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ING-GRAD d.d. Audit Report / Information 2025
10253_10-q_2026-02-26_ca5a45a0-9b6e-4a3e-907d-76eeac4b74ed.pdf
Audit Report / Information
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FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 DECEMBER 2025
ING-GRAD Jsc.
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Ordinary Share: IG, ISIN: HRIG00RA0009
Listed on: Official Market of the Zagreb Stock
Exchange
Home Member State: Croatia
LEI code: 747800V0634Q77II6N67
ING-GRAD Jsc.
FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 DECEMBER 2025 - STANDALONE AND UNAUDITED -
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General Information
The company ING-GRAD Jsc. began operations as a sole proprietorship in 1985 in Zagreb and has been active on the market under its present name since 1991. The founder and President of the Management Board, Branislav Brizar, MSc, has led ING-GRAD Jsc. to become one of the leading and longest-standing construction companies in Croatia. Forty years after its establishment, the company made a significant step forward by going public, thus completing its journey from a family-run business to a publicly listed company.
Through years of experience working on highly demanding construction projects, ING-GRAD Jsc. has gained expertise across a wide range of projects. To date, the Company has completed over 200 construction projects across various sectors. These include more than 80 heritage restoration projects, over 60 residential and commercial developments, over 50 energy and infrastructure projects, and more than 20 public and tourism facilities.
Throughout its rich history, ING-GRAD Jsc. has specialized in the restoration and reconstruction of cultural heritage sites of exceptional historical and artistic value. These include historically significant buildings, palaces, fortresses, religious architecture, bridges, monuments, and other public structures. Notable references in this segment include St. Mark's Church, the Amphitheater in Pula, and the Croatian State Archives. Furthermore, the Company has an extensive track record in numerous highly demanding energy and infrastructure projects. The projects include construction, reconstruction, rehabilitation, and expansion of wind and thermal power plants, as well as biomass and biofuel plants, along with infrastructure facilities. The Company has built three wind farms in the Republic of Croatia and one in North Macedonia, all on a turnkey basis in accordance with FIDIC contract models. Additionally, the Company has participated in the construction of numerous INA gas stations, as well as the Wastewater Treatment Plant in Osijek.
ING-GRAD Jsc. also regularly undertakes construction work on some of the most prominent mixed-use commercial and residential developments in the Republic of Croatia. These include office buildings, shopping centers, residential buildings, and industrial plants. When it comes to mixed-use developments, the Company specializes in excavation and foundation work, interior finishing and installation, outfitting and equipping buildings, as well as roadworks, parking areas, and exterior landscaping.
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Comment by the President of the Management Board of ING-GRAD Jsc. on the Business Performance in the financial year 2025
In 2025, ING-GRAD d.d. continued its positive business trends, achieving stable revenue growth and maintaining a high level of operational efficiency. We closed the year with strong results, confirming the resilience of our business model and our ability to adapt to changing market conditions.
During the year, key projects in the fields of building construction and cultural heritage restoration were successfully completed, further strengthening our reputation as a reliable partner in delivering complex and technically demanding works. December was colder than expected, which partially disrupted the planned pace of works during that month. However, these circumstances will not have a significant impact on the final timelines and financial plans of active projects, as timely adjustments in work organization were implemented and overall progress remains within planned targets.
Throughout 2025, we continued investing in equipment modernization and the implementation of digital solutions to enhance project management efficiency and optimize costs. At the same time, we further strengthened our focus on the development of professional staff, aware that our employees are the foundation of long-term competitiveness and sustainable growth.
We are particularly proud of projects that successfully combine traditional expertise with the application of modern technologies and principles of sustainable construction, continuously raising quality standards within the sector.
I would like to thank all employees, partners, investors, and shareholders for their trust and support over the past year. We enter 2026 with a high level of contracted work, a stable project portfolio, and a clear strategic direction toward further growth, innovation, and responsible resource management.
Significant Business Events in the Reporting Period
The most important event 2025 was the successful completion of the company's initial public offering (IPO), where total demand from all categories of investors significantly exceeded the number of shares offered. Shares were made available to employees, the public, and institutional investors, resulting in more than 2,600 shareholders alongside the majority owner, Branislav Brizar.
In 2025, ING-GRAD d.d. achieved EUR 168.4 million in operating revenues, representing a significant yearover-year growth of 29%, thanks to an adequate pace of operational execution. Operating expenses totaled EUR 144.6 million, representing a 31% increase over the previous year. The increase in expenses is due to the growth in business volume as well as the impact of inflation. The subcontractors costs totaled EUR 107.5 million, representing a 42% increase compared to the same period last year.
Strong growth in operating revenues was accompanied by a satisfactory level of profitability. Reported EBITDA for the 2025 amounted to EUR 25.9 million, which is EUR 3.6 million higher than last year. The continued positive efficiency trend can be attributed to effective cost control and optimization of internal
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processes. Low depreciation and indebtedness costs consequently led to an adequate net profit, which for the 2025 amounted to EUR 20.14 million.
As of December 31, 2025, the Company's assets amounted to EUR 130.56 million, with equity standing at EUR 84.66 million, and cash and highly liquid assets at EUR 79.74 million. Net cash position amounted to EUR 76.94 million. Working capital at the end of the reporting period totaled EUR 20.21 million.
During the reporting period, no significant new contracts were concluded; only contracts of smaller value were signed. At the same time, the Company has recorded intensive commercial activity and is actively participating in several tendering and negotiation procedures for higher-value projects.
The Company will inform the public in a timely and transparent manner, in accordance with applicable regulations, of any potential conclusion of materially significant contracts.
Key Performance Indicators for the financial year 2025
| Key Performance Indicators (EUR '000) |
2025. | 2024. | 2025./ 2024. |
|---|---|---|---|
| Operating Revenue | 168.42 | 130.68 | 28.9% |
| EBITDA | 25.89 | 22.25 | 16.4% |
| Net profit | 20.14 | 16.82 | 19.7% |
| 31.12.2025 | 31.12.2024 | ||
| Net cash | 76.94 | 5.87 | |
| Working Capital | 20.21 | 28.41 | |
| Backlog | 300.41 | 316.12 |
Business Performance by Segment
The Company's operations are divided into three main segments:
-
- Cultural Heritage Restoration
-
- Energy and Infrastructure
-
- Commercial and Residential Buildings
The breakdown of revenue by main segments at the end of 2022, 2023, 2024, and 2025, as well as the contracted revenue for future periods (backlog) as at the end of 2025, is presented in the following chart.
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ING-GRAD Jsc. Financial Statements for the Period from 1 January to 31 December 2025
The Company's profitability, operating results, and working capital levels may be subject to fluctuations due to the industry's specific characteristics and the project-based nature of its operations. However, this risk is significantly mitigated by strategic long-term contracting and maintaining the backlog, which provides a stable basis for continuous revenue generation. A high-quality backlog enables more accurate planning of business activities, ensuring the predictability of profitability and operating performance in both the short and medium terms. As of 31 December 2025, the Company had 21 active projects and 2 projects in the contracting and mobilization phase. The total revenue backlog of these projects, i.e. revenues expected to be recognized after 31 December 2025, amounted to €300.41 million, of which 67% relates to projects in the cultural heritage restoration segment and 33% to the construction of commercial and residential buildings. According to Management, the projects in the backlog have been contracted with a satisfactory level of profitability. However, the profitability of contracted projects may also be subject to changes due to potential market risks in the forthcoming period.
Cultural Heritage Restoration
ING-GRAD Jsc. has specialized in the restoration and reconstruction of monumental heritage sites of exceptional historical and artistic significance. This includes historically significant buildings, palaces, fortresses, religious structures, bridges, monuments, and other public monuments. When it comes to heritage restoration, the Company's references cover:
- structural restoration;
- reconstruction and restoration of wooden roof structures;
- renovation and reconstruction of external and internal building elements;
- specialized craftsmanship works on the restoration of monumental heritage.
The revenues of this segment totaled €108.92 million in 2025.
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Energy and Infrastructure
The company has participated in the execution of numerous demanding projects, including the construction, reconstruction, repair, and expansion of wind farms, thermal power plants, biomass and biofuel power plants, as well as infrastructure facilities. Key activities in the energy and infrastructure projects include:
- geomechanical and earthworks;
- construction of reinforced concrete, steel, and other structures;
- installation of sewage systems;
- construction of transport infrastructure.
The revenues of this segment totaled €6.14 million in 2025.
Commercial and Residential Buildings
The company has participated in the construction of various commercial buildings for renowned public and private clients. Projects include the construction of building structures as well as their complete finishing and equipping, covering a range of facilities such as office buildings, shopping centers, residential buildings, and industrial plants. Works include, among others:
- excavation of construction pits;
- execution of specialized and installation works;
- interior finishing and equipping of buildings;
- construction of roads, parking lots, and exterior areas.
The revenues of this segment totaled €42.6 million in 2025.
Revenues by segments at the end of 2025, compared to the 2024, are presented in the following chart.
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Business Risks
Risk of Shortage of Qualified Workforce
A continuous shortage of qualified workers in the construction industry labor market represents a significant challenge for construction companies. This situation is further complicated by the ongoing increase in employment costs, partly driven by growing competition in the labor market, which raises the demand for qualified workers, as well as by labor migration to countries with better working conditions. An additional challenge is the need for continuous training of workers to meet the specific requirements of construction projects, including technical standards, compliance with safety protocols, and the application of technological innovations. The probability of the risk of a shortage of qualified workforce is assessed as medium, while the potential negative impact on the Company's operations is high.
Supplier and Subcontractor Risk
The Company's results depend on the timely procurement of construction materials, equipment, and services from reliable suppliers and subcontractors, which are crucial for successful project execution. The stability of supply chains and the specialized services of subcontractors are fundamental to operations. Risks include unplanned work stoppages, financial difficulties of third parties, increases in material prices, reduced availability, and delivery delays. Such issues can negatively impact the fulfillment of contractual deadlines, execution quality, and increase costs. The Company relies heavily on subcontractors, subcontracting 60–80% of its work, which increases its sensitivity to market changes. The probability of this risk factor is assessed as low, while the potential negative impact on the Company's operations is high.
Competition Risk in the Construction Market
The Company operates in a competitive market environment characterized by rapid changes in technical standards, legislation, and increasing demands for sustainable and energy-efficient solutions. Its future profitability depends on the ability to adapt to new technologies and standards, as well as an innovative approach to construction processes. Delays in implementing these changes or insufficient adaptation may negatively affect business results.
There is a risk of global competitors entering the local market and aggressive efforts to attract the Company's clients and employees during consolidation in the construction sector. This risk is assessed as having a medium probability and a medium potential negative impact on operations.
Risk of Susceptibility of Profitability, Operating Results, and Working Capital to Significant Fluctuations
The Company's profitability, operating results, and level of working capital may be subject to fluctuations due to the industry's specific characteristics and the project-oriented nature of its operations. This risk is significantly mitigated by the strategic contracting of long-term projects and maintaining a substantial backlog, which provides a stable basis for the continuous generation of revenue.
The probability of changes in the profitability of currently contracted projects is currently assessed as low, but with a medium potential negative impact on operations.
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Credit Risk
Credit risk arises from cash, term deposits, and trade receivables. To minimize the risk of collection, the Company works exclusively with creditworthy clients and utilizes appropriate instruments to secure payment. The Company's exposure, clients' creditworthiness, and the regular fulfillment of contractual obligations by clients are continuously monitored. A significant portion of the Company's trade receivables relates to public institutions, which are considered low risk in terms of collection. This client segment is characterized by high financial stability and reliability, which significantly reduces the risk of uncollectible receivables. The Company's historical data further supports this, as there have been no material cases of uncollected receivables to date.
Liquidity Risk
Prudent liquidity risk management involves maintaining an adequate level of cash, ensuring the availability of financial resources, and the ability to meet all current obligations. The Company manages liquidity risks by maintaining sufficient cash reserves and credit lines, continuously monitoring both forecasted and actual cash inflows and outflows, and aligning the maturities of its financial assets and liabilities. Historically, the Company has maintained high levels of cash and cash equivalents, ensuring ongoing liquidity. The Company expects to meet all its obligations from operating cash flows. The probability of this risk materializing is assessed as low, while the potential negative impact on the Company is considered medium.
Risk of Future EU Funds Contributions
The European Commission, within the Multiannual Financial Framework (MFF), which sets limits for total EU expenditure and the allocation of funds across different sectors, adopted a new framework for the period 2021–2027 in 2018. This new framework represents the largest budget to date, amounting to EUR 1,824.3 billion, and includes both MFF funds and the additional Next Generation EU (NGEU) program, launched to support economic recovery from the COVID-19 pandemic's effects. Through this framework, the Republic of Croatia was allocated more than EUR 25 billion, of which EUR 14 billion comes from the MFF and EUR 11 billion from NGEU. Of the aforementioned EUR 11 billion, the largest share relates to the Recovery and Resilience Facility, from which Croatia was granted EUR 6.31 billion in non-repayable funds and EUR 3.61 billion in loans. The next Multiannual Financial Framework for the period 2028–2034 has been proposed in the amount of €2,000 billion, with Croatia expected to receive €16.8 billion from EU funds. According to the Commission's initial proposal — which will certainly be subject to extensive negotiations — Croatia will remain a significant beneficiary of EU financing during the 2028–2034 period. Additionally, Croatia's macroeconomic outlook has improved significantly over the past five years, most notably reflected in an upgraded credit rating, which in turn has led to a reduction in debt relative to GDP. The likelihood of this risk factor materializing is assessed as low, while the potential negative impact on the Company's operations is assessed as moderate.
The Company monitors market developments, assesses all identified risks and their impact on operations, and undertakes all necessary measures to mitigate them.
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Zagreb, 26 February 2026
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| Appendix 1. | GENERAL INFORMATION FOR ISSUERS |
|---|---|
| Reporting period: | 01/01/2025 31/12/2025 through |
| Year | 2025 |
| Quarter: | 4 |
| Quarterly financial statements | |
| Registration number (MB): 03747115 |
Issuer's home member HR state code: |
| Entity registration 080189931 number (MBS): |
|
| Personal identification 93245284305 number (OIB): |
747800V0634Q77II6N67 LEI: |
| Institution 118729 code: |
|
| Company issuer: ING-GRAD Jsc. | |
| Postal code and place: 10000 |
ZAGREB |
| Street and house number: Kalinovica 3/IV | |
| Email address: [email protected] | |
| Website: www.ing-grad.hr | |
| Number of employees 255 (at the end of the |
|
| Consolidated Statement: S |
S C (S-Separate/C-consolidated) |
| Audited: UA |
UA UA (UA-unaudited/A-audited) |
| Subsidiaries (according to IFRS): | Headquarters: MB: |
| Yes | |
| Bookkeeping service: No |
No (Yes No) |
| Contact person: KRPAN VIŠNJA | (Bookkeeping service firm) |
| Phone: 01/30 33 020 | (only surname and first name of the contact person are entered) |
| Email address: [email protected] | |
| Audit firm: | |
| (audit firm) Certified auditor: |
|
| (name and surname) |
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| Entity: ING-GRAD Jsc. As at reporting date of AOP Last day of previous Position current period financial year code 1 2 3 4 A) RECEIVABLES FOR SUBSCRIBED BUT UNPAID CAPITAL 001 0 B) NON-CURRENT ASSETS (AOP 003+010+020+031+036) 002 4.739.336 I. INTANGIBLE ASSETS (AOP 004 to 009) 003 132.612 1. Development expenditures 004 0 2. Concessions, patents, licenses, trademarks, software 005 8.667 and other rights 3. Goodwill 006 123.945 4. Advances for the acquisition of intangible assets 007 0 5. Intangible assets under development 008 0 6. Other intangible assets 009 0 II. TANGIBLE ASSETS (AOP 011 to 019) 010 4.549.946 1. Land 011 24.647 2. Buildings 012 749.690 3. Plants and equipment 013 2.755.543 4. Tools, operating inventory and transport vehicles 014 938.584 5. Biological assets 015 1.859 6. Advances for tangible assets 016 0 7. Tangible assets under development 017 1.219 8. Other tangible assets 018 78.404 9. Investing in real estate 019 0 III. FINANCIAL FIXED ASSETS (AOP 021 to 030) 020 19.971 1. Investments in shares (stocks) of entrepreneurs within the group 021 0 2. Investments in other securities of entrepreneurs within the group 022 0 3. Loans, deposits and the like given to entrepreneurs within the group 023 0 4.Investments in shares (stocks) of companies associated with a 024 971 participating interest 5. Investments in other securities of companies associated with a 025 0 participating interest 6. Loans, deposits, and the like granted to companies associated with 026 0 a participating interest 7. Investments in securities 027 0 |
In EUR 0 7.958.404 667 0 667 0 0 0 0 7.472.002 276.661 2.810.476 2.026.429 1.356.438 1.859 0 921.735 78.404 0 476.500 0 |
|---|---|
| 0 | |
| 0 | |
| 0 | |
| 0 | |
| 0 | |
| 457.500 | |
| 8. Loans, deposits, and the like 028 0 |
0 |
| 9. Other investments accounted by equity method 029 0 |
0 |
| 10. Other fixed financial assets 030 19.000 IV. RECEIVABLES (AOP 032 to 035) 031 0 |
19.000 0 |
| 1. Receivables from entrepreneurs within the group 032 0 |
0 |
| 2. Receivables from companies associated with a participating 033 0 interest |
0 |
| 3. Trade receivables 034 0 |
0 |
| 4. Other receivables 035 0 V. DEFERRED TAX ASSET 036 36.807 |
0 9.235 |
| C) CURRENT ASSETS (AOP 038+046+053+063) 037 62.761.425 |
121.694.751 |
| I. STOCK (AOP 039 to 045) 038 1.587.527 |
1.750.137 |
| 1. Raw materials and supplies 039 348.516 |
1.639.554 |
| 2. Production in progress 040 1.239.011 041 |
110.583 |
| 3. Final products 0 4. Merchandise 042 0 |
0 0 |
| 5. Advances for stock 043 0 |
0 |
| 6. Non-current assets held for sale 044 0 |
0 |
| 7. Biological assets 045 0 |
0 |
| II. RECEIVABLES (AOP 047 to 052) 046 45.932.638 1. Receivables from entrepreneurs within the group 047 0 |
40.094.616 0 |
| 2. Receivables from companies associated with a participating interest 048 0 |
692 |
| 3. Trade receivables 049 39.595.923 |
32.325.650 |
| 4. Receivables from employees and members of entrepreneurs 050 1.280 |
45 |
| 5. Receivables from the state and other institutions 051 61.536 6. Other receivables |
30.321 |
| 052 6.273.899 III. CURRENT FINANCIAL ASSETS (AOP 054 to 062) 053 11.573.540 |
7.737.908 73.337.092 |
| 1. Investments in shares (stocks) of entrepreneurs within the group 054 0 |
0 |
| 2. Investments in other securities of entrepreneurs within the group 055 0 |
0 |
| 3. Loans, deposits and the like given to entrepreneurs within the group 056 0 |
0 |
| 4. Investments in shares (stocks) of companies associated with a 057 0 participating interest |
0 |
| 5. Investments in other securities of companies associated with a 058 0 |
0 |
| participating interest 6. Loans, deposits, and the like granted to companies associated with 059 0 |
0 |
| a participating interest 7. Investments in securities 060 |
|
| 0 8. Loans, deposits, and the like 061 782.048 |
0 109.049 |
| 9. Other financial assets 062 10.791.492 |
73.228.043 |
| IV. MONEY AT BANK AND TREASURY 063 3.667.720 |
6.512.906 |
| D) PREPAID EXPENSES AND ACCRUED REVENUES 064 2.546.009 |
907.006 |
| E) TOTAL ASSETS (AOP 001+002+037+064) 065 70.046.770 |
130.560.161 |
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| LIABILITIES | |||
|---|---|---|---|
| A) CAPITAL AND RESERVES (AOP 068 do | 067 | 21.030.224 | 84.660.954 |
| I. SHARE (SUBSCRIBED) CAPITAL | 068 | 3.990.000 | 3.990.000 |
| II. CAPITAL RESERVES | 069 | 0 | 33.767.959 |
| III. RESERVES FROM PROFIT (AOP 071+072-073+074+075) | 070 | 0 | 199.500 |
| 1. Legal reserves | 071 | 0 | 199.500 |
| 2. Reserves for treasury shares | 072 | 23.018.000 | 2.657.098 |
| 3. Treasury shares and stakes (deduction item) | 073 | -23.018.000 | -2.657.098 |
| 4. Statutory reserves | 074 | 0 | |
| 5. Other reserves | 075 | 0 | |
| IV. REVALUATION RESERVES | 076 | 0 | |
| V. FAIR VALUE RESERVES AND OTHER (AOP 078 to 082) | 077 | 0 | |
| 1. Fair value through other comprehensive income (FVOCI) financial | 078 | 0 | |
| assets | |||
| 2. An effective part of cash flow protection | 079 | 0 | |
| 3. An effective part of protecting net investment abroad | 080 | 0 | |
| 4. Other fair value reserves | 081 | 0 | |
| 5. Foreign currency translation differences (consolidation) | 082 | 0 | |
| VI. RETAINED PROFIT OR TRANSFERRED LOSS (AOP 084-085) | 083 | 219.279 | 26.561.447 |
| 1. Retained earnings | 084 | 219.279 | 26.561.447 |
| 2. Transferred loss | 085 | 0 | |
| VII. PROFIT OR LOSS FOR THE FINANCIAL YEAR (AOP 087-088) | 086 | 16.820.945 | 20.142.048 |
| 1. Profit for the financial year | 087 | 16.820.945 | 20.142.048 |
| 2. Loss for the financial year | 088 | 0 | |
| VIII. MINORITY (NON-CONTROLLING) INTEREST | 089 | 0 | |
| B) PROVISIONS (AOP 091 to 096) | 090 | 3.921.984 | 7.927.652 |
| 1. Provisions for pensions, severance pay, and similar liabilities | 091 | 0 | |
| 2. Provisions for tax liabilities | 092 | 0 | |
| 3. Provisions for ongoing legal disputes | 093 | 181.003 | 180.417 |
| 4. Provisions for the cost of restoring natural resources | 094 | 0 | |
| 5. Provisions for costs within the warranty period | 095 | 3.373.468 | 5.849.890 |
| 6. Other provisions | 096 | 367.513 | 1.897.345 |
| C) NON-CURRENT LIABILITIES (AOP 098 to 108) 1. Liabilities towards intra-group undertakings |
097 098 |
1.067.512 | 2.561.523 |
| 2. Liabilities for loans, deposits, and the like of intra-group | 0 | ||
| undertakings | 099 | 0 | |
| 3. Liabilities to companies associated with a participating interest | 100 | 0 | |
| 4. Liabilities for loans, deposits, and the like of companies associated with a participating interest |
101 | 0 | |
| 5. Liabilities for loans, deposits, and the like | 102 | 0 | |
| 6. Liabilities to banks and other financial institutions | 103 | 1.067.512 | 2.561.523 |
| 7. Liabilities for advances | 104 | 0 | |
| 8. Liabilities to suppliers | 105 | 0 | |
| 9. Obligations under securities | 106 | 0 | |
| 10. Other non-current liabilities | 107 | 0 | |
| 11. Deferred tax liability | 108 | 0 | |
| D) CURRENT LIABILITIES (AOP 110 to 123) | 109 | 31.247.440 | 26.307.046 |
| 1. Liabilities towards intra-group undertakings | 110 | 0 | |
| 2. Liabilities for loans, deposits, and the like of intra-group | 111 | 0 | |
| undertakings 3. Liabilities to companies associated with a participating interest |
112 | 0 | |
| 4. Liabilities for loans, deposits, and the like of companies associated | |||
| with a participating interest | 113 | 0 | |
| 5. Liabilities for loans, deposits, and the like | 114 | 5.278.836 | |
| 6. Liabilities to banks and other financial institutions | 115 | 3.436.359 | 808.810 |
| 7. Liabilities for advances | 116 | 6.050 | |
| 8. Liabilities to suppliers | 117 | 18.719.188 | 21.602.408 |
| 9. Obligations under securities | 118 | 0 | |
| 10. Liabilities to employees | 119 | 416.847 | 546.378 |
| 11. Liabilities for taxes, contributions, and similar payments | 120 | 3.334.696 | 3.303.230 |
| 12. Liabilities based on the share in the result | 121 | 0 | |
| 13. Liabilities based on non-current assets held for sale | 122 | 0 | |
| 14. Other current liabilities | 123 | 55.464 | 46.220 |
| 12.779.610 | 9.102.986 | ||
| E) DEFERRED PAYMENT OF EXPENSES AND INCOME FOR THE FUTURE F) TOTAL - LIABILITIES (AOP 067+090+097+109+124) |
124 125 |
70.046.770 | 130.560.161 |
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| PROFIT AND LOSS ACCOUNT | |||||
|---|---|---|---|---|---|
| for the period 1 January 2025 to 31 December 2025 | EUR | ||||
| Entity: ING-GRAD Jsc. | |||||
| Position | AOP | The same period last year | Current period | ||
| code | Cumulative | Quarter | Cumulative | Quarter | |
| 1 I. OPERATING REVENUE (AOP 002 to 006) |
2 001 |
3 130.675.981 |
4 43.090.858 |
5 168.420.860 |
6 49.375.287 |
| 1. Revenue from sales with intra-group undertakings | 002 | 0 | 0 | 0 | |
| 2. Sales revenue (outside the group) | 003 004 |
128.011.901 | 41.069.556 | 162.627.194 | 45.935.141 |
| 3. Revenues based on the use of own products, goods, and services 4. Other business revenue with intra-group undertakings |
005 | 0 0 |
0 0 |
8.142 0 |
1.585 |
| 5. Other business revenue (outside the group) | 006 | 2.664.080 | 2.021.302 | 5.785.524 | 3.438.561 |
| II. OPERATING EXPENDITURE (AOP 1. Changes in the value of ongoing production stock and finished goods |
007 008 |
110.406.539 -2.840 |
37.329.650 0 |
144.605.483 0 |
46.432.569 |
| 2. Material costs (AOP 010 to 012) | 009 | 92.693.606 | 27.806.961 | 121.365.441 | 36.075.055 |
| a) Costs of raw materials and supplies | 010 | 4.601.130 | 1.517.603 | 6.227.281 | 1.601.012 |
| b) Cost of goods sold c) Other external costs |
011 012 |
5.730.487 82.361.989 |
66.020 26.223.338 |
467.275 114.670.885 |
322.310 34.151.733 |
| 3. Staff costs (AOP 014 to 016) | 013 | 11.759.456 | 6.340.981 | 9.771.064 | 3.110.050 |
| a) Net wages and salaries | 014 | 6.548.866 | 3.479.702 | 5.621.554 | 1.802.179 |
| b) Costs of taxes and contributions from salaries c) Wage contributions |
015 016 |
3.563.824 1.646.766 |
1.982.154 879.124 |
2.842.788 1.306.722 |
899.881 407.990 |
| 4. Depreciation | 017 | 1.979.390 | 506.703 | 2.071.932 | 528.176 |
| 5. Other expenses | 018 | 1.943.652 | 727.889 | 2.618.913 | 1.009.567 |
| 6. Value adjustments (AOP 020 + +021) a) non-current assets other than financial assets |
019 020 |
0 0 |
0 0 |
0 0 |
|
| b) current assets other than financial assets | 021 | 0 | 0 | 0 | |
| 7. Provisions (AOP 023 to 028) | 022 023 |
1.859.346 | 1.859.345 | 7.318.464 | 5.678.748 |
| a) Provisions for pensions, severance pay, and similar liabilities b) Provisions for tax liabilities |
024 | 0 0 |
0 0 |
0 0 |
|
| c) Provisions for initiated litigation | 025 | 0 | 0 | 0 | |
| d) Provisions for the cost of restoring natural resources e) Provisions for costs within the warranty period |
026 027 |
0 1.491.833 |
0 1.491.832 |
0 5.421.119 |
3.781.403 |
| f) Other provisions | 028 | 367.513 | 367.513 | 1.897.345 | 1.897.345 |
| 8. Other operating expenses | 029 | 173.929 | 87.771 | 1.459.669 | 30.973 |
| III. FINANCIAL REVENUE (AOP 031 to 040) 1. Income from investments in stakes (shares) of intra-group |
030 031 |
618.972 0 |
186.292 0 |
1.168.177 0 |
612.899 |
| undertakings 2. Income from investments in stakes (shares) of companies |
032 | 0 | 0 | 0 | |
| associated with a participating interest 3. Revenue from other non-current financial investments and loans |
|||||
| to intra-group undertakings | 033 | 0 | 0 | 0 | |
| 4. Other interest income from relationships with intra-group undertakings |
034 | 0 | 1.380 | 915 | |
| 5. Exchange rate differences and other financial income from relations | |||||
| with intra-group undertakings |
035 | 0 | 0 | 0 | |
| 6. Revenue from other non-current financial investments and loans 7. Other interest income |
036 037 |
0 550.969 |
0 160.149 |
0 704.519 |
506.636 |
| 8. Exchange rate differences and other financial revenue | 038 | 3.898 | 3.841 | 1.091 | 1.033 |
| 9. Unrealized gains (income) from financial assets | 039 | 0 | 0 | 0 | |
| 10. Other financial income IV. FINANCIAL EXPENDITURES (AOP 042 to 048) |
040 041 |
64.105 366.439 |
20.922 172.180 |
461.652 150.514 |
105.230 20.918 |
| 1. Interest expenses and similar expenses with intra-group undertakings | 042 | 0 | 0 | 0 | |
| 2. Exchange rate differences and other expenses with intra-group | 043 | 0 | 0 | 0 | |
| undertakings 3. Interest expenses and similar expenses | 044 | 360.056 | 168.907 | 110.687 | 17.905 |
| 4. Exchange rate differences and other expenses | 045 | 5.254 | 3.271 | 2.814 | 2.370 |
| 5. Unrealized losses (expenditure) from financial assets 6. Value adjustments on financial assets (net) |
046 047 |
0 0 |
0 0 |
0 0 |
|
| 7. Other financial expenditures | 048 | 1.129 | 1 | 37.013 | 643 |
| V. SHARE IN PROFIT FROM COMPANIES ASSOCIATED WITH A | 049 | 49.254 | 0 | 98.873 | |
| PARTICIPATING VI. SHARE IN PROFIT FROM JOINT VENTURES |
050 | 0 | 0 | 0 | |
| VII. SHARE IN LOSS FROM COMPANIES ASSOCIATED WITH A | 051 | 0 | 0 | 0 | |
| PARTICIPATING VIII. SHARE IN LOSS FROM JOINT VENTURES |
052 | 0 | 0 | 0 | |
| IX. TOTAL REVENUE (AOP 001+030+049 + +050) | 053 | 131.344.207 | 43.277.150 | 169.687.910 | 49.988.186 |
| X. TOTAL EXPENDITURES (AOP 007+041+051 + 052) | 054 | 110.772.978 | 37.501.830 | 144.755.997 | 46.453.487 |
| XI. PROFIT OR LOSS BEFORE TAX (AOP 053-054) 1. Profit before tax (AOP 053-054) |
055 056 |
20.571.229 20.571.229 |
5.775.320 5.775.320 |
24.931.913 24.931.913 |
3.534.699 3.534.699 |
| 2. Loss before tax (AOP 054-053) | 057 | 0 | 0 | 0 | |
| XII. PROFIT TAX | 058 059 |
3.750.284 | 1.087.020 | 4.789.866 | 636.246 |
| XIII. PROFIT OR LOSS FOR THE PERIOD (AOP 055-059) 1. Profit for the period (AOP 055-059) |
060 | 16.820.945 16.820.945 |
4.688.300 4.688.300 |
20.142.047 20.142.047 |
2.898.453 2.898.453 |
| 2. Loss for the period (AOP 059-055) | 061 | 0 | 0 | 0 | |
| DISCONTINUED BUSINESS (to be completed by an entity of an IFRS only if it has discontinued operations) XIV. PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS |
|||||
| (AOP 063-064) | 062 | 0 | 0 | 0 | |
| 1. Profits of discontinued business before tax 2. Loss of discontinued business before tax |
063 064 |
0 0 |
0 0 |
0 0 |
|
| XV. INCOME TAX FOR DISCONTINUED BUSINESS | 065 | 0 | 0 | 0 | |
| 1. Profit of discontinued business for the period (AOP 062-065) | 066 | 0 | 0 | 0 | |
| 2. Loss of discontinued business for the period (AOP 065-062} | 067 | 0 | 0 | 0 | |
| TOTAL BUSINESS (to be completed by an entity of an IFRS with discontinued business) XVI. PROFIT OR LOSS BEFORE TAX (AOP 055-+062) |
068 | 0 | 0 | 0 | |
| 1. Profit before tax (AOP 068) | 069 | 0 | 0 | 0 | |
| 2. Loss before tax (AOP 068) | 070 | 0 | 0 | 0 | |
| XVII. INCOME TAX (AOP 058+065) XVIII. PROFIT OR LOSS FOR THE PERIOD (AOP 068-071) |
071 072 |
0 0 |
0 0 |
0 0 |
|
| 1. Profit for the period (AOP 068-071) | 073 | 0 | 0 | 0 | |
| 2. Loss for the period (AOP 071-068) | 074 | 0 | 0 | 0 | |
| APPENDIX to P&L account (to be filled in by the undertaking compiling the consolidated annual financial report) XIX. PROFIT OR LOSS FOR THE PERIOD (AOP 076-+077) |
075 | 16.820.945 | 4.688.300 | 20.142.047 | 2.898.453 |
{14}------------------------------------------------
| STATEMENT OF OTHER COMPREHENSIVE INCOME (TO BE COMPLETED BY AN ENTITY APPLYING IFRS) | |||||
|---|---|---|---|---|---|
| I. PROFIT OR LOSS FOR THE PERIOD | 078 | 16.820.945 | 4.688.300 | 20.142.047 | 2.898.453 |
| II. OTHER COMPREHENSIVE PROFIT/LOSS BEFORE TAX (AOP 80 + 87) |
079 | 0 | 0 | 0 | 0 |
| III. Items that will not be reclassified to profit or loss (AOP 081 to 085) |
080 | 0 | 0 | 0 | 0 |
| 1. Changes in revaluation reserves of fixed tangible and intangible assets | 081 | 0 | 0 | 0 | 0 |
| 2. Gain or loss from subsequent measurement of equity securities at fair value through other comprehensive income |
082 | 0 | 0 | 0 | 0 |
| 3. Changes in fair value of financial liability at fair value through profit or loss attributable to changes in the liability's credit risk |
083 | 0 | 0 | 0 | 0 |
| 4. Actuarial gains/losses on defined benefit plans | 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 (AOP 088 to 095) | 087 | 0 | 0 | 0 | 0 |
| 1. Exchange rate differences from the conversion of foreign operations | 088 | 0 | 0 | 0 | 0 |
| 2. Gain or loss from subsequent measurement of debt securities at fair value through other comprehensive income |
089 | 0 | 0 | 0 | 0 |
| 4. Profit or loss from effective cash flow protection | 090 | 0 | 0 | 0 | 0 |
| 5. Profit or loss from the effective hedging of net investments abroad | 091 | 0 | 0 | 0 | 0 |
| 6. Share in other comprehensive profit/loss of companies associated with a participating interest |
092 | 0 | 0 | 0 | 0 |
| 6. Changes in the fair value of the time value of options | 093 | 0 | 0 | 0 | 0 |
| 7. Changes in the fair value of the 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 (AOP 080+087 - 086 - 096) |
097 | 0 | 0 | 0 | 0 |
| VI. COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD (AOP 078- | 098 | 16.820.945 | 4.688.300 | 20.142.047 | 2.898.453 |
| APPENDIX to the Statement of Other Comprehensive Income (to be completed by an entity preparing consolidated financial statements) | |||||
| VI. COMPREHENSIVE PROFIT OR LOSS FOR THE PERIOD (AOP 100- | 099 | 16.820.945 | 4.688.300 | 20.142.047 | 2.898.453 |
| 1. Attributable to equity holders of the parent | 100 | 16.820.945 | 4.688.300 | 20.142.047 | 2.898.453 |
| 2. Attributable to minority (non-controlling) interest | 101 | 0 | 0 | 0 |
{15}------------------------------------------------
ING-GRAD Jsc. Financial Statements for the Period from 1 January to 31 December 2025
| CASH FLOW STATEMENT - Indirect Method for the period 1 January 2025 to 31 December 2025 In EUR |
||||||
|---|---|---|---|---|---|---|
| Entity: ING-GRAD Jsc. Position |
AOP code |
The same period last year | Current period | |||
| 1 | 2 | 3 | 4 | |||
| Cash flows from operating activities | ||||||
| 1. Profit before tax | 001 | 20.571.229 | 24.931.914 | |||
| 2. Adjustments (AOP 003 to 010) | 002 | 1.509.766 | 3.116.528 | |||
| A) Depreciation b) Profits and losses on sales and value adjustments of tangible and |
003 | 1.979.390 | 2.071.932 | |||
| intangible fixed assets | 004 | -106.709 | -31.467 | |||
| c) Profits and losses on sales and unrealized profits and losses and value | 005 | 0 | ||||
| adjustments of | 006 | |||||
| e) Interest and dividend income e) Interest expenses |
007 | -552.350 360.056 |
-705.435 110.687 |
|||
| f) Provisions | 008 | -100.519 | 4.005.669 | |||
| g) Exchange rate differences (unrealized) | 009 | 0 | ||||
| h) Other adjustments for non-cash transactions and unrealized profits and | ||||||
| losses I. Increase or decrease in cash flows before changes in working |
010 | -70.102 | -2.334.858 | |||
| capital (AOP 001+002) | 011 | 22.080.995 | 28.048.442 | |||
| 3. Changes in working capital (AOP 013 to 016) | 012 | -19.600.118 | 2.542.992 | |||
| a) Increase or decrease in current liabilities | 013 | 9.333.122 | 2.966.023 | |||
| a) Increase or decrease in current receivables | 014 | -35.195.555 | 5.838.661 | |||
| c) Increase or decrease in stock | 015 | 2.118.814 | -1.111.862 | |||
| d) Other increases or decreases in working capital | 016 | 4.143.501 | -5.149.830 | |||
| II. Cash from operating activities (AOP 011+012) 4. Cash interest expenses |
017 018 |
2.480.877 -360.056 |
30.591.434 -110.687 |
|||
| 5. Income tax paid | 019 | -2.276.164 | -3.422.135 | |||
| A) NET CASH FLOWS FROM OPERATING ACTIVITIES (AOP 017 to 019) |
020 | -155.343 | 27.058.612 | |||
| Cash flows from investment activities | ||||||
| 1. Cash receipts from sale of tangible and intangible fixed assets | 021 | 106.709 | 84.154 | |||
| 2. Cash receipts from sale of financial instruments | 022 | 0 | 463.505 | |||
| 3. Cash receipts from interest | 023 | 552.350 | 705.435 | |||
| 4. Cash receipts from dividends | 024 | 0 | ||||
| 5. Cash receipts from repayment of loans granted and savings deposits | 025 | 215.212.405 | 224.383.501 | |||
| 6. Other cash receipts from investment activities | 026 | 0 | ||||
| III. Total cash receipts from investment activities (AOP 021 to 026) | 027 | 215.871.464 | 225.636.595 | |||
| 1. Cash outflow for purchase of tangible and intangible fixed assets | 028 | -1.052.247 | -2.054.440 | |||
| 2. Cash outflows for the acquisition of financial instruments | 029 | 0 | -505.628 | |||
| 3. Cash outflows from loans and savings deposits for the period | 030 | -222.383.397 | -286.104.583 | |||
| 4. Acquisition of a subsidiary, less the money acquired | 031 | 0 | ||||
| 5. 5 Other cash outflows from investment activities | 032 | 0 | ||||
| IV. Total cash outflows from investment activities (AOP 028 to 032) | 033 | -223.435.644 | -288.664.651 | |||
| A) NET CASH FLOWS FROM INVESTMENT ACTIVITIES (AOP 027+033) |
034 | -7.564.180 | -63.028.056 | |||
| Cash flows from financial activities | ||||||
| 1. Cash receipts from a share capital increase (subscribed) | 035 | 0 | ||||
| 2. Cash receipts from issuance of equity and debt financial instruments | 036 | 0 | 55.200.000 | |||
| 3. Cash receipts from the principal of loans, borrowings and other | 037 | 19.949.791 | 2.876.298 | |||
| borrowings 4. Other cash receipts from financial activities |
038 | 0 | ||||
| V. Total cash receipts from financial activities (AOP 035 to 038) | 039 | 19.949.791 | 58.076.298 | |||
| 1. Cash outflows for repayment of principal of loans, borrowings and other borrowings and debt financial instruments |
040 | -12.312.277 | -9.288.672 | |||
| 2. Cash outflows for dividend payment | 041 | -1.714.076 | -9.966.840 | |||
| 3. Cash outflows for financial loan | 042 | 0 | ||||
| 4. Cash outflows for repurchase of own shares and reduction of share | 043 | -23.018.000 | ||||
| capital (subscribed) 5. Other cash outflows from financial activities |
044 | 0 | ||||
| VI. Total cash outflows from financial activities (AOP 040 to 044) | 045 | -37.044.353 | -19.255.512 | |||
| C) NET CASH FLOWS FROM FINANCIAL ACTIVITIES (AOP 039+045) | 046 | -17.094.562 | 38.820.786 | |||
| 1. Unrealized exchange rate differences on money and money equivalents | 047 | 0 | ||||
| D) NET INCREASE OR DECREASE IN CASH FLOWS (AOP | ||||||
| 020+034+046+047) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE |
048 | -24.814.085 | 2.851.342 | |||
| PERIOD | 049 | 28.475.650 | 3.661.564 | |||
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (AOP 048+049) |
050 | 3.661.565 | 6.512.906 |
______________________________________________________________________________________________________________
{16}------------------------------------------------
ING-GRAD Jsc.
Financial Statements for the Period from 1 January to 31 December 2025
| STATEMENT OF CHA | ANGES IN E | EQUITY | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| for the period from 01/01/2025 through | 31/12/2025 | EUR | |||||||||||||||||
| AOP code |
Reserves for treasury shares | Own shares and stakes (deduction item) |
Statutory reserve | Revaluation reserves | Fair value through other comprehensive income (FVOCI) |
An effective par of cash flow protection |
An effective part of protecting net investment | Other fair value reserves | Exchange rate differences from the conversion of |
Retained earnings / loss carried forward |
Profit / loss for the business year | Total distributable to equity holders of the parent |
Minority (non- controlling) interest |
Total capita | |||||
| 6 | 7 | financial assets | abroad 13 |
foreign operations | 16 | 20 (18+ | |||||||||||||
| Previous period | - | - | - | - | - | + 8 to 17) | |||||||||||||
| Balance on the day of the beginning of the previous financial year Changes in accounting policies | 01 02 |
3.990.000 | 0 | 0 0 | 0 | 0 | 0 | 0 | 0 ( | 0 | 0 | 0 ( | 13.446.500 | 11.504.856 | 28.941.356 0 |
28.94 | |||
|
03 04 |
3.990.000 | 0 | 0 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 13.446.500 | 11.504.856 | 28.941.356 | C | 28.9 | ||
| 5. Profit/loss for the period | 05 | 0 | 0 0 | c | 0 | 0 | 0 | 0 1 | 0 | 0 | 0 ( | 0 0 | 16.820.945 | 16.820.945 | 16.8 | ||||
| Exchange rate differences from the conversion of foreign operations | 06 | ( | 0 | 0 | C | 0 | 0 | 0 | 0 1 | 0 | 0 | 0 ( | 0 0 | 0 | 0 | ||||
| 7. Changes in revaluation reserves of fixed tangible and intangible assets | 07 | D | 0 | C | 0 | 0 | 0 | 0 | ) | 0 | 0 | 0 | 0 | 0 | |||||
| Gain or loss from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale) |
08 | ( | 0 | 0 0 | C | 0 | 0 | 0 | 0 | ) | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Profit or loss from effective cash flow protection | 09 | 0 | 0 0 | C | D | 0 | 0 | 0 1 | 0 | 0 | 0 ( | 0 0 | 0 | 0 | 1 | ||||
| Profit or loss from the effective hedging of net investments broad | 10 | 0 | 0 | c | 0 | 0 | 0 | 0 1 | ) | 0 | 0 | 0 ( | 0 | 0 | 0 | ||||
| Share in other comprehensive profit/loss of companies associated with a participating interest | 11 | ( | D | 0 | c | D | 0 | 0 | 0 ( | 0 | D | 0 ( | 0 | 0 | 0 | ||||
| 12. Actuarial profits/losses on defined benefit plans | 12 13 |
0 | 0 0 | C | 0 | 0 | 0 | 0 | 0 | 0 | 0 ( | 0 0 | 0 | 0 | |||||
| Other non-owner changes in equity Tax on transactions recognized directly in equity | 13 | 0 | 0 0 | 0 | 0 | 0 | Í | 0 | 0 ( | 0 0 | 0 | 0 | |||||||
| 15. Reduction of share (subscribed) capital (other than in pre-bankruptcy settlement proceedings and reductions arising from profit reinvestment) | 15 | 0 | 0 0 | C | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 16. Reduction of share (subscribed) capital in pre-bankruptcy settlement proceedings | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | ||||||
| 17. Reduction of share (subscribed) capital arising from profit reinvestment | 17 | 0 | 0 | c | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 18. Share buyback 19. Shareholders/members' contributions |
18 19 |
0 | 0 0 | 23.018.000 | 23.018.00 | 0 | 0 | 0 | 0 0 | o O |
0 | 0 | 0 0 | -23.018.000 | 0 0 | -23.018.000 0 |
-23.0 | ||
| Payment of profit/dividend share Other distributions and payments to shareholders/members | 20 21 |
D | 0 | 0 | 0 | 0 | 0 | 0 ( | 0 | 0 | 0 0 | -1.714.077 0 11.504.856 |
11.504.856 | -1.714.077 | -1.7 | ||||
| 22. Transfer to reserve positions according to the annual schedule | 22 | 0 | 0 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 (1.304.830 | 0 | 0 | |||||
| 23. Increase of reserves in the pre-bankruptcy settlement procedure | 23 | 0 | 0 | C | D | 0 | 0 | 0 | D | 0 ( | 0 0 | 0 | 0 | ||||||
| 24. Balance at the last day of the reporting period of the previous financial year (04 to 23) APPENDIX TO THE REPORT ON CHANGES IN EQUITY (to be completed by the ur |
24 | 3.990.000 | 9 | 9 0 | 23.018.000 | 23.018.00 | 7 | 0 | 0 | 9 | 1 | ٥ | 9 | 0 ( | 219.279 | 16.820.945 | 21.030.224 | - | 21.03 |
| I. OTHER COMPREHENSIVE PROFIT OF THE PREVIOUS PERIOD, LESS TAXES (AOP 06 to 14) | ndertaking oblig | ged to apply IFRS) | 0 | o | 0 | 0 | 0 | 0 | 0 | 0 | 0 | c | |||||||
| II. COMPREHENSIVE PROFIT OR LOSS OF THE PREVIOUS PERIOD (AOP 05 + +25) |
26 | o | 0 | c | o | 0 | 0 | 0 | o | 0 | o | 0 | 0 | 16.820.945 | 16.820.945 | c | 16.83 | ||
| III. TRANSACTIONS WITH OWNERS OF THE PREVIOUS PERIOD RECOGNIZED DIRECTLY IN CAPITAL (AOP 15 to 23) |
27 | D | 0 | 23.018.000 | 23.018.00 | o o | 0 | o | 0 | o | 0 | o o | 0 | -13.227.221 | -11.504.856 | -24.732.077 | c | -24.7 | |
| Current period 1. Balance on the day of the beginning of the current financial year | 28 | 3.990.000 | ol | ol o | 23.018.000 | 23.018.00 | al . | ol | ol | ol lo | ı | ol | ol . | ol ( | 219.279 | 16.820.945 | 21.030.224 | 21.0 | |
| 2. Changes in accounting policies | 29 | ( | D | 0 | C | D | 0 | 0 | 0 ( | 0 | D | 0 ( | 0 0 | 0 | 0 | ||||
| Error correction Berror correction Berror correction Berror correction Berror correction Berror correction Berror correction Berror correction Berror correction Berror correction | 30 | D | 0 | C | D | 0 | 0 | 0 | 0 | D | 0 ( | 0 | 0 | 0 | |||||
| 28 to 30) | 31 | 3.990.000 | 0 | 0 | 23.018.000 | 23.018.00 | 0 | 0 | 0 | 0 | 0 | 0 ( | 219.279 | 16.820.945 | 21.030.224 | 0 | 21.0 | ||
| Profit/loss for the period Exchange rate differences from the conversion of foreign operations | 32 33 |
Di | 0 0 | 0 | 0 | 0 | 0 1 | 0 1 | 0 | 0 | 0 0 | 0 0 | 20.142.048 | 20.142.048 | 20.1 | ||||
| Changes in revaluation reserves of fixed tangible and intangible assets | 34 | 0 | 0 | c | 0 | 0 | 0 | 0 | 0 | 0 ( | 0 | 0 | 0 | ||||||
| Gain or loss from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale) | 35 | 0 | 0 0 | c | 0 | 0 | 0 | 0 | 0 | 0 | 0 ( | 0 0 | 0 | 0 | |||||
| Profit or loss from effective cash flow protection | 36 | 0 | 0 0 | c | 0 | 0 | 0 | 0 | 0 | 0 | 0 ( | 0 0 | 0 | 0 | |||||
| 10. Profit or loss from the effective hedging of net investments | 37 | 0 | 0 | 0 | |||||||||||||||
| abroad | 1 0 | Ĭ | Ĭ | 1 | 1 | 1 ' | 1 0 | 0 | - | ||||||||||
| Share in other comprehensive profit/loss of companies associated with a participating interest | 38 | 0 | 0 | C | 0 | 0 | 0 | 9 | 0 | P | 0 ( | 0 | 0 | 0 | |||||
| Actuarial profits/losses on defined benefit plans Other non-owner changes in equity | 39 40 |
0 | 0 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | 0 ( | 0 0 | 0 0 | 0 | |||||
| 14. Tax on transactions recognized directly in equity | 41 | 0 | 0 0 | c | 0 | 0 | 0 | 0 | 0 | D | 0 | 0 | 0 | - | |||||
|
42 | 0 | 0 | C | 0 | 0 | 0 | 0 ( | 0 | 0 | 0 ( | 0 0 | 0 | 0 | - | ||||
| 16. Reduction of share (subscribed) capital in pre-bankruptcy settlement proceedings | 43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | 0 | ||||||||
| Reduction of share (subscribed) capital arising from profit reinvestment Repurchase of own shares | 44 45 |
- | 0 | 0 | -20.360.902 | -20.360.90 | 0 | 0 | 1 | 0 | 0 . | 0 | 1 | ||||||
| 19. Shareholders'/members' contributions | 46 | 33.767.95 | 9 0 | *20.300.902 | -20.300.90 | Ď. | 0 | 0 | o i | 5 | 0 | Ď | 0 ( | 0 0 | 0 | 33.767.959 | 33.7 | ||
| Payment of profit/dividend share Other distributions and payments to shareholders/members | 47 48 |
0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | 0 0 | 9.966.840 | 0 | -9.966.840 0 |
-9.9 | ||||
| 22. Transfer according to the annual schedule | 49 | 0 | 199.500 | 17 | 0 | 0 | 0 0 | 36.309.008 | -16.820.945 | 19.687.563 | 19.6 | ||||||||
| 23. Increase in reserves in the pre-bankruptcy settlement procedure | 50 | 0 | 0 | 0 | 0 I/ | 0 | 0 | 0 | 0 ( | 0 | 0 | 0 | _ | ||||||
| 24. Balance on the last day of the reporting period of the current financial year (AOP 31 do 50) APPENDIX TO THE REPORT ON CHANGES IN EQUITY (to be completed by the ur |
51 | 3.990.000 | 33.767.95 | 199.500 | 2.657.098 | 2.657.09 | 3 | 0 | 0 | 0 | 0 | 0 | 26.561.447 | 20.142.048 | 84.660.954 | 84.6 | |||
| APPENDIX TO THE REPORT ON CHANGES IN EQUITY (to be completed by the ur I. OTHER COMPREHENSIVE PROFIT OF THE CURRENT PERIOD, LESS TAXES (AOP 33 to 41) | ndertaking oblig | ged to apply IFRS) | 0 | 0 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 ( | 0 0 | 0 | 0 | 0 | |||
| II. COMPREHENSIVE PROFIT OR LOSS OF THE CURRENT PERIOD (AOP 32 + + 52) |
53 | 0 | 0 | c | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 20.142.048 | 20.142.048 | c | 20.1 | |||
| II. TRANSACTIONS WITH OWNERS OF THE CURRENT PERIOD RECOGNIZED DIRECTLY IN CAPITAL (AOP 42 to 50) |
54 | 33.767.95 | 9 199.500 | -20.360.902 | -20.360.90 | , | 0 | 26.342.168 | -16.820.945 | 43.488.682 | 43.4 | ||||||||
| RECOGNIZED DIRECTLY IN CAPITAL (AOP 42 to 50) | 04 | 33.707.95 | 199.500 | -20.360.902 | -20.300.90 | 1 | 1 | 1 | 20.342.168 | -10.820.945 | 43.488.682 | 43. |
{17}------------------------------------------------
Notes to the Financial Statements for the period from 1 January 2025 to 31 December 2025
General Information
(i) The company ING-GRAD Jsc. was established in the Republic of Croatia and registered in the court register of the Commercial Court in Zagreb under the company registration number (MBS) 080189931, under the name ING-GRAD Jsc. for special construction works. The Company's VAT ID (OIB) is 93245284305, and its registered office is in Zagreb at Kalinovica 3. The Company was founded in 1991, and since 29 November 2024, following the transformation from a limited liability company (d.o.o.) to a joint stock company (d.d.), it operates under the name ING-GRAD Jsc. for special construction works. The company owns a large number of specialized machines and equipment that enable the fast and high-quality execution of projects across all areas of construction activities. Among other things, the Company has participated in a significant number of rehabilitation and restoration of Croatian cultural heritage sites and monuments, some of which are listed on the UNESCO World Heritage List. The Company made a significant contribution to the reconstruction of the city of Zagreb after the 2020 earthquake.
(ii) Authorized representatives as at 31 December 2025:
- Branislav Brizar, MSc President of the Management Board, represents the Company individually and independently
- Patrik Klarić Member of the Management Board, represents the Company individually and independently
- Srđan Jončić Member of the Management Board, represents the Company individually and independently
- Miljenko Zovko Member of the Management Board, represents the Company individually and independently.
- Ivan Augustin Member of the Management Board, represents the Company individually and independently.
(iii) Ownership Structure (Top 10 Shareholders) as of 31 December 2025:
| Owner/Account holder/ Co authorised Person / Securities Holder |
Share | [%] | |
|---|---|---|---|
| 1. | BRIZAR BRANISLAV | 2.573.400 | 64,50 |
| 2. | ING-GRAD D.D. | 156.600 | 3,92 |
| 3. | PBZ CO OMF - KATEGORIJA A | 112.947 | 2,83 |
| 4. | AZ OBVEZNI MIROVINSKI FOND KATEGORIJE A |
110.247 | 2,76 |
| 5. | ERSTE PLAVI OMF KATEGORIJE A | 94.298 | 2,36 |
| 6. | PRIVREDNA BANKA ZAGREB D.D./ SKRBNIČKI ZBIRNI RAČUN KLIJENTA |
45.360 | 1,14 |
| 7. | ERSTE PLAVI OMF KATEGORIJE B | 43.908 | 1,10 |
| 8. | AZ OMF KATEGORIJE B | 41.446 | 1,04 |
| 9. | HPB D.D./HPBS-6 | 37.500 | 0,94 |
| 10. | AZ PROFIT OTVORENI DOBROVOLJNI MIROVINSKI FOND |
31.825 | 0,80 |
| Total: | 3.247.531 | 81,39 |
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Basis of Preparation
The Company's financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU IFRS). The financial statements are presented in EUR.
Notes to the Financial Statements for the Full-year Period include:
a) Explanation of business events significant for understanding changes in the statement of financial position and performance for the issuer's reporting full-year period compared to the previous financial year, including disclosures related to such events and updates of relevant information previously published in the latest annual financial report (paragraphs 15 to 15C of IAS 34 – Interim Financial Reporting).
The financial statements of ING-GRAD Jsc. have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial statements are presented in euros, applying the fundamental accounting assumption on an accrual basis, under which the effects of transactions are recognized when they occur and are reported in the financial statements for the periods to which they relate, as well as the going concern assumption.
Preparation of financial statements in accordance with IFRS requires the use of certain key accounting estimates, which are made reasonably under appropriate circumstances based on management's judgment.
b) Information on where access to the latest annual financial statements is provided, to facilitate the understanding of the information disclosed in the notes to the financial statements prepared for the full-year period
The financial statements are available on the ING-GRAD Jsc. official website (www.ing-grad.hr), on the website of the Zagreb Stock Exchange, and in the Officially Appointed Mechanism (OAM) for the Central Storage of Regulated Information at the Croatian Financial Services Supervisory Agency, and a notice thereof has been submitted to the Croatian News Agency (HINA).
c) A statement that the same accounting policies are applied in preparing the financial statements for the full-year period as in the most recent annual financial statements, or, if those accounting policies have changed, a description of the nature and effect of the change (paragraph 16A(a) of IAS 34 – Interim Financial Reporting)
The financial statements have been prepared using the same accounting policies, presentation, and calculation methods as those used in the preparation of the annual financial statements as at 31 December 2024.
d) an explanation of operating results if the issuer is engaged in seasonal activities (paragraphs 37 and 38 of IAS 34 – Interim Financial Reporting)
ING-GRAD Jsc. is not engaged in activities of a seasonal nature.
e) other disclosures required by IAS 34 – Interim Financial Reporting
Intangible fixed assets amount to EUR 666,6. Tangible fixed assets amount to EUR 7.472.002,76, which is EUR 2,92 million higher compared to the beginning of the year, influenced by the acquisition of new equipment and the extension of leases on business premises. Right-of-use assets are presented within property, plant
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and equipment according to the type of asset, while lease liabilities are reported within other long-term and short-term liabilities.
Movements in current assets and current liabilities:
| 31 December 2024 | 31 December 2025 | |
|---|---|---|
| In EUR | In EUR | |
| Inventory | 1,260,080 | 1,750,137 |
| Receivables | 45,933,277 | 40,094,616 |
| Current financial assets | 11,616,011 | 73,337,092 |
| Cash and Cash Equivalents | 3,661,564 | 6,512,906 |
| Current assets | 62,470,932 | 121,694,751 |
| 31 December 2024 | 31 December 2025 | |
| In EUR | In EUR | |
| Liabilities for loans and borrowings | 8,715,195 | 808,810 |
| Liabilities to suppliers | 18,719,155 | 21,602,408 |
| Liabilities to employees | 416,847 | 546,378 |
| Other current liabilities | 3,396,210 | 3,349,450 |
| Current liabilities | 31,247,407 | 26,307,046 |
Current assets increased by 94,8%, with the largest increase attributable to the successful execution of the Company's initial public offering (IPO), which further strengthened the Company's financial position by EUR 55.2 million.
Trade payables increased by only 15,4%, despite significant business growth. The reported liabilities are not yet due.
Other current liabilities relate to advances received and liabilities for taxes, contributions, and other charges.
f) In the notes to the financial statements for the full-year period, in addition to the information mentioned above, the following disclosures shall also be made:
- the name, registered office (address), legal form of the company, country of incorporation, company registration number, personal identification number, and, if applicable, a statement that the company is in liquidation, bankruptcy, summary winding-up procedure, or under extraordinary administration.
Issuer: ING-GRAD Jsc.
Address: Kalinovica 3, 10000 Zagreb
Company Registration Number: 080189931
OIB: 93245284305
Market: Zagreb Stock Exchange Inc. - Official Market
LEI: 747800V0634Q77II6N67 Home Member State: Croatia
ISIN: HRIG00RA0009
Ticker: IG
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- Adopted accounting policies (only an indication of whether there have been any changes compared to the previous period)
During the reporting period, accounting policies remained unchanged from those of the previous year.
- The total amount of all financial liabilities, guarantees, or contingent liabilities not included in the balance sheet, and an indication of the nature and form of any actual insurance provided; all liabilities relating to the pensions of the issuer within the group or company related to the participating interest are disclosed separately.
The total amount of issued guarantees in the form of bank guarantees as of the reporting date amounts to EUR 57.94 million. These relate to performance guarantees, warranty period guarantees, and, to a lesser extent, bid guarantees.
- The amount and nature of individual income or expense items of exceptional size or occurrence.
| 1.131.12.2024. | 1.131.12.2025. | |
|---|---|---|
| In EUR | In EUR | |
| Operating Revenue | 130,675,981 | 168,420,860 |
| Operating Expenses | (110,407,918) | (144,605,482) |
| Operating Profit | 20,268,0623 | 23,815,378 |
| Financial income | 620,352 | 1,168,177 |
| Financial expenses | (366,439) | (150,514) |
| Financial income / (expenses) - net | 253,913 | 1,017,663 |
| Profit Before Tax (PBT). | 20,571,229 | 24,931,914 |
For the reporting period 1 January to 31 December 2025, operating revenue increased by 28.88%, while operating expenses rose by 30.97%, and profit before tax grew by 21.2%, amounting to EUR 4.36million. Of total costs, the largest increase was recorded in external services expenses (where subcontractor costs were the most significant), while the cost of raw materials and supplies rose by 35.34%.
- Amounts owed by the company that fall due after more than five years, as well as the total liabilities of the company covered by valuable collateral provided by the company, indicating the type and form of collateral.
A portion of liabilities maturing beyond five years amounts to EUR 141.000 and relates to lease liabilities recognised in accordance with the provisions of IFRS 16.
- Average number of employees during the current period
The average number of employees during the period 1 January to 31 December 2025 was 234 (compared to 209 employees during the period 1 January to 31 December 2024).
- If the company has capitalized the cost of salaries in part or in full in accordance with regulations in the financial year, information on the amount of total employee costs during the year broken down into the amount directly charged to the period and the amount capitalized in the value of assets during the period, by separately stating the total amount of net salaries and the amount of taxes, contributions from salaries and contributions on salaries.
During the reporting period, there was no capitalization of salary expenses.
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- If provisions for deferred tax are recognized in the balance sheet, the balances of deferred tax at the end of the financial year and the movements in these balances during the financial year are disclosed.
Deferred tax assets as at 31 December 2025 amount to EUR 9.235 (as at 31 December 2024: EUR 36,807).
- The name and registered office of each company in which the company, either itself or through a person acting in its own name but on behalf of the company, holds a participating interest in the capital, stating the amount of capital held, the amount of total equity and reserves, and the profit or loss of the most recent financial year of the relevant company for which annual financial statements have been adopted; information regarding equity and reserves and profit or loss may be omitted if the relevant company does not publish its balance sheet and is not controlled by another company.
As at 31 December 2025, ING-GRAD Jsc. does not hold a majority stake in the share capital of any company. ING-GRAD's subsidiaries include ING-JET d.o.o., in which ING-GRAD Jsc. holds a 19% ownership interest.
- The number and nominal value, or if no nominal value exists, the carrying number of shares or stakes registered during the financial year within the authorized capital
Share capital as at 31 December 2025 amounts to EUR 3,990,000, divided into 3,990,000 shares, of which ING-GRAD Jsc. holds a 3.7% stake in the total capital. The nominal value of one share is EUR 1.00.
- Existence of any participation certificates, convertible bonds, guarantees, options, or similar securities or rights, indicating their number and the rights they confer
ING-GRAD Jsc. has no participation certificates, convertible bonds, guarantees, options, or similar securities or rights.
-
- Name, registered office, and legal form of each entity in which the company has unlimited liability ING-GRAD Jsc. holds no stakes in companies with unlimited liability.
-
- Name and registered office of the entity preparing the financial statements of the largest group of entities in which the company participates as a controlled member Not applicable.
-
- Name and registered office of the entity preparing the financial statements of the smallest group of entities in which the company participates as a controlled member, and which is also included in the group referred to in point 13.
Not applicable.
- Location where copies of the financial statements referred to in points 13 and 14 can be obtained, provided they are available.
Not applicable.
- Nature and business purpose of arrangements with entities not included in the balance sheet, and the financial impact of such arrangements on the company, provided that the risks or benefits arising from such arrangements are material and to the extent that disclosure of such risks or benefits is necessary for an assessment of the company's financial position.
There are no material arrangements with entities not included in the financial statements as at 31 December 2025.
- Nature and financial effect of significant events occurring after the balance sheet date that are not reflected in the profit and loss account or balance sheet
There have been no significant events after the balance sheet date that are not reflected in the profit and loss account or balance sheet.
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STATEMENT OF PERSONS RESPONSIBLE FOR PREPARING THE FINANCIAL RESULTS
Pursuant to Article 468, paragraph 2 of the Capital Market Act (Official Gazette 65/18, 17/20, 83/21, 151/22, 85/24), the person responsible for preparing the financial statements, Branislav Brizar, President of the Management Board, hereby makes the following:
STATEMENT
To the best of my knowledge, the financial statements of ING-GRAD Jsc. for the period January – December 2025 have been prepared in accordance with the applicable financial reporting standards and give an accurate and fair view of the assets and liabilities, financial position, and profit or loss of the Company.
The reports provide a fair presentation of the development and results of the Company's operations and its position, together with a description of the principal risks and uncertainties to which the Company is exposed.
The unconsolidated unaudited financial results of the Company for the twelwe-month period ended 31 December 2025 were approved by the Management Board of ING-GRAD Jsc. at the meeting held on 26 February 2026.
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Building future, restoring heritage.
ING-GRAD d.d.
OIB: 93245284305 Kalinovica 3, 10 000 Zagreb HR
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