite revenue	24,9%	24,7%	0,73%
Number of units	315	318	-0,94%
Individuals:
Revenue - Individuals	1.140.566,21 €	1.054.366,13 €	8,18%
Average revenue per accommodation unit	2.557,32 €	2.516,39 €	1,63%
Share in the total operating campsite revenue	14,6%	15,0%	-2,85%
Number of units	446	419	6,44%
Mobile homes:
Revenue - Mobile homes	3.899.146,01 €	3.401.836,39 €	14,62%
Average revenue per mobile homes	14.441,28 €	12.599,39 €	14,62%
Share in the total operating campsite revenue	49,8%	48,4%	2,94%
Number of mobile homes	270	270	0,00%
Extra services:
Revenue -extra services	360.687,83 €	340.640,13 €	5,89%
Average revenue per accommodation unit	319,19 €	301,45 €	5,89%
Share in the total operating campsite revenue	4,6%	4,8%	-4,91%
Total number of units	1130	1130	0,00%
Financial results:
Average daily rate of the camp unit (ADR)*	63,12 €	56,17 €	12,36%
Revenue from accommodation per camp unit (RevPAR) on a basis of 366 days **	18,83 €	16,86 €	11,63%
Revenue from accommodation per camp unit (RevPAR) on an open days basis **	37,55 €	33,73 €	11,33%

Average revenue per fixed lease unit in the campsite Park Soline in the period I-IX 2025 and I-IX 2024

Average revenue per individuals unit in the campsite Park Soline in the period I-IX 2025 and I-IX 2024 unit (RevPAR) on an open days basis **

Average revenue per lump sum unit in the campsite Park Soline in the period I-IX 2025 and I-IX 2024

Average revenue per mobile homes in the campsite Park Soline in the period I-IX 2025 and I-IX 2024 unit (RevPAR) on an open days basis **

Average revenue per extra services in the campsite Park Soline in the period I-IX 2025 and I-IX 2024

Average revenue per accommodation unit

4.4 CITY GALLERIA BUSINESS AND SHOPPING CENTRE

The City Galleria Business and Shopping Centre is located in a heavily populated residential area in the immediate centre of Zadar, just a ten-minute walk from the old town. Due to the good location of the building and the fact it is surrounded by some of the main city roads, the City Galleria Business and Shopping Centre is exceptionally easy to spot and access by a large number of local residents and foreign visitors.

As at 30 September 2025, a total of 36 commercial lease agreements were active, i.e. the occupancy rate was 99.76% of the indicated net rentable area of the Centre. By purchasing commercial premises, the Company secured an additional 289.96 m2 of commercial space for lease, increasing the total net area of all commercial premises for lease owned by the Company to 9,735.28 m2. As at 30 September 2025, the occupancy rate of all commercial premises stood at 99.19%.

The business results achieved in the three quarters of 2025 show a stable and continuous growth of key market indicators in that period. Business revenue of the City Galleria Business and Shopping Centre generated through lease of commercial premises, common costs, use of common parts of the centre, lease of advertising space, garage revenue and lease of Phase 1 commercial premises amounted to EUR 1,707,804.55. Other operating revenue amounted to EUR 6,293.93 in the relevant period, which brings the total generated revenue in the relevant period to EUR 1,714,098.48. Total revenue generated in the nine months of 2024 amounted to EUR 1,629,288.25, representing a growth of 5,21% in the reporting period.

In the category of revenue from the lease of commercial premises in the observed period in comparison to the same period of 2024, an increase of 3.82% was recorded, while revenue from common costs recorded an increase of 0.69%. The category of revenue from the use of common areas of the Centre increased by 7.31% compared to the results achieved in the three quarters of 2024. Revenue from the lease of advertising space remained at the same level compared to the same period of the previous year, while the category of parking revenue recorded an increase of as much as 27.28%. Operating revenue from the lease of business premises in the neighbouring Phase 1 of the Centre recorded a slight decrease of 0.24% in the nine months of 2025 compared to the same period in 2024.

In the nine months of 2025, the number of vehicles using the public underground garage of the Centre amounted to 552,809 vehicles, while in the same period in 2024, the number amounted to 547,354 vehicles, representing an increase in the reporting period of 1%.

Business revenue of the City Galleria Business and Shopping Centre in Zadar for the period 01/01-30/09/2025 and a comparison with the same period in 2024

DESIGNATION	DESCRIPTION	NUMBER OF ACTIVE CONTRACTS	SURFACE AREA (m²)	REVENUES 01-09/2025	%	REVENUES 01-09/2024	%	INDEX 2025/2024
1	LEASE OF BUSINESS UNITS	36	9.445,32	1.023.437,23 €	59,71%	985.799,85 €	60,50%	104
2	COMMON EXPENSES	34	6.648,73	371.688,40 €	21,68%	369.148,71 €	22,66%	101
3	LEASE OF COMMON AREAS	26	1.512,50	97.104,64 €	5,67%	90.487,90 €	5,55%	107
4	LEASE OF ADVERTISING SPACE	8	130,98	4.024,35 €	0,23%	4.024,36 €	0,25%	100
5	USAGE OF GARAGE PARKING SPACES	410***	10.863,50	187.527,64€	10,94%	147.331,30 €	9,04%	127
6	PHASE 1- LEASE OF BUSINESS UNITS	6	289,96	24.022,29€	1,40%	24.079,03 €	1,48%	100
REVENUE:				1.707.804,55 €	99,63%	1.620.871,15 €	99,48%	105
7	OTHER BUSINESS REVENUES			6.293,93 €	0,37%	8.417,10 €	0,52%	75
TOTAL REVENUE:				1.714.098,48 €	100,00%	1.629.288,25 €	100,00%	105

OPERATING REVENUES 01-09/2025

^* Total net leasable surface area

^** Total net leasable area for calculation of common expenses

^*** Number of parking spaces in the garage

Summary of key market results of the City Galleria Business and Shopping Centre

During the first nine months of 2025, the City Galleria Business and Shopping Centre achieved its best financial results since its establishment, recording revenue growth and maintaining a high occupancy rate of nearly 100%. Despite a challenging macroeconomic environment, the real estate sector maintained business stability and profitability, with key performance drivers including higher rental income, efficient space management, and increased revenue from garage services.

Most of the revenue of the City Galleria Business and Shopping Centre comes from commercial leasing. The average lease per square metre of active commercial premises during the period observed was EUR 12.07/m² per month. Other revenue was based on calculating common costs (calculated for the area of 6,648.73 m²), leasing and commercial use of common areas of the Business and Shopping Centre (1,512.50 m² in total), collection of single parking fees and leasing of parking spaces in the underground garage of the Centre (total area of 10,863.50 m²), leasing of business premises in Phase 1 of the facility (total area of 289.96 m2), and, in the smallest share, leasing advertising space on the façade of the Centre (total area of 130.98 m²). Total revenue generated during the first nine months of 2025 increased by 5.21% relative to the same period of the previous year.

In the segment of public underground garage mana-

gement, which includes 410 parking spaces, a total traffic of 552,809 vehicles was recorded, representing a 1% increase in occupancy compared to the same period of the previous year. The garage revenue from single parking fees; monthly, weekly, and daily tickets; annual subscriptions and leased parking spaces in the reporting period amounted to EUR 187,527.64, and the average garage revenue per parking space amounted to EUR 457.38, representing an increase of 27.28% compared to the previous year.

Key market indicators of the real-estate sector – City Galleria

PERIOD	I-IX 2025	I-IX 2024	2025/2024
Commercial capacities:
Premises - floor area (m²)	9.445,32	9.445,32	0,00%
Shared costs - floor area (m²)	6.648,73	6.648,73	0,00%
Common areas - floor area (m²)	1.512,50	1.506,30	0,41%
Advertising space - floor area (m²)	130,98	130,98	0,00%
Garage - floor area (m²)	10.863,50	10.863,50	0,00%
Commercial turnover:
Premises - number of active contracts	36	36	0,00%
Shared costs - number of active contracts	34	34	0,00%
Common areas - number of active contracts	26	24	8,33%
Advertising space - number of active contracts	8	8	0,00%
Garage - number of parking spaces	410	410	0,00%
Garage - turnover of vehicles	552.809	547.354	1,00%
Financial results (in EUR):
Average monthly rent earned per m² of premises (AMR)*	12,07 €	11,57 €	4,32%
Average rent earned per m² of premises for the period	108,63 €	104,12 €	4,32%
Average revenue from the garage per parking space for the period**	457,38 €	359,34 €	27,28%

Notes:

^* AMR - Average Monthly Rent - The average monthly price achieved for m² of the premises is calculated based on the revenue from the rent of premises and net available floor area of active premises.

^** The revenue from the garage per parking space is the revenue from the garage divided by the number of available parking spaces in a given period.

4.5. ILIRIJA TRAVEL

As a destination management company, Ilirija Travel continued developing new services and offerings during the first nine months of 2025, creating an integrated and complementary tourism product and providing additional services through its agency. Although a slight decline was recorded in overall indicators compared to the previous year, including those realised through the profit centres of other sectors, the agency segment and profit centres of Ilirija Travel demonstrated business stability and resilience. Particularly noteworthy are the boat Nada, which achieved a significant increase in both revenue and passenger numbers, and the agritourism segment, which recorded revenue growth thanks to an expanded offering and increased interest from both individual and group guests. The agency segment of Ilirija Travel also showed business stability, confirming the continued stability of the agency's operations despite challenging market conditions.

Realised events in the period 01/01-30/09/2025 and comparison with the same period in 2024

TOTAL	233	239	97,49	27.995	31.093	90,04	1 1.284.418,76	1 1.365.604,80	94,05
	Number of events 2025	Number of events 2024	INDEX 2025/2024	Number of guests 2025	Number of guests 2024	INDEX 2025/2024	Revenue 2025	Revenue 2024	INDEX 2025/2024

5 5.1.1 HOTEL SECTOR financial operating results at company level

5.1 financial operating results of the company by sectors

(in EUR)	I-IX 2025	I-IX 2024	2025/2024
HOTEL SECTOR - BIOGRAD
Operating revenues	8.801.718,86 €	8.225.685,75 €	7,00%
Revenues from board services	7.330.902,76 €	6.862.408,63 €	6,83%
TRevPAR *	24.247,16 €	22.660,29 €	7,00%
Operating costs **	5.961.948,46 €	5.479.938,36 €	8,80%
Gross operating profit (GOP) ***	2.839.770,40 €	2.745.747,39 €	3,42%
GOP per accommodation unit	7.823,06 €	7.564,04 €	3,42%
GOP margin****	32,3%	33,4%	-3,34%
Capital investments	1.756.957,43 €	151.099,24 €	1062,78%
HOTEL SECTOR - SV. FILIP I JAKOV
Operating revenues	865.041,55 €	741.442,91 €	16,67%
Revenues from board services	814.463,57 €	680.707,64 €	19,65%
TRevPAR *	12.014,47 €	10.297,82 €	16,67%
Operating costs **	662.274,20 €	528.432,54 €	25,33%
Gross operating profit (GOP) ***	202.767,35 €	213.010,37 €	-4,81%
GOP per accommodation unit	2.816,21 €	2.958,48 €	-4,81%
GOP margin****	23,4%	28,7%	-18,41%
Capital investments	418.831,87 €	93.767,55 €	346,67%
HOTEL SECTOR - TOTAL ILIRIJA d.d.
Operating revenues	9.666.760,41 €	8.967.128,66 €	7,80%
Revenues from board services	8.145.366,33 €	7.543.116,27 €	7,98%
TRevPAR *	22.222,44 €	20.614,09 €	7,80%
Operating costs **	6.624.222,66 €	6.008.370,90 €	10,25%
Gross operating profit (GOP) ***	3.042.537,75 €	2.958.757,76 €	2,83%
GOP per accommodation unit	6.994,34 €	6.801,74 €	2,83%
GOP margin****	31,5%	33,0%	-4,61%
Capital investments	2.175.789,30 €	244.866,79 €	788,56%

<-- PDF CHUNK SEPARATOR -->

In the nine months of 2025, the hotel sector generated a revenue of EUR 9,666,760.00, which represents a 7.80% increase compared to revenue generated in the same period of 2024, which amounted to EUR 8,967,128.66. At the same time, the hotel sector's operating costs increased by 10.25%, from EUR 6,008,370.90 in the same period of 2024 to EUR 6,624.222.66 in 2025.

Despite the increase in costs, due to revenue growth and business optimization, gross operating profit (GOP) at the hotel sector level amounted to EUR 3,042,537.75, representing an increase of 2.83% compared to the same period of the previous year.

GOP per accommodation unit amounted to EUR 6,994.34, also with an increase of 2.83%, while the GOP margin decreased by 4.61%, from 33.0% to 31.5%, as a result of a more intensive growth in operating costs compared to revenue.

Notes:

GOP denotes a gross operating profit of the hotel industry before the allocation of costs of common services, and is calculated in the following way: operating revenues – operating expenses (be-fore allocation, without depreciation and fixed costs).

Total revenues per accommodation unit (TrevPAR) and GOP per accommodation unit in the hotel sector od Ilirija d.d. in the period I-IX 2025 and I-IX 2024

Total revenues per accommodation unit (TrevPAR) and GOP per accommodation unit in the hotels in Biograd in the period I-IX 2025 and I-IX 2024

^* TRevPAR denotes the total operating revenue of the hotel indu-stry divided by a number of physical accommodation units.

5.1 financial operating results of the company by sectors

5.1.2 NAUTICAL SECTOR

Marina Kornati, "Marina Kornati" restaurant and the nautical fair represent the business profit centres of the Company's nautical sector.

Revenue by profit centre for the nine months of 2025 was:

• Marina Kornati EUR 7,703,104.00
• "Marina Kornati"restaurant: EUR 521,874.00
• Nautical fair: EUR 499,693.00

In the nine months of 2025, the nautical sector realised a total revenue of EUR 8,724,671.00.

The most significant contribution to the generation of revenue, as well as share therein, of the Company's entire nautical sector is the revenue generated by Marina Kornati. In the nine months of the current business year, it was realised in the amount of EUR 7,703,104.00 with a growth rate of 8% achieved compared to the same period of 2024, representing the highest revenue generated thus far by Marina Kornati. The increase in Marina Kornati's revenue is due to an increase in the revenue from contractual berths, which equalled EUR 5,882,660.00 in the reporting period, representing an 8% increase in comparison to the same period of 2024. In addition to contractual berths, other revenue items of Marina Kornati also recorded growth, namely revenue from daily berths increased by 15%, revenue from business cooperation by 7%, revenue from port services by 3% and revenue from parking by 2%.

In addition to the Marina Kornati business unit, the nautical fair also achieved a revenue growth of 33%, while the revenue of the "Marina Kornati" restaurant increased by 17%.

The substantial increase in operating revenue across all nautical sector profit centres was accompanied by an increase in the gross operating profit, which amounted to HRK 5,793,404.00 for the entire nautical sector and represented a 6% increase compared to the same period of the previous year. The increase in the gross operating profit was accompanied by an increase in the GOP per berth, which equals EUR 7,197.00 in the reporting period, and an increase in the GOP margin, which equalled 66%.

Key financial indicators of Marina Kornati

(in EUR)	I-IX 2025	I-IX 2024	2025/2024
NAUTICS TOTAL
Operating revenues	8.724.671,00 €	8.062.177,00 €	8%
Operating revenues per berth	10.838,10 €	10.015,13 €	8%
Operating costs*	2.931.267,00 €	2.619.755,00 €	12%
GOP **	5.793.404,00 €	5.442.422,00 €	6%
GOP per berth	7.196,78 €	6.760,77 €	6%
GOP margin ***	66%	68%	-2%
Capital investments	73.493,00 €	82.860,00 €	-11%
MARINA KORNATI
Operating revenues	7.703.104,00 €	7.240.075,00 €	6%
Operating revenues per berth	9.569,07 €	8.993,88 €	6%
Operating costs*	2.110.549,00 €	1.940.301,00 €	9%
GOP **	5.592.555,00 €	5.299.774,00 €	6%
GOP per berth	6.947,27 €	6.583,57 €	6%
GOP margin ***	73%	73%	-1%
RESTAURANT OF MARINA KORNATI
Operating revenues	521.874,00 €	445.043,00 €	17%
Operating costs*	568.655,00 €	463.184,00 €	23%
GOP **	-37.305,00 €	-8.647,00 €	331%
GOP margin ***	-7%	-2%	268%
BOAT SHOW
Operating revenues	499.693,00 €	377.059,00 €	33%
Operating costs*	261.387,00 €	225.312,00 €	16%
GOP **	238.306,00 €	151.747,00 €	57%
GOP margin ***	48%	40%	19%

Notes:

The Nautics of Ilirija d.d. consists of three business units Marina Kornati, Boat Show and restaurant of "Marina Kornati".

^* Operating costs include the costs of raw material and material, costs of services, gross pays and other operating costs, not including the depre- ciation, financial expenses and extraordinary expenses.

^** GOP (Gross Operating Profit) denotes a gross operating profit of the nautics before the allocation of costs of common services, and is calculated in the following way: operating revenues – operating expenses (before the allocation, without depreciation and fixed costs).

^*** GOP margin is calculated by correlating the amount of GOP before the allocation of costs of common services and operating revenues.

Total operating revenue and GOP per berth of Nautics of Ilirija d.d. in the period I-IX 2025 and I-IX 2024

5.1 financial operating results of the company by sectors

5.1.3 CAMPING SECTOR

(in EUR)	I-IX 2025	I-IX 2024	2025/2024
CAMPING TOTAL
Operating revenue	8.471.961,17 €	7.672.624,63 €	10,42%
TRevPAR *	7.497,31 €	6.789,93 €	10,42%
Operating costs**	3.250.123,65 €	3.136.772,38 €	3,61%
GOP ***	5.221.837,52 €	4.535.852,25 €	15,12%
GOP per accommodation unit	4.621,10 €	4.014,03 €	15,12%
GOP margin ****	61,64%	59,12%	4,26%
Capital investments	302.613,29 €	629.451,31 €	-51,92%
CAMPSITE PARK SOLINE
Operating revenue	7.821.859,72 €	7.024.637,90 €	11,35%
TRevPAR *	6.922,00 €	6.216,49 €	11,35%
Operating costs**	3.487.529,70 €	2.512.183,09 €	38,82%
GOP ***	4.334.330,02 €	4.512.454,81 €	-3,95%
GOP per accommodation unit	3.835,69 €	3.993,32 €	-3,95%
GOP margin ****	55,4%	64,2%	-13,74%
RESTAURANT OF THE PARK SOLINE CAMPSITE
Operating income	650.101,45 €	647.986,73 €	0,33%
Operating costs**	677.860,43 €	624.589,29 €	8,53%
GOP ***	-27.758,98 €	23.397,44 €	-218,64%
GOP margin ****	-4,3%	3,6%	-218,26%

Notes:

The campsite includes the accommodation and restaurant in the Park Soline Campsite.

^* TRevPAR - Total revenue per camp unit denotes total operating revenue of the camping (or the campsite) divided by a number of physical camp units.

^** Operating costs include the costs of raw material and material, costs of services, gross pays and other operating costs, not including the depreciation, financial expenses and extraordinary expenses.

^*** GOP (Gross Operating Profit) denotes a gross operating profit ot the camping/ campsite / restaurant before the allocation of costs of common services, and is calculated in the following way: operating revenues operating expenses ( before the allocation, without depreciation and fixed costs ).

^**** GOP margin is calculated by correlating the amount of GOP of camping / campsite / restaurant before the allocation of costs of common services and operating revenues.

In nine months of 2025, the Company's camping sector generated revenue in the amount of EUR 8,471,961.17, representing a 10.42% increase compared to the same period of the previous year. Primarily, an increase in revenue from own mobile homes was reported, where a growth rate of 15% was recorded, and an increase in total lump sum revenue by 12%.

The operating costs of the entire campsite increased by 3.61% compared to the same period of 2024 due to an increase in equipment maintenance by 74%, consumables of 13%, and the cost of non-productive services by 46%.

In the nine months of 2025, capital investments amounted to EUR 302,613.29, made to improve competitiveness and quality of services.

TrevPAR and GOP of the camping per camping unit in the period I-IX 2025 and I-IX 2024

Notes:

^* TRevPAR - denotes total operating income of the campsite divided by a number of physical camp units.

^*** GOP denotes a gross operating profit of the ampsite before the allocation of costs of common services, and is calculated in the following way: operating revenues - operating expenses ( before the allocation, without depreciation and fixed costs ).

5.1 financial operating results of the company by sectors

5.1.4 CITY GALLERIA BUSINESS AND SHOPPING CENTER

(in EUR)	I-IX 2025	I-IX 2024	2025/2024
Operating revenues	1.714.098,48 €	1.629.288,25 €	5,21%
Operating costs*	843.178,07 €	793.756,51 €	6,23%
GOP **	870.920,41 €	835.531,74 €	4,24%
GOP margin ***	50,81%	51,28%	-0,92%
Capital investments	23.586,20 €	81.508,40 €	-71,06%

Total operating revenue of the City Galleria Business and Shopping Centre for the period January–September 2025 amounted to EUR 1,714,098.48. Of this, revenue from the core business - lease of business premises, common costs, use of common areas, lease of advertising space, revenue from the garage and space in Phase 1 - amounted to EUR 1,707,804.55, while other operating revenue accounted for an additional EUR 6,293.93. Compared to the same period last year, this represents an increase of 5.21%.

The operating costs of the City Galleria Business and Shopping Centre, excluding depreciation, financial and extraordinary expenses, amounted to EUR 843,178.07, representing an increase of 6.23% compared to 2024 (EUR 793,756.51). The main causes of the increase in costs were identified in the segments of labour costs and increased operating expenses.

The gross operating profit for the reporting period equalled EUR 870,920.41 before the allocation of common service costs, representing a 50.81% margin. This level of profitability confirms the stability and efficiency of the centre's business model in challenging market conditions.

Notes:

• * Operating costs include the costs of raw material and material, costs of services, gross pays and other operating costs, not including the depreciation, financial expenses and extraordinary expenses.
• ** GOP (Gross Operating Profit) denotes a gros operating profit of the real estate sector before the allocation of costs of common services, and is calculated in the following way: operating revenues - operating expenses (before the allocation, without depreciation and fixed costs).
• *** GOP margin is calculated by correlating the amount of GOP of the real estate sector before the allocation of costs of common services and operating revenue.

5 FINANCIAL RESULTS AT COMPANY LEVEL

5.2.1 FINANCIAL RESULTS OF THE COMPANY

Overview of financial performance for the period 01/01-30/09/2025 and a comparison with the same period from 2019 to 2024

(EUR)

DESCRIPTION	30/09/2019	30/09/2020	30/09/2021	30/09/2022	30/09/2023	30/09/2024	30/09/2025	Index 2025/2024
Operating revenues	19.888.367,12	12.207.524,67	16.169.777,00	21.520.501,27	25.399.606,16	27.481.001,01	29.605.398,77	107,73
Financial revenues	6.772,37	12.186,95	2.209,16	3.688,93	128.037,89	243.210,89	260.874,61	107,26
Extraordinary revenues	0,00	0,00	0,00	0,00	0,00	0,00	0,00	#DIV/0!
TOTAL REVENUES	19.895.139,49	12.219.711,62	16.171.986,16	21.524.190,20	25.527.644,05	27.724.211,90	29.866.273,38	107,73
Operating expenses	11.531.141,35	7.520.053,57	8.302.253,44	12.019.410,79	15.165.113,53	16.947.405,89	18.547.503,09	109,44
Financial expenses	411.433,92	348.119,37	327.038,53	320.381,54	367.972,64	353.586,10	320.446,79	90,63
Extraordinary expenses	0,00	0,00	0,00	0,00	0,00	0,00	0,00	#DIV/0!
Amortisation	1.273.829,98	1.415.439,56	1.549.956,66	1.910.174,72	2.222.999,03	2.350.580,69	2.418.306,30	102,88
TOTAL EXPENSES	13.216.405,26	9.283.612,50	10.179.248,63	14.249.967,05	17.756.085,20	19.651.572,68	21.286.256,18	108,32
PROFIT/LOSS	6.678.734,23	2.936.099,12	5.992.737,52	7.274.223,15	7.771.558,85	8.072.639,22	8.580.017,20	106,29
OPERATING PROFIT/LOSS	8.357.225,77	4.687.471,09	7.867.523,56	9.501.090,48	10.234.492,63	10.533.595,12	11.057.895,68	104,98
EBITDA	8.363.998,14	4.699.658,05	7.869.732,71	9.504.779,41	10.362.530,52	10.776.806,01	11.318.770,29	105,03

1

Total revenue for the nine months of 2025 amounted to EUR 29,866,273.38, with a growth rate of 7.73% compared to the same period of 2024, when they amounted to EUR 27,724,211.90, as a result of an increase in business and financial revenue.

Operating revenue in the reporting period amounted to EUR 29,605,398.77 and compared to the same period of the previous business year, when they amounted to EUR 27,481,001.01, they achieved a growth of 7.73% as a result of an increase in business activities, i.e. operating revenue in the key tourism sectors (hotel, nautical and camping) and the real estate sector.

Revenue from sales amounted to EUR 29,501,959.13, representing an increase of 8.26% compared to the same period of the previous business year when it amounted to EUR 27,250,342.27, due to a 4% increase in revenue from sales on the domestic market and a 35% increase in revenue from sales on the foreign market. Revenue from sales represented 99.65% of operating revenue and 98.78% of total revenue.

2

Total expenses amounted to EUR 21,286,256.18 and, compared to the same period of 2024, they showed an 8.32% increase due to a 9.44% increase in operating expenses and a 2.88% increase in amortization.

Operating expenses in the observed period amount to EUR 18,547,503.09 and were 9.44% higher compared to the same period of the previous business year, when they amounted to EUR 16,947,405.89, and are a consequence of the increase in the volume of business activities and consequently the increase in operating costs, i.e. salary costs, raw materials and materials costs and other costs.

3

Operating profit of the Company amounted to EUR 11,057,895.68, constituting an increase of 4.98% or EUR 524,300.56 compared to the same period of 2024, when it amounted to EUR 10,533,595.12.

Profit in the reporting period amounted to EUR 8,580,017.20, increasing by EUR 507,377.98, or 6.29%, compared to the same period of the previous year, when it amounted to EUR 8,072,639.22.

EBITDA, i.e. earnings before amortization, interest and taxes, was generated in the amount of EUR 11,318,770.29, and showed a 5.03% increase or EUR 541,964.28 compared to the same period of the previous business year, when it amounted to EUR 10,776,806.01.

EBIT, i.e. earnings before financing expenses was realised in the amount of EUR 8,900,463.99, recording an increase of 5.63 %, i.e. EUR 474,238.67 compared to the same period of the previous business year, when it amounted to EUR 8,426,225.32.

In the reporting period, the Company maintained the continuity of growth in key financial indicators of operations, i.e. total and operating revenue, with continued growth in all key profitability indicators (operating profit, profit, EBITDA and EBIT) from the first half of the business year as well as in relation to the same period of 2024. The increase in the financial indicators of operations was the result of the increase in business activities in the Company's key tourism sectors along with the increase in real estate sector revenue, which enabled the Company to achieve growth in total and operating revenue at a rate of 7.73%. Although total expenses increased by 8.32%, the Company recorded growth in all key profitability indicators due to optimization of operating costs, except for labour costs, which are the best so far for the reporting period.

Financial statements of the Company as at 30/09/2025 and a comparison with the same period in 2023 and 2024

(EUR)

REVENUES	2023	2024	INDEX 2024/2023	2025	INDEX 2025/2024
Revenue on the domestic market	20.174.388,10	23.281.222,07	115	24.080.096,64	103
Revenues on foreign market	5.143.795,21	4.023.521,00	78	5.444.262,49	135
Other operating revenues	81.422,85	176.257,94	216	81.039,64	46
OPERATING REVENUES	25.399.606,16	27.481.001,01	108	29.605.398,77	108
FINANCIAL REVENUES	128.037,89	243.210,89	190	260.874,61	107
EXTRAORDINARY REVENUES	0,00	0,00	#DIV/0!	0,00	#DIV/0!
TOTAL REVENUES	25.527.644,05	27.724.211,90	109	29.866.273,38	108
EXPENSES
Raw material and material costs	3.351.061,91	3.390.739,98	101	3.722.021,71	110
Costs of services	2.846.442,72	3.335.782,74	117	3.016.990,75	90
Gross pays	5.906.385,34	6.658.439,13	113	7.864.566,70	118
Other expenses	3.061.223,56	3.562.444,04	116	3.943.923,93	111
TOTAL EXPENSES	15.165.113,53	16.947.405,89	112	18.547.503,09	109
AMORTISATION	2.222.999,03	2.350.580,69	106	2.418.306,30	103
FINANCIAL EXPENSES	367.972,64	353.586,10	96	320.446,79	91
EXTRAORDINARY EXPENSES	0,00	0,00	#DIV/0!	0,00	#DIV/0!
TOTAL EXPENSES	17.756.085,20	19.651.572,68	111	21.286.256,18	108
PROFIT/LOSS	7.771.558,85	8.072.639,22	104	8.580.017,20	106
OPERATING PROFIT/LOSS	10.234.492,63	10.533.595,12	103	11.057.895,68	105
EBITDA	10.362.530,52	10.776.806,01	104	11.318.770,29	105

REVENUE BY ACTIVITIES:

The hotel sector recorded revenue in the amount of EUR 9,666,760.41, representing an 8% increase compared to the same period of 2024, when it amounted to EUR 8,967,128.66, and was the result of strong growth in business activities throughout the reporting period, i.e. pre-season, main season and post-season, expressed through the growth of key physical business indicators (arrivals and overnight stays), occupancy days and capacity occupancy, as well as the growth of key market indicators such as the average price (ADR).

In the reporting period, the nautical sector realised revenue in the amount of EUR 8,724,670.87, which is higher by 8% compared to the same period in 2024, when it amounted to EUR 8,062,177.01, and is the result of an increase in revenue of all profit centres, i.e. Marina Kornati by 6%, the catering services by 17% and the nautical fair by 33%.

The camping sector recorded revenue in the amount of EUR 8,471,961.17, representing a 10% increase compared to the same period of 2024, when it amounted to EUR 7,672,624.63, and was the result of an 11% increase in revenue in the accommodation sector, i.e. the "Park Soline" campsite, which was mostly generated by the growth in revenue from mobile homes, lump sum and individuals.

The real-estate sector, i.e. the City Galleria Business and Shopping Centre, generated revenue in the amount of EUR 1,714,098.48, representing a 5% increase compared to the same period in 2024, when it amounted to EUR 1,629,288.25, primarily due to an increase in revenue from the garage and lease of business premises accompanied by an increase in common areas and common costs.

The destination management company and other profit centres achieved revenue in the amount of EUR 1,027,907.84 compared to the same period of 2024, when revenue was realised in the amount of EUR 1,149,782.46, less by 11% due to the absence of revenue realised through the key profit centres of the DMC Ilirija Travel and the Company's focus on events of higher added value and profitability, which in turn led to a decrease in the key physical indicators (number of events and persons), with consequences on revenue generation.

GRAND TOTAL: Operating revenue per activity amounted to EUR 29,605,398.77, representing an increase of 8% compared to the same period of 2024.

5 FINANCIAL RESULTS AT COMPANY LEVEL

5.2.2 FINANCIAL POSITION OF THE COMPANY

FUNDAMENTAL FINANCIAL INDICATORS OF ASSETS, CAPITAL, LIABILITIES AND OPERATING RESULTS OF THE COMPANY AS AT 30/09/2025

The table providing an overview of the Company's key indicators covers the period of 2025–2015 (eleven years), and the realised described indicators are listed in absolute amounts and growth rates

1 VALUE OF ASSETS

The value of the Company assets as at 30/09/2025 amounted to EUR 76,253,890.52, representing an increase of EUR 1,348,314.32 compared to the same period of 2024, when it amounted to EUR 74,905,576.20.

Compared to the same period of 2015, the value of the Company assets increased from EUR 43,043,844.74 by EUR 33,210,045.78, or by 77.15%.

2 TOTAL LIABILITIES

Total liabilities of the Company amount to EUR 14,820,882.22, representing a decrease of EUR 767,871.83, or 4.93%, compared to the same period of 2024, when they amounted to EUR 15,588,754.05.

Total liabilities of the Company as at 30 September 2025 were EUR 125,707.62, or 0.86% higher compared to total liabilities of the Company as at 30 September 2015, when they amounted to EUR 14,695,174.60.

3 CAPITAL AND RESERVES

Capital and reserves of the Company as at 30/09/2025 amounted to EUR 61,433,008.30, representing an increase of EUR 2,116,186.15, or 3.57%, compared to the same period of 2024, when they amounted to EUR 59,316,822.15.

Comparing capital and reserves of the Company

as at 30 September 2025, they increased by EUR 33,084,338.16 or 116.71% compared to the same period in 2015, when they amounted to EUR 28,348,670.14.

4 NET DEBT

Net debt as at 30 September 2025 is 0.00 EUR, as in the same period of the previous year, i.e. it does not exist. Net debt in the same period of 2015 was EUR 10,962,461.21.

5 NET FINANCIAL ASSETS

As at 30 September 2025, the Company achieved net financial assets in the amount of EUR 2,787,240.86, which is 179.63% higher than in the same period of the previous year when it amounted to 996,772.79 EUR.

6 TOTAL REVENUE

Total revenue of the Company amounted to EUR 29,866,273.38, recording an increase of EUR 2,142,061.48 or 7.73% compared to the same period in 2024, when it amounted to EUR 27,724,211.90.

Total revenue of the Company, compared to the same period of 2015 when it amounted to EUR 15,476,629.40, increased by EUR 14,389,643.98, or 92.98%.

7 OPERATING PROFIT

Operating profit was generated in the amount of EUR 11,057,895.68, representing an increase of EUR 524,300.56, or 4.98% compared to the same period of 2024, when it amounted to EUR 10,533,595.12.

Comparing the operating profit generated in the reporting period of 2025 compared to the same period of 2015, when it amounted to EUR 6,374,978.26, growth of EUR 4,682,917.42, or 73.46% is recorded.

8 EBITDA

EBITDA was realised in the amount of EUR 11,318,770.29, increasing by 5.03%, or EUR 541,964.28 compared to EUR 10,776,806.01 for the same period in 2024.

The realised EBITDA in the reporting period increased by EUR 4,921,233.22, or 76.92% compared to the same period of 2015, when it amounted to EUR 6,397,537.07.

9 PROFIT

Profit in the reporting period amounted to EUR 8,580,017.20, increasing by EUR 507,377.98, or 6.29%, compared to the same period of 2024, when it amounted to EUR 8,072,639.22.

Profit realised in the reporting period compared to the profit generated in the same period of 2015, which amounted to EUR 5,238,364.28, increased by EUR 3,341,652.92, or 63.79%.

10 ANNUAL DIVIDEND

A dividend in the amount of EUR 1,920,740.00 was paid to shareholders, an increase of EUR 234,828.50 or 13.93% compared to that paid in 2024, when it amounted to EUR 1.685.911,50.

The Company allocated 286.87%, or EUR 1,424,251.85, more for dividend distribution in 2025 compared to the dividend paid to shareholders in 2015, when it amounted to EUR 496,488.15.

In the period from 2015 until 30/09/2025, the shareholders were paid a total of EUR 10,073,829.31 for dividends.

CUMULATIVE COMPARATIVE OVERVIEW

of basic indicators as well as assets, capital, liability and operating results of the Company as at 30/09/2025 and for the same period from 2015 to 2024

YEAR	TOTAL LIABILITIES	CAPITAL	VALUE OF ASSETS	NET DEBT	NET FINANCIAL ASSETS	REVENUES	OPERATING PROFIT	EBITDA	PROFIT BEFORE TAX	ANNUAL DIVIDEND
1	2	3	4	5	6	7	8	9	10	11
30/09/2025	14.820.882,22	61.433.008,30	76.253.890,52	0,00	2.787.240,86	29.866.273,38	11.057.895,68	11.318.770,29	8.580.017,20	1.920.740,00
30/09/2024	15.588.754,05	59.316.822,15	74.905.576,20	0,00	996.772,79	27.724.211,90	10.533.595,12	10.776.806,01	8.072.639,22	1.685.911,50
30/09/2023	17.214.638,19	57.440.564,06	74.655.202,25	1.620.375,23	0,00	25.527.644,05	10.234.492,63	10.362.530,52	7.771.558,85	1.323.708,10
30/09/2022	16.927.430,74	55.222.785,50	72.150.216,24	3.190.905,41	0,00	21.524.190,20	9.501.090,48	9.504.779,41	7.274.223,15	1.117.498,51
30/09/2021	16.008.491,98	52.189.899,58	68.198.391,56	6.153.218,91	0,00	16.171.986,16	7.867.523,56	7.869.692,90	5.992.737,52	0,00
30/09/2020	17.496.343,12	48.956.853,57	66.453.196,69	10.429.304,35	0,00	12.219.711,62	4.687.471,09	4.699.658,05	2.936.099,12	0,00
30/09/2019	15.664.553,30	48.582.947,13	64.247.500,44	12.006.534,02	0,00	19.895.139,49	8.357.225,77	8.363.998,14	6.678.734,23	1.117.255,56
30/09/2018	16.649.712,29	45.445.773,75	62.095.486,05	14.415.685,49	0,00	19.102.142,64	8.649.489,91	8.673.211,82	7.111.152,23	958.423,25
30/09/2017	16.254.476,94	42.163.342,56	58.417.819,51	14.883.209,34	0,00	17.760.264,23	7.815.832,29	7.833.181,77	6.372.332,15	798.532,09
30/09/2016	10.923.862,35	33.990.666,20	44.914.528,58	8.678.646,82	0,00	15.623.749,46	6.935.796,17	7.118.437,11	5.944.541,55	655.272,15
30/09/2015	14.695.174,60	28.348.670,14	43.043.844,74	10.962.461,21	0,00	15.476.629,40	6.374.978,26	6.397.537,07	5.238.364,28	496.488,15

A graph of basic indicators as well as assets, capital, liability and operating results of the Company as at 30/09/2025 and for the same period from 2015 to 2024

Statement of the Company's financial position as at 30 September 2025 and a comparison with 30 September 2024 and 31 December 2024

		30/09/2025	30/09/2024	Index30/09/2025 30/09/2024	31/12/2024	Index 30/09/2025 31/12/2024
		UNAUDITED	UNAUDITED		AUDITED
А	FIXED ASSETS	57.692.718,57	57.489.773,42	100,35	56.802.314,73	101,57
В	CURRENT ASSETS	18.561.171,95	17.415.802,78	106,58	14.753.921,41	125,81
A+B	TOTAL ASSETS	76.253.890,52	74.905.576,20	101,80	71.556.236,14	106,56
С	SHORT-TERM LIABILITIES	4.433.139,67	3.227.726,96	137,35	6.706.112,10	66,11
D	LONG-TERM LIABILITIES	10.387.742,55	12.361.027,09	84,04	10.156.775,58	102,27
Е	TOTAL LIABILITIES	14.820.882,22	15.588.754,05	95,07	16.862.887,68	87,89
F	TOTAL SHARE CAPITAL AND RESERVES	61.433.008,30	59.316.822,15	103,57	54.693.348,46	112,32
E+F	TOTAL CAPITAL AND LIABILITIES	76.253.890,52	74.905.576,20	101,80	71.556.236,14	106,56

OPERATING AND OTHER COSTS

Operating expenses for the third quarter of 2025 amounted to EUR 18,547,503.09 and are higher by 9.44% compared to the same period of the previous business year, when they amounted to EUR 16,947,405.89, due to an increase in the gross salary cost, other costs and costs of raw materials and materials.

FINANCIAL EXPENSES

Financial expenses in the period observed amount to EUR 320,446.79, and they have decreased by 9.37% compared to the same period of 2024, when they amounted to EUR 353,586.10.

LIQUIDITY

In the reporting period, the Company fully and properly maintained current liquidity and settled its liabilities towards the suppliers, the bank, the state, the employees, etc. in a timely manner and within the deadlines. The Company secured a sufficient amount of liquid assets to settle its liabilities, having in mind the complex business circumstances due to a disrupted macroeconomic environment and strong inflation pressures.

In November 2024, the Company concluded a Short-Term Limit Agreement with the commercial bank Erste&Steiermarkische Bank d.d. for the amount of EUR 3,500,000.00, which will secure a short-term credit limit for the remainder of 2024 and the first ten months of 2025 for the purpose of maintaining current liquidity.

COLLECTION OF FUTURE REVENUE

With regard to the active collection of trade receivables, the Company will seek to collect them in the most appropriate manner and within the most appropriate deadlines, taking into account the aggravated circumstances of collection and implementation of the measures of payment in instalments where possible, and also undertaking compulsory collection measures if needed.

6 ADDITIONAL INFORMA-TION ON THE STATUS AND BUSINESS OPERATIONS OF THE COMPANY

6.1 SIGNIFICANT EVENTS

At its session held on 26 February 2025, the Company Management Board adopted the Q4 2024 financial statements (unaudited, unconsolidated), the Annual Report and the 2024 Annual Financial Statements (audited, unconsolidated). Moreover, at the session of the Supervisory Board held on the same day, the Company's Annual Report, 2024 Annual Financial Statements (audited, unconsolidated) were adopted and draft decisions were established, which were sent to the General Assembly for adoption.

In the reporting period, the Company held 1722 own shares, constituting 0.071% of the share capital. Furthermore, in the reporting period, the Company disposed of 4652 own shares, constituting 0.19% of the share capital. Own shares were disposed of under the Share Transfer Agreement, concluded with the Company's employees in compliance with the decision of the Management Board on the allocation of own shares to the Company's employees free of charge, as a reward for the achieved business results in 2024. Prior to the disposal of shares, the

Company held 17215 own shares, constituting 0.71% of the share capital, while, following the disposal, it had a total

of 12563 own shares, constituting 0.52% of the its share capital.

The General Assembly, held on 23 April 2025, took note of the Company's Annual Report for 2024 together with the Audit Report for 2024, Report of the Supervisory Board on the Performed Supervision of the Company's Operations for 2024, and the Management Board' Report on the Acquisition of Own Shares in 2024. The General Assembly adopted the Decision on the Approval of the 2024 Report on the Remuneration of Management Board and Supervisory Board Members, the Decision on Granting Discharge to the Company's Management Board for the financial year 2024, Decision on Granting Discharge to the Members of the Supervisory Board for the financial year 2024, and the Decision on the Appointment of the authorised auditing company "UHY RUDAN d.o.o.", Ilica 213, Zagreb, PIN (OIB): 717995390000 as the Company's Auditor for 2025 and 2026.

Also, the Decision on the Use of Company Profit for the 2024 Financial Year was adopted at the General Assembly, according to which the achieved net profit in the 2024 financial year (after tax) in the amount of EUR 3,576,074.33, is distributed as follows:

• EUR 1,655,334.33 into the retained profit, and
• EUR 1,920,740.00 for dividend distribution.

The dividend per share amounts to EUR 0.80.

At the meeting held on 15 May 2025, the Supervisory Board took note of the information about the written observations of ILIRIJA d.d. and the revised Economic Feasibility Study for Marina Kornati, in response to the opinion of the Ministry of Finance of the Republic of Croatia on the Proposal for a decision amending the Decision on a Concession on Maritime Domain for the Purpose of Commercial Use of a Special Purpose Port – Kornati Nautical Tourism Port.

Moreover, at its meeting held on 10 June 2025, the Supervisory Board adopted the decision to reappoint Mr Goran Ražnjević as the only member of the Management Board of ILIRIJA d.d. for a 5-year term, namely from 18 June 2025 to 18 June 2030.

Also, at the meeting held on 31 July 2025, the Supervisory Board took note of the published unaudited financial report of the Company for the first six months of 2025 and information on the status of sales of tourist capacities.

6.2 LEGAL MATTERS • The Ilirija Tennis Centre real property in Biograd na Moru, under the cadastral plot no. 3232, in the Cadastral Municipality of Biograd na Moru, surface area of 48705 m² was allocated in 1988 by the Municipal Assembly of Biograd na Moru to the predecessor of the Company for the purpose of building a complex of tennis courts. By 1990, Ilirija had built 20 tennis courts with changing rooms and a restaurant facility, auxiliary roads, parking spaces and complete infrastructure on the property, and the land was subsequently evaluated and entered in the share capital of the Company within the national conversion process. Pursuant to the lawful conversion of the Company and the Act on Ownership and Other Real Rights, the Company had been registered as the sole owner and legal holder of said property until 2006, when, in the process of transforming the land registry for the Cadastral Municipality of Biograd na Moru in 2006, the entry in the land registry was changed for unknown reasons and 1/2 of the co-ownership share of Ilirija d.d. was removed, and the Town of Biograd na Moru was entered as the co-owner of the share in question for the first time. Consequently, Ilirija d.d. initiated civil proceedings for the establishment of the right of ownership and, under the 2012 ruling of the Commercial Court in Zadar, which was upheld by the 2016 ruling of the High Commercial Court of the Republic of Croatia, Ilirija was established as the owner of the entire real property Ilirija Tennis Centre. Under the decision of the Supreme Court of the Republic of Croatia following the review in-

itiated by the Town of Biograd na Moru, with which we were made aware of on 18 January 2022, first-instance and second-instance rulings were set aside and the case was remanded for a retrial, during which it shall be determined whether amenities have been constructed, i.e. "more comprehensive works" have been performed on the real property at issue. In the repeated court proceedings, the Commercial Court in Zadar issued a first instance ruling on 24 May 2023 in favour of Ilirija d.d., which stipulated the Company as the owner of the Tenis centar Ilirija in its entirety. Against the said first instance ruling, the Town of Biograd na Moru filed an appeal, which was rejected by the ruling of the High Commercial Court of the Republic of Croatia as unfounded. Thereby, Ilirija d.d. was once again legally established as the land registry owner of the entire real property Ilirija Tennis Centre. On 30 November 2023, The Town of Biograd na Moru also filed a motion to the Supreme Court of the Republic of Croatia for permission to review this legal matter, which was refused by a decision of the Supreme Court of the Republic of Croatia dated 17 January 2024. Under the said decision of the Supreme Court of the Republic of Croatia, the claimant (the Town of Biograd na Moru) exhausted all the legal remedies for challenging the ownership rights of Ilirija d.d., and the Company successfully established the lawful acquisition of the ownership rights of Ilirija Tennis Centre real property in Biograd na Moru, covering an area of 48,705 m2 .

• By the Decision of the Constitutional Court of the Republic of Croatia No. U-III-4392/16 of 5 July 2017, the Constitutional Complaint of the Company was adopted, and the ruling of the Supreme Court of the Republic of Croatia was set aside. The ruling set aside rejected the review initiated by Ilirija d.d. in the case pertaining to the compensation of damages against the Town of Biograd na Moru, for the purpose of conversion of the real property "Primorje" from a construction area into the so-called "area with landscape features", and the case was referred back to the Supreme Court of the Republic of Croatia. In the repeated proceedings, the Supreme Court of the Republic of Croatia in its ruling number: Rev-x 688/2017 of 27 April 2022 rejected the review initiated by Ilirija d.d. as unfounded. The Company filed a constitutional complaint to the Constitutional Court of the Republic of Croatia against the aforementioned ruling of the Supreme Court of the Republic of Croatia within statutory deadline, which complaint was rejected by a new decision of the Constitutional Court of the Republic of Croatia number: U-III-4709/22, dated 26 June 2025.
• The ruling of the County Court in Zadar No. 6 Gž-751/16- 2 of 13 June 2017 reversed the sentence of the Municipal Court in Zadar, Permanent Service in Biograd na Moru, of January 2016, and rejected the claim of the town of Biograd na Moru as unfounded. By said claim, the town of Biograd na Moru requested that the Forest Land Lease

Agreement concluded between Ilirija d.d. and Hrvatske šume d.o.o. Zagreb, Forest Administration, Split Branch, be declared null and void. Thus, the dispute was finally disposed of in favour of Ilirija d.d., and given the fact that the land in question is tourist land not assessed in the process of conversion and privatization, Ilirija d.d. has already, within the legal deadline, submitted a request to the Government of the Republic of Croatia through the Ministry of Tourism of the Republic of Croatia, for a concession on the co-owned part of the Republic of Croatia, for the use of the "Park Soline" campsite for 50 years. In the meantime, in May 2020, the new Act on Non-Evaluated Construction Land came into force, thus repealing the Act on Tourism and Other Construction Land Not Evaluated in the Conversion and Privatisation Process. The new Act on Non-Evaluated Construction Land provides that buildings and land in a campsite which are estimated in the value of the capital, are owned by the company, whereas the campsite land not estimated in the value of the capital is owned by the Republic of Croatia. On 5 March 2021, Ilirija d.d. submitted, within the legal deadline, an application for a decision to the competent Croatian Ministry of Physical Planning, Construction and State Assets, under Article 17 of the Act on Non-Evaluated Construction Land, that is, for the determination/identification of the scope, evaluated and unevaluated parts and owners of the Park Soline campsite in Biograd na Moru and consequently for the conclusion of a lease agreement between the Republic of Croatia

and Ilirija d.d. for a period of 50 years. The procedure is pending.

In the meantime, on 1 April 2022 the Company, in accordance with Article 18 of the Act on Non-Evaluated Construction Land, obtained from the Centre for Restructuring and Sales the Certificate of Conformity of the Geodetic Survey Report, which confirms the conformity of the "Park Soline Campsite Geodetic Survey Report with the decision of the Croatian Privatisation Fund of 12 July 1996, by which the real property concerned was evaluated in the process of conversion of the socially-owned enterprise "Ilirija" Biograd na Moru. Furthermore, in April 2023, based on the ruling of the Commercial Court in Zadar, adopted in the procedure of correcting the registration of ownership rights, which was confirmed by the ruling of the High Commercial Court of the Republic of Croatia, the Republic of Croatia was registered in its entirety as the owner of the land plot with a surface area of 41 537 m² which is located within the Park Soline campsite. Namely, until that time, the Town of Biograd na Moru was registered as the land registry owner of the said land plot within the campsite.

• The predecessor of the Company was allotted the maritime domain for permanent use by the Municipal Assembly of Biograd na Moru for the purpose of constructing a sport port or marina (1976) and an outdoor swimming pool with a beach facility (1986) in Biograd

na Moru. In accordance with the valid building and operating permits, the Company built the Ilirija-Kornati hotel port (1977–1979) and an outdoor swimming pool with beach facilities (1988), and these investments were evaluated and entered in the value of the capital of Ilirija d.d. during the conversion process. The aforementioned permanent right to use the maritime domain was replaced in 1998 with a limited period concession, and in accordance with the Decisions of the Zadar County on the award of the concession on the maritime domain, the Maritime Domain Concession Agreement was concluded for the purpose of commercial use of the special purpose port - nautical tourism port for a period of 12 years (until 2011) as well as the Maritime Domain Concession Agreement for the purpose of commercial use of the outdoor swimming pool for a period of 10 years (until 2008). Prior to the expiry of the concession for the nautical tourism port – the Ilirija-Kornati hotel port and the outdoor swimming pool with a beach facility, Ilirija d.d. submitted the applications for the extension of the term of the concession by 20 years, i.e. to a total of 30 years. The Company also submitted a request for obtaining a concession upon request for a period of 5 years for the commercial use of the beach in front of the Ilirija, Kornati and Adriatic hotels, the beach facility and the outdoor swimming pool in Biograd na Moru, in accordance with the Maritime Domain and Seaports Act. The competent authority has not decided on these applications to this day. Until the decision on the applications for the extension of the term of concession Ilirija d.d. has been regularly paying the fee for the use of maritime domain to the budget of the Republic of Croatia.

• During the conversion process, the property Dražice Mini Golf was evaluated and entered in the value of the capital of the Company for the part with a surface area of 9,752 m², the part which Ilirija d.d. has been using uninterruptedly for the purposes of a parking lot and an entertainment and animation centre, and accordingly holds in its possession, while for the rest of the land of approximately 46,000 m2 an application for a concession has been submitted. The dispute between Ilirija d.d. and the Town of Biograd na Moru before the Commercial Court in Zadar regarding the right of ownership is pending. The Republic of Croatia has joined the proceedings. No first-instance ruling has been rendered in this case.
• In the land registry renewal procedure for the Cadastral Municipality of Biograd na Moru, Ilirija d.d. was registered as the owner of the entire real property with an area of 1416 m2 , which essentially represents the land around the hotels Ilirija and Adriatic in Biograd na Moru, considering that these land plots were evaluated and entered in the share capital of Ilirija d.d. in the process of conversion and privatisation of the Company. The Municipal Court in Zadar, in a proper procedure, rejected the objections of the Town of Biograd na Moru

regarding the registration of the ownership rights of Ilirija d.d. After the objections of the Town of Biograd na Moru to the registration of ownership rights on real property, which essentially represents the land around the hotels Ilirija and Adriatic, were rejected as unfounded, the Town of Biograd na Moru filed a lawsuit against Ilirija d.d. before the Commercial Court in Zadar for the purpose of correction and registration, asking to be established as the owner of the said real estate with a total area of 1,416 m2 . The first-instance ruling of the Commercial Court in Zadar rejected the claim of the Town of Biograd na Moru, and the said ruling was upheld by the ruling of the High Commercial Court of the Republic of Croatia of 16 May 2022. Against the ruling of the High Commercial Court of the Republic of Croatia, the Town of Biograd na Moru filed a motion for permission to review, which was rejected by the Supreme Court of the Republic of Croatia as inadmissible. Therefore, the ownership rights of Ilirija d.d. over the property in question as a whole remained unchanged.

• As for the disputes in which the Company participates, both actively or passively, we estimate that such disputes cannot significantly disrupt the Company's business, nor can they cause significant financial expenses for the Company or have a significant effect on the Company's current and future financial results.

6.3 INVESTMENTS IN 2025 Investments in reporting period of 2025 amounted to EUR 3,229,704.85, and referred mostly to the hotel, camping and catering sector with the aim of raising the standards and quality of accommodation facilities and completely renovating the beach catering facility in Biograd na Moru and its market repositioning as well as shifting the concept into a modern beach club.

In the hotel sector, significant investments were made in the expansion of external elevators, i.e. the panoramic elevator on the north-east side of the Ilirija**** hotel, and the external elevator on the north side of the Adriatic*** hotel. This ensured better communication within both hotels, and, through the use of modern architectural solutions, achieved a more presentable look of the hotels. At the Adriatic hotel, the hotel lobby and reception have been renovated and the elevator expanded, with the aim of raising the level and quality of the its standards. Moreover, in the hotel sector, investments were made in further digitalisation by introducing an IP telephony system that enables the implementation of technologically advanced solutions in the field of business telecommunications and better Wi-Fi network coverage at the hotel.

With regard to the beach facility in Biograd na Moru, investments are focused on the renovation and modernization of the entire facility, including the outdoor pool and the surrounding beach area, in order to create a modern beach bar with dining and relaxation areas, a recognizable design, the ability to effectively adapt to weather conditions, and flexibility in equipment placement. The investment also covered the modernisation of

the kitchen and purchase of new equipment with the aim of raising the level of the catering facility from a bistro to a restaurant with an associated furnished terrace. Furthermore, the area of the pool and the rubble mound was developed as a beach area, the sanitary facilities were reconstructed and the entire area was developed in terms of horticultural landscaping.

With its investments, the Company ended the first phase of the reconstruction of the beach facility in Sv. Filip i Jakov into a high-standard catering facility. In the first phase of the reconstruction of the building, a historical building under the protection of the Conservation Department in Zadar, works were performed to structurally strengthen the building and reconstruct the entire roof, install the façade and exterior joinery.

In the camping sector, investments were made into further infrastructural development of the campsite, i.e. the development of internal roads at the campsite, the modernisation of the children's playground with new facilities, and further horticultural development of the campsite.

The Company also purchased land with a surface area of 3,728 m2 in Biograd na Moru, within the area of the industrial zone, with the intention to build a modern central laundry room, that is, relocate it from the area of Hotel Adriatic, and then build a storage and distribution and service centre, as well as new storage spaces which are currently dispersed across several facilities within the hotel resort.

6.4 NON-OPERATING ASSETS An additional impact on the value of Company shares comes from non-performing assets, which are owned by the Company, but they are neither used for core activities of the Company, nor do they provide economic benefits to the Company. The most important non-performing assets owned by the Company are unused land plots (9 acres in total) at highly attractive locations:

Land plot, Sv. Filip i Jakov: The Company owns a building site of approximately 2.5 acres in Sv. Filip i Jakov, of which only a smaller portion is used (Villa Donat), while approximately 20,000 m2 of the site is unused. According to the preliminary design, the Company plans to build 8 detached villas with apartments at the unused portion of the land plot, and expand the existing accommodation and service facilities. The Municipality of Sv. Filip i Jakov adopted a Detailed Plan for the Development of a Mixed Hospitality and Tourism Zone (T1-hotel).

Land plot, Villa Primorje: The Company owns approximately 2.5 acres of land near the Villa Primorje Hotel, of which only a smaller portion is used (approximately 10% of the total surface area). Apart from the existing physical plan, there is a possibility of building

a settlement of traditional Dalmatian villas at the unused portion of the plot. The unused part of the plot is in direct contact with a building site.

Land plot, Polača: The Company owns a building site of approximately 2.5 acres in Polača, located along the state road, which connects Biograd with the local motorway (regional importance). The site is equipped with basic communal infrastructure and Ilirija d.d. plans to use it to build a dry marina, which would be functionally connected with the existing nautical capacities owned by Ilirija d.d.

Land plot, Sv. Filip i Jakov: In December 2021, the Company bought a land plot with a surface area of 9,600 m2 in Sv. Filip i Jakov in the crafts and services zone, within the area of the newly planned industrial zone, with the intention of building a central warehouse, distribution and service facility for the needs of the Company, which would include laundry service, central warehouse of assets, equipment and inventory, central warehouse of food and beverages, technical service workshops, storage of machines, dry berth, ancillary mobile storages, office space for the needs of the storage and distribution facility, as well as traffic and parking areas.

6.5 OTHER

Business monitoring and reporting on a daily, weekly and monthly basis

At the level of all sectors and the Company as a whole, a supervision, control and monitoring system for all business segments was established, namely for monitoring on a daily, weekly and monthly basis in accordance with the applicable Croatian and world reporting standards for the tourism industry. This enabled timely and quality monitoring of achieved operating and planned results, as well as the development of quality forecasts and business plans throughout the business year, which created the foundations for a more efficient and rational management of the entire business process, as well as improved and accelerated the overall reporting process at all levels, and especially in the operational part of the Company's business.

On a daily basis, the Company records and enters accounting and bookkeeping documentation in a timely manner, within 24 to 48 hours of its receipt at the latest. This ensures up-to-date and accurate daily reporting at the level of the Company and its sectors, which includes: a daily balance sheet at the Company level, trade receivables and trade payables, short-term liabilities, a income statement at the level of the Company and profit centres, reports on daily financial and physical turnover for all profit centres, sectors and at the Company level, reports on daily operating revenue and cumulative operating revenue for the period by profit centres and sectors, i.e. at the Company level and a series of operational daily reports. This method of reporting enables detailed planning and monitoring of the achievement of financial performance indicators and the Budget, both at the level of an individual profit centre and at the same time at the level of sectors and the Company as a whole. In addition to daily reports, the Company prepares various weekly and complete monthly financial and accounting statements, including the income statement for all sectors and profit centres of the Company, as well as the Company's balance sheet on the last day of the current month, and the cash flow for the current month, i.e. cumulatively from the beginning of the year to the end of the reporting period, which are elaborated in more detail and analytically structured, which enables efficient business management.

Also, in addition to accounting and financial statements on a daily, weekly and monthly basis, reports are prepared on the status of sales of accommodation capacities (hotel sector and camping), the status of sales of berths (nautical sector) and the status of DMC Ilirija Travel sales (accommodation and special events) with all key physical , market and financial data by profit centres (accommodation facilities) and at the level of the sector itself. In addition to its own reporting system, for many years the Company has also been implementing the USALI reporting system, an international reporting system for the tourism industry, as well as a system for daily management of prices, and consequently also of the accommodation units revenue in the hotel and camping sector.

Mergers and acquisitions

There were no mergers and acquisitions.

7 BUSINESS EXPECTATIONS IN 2025

In 2024, tourism was characterised by a complete recovery as an industry with the opening of tourist destinations at the global level, and consequently reaching tourist turnover from the period that preceded the health crisis despite inflation, the general increase in costs, geopolitical and climate instabilities.

In Europe, the world's most important tourist region, the demand growth trend continued in most of its key destinations, while some destinations experienced the phenomenon of overtourism to a much greater extent. In 2024, Croatian tourism followed global tourism trends in terms of the growth of physical and financial turnover, surpassing the results of 2019.

Based on the further expected growth of tourist demand at the global level and in 2025 based on the growth of interest in travel on the key markets of Croatian tourism, the growth of demand from distant markets relevant for the pre- and post-season and the expected economic recovery of the key tourist markets of the European Union, as a result of which the Company's 2025 business expectations are based on the fact that there are no limiting circumstances for the performance of year-round business activities across all sectors and profit centres and further sustainable growth of tourist demand in the Company's tourism sectors, especially in the hotel and camping sectors, at the level of the entire business year with further strengthening of business activities in the pre- and post-season.

The main determinants of the 2025 Business Plan are aimed at:

• preservation of the Company's long-term economic viability and security
• preservation of the Company's stable financial position
• preservation of the Company's fixed assets and capital
• preservation of the Company's business operations and activities, and
• enhancing the Company's competitiveness, improving and developing products and services.

Also, the Company is aiming to ensure and carry out activities and actions in 2025 that are essential for maintaining the current status and operations, as follows:

• preservation and improvement of the achieved level of facility development and equipment mainly at the 4-star level to ensure market competitiveness,
• development of new products, services and content with the aim of increasing the competitiveness of the

Company and further developing its year-round business activities,

• ensuring the optimum number of employees for uninterrupted business activities and the quality of service in high season,
• preservation of the achieved financial position of employees corresponding to the average net salary in the Republic of Croatia in order to ensure the competitiveness of the Company on the labour market while facing a labour shortage,
• fulfilment of obligations towards Company's creditors, i.e. suppliers, payment of tax liabilities and contributions, as well as regular fulfilment of its liabilities towards the bank in respect of the principal of loans and interest.

In addition to the above-mentioned determinants and preconditions, we believe that it is realistic for the Company to achieve the following business goals in 2025:

• a) increase in demand evidenced by the growth in terms of all key physical business performance indicators at the level of all sectors of the Company,
• b) increase in operating revenue at the level of all sectors and profit centres, i.e. at the level of the entire Company,

c) generating EBITDA, or its share in the total revenue, in line with the tourism industry standards; and d) growth of other profitability indicators (profit, EBIT).

Furthermore, the Company is aware of the existence of objective and real limiting circumstances and challenges that could, to a certain extent, affect the realisation of the 2025 business expectations, including global geopolitical instability with consequences not only for European but also for the threat to world stability and security, as well as negative implications for the economy, impaired macroeconomic stability characterised by continued strong inflationary pressures, as well as a significant lack of labour in almost all economic sectors in the Republic of Croatia and a continuous increase in salary costs. All of the above can significantly affect the realisation of planned business expectations in 2025.

By achieving the stated business goals, and under the assumption of a year-round business activity in its full scope, i.e. at the level of all sectors and profit centres, as well as providing for the absence of limiting factors, we believe that the Company has ensured long-term economic sustainability and security, a stable financial position, fixed assets and capital, as well as ensured its business activity in 2025.

8 NOTES

The Company has all the permits required for the performance of its activities, such as the decisions on categorisation and on the meeting of the minimum technical work requirements, as well as water rights permits, etc.

Goran Ražnjević, President of the Management Board

FINANCIAL STATEMENTS FOR THE PERIOD 01/01-30/09/2025

Annex 1
			ISSUER'S GENERAL DATA
Reporting period:			01/01/2025	to	30/09/2025
Year:			2025
Quarter:			3
			Annual financial statements
Registration number (MB):		03311953	Issuer's home Member State code: CROATIA
Entity's registration number (MBS):		060032302
Personal identification number (OIB):		05951496767		LEI:	74780000VOGH8Q3K5K76
Institution code:		1271
Name of the issuer:		ILIRIJA d.d. BIOGRAD NA MORU
Postcode and town:	23210			BIOGRAD NA MORU
Street and house number:	TINA UJEVIĆA 7
E-mail address:	ilirija@zd.t-com.hr
Web address:		www.ilirijabiograd.com
Number of employees	427
(end of the reporting period):"
Consolidated report:	KN		(KN-not consolidated/KD-consolidated)
Audited:	RN		(RN-not audited/RD-audited)
Names of subsidiaries (according to IFRS):				Registered office:		MB:
Bookkeeping firm:			(Yes/No)
					(name of the bookkeeping firm)
Contact person:	ZORKA STRPIĆ
			(only name and surname of the contact person)
Telephone:	023/383178
E-mail address:		zorkas@ilirijabiograd.com
Audit firm:		UHY RUDAN d.o.o. ZAGREB
		(name of the audit firm)
Certified auditor:	(name and surname)

BALANCE SHEET
Balance as at 30/09/2025			in EUR
Submitter:ILIRIJA d.d. BIOGRAD NA MORU
Item	ADP code	Last day of the preceding busi ness year	At the report ing date of the current period
1	2	3	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	0
B) FIXED ASSETS (ADP 003+010+020+031+036)	002	56.802.315	57.692.719
I INTANGIBLE ASSETS (ADP 004 to 009)	003	59.416	82.930
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	0	0
3 Goodwill	006	0	0
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation	008	0	0
6 Other intangible assets	009	59.416	82.930
II TANGIBLE ASSETS (ADP 011 to 019)	010	56.737.982	57.604.872
1 Land	011	5.894.095	6.278.079
2 Buildings	012	32.280.001	31.460.879
3 Plant and equipment	013	8.358.261	8.062.228
4 Tools, working inventory and transportation assets	014	0	0
5 Biological assets	015	0	0
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	389.534	2.162.411
8 Other tangible assets	018	0	0
9 Investment property	019	9.816.091	9.641.275
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	4.917	4.917
1 Investments in holdings (shares) of undertakings within the group	021	4.917	4.917
2 Investments in other securities of undertakings within the group	022	0	0
3 Loans, deposits, etc. to undertakings within the group	023	0	0
4. Investments in holdings (shares) of companies linked by virtue of participating interests	024	0	0
5 Investment in other securities of companies linked by virtue of participating interests	025	0	0
6 Loans, deposits etc. given to companies linked by virtue of participating interests	026	0	0
7 Investments in securities	027	0	0
8 Loans, deposits, etc. given	028	0	0
9 Other investments accounted for using the equity method	029	0	0
10 Other fixed financial assets	030	0	0
IV RECEIVABLES (ADP 032 to 035)	031	0	0
1 Receivables from undertakings within the group	032	0	0
2 Receivables from companies linked by virtue of participating interests	033	0	0
3 Customer receivables	034	0	0
4 Other receivables	035	0	0
V DEFERRED TAX ASSETS	036	0	0
C) CURRENT ASSETS (ADP 038+046+053+063)	037	14.215.009	18.019.194
I INVENTORIES (ADP 039 to 045)	038	276.162	352.112
1 Raw materials and consumables	039	276.162	352.112

2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise	042	0	0
5 Advances for inventories	043	0	0
6 Fixed assets held for sale	044	0	0
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	910.596	3.391.115
1 Receivables from undertakings within the group	047	0	0
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	649.011	2.644.287
4 Receivables from employees and members of the undertaking	050	16.458	51.631
5 Receivables from government and other institutions	051	24.824	576.057
6 Other receivables	052	220.303	119.140
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	13.000.000	13.524.719
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	0	0
4 Investments in holdings (shares) of companies linked by virtue of participating in terests	057	0	0
5 Investment in other securities of companies linked by virtue of 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	0	0
8 Loans, deposits, etc. given	061	13.000.000	13.500.000
9 Other financial assets	062	0	24.719
IV CASH AT BANK AND IN HAND	063	28.251	751.248
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	538.912	541.978
E) TOTAL ASSETS (ADP 001+002+037+064)	065	71.556.236	76.253.891
OFF-BALANCE SHEET ITEMS	066	0	0
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087)	067	54.693.348	61.433.008
I INITIAL (SUBSCRIBED) CAPITAL	068	30.420.000	30.420.000
II CAPITAL RESERVES	069	389.195	389.195
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	4.664.642	4.745.025
1 Legal reserves	071	3.195.698	3.195.698
2 Reserves for treasury shares	072	925.837	925.837
3 Treasury shares and holdings (deductible item)	073	-448.288	-367.905
4 Statutory reserves	074	0	0
5 Other reserves	075	991.395	991.395
IV REVALUATION RESERVES	076	0	0
V FAIR VALUE RESERVES (ADP 078 to 080)	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	080	0	0
4 Other fair value reserves	081	0	0
5 Exchange differences arising from the translation of foreign operations (consolida tion)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-085)	083	15.643.437	17.298.771

1 Retained profit	084	15.643.437	17.298.771
2 Loss brought forward	085	0	0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	3.576.074	8.580.017
1 Profit for the business year	087	3.576.074	8.580.017
2 Loss for the business year	088	0	0
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0
B) PROVISIONS (ADP 091 to 096)	090	154.108	154.108
1 Provisions for pensions, termination benefits and similar obligations	091	0	0
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	154.108	154.108
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0	0
6 Other provisions	096	0	0
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	10.156.776	10.387.743
1 Liabilities towards undertakings within the group	098	0	0
2 Liabilities for loans, deposits, etc. to companies within the group	099	0	0
3 Liabilities towards companies linked by virtue of participating interest	100	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interest	101	0	0
5 Liabilities for loans, deposits etc.	102	0	0
6 Liabilities towards banks and other financial institutions	103	10.156.776	10.387.743
7 Liabilities for advance payments	104	0	0
8 Liabilities towards suppliers	105	0	0
9 Liabilities for securities	106	0	0
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	0	0
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	6.161.373	4.125.908
1 Liabilities towards undertakings within the group	110	38.217	656
2 Liabilities for loans, deposits, etc. to companies within the group	111	0	0
3 Liabilities towards companies linked by virtue of participating interest	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interest	113	0	0
5 Liabilities for loans, deposits etc.	114	0	0
6 Liabilities towards banks and other financial institutions	115	3.421.118	1.082.167
7 Liabilities for advance payments	116	57.251	46.938
8 Liabilities towards suppliers	117	1.600.491	1.306.641
9 Liabilities for securities	118	0	0
10 Liabilities towards employees	119	379.461	926.533
11 Taxes, contributions and similar liabilities	120	653.103	648.134
12 Liabilities arising from the share in the result	121	11.732	99.395
13 Liabilities arising from fixed assets held for sale	122	0	0
14 Other short-term liabilities	123	0	15.444
E) ACCRUALS AND DEFERRED INCOME	124	390.631	153.124
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	71.556.236	76.253.891
G) OFF-BALANCE SHEET ITEMS	126	0	0

STATEMENT OF PROFIT OR LOSS
for the period 01/01/2025-30/09/2025					in EUR
Submitter: ILIRIJA d.d. BIOGRAD NA MORU
Item	AOP code	Same period of the previous year			Current period
		Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006)	001	27.481.001	14.974.229	29.605.399	16.238.040
1 Income from sales with undertakings within the group	002	0	0	0	0
2 Income from sales (outside group)	003	27.304.899	14.943.737	29.524.488	16.212.368
3 Income from the use of own products, goods and services	004	0	0	0	0
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	176.102	30.492	80.911	25.672
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	19.297.987	8.234.722	20.965.809	9.547.823
1 Changes in inventories of work in progress and finished goods	008	0	0	0	0
2 Material costs (ADP 010 to 012)	009	6.726.523	3.116.221	6.739.013	3.250.217
a) Costs of raw materials and consumables	010	3.390.740	1.792.899	3.722.022	2.036.127
b) Costs of goods sold	011	0	0	0	0
c) Other external costs	012	3.335.783	1.323.322	3.016.991	1.214.090
3 Staff costs (ADP 014 to 016)	013	6.658.439	2.643.468	7.864.566	3.384.640
a) Net salaries and wages	014	4.019.776	1.591.886	4.707.213	2.018.531
b) Tax and contributions from salary costs	015	1.693.022	676.299	2.040.679	885.747
c) Contributions on salaries	016	945.641	375.283	1.116.674	480.362
4 Depreciation	017	2.350.581	730.938	2.418.306	806.102
5 Other costs	018	3.487.415	1.695.428	3.707.136	2.095.982
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)	022	0	0	0	0
a) Provisions for pensions, termination benefits and similar obligations	023	0	0	0	0
b) Provisions for tax liabilities	024	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	75.029	48.667	236.788	10.882
III FINANCIAL INCOME (ADP 031 to 040)	030	243.211	81.354	260.874	82.775
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	0	0	0	0

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	0	0
7 Other interest income	037	243.211	81.348	260.871	82.775
8 Exchange rate differences and other financial income	038	0	6	3	0
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	353.586	110.862	320.447	106.180
1 Interest expenses and similar expenses with undertakings within the group	042	0	0	0	0
2 Exchange rate differences and other expenses from operations with undertakings within the group	043	0	0	0	0
3 Interest expenses and similar expenses	044	353.586	110.862	320.447	106.180
4 Exchange rate differences and other expenses	045	0	0	0	0
5 Unrealised losses (expenses) from financial assets	046	0	0	0	0
6 Value adjustments of financial assets (net)	047	0	0	0	0
7 Other financial expenses	048	0	0	0	0
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 PARTICIPATING INTEREST	051	0	0	0	0
VIII SHARE IN LOSS OF JOINT VENTURES	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	27.724.212	15.055.583	29.866.273	16.320.815
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	19.651.573	8.345.584	21.286.256	9.654.003
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	8.072.639	6.709.999	8.580.017	6.666.812
1 Pre-tax profit (ADP 053-054)	056	8.072.639	6.709.999	8.580.017	6.666.812
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	8.072.639	6.709.999	8.580.017	6.666.812
1 Profit for the period (ADP 055-059)	060	8.072.639	6.709.999	8.580.017	6.666.812
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 (ADP 063-064)	062	0	0	0	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
2 Discontinued operations loss for the period (ADP 065-062)	067
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
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
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068- 071)	072
1 Profit for the period (ADP 068-071)	073
2 Loss for the period (ADP 071-068)	074
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	0	0	0	0
1 Attributable to owners of the parent	076	0	0	0	0
2 Attributable to minority (non-controlling) interest	077	0	0	0	0
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	8.072.639	6.709.999	8.580.017	6.666.812
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 at fair value through other comprehensive income	082	0	0	0	0
3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in their credit risk	083	0	0	0	0
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 fair value through other comprehensive income	089	0	0	0	0
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	095	0	0	0	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 078+097)	098	8.072.639	6.709.999	8.580.017	6.666.812
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	0	0	0	0
1 Attributable to owners of the parent	100	0	0	0	0
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method
for the period 01/01/2025 to 30/09/2025			in EUR
Submitter: ILIRIJA d.d BIOGRAD NA MORU
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Pre-tax profit	001	8.072.639	8.580.017
2 Adjustments (ADP 003 to 010):	002	2.947.378	2.999.628
a) Depreciation	003	2.350.581	2.418.306
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	0	0
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	243.211	260.875
e) Interest expenses	007	353.586	320.447
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	0	0
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	11.020.017	11.579.645
3 Changes in the working capital (ADP 013 to 016)	012	-1.987.716	-1.794.079
a) Increase or decrease in short-term liabilities	013	-2.908.722	1.205.413
b) Increase or decrease in short-term receivables	014	1.231.252	-2.480.519
c) Increase or decrease in inventories	015	-106.550	75.950
d) Other increase or decrease in working capital	016	-203.696	-594.923
II Cash from operations (ADP 011+012)	017	9.032.301	9.785.566
4 Interest paid	018	-243.856	-320.447
5 Income tax paid	019	-734.561	-767.404
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	8.053.884	8.697.715
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	021	0	0
2 Cash receipts from sales of financial instruments	022	0	0
3 Interest received	023	0	0
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	0	0
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	0	0
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-1.394.626	-3.308.710
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-1.000.000	-114.000
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	0
IV Total cash payments from investment activities (ADP 028 to 032)	033	-2.394.626	-3.422.710
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-2.394.626	-3.422.710
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 instru ments	036	0	0

3 Cash receipts from credit principals, loans and other borrowings	037	600.000	1.500.000
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	600.000	1.500.000
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-2.502.270	-3.279.648
2 Cash payments for dividends	041	-1.684.806	-1.917.028
3 Cash payments for finance lease	042	-651.645	-641.734
4 Cash payments for the redemption of treasury shares and decrease in initial (sub scribed) capital	043	-187.268	-44.684
5 Other cash payments from financing activities	044	-243.856	-168.914
VI Total cash payments from financing activities (ADP 040 to 044)	045	-5.269.845	-6.052.008
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-4.669.845	-4.552.008
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	989.413	722.997
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	25.417	28.251
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (ADP 048+049)	050	1.014.830	751.248

STATEMENT OF CASH FLOWS - Direct method
for the period 01/01/2025 to 30/09/2025			in EUR
Submitter: ILIRIJA d.d. BIOGRAD NA MORU
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Cash receipts from customers	001	0	0
2 Cash receipts from royalties, fees, commissions and other revenue	002	0	0
3 Cash receipts from insurance premiums	003	0	0
4 Cash receipts from tax refund	004	0	0
5 Cash payments to suppliers	005	0	0
6 Cash payments to employees	006	0	0
7 Cash payments for insurance premiums	007	0	0
8 Other cash receipts and payments	008	0	0
I Cash from operations (ADP 001 to 008)	009	0	0
9 Interest paid	010	0	0
10 Income tax paid	011	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 009 to 011)	012	0	0
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	013	0	0
2 Cash receipts from sales of financial instruments	014	0	0
3 Interest received	015	0	0
4 Dividends received	016	0	0
5 Cash receipts from repayment of loans and deposits	017	0	0
6 Other cash receipts from investment activities	018	0	0
II Total cash receipts from investment activities (ADP 013 to 018)	019	0	0
1 Cash payments for the purchase of fixed tangible and intangible assets	020	0	0
2 Cash payments for the acquisition of financial instruments	021	0	0
3 Cash payments for loans and deposits	022	0	0
4 Acquisition of a subsidiary, net of cash acquired	023	0	0
5 Other cash payments from investment activities	024	0	0
III Total cash payments from investment activities (ADP 020 to 024)	025	0	0
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 019 + 025)	026	0	0
Cash flow from financing activitie
Cash receipts from the increase of initial (subscribed) capital	027	0	0
2 Cash receipts the from issue of equity financial instruments and debt financial in struments	028	0	0
3 Cash receipts from credit principals, loans and other borrowings	029	0	0
4 Other cash receipts from financing activities	030	0	0
IV Total cash receipts from financing activities (ADP 027 to 030)	031	0	0
1 Cash payments for the repayment of credit principals, loans andother borrowings and debt financial instruments	032	0	0
2 Cash payments for dividends	033	0	0
3 Cash payments for finance lease	034	0	0
4 Cash payments for the redemption of treasury shares and decrease of initial (sub scribed) capital	035	0	0
5 Other cash payments from financing activities	036	0	0

V Total cash payments from financing activities (ADP 032 to 036)	037	0	0
C) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 031 +037)	038	0	0
1 Unrealised exchange rate differences in cash and cash equivalents	039	0	0
D) NET INCREASE OR DECREASE OF CASH FLOWS (ADP 012+026+038+039)	040	0	0
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD	041	0	0
F) CASH AND CASH EQUIVALENTS AT THE END OF PERIOD(ADP 040+041)	042	0	0

STATEMENT OF CHANGES IN EQUITY
for the period 01/01/2025 to 30/09/2025																		in EUR
Item	ADP code								Attributable to ow	ners of the parent								Minority (non-controlling)	Total capital and reserves
	code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares		Statutory reserves	Other reserves	Revaluation reserves	Fair value of financial assets through other comprehensive income (availa- ble for sale)	Cash flow hed- ge - effective portion	Hedge of a net investment in a foreign opera- tion - effective portion	Other fair value reserves	Exchange rate differences from translation of foreign operations	Retained profit / loss brought forward	Profit/loss for the business year	Total attributa- ble to owners of the parent	interest	reserves
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18 (3 do 6 - 7 + 8 do 17)	19	20 (18+19)
Previous period
1 Balance on the first day of the previous business year	01	30.420.000	389.195	3.195.698	925.837	137.207	0	991.395	0	0	0	0	0	0	17.329.348	0	53.114.266	0	53.114.266
2 Changes in accounting policies	02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
3 Correction of errors	03	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	30.420.000	389.195	3.195.698	925.837	137.207	0	991.395	0	0	0	0	0	0	17.329.348	0	53.114.266	0	53.114.266
5 Profit/loss of the period	05	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8.072.639	8.072.639	0	8.072.639
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	0	0	0	0	0	0	0	0	0	0	0
8Gainsorlossesfromsubsequentmeasurementoffinancialassetsatfairvaluethroughothercomprehensiveincome(availableforsale)	08	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
9 Gains or losses on efficient cash flow hedging	09	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
10 Gains or losses 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	0
11 Share in other comprehensive income/loss of companies linked by virtue of participating interest	11	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
12 Actuarial gains/losses on defined benefit plans	12	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
14 Tax on transactions recognised directly in equity	14	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
15 Increase/decrease in initial (subscribed) capital (other than from reinvesting profit and other than arising from the pre-bankruptcy settlement procedure)	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		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		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	-184.172	0
19 Payments from members/shareholders	19	0	0	0	0		0		0		0	0		0	1,005,011	0	0	0
20 Payment of share in profit/dividend	20	0	0	0	0		0		0		0	0		0	-1.685.911	0	-1.685.911	0
21 Other distributions and payments to members/shareholders	21	0	0		0		0		0		0	0			1.593.619	0	1.593.619	0
22 Transfer to reserves according to the annual schedule 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	22	0	0	0	0		0		0		0	0		0	-1.593.619	0	-1.593.619	0
			0				0		0		0	0			15.643.437	8.072.639		0
24 Balance on the last day of the previous business year reporting period (ADP 04 to 23) APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by underta		30.420.000	389.195	3.195.698	925.837	321.379	0		0	0	0	0	0	0	15.045.437	6.072.639	59.316.822	0	39.316.822
I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX (ADP		draw up financial sta		ince with the IFRS)	0		0	0	0	0			0	0	0	0	0	0
101 HER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX (ADP 06 to 14) If COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)				0			0									8.072.639	8.072.639	0
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (AUP 05+25) III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRE-				0
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRE- CTLY IN EQUITY (ADP 15 to 23)	27	0	0	0	0	184.172	0	0	0	0	0	0	0	0	-1.685.911	0	-1.870.083	0	-1.870.083

Current period
1 Balance on the first day of the current business year	28	30.420.000	389.195	3.195.698	925.837	448.288	0	991.395	0	0	0	0	0	0	19.219.511	0	54.693.348	0	54.693.348
2 Changes in accounting policies	29	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
3 Correction of errors	30	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	30.420.000	389.195	3.195.698	925.837	448.288	0	991.395	0	0	0	0	0	0	19.219.511	0	54.693.348	0	54.693.348
5 Profit/loss of the period	32	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8.580.017	8.580.017	0	8.580.017
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	0	0	0	0	0	0	0	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 Gains or losses on efficient cash flow hedging	36	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
10 Gains or losses 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 interest	38	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
12 Actuarial gains/losses on defined remuneration plans	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	40	0	0	0	0	-80.383	0	0	0	0	0	0	0	0	0	0	80.383	0	80.383
14 Tax on transactions recognised directly in equity	41	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
15 Decrease in initial (subscribed) capital (other than arising from the pre-ban kruptcy 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 procedure	43	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
17 Increase of initial (subscribed) capital arising from the pre-bankruptcy settle ment procedure	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	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	47	0	0	0	0	0	0	0	0	0	0	0	0	0	-1.920.740	0	-1.920.740	0	-1.920.740
21 Other distributions and payments to members/shareholders	48	0	0	0	0	0	0	0	0	0	0	0	0	0	1.655.334	0	1.655.334	0	1.655.334
22 Carryforward per annual plan	49	0	0	0	0	0	0	0	0	0	0	0	0	0	-1.655.334	0	-1.655.334	0	-1.655.334
23 Increase in reserves arising from the pre-bankruptcy settlement procedure	50	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
24 Balance on the last day of the current business year reporting period (ADP 31 to 50)	51	30.420.000	389.195	3.195.698	925.837	367.905	0	991.395	0	0	0	0	0	0	17.298.771	8.580.017	61.433.008	0	61.433.008
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 TAX (ADP 33 to 41)	52	0	0	0	0	-80.383	0	0	0	0	0	0	0	0	0	0	80.383	0	80.383
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	53	0	0	0	0	-80.383	0	0	0	0	0	0	0	0	0	8.580.017	8.660.400	0	8.660.400
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRE CTLY IN EQUITY (ADP 42 to 50)	54	0	0	0	0	0	0	0	0	0	0	0	0	0	-1.920.740	0	-1.920.740	0	-1.920.740

NOTES TO THE FINANCIAL STATEMENTS – TFI-POD

(made for quarterly periods)

Name of the issuer: ILIRIJA d.d. BIOGRAD NA MORU

PIN: 05951496767

Reporting period: 01/01-30/09/2025

A. Notes on the Company's financial position:

Non-current assets

The non-current asset value amounted to EUR 57,692,718.57, constituting an increase of EUR 890,403.48 compared to the value as at 31 December 2024, when it amounted to EUR 56,802,314.73. An amount of EUR 3,229,704.85 was invested in all sectors of the Company during the reporting period of 2025.

Current assets

The current asset value amounted to EUR 18,561,171.95 and increased by EUR 3,807,250.54 compared to the balance as at 31 December 2024, when it amounted to EUR 14,753,921.41. The largest portion of the increase in current assets was achieved by cash inflows from customers.

Short-term liabilities

Short-term liabilities amounted to EUR 4,433,139.67, recording a decrease of EUR 2,118,865.27 compared to the balance as at 31 December 2024, when they amounted to EUR 6,552,004.94.

Non-current liabilities

Non-current liabilities amounted to EUR 10,387,742.55, recording an increase of EUR 230,966.97 compared to the balance as at 31 December 2024, when they amounted to EUR 10,156,775.58.

Equity and reserves

Equity and reserves equalled EUR 61,433,008.30, which represented an increase of EUR 6,739,659.84 compared to the balance as at 31 December 2024, when they amounted to EUR 54,693,348.46.

Note – total revenue, expenses and operating profit

Total revenue

Total revenue generated as at 30 September 2025 amounted to EUR 29,866,273.38, representing an increase of 7.73% of the total revenue generated as at 30 September 2024, when it amounted to EUR 27,724,211.90.

Total expenses

Total expenses as at 30 September 2025 amounted to EUR 21,286,256.18, representing an increase of 8.32% of the total expenses as at 30 September 2024, when it amounted to EUR 19,651,572.68.

Operating profit

The operating profit generated as at 30 September 2025 amounted to EUR 11,057,895.68, constituting an increase of 4.98% of the operating profit generated as at 30 September 2024, when it amounted to EUR 10,533,595.12.

B. The last revised annual statements of the Company are available on the website of ILIRIJA d.d. https://ilirijabiograd.com/ izvjesca-o-poslovanju, Zagreb Stock Exchange (Zagrebačka burza d.d.) and the Croatian Financial Services Supervisory Agency within the framework of the central storage of regulated information.

C. Statement on the application of the same accounting policies during the preparation of the statement as at 30 September 2025 and the last revised annual statement as at 31 December 2024.

D. In the observed reporting period of 2025 operating revenue in the amount of EUR 29,605,398.77 was generated, which constitutes a 7.73% increase compared to the same period of the previous year, when it amounted to EUR 27,481,001.01. The Company's business activities are seasonal. The Company generates most of its revenue in summer. The Company generates revenue in the hotel, nautical, camping and real-estate sectors and the destination management company DMC Ilirija Travel. The hotel sector generates most of its revenue in summer.

In the observed reporting period of 2025, the hotel sector generated revenue in the amount of EUR 9,666,760.41, which constitutes an increase of EUR 699,631.75, or 7.80% compared to the same period of the previous year, when it amounted to EUR 8,967,128.66.

In the observed reporting period of 2025, the nautical sector generated revenue in the amount of EUR 8,724,670.67, constituting an increase of EUR 662,493.86, or 8.22% compared to the same period of 2024, when it amounted to EUR 8,062,177.01. The majority of the revenue was generated by annual berth fees.

In the observed reporting period of 2025, the camping sector generated revenue in the amount of EUR 8,471,961.17, constituting an increase of EUR 799,336.54, or 10.42% compared to the same period of the previous year, when it amounted to EUR 7,672,624.63. The most significant revenue was generated from mobile homes, fixed lease of camping pitches and plots.

In the observed reporting period of 2025, revenue from the real estate sector, i.e. the City Galleria Business and Shopping Centre amounted to EUR 1,714,098.48, representing an increase of EUR 84,810.23 or 5.21% compared to the same period of the previous year, when it amounted to EUR 1,629,288.25

In the reporting period observed, i.e. as at 30 September 2025, the Company did not receive any grants.

As at 30 September 2025, the operating costs amounted to EUR 18,547,503.09, recording an increase of EUR 1,600,097.20, or 9.44% compared to the same period of 2024, when they amounted to EUR 16,947,405.89. Financial expenses in the reporting period amounted to EUR 320,446.79, and they have decreased by 9.37% compared to the same period of the previous year, when they amounted to EUR 353,586.10. The depreciation charge for the reporting period of 2025 amounted to EUR 2,418,306.30, which is a 2.88% increase compared to the same period of 2024, when it amounted to EUR 2,350,580.69.

Total expenses amounted to EUR 21,286,256.18, recording an increase of 8.32% compared to the same period of the previous year, when they amounted to EUR 19,651,572.68. Operating profit, i.e. profit from business activities, for the reporting period of 2025 amounted to EUR 11,057,895.68, which is an increase of 4.98% compared to the same period of the previous year, when it amounted to EUR 10,533,595.12. EBITDA, i.e. earnings before depreciation, interest and taxes, was generated in the amount EUR 11,318,770.29, and showed a 5.03% increase compared to the same period of the previous year. EBIT, i.e. earnings before financing expenses, was generated in the amount of EUR 8,900,463.99, recording an increase of EUR 474,238.67, or 5.63% compared to the same period of the previous year. In the observed period, profit in the amount of EUR 8,580,017.20 was realised, constituting an increase of EUR 507,377.98, or 6.29% compared to the same period of the previous year.

Additional clarifications of individual items can be found in the Company comments, which comprise an integral part of the statement as at 30 September 2025

E. There were no significant changes.

F. Point 1 ILIRIJA d.d. BIOGRAD NA MORU, Tina Ujevića 7, 23210 Biograd na Moru, Croatia, Company Reg. No: 060032302, PIN:05951496767.

Point 2 There has been no change in the accounting policies compared to the last revised annual statement.

Point 3 Point 3 does not apply to the Company and is not used.

Point 4 The majority of the revenue was generated on the domestic market in the amount of EUR 24,080,096.64 and the foreign market in the amount of EUR 5,444,262.49, while other revenue was generated in the amount of EUR 81,039.64. Operating revenues were generated as follows; the hotel sector EUR 9,666,760.41, the nautical sector EUR 8,724,670.87, the camping sector EUR 8,471,961.17, City Galleria EUR 1,714,098.48. Revenue from other activities, i.e. profit centres, including Ilirija Travel, and hospitality, has been realised in the amount of EUR 1,027,907.84. Total expenses amounted to EUR 21,286,256.18. Operating expenses amounted to EUR 18,547,503.09. Most of them were incurred in connection to the cost of raw material, other materials and energy, accounting for EUR 3,722,021.71; outsourcing costs, accounting for EUR 3,016,990.75; other operating costs, accounting for EUR 3,943,923.93, and staff costs, accounting for EUR 7,864,566.70.

Point 5 Long-term loans which will become due in the period from 2026 to 2034 amount to EUR 8,536,188.51. Securing payment of mortgages on property.

Point 6 Average number of employees in the period from 01/01 – 30/ 09/ 2025 was 394.

Point 7 The employee cost presented in the income statement amounted to EUR 7,864,566.70 (net salary being EUR 4,707,213.31, contributions from salaries being EUR 1,329,568.24, the salary tax and surtax being EUR 711,110.80, and the contributions to salaries being EUR 1,116,674.35). Due to the restrictions of the form, which does not include other employee costs, such as travel expenses, severance pays, etc., we are adding the said costs in the amount of EUR 241,252.03 to the aforementioned amount, with the employee cost thus totalling EUR 8,105,818.73. The Company does not capitalise the salary costs.

Point 8 and 9 do not apply to the Company and are not used.

Point 10 The share capital of the Company amounted to EUR 30,420,000.00 as at 30 September 2025, and it is divided into 2,413,488 no-par-value ordinary shares.

Point 11 to 17 do not apply to our Company. There was no consolidation.

STATEMENTS BY THE COMPANY REPRESENTATION

ILIRIJA d.d. BIOGRAD NA MORU

Biograd na Moru, 24/10/2025

Statement made by the persons responsible for the preparation of the financial statements for the period from 01/01/2025–30/09/2025

According to Article 403-410 of the Capital Market Act, we declare that:

Financial statements of Ilirija d.d., Biograd na Moru, Tina Ujevića 7, Tax No. OIB: 05951496767, for the period January - September of 2025 have been prepared in accordance with International Financial Reporting Standards and Croatian Accounting Act.

The financial statements give a true and fair view of the financial position of the Company as at 30/09/2025, operating results and cash flows of the Company in accordance with International Financial Reporting Standards.

The Management's Report gives a true overview of operating results and position of the Company as at 30/09/2025.

Financial statements for the period form 01/1/2025 - 30/09/2025 are unaudited.

Accounting Manager: Management Board: Zorka Strpić Goran Ražnjević

TINA UJEVIĆA 7, BIOGRAD NA MORU, REPUBLIC OF CROATIA TEL: 023 383 165 FAX: 023 383 008 WWW.ILIRIJABIOGRAD.COM