Hrvatski Telekom d.d.

Quarterly Report • Apr 29, 2025

UNAUDITED NON-CONSOLIDATED INTERIM REPORT FOR THE HT INC.

JANUARY - MARCH 2025

1

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HT INC. FINANCIAL HIGHLIGHTS

Revenue

Revenue growth supported by strong mobile and fixed business.

Adjusted EBITDA before exceptional items after leases

EBITDA before exceptional items after leases in reduced due to continuing inflationary and salary pressures, partly compensated by top line performance.

Net profit after non-controlling interests

Net profit contracted due to lower EBITDA, higher tax and depreciation, and negative impact of net financial result.

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 Q1 2025, consolidated and nonconsolidated, 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 Q1 2025 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, 29 April 2025

Annex 1		ISSUER'S GENERAL DATA
Reporting period:		01.01.2025	to	31.03.2025
Year:		2025
Quarter:		1.
	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	4826
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 No
Bookkeeping firm:	No	(Yes/No)		(name of the bookkeeping firm)
Contact person:	(only name and surname of the contact person)
Telephone:
	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 31.03.2025

Submitter: Hrvatski Telekom d.d.			in EUR
Item		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	1.459.964.463	1.477.799.075
I INTANGIBLE ASSETS (ADP 004 to 009)	003	393.962.470	404.220.820
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	269.160.288	279.126.727
3 Goodwill	006	16.749.363	16.749.363
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation	008	35.497.084	33.141.242
6 Other intangible assets II TANGIBLE ASSETS (ADP 011 to 019)	009 010	72.555.735 797.623.278	75.203.488 797.360.428
1 Land	011	2.702.601	2.702.601
2 Buildings	012	480.844.895	506.363.571
3 Plant and equipment	013	150.304.298	159.070.186
4 Tools, working inventory and transportation assets	014	100.163	96.650
5 Biological assets 6 Advances for the purchase of tangible assets	015 016	0 466.838	0 908.303
7 Tangible assets in preparation	017	161.607.427	126.629.083
8 Other tangible assets	018	1.076.106	1.073.477
9 Investment property	019	520.950	516.557
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	166.746.424	166.025.557
1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group	021 022	166.465.393 0	165.750.969 0
3 Loans, deposits, etc. to undertakings within the group	023	0	0
4. Investments in holdings (shares) of companies linked by virtue of	024	0	0
participating interests 5 Investment in other securities of companies linked by virtue of	025	0	0
participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests	026	0	0
7 Investments in securities	027	281.031	274.588
8 Loans, deposits, etc. given	028	0	0
9 Other investments accounted for using the equity method	029	0	0
10 Other fixed financial assets	030	0	0
IV RECEIVABLES (ADP 032 to 035) 1 Receivables from undertakings within the group	031 032	82.605.486 0	88.852.591 0
2 Receivables from companies linked by virtue of participating interests	033	0	0
3 Customer receivables	034	79.855.103	85.910.461
4 Other receivables	035	2.750.383	2.942.130
V DEFERRED TAX ASSETS	036	19.026.805	21.339.679
C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045)	037 038	482.904.619 64.719.755	475.624.547 68.747.577
1 Raw materials and consumables	039	10.356.921	11.868.395
2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise 5 Advances for inventories	042	22.662.834	25.179.182
6 Fixed assets held for sale	043 044	0 31.700.000	0 31.700.000
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	249.038.771	254.151.530
1 Receivables from undertakings within the group	047	1.921.679	998.788
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	238.721.134	245.223.247
4 Receivables from employees and members of the undertaking	050	2.244.559	2.378.282
5 Receivables from government and other institutions	051	2.423.428	742.693
6 Other receivables III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	052 053	3.727.971 0	4.808.520 1.000.000
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	0	1.000.000
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 8 Loans, deposits, etc. given	060 061	0 0	0 0
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	169.146.093	151.725.440
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	29.989.887	21.214.272
E) TOTAL ASSETS (ADP 001+002+037+064) OFF-BALANCE SHEET ITEMS	065 066	1.972.858.969 0	1.974.637.894 0

LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	1.620.523.720	1.626.777.191
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	67.891.151	67.910.815
1 Legal reserves	071	67.987.109	67.987.109
2 Reserves for treasury shares	072	28.579.126	45.477.986
3 Treasury shares and holdings (deductible item)	073	-28.579.126	-45.477.986
4 Statutory reserves	074	0	0
5 Other reserves	075	-95.958	-76.294
IV REVALUATION RESERVES	076	0	0
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	-8.564.340	-7.737.776
1 Financial assets at fair value through other comprehensive income	078	19.457	13.014
(i.e. available for sale)
2 Cash flow hedge - effective portion	079	-8.583.797	-7.750.790
3 Hedge of a net investment in a foreign operation - effective portion	080	0	0
4 Other fair value reserves	081	0	0
5 Exchange differences arising from the translation of foreign	082	0	0
operations (consolidation)
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-	083	64.627.623	183.037.855
085) 1 Retained profit
2 Loss brought forward	084	64.627.623	183.037.855
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	085 086	0 136.827.114	0 23.824.125
1 Profit for the business year	087	136.827.114	23.824.125
2 Loss for the business year	088	0	0
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0
B) PROVISIONS (ADP 091 to 096)	090	16.152.723	16.510.864
1 Provisions for pensions, termination benefits and similar obligations	091	2.662.730	3.160.177
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	8.565.908	8.366.830
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0	0
6 Other provisions	096	4.924.085	4.983.857
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	81.303.060	81.464.914
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 4 Liabilities for loans, deposits etc. of companies linked by virtue of	100	0	0
participating interests	101	0	0
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	107	80.931.670	81.093.524
11 Deferred tax liability	108	371.390	371.390
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	242.757.689	237.883.004
1 Liabilities to undertakings within the group	110	24.842.975	18.938.319
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	113	0	0
participating interests
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 9 Liabilities for securities	117	138.540.277	134.329.147
	118	0	0
10 Liabilities to employees	119	25.572.425	29.667.992
11 Taxes, contributions and similar liabilities 12 Liabilities arising from the share in the result	120	1.323.611	9.839.756
13 Liabilities arising from fixed assets held for sale	121 122	0 0	0 0
14 Other short-term liabilities	123	52.478.401	45.107.790
E) ACCRUALS AND DEFERRED INCOME	124	12.121.777	12.001.921
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	1.972.858.969	1.974.637.894
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2025 to 31.03.2025 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	223.830.708	223.830.708	233.685.263	233.685.263
1 Income from sales with undertakings within the group	002	5.723.795	5.723.795	4.032.104	4.032.104
2 Income from sales (outside group)	003	215.936.539	215.936.539	229.051.160	229.051.160
3 Income from the use of own products, goods and services	004	0	0	0	0
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	2.170.374	2.170.374	601.999	601.999
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	189.775.589	189.775.589	203.476.641	203.476.641
1 Changes in inventories of work in progress and finished goods	008	0	0	0	0
2 Material costs (ADP 010 to 012)	009	65.968.953	65.968.953	70.982.385	70.982.385
a) Costs of raw materials and consumables	010	7.504.075	7.504.075	7.378.262	7.378.262
b) Costs of goods sold	011	39.088.224	39.088.224	41.326.176	41.326.176
c) Other external costs	012	19.376.654	19.376.654	22.277.947	22.277.947
3 Staff costs (ADP 014 to 016)	013	32.503.202	32.503.202	37.767.288	37.767.288
a) Net salaries and wages	014	21.130.635	21.130.635	24.282.512	24.282.512
b) Tax and contributions from salary costs	015	7.575.057	7.575.057	8.908.386	8.908.386
c) Contributions on salaries 4 Depreciation	016	3.797.510	3.797.510	4.576.390	4.576.390
5 Other costs	017 018	59.219.181 25.124.753	59.219.181 25.124.753	60.494.131 24.985.297	60.494.131 24.985.297
6 Value adjustments (ADP 020+021)	019	1.697.052	1.697.052	1.519.908	1.519.908
a) fixed assets other than financial assets	020	0	0	0	0
b) current assets other than financial assets	021	1.697.052	1.697.052	1.519.908	1.519.908
7 Provisions (ADP 023 to 028)	022	5.262.448	5.262.448	7.727.632	7.727.632
a) Provisions for pensions, termination benefits and similar obligations	023	464.530	464.530	6.072.551	6.072.551
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	4.586.565	4.586.565	1.042.654	1.042.654
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	211.353	211.353	612.427	612.427
8 Other operating expenses	029	0	0	0	0
III FINANCIAL INCOME (ADP 031 to 040)	030	1.987.062	1.987.062	1.285.974	1.285.974
1 Income from investments in holdings (shares) of undertakings within	031	0	0	0	0
the group 2 Income from investments in holdings (shares) of companies linked by virtue of participating interests	032	0	0	0	0
3 Income from other long-term financial investment and loans granted to undertakings within the group	033	1.129.845	1.129.845	716.223	716.223
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	1.754	1.754	18.976	18.976
6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	692.473	692.473	216.074	216.074
8 Exchange rate differences and other financial income	038	162.990	162.990	334.701	334.701
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	1.634.329	1.634.329	2.022.863	2.022.863
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	7.929	7.929	1.205	1.205
3 Interest expenses and similar expenses	044	1.552.511	1.552.511	1.761.059	1.761.059
4 Exchange rate differences and other expenses	045	56.351	56.351	247.449	247.449
5 Unrealised losses (expenses) from financial assets	046	0	0	0	0
6 Value adjustments of financial assets (net)	047	1.739	1.739	-3.517	-3.517
7 Other financial expenses	048	15.799	15.799	16.667	16.667
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049	0	0	0	0
OF PARTICIPATING INTERESTS
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	225.817.770	225.817.770	234.971.237	234.971.237
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	191.409.918	191.409.918	205.499.504	205.499.504
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	34.407.852	34.407.852	29.471.733	29.471.733
1 Pre-tax profit (ADP 053-054)	056	34.407.852	34.407.852	29.471.733	29.471.733
2 Pre-tax loss (ADP 054-053)	057	0	0	0	0
XII INCOME TAX	058	2.845.562	2.845.562	5.647.608	5.647.608
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	31.562.290	31.562.290	23.824.125	23.824.125
1 Profit for the period (ADP 055-059)	060	31.562.290	31.562.290	23.824.125	23.824.125
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	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	064 065	0 0	0 0	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	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 II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX	078	31.562.290	31.562.290	23.824.125	23.824.125
(ADP 80+ 87)	079	-4.875.766	-4.875.766	826.564	826.564
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	3.872	3.872	-6.443	-6.443
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	3.872	3.872	-6.443	-6.443
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	-4.879.638	-4.879.638	833.007	833.007
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	-4.879.638	-4.879.638	833.007	833.007
4 Profit or loss arising from effective hedge of a net investment in a
foreign operation	091	0	0	0	0
5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	0	0
7 Changes in fair value of forward elements of forward contracts	094	0	0	0	0
8 Other items that may be reclassified to profit or loss	095	0	0	0	0
9 Income tax relating to items that may be reclassified to profit or loss	096	0	0	0	0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096)	097	-4.875.766	-4.875.766	826.564	826.564
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	26.686.524	26.686.524	24.650.689	24.650.689
APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 100+101)	099	0	0	0	0
1 Attributable to owners of the parent	100	0	0	0	0
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method
for the period 01.01.2025 to 31.03.2025

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	001	31.562.290	29.471.733
2 Adjustments (ADP 003 to 010):	002	64.432.171	61.660.070
a) Depreciation	003	59.219.181	60.494.131
b) Gains and losses from sale and value adjustment of fixed tangible and
intangible assets	004	-364.889	-22.499
c) Gains and losses from sale and unrealised gains and losses and value	005	-1.112.307	-719.740
adjustment of financial assets
d) Interest and dividend income	006	-692.473	-216.074
e) Interest expenses	007	1.552.511	1.761.059
f) Provisions	008	4.672.391	356.061
g) Exchange rate differences (unrealised)	009	37.022	0
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	1.120.735	7.132
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	95.994.461	91.131.803
3 Changes in the working capital (ADP 013 to 016)	012	11.172.145	1.231.945
a) Increase or decrease in short-term liabilities	013	11.381.478	5.084.372
b) Increase or decrease in short-term receivables	014	10.043.624	2.855.055
c) Increase or decrease in inventories	015	-9.751.709	-4.036.327
d) Other increase or decrease in working capital	016	-501.248	-2.671.155
II Cash from operations (ADP 011+012)	017	107.166.606	92.363.748
4 Interest paid	018	-1.466.759	-1.191.457
5 Income tax paid	019	-9.641.261	-7.794.810
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	96.058.586	83.377.481
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	021	0	0
2 Cash receipts from sales of financial instruments	022	0	0
3 Interest received	023	2.200.528	935.087
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	2.987.121	121.741
6 Other cash receipts from investment activities	026	23.226	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	5.210.875	1.056.828
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-53.974.151	-50.358.698
2 Cash payments for the acquisition of financial instruments	029	0	582
3 Cash payments for loans and deposits for the period	030	-3.000.000	-1.006.278
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	-4.843.595	-439.067
IV Total cash payments from investment activities (ADP 028 to 032)	033	-61.817.746	-51.803.461
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-56.606.871	-50.746.633
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	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 borrowings and debt financial instruments	040	0	0
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-10.095.767	-11.531.364
4 Cash payments for the redemption of treasury shares and decrease in
initial (subscribed) capital	043	-1.559.819	-16.898.861
5 Other cash payments from financing activities	044	-8.021.472	-21.621.276
VI Total cash payments from financing activities (ADP 040 to 044)	045	-19.677.058	-50.051.501
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-19.677.058	-50.051.501
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	19.774.657	-17.420.653
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE
PERIOD	049	190.841.642	169.146.093
F) CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD(ADP 048+049)	050	210.616.299	151.725.440

in EUR

for the period 01.01.2025 to 31.03.2025 STATEMENT OF CASH FLOWS - direct method

in EUR

Submitter: Hrvatski Telekom d.d.
Item	ADP	Same period of the	Current period
1	code 2	previous year 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	037	0	0
initial (subscribed) capital
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 C for th iod fr 01.01 .2025 to e per om	HAN GES 31.03 .2025	IN E QUIT Y																in EU R
									Attribu table t o owne	rs of th nt e pare
	ADP					Treasu ry sha res and				Fair va lue of financ ial ass ets		of a n Hedge et		Excha te nge ra				Minori ty (non	Total c apital a nd
Item	code	Initial ( subsc ribed) capital	Capita l reser ves	Legal r eserve s	Reserv es for treasu ry shares	holdin gs (de le item) ductib	Statuto ry rese rves	Other reserv es	Revalu ation r eserve s	throug h othe r ehens ive compr	Cash f low he dge - effectiv e porti on	investm ent in a foreign tion - opera	Other f air val ue reserv es	differe nces fr om transla tion of foreig	Retain ed pro fit / los s brough t forwa rd n	Profit/l oss fo r the busine ss yea r	Total a ttributa ble to s of th nt owner e pare	control ling) intere st	reserv es
										income (availa ble for sale)		effectiv e porti on		operat ions
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18 (3 to 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 2 Chan ges in ting po licies accoun	01 02	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	-171.55 1 0	0 0		0 0	0 117.96 6.163 0 0	125.16 1.198 0	1.670.8 70.718 0	0 0	1.670.8 70.718 0
3 Corre ction of errors	03	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 0 3) nce on	04	1.359.7 42.172	0	67.987 .109	21.226 .328	21.226 .328	0	173.89 0	0	11.737	-171.55 1	0		0	0 117.96 6.163	125.16 1.198	1.670.8 70.718	0	1.670.8 70.718
5 Profit /loss of the pe riod 6 Exch te diffe from tr anslatio n of for eign op eration ange ra rences s	05 06	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	136.82 7.114 0	136.82 7.114 0	0 0	136.82 7.114 0
7 Chan ges in revalua tion res f fixed tangibl e and i ntangib le asse ts 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 as sets at fair val measu ue
through other c ompreh ensive income (availa ble for sale) 9 Profit from e ffective cash f	08	0	0	0	0	0	0	0	0	7.720	0	0		0	0 0	0	7.720	0	7.720
or loss arising low hed ge	09	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 Prof it or los s arisin g from effectiv e hedg e of a n et inve in a fo reign o peratio stment n	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 inc ome/lo ss of co mpanie s linked by virt ue of 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 chan ges in equity unrelat ed to o wners	12 13	0 0	0 0	0 0	0 0	0 0	0 0	0 -269.84 8	0 0	0 0	0 0	0 0		0 0	0 0 0 -31.657 .093	0 0	0 -31.926 .941	0 0	0 -31.926 .941
14 Tax on tran saction nised d irectly i n equit s recog y	14	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
15 Dec rease i n initial (subsc ribed) c apital ( other th an aris ing from the pre -bankru ptcy settlem ent pro cedure or from the rei nvestm ent of p rofit)	15	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
16 Dec rease i n initial (subsc ribed) c apital a rising f rom the pre-ba nkruptc y settle ment	16	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
proced ure
17 Dec rease i n initial (subsc ribed) c apital a rising f rom the reinve of prof it stment	17	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
n of tre hares/h 18 Red emptio oldings asury s from m /shareh 19 Pay ments embers olders	18 19	0 0	0 0	0 0	0 0	27.632 .837 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0 0	0 0	-27.632 .837 0	0 0	-27.632 .837 0
f share in prof it/divide 20 Pay ment o nd	20	0	0	0	0	0	0	0	0	0	0	0		0	0 0	-119.20 9.808	-119.20 9.808	0	-119.20 9.808
21 Oth bers/sh er distr ibutions and pa yments to mem arehold ers 22 Tra nsfer to rding to the an nual sc hedule reserv es acco	21 22	0 0	0 0	0 0	-20.280 .039 27.632 .837	-20.280 .039 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0 -21.681 .447	0 -5.951. 390	0 0	0 0	0 0
23 Incr ease in es aris ing from the pre -bankru ttlemen dure ptcy se t proce reserv	23	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
24 Bal n the la st day of the previo us bus iness y orting period (ADP ance o ear rep 04 to 2 3)	24	1.359.7 42.172	0	67.987 .109	28.579 .126	28.579 .126	0	-95.958	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 fille d in by under	taking s that	draw u p finan cial sta temen	ts in ac cordan ce with	the IF RS)
I OTH ER CO MPREH ENSIV E INCO ME OF THE P REVIO US PE RIOD, NET O F TAX (ADP 0 6 to 14 )	25	0	0	0	0	0	0	-269.84 8	0	7.720	-8.412. 246	0		0	0 -31.657 .093	0	-40.331 .467	0	-40.331 .467
II CO MPREH ENSIV E INCO ME OR LOSS FOR T HE PR EVIOU S PER IOD (A DP
05+25)	26	0	0	0	0	0	0	-269.84 8	0	7.720	-8.412. 246	0		0	0 -31.657 .093	136.82 7.114	96.495 .647	0	96.495 .647
III TRA NSACT IONS W ITH OW NERS IN THE PREV IOUS P ERIOD RECO GNISE D DIREC TLY IN EQUIT Y (AD P 15 to 23)	27	0	0	0	7.352.7 98	7.352.7 98	0	0	0	0	0	0		0	0 -21.681 .447	-125.16 1.198	-146.84 2.645	0	-146.84 2.645
Curren t perio d
1 Bala the fir st day of the t busin nce on curren ess ye ar 2 Chan ges in ting po licies accoun	28 29	1.359.7 42.172 0	0 0	67.987 .109 0	28.579 .126 0	28.579 .126 0	0 0	-95.958 0	0 0	19.457 0	-8.583. 797 0	0 0		0 0	0 64.627 .623 0 0	136.82 7.114 0	1.620.5 23.720 0	0 0	1.620.5 23.720 0
3 Corre ction of errors	30	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 t busin ar (res tated) (AOP 2 8 to 30 ) nce on curren ess ye	31	1.359.7 42.172	0	67.987 .109	28.579 .126	28.579 .126	0	-95.958	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
5 Profit /loss of the pe riod	32	0	0	0	0	0	0	0	0	0	0	0		0	0 0	23.824 .125	23.824 .125	0	23.824 .125
6 Exch te diffe from tr anslatio n of for eign op eration ange ra rences s	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 i ntangib le asse ts erves o 8 Gain s or los ses fro m subs equent rement of fina ncial as sets at fair val measu ue	34	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
through other c ompreh ensive income (availa ble for sale)	35	0	0	0	0	0	0	0	0	-6.443	0	0		0	0 0	0	-6.443	0	-6.443
9 Profit or loss arising from e ffective cash f low hed ge	36	0	0	0	0	0	0	0	0	0	833.00 7	0		0	0 0	0	833.00 7	0	833.00 7
10 Prof it or los s arisin g from effectiv e hedg e of a n et inve stment in a fo reign o peratio n	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 inc ome/lo ss of co mpanie s linked by virt ue of 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	39	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
13 Oth er chan ges in equity unrelat ed to o wners 14 Tax on tran saction nised d irectly i n equit s recog y	40 41	0 0	0 0	0 0	0 0	0 0	0 0	19.664 0	0 0	0 0	0 0	0 0		0 0	0 -1.518. 022 0 0	0 0	-1.498. 358 0	0 0	-1.498. 358 0
15 Dec rease i n initial (subsc ribed) c apital ( other th an aris ing from the pre -bankru ptcy settlem cedure or from the rei ent of p rofit) ent pro nvestm	42	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
16 Dec rease i n initial (subsc ribed) c apital a rising f rom the pre-ba nkruptc y settle ment	43	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
proced ure 17 Dec rease i n initial rom the reinve stment it	44	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
(subsc ribed) c apital a rising f of prof n of tre hares/h 18 Red emptio oldings asury s	45	0	0	0	0	16.898 .860	0	0	0	0	0	0		0	0 0	0	-16.898 .860	0	-16.898 .860
from m /shareh 19 Pay ments embers olders	46	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
f share in prof it/divide 20 Pay ment o nd 21 Oth bers/sh er distr ibutions and pa yments to mem arehold ers	47 48	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
22 Car ryforwa rd per a nnual p lane	49	0	0	0	16.898 .860	0	0	0	0	0	0	0		0	0 119.92 8.254	-136.82 7.114	0	0	0
23 Incr ease in es aris ing from the pre -bankru ttlemen dure ptcy se t proce reserv	50	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
24 Bal n the la st day of the t busin rting p eriod ( ADP 3 1 ance o curren ess ye ar repo to 50)	51	1.359.7 42.172	0	67.987 .109	45.477 .986	45.477 .986	0	-76.294	0	13.014	-7.750. 790	0		0	0 183.03 7.855	23.824 .125	1.626.7 77.191	0	1.626.7 77.191
APPEN DIX TO THE S TATEM ENT O F CHA NGES IN EQU ITY (to be fille d in by under	taking s that	draw u p finan cial sta temen	ts in ac cordan ce with	the IF RS)
I OTH ER CO MPREH ENSIV E INCO ME FO R THE CURR ENT P ERIOD , NET O F TAX (ADP 3 3 to 41 )	52	0	0	0	0	0	0	19.664	0	-6.443	833.00 7	0		0	0 -1.518. 022	0	-671.79 4	0	-671.79 4
II CO MPREH ENSIV E INCO ME OR LOSS FOR T HE CU RRENT PERIO D (ADP 32 do	53	0	0	0	0	0	0	19.664	0	-6.443	833.00 7	0		0	0 -1.518. 022	23.824 .125	23.152 .331	0	23.152 .331
52) III TRA NSACT IONS W ITH OW NERS IN THE CURR ENT P ERIOD RECO GNISE D
DIREC TLY IN EQUIT Y (AD P 42 to 50)	54	0	0	0	16.898 .860	16.898 .860	0	0	0	0	0	0		0	0 119.92 8.254	-136.82 7.114	-16.898 .860	0	-16.898 .860

NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods)

Name of the issuer: _______________________________________________________

Personal identification number (OIB): ________________________________________________________ Reporting period: _____________________________________________

Notes to financial statements for quarterly periods include:

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

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

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

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

e) other comments prescribed by IAS 34 - Interim financial reporting f) in the notes to quarterly periods financial statements, in addition to the information stated above, information in respect of the following matters shall be disclosed:

1. undertaking's name, registered office (address), legal form, country of establishment, entity's registration number and, if applicable, the indication whether the undertaking is undergoing liquidation, bankruptcy proceedings, shortened termination proceedings or extraordinary administration

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

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

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

2. 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

3. average number of employees during the financial year

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

5. 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

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

7. the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability

8. 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

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

10. 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

11. 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