Granolio d.d.

Interim / Quarterly Report • Jul 31, 2025

Consolidated financial results for the six months period ended 30 June 2025 (unaudited)

General information on Granoliod.d.

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

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

Subsidiaries

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

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

Ownership in subsidiaries is presented in the organizational chart below:

The Group monitors its business operations through four business segments:

• Milling
• Dairy and cheese production
• Wholesale trade
• Other

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

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

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

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

Granolio Group's financial indicators for the six months period of 2025

	1-6 2025	1-6 2024	change
Operating income	52.973	42.204	10.769 26%
Operating expenses	(51.792)	(41.221)	(10.571)	(26%)
EBIT	1.180	983	197	20%
EBIT margin	2%	2%
EBITDA	3.174	2.732	442	16%
EBITDA margin	6%	6%
Net financial result	(981)	(534)	(447)	(84%)
Net result for the period	199	449	(250)	(56%)
Attributable to the Group	1	176	(175)	(100%)
Non-controlling interest	198	274	(76)	(28%)

In thousands of EUR

The Group's EBITDA in the six-month period of 2025 amounts to EUR 3.1 million.

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

In thousands of EUR
	30.6.2025	31.12.2024	change
Net assets (Capital and reserves)*	27.683	28.440	(757)	(3%)
Total debt	43.587	32.367	11.220	35%
Cash and cash equivalents	197	505	(308)	(61%)
Given loans, deposits and similar**	6.585	3.149	3.436	109%
Net debt	36.805	28.713	8.092	28%
Net debt/ EBITDA	3,28	2,67
EBITDA for the last 12 months	11.206	10.759

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

** Loans given, securities and deposits

The Group's total debt has increased due to the new loans of Granolio d.d. and Zdenka mliječni proizvodi d.o.o. with the aim of financing capital investments.

Separate business results for the six-month period of 2025

Granolio d.d. In thousands of EUR
	1-6 2025	1-6 2024	change
Operating income	33.268	24.703	8.565	35%
Operating expenses	32.994	24.551
EBIT	275	152	123	(81%)
margin %	1%	1%
EBITDA	1.026	694	332	48%
margin %	3%	3%
Net financial result	155	38	117	(307%)
Net result	429	190	239	(126%)
margin %	1,3%	0,8%

The net financial result represents the difference between financial income and financial expenses, and it consists of interests.

Zdenka - mliječni proizvodi d.o.o. In thousands of EUR
	1-6 2025	1-6 2024	change
Operating income	19.096	16.909	2.187	13%
Operating expenses	(18.624)	(16.354)
EBIT	472	555	(83)	15%
margin %	2%	3%
EBITDA	1.467	1.522	(55)	(4%)
margin %	8%	9%
Net financial result	(76)	(7)	(69)	(990%)
Profit tax	-	-
Net result	396	547	(151)	28%
margin %	2%	3%

In the six-month period of 2025, the Company generated revenues higher by 13% compared to the same period last year. The increase is the result of higher sale volumes compared to the same period last year.

In thousands of Zdenačka farma d.o.o. EUR
	1-6 2025	1-6 2024	change
Operating income	2.689	2.397	292	12%
Operating expenses	2.256	2.121
EBIT	433	276	157	57%
margin %	16%	12%
EBITDA	680	516	165	32%
margin %	25%	22%
Net financial result	(60)	(64)	4	6%
Net result	373	212	161	76%
margin %	14%	9%

In the six-month period of 2025, a more favorable income was achieved compared to the same period of the previous year due to higher sold quantities compared to the comparative period.

Employees

In the six-month period of 2025, the Group employed 477 employees based on man-hour basis (in the six-month period of 2023: 431 employees).

Environment

Regarding environmental protection, the Group has implemented comprehensive and systematic solutions and established environment-friendly production processes. In 2022, the company completed the construction of solar power plants at three of its locations which are now operational.

Other

The Supervisory Board has approved Granolio Group's financial statements for the six-month period 2025.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2025	to	30.6.2025
Year:		2025
Quarter:		2.
		Quarterly financial statements
			Issuer's home Member
Registration number (MB):	01244272		State code:	HRVATSKA
Entity's registration number (MBS):	08011595
Personal identification number (OIB):	59064993527		LEI:	213800O3Z6ZSDBAKG321
Institution code:	15989
Name of the issuer: GRANOLIO d.d.
Postcode and town:	10000		ZAGREB
Street and house number: Budmanijeva 5
	E-mail address: granolio@granolio.hr
	Web address: www.granolio.hr
Number of employees (end of the reporting	515
Consolidated report:	KD	(KN-not consolidated/KD-consolidated)		KN	KD
Audited:	RN	(RN-not audited/RD-audited)		RN	RD
	Names of subsidiaries (according to IFRS):		Registered office:		MB:
	GRANOLIO d.d.			ZAGREB	1244272
	ZDENAČKA FARMA d.o.o.			VELIKI ZDENCI	2095777
	ZDENKA-MLIJEČNI PROIZVODI d.o.o.			VELIKI ZDENCI	1623982
					Yes No
Bookkeeping firm:	No	(Yes/No)
	Contact person: Mirjana Kelava			(name of the bookkeeping firm)
	(only name and surname of the contact person) Telephone: 01/6320-261
	E-mail address: mkelava@granolio.hr
	Audit firm: BDO CROATIA
	(name of the audit firm) Certified auditor: VEDRANA STIPIĆ
	(name and surname)

1. 1. 1. 4.

BALANCE SHEET
balance as at 30.6.2025

ADP code Last day of the preceding business year At the reporting date of the current period 2 3 4 001 0 0 002 49.942.827 51.222.647 003 1.352.104 1.252.695 004 0 005 1.352.104 1.252.695 006 0 0 007 0 0 008 0 0 009 0 0 010 48.205.619 49.577.959 011 2.051.970 2.053.303 012 23.010.500 22.514.824 013 12.969.257 13.001.365 014 319.249 327.809 015 1.009.361 1.037.065 016 0 0 017 7.983.870 9.782.830 018 15.197 14.548 019 846.215 846.215 020 385.104 391.993 021 0 0 022 0 0 023 0 0 024 0 0 025 0 0 026 0 0 027 375.261 375.261 028 9.737 16.626 029 0 0 030 106 106 031 0 0 032 0 0 033 0 0 034 0 0 035 0 0 036 0 0 037 38.758.456 40.807.426 038 14.680.706 11.732.883 039 10.331.406 6.740.853 040 719.863 1.697.198 041 1.865.239 2.615.549 042 1.764.198 679.283 043 0 0 044 0 0 045 0 0 046 20.808.296 22.684.158 047 648.853 640.404 048 0 0 049 15.844.180 19.156.895 050 922 2 051 2.346.562 1.163.402 052 1.967.779 1.723.455 053 2.764.159 6.193.213 054 0 0 055 0 0 056 1.259.725 1.109.725 057 0 0 058 0 0 059 0 25.000 060 19.858 19.858 061 1.484.576 5.038.630 II RECEIVABLES (ADP 047 to 052) 1 Receivables from undertakings within the group 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables 7 Investments in securities 8 Loans, deposits, etc. given III CURRENT FINANCIAL ASSETS (ADP 054 to 062) 1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group 4 Receivables from employees and members of the undertaking 5 Receivables from government and other institutions 6 Other receivables 1 Research and development C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045) 1 Raw materials and consumables 6 Fixed assets held for sale 7 Biological assets 7 Investments in securities 8 Loans, deposits, etc. given 9 Other investments accounted for using the equity method 10 Other fixed financial assets 5 Advances for inventories 2 Work in progress IV RECEIVABLES (ADP 032 to 035) 1 Receivables from undertakings within the group 1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group 4. Investments in holdings (shares) of companies linked by virtue of participating interests 1 Land 2 Buildings 3 Plant and equipment 4 Tools, working inventory and transportation assets 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables 8 Other tangible assets 9 Investment property III FIXED FINANCIAL ASSETS (ADP 021 to 030) 5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests 2 Concessions, patents, licences, trademarks, software and other rights 3 Goodwill 4 Advances for the purchase of intangible assets 5 Intangible assets in preparation 5 Biological assets 6 Advances for the purchase of tangible assets 7 Tangible assets in preparation Submitter:GRANOLIO d.d._____________________________________________________________ 6 Other intangible assets II TANGIBLE ASSETS (ADP 011 to 019) 1 Item A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID B) FIXED ASSETS (ADP 003+010+020+031+036) I INTANGIBLE ASSETS (ADP 004 to 009) 4 Other receivables V DEFERRED TAX ASSETS 3 Finished goods 4 Merchandise 4 Investments in holdings (shares) of companies linked by virtue of participating interests 5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests

in EUR

9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	505.295	197.172
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	67.609	215.042
E) TOTAL ASSETS (ADP 001+002+037+064)	065	88.768.892	92.245.115
OFF-BALANCE SHEET ITEMS	066
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to			27.682.809
070+076+077+083+086+089)	067	28.440.248
I INITIAL (SUBSCRIBED) CAPITAL	068	2.523.910	2.523.910
II CAPITAL RESERVES	069	11.171.208	11.171.208
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	1.348.867	1.348.867
1 Legal reserves	071	1.239.189	1.239.189
2 Reserves for treasury shares	072	109.678	109.678
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves	074	0	0
5 Other reserves	075	0	0
IV REVALUATION RESERVES	076	5.264.405	5.065.172
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive income	078	0	0
(i.e. available for sale)
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	082	0	0
operations (consolidation)
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-	083	-1.068.214	3.355.911
085)
1 Retained profit	084	0	3.355.911
2 Loss brought forward	085	1.068.214	0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	4.181.159	864
1 Profit for the business year	087	4.181.159	864
2 Loss for the business year	088	0	0
VIII MINORITY (NON-CONTROLLING) INTEREST	089	5.018.913	4.216.877
B) PROVISIONS (ADP 091 to 096)	090	0	0
1 Provisions for pensions, termination benefits and similar obligations	091	0	0
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	0	0
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	26.303.305	29.339.080
1 Liabilities to undertakings within the group	098	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	099	0	0
3 Liabilities to companies linked by virtue of participating interests	100	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of	101	1.344.723	1.344.723
participating interests
5 Liabilities for loans, deposits etc.	102	530.892	530.892
6 Liabilities to banks and other financial institutions	103	22.506.740	25.870.621
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	432.702	231.492
9 Liabilities for securities	106	332.647	249.485
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	1.155.601	1.111.867
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	30.790.810	31.779.582
1 Liabilities to undertakings within the group	110	116.448	235.692
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0
3 Liabilities to companies linked by virtue of participating interests 4 Liabilities for loans, deposits etc. of companies linked by virtue of	112	0	0
participating interests	113	0	0
5 Liabilities for loans, deposits etc.	114	4.470.605	6.670.605
6 Liabilities to banks and other financial institutions	115	3.014.883	8.754.784
7 Liabilities for advance payments	116	1.002.554	70.872
8 Liabilities to suppliers	117	20.281.270	14.037.565
9 Liabilities for securities	118	166.323	166.323
10 Liabilities to employees	119	592.015	732.135
11 Taxes, contributions and similar liabilities	120	653.893	746.863
12 Liabilities arising from the share in the result	121	0	0
13 Liabilities arising from fixed assets held for sale	122	0	0
14 Other short-term liabilities	123	492.819	364.743
E) ACCRUALS AND DEFERRED INCOME	124	3.234.529	3.443.644
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	88.768.892	92.245.115
G) OFF-BALANCE SHEET ITEMS	126

for the period 01.01.2025 to 30.06.2025 STATEMENT OF PROFIT OR LOSS

in EUR

Submitter: GRANOLIOd.d._____________
Item	ADP	Same period of the previous year		Current period
	code	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006)	001	42.203.575	20.419.644	52.972.524	26.763.178
1 Income from sales with undertakings within the group	002	0	0	1.200	900
2 Income from sales (outside group)	003	40.910.392	19.722.738	50.891.002	26.081.364
3 Income from the use of own products, goods and services 4 Other operating income with undertakings within the group	004 005	90.652 0	35.185 0	110.046 0	54.500 0
5 Other operating income (outside the group)	006	1.202.531	661.721	1.970.276	626.414
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)			19.762.824	51.792.234	26.544.309
	007	41.220.813
1 Changes in inventories of work in progress and finished goods	008	-332.427	120.698	-1.731.651	-289.616
2 Material costs (ADP 010 to 012) a) Costs of raw materials and consumables	009 010	34.214.866 24.634.438	15.842.255 12.209.400	44.527.218 34.712.482	22.361.538 17.289.901
b) Costs of goods sold	011	6.946.480	2.249.064	5.427.328	2.626.961
c) Other external costs	012	2.633.948	1.383.791	4.387.408	2.444.676
3 Staff costs (ADP 014 to 016)	013	4.016.623	2.047.076	5.466.641	2.762.982
a) Net salaries and wages	014	2.648.260	1.346.326	3.487.777	1.757.273
b) Tax and contributions from salary costs	015	869.280	445.905	1.302.458	663.368
c) Contributions on salaries	016	499.083	254.845	676.406	342.341
4 Depreciation	017	1.748.790	862.350	1.993.385	981.154
5 Other costs 6 Value adjustments (ADP 020+021)	018 019	768.055 0	444.018 0	921.055 0	487.312 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 f) Other provisions	027 028	0 0	0 0	0 0	0 0
8 Other operating expenses	029	804.906	446.427	615.586	240.939
III FINANCIAL INCOME (ADP 031 to 040)	030	31.258	10.377	88.168	45.617
1 Income from investments in holdings (shares) of undertakings within	031	0	0	0	0
the group
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	974	486	1.246	656
5 Exchange rate differences and other financial income from operations	035	0	0	0	0
with undertakings within the group 6 Income from other long-term financial investments and loans	036	0	0	84.503	44.237
7 Other interest income	037	30.284	9.891	2.419	724
8 Exchange rate differences and other financial income	038	0	0	0	0
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	0		0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	564.900	324.863	1.069.630	523.493
1 Interest expenses and similar expenses with undertakings within the group	042	56.991	28.495	56.833	28.574
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	502.101	296.360	1.006.834	494.919
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 V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	048	5.808	8	5.963	0
OF PARTICIPATING INTERESTS	049	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES	050	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	051	0	0	0	0
PARTICIPATING INTEREST
VIII SHARE IN LOSS OF JOINT VENTURES IX TOTAL INCOME (ADP 001+030+049 +050)	052 053	0 42.234.833	0 20.430.021	0 53.060.692	0 26.808.795
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	41.785.713	20.087.687	52.861.864	27.067.802
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	449.120	342.334	198.828	-259.007
1 Pre-tax profit (ADP 053-054)	056	449.120	342.334	198.828	0
2 Pre-tax loss (ADP 054-053)	057	0	0	0	-259.007
XII INCOME TAX	058	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	449.120	342.334	198.828	-259.007

1 Profit for the period (ADP 055-059)	060	449.120	342.334	198.828	0
2 Loss for the period (ADP 059-055)	061	0	0	0	-259.007
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS	062	0	0	0	0
(ADP 063-064)
1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations	064	0	0	0	0
XV INCOME TAX OF DISCONTINUED OPERATIONS	065	0	0	0	0
1 Discontinued operations profit for the period (ADP 062-065)	066	0	0	0	0
2 Discontinued operations loss for the period (ADP 065-062)	067	0	0	0	0
TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)
XVI PRE-TAX PROFIT OR LOSS (ADP 055-+062)	068	0	0	0	0
1 Pre-tax profit (ADP 068)	069	0	0	0	0
2 Pre-tax loss (ADP 068)	070	0	0	0	0
XVII INCOME TAX (ADP 058+065)	071	0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072	0	0	0	0
1 Profit for the period (ADP 068-071)	073	0	0	0	0
2 Loss for the period (ADP 071-068)	074	0	0	0	0
APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements)
XIX PROFIT OR LOSS FOR THE PERIOD (ADP 076+077)	075	449.120	342.334	198.828	-259.007
1 Attributable to owners of the parent	076	175.504	164.341	864	-428.405
2 Attributable to minority (non-controlling) interest	077	273.616	177.993	197.964	169.398
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	449.120	342.334	198.828	-259.007
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	083	0	0	0	0
statement of profit or loss, attributable to changes in their credit risk
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at			0	0	0
fair value through other comprehensive income	089	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	449.120	342.334	198.828	-259.007
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	449.120	342.334	198.828	-259.007
1 Attributable to owners of the parent	100	175.504	164.341	864	-428.405
2 Attributable to minority (non-controlling) interest	101	273.616	177.993	197.964	169.398

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2025 . to 30.06.2025

in EUR

Submitter: GRANOLIO d.d._____________
Item	ADP	Same period of the previous year	Current period
1	code 2	3	4
Cash flow from operating activities
1 Pre-tax profit	001	449.120	198.828
2 Adjustments (ADP 003 to 010):	002	2.177.081	2.825.457
a) Depreciation	003	1.748.787	1.993.384
b) Gains and losses from sale and value adjustment of fixed tangible and	004	161.114	174.991
intangible assets 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	-2.247	-2.573
e) Interest expenses	007	567.027	947.509
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	0	0
h) Other adjustments for non-cash transactions and unrealised gains and	010	-297.600	-287.854
losses
I Cash flow increase or decrease before changes in working capital	011	2.626.201	3.024.285
(ADP 001+002)
3 Changes in the working capital (ADP 013 to 016)	012	-5.847.207	-5.839.711
a) Increase or decrease in short-term liabilities	013	-1.612.404	-6.979.256
b) Increase or decrease in short-term receivables	014	-3.183.649	-1.808.279
c) Increase or decrease in inventories d) Other increase or decrease in working capital	015	-1.051.154	2.947.824
II Cash from operations (ADP 011+012)	016 017	0 -3.221.006	0 -2.815.426
4 Interest paid	018	-540.355	-911.480
5 Income tax paid	019	-293.014	-216.534
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	-4.054.375	-3.943.440
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	2.631	3.000
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	45.831.340	0
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)			3.000
	027	45.833.971
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-2.648.029	-3.177.049
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period 4 Acquisition of a subsidiary, net of cash acquired	030	-46.092.735	-3.434.854
5 Other cash payments from investment activities	031 032	0 0	0 0
IV Total cash payments from investment activities (ADP 028 to 032)	033	-48.740.764	-6.611.903
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-2.906.793	-6.608.903
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	035	0	0
2 Cash receipts from the issue of equity financial instruments and debt financial instruments	036	0	0
3 Cash receipts from credit principals, loans and other borrowings	037	8.753.420	12.796.213
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	8.753.420	12.796.213
1 Cash payments for the repayment of credit principals, loans and other	040	-3.263.431	-1.433.905
borrowings and debt financial instruments
2 Cash payments for dividends	041	-500.000	-1.000.000
3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in	042	-48.796	-34.926
initial (subscribed) capital	043	0	0
5 Other cash payments from financing activities	044	-83.162	-83.162
VI Total cash payments from financing activities (ADP 040 to 044)	045	-3.895.389	-2.551.993
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	4.858.031	10.244.220
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	-2.103.137	-308.123
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE
PERIOD	049	2.541.408	505.295
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	438.271	197.172

STATEMENT OF CASH FLOWS - direct method

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

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

STATEMENT OF CHANGES IN EQUITY

DIRECTLY IN EQUITY (ADP 42 to 50)

for the period from 1.1.2025 to	30.6.2025																	in EUR
Item	ADP code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares	Treasury shares and holdings (deductible item)		Statutory reserves Other reserves	Revaluation reserves	Attributable to owners of the parent Fair value of financial assets through other comprehensive income (available for	Cash flow hedge - effective portion	Hedge of a net investment in a foreign operation - 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 attributable to owners of the parent	Minority (non controlling) interest	Total capital and reserves
1	2	3	4	5	6	7	8	9	10	sale) 11	12	13	14	15	16	17	18 (3 to 6 - 7	19	20 (18+19)
Previous period																	+ 8 to 17)
1 Balance on the first day of the previous business year	01	2.523.910	11.174.708	1.140.679	106.178	0		0	0 5.662.872		0	0	0	0	0 -3.257.131	1.892.460	19.243.676	4.110.382	23.354.058
2 Changes in accounting policies	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	2.523.910	11.174.708	1.140.679	106.178	0		0	0 5.662.872		0	0	0	0	0 -3.257.131	1.892.460	19.243.676	4.110.382	23.354.058
5 Profit/loss of the period	05	0		0	0 0	0		0	0	0	0	0 0		0	0	0 175.504	175.504	273.616	449.120
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 -199.233		0	0	0	0	0 199.233	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value	08	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
through other comprehensive income (available for sale) 9 Profit or loss arising from effective cash flow hedge	09	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	10	0		0	0 0	0		0	0	0	0	0 0			0	0 0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of participating interests	11	0		0	0 0	0		0	0		0	0 0		0	0	0 0	0	0	0
12 Actuarial gains/losses on the defined benefit obligation	12	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
13 Other changes in equity unrelated to owners	13	0		0	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 43.734	0	43.734	0	43.734
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy settlement procedure or from the reinvestment of profit)	15	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	16	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	17	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
18 Redemption of treasury shares/holdings	18	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
19 Payments from members/shareholders 20 Payment of share in profit/dividend	19	0		0 0	0 0 0 0	0 0		0 0	0 0	0 0	0 0	0 0 0 0		0 0	0 0	0 0 0 0	0	0	0
21 Other distributions and payments to members/shareholders	20 21	0 0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0 0	-500.000 0	-500.000 0
22 Transfer to reserves according to the annual schedule	22	0		0 98.503	0	0		0	0	0	0	0	0	0	0 1.793.957	-1.892.460	0	0	0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure 24 Balance on the last day of the previous business year reporting period (ADP	23	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
04 to 23)	24	2.523.910	11.174.708	1.239.182	106.178	0		0	0 5.463.639		0	0	0	0	0 -1.220.207	175.504	19.462.914	3.883.998	23.346.912
APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX (ADP 06 to 14)	25	0		0	0 0	0		0	0 -199.233		0	0	0	0	0 242.967	0	43.734	0	43.734
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	26	0		0	0 0	0		0	0 -199.233		0	0	0	0	0 242.967	175.504	219.238	273.616	492.854
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)	27	0		0 98.503	0	0		0	0	0	0	0	0	0	0 1.793.957	-1.892.460	0	-500.000	-500.000
Current period
1 Balance on the first day of the current business year 2 Changes in accounting policies	28 29	2.523.910 0	11.171.208	1.239.181 0	109.678 0 0	0 0		0 0	0 5.264.405 0	0	0 0	0 0 0	0	0 0	0 -1.068.206 0	4.181.159 0 0	23.421.335 0	5.018.914 0	28.440.249 0
3 Correction of errors	30	0		0	8 0	0		0	0	0	0	0 0		0	0 -9	0	-1	0	-1
4 Balance on the first day of the current business year (restated) (AOP 28 to 30)	31	2.523.910	11.171.208	1.239.189	109.678	0		0	0 5.264.405		0	0	0	0	0 -1.068.215	4.181.159	23.421.334	5.018.914	28.440.248
5 Profit/loss of the period	32	0		0	0 0	0		0	0	0	0	0 0		0	0	0 864	864	197.964	198.828
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 -199.233		0	0	0	0	0 199.233	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value	35	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
through other comprehensive income (available for sale)
9 Profit or loss arising from effective cash flow hedge	36	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	37	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of	38	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
participating interests 12 Actuarial gains/losses on the defined benefit obligation	39	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
13 Other changes in equity unrelated to owners	40	0		0	0 0	0		0	0	0	0	0 0		0	0 43.734	0	43.734	0	43.734
14 Tax on transactions recognised directly in equity 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy	41	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
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 Decrease in initial (subscribed) capital arising from the reinvestment of profit	44	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
18 Redemption of treasury shares/holdings	45	0		0	0 0	0		0	0	0	0	0 0			0	0 0	0	0	0
19 Payments from members/shareholders 20 Payment of share in profit/dividend	46 47	0 0		0 0	0 0 0 0	0 0		0 0	0 0	0 0	0 0	0 0 0 0		0 0	0 0	0 0 0 0	0 0	0 -1.000.000	0 -1.000.000
21 Other distributions and payments to members/shareholders	48	0		0	0 0	0		0	0	0	0	0 0		0	0	0 0	0	0	0
22 Carryforward per annual plane	49	0		0	0 0	0		0	0	0	0	0 0		0	0 4.181.159	-4.181.159	0	0	0
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	2.523.910	11.171.208	1.239.189	109.678	0		0	0 5.065.172		0	0	0	0	0 3.355.911	864	23.465.932	4.216.878	27.682.810
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	0		0	0 -199.233		0	0	0	0	0 242.967	0	43.734	0	43.734
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	53	0		0	0 0	0		0	0 -199.233		0	0	0	0	0 242.967	864	44.598	197.964	242.562
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED	54	0		0	0 0	0		0	0	0	0	0	0	0	0 4.181.159	-4.181.159	0	-1.000.000	-1.000.000

NOTES TO FINANCIAL STATEMENTS - TFI

(drawn up for quarterly reporting periods)

Name of the issuer: _______________________________________________________ Personal identification number (OIB): ________________________________________________________

Reporting period: _____________________________________________

Notes to financial statements for quarterly periods include:

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

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

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

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

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

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

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

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

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

4. average number of employees during the financial year

5. where, in accordance with the regulations, the undertaking capitalised on the cost of salaries in part or in full, information on the amount of the total cost of employees during the year broken down into the amount directly debiting the costs of the period and the amount capitalised on the value of the assets during the period, showing separately the total amount of net salaries and the amount of taxes, contributions from salaries and contributions on salaries 8. where a provision for deferred tax is recognised in the balance sheet, the deferred tax balances at the end of the financial year, and the movement in those balances during the financial year

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

another undertaking

1. the number and the nominal value or, in the absence of a nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital 11. the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer

2. the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability 13. the name and registered office of the undertaking which draws up the consolidated financial statements of the largest group of undertakings of which the undertaking forms part as a controlled group member

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

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

Name of the issuer: Granolio d.d. 16. the nature and business purpose of the undertaking's arrangements that are not included in the balance sheet and the financial impact on the undertaking of those arrangements, provided that the risks or benefits arising from such arrangements are material and in so far as the disclosure of such risks or benefits is necessary for the purposes of assessing the financial position of the undertaking

Personal identification number (OIB): 59064993527

Reporting period: Second quarter

a) The financial statements have been prepared on the historical cost basis, except where stated otherwise.

The financial statements have been prepared on the going concern basis and require the use of estimates and judgments in applying accounting policies.

The financial statements are prepared in consistence with comparative information. All significant accounting policies applied in the preparation of the financial statements have been disclosed in the audited annual financial statements.

The condensed financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting. The condensed financial statements do not contain all the information and disclosures

b) The notes to the financial statements are provided with the audited annual financial statements of the Company. The audited annual financial statements are available on the website www.granolio.hr.

c) The same accounting policies and methods are applied in preparing the financial statements for the quarterly reporting period as in the latest annual financial statements.

d) The Company does not perform activities of a seasonal nature.

e) Other disclosures required under IAS 34 – Interim Financial Reporting are as follows:

Staff costs in the Jan - Jun 2025 period amount to EUR 5,467 thousand (Jan - Jun 2024: EUR 4,017 thousand), of which net salaries amount to EUR 3,488 thousand (Jan - Jun 2024: EUR 2,648 thousand), taxes and contributions from

f) In addition to the above information, the following information is disclosed in the notes to the quarterly financial statements:

1. Name of the Issuer: Granolio d.d., Ulica Pere Budmanija 5, 10 000 Zagreb. Legal form: joint-stock company

Country of registration: Republic of Croatia Entity's registration number (MBS): 08011595 Personal identification number (OIB): 59064993527

2. During 2025, accounting policies did not change.

1. The Granolio Group has not given any guarantees nor is it a co-debtor to third parties in financial obligations.

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

3. Liabilities maturing after more than five years relates to loans received from banks in amount EUR 11.136 thousand.

4. Average number of employees during the current period: 515 (1-6 2024: 480).

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

6. Balance of deferred tax assets as at 30 June 2025 amounts to EUR 1,112 thousand. During 2025 deferred tax assets have decreased by EUR 44 thousand.

7. Granolio d.d. holds a participating interest in: i)Zdenačka farma d.o.o.,Mate Lovraka 118/b, Veliki Zdenci, OIB 35460243768, on 30.06.2025. Share in Equity is EUR 3.918 thousand. Total equity is EUR 3.891 thousant. Result for the

period is EUR 373 thousand. ii)Zdenka-mliječni proizvodi d.o.o.,Trg kralja Tomislava 15, Veliki Zdenci, OIB 45651553790, on 30.06.2025. Share in Equity is EUR 3.414 thousand. Total equity is EUR 4.217 thousand. Result for the period is EUR 198 thousand.

1. The company had no subscription of shares.

2. The company has no certificates.

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

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

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

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

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

8. There were no significant events after the balance sheet date.

Notes to the consolidated report for the six months period ended

30 June 2025

1. The company that is the subject of reporting

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

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

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

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

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

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

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

The Granolio Group has not given any guarantees nor is it a co-debtor to third parties in financial obligations.

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

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

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

Loans and leasings received							'000 EUR
					Maturity
	30 June 2025.	30 June 2026.	7-12 2026	31.12.2027	31.12.2028	31.12.2029.	from 2030
Loans received from banks	34.572	8.744	1.943	5.132	4.214	3.403	11.136
Loans received from third parties	8.544	6.713	1.566	265	-	-	-
Leaising	54	12	6	12	12	12	-
	43.170	15.469	3.515	5.409	4.226	3.415	11.136

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

Liabilities for securities							'000 EUR
		Maturity
	30 June 2025.	30 June 2026.	7-12 2026	31.12.2027	31.12.2028	31.12.2029.	from 2030
Liabilities for securities	415	166	83	166	166	-	-
	415	166	83	166	166	-	-

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

6. Average number of employees during the business year

Average number of employees during the current period: 515 (1-6 2024: 480)

7. Capitalized salary cost during the year

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

8. Deferred taxes

	30 Jun 2025
Balance 1 January 2025	1.156
Decrease	(44)
Balance 30 June 2025	1.112

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

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

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

Investments as at 30 June 2025 '000 EUR
	Share in Equity	Total Equity	Result for the period
ZDENAČKA FARMA d.o.o.	3.918	3.891	373
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	3.414	4.217	198

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

The company had no subscription of shares.

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

The company has no certificates.

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

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

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

Granolio d.d., Budmanijeva 5, Zagreb.

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

1. Name and headquarters of the company that prepares the six-monthly consolidated financial statement the smallest group of companies in which the issuer participates as a controlled member and which is also included in the group of companies from point 13.

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

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

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

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

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

17. The nature and financial impact of significant events occurring after the balance sheet date and are not reflected in the income statement or balance sheet

There were no significant events after the balance sheet date.