Granolio d.d.

Quarterly Report • Oct 30, 2025

Consolidated financial results for the nine months period ended 30 September 2025 (unaudited)

General information on Granoliod.d.

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

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

Subsidiaries

The Company holds 100% of the shares in 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 of the above is represented in the parent company.

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

In thousands of EUR

	1-9 2025	1-9 2024	change
Operating income	84.113	72.576	11.537	16%
Operating expenses	82.126	67.503	14.623	(22%)
EBIT	1.987	5.073	(3.086)	(61%)
EBIT margin	2%	7%
EBITDA	4.974	7.723	(2.749)	(36%)
EBITDA margin	6%	11%
Net financial result	(1.608)	(547)	(1.061)	(194%)
Net result for the period	379	4.526	(4.147)	92%
Attributable to the Group	40	3.457	(3.417)	99%
Non-controlling interest	340	1.068	(728)	68%

The Group's EBITDA in the nine-month period of 2025 amounts to EUR 4.9 million.

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

Financial indicators In thousands of EUR

	30.9.2025	31.12.2024	change
Net assets (Capital and reserves)*	27.562	28.440	(878)	(3%)
Total debt	41.472	32.367	9.105	28%
Cash and cash equivalents	542	505	37	7%
Given loans, deposits and similar**	4.112	3.149	963	31%
Net debt	36.818	28.713	8.106	28%
Net debt/ EBITDA	4,59	2,67
EBITDA for the last 12 months	8.015	10.764

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

The total debt of the Group increased due to new borrowings by the companies Granolio d.d. and Zdenka mliječni proizvodi d.o.o. with the aim of financing capital investments.

^** Loans given, securities and deposits

Separate business results for the nine-month period of 2025

Granolio d.d. In thousands of EUR

	1-9 2025	1-9 2024	change
Operating income	52.323	43.499	8.824	20%
Operating expenses	51.516	40.946
EBIT	807	2.553	(1.746)	(68%)
margin %	2%	6%
EBITDA	1.928	3.364	(1.436)	(43%)
margin %	4%	8%
Net financial result	(279)	71	(350)	493%
Net result	528	2.624	(2.096)	(80%)
margin %	1,0%	6,0%

In the nine-month period of 2025, a more favorable operating income was achieved compared to the same period of the previous year.

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

	1-9 2025	1-9 2024		change
Operating income	30.725	28.206	2.519	9%
Operating expenses	29.954	26.048
EBIT	771	2.158	(1.387)	64%
margin %	3%	8%
EBITDA	2.268	3.637	(1.369)	(38%)
margin %	7%	13%
Net financial result	(92)	(23)	(69)	(300%)
Profit tax	-	-
Net result	679	2.135	(1.456)	68%
margin %	2%	8%

In the nine-month period of 2025, the Company generated revenues higher by 9% compared to the same period last year. The increase is the result of significantly higher sales volumes and price increases compared to the same period last year.

Zdenačka farma d.o.o. In thousands of

EUR

	1-9 2025	1-9 2024		change
Operating income	4.257	3.541	716	20%
Operating expenses	3.849	3.180
EBIT	408	361	47	13%
margin %	10%	10%
EBITDA	778	722	56	8%
margin %	18%	20%
Net financial result	(236)	(95)	(141)	(148%)
Net result	172	266	(94)	(35%)
margin %	4%	8%

In the nine-month period of 2025, a more favorable operating income was achieved compared to the same period of the previous year due to higher sale prices compared to the comparative period.

Employees

In the nine-month period of 2025 the Group employed 460 employees based on man-hour basis (in the nine-month period of 2024: 444 employees).

Environment

Regarding environmental protection, the Group has implemented comprehensive and systematic solutions and established environmentally friendly production processes. The company has completed the construction of three photovoltaic power plants at three production locations, which will meet part of its electricity needs from environmentally friendly sources. They became operational by the end of 2022 year.

Other

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

Annex 1
	l	SSUER'S G	SENERA	L DATA
Reporting period:		1.1.20	25	to	30.9.2025
Year:		2025
Quarter:		3.
	Quarter	y financia	ıl stater	nents
		_	Issuer's ho	ome Member
egistration 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
treet and house number:	Budmanijeva 5
E-mail address:	granolio@granolio.hr
Web address:	www.granolio.hr
Number of employees (end of the reporting	530
Consolidated report:	KD (KN	-not consolida	ted/KD-coi	nsolidated)
Audited:	RN (F	RN-not audited	/RD-audite	ed)
Names of subsidiaries	s (according to IFRS):			Registered	l office:	MB:
	GRANOLIO d.d.				ZAGREB	1244272
ZD	ENAČKA FARMA d.o.o.				VELIKI ZDENCI	2095777
ZDENKA-MLIJI	EČNI PROIZVODI d.o.o.				VELIKI ZDENCI	1623982
Bookkeeping firm:	No	(Yes/No)
Contact person:	Mirjana Kelava			(name of the	e 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.
2. 3. 4.

BALANCE SHEET

balance as at 30.9.2025

Submitter:GRANOLIO d.d.			in EUR
Item	ADP code	Last day of the preceding business	At the reporting date of the current period
1	2	year 3	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	C
B) FIXED ASSETS (ADP 003+010+020+031+036)	002	49.942.827	51.761.433
I INTANGIBLE ASSETS (ADP 004 to 009)	003	1.352.104	1.210.946
1 Research and development	004	0	C
2 Concessions, patents, licences, trademarks, software and other	005	1.352.104	1.210.946
rights 3 Goodwill	006	0	(
4 Advances for the purchase of intangible assets	007	0	(
5 Intangible assets in preparation	007	0	(
6 Other intangible assets	009	0	(
II TANGIBLE ASSETS (ADP 011 to 019)	010	48.205.619	50.127.130
1 Land	011	2.051.970	2.053.303
2 Buildings	012	23.010.500	24.044.971
3 Plant and equipment	013	12.969.257	13.626.320
4 Tools, working inventory and transportation assets	014	319.249	311.607
5 Biological assets	015	1.009.361	1.033.867
6 Advances for the purchase of tangible assets	016	0	C
7 Tangible assets in preparation	017	7.983.870	8.196.618
8 Other tangible assets	018	15.197	14.229
9 Investment property	019	846.215	846.215
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	385.104	423.357
1 Investments in holdings (shares) of undertakings within the group	021	0	C
2 Investments in other securities of undertakings within the group	022	0	C
3 Loans, deposits, etc. to undertakings within the group	023	0	C
4. Investments in holdings (shares) of companies linked by virtue of participating interests	024	0	C
5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating	025	0	C
interests	026	0	С
7 Investments in securities	027	375.261	406.625
8 Loans, deposits, etc. given	028	9.737	16.626
9 Other investments accounted for using the equity method	029	0	(
10 Other fixed financial assets	030	106	106
IV RECEIVABLES (ADP 032 to 035) 1 Receivables from undertakings within the group	031	0
2 Receivables from companies linked by virtue of participating	032	U	(
interests	033	0	(
3 Customer receivables	034	0	(
4 Other receivables	035	0	(
V DEFERRED TAX ASSETS	036	0	C
C) CURRENT ASSETS (ADP 038+046+053+063)	037	38.758.456	40.582.165
I INVENTORIES (ADP 039 to 045)	038	14.680.706	11.570.682
1 Raw materials and consumables	039	10.331.406	6.989.430
2 Work in progress	040	719.863	1.707.267
3 Finished goods	041	1.865.239	2.387.689
4 Merchandise 5 Advances for inventories	042	1.764.198	486.296
6 Fixed assets held for sale	043	0	(
7 Biological assets	044 045	0	(
II RECEIVABLES (ADP 047 to 052)	045	20.808.296	24.780.959
1 Receivables from undertakings within the group	046	648.853	641.529
2 Receivables from companies linked by virtue of participating
interests	048	0	04 440 044
3 Customer receivables	049 050	15.844.180 922	21.416.014
4 Receivables from employees and members of the undertaking		. (177)	182

6 Other receivables	052	1.967.779	1.679.753
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	052	2.764.159	3.688.551
1 Investments in holdings (shares) of undertakings within the group	054	0	0.000.001
		, , ,	·
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	1.259.725	993.364
4 Investments in holdings (shares) of companies linked by virtue of	057	0	0
participating interests	037	U	0
5 Investment in other securities of companies linked by virtue of	058	0	0
participating interests 6 Loans, deposits etc. to companies linked by virtue of participating
interests	059	0	116.361
7 Investments in securities	060	19.858	19.858
8 Loans, deposits, etc. given	061	1.484.576	2.558.968
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	505.295	541.973
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	67.609	185.116
E) TOTAL ASSETS (ADP 001+002+037+064) OFF-BALANCE SHEET ITEMS	065	88.768.892	92.528.714
LIABILITIES	066
A) CAPITAL AND RESERVES (ADP 068 to
070+076+077+083+086+089)	067	28.440.248	27.561.914
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	4.965.555
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive income (i.e. available for sale)	078	0	0
2 Cash flow hedge - effective portion	079	0	0
3 Hedge of a net investment in a foreign operation - effective portion	080	0	0
4 Other fair value reserves	081	0	0
5 Exchange differences arising from the translation of foreign		-
operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-	083	-1.068.214	3.154.201
085)
1 Retained profit	084	0	3.154.201
2 Loss brought forward	085	1.068.214	0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088) 1 Profit for the business year	086	4.181.159	39.705
2 Loss for the business year	087	4.181.159	39.705
VIII MINORITY (NON-CONTROLLING) INTEREST	088 089	5.018.913	4.358.468
B) PROVISIONS (ADP 091 to 096)	090	0.010.010	4.000.400
1 Provisions for pensions, termination benefits and similar
obligations	091	0	0
2 Provisions for tax liabilities	002	0	^
2 Provisions for tax liabilities 3 Provisions for ongoing legal cases	092 093	0	0
4 Provisions for renewal of natural resources	093	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	28.404.732
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		_
participating interests	101	1.344.723	1.344.723
5 Liabilities for loans, deposits etc.	102	530.892	530.891
6 Liabilities to banks and other financial institutions	103	22.506.740	25.052.499
7 Liabilities for advance payments	104	0	0

8 Liabilities to suppliers	105	432.702	178.715
9 Liabilities for securities	106	332.647	207.904
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	1.155.601	1.090.000
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	30.790.810	32.631.537
1 Liabilities to undertakings within the group	110	116.448	155.819
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0
3 Liabilities to companies linked by virtue of participating interests	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests	113	0	0
5 Liabilities for loans, deposits etc.	114	4.470.605	4.470.606
6 Liabilities to banks and other financial institutions	115	3.014.883	9.698.706
7 Liabilities for advance payments	116	1.002.554	1.126.425
8 Liabilities to suppliers	117	20.281.270	14.457.164
9 Liabilities for securities	118	166.323	166.323
10 Liabilities to employees	119	592.015	674.090
11 Taxes, contributions and similar liabilities	120	653.893	1.540.122
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	342.282
E) ACCRUALS AND DEFERRED INCOME	124	3.234.529	3.930.531
F) TOTAL - LIABILITIES (ADP 067+090+097+109+124)	125	88.768.892	92.528.714
G) OFF-BALANCE SHEET ITEMS	126

STATEMENT OF PROFIT OR LOSS

for the period 01.01.2025 to 30.09.2025

Submitter: GRANOLIOd.d
Item	ADP	Same period of the previous year		Current period
	code	Cumulative	Quarter	Cumulative	Quarter
1 I OPERATING INCOME (ADP 002 to 006)	2	3	4 30.371.954	5 84.113.333	6 31.140.809
1 Income from sales with undertakings within the group	001 002	72.575.529 0	0	2.100	900
2 Income from sales (outside group)	003	67.569.759	26.659.367	81.362.229	30.471.227
3 Income from the use of own products, goods and services	004	128.381	37.729	140.875	30.829
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	4.877.389	3.674.858	2.608.129	637.853
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	67.503.348	26.282.535	82.125.968	30.333.735
1 Changes in inventories of work in progress and finished goods	008	371.830	704.257 21.803.040	-1.516.937 70.100.136	214.714 25.572.918
2 Material costs (ADP 010 to 012) a) Costs of raw materials and consumables	009 010	56.017.906 40.694.899	16.060.461	54.126.870	19.414.388
b) Costs of goods sold	011	10.545.326	3.598.846	9.048.692	3.621.364
c) Other external costs	012	4.777.681	2.143.733	6.924.574	2.537.166
3 Staff costs (ADP 014 to 016)	013	6.302.518	2.285.895	8.333.446	2.866.805
a) Net salaries and wages	014	4.142.418	1.494.158	5.302.024	1.814.247
b) Tax and contributions from salary costs c) Contributions on salaries	015 016	1.374.424 785.676	505.144 286.593	1.997.752 1.033.670	695.294 357.264
4 Depreciation	017	2.650.231	901.441	2.986.833	993.448
5 Other costs	018	1.113.875	345.820	1.307.809	386.755
6 Value adjustments (ADP 020+021)	019	0	0	0	0
a) fixed assets other than financial assets	020	0	0	0	0
b) current assets other than financial assets	021	0	0	0	0
7 Provisions (ADP 023 to 028) a) Provisions for pensions, termination benefits and similar	022 023	0 0	0 0	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	1.046.988	242.082	914.681	299.095
III FINANCIAL INCOME (ADP 031 to 040) 1 Income from investments in holdings (shares) of undertakings within	030 031	499.101 0	467.844 0	106.460 0	18.292 0
the group 2 Income from investments in holdings (shares) of companies linked by			0	0	0
virtue of participating interests 3 Income from other long-term financial investment and loans granted	032	0
to undertakings within the group 4 Other interest income from operations with undertakings within the	033	0	0	0	0
group 5 Exchange rate differences and other financial income from operations	034	1.464	491	1.908	662
with undertakings within the group	035	0	0	0	0
6 Income from other long-term financial investments and loans 7 Other interest income	036	0	0 410.108	101.441 3.111	16.938 692
8 Exchange rate differences and other financial income	037 038	440.392 0	0	0	0
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	57.245	57.245	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	1.046.178	481.278	1.714.565	644.935
1 Interest expenses and similar expenses with undertakings within the group	042	85.799	28.808	251.482	194.649
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	954.067	451.966	1.457.119	450.285
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	6.312	504	5.964	1
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	73.074.630	30.839.798	84.219.793	31.159.101
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	68.549.526	26.763.813	83.840.533	30.978.670
XI PRE-TAX PROFIT OR LOSS (ADP 053-054) 1 Pre-tax profit (ADP 053-054)	055	4.525.104	4.075.985 4.075.985	379.260 379.260	180.431 180.431
2 Pre-tax loss (ADP 054-053)	056 057	4.525.104 0	0	0	0
XII INCOME TAX	058	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	4.525.104	4.075.985	379.260	180.431
1 Profit for the period (ADP 055-059)	060	4.525.104	4.075.985	379.260	180.431
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	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	4.525.104	4.075.985	379.260	180.431
1 Attributable to owners of the parent	076	3.457.421	3.281.917	39.705	38.841
2 Attributable to minority (non-controlling) interest	077	1.067.683	794.068	339.555	141.590
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	4.525.104	4.075.985	379.260	180.431
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	089	0	0	0	0
fair value through other comprehensive income
3 Profit or loss arising from effective cash flow hedging	090	0	0	0	0
4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091	0	0	0	0
5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	0	0
7 Changes in fair value of forward elements of forward contracts			0	0	0
	094	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	4.525.104	4.075.985	379.260	180.431
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	4.525.104	4.075.985	379.260	180.431
1 Attributable to owners of the parent	100	3.457.421	3.281.917	39.705	38.841
			794.068	339.555	141.590

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2025 . to 30.09.2025

Submitter: GRANOLIO d.d
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	4.525.104	379.260
2 Adjustments (ADP 003 to 010): a) Depreciation	002	2.951.892	4.285.908
b) Gains and losses from sale and value adjustment of fixed tangible and	003	2.650.229	2.986.833
intangible assets c) Gains and losses from sale and unrealised gains and losses and value	004	283.953	276.560
adjustment of financial assets	005	-150.462	0
d) Interest and dividend income	006	-412.051	-3.928
e) Interest expenses	007	1.038.876	1.454.320
f) Provisions	008	0	0
g) Exchange rate differences (unrealised) h) Other adjustments for non-cash transactions and unrealised gains and	009	0	0
losses	010	-458.653	-427.877
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	7.476.996	4.665.168
3 Changes in the working capital (ADP 013 to 016)	012	-9.453.703	-5.135.983
a) Increase or decrease in short-term liabilities	013	2.884.348	-4.525.872
b) Increase or decrease in short-term receivables	014	-7.666.231	-3.720.136
c) Increase or decrease in inventories	015	-4.671.820	3.110.025
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	-1.976.707	-470.815
4 Interest paid	018	-869.143	-1.329.529
5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	019 020	-300.223 -3.146.073	-371.547 -2.171.891
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	412.567	4.349
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	6.028.736	0
6 Other cash receipts from investment activities III Total cash receipts from investment activities (ADP 021 to 026)	026 027	0 6.441.303	0 4.349
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-16.059.046	-4.639.466
2 Cash payments for the acquisition of financial instruments
3 Cash payments for loans and deposits for the period	029 030	0 -3.213.246	0 -930.192
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	-31.364
IV Total cash payments from investment activities (ADP 028 to 032)	033	-19.272.292	-5.601.022
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-12.830.989	-5.596.673
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	21.877.573	13.781.027
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	21.877.573	13.781.027
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-7.062.355	-4.492.921
2 Cash payments for dividends	041	-500.000	-1.323.195
3 Cash payments for finance lease	042	-57.528	-34.926
4 Cash payments for the redemption of treasury shares and decrease in	043	-3.500	0
initial (subscribed) capital 5 Other cash payments from financing activities	044	-124.742	-124.742
VI Total cash payments from financing activities (ADP 040 to 044)	045	-7.748.125	-5.975.784
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	14.129.448	7.805.243
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0	0
		-1.847.614	36.679
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP
020+034+046+047) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	048 049	2.541.408	505.295

STATEMENT OF CASH FLOWS - direct method

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

Submitter:
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
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	030
financial instruments
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
3 Cash payments for finance lease	035
4 Cash payments for the redemption of treasury shares and decrease	036
in initial (subscribed) capital	037
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	041
equivalents D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 +	042	0	0
040 + 041) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE	043
PERIOD F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
(042+043)	044	0	0

STATEMENT OF CHANGES IN EQUITY for the period from 1.1.2025 to 30.6.2025 in FUR vious period alance on the first day of the previous business year -3.257.13 1.892.46 2.523.9 5.662.87 4.110.38 2 Changes in accounting policies 4 Balance on the first day of the previous business year (restated) (ADP 01 to 0 04 2.523.9 11,174,7 1,140 106.1 5.662.8 -3.257.1 1.892.4 19.243. 4,110.3 23.354.0 5 Profit/loss of the period 3.457.42 3.457.4 1.067.68 4.525.1 6 Exchange rate differences from translation of foreign operations 7 Changes in revaluation reserves of fixed tangible and intangible assets 07 -298 85 298.85 Sains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale) 08 9 Profit or loss arising from effective cash flow hedge 09 10 Profit or loss arising from effective hedge of a net investment in a foreign operat 11 Share in other comprehensive income/loss of companies linked by virtue of participating interests 12 Actuarial gains/losses on the defined benefit obligation 13 Other changes in equity unrelated to owners
14 Tax on transactions recognised directly in equity 65.6 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankrupto settlement procedure or from the reinvestment of profit) 15 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settleme 16 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit 18 Redemption of treasury shares/holdings -3.5 10 Daymente from membere jehareholdere 21 Other distributions and payments to members/shareholders 21 Other distributions and payments to members/shareholders 22 Transfer to reserves according to the annual schedule 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 64 to 23) 98 50 1 703 0 -1 802 4 24 27.441.2 APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by u I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP. 3.457.42 3.523.0 4.590.7 III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23) 27 98.50 3.50 1 790 4 -1 892 4 -35 -500.0 -503.50 28.440.3 1 Ralance on the first day of the current business yea 2 523 91 11 171 208 1 230 181 109.67 5 264 405 -1.068.20 4 181 150 5.018.014 3 Correction of errors 4 Balance on the first day of the current business year (restated) (AOP 28 to 30) 1.239.1 5 264 4 4.181.18 5.018.9 28 440 2 370.2 5 Profit/loss of the period 30.70 30 330.5 6 Exchange rate differences from translation of foreign operations. 7 Changes in revaluation reserves of fixed tangible and intangible assets 34 -298 85 298.8 8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale) 35 9 Profit or loss arising from effective cash flow hedge 36 10 Profit or loss arising from effective hedge of a net investment in a foreign operat 37 11 Share in other comprehensive income/loss of companies linked by virtue of participating interests 12 Actuarial gains/losses on the defined benefit obligation 13 Other changes in equity unrelated to owners
14 Tax on transactions recognised directly in equity
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptc) 85.8 42 settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankrupto 43 18 Redemption of treasury shares/holdings 19 Payments from members/shareholde 20 Payment of share in profit/dividend -1.323.1 -323 1 -323 -1 000 0 21 Other distributions and payments to members/shareholders 4.181.1 -4 181 24 Balance on the last day of the current business year reporting period (ADP 31 51 11.171.2 1.239.1 4.965. 4.358. 27.561.9 APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by t TAX (ADP 33 to 41)

-208.8

384.4

2 057 0

39.70

-4 181 19

105.3

-323 t

330.5

-1.000

444.8

-1.323.1

II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32

III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50)

53

54

(drawn up for quarterly reporting periods)	NOTES TO FINANCIAL STATEMENTS - TFI
	Name of the issuer:
	Personal identification number (OIB):
	Reporting period:

Notes to financial statements for quarterly periods include:

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

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

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

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

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

f) in the notes to quarterly periods financial statements, in addition to the information stated above, information in respect of the following matters shall be disclosed:

• 1. undertaking's name, registered office (address), legal form, country of establishment, entity's registration number and, if applicable, the indication whether the undertaking is undergoing liquidation, bankruptcy proceedings, shortened termination proceedings or extraordinary administration
• 1. adopted accounting policies (only an indication of whether there has been a change from the previous period)
• 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
• 1. the amount and nature of individual items of income or expenditure which are of exceptional size or incidence
• 1. 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
• 1. average number of employees during the financial year
• 1. 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
• 1. 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
• 1. 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
• 1. 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
• 1. the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability
• 1. 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
• 1. 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
• 1. the place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained, provided that they are available

• 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

Name of the issuer: Granolio d.d.

Personal identification number (OIB): 59064993527

Reporting period: Third 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 Group. 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 Group does not perform activities of a seasonal nature.
• e) Other disclosures required under IAS 34 Interim Financial Reporting are as follows:

Interest receivable on loans given within the group are stated within the item receivables from undertakings within the group and as at 30 Septrmber 2025 amount to EUR 642 thousand (31.12.2024.: EUR 649 thousand).

f) In addition to the above information, the following information is disclosed in the notes to the quarterly financial statements: Staff costs in the Jan - Sep 2025 period amount to EUR 8,333 thousand (Jan - Sep 2024: EUR 6,303 thousand), of which net salaries amount to EUR 5,302 thousand (Jan - Sep 2024: EUR 4,142 thousand), taxes and contributions from salaries amount to EUR 1,998 thousand (Jan - Sep 2024: EUR 1,374 thousand) and contributions on salaries amount to EUR 1,033 thousand (Jan - Sep 2024: EUR 786 thousand).

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

• 1. 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.
• 1. There was no revenue nor expenditure of extraordinary size or occurrence.
• 1. Liabilities maturing after more than five years relates to loans received from banks in amount EUR 11.137.
• 1. Average number of employees during the current period: 530 (1-9 2024: 477).
• 1. The Company did not capitalize the cost of salaries in the business year.
• 1. Balance of deferred tax assets as at 30 September 2025 amounts to EUR 1,090 thousand. During 2025 deferred tax assets have decreased by EUR 66 thousand.
• 1. Granolio d.d. holds a participating interest in: i)Zdenačka farma d.o.o.,Mate Lovraka 118/b, Veliki Zdenci, OIB 35460243768, on 30.09.2025. Share in Equity is EUR 3.918 thousand. Total equity is EUR 3.897 thousant. Result for the period is EUR 172 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 4.359 thousand. Result for the period is EUR 340 thousand.
• 1. The company had no subscription of shares.
• 1. The company has no certificates.
• 1. The company holds 100% of the company Zdenačka farma d.o.o., Veliki Zdenci, Mate Lovraka 118 / b, OIB 35460243768.
• 1. The company is the ultimate parent and is not a controlled member of another group.
• 1. The company is the parent company and there are no other companies in its group that have control over third companies.
• 1. 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.
• 1. The Company has no material arrangements with companies that are not included in the presented unconsolidated financial statements.
• 1. There were no significant events after the balance sheet date.

Notes to the consolidated report for the nine months period ended 30 September 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 September 2025	30 September 2026	10-12 2026	31.12.2027	31.12.2028	31.12.2029	from 2030
Loans received from banks	34.699	9.685	1.127	5.132	4.214	3.403	11.137
Loans received from third parties	6.439	5.816	265	358	-	-	-
Leaising	51	12	3	12	12	12	-
	41.189	15.513	1.395	5.502	4.226	3.415	11.137

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

Liabilities for securities

000 EUR

		Maturity
	30 September 2025	30 September 2026	10-12 2026	31.12.2027	31.12.2028	31.12.2029	from 2030
Liabilities for securities	374	166	42	166	-	-	-
	374	166	42	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: 530 (1-9 2024: 488)

7. Capitalized salary cost during the year

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

8. Deferred taxes

	30 September 2025
Balance 1 January 2025	1.156
Decrease	(66)
Balance 30 Sep 2025	1.090

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 September 2025 EUR '000

	Share in Equity	Total Equity	Result for the period
ZDENAČKA FARMA d.o.o.	3.918	3.897	172
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	3.414	4.359	340

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

Granolio d.d., Budmanijeva 5, Zagreb.

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

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

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

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

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

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

There were no significant events after the balance sheet date.

Granolio d.d.

Ulica Pere Budmanija 5, HR-10000 Zagreb, tel: +385 1 6320 200, faks: +385 1 6320 222, e-mail: granolio@granolio.hr, www.granolio.hr

Zagreb, 30. October 2025

Statement of Executives responsible for preparing financial statements for the nine months period

Pursuant to the current Croatian Accounting Act (Official Gazzette 109/07), the Management Board is required to ensure that the financial statements of Granolio d.d. for each financial period are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and that they give a true and fair view of the financial position and results of the Company's operations in the given period.

To the best of our knowledge, the complete shorten set of unaudited financial statements for the nine months period give a true presentation of the Company's position as at 30 September 2025.

Reports prepared by:

Mirjana Kelava

Accounting Director

Granolio d.d.
Ulica Pere Budmanija 5, HR-10000 Zagreb,
tel: +385 1 6320 200, faks: +385 1 6320 222, e-mail: granolio@granolio.hr, www.granolio.hr

Zagreb, 30 October 2025

Pursuant to the article 407. to 410. of the Capital market Law (Official Gazette 88/08, 146/08 and 74/09) the President of the Management Board of the Company Granolio d.d., Budmanijeva 5, Zagreb provides:

MANAGEMENT BOARD'S STATEMENT OF LIABILITY

The separate and consolidated financial statements of Granolio d.d. have been prepared pursuant to the International Financial Reporting Standards (IFRS) and Croatian Accounting Law.

The non-consolidated and consolidated financial statements for the period from 1 January 2025 till 30 September 2025 present complete and fair view of assets and liabilities, profit and loss, financial position and operations of the Company.

The management report for the nine months period ended 30 September 2025 presents true and fair presentation of development and results of the Company's operations with description of significant risks and uncertainties the Company is facing.

President of the Management Board

Hrvoje Filipović

Granolio
d.d., Budmanijeva 5
Zagreb

Contact: Granolio d.d. Budmanijeva 5 10 000 Zagreb Hrvatska

Tel: +385 1 6320 200

e-mail: trzistekapitala@granolio.hr