Hrvatski Telekom d.d.

Quarterly Report • Feb 26, 2025

1

UNAUDITED NON-CONSOLIDATED INTERIM REPORT FOR THE HT INC.

JANUARY - DECEMBER 2024

HT INC. FINANCIAL HIGHLIGHTS

Revenue

As a result of positive business developments across consumer and business segment Hrvatski Telekom has in 2024 recorded revenue growth, which was driven by strong performance in mobile, fixed service and system solutions.

Adjusted EBITDA before exceptional items after leases

Growth of adjusted EBITDA before exceptional items after leases in 2024 driven by robust top-line development, offsetting investments in employees and continuing inflationary pressures.

Net profit after non-controlling interests

Net Profit reflects solid operating performance.

HT INC. FINANCIAL STATEMENTS - TFI-POD

Unaudited non-consolidated financial statements

STATEMENT OF THE MANAGEMENT BOARD OF HRVATSKI TELEKOM D.D.

Financial Statements of the company Hrvatski Telekom d.d., for 2024, consolidated and non-consolidated, are not audited.

To the best of our knowledge, unaudited financial statements of the company Hrvatski Telekom d.d. (hereinafter: "Company") and unaudited consolidated financial statements of the Company and affiliated companies thereof (hereinafter: "Group"), which are prepared in accordance with International Financial Reporting Standards (IFRS), give a true and fair view of assets and obligations, profit and loss, financial position, and operations of both the Company and the Group.

The Management report for 2024 contains a true presentation of development and results of operations and position of the Group, with description of significant risks and uncertainties for the Group as a whole.

Ms. Nataša Rapaić, President of the Management Board (CEO)

Ms. Marijana Bačić, Member of the Management Board and Chief Operating Officer Business

Mr. Ivan Bartulović, Member of the Management Board and Chief Operating Officer for Human Resources and Customer Operations

Mr. Boris Drilo, Member of the Management Board and Chief Technical and Chief Information Officer

Mr. Siniša Đuranović, Member of the Management Board and Chief Corporate Affairs Officer

Mr. Matija Kovačević, Member of the Management Board and Chief Financial Officer

Mr. Krešimir Madunović, Member of the Management Board and Chief Operating Officer Residential

Zagreb, 26 February 2025

Annex 1		ISSUER'S GENERAL DATA
Reporting period:		01.01.2024		to	31.12.2024
Year:		2024
Quarter:		4.
Quarterly financial statements
egistration number (MB):	1414887			Issuer's home Member State code:	HR
Entity's registration number (MBS):	80266256
Personal identification number (OIB):	81793146560			LEI:	097900BFHJ0000029454
Institution code:	273
	Name of the issuer: Hrvatski Telekom d.d.
Postcode and town:	10000			Zagreb
Street and house number: Radnička cesta 21
	E-mail address: consolidation@t.ht.hr
Web address: www.t.ht.hr
Number of employees (end of the reporting	4219
Consolidated report:	KN	(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:
						Yes
Bookkeeping firm:	No	(Yes/No)			(name of the bookkeeping firm)	No
Contact person:
Telephone:	(only name and surname of the contact person)
	E-mail address: consolidation@t.ht.hr
	Audit firm: Deloitte d.o.o.
	(name of the audit firm)
	Certified auditor: Katarina Kadunc
	(name and surname)

BALANCE SHEET balance as at 31.12.2024

Submitter: Hrvatski Telekom d.d.			in EUR
Item	ADP code	Last day of the preceding business year	At the reporting date of the current period
1	2	3	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	0
B) FIXED ASSETS (ADP 003+010+020+031+036)	002	1.411.243.205	1.459.964.463
I INTANGIBLE ASSETS (ADP 004 to 009)	003	356.668.201	393.962.470
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	123.646.996	269.160.288
3 Goodwill	006	6.567.081	16.749.363
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation	008	162.839.089	35.497.084
6 Other intangible assets II TANGIBLE ASSETS (ADP 011 to 019)	009 010	63.615.035 760.859.316	72.555.735 797.623.278
1 Land	011	3.239.915	2.702.601
2 Buildings	012	465.206.666	480.844.895
3 Plant and equipment	013	148.958.035	150.304.298
4 Tools, working inventory and transportation assets	014	139.519	100.163
5 Biological assets 6 Advances for the purchase of tangible assets	015 016	0 284.069	0 466.838
7 Tangible assets in preparation	017	141.337.838	161.607.427
8 Other tangible assets	018	1.092.979	1.076.106
9 Investment property	019	600.295	520.950
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	212.935.306	166.746.424
1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group	021 022	212.100.308 0	166.465.393 0
3 Loans, deposits, etc. to undertakings within the group	023	0	0
4. Investments in holdings (shares) of companies linked by virtue of participating interests	024	0	0
5 Investment in other securities of companies linked by virtue of participating interests	025	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	026	0	0
7 Investments in securities	027	834.998	281.031
8 Loans, deposits, etc. given	028	0	0
9 Other investments accounted for using the equity method	029	0	0
10 Other fixed financial assets IV RECEIVABLES (ADP 032 to 035)	030 031	0 62.319.124	0 82.605.486
1 Receivables from undertakings within the group	032	0	0
2 Receivables from companies linked by virtue of participating interests	033	0	0
3 Customer receivables	034	59.871.113	79.855.103
4 Other receivables	035	2.448.011	2.750.383
V DEFERRED TAX ASSETS C) CURRENT ASSETS (ADP 038+046+053+063)	036 037	18.461.258 534.064.125	19.026.805 482.904.619
I INVENTORIES (ADP 039 to 045)	038	56.668.010	64.719.755
1 Raw materials and consumables	039	7.374.846	10.356.921
2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise 5 Advances for inventories	042 043	17.593.164 0	22.662.834 0
6 Fixed assets held for sale	044	31.700.000	31.700.000
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	264.139.873	249.038.771
1 Receivables from undertakings within the group	047	30.707.301	1.921.679
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	207.328.681	238.721.134
4 Receivables from employees and members of the undertaking	050	1.824.922	2.244.559
5 Receivables from government and other institutions	051	88.031	2.423.428
6 Other receivables III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	052 053	24.190.938 22.414.600	3.727.971 0
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	3.010.358	0
4 Investments in holdings (shares) of companies linked by virtue of participating interests	057	0	0
5 Investment in other securities of companies linked by virtue of participating interests	058	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	059	0	0
7 Investments in securities	060	19.404.242	0
8 Loans, deposits, etc. given 9 Other financial assets	061 062	0 0	0 0
IV CASH AT BANK AND IN HAND	063	190.841.642	169.146.093
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	32.791.111	29.989.887
E) TOTAL ASSETS (ADP 001+002+037+064)	065	1.978.098.441	1.972.858.969
OFF-BALANCE SHEET ITEMS	066	0	0

LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	1.670.870.718	1.620.523.720
070+076+077+083+086+089)
I INITIAL (SUBSCRIBED) CAPITAL	068	1.359.742.172	1.359.742.172
II CAPITAL RESERVES	069	0	0
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	68.160.999	67.891.151
1 Legal reserves	071	67.987.109	67.987.109
2 Reserves for treasury shares	072	21.226.328	28.579.126
3 Treasury shares and holdings (deductible item)	073	-21.226.328	-28.579.126
4 Statutory reserves	074	0	0
5 Other reserves	075	173.890	-95.958
IV REVALUATION RESERVES	076	0	0
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	-159.814	-8.564.340
1 Financial assets at fair value through other comprehensive income	078	11.737	19.457
(i.e. available for sale)
2 Cash flow hedge - effective portion	079	-171.551	-8.583.797
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- 085)	083	117.966.163	64.627.623
1 Retained profit	084	117.966.163	64.627.623
2 Loss brought forward	085	0	0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	125.161.198	136.827.114
1 Profit for the business year	087	125.161.198	136.827.114
2 Loss for the business year	088	0	0
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0
B) PROVISIONS (ADP 091 to 096)	090	15.240.470	16.152.723
1 Provisions for pensions, termination benefits and similar obligations	091	2.330.636	2.662.730
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	8.227.423	8.565.908
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0	0
6 Other provisions	096	4.682.411	4.924.085
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	52.674.076	81.303.060
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	0	0
participating interests 5 Liabilities for loans, deposits etc.
	102	0	0
6 Liabilities to banks and other financial institutions	103	0	0
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	0	0
9 Liabilities for securities	106	0	0
10 Other long-term liabilities 11 Deferred tax liability	107	52.311.800	80.931.670
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	108	362.276	371.390
1 Liabilities to undertakings within the group	109	231.668.644	242.757.689
	110	26.694.924	24.842.975
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	0	0
6 Liabilities to banks and other financial institutions	115	0	0
7 Liabilities for advance payments	116	0	0
8 Liabilities to suppliers	117	127.009.884	138.540.277
9 Liabilities for securities	118	0	0
10 Liabilities to employees	119	23.977.190	25.572.425
11 Taxes, contributions and similar liabilities	120	11.514.316	1.323.611
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	42.472.330	52.478.401
E) ACCRUALS AND DEFERRED INCOME	124	7.644.533	12.121.777
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	1.978.098.441	1.972.858.969
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2024 to 31.12.2024 STATEMENT OF PROFIT OR LOSS

in EUR

Submitter: Hrvatski Telekom d.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	876.439.960	228.549.614	969.153.448	252.285.975
1 Income from sales with undertakings within the group	002	45.195.674	8.089.827	33.269.196	7.080.301
2 Income from sales (outside group)	003	823.197.351	215.119.288	924.046.160	241.032.547
3 Income from the use of own products, goods and services	004	0	0	0	0
4 Other operating income with undertakings within the group 5 Other operating income (outside the group)	005 006	0 8.046.935	0 5.340.499	11 11.838.081	2 4.173.125
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	723.400.127	190.132.941	802.909.424	216.767.242
1 Changes in inventories of work in progress and finished goods	008	0	0	0	0
2 Material costs (ADP 010 to 012) a) Costs of raw materials and consumables	009 010	257.724.343 33.747.179	76.471.814 7.350.101	290.379.762 31.239.588	89.081.741 7.884.094
b) Costs of goods sold	011	146.478.205	44.993.571	168.984.970	58.245.705
c) Other external costs	012	77.498.959	24.128.142	90.155.204	22.951.942
3 Staff costs (ADP 014 to 016)	013	111.889.352	28.262.062	130.997.282	34.349.278
a) Net salaries and wages	014	70.998.588	18.039.434	84.549.950	21.936.187
b) Tax and contributions from salary costs	015	27.423.895	6.755.067	30.850.022	8.162.889
c) Contributions on salaries	016	13.466.869	3.467.561	15.597.310	4.250.202
4 Depreciation	017	231.948.067	62.078.179	242.135.204	61.877.100
5 Other costs	018	103.209.349	20.925.698	119.234.046	34.321.761
6 Value adjustments (ADP 020+021)	019	11.304.704	1.229.956	5.393.183	-732.818
a) fixed assets other than financial assets	020	628.332	-2.951.052	1.944.890	1.944.890
b) current assets other than financial assets	021	10.676.372	4.181.008	3.448.293	-2.677.708
7 Provisions (ADP 023 to 028)	022	7.324.312	1.165.232	14.769.947	-2.129.820
a) Provisions for pensions, termination benefits and similar obligations	023	7.663.781	555.267	4.713.781	238.392
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	-2.918.247	-417.628	7.575.367	-3.490.505
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	2.578.778	1.027.593	2.480.799	1.122.293
8 Other operating expenses III FINANCIAL INCOME (ADP 031 to 040)	029	0	0	0	0
1 Income from investments in holdings (shares) of undertakings within	030	6.829.599	1.822.580	6.807.690	1.699.451
the group	031	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by virtue of participating interests	032	0	0	0	0
3 Income from other long-term financial investment and loans granted to undertakings within the group	033	4.161.188	1.310.950	3.401.082	293.750
4 Other interest income from operations with undertakings within the group	034	0	0	0	0
5 Exchange rate differences and other financial income from operations
with undertakings within the group	035	86.122	3.490	18.224	15.310
6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	2.390.632	580.958	2.758.992	1.127.010
8 Exchange rate differences and other financial income	038	187.163	-76.429	629.392	263.381
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	4.494	3.611	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	6.385.055	2.021.635	8.743.897	3.051.224
1 Interest expenses and similar expenses with undertakings within the group	042	0	0	0	0
2 Exchange rate differences and other expenses from operations with undertakings within the group	043	35.458	1.930	18.419	14.300
3 Interest expenses and similar expenses	044	6.034.515	1.851.975	7.586.723	2.335.309
4 Exchange rate differences and other expenses	045	247.398	150.892	484.697	94.437
5 Unrealised losses (expenses) from financial assets	046	0	0	0	0
6 Value adjustments of financial assets (net)	047	-961	866	593.641	590.094
7 Other financial expenses	048	68.645	15.972	60.417	17.084
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	883.269.559	230.372.194	975.961.138	253.985.426
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	729.785.182	192.154.576	811.653.321	219.818.466
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	153.484.377	38.217.618	164.307.817	34.166.960
1 Pre-tax profit (ADP 053-054)	056	153.484.377	38.217.618	164.307.817	34.166.960
2 Pre-tax loss (ADP 054-053)	057	0	0	0	0
XII INCOME TAX	058	28.323.179	7.184.663	27.480.703	6.363.148
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	125.161.198	31.032.955	136.827.114	27.803.812
1 Profit for the period (ADP 055-059) 2 Loss for the period (ADP 059-055)	060 061	125.161.198 0	31.032.955 0	136.827.114 0	27.803.812 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	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 XV INCOME TAX OF DISCONTINUED OPERATIONS	064	0	0	0	0
1 Discontinued operations profit for the period (ADP 062-065)	065 066	0 0	0 0	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	0	0	0	0
1 Attributable to owners of the parent	076	0	0	0	0
2 Attributable to minority (non-controlling) interest	077	0	0	0	0
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	125.161.198	31.032.955	136.827.114	27.803.812
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 80+ 87)	079	-122.032	-137.534	-8.363.006	-1.196.162
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	49.519	34.017	49.240	35.865
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	18.323	2.821	7.720	-5.655
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	31.196	31.196	41.520	41.520
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	-171.551	-171.551	-8.412.246	-1.232.027
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	-171.551	-171.551	-8.412.246	-1.232.027
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-	097	-122.032	-137.534	-8.363.006	-1.196.162
086 - 096)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	125.039.166	30.895.421	128.464.108	26.607.650
APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 100+101)	099	0	0	0	0
1 Attributable to owners of the parent	100	0	0	0	0
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method
for the period 01.01.2024 to 31.12.2024

in EUR

Submitter: _____________
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Pre-tax profit 2 Adjustments (ADP 003 to 010):	001 002	153.484.377 230.659.992	164.307.817 241.574.697
a) Depreciation	003	231.948.067	242.135.204
b) Gains and losses from sale and value adjustment of fixed tangible and
intangible assets	004	628.332	-4.357.165
c) Gains and losses from sale and unrealised gains and losses and value	005	-4.097.998	-2.747.024
adjustment of financial assets
d) Interest and dividend income	006	-2.390.632	-2.758.992
e) Interest expenses	007	6.034.515	7.586.723
f) Provisions	008	-2.671.251	912.253
g) Exchange rate differences (unrealised)	009	393.451	276.260
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	815.508	527.438
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	384.144.369	405.882.514
3 Changes in the working capital (ADP 013 to 016)	012	-30.748.644	-7.731.125
a) Increase or decrease in short-term liabilities	013	32.327.260	10.571.935
b) Increase or decrease in short-term receivables	014	-49.064.018	-4.108.269
c) Increase or decrease in inventories	015	-1.701.877	-8.768.669
d) Other increase or decrease in working capital	016	-12.310.009	-5.426.122
II Cash from operations (ADP 011+012)	017	353.395.725	398.151.389
4 Interest paid	018	-5.430.787	-5.708.008
5 Income tax paid	019	-32.012.427	-36.630.659
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	315.952.511	355.812.722
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	021	796.687	6.274.707
2 Cash receipts from sales of financial instruments	022	0	0
3 Interest received	023	5.770.731	5.325.110
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	35.977.821	40.300.000
6 Other cash receipts from investment activities	026	62.988	19.965.130
III Total cash receipts from investment activities (ADP 021 to 026)	027	42.608.227	71.864.947
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-275.903.411	-186.446.713
2 Cash payments for the acquisition of financial instruments	029	0	-671.230
3 Cash payments for loans and deposits for the period	030	-27.000.000	-37.300.000
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	-29.721.259	0
IV Total cash payments from investment activities (ADP 028 to 032)	033	-332.624.670	-224.417.943
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-290.016.443	-152.552.996
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	036	0	0
financial instruments
3 Cash receipts from credit principals, loans and other borrowings	037	0	0
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	0	0
1 Cash payments for the repayment of credit principals, loans and other	040	0	0
borrowings and debt financial instruments
2 Cash payments for dividends	041	-86.465.212	-119.211.475
3 Cash payments for finance lease	042	-40.555.614	-42.716.064
4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital	043	-21.190.432	-28.434.294
5 Other cash payments from financing activities	044	-26.658.188	-34.593.442
VI Total cash payments from financing activities (ADP 040 to 044)	045	-174.869.446	-224.955.275
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-174.869.446	-224.955.275
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	-148.933.378	-21.695.549
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	339.775.020	190.841.642
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	190.841.642	169.146.093

for the period 01.01.2024 to 31.12.2024 STATEMENT OF CASH FLOWS - direct method

in EUR

Submitter: Hrvatski Telekom d.d.
Item	ADP	Same period of the	Current period
	code	previous year
1	2	3	4
Cash flow from operating activities
1 Cash receipts from customers	001	0	0
2 Cash receipts from royalties, fees, commissions and other revenue	002	0	0
3 Cash receipts from insurance premiums	003	0	0
4 Cash receipts from tax refund	004	0	0
5 Other cash receipts from operating activities	005	0	0
I Total cash receipts from operating activities (ADP 001 to 005)	006	0	0
1 Cash payments to suppliers	007	0	0
2 Cash payments to employees	008	0	0
3 Cash payments for insurance premiums	009	0	0
4 Interest paid	010	0	0
5 Income tax paid	011	0	0
6 Other cash payments from operating activities	012	0	0
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	0	0
2 Cash receipts from sales of financial instruments	016	0	0
3 Interest received	017	0	0
4 Dividends received	018	0	0
5 Cash receipts from the repayment of loans and deposits	019	0	0
6 Other cash receipts from investment activities	020	0	0
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	0	0
2 Cash payments for the acquisition of financial instruments	023	0	0
3 Cash payments for loans and deposits	024	0	0
4 Acquisition of a subsidiary, net of cash acquired	025	0	0
5 Other cash payments from investment activities	026	0	0
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	0	0
2 Cash receipts the from issue of equity financial instruments and debt
financial instruments	030	0	0
3 Cash receipts from credit principals, loans and other borrowings	031	0	0
4 Other cash receipts from financing activities	032	0	0
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	0	0
2 Cash payments for dividends	035	0	0
3 Cash payments for finance lease	036	0	0
4 Cash payments for the redemption of treasury shares and decrease in
initial (subscribed) capital	037	0	0
5 Other cash payments from financing activities	038	0	0
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	0	0
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	0	0
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (042+043)	044	0	0

STA TEM ENT OF CHA for th iod fr 01.01 .2024 to e per om	NGE 31.12 .2024	S IN EQU ITY																in EU R
									Attribu table t o own	ers of the pa rent
Item	ADP					Treasu ry sha res an				Fair va lue of financ ial ass ets		Hedge of a n et		Excha te nge ra	Retain ed pro fit /			Minori ty (non control ling)	Total c apital and
	code	Initial (subsc ribed) capita l	Capita l reser ves	Legal reserv es	es for treasu Reserv ry sha res	d holdin gs (de le item) ductib	Statut ory res erves	Other reserv es	Revalu ation reserv es	throug h othe r ehens ive compr	Cash f low he dge - effecti tion ve por	invest ment i n a foreig ation - n oper	Other fair va lue reserv es	differe nces f rom transla tion of	loss b rought forwar d	Profit/ loss fo r the busine ss yea r	Total a ttribut able to s of th nt owner e pare	intere st	reserv es
										incom e (ava ilable for sal e)		effecti tion ve por		foreig ations n oper
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18 (3 t o 6 - 7 + 8 to 17)	19	20 (18 +19)
Previo iod us per 1 Bala the fir st day of the previo us bus iness y nce on ear	01	1.359.7 42.171		0 67.987 .109	472.08 6	472.08 6	0	139.30 8	0	-6.586	0	0		0	0 156.06 2.013	69.091 .228	1.653.0 15.243	0	1.653.0 15.243
2 Chan ges in ting po licies accoun 3 Corre ction o f errors	02 03	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0 0	0 0	0 0	0 0	0 0
4 Bala the fir st day of the previo us bus iness y ear (re stated ) (ADP 01 to nce on 03)	04	1.359.7 42.171		0 67.987 .109	472.08 6	472.08 6	0	139.30 8	0	-6.586	0	0		0	0 156.06 2.013	69.091 .228	1.653.0 15.243	0	1.653.0 15.243
5 Profi t/loss o f the p eriod	05	0		0 0	0	0	0	0	0	0	0	0		0	0 0	125.16 1.198	125.16 1.198	0	125.16 1.198
6 Exch ate diff s from transla tion of foreign tions ange r erence opera 7 Chan f fixed revalua tion res e and ble ass ets	06	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
ges in tangibl intangi erves o	07	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
8 Gain s or los ses fro m subs equent rement of fina ncial a ssets a t fair va lue measu throug h other ehensi ve inco me (av ailable for sa le) compr	08	0		0 0	0	0	0	0	0	18.323	0	0		0	0 0	0	18.323	0	18.323
9 Profi t or los s arisin g from effectiv e cash flow h edge 10 Pro fit or lo ss aris ing from effecti ve hed ge of a net inv estmen t in a fo reign	09	0		0 0	0	0	0	0	0	0	-171.5 51	0		0	0 0	0	-171.5 51	0	-171.5 51
operat ion	10	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
11 Sha re in ot her com prehen sive in come/l oss of nies lin ked by virtue of compa particip ating in terests	11	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
12 Actu arial ga ins/loss es on t he defi ned be nefit ob ligation 13 Oth er cha nges in equity unrela ted to o wners	12 13	0 1		0 0 0 0	0 0	0 0	0 0	0 34.582	0 0	0 0	0 0	0 0		0 0	0 0 0 1	0 0	0 34.584	0 0	0 34.584
14 Tax on tra nsactio gnised directl y in eq uity ns reco	14	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
15 Dec rease i n initia l (subs cribed) capita l (other than a rising f rom the pre bankru ptcy se ttlemen t proce dure o r from the rei nvestm ent of profit)	15	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
16 Dec rease i n initia l (subs cribed) capita l arisin g from the pre -bankr uptcy settlem cedure	16	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
ent pro
l (subs cribed) g from ent of profit 17 Dec rease i n initia capita l arisin the rei nvestm 18 Red emptio n of tre hares/h oldings asury s	17 18	0 0		0 0 0 0	0 0	0 20.754 .242	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0 0	0 0	0 -20.75 4.242	0 0	0 -20.75 4.242
19 Pay ments from m ember s/share holders	19	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
20 Pay ment o f share in prof it/divide nd 21 Oth er distr ibution s and p ts to m ember s/share holders aymen	20 21	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 -86.46 4.033 0 0	0 0	-86.46 4.033 0	0 0	-86.46 4.033 0
22 Tra nsfer to ording to the a nnual s chedul reserv es acc e 23 Incr ease in es aris ing from the pr e-bank ruptcy settlem ent pro cedure reserv	22 23	0 0		0 0 0 0	20.754 .242 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 48.368 .182 0 0	-69.09 1.228 0	31.196 0	0 0	31.196 0
24 Bal n the l ast da y of th ious b usines ting pe riod (A DP ance o e prev s year repor 04 to 2 3)	24	1.359.7 42.172		0 67.987 .109	21.226 .328	21.226 .328	0	173.89 0	0	11.737	-171.5 51	0		0	0 117.96 6.163	125.16 1.198	1.670.8 70.718	0	1.670.8 70.718
APPEN DIX TO THE S TATEM ENT O F CHA NGES IN EQU ITY (to be fill ed in b y unde	rtaking s that	draw u p finan cial st	ateme nts in accord	ith the IFRS) ance w
I OT HER C OMPR EHENS COME OF TH VIOUS PERIO OF IVE IN E PRE D, NET TAX (A DP 06 to 14)	25	1		0 0	0	0	0	34.582	0	18.323	-171.5 51	0		0	0 1	0	-118.6 44	0	-118.6 44
II CO MPRE HENSI VE INC OME O R LOS S FOR THE P REVIO US PE RIOD (ADP
05+25 )	26	1		0 0	0	0	0	34.582	0	18.323	-171.5 51	0		0	0 1	125.16 1.198	125.04 2.554	0	125.04 2.554
NSACT IONS W ITH OW NERS IOUS P ERIOD RECO GNISE III TRA IN THE PREV D DIREC TLY IN EQUIT Y (AD P 15 to 23)	27	0		0 0	20.754 .242	20.754 .242	0	0	0	0	0	0		0	0 -38.09 5.851	-69.09 1.228	-107.1 87.079	0	-107.1 87.079
Curren t perio d 1 Bala the fir st day of the nt bus iness y nce on curre ear	28	1.359.7 42.172		0 67.987 .109	21.226 .328	21.226 .328	0	173.89 0	0	11.737	-171.5 51	0		0	0 117.96 6.163	125.16 1.198	1.670.8 70.718	0	1.670.8 70.718
2 Chan ges in ting po licies accoun	29	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
3 Corre ction o f errors 4 Bala the fir st day of the nt bus iness y ear (re stated ) (AOP 28 to 30) nce on curre	30 31	0 1.359.7 42.172		0 0 0 67.987 .109	0 21.226 .328	0 21.226 .328	0 0	0 173.89 0	0 0	0 11.737	0 -171.5 51	0 0		0 0	0 0 0 117.96 6.163	0 125.16 1.198	0 1.670.8 70.718	0 0	0 1.670.8 70.718
5 Profi t/loss o f the p eriod	32	0		0 0	0	0	0	0	0	0	0	0		0	0 0	136.82 7.114	136.82 7.114	0	136.82 7.114
6 Exch ate diff s from transla tion of foreign tions ange r erence opera	33	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
7 Chan ges in revalua tion res f fixed tangibl e and intangi ble ass ets erves o	34	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
8 Gain s or los ses fro m subs equent rement of fina ncial a ssets a t fair va lue measu throug h other ehensi ve inco me (av ailable for sa le) compr	35	0		0 0	0	0	0	0	0	7.720	0	0		0	0 0	0	7.720	0	7.720
9 Profi t or los s arisin g from effectiv e cash flow h edge	36	0		0 0	0	0	0	0	0	0	-8.412 .246	0		0	0 0	0	-8.412 .246	0	-8.412 .246
10 Pro fit or lo ss aris ing from effecti ve hed ge of a net inv t in a fo reign estmen operat ion	37	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
11 Sha re in ot her com prehen sive in come/l oss of nies lin ked by virtue of compa particip ating in terests	38	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
12 Actu arial ga ins/loss es on t he defi ned be nefit ob ligation 13 Oth er cha nges in equity unrela ted to o wners	39 40	0 0		0 0 0 0	0 0	0 0	0 0	0 -269.8 48	0 0	0 0	0 0	0 0		0 0	0 0 0 -31.65 7.093	0 0	0 -31.92 6.941	0 0	0 -31.92 6.941
14 Tax on tra nsactio gnised directl y in eq uity ns reco	41	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
l (subs cribed) l (other rising f 15 Dec rease i n initia capita than a rom the pre bankru ptcy se ttlemen t proce dure o r from the rei nvestm ent of profit)	42	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
16 Dec rease i n initia l (subs cribed) capita l arisin g from the pre -bankr uptcy settlem ent pro cedure	43	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
17 Dec rease i n initia l (subs cribed) capita l arisin g from the rei nvestm ent of profit	44	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
18 Red emptio n of tre hares/h oldings asury s	45	0		0 0	0	27.632 .837	0	0	0	0	0	0		0	0 0	0	-27.63 2.837	0	-27.63 2.837
19 Pay ments from m ember s/share holders 20 Pay ment o f share in prof it/divide nd	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 -119.2 09.808	0 -119.2 09.808	0 0	0 -119.2 09.808
21 Oth er distr ibution s and p ts to m ember s/share holders aymen 22 Car ryforwa rd per l plane annua	48 49	0 0		0 0 0 0	-20.28 0.039 27.632 .837	-20.28 0.039 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0 -21.68 1.447	0 -5.951 .390	0 0	0 0	0 0
23 Incr ease in es aris ing from the pr e-bank ruptcy settlem ent pro cedure reserv	50	0		0 0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
y of th (ADP 24 Bal n the l ast da nt bus iness y orting period ance o e curre ear rep 31 to 5 0)	51	1.359.7 42.172		0 67.987 .109	28.579 .126	28.579 .126	0	-95.95 8	0	19.457	-8.583 .797	0		0	0 64.627 .623	136.82 7.114	1.620.5 23.720	0	1.620.5 23.720
APPEN DIX TO THE S TATEM ENT O F CHA NGES IN EQU ITY (to be fill ed in b y unde I OT HER C OMPR EHENS IVE IN COME FOR T HE CU RRENT PERIO D, NET OF	rtaking s that	draw u p finan cial st	ateme nts in accord	ith the IFRS) ance w
TAX (A DP 33 to 41)	52	0		0 0	0	0	0	-269.8 48	0	7.720	-8.412 .246	0		0	0 -31.65 7.093	0	-40.33 1.467	0	-40.33 1.467
II CO MPRE HENSI VE INC OME O R LOS S FOR THE C URRE NT PE RIOD ( ADP 3 2 do 52)	53	0		0 0	0	0	0	-269.8 48	0	7.720	-8.412 .246	0		0	0 -31.65 7.093	136.82 7.114	96.495 .647	0	96.495 .647
III TRA NSACT IONS W ITH OW NERS IN THE CURR ENT P ERIOD RECO GNISE D DIREC TLY IN EQUIT Y (A DP 42 to 50)	54	0		0 0	7.352.7 98	7.352.7 98	0	0	0	0	0	0		0	0 -21.68 1.447	-125.1 61.198	-146.8 42.645	0	-146.8 42.645

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

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

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

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

5. average number of employees during the financial year

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

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

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

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

10. the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer 12. the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability

11. 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 14. 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

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

13. 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

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