Hrvatski Telekom d.d.

Quarterly Report • Jul 24, 2025

UNAUDITED NON-CONSOLIDATED INTERIM REPORT FOR THE HT INC.

JANUARY - JUNE 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 reduced due to continuing cost pressures, partly compensated by top line performance.

Net profit after non-controlling interests

Net profit contracted following lower EBITDA.

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 H1 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 H1 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, 24 July 2025

Annex 1		ISSUER'S GENERAL DATA
Reporting period:		01.01.2025		to	30.06.2025
Year:		2025
Quarter:		2.
	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	4836
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)

1. 2.

2. 4.

BALANCE SHEET balance as at 30.06.2025

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	1,459,964,463	1,481,966,159
I INTANGIBLE ASSETS (ADP 004 to 009)	003	393,962,470	391,148,411
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	269,160,288	273,957,829
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 6 Other intangible assets	008	35,497,084	25,050,932
II TANGIBLE ASSETS (ADP 011 to 019)	009 010	72,555,735 797,623,278	75,390,287 812,220,829
1 Land	011	2,702,601	2,706,328
2 Buildings	012	480,844,895	514,604,292
3 Plant and equipment	013	150,304,298	168,218,188
4 Tools, working inventory and transportation assets 5 Biological assets	014 015	100,163 0	93,145 0
6 Advances for the purchase of tangible assets	016	466,838	2,256,911
7 Tangible assets in preparation	017	161,607,427	122,829,303
8 Other tangible assets	018	1,076,106	1,070,849
9 Investment property	019	520,950	441,813
III FIXED FINANCIAL ASSETS (ADP 021 to 030) 1 Investments in holdings (shares) of undertakings within the group	020 021	166,746,424 166,465,393	166,025,825 165,750,969
2 Investments in other securities of undertakings within the group	022	0	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	281,031	274,856
8 Loans, deposits, etc. given 9 Other investments accounted for using the equity method	028 029	0 0	0 0
10 Other fixed financial assets	030	0	0
IV RECEIVABLES (ADP 032 to 035)	031	82,605,486	91,798,153
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	79,855,103	88,568,189
4 Other receivables V DEFERRED TAX ASSETS	035	2,750,383	3,229,964
C) CURRENT ASSETS (ADP 038+046+053+063)	036 037	19,026,805 482,904,619	20,772,941 384,739,087
I INVENTORIES (ADP 039 to 045)	038	64,719,755	74,033,350
1 Raw materials and consumables	039	10,356,921	12,725,492
2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise 5 Advances for inventories	042 043	22,662,834 0	29,607,858 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	249,038,771	259,627,263
1 Receivables from undertakings within the group	047	1,921,679	1,805,522
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	238,721,134	249,599,104
4 Receivables from employees and members of the undertaking	050	2,244,559	2,362,387
5 Receivables from government and other institutions	051	2,423,428	404,435
6 Other receivables	052	3,727,971	5,455,815
III CURRENT FINANCIAL ASSETS (ADP 054 to 062) 1 Investments in holdings (shares) of undertakings within the group	053 054	0 0	2,002,493 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	2,002,493
4 Investments in holdings (shares) of companies linked by virtue of
participating interests 5 Investment in other securities of companies linked by virtue of	057	0	0
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	0	0
8 Loans, deposits, etc. given 9 Other financial assets	061 062	0 0	0 0
IV CASH AT BANK AND IN HAND	063	169,146,093	49,075,981
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	29,989,887	21,202,269
E) TOTAL ASSETS (ADP 001+002+037+064)	065	1,972,858,969	1,887,907,515
OFF-BALANCE SHEET ITEMS	066	0	0
LIABILITIES

A) CAPITAL AND RESERVES (ADP 068 to	067	1,620,523,720	1,525,832,927
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	67,932,958
1 Legal reserves	071	67,987,109	67,987,109
2 Reserves for treasury shares 3 Treasury shares and holdings (deductible item)	072	28,579,126	58,017,087
4 Statutory reserves	073 074	-28,579,126 0	-58,017,087 0
5 Other reserves	075	-95,958	-54,151
IV REVALUATION RESERVES	076	0	0
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	-8,564,340	-7,193,147
1 Financial assets at fair value through other comprehensive income
(i.e. available for sale)	078	19,457	13,282
2 Cash flow hedge - effective portion	079	-8,583,797	-7,206,429
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- 085)	083	64,627,623	45,019,712
1 Retained profit	084	64,627,623	45,019,712
2 Loss brought forward	085	0	0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	136,827,114	60,331,232
1 Profit for the business year	087	136,827,114	60,331,232
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	16,050,460
1 Provisions for pensions, termination benefits and similar obligations	091	2,662,730	3,229,428
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	8,565,908	7,768,731
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	5,052,301
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	81,303,060	81,150,916
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 8 Liabilities to suppliers	104	0	0
9 Liabilities for securities	105 106	0 0	0 0
10 Other long-term liabilities	107	80,931,670	80,779,526
11 Deferred tax liability	108	371,390	371,390
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	242,757,689	252,876,356
1 Liabilities to undertakings within the group	110	24,842,975	15,397,803
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	138,540,277	160,201,405
9 Liabilities for securities	118	0	0
10 Liabilities to employees	119	25,572,425	21,933,090
11 Taxes, contributions and similar liabilities	120	1,323,611	13,697,074
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	52,478,401	41,646,984
E) ACCRUALS AND DEFERRED INCOME	124	12,121,777	11,996,856
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	1,972,858,969	1,887,907,515
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2025 to 30.06.2025 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	462,456,284	238,625,576	476,948,001	243,262,738
1 Income from sales with undertakings within the group	002	13,263,876	7,540,081	11,503,104	7,471,000
2 Income from sales (outside group)	003	441,982,427	226,045,888	462,288,178	233,237,018
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	9 7,209,972	9 5,039,598	0 3,156,719	0 2,554,720
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	389,929,312	200,153,723	409,669,545	206,192,904
1 Changes in inventories of work in progress and finished goods	008	0	0	0	0
2 Material costs (ADP 010 to 012)	009	134,558,419	68,589,466	140,722,383	69,739,998
a) Costs of raw materials and consumables	010	15,199,773	7,695,698	15,034,902	7,656,640
b) Costs of goods sold	011	78,610,288	39,522,064	79,893,474	38,567,298
c) Other external costs	012	40,748,358	21,371,704	45,794,007	23,516,060
3 Staff costs (ADP 014 to 016)	013	64,555,619	32,052,417	79,760,860	41,993,572
a) Net salaries and wages	014	41,934,810	20,804,175	51,319,089	27,036,577
b) Tax and contributions from salary costs	015	15,099,241	7,524,184	18,883,048	9,974,662
c) Contributions on salaries	016	7,521,568	3,724,058	9,558,723	4,982,333
4 Depreciation	017	118,872,024	59,652,843	121,615,056	61,120,925
5 Other costs	018	55,360,166	30,235,413	55,370,895	30,385,598
6 Value adjustments (ADP 020+021) a) fixed assets other than financial assets	019 020	4,665,795 0	2,968,743 0	3,096,961 0	1,577,053 0
b) current assets other than financial assets	021	4,665,795	2,968,743	3,096,961	1,577,053
7 Provisions (ADP 023 to 028)	022	11,917,289	6,654,841	9,103,390	1,375,758
a) Provisions for pensions, termination benefits and similar obligations	023	2,038,038	1,573,508	7,207,156	1,134,605
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	8,903,102	4,316,537	911,505	-131,149
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	976,149	764,796	984,729	372,302
8 Other operating expenses	029	0	0	0	0
III FINANCIAL INCOME (ADP 031 to 040) 1 Income from investments in holdings (shares) of undertakings within	030	3,699,915	1,712,853	10,235,336	8,949,362
the group	031	0	0	8,097,566	8,097,566
2 Income from investments in holdings (shares) of companies linked by	032	0	0	0	0
virtue of participating interests 3 Income from other long-term financial investment and loans granted to
undertakings within the group	033	1,952,021	822,176	992,557	276,334
4 Other interest income from operations with undertakings within the	034	0	0	0	0
group 5 Exchange rate differences and other financial income from operations
with undertakings within the group	035	2,914	1,160	16,556	-2,420
6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	1,450,877	758,404	473,259	257,185
8 Exchange rate differences and other financial income	038	294,103	131,113	655,398	320,697
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	3,724,713	2,090,384	4,778,371	2,755,508
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	043	12,186	4,257	26	-1,179
undertakings within the group
3 Interest expenses and similar expenses	044	3,527,724	1,975,213	4,120,194	2,359,135
4 Exchange rate differences and other expenses 5 Unrealised losses (expenses) from financial assets	045	139,945	83,594	623,941	376,492
6 Value adjustments of financial assets (net)	046 047	0 1,525	0 -214	0 599	0 4,116
7 Other financial expenses	048	43,333	27,534	33,611	16,944
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	466,156,199	240,338,429	487,183,337	252,212,100
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	393,654,025	202,244,107	414,447,916	208,948,412
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	72,502,174	38,094,322	72,735,421	43,263,688
1 Pre-tax profit (ADP 053-054)	056	72,502,174	38,094,322	72,735,421	43,263,688
2 Pre-tax loss (ADP 054-053)	057	0	0	0	0
XII INCOME TAX	058	9,891,417	7,045,855	12,404,189	6,756,581
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059) 1 Profit for the period (ADP 055-059)	059	62,610,757	31,048,467	60,331,232	36,507,107
2 Loss for the period (ADP 059-055)	060	62,610,757	31,048,467	60,331,232	36,507,107
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)	061	0	0	0	0
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 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	62,610,757	31,048,467	60,331,232	36,507,107
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX	079	-6,779,420	-1,903,654	1,371,194	544,630
(ADP 80+ 87)
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	913	-2,959	-6,175	268
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	082	913	-2,959	-6,175	268
at fair value through other comprehensive income 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	-6,780,333	-1,900,695	1,377,369	544,362
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 fair value through other comprehensive income	089	0	0	0	0
3 Profit or loss arising from effective cash flow hedging	090	-6,780,333	-1,900,695	1,377,369	544,362
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	-6,779,420	-1,903,654	1,371,194	544,630
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	55,831,337	29,144,813	61,702,426	37,051,737
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	099	0	0	0	0
100+101)
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 30.06.2025

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	72,502,174	72,735,421
2 Adjustments (ADP 003 to 010):	002	127,743,625	115,187,439
a) Depreciation	003	118,872,024	121,615,056
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	-4,391,219	-1,775,046
c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets	005	-1,907,163	-992,557
d) Interest and dividend income	006	-1,450,877	-8,686,610
e) Interest expenses	007	3,527,724	4,120,793
f) Provisions	008	9,143,039	-104,343
g) Exchange rate differences (unrealised)	009	100,418	101,410
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	3,849,679	908,736
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	200,245,799	187,922,860
3 Changes in the working capital (ADP 013 to 016)	012	7,333,319	3,396,240
a) Increase or decrease in short-term liabilities	013	9,128,828	21,984,989
b) Increase or decrease in short-term receivables	014	10,492,006	-2,531,935
c) Increase or decrease in inventories	015	-8,361,833	-9,320,577
d) Other increase or decrease in working capital	016	-3,925,682	-6,736,237
II Cash from operations (ADP 011+012)	017	207,579,118	191,319,100
4 Interest paid 5 Income tax paid	018	-3,275,127	-2,337,128
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	019 020	-21,622,753 182,681,238	-13,083,754 175,898,218
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	021	5,449,385	1,728,049
2 Cash receipts from sales of financial instruments	022	0	0
3 Interest received	023	3,613,193	1,469,663
4 Dividends received	024	0	8,097,566
5 Cash receipts from repayment of loans and deposits	025	7,487,959	126,260
6 Other cash receipts from investment activities	026	33,325	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	16,583,862	11,421,538
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-88,140,012	-100,298,693
2 Cash payments for the acquisition of financial instruments	029	-5,917,388	-54,290
3 Cash payments for loans and deposits for the period	030	-8,000,000	-2,002,493
4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities	031 032	0 -404,063	0 -11,599
IV Total cash payments from investment activities (ADP 028 to 032)	033	-102,461,463	-102,367,075
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-85,877,601	-90,945,537
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	-119,211,475	-125,479,129
3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in	042 043	-21,131,791 -3,647,201	-22,949,394 -30,190,861
initial (subscribed) capital 5 Other cash payments from financing activities	044	-16,353,620	-26,403,409
VI Total cash payments from financing activities (ADP 040 to 044)	045	-160,344,087	-205,022,793
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-160,344,087	-205,022,793
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	-63,540,450	-120,070,112
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	127,301,192	49,075,981

in EUR

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

in EUR

Submitter: Hrvatski Telekom d.d.
Item	ADP	Same period of the	Current period
1	code	previous year
Cash flow from operating activities	2	3	4
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

STAT EME NT O F CH for th iod fr 01.01 .2025 to e per om	ANG ES IN 30.06 .2025	EQU ITY																in EU R
									Attribu table to	s of the parent owner
	ADP					Treasu es and				Fair va lue of financi al asse ts		Hedge of a ne t		Exchan ge rate	Retaine t /		Total a ttributa ble to	Minorit y (non	Total c apital a nd
Item	code	Initial ( subscr ibed) capital	Capita l reserv es	Legal r eserve s	es for treasu Reserv ry shar es	ry shar holding s (deduc	Statuto ry rese rves	Other r eserve s	Revalu ation reserve s	throug h other hensiv compre e	Cash f low he dge - effectiv e porti on	investm ent in a foreign operat ion -	Other f air valu e reserve s	differe nces fr om transla tion of	d profi loss br ought	Profit/l oss for the busine ss yea r	of the owners	controll ing) interes t	reserve s
						tible ite m)				(availa income ble for sale )		effectiv e porti on		foreign operat ions	forwar d		parent
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18 (3 to 6 - 7 + 8 to	19	20 (18+ 19)
Previo us peri od																	17)
1 Balan ce on t he first day of the pr evious busine ss yea r 2 Chan ges in a ccounti ng polic ies	01 02	1,359,7 42,172 0	0 0	67,987 ,109 0	21,226 ,328 0	21,226 ,328 0	0 0	173,890 0	0 0	11,737 0	-171,55 1 0	0 0		0 0	0 117,966 ,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 Balan ce on t he first day of the pr evious busine r (resta ted) (A DP 01 t ss yea o 03)	04	1,359,7 42,172	0	67,987 ,109	21,226 ,328	21,226 ,328	0	173,890	0	11,737	-171,55 1	0		0	0 117,966 ,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 differ ences f rom tra nslation of fore ign ope rations ange ra	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	136,827 ,114 0	136,827 ,114 0	0 0	136,827 ,114 0
7 Chan ges in r evaluat ion rese rves of fixed ta ngible a nd intan gible as sets	07	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
8 Gains es from ent of f at fair or loss uent me inancia l assets value
subseq asurem through other c ompreh ensive income (availa ble for s ale)	08	0	0	0	0	0	0	0	0	7,720	0	0		0	0 0	0	7,720	0	7,720
9 Profit or loss arising from e ffective cash fl ow 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 inves tment in a forei ration gn ope	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/los s of com panies linked b y virtue 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 th e define d benef it obliga tion	12	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
13 Othe r chang es in eq uity unr elated t o owne rs 14 Tax on tran saction nised d irectly i n equity s recog	13 14	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 -31,657 ,093 0 0	0 0	-31,926 ,941 0	0 0	-31,926 ,941 0
15 Dec rease in initial ( subscri bed) ca pital (ot her tha n arisin g from the pre -bankru ptcy	15	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
settlem cedure or from the rei ent of p rofit) ent pro nvestm 16 Dec rease in subscri re-bank ettleme nt
initial ( bed) ca pital ari sing fro m the p ruptcy s proced ure	16	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
17 Dec rease in initial ( subscri bed) ca pital ari sing fro m the r einvest ment of profit	17	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
18 Red emption of trea sury sh ares/ho ldings	18	0	0	0	0	27,632 ,837	0	0	0	0	0	0		0	0 0	0	-27,632 ,837	0	-27,632 ,837
19 Pay ments f mbers/s hareho lders rom me 20 Pay ment of share in profit /dividen d	19 20	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 -119,20 9,808	0 -119,20 9,808	0 0	0 -119,20 9,808
21 Othe r distrib utions a nd paym ents to membe rs/share holders sfer to 22 Tran the ann ual sch edule	21	0 0	0 0	0 0	-20,280 ,039	-20,280 ,039 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
ding to reserve s accor 23 Incr ease in es arisi ng from the pre -bankru ptcy se ttlemen t proce dure reserv	22 23	0	0	0	27,632 ,837 0	0	0	0	0	0	0	0		0	-21,681 ,447 0 0	-5,951, 390 0	0	0	0
24 Bala the las t day o f the p revious busine ting pe riod (A DP nce on ss yea r repor 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	136,827 ,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	takings that d	financ ial stat raw up	ements in acc ordanc	e with the IFR S)
I OTH ER CO MPREH ENSIVE INCOM E OF T HE PR EVIOU S PERI OD, NE T OF T AX (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 COM NSIVE INCOM E OR L OSS FO PREVIO US PER IOD (AD PREHE R THE P
05+25)	26	0	0	0	0	0	0	-269,84 8	0	7,720	-8,412, 246	0		0	0 -31,657 ,093	136,827 ,114	96,495 ,647	0	96,495 ,647
III TRA NSACT IONS W ITH OW NERS I N THE PREVIO US PER IOD RE COGNI SED DIREC TLY IN EQUIT Y (ADP 15 to 2 3)	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 Balan he first day of the cu rrent b usines ce on t s year 2 Chan ges in a ccounti ng polic ies	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	136,827 ,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 Balan ce on t he first day of the cu rrent b usines (restate d) (AO P 28 to 30) s year	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	136,827 ,114	1,620,5 23,720	0	1,620,5 23,720
5 Profit /loss of the pe riod te differ ences f of fore	32	0	0	0	0	0	0	0	0	0	0	0		0	0 0	60,331 ,232	60,331 ,232	0	60,331 ,232
6 Exch rom tra nslation ign ope rations ange ra 7 Chan evaluat ion rese rves of fixed ta nd intan sets	33	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
ges in r ngible a gible as 8 Gains or loss es from subseq ent of f inancia l assets at fair value uent me asurem	34
through other c ompreh ensive income (availa ble for s ale)	35	0	0	0	0	0	0	0	0	-6,175	0	0		0	0 0	0	-6,175	0	-6,175
9 Profit or loss arising from e ffective cash fl ow hed ge	36	0	0	0	0	0	0	0	0	0	1,377,3 68	0		0	0 0	0	1,377,3 68	0	1,377,3 68
10 Prof it or los s arisin g from effectiv e hedg e of a n et inves tment in a forei ration gn ope	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/los s of com panies linked b y virtue 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 th e define d benef it obliga tion	39	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
13 Othe r chang es in eq uity unr elated t o owne rs 14 Tax saction nised d irectly i n equity on tran s recog	40 41	0 0	0 0	0 0	0 0	0 0	0 0	41,807 0	0 0	0 0	0 0	0 0		0 0	0 -1,518, 022 0 0	0 0	-1,476, 215 0	0 0	-1,476, 215 0
15 Dec rease in initial ( subscri bed) ca pital (ot her tha n arisin g from the pre -bankru ptcy settlem ent pro cedure or from the rei nvestm ent of p rofit)	42	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
16 Dec rease in initial ( subscri bed) ca pital ari sing fro m the p re-bank ruptcy s ettleme nt	43	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
proced ure 17 Dec rease in initial ( subscri bed) ca pital ari sing fro m the r einvest ment of profit	44	0	0	0	0	0	0	0	0	0	0	0		0	0 0	0	0	0	0
18 Red emption of trea sury sh ares/ho ldings	45	0	0	0	0	29,437 ,961	0	0	0	0	0	0		0	0 0	0	-29,437 ,961	0	-29,437 ,961
19 Pay ments f mbers/s hareho lders rom me 20 Pay ment of share in profit /dividen d	46 47	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0 0	0	0	0 0	0
21 Othe rs/share r distrib utions a nd paym ents to membe holders	48	0	0	0	0	0	0	0	0	0	0	0		0	0 0	-125,47 9,042 0	-125,47 9,042 0	0	-125,47 9,042 0
22 Carr yforwar d per a nnual p lane 23 Incr ease in es arisi ng from the pre -bankru ptcy se ttlemen t proce dure reserv	49 50	0 0	0 0	0 0	29,437 ,961 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0	0 -18,089 ,889 0 0	-11,348 ,072 0	0 0	0 0	0 0
24 Bala the las t day o f the cu rrent b usines reporti iod (A DP nce on s year ng per 31 to 5	51	1,359,7 42,172	0	67,987 ,109	58,017 ,087	58,017 ,087	0	-54,151	0	13,282	-7,206, 429	0		0	0 45,019 ,712	60,331 ,232	1,525,8 32,927	0	1,525,8 32,927
0) APPEN DIX TO THE S TATEM ENT O F CHA NGES IN EQU ITY (to be fille d in by under	takings that d	financ ial stat raw up	ements in acc ordanc	e with the IFR S)
I OTH ER CO MPREH ENSIVE INCOM E FOR THE C URREN T PERI OD, NE T OF DP 33 t	52	0	0	0	0	0	0	41,807	0	-6,175	1,377,3 68	0		0	0 -1,518, 022	0	-105,02 2	0	-105,02 2
TAX (A o 41) II COM PREHE NSIVE INCOM E OR L OSS FO R THE CURRE NT PER IOD (AD P 32 do
52)	53	0	0	0	0	0	0	41,807	0	-6,175	1,377,3 68	0		0	0 -1,518, 022	60,331 ,232	60,226 ,210	0	60,226 ,210
III TRA NSACT IONS W ITH OW NERS I N THE CURRE NT PER IOD RE COGNI SED DIREC TLY IN EQUIT Y (AD P 42 to 50)	54	0	0	0	29,437 ,961	29,437 ,961	0	0	0	0	0	0		0	0 -18,089 ,889	-136,82 7,114	-154,91 7,003	0	-154,91 7,003

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