Granolio d.d. — Audit Report / Information 2025

Apr 30, 2026

BDO
Tel: +385 1 2395 741
Fax: +385 1 2303 691
E-mail: bdo-croatia@bdo.hr
BDO Croatia d.o.o.
10000 Zagreb
Radnička cesta 180

INDEPENDENT AUDITOR'S REPORT

To the shareholders of Granolio d.d., Zagreb:

Report on the audit of the unconsolidated annual financial statements

Opinion

We performed an audit of the annual unconsolidated financial statements of Granolio d.d., Zagreb, Budmanijeva 5 ('the "Company"), which include the unconsolidated Statement of financial position as at 31 December 2025, unconsolidated Statement of comprehensive income, unconsolidated Statement of cash flows and the unconsolidated Statement of changes in equity for the year then ended, as well as the accompanying Notes to the unconsolidated financial statements, including the information on significant accounting policies.

In our opinion, the accompanying annual unconsolidated financial statements present a true and fair view of the Company's financial position as of 31 December 2025 and its financial performance and cash flows for the year then ended, in accordance with the International Financial Reporting Standards adopted by the European Union ("IFRS").

Basis for Opinion

We conducted our audit in accordance with the International Auditing Standards (ISAs). Our responsibilities under those standards are further described in our Independent Auditors' report under the section Auditors' responsibilities for the audit of the unconsolidated annual financial statements. We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (with the International Independence Standards), issued by the International Ethics Standards Board for Accountants (IESBA) (IESBA Code), as applicable to audits of financial statements of public interest entities, together with the ethical requirements relevant to our audit of the financial statements of public interest entities in the Republic of Croatia. We have fulfilled our other ethical responsibilities in accordance with those requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

The Company has prepared its annual consolidated financial statements, and to better understand the Company's operations as a whole, users should read the Company's annual consolidated financial statements alongside these annual unconsolidated financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, are of most significance in our audit of the unconsolidated annual financial statements for the current period. These matters were addressed in the context of our audit of the unconsolidated annual financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

This version of the auditor's report is translation from the original, which was prepared in the Croatian language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of the report takes precedence over this translation.

Registrirano kod Trgovačkog suda u Zagrebu pod brojem 080044149
OIB 76394522236

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BDO
BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Key audit matter

We have determined the matter described below as the key audit matter to be communicated in our Independent Auditor’s report:

Key audit matter	How we addressed the key audit matter
Revenue recognition
In 2025, the Company reported sales revenues of EUR 72,461 thousand (for the year ended 31 December 2024, EUR 58,706) in its unconsolidated Statement of comprehensive income.

Sales revenue includes:
• Sales revenue - domestic
• Sales revenue - foreign
• Revenue from services

Revenue comprises the fair value of the consideration received or receivable for the sale of goods or services in the ordinary course of the Company's activities. Revenues are stated net of value-added tax, quantity rebates, and sales discounts.

In accordance with International Financial Reporting Standard 15, Sales Revenue is recognised when the Company delivers goods to a customer, when it no longer has influence over the management of the goods, and when there is no outstanding liability that could affect the customer's acceptance of the product.

Delivery is made when the products are shipped to a specific location; the risks of loss are transferred to the customer, and when one of the following is determined: the wholesaler accepts the products in accordance with the contract, or the deadline for acceptance of products has expired, or the Company has objective evidence that all acceptance criteria are met.

Considering the significance of sales revenues presented in the Statement of Comprehensive Income and the risk of their recognition, we concluded that the occurrence, accuracy, and completeness of revenues, and their distribution in the correct reporting period, are key audit matters.

See notes 3.8 “Revenue Recognition” and 5 “Sales revenue” in the accompanying annual unconsolidated financial statements. | Our audit procedures related to this matter included, but were not limited to:
- Gaining an understanding of the sales process by interviewing key sales personnel;
- Gaining an understanding of key controls related to the recognition of sales revenue;
- Examining the design and effectiveness of key controls related to the occurrence and accuracy of revenue recognition;
- Performing substantive testing to verify the consistency, accuracy, completeness and timeliness of revenue recognition;
- Comparing the external confirmations received of the amounts of outstanding trade receivables at the reporting date with the balances shown in the Company's books of accounts at the same date;
- Assessing the compliance of the policy for recognising revenue from sales with International Financial Reporting Standard 15 - Revenue from Contracts with Customers;
- Assessing the adequacy of the disclosures related to the recognition of revenue from sales in accordance with International Financial Reporting Standard 15 - Revenue from Contracts with Customers. |

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BDO
BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Other information

The Management Board is responsible for other information. Other information includes the information included in the Annual Report but does not include the annual unconsolidated financial statements and our Independent Auditor's Report thereon. Our opinion on the annual unconsolidated financial statements does not include other information.

In relation to our audit of the annual unconsolidated financial statements, it is our responsibility to read other information and consider whether the other information is materially inconsistent with the annual unconsolidated financial statements or our audit findings or otherwise appears to be materially misstated.

Regarding the Management Report and the Statement on the Application of the Corporate Governance Code, we also carried out the procedures required by the Croatian Accounting Act. These procedures include considering whether the Company's Management Report has been prepared in accordance with Article 24 of the Accounting Act and whether the Statement on the Application of the Corporate Governance Code has been prepared in accordance with Article 25 of the Accounting Act.

Based on the procedures performed, to the extent we are able to assess, we report that:

1. The information in the attached Management Report and Statement on the Application of the Corporate Governance Code is harmonised, in all significant respects, with the attached unconsolidated annual financial statements;
2. The attached Management Report is compiled in accordance with Article 24 of the Accounting Act; and
3. The attached Statement on the Application of the Corporate Governance Code includes the information defined in Article 25 of the Accounting Act.

Based on our knowledge and understanding of the Company's operations and the environment in which it operates, which we acquired during our audit, we are required to report whether we have identified material misstatements in the Other information. In that sense, we have nothing to report

Responsibilities of the Management Board and those charged with governance for the unconsolidated annual financial statements

The Management Board is responsible for the preparation of unconsolidated annual financial statements that give a true and fair view in accordance with IFRSs, and for those internal controls that the Management Board determines are necessary to enable the preparation of unconsolidated annual financial statements that are free from material misstatement due to fraud or error.

In preparing the unconsolidated annual financial statements, Management Board is responsible for evaluation of the Company's ability to continue operations assuming going concern principle, disclosure, if applicable, of issues related to going concern, and using accounting based on going concern principle, unless the Management Board intends to liquidate the Company or discontinue its business or there is no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

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BDO
BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Auditor's Responsibility for the audit of unconsolidated annual financial statements

Our goals are to obtain reasonable assurance about whether the unconsolidated annual financial statements, as a whole, are free from material misstatement as a result of fraud or error, and to issue an Independent Auditors' Report that includes our opinion. Reasonable assurance is a higher level of assurance, but it does not guarantee that an audit performed in accordance with IAS will always detect a material misstatement when it exists. Misstatements may result from fraud or error and are considered important if it can reasonably be expected that, individually or in aggregate, they affect the economic decisions of users made based on these unconsolidated annual financial statements.

As an integral part of the audit report in accordance with ISA, we make professional judgments and maintain professional scepticism throughout the audit process. We also:

• identify and assess the risks of material misstatement of the annual unconsolidated financial statements due to fraud or error, design and perform audit procedures in response to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of failing to detect a material misstatement due to fraud is greater than the risk of error, as fraud may involve collusion, forgery, intentional omission, misrepresentation, or circumvention of internal controls.
• acquire an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal controls.
• assess the appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of the accounting basis used based on the going concern principle used by the Management Board and based on the obtained audit evidence, we conclude on whether there is significant uncertainty regarding events or circumstances that may create significant doubts about the ability to continue operating for an indefinite period of time. If we conclude that there is significant uncertainty, in our independent auditors' report we are required to call our attention to related disclosures in the unconsolidated annual financial statements or, if these are inappropriate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our independent auditors' report. However, future events or conditions may cause the Company to discontinue its operations on a going concern basis.

• evaluate the overall presentation, structure and content of the unconsolidated annual consolidated financial statements, including disclosures, as well as whether the annual unconsolidated financial statements reflect the transactions and events which they are based on in a way that achieves a fair presentation.

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BDO
BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Auditor's Responsibility for the audit of unconsolidated annual financial statements (continued)

We communicate with those charged with governance, among other issues, the intended scope and timing of the audit and important audit findings, including any significant deficiencies in internal controls identified during our audit.

We also make a statement to those charged with governance that we have complied with the relevant ethical requirements regarding independence and that we will communicate with them any relationship and other matters that may reasonably be considered to affect our independence as well as, where applicable, on related safeguards.

Among the issues communicated to those charged with governance, we identify the most important for auditing the annual unconsolidated financial statements of the current period and present the key audit matters. We describe these matters in our Independent Auditor's Report, unless the law or regulation prevents the matters from being publicly disclosed, or when we decide, in extremely rare circumstances, that the matter should not be reported in our Independent Auditors' Report because the negative consequences of the disclosure could reasonably be expected to outweigh the benefits of public interest from such communication.

Statement on other legal requirements

On 18 July 2025, the Company's General Assembly appointed us to audit the annual unconsolidated financial statements of the Company for the year 2025.

As of the date of this report, we have been continuously engaged in performing statutory audits of the Company, from the audit of the annual unconsolidated financial statements for 2019 to the audit of the annual unconsolidated financial statements for 2025, for a total of 7 years.

In the audit of the Company's annual unconsolidated financial statements for the year 2025, we determined the material significance of the annual unconsolidated financial statements as a whole to be EUR 1,030 thousand, representing approximately 1.4% of the realised sales revenue for the year 2025.

We have chosen sales revenue as the measure of materiality because it is the most appropriate, given the significant fluctuations in profit before tax in the current and prior periods.

Our audit opinion is consistent with the supplementary report for the Audit Committee of the Company prepared in accordance with the provisions of Article 11 of Regulation (EU) No. 537/2014.

During the period between the starting date of the audited annual consolidated financial statements of the Company for 2025 and the date of this Independent Auditor's Report, we did not provide prohibited non-audit services to the Company and did not provide services for the design and implementation of internal control procedures or risk management related to preparation and/or control of financial information or the design and implementation of technological systems for financial information, and we have maintained independence in relation to the Company.

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BDO
BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Report based on the requirements of Delegated Regulation (EU) 2018/815 amending Directive 2004/109/EC of the European Parliament and the Council regarding regulatory technical standards for the specification of the European Single Electronic Format

Auditor's assurance report on the compliance of annual unconsolidated financial statements (hereinafter: financial statements), prepared pursuant to the provision of Article 462, paragraph 5 of the Capital Market Act (Official Gazette, nos. 65/18, 17/2, 83/21, 151/22 and 85/24) by applying the Delegated Regulation (EU) 2018/815 establishing a single electronic reporting format for issuers (hereinafter: the ESEF Regulation).

We conducted the engagement by expressing reasonable assurance as to whether the financial statements prepared for the purposes of public disclosure pursuant to Article 462, paragraph 5 of the Capital Market Act, which are contained in the electronic file granoliodd-2025-12-31-eng, in all material aspects, were prepared in accordance with the requirements of the ESEF Regulation

Responsibilities of the Management Board and those charged with governance

The Management of the Company is responsible for the preparation and content of the financial statements in accordance with the ESEF Regulation.

In addition, the Management is responsible for maintaining a system of internal controls that reasonably assures the preparation of financial statements without material non-compliance with the reporting requirements of the ESEF Regulation, whether due to fraud or error.

The Management is also responsible for:

• public disclosure of the financial statements contained in the annual report in a valid XBRL format, and
• selection and use of XBRL codes in accordance with the requirements of the ESEF Regulation.

Those charged with governance are responsible for overseeing the preparation of financial statements in the ESEF format as part of the financial reporting process.

Auditor's responsibilities

It is our responsibility to express a conclusion, based on the audit evidence gathered, as to whether the financial statements are free from material non-compliance with the requirements of the ESEF Regulation. We conducted this reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (revised) - Assurance engagements other than audits or reviews of historical financial information.

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BDO
BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Report based on the requirements of the ESEF Regulation (continued)

Procedures performed

The nature, timing and extent of the procedures selected depend on the auditor's judgment. Reasonable assurance is a high level of assurance. However, it does not assure that the scope of testing will reveal all significant (material) non-compliance with the ESEF Regulation.

As part of the selected procedures, we have performed the following activities:

• we have read the requirements of the ESEF Regulation,
• we have gained an understanding of the Bank's internal controls relevant to the application of the requirements of the ESEF Regulation,
• we have identified and assessed the risks of material non-compliance with the ESEF Regulation due to fraud or errors; and
• based on that, we have planned and designed procedures for responding to assessed risks and for obtaining reasonable assurance for the purpose of expressing our conclusion.

The aim of our procedures was to assess whether:

• the financial statements, which are included in the unconsolidated annual report, are prepared in the valid XHTML format,
• the information contained in the unconsolidated financial statements required by ESEF Regulation are labelled and all labels meet the following requirements:
• XBRL mark-up language was used,
• the elements of the basic taxonomy listed in the ESEF Regulation with the closest accounting meaning were used, unless an additional element of taxonomy has been created in accordance with Annex IV ESEF Regulations,
• the labels comply with the common labelling rules under the ESEF Regulation.

We believe the audit evidence we have obtained is sufficient and appropriate to support our conclusion.

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BDO

BDO Croatia d.o.o.

INDEPENDENT AUDITOR'S REPORT (continued)

Report on the audit of the unconsolidated annual financial statements (continued)

Report based on the requirements of the ESEF Regulation (continued)

Conclusion

In our opinion, based on the procedures performed and the evidence obtained, the financial statements presented in ESEF format, contained in the above-mentioned electronic file and based on the provision of Article 462, paragraph 5 of the Capital Market Act prepared for the purposes of public disclosure, in all material respects are in line with the requirements from articles 3, 4 and 6 of the ESEF Regulation for the year ended 31 December 2025.

In addition, we do not express our assurance in other information published with documents in ESEF formation addition to this conclusion, as well as the opinion contained in this Independent Auditor's Report for the accompanying unconsolidated financial statements and the annual report for the year ended 31 December 2025, we do not express any opinion on the information contained in these statements or other information contained in the file stated above.

The engaged partner involved in the audit of the Company's annual unconsolidated financial statements for 2025, which results in this Independent Auditor's Report, is the certified auditor Vedrana Stipić.

Zagreb, 30 April 2026

BDO Croatia d.o.o.

Radnička cesta 180

10000 Zagreb

HRVOJE STIPIĆ

Digilalno potpisao HRVOJE STIPIĆ

DN: 201/HRVOJE STIPIĆ, 01HR, 01BDO CROATIA D.O.O., 20130-Hrvoje stipic@bdo.hr

Datum: 2026.04.30 08:57:12 +02'00'

Hrvoje Stipić, President of the Management Board

VEDRANA STIPIĆ

Digitally signed by VEDRANA STIPIĆ

DN: 201/VEDRANA STIPIĆ, 01HR, 01BDO CROATIA D.O.O., 20130-Vedrana stipic@bdo.hr

Date: 2026.04.30 08:52:23 +02'00'

Vedrana Stipić, Certified Auditor

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