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Span d.d. Interim / Quarterly Report 2026
2101_10-q_2026-04-30_4e568b68-91ed-4741-8883-89910280fc17.pdf
Interim / Quarterly Report
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Unaudited financial statements of Span Group and Span d.d.
31.3.2026
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Contents
1 Management Interim Report – Management Report 5
1.1. Statement by Mihaela Trbojević 6
1.2. Corporate events 8
1.3. Business events, awards and recognitions 10
1.4. People and community 16
2 Financial Indicators for first three months of 2026 23
2.1. Operating Revenue, EBITDA and Net Profit of Span Group 24
2.2. Operating Revenue, EBITDA and Net Profit of Span d.d. 25
2.3. Key features of the period – first three months of 2026 26
2.4. Revenues by segments 28
2.5. Revenues by geographic markets 30
2.6. Balance Sheet 31
2.7. Cash flow 32
3 Financial Statements of Span Group and Span d.d. 35
4 Notes 49
4.1. Notes accompanying Financial Statements (drawn up for quarterly reporting periods) 50
5. Statement on responsibility for compiling a report in the observed period 52
Management Interim Report - Management Report
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1.1. Statement by Mihaela Trbojević,
Member of the Management Board for Product and Service Management
The first quarter of 2026 was marked by continued strategic investments aimed at the long-term growth and expansion of the Span Group's operations. Business revenues increased by 7%, while EBITDA after one-off items for the first three months of 2026 recorded a 17% decrease compared to the same period last year. This is a direct result of increased operating expenses associated with expansion activities, primarily the opening of new offices and strengthening of operational capacities. These investments represent a deliberate and planned decision to lay the foundations for further growth, expansion of market presence, and the long-term strengthening of Span's competitiveness.
In parallel with the investment cycle, the business environment in which Span operates is characterized by a clear shift towards a more mature and responsible use of digital technologies. Artificial intelligence, cloud, and cyber security are no longer developing in isolation, but now function as a unified and interdependent system that is increasingly shaping the way organizations operate, manage risks, and create value.
Artificial intelligence is rapidly evolving towards agent-based models that take on specific business tasks and operate with a certain level of autonomy. This development brings new questions of governance, security oversight, and access control, with AI agents increasingly being viewed as employees—with clearly defined rights, responsibilities, and oversight mechanisms. Simultaneously, these models rely heavily on scalable cloud infrastructure, making cloud a key driver of innovation as well as an increasingly significant source of operating costs. The market's focus is therefore shifting ever more clearly towards optimization, transparency, and long-term value from investments in cloud environments.
Further complexity arises with the NIS2 Directive entering the phase of real implementation and oversight. This further underscores the need for demonstrable cyber security, resilient and manageable cloud environments, and clearly defined responsibility for management and executive structures. In this context, technology is less and less an isolated IT tool and increasingly a strategic business capability that must ensure agility, security, regulatory compliance, and a measurable contribution to business results all at once.
Span is responding to these changes systematically and thoughtfully, continuously and carefully increasing the application of artificial intelligence across the organization, with a clear focus on business value and risk management. In departments responsible for technical solution delivery, we use artificial intelligence to support teams in document analysis, accelerating development, incident resolution, and improving delivery quality, thereby further increasing efficiency and shortening the time required to deliver solutions to our clients.
At the same time, in corporate functions, artificial intelligence is becoming a tool to support daily operational and analytical tasks, from information processing and content preparation to making higher quality and faster decisions. Its application is carried out with clearly defined usage rules, security controls, and data protection, ensuring that artificial intelligence becomes a reliable and responsible 'companion' to employees, integrated into existing processes rather than a standalone technology that exists for its own sake.
During the first quarter of 2026, Span worked on a total of 235 active projects, confirming a high level of operational activity and breadth of market engagement.
We do not view the rapid development of technology and constant change as a challenge, but rather as a responsibility and an opportunity. The synergy of strategic vision, operational discipline, and responsible adoption of new technologies forms the foundation for creating long-term value for Span.
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1.2. Corporate events
1.2.1. Acquisitions and disposals of treasury shares
In accordance with the Share Buy-Back Program¹, the investment firm Interkapital vrijednosni papiri d.o.o. bought 5,611 Company shares on behalf of, and on account of the Company in the first quarter of 2026. The Share Buy-Back Program is implemented with the purpose of the disposal of shares within the ESOP Program of the Company, remuneration of the members of the Management Board, the employees of the Company and affiliated companies, potential acquisition of companies, and for any other purposes that are provided for as such and allowed under the applicable legislation of the Republic of Croatia, in line with the decision of the General Assembly of the Company of 13 June 2022.
In accordance with the mentioned Share Buy-Back Program, the Company disposed of 10,539 shares on 26 March 2026.
Prior to said acquisitions and disposals, the Company owned 10,760 own shares, representing 0.5490% of the share capital², and after said acquisitions and disposals, it owns a total of 5,149 own shares, representing 0.2627% of the share capital.
¹ Adopted on 5 December 2024 at the meeting of the Management Board, and upon prior agreement of the Supervisory Board of Span d.d. (hereinafter: Company).
² The Company's share capital amounts to EUR 3,920,000.00 and is split into 1,960,000 common shares with a nominal value of EUR 2.00, under the symbol SPAN-R-A and ISIN symbol HRSPANRADIST.
1.2.2. GT Tarkvara started operating under the Span brand
Since the start of March, GT Tarkvara has been operating under the Span brand, representing the beginning of a new phase of development aimed at the expansion of services and strengthening the international integration in the Estonian market. This change implies not only a new visual identity, but an integration of local experience with global expertise and technological resources of the Span Group, enabling the expansion of the service portfolio and a response to digitalization and cyber security challenges.
Span offers more than 30 years of experience and a team of more than 950 experts, while in Estonia it builds on a 26-year-long presence of GT Tarkvara and partnerships with more than 700 customers from various sectors. The local team remains at the core of the business, now further reinforced with the access to broader range of expertise and extensive capacities.
As one of the digitally most advanced societies, Estonia sets high expectations when it comes to reliability and security of data, and the organizations are rapidly adopting cloud solutions and looking for partners that are able to combine innovation and stability. With continuing efforts and by upgrading the local foundations, Span Estonia aims to support organizations with modern IT solutions, and it is reinforcing its market position and cooperation within international operations.
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1.3. Business events, awards and recognitions
1.3.1. Span Cyber Security Arena - Program
Third edition of the Span Cyber Security Arena, which will be held from 20 to 22 May 2026 in Poreč, offers the widest range activities so far. Through parallel topics, participants will be able to attend lectures, panels, and participate in practical challenges that combine technical, legal and strategic aspects of cyber resilience. This year, the focus is on bringing back the basic security features: access management, information classification, IT assets hygiene and operational resilience. Alongside Span's experts, numerous internationally acclaimed speakers will also share their experiences and insights.
1.3.2. Cloud Solutions Partner in Georgia
One of the crucial moments for Span Georgia was acquiring the Microsoft Direct Cloud Solution Provider (CSP) status. "This status enables Span to directly provide cloud services, manage the whole customer environment and ensure reliable and quality support. Span thereby brought to the market of Georgia what was long missing—the possibility to integrate licensing, implementation, work and security into a unique and responsible system", said Arman Obosyan, the Managing Director of Span Georgia.
Span continues to focus on strengthening the relationships with key financial and business partners, exploring new opportunities and executing complex digital transformation projects that align with Georgia's market needs.
1.3.3. Two new Microsoft specializations
In the first quarter of 2026, Span added two new Microsoft specializations to its portfolio - Analytics on Microsoft Azure and Intelligent Automation. These achievements confirm our expertise in the delivery of sophisticated, secure and valuable cloud and AI solutions on the Microsoft platform. From the development of predictive models and business processes automation, to the support in making decisions based on data analysis, our experts continuously help customers innovate and change their businesses faster.
Thanks to these new specializations, Span now holds a total of 16 Microsoft specializations, further confirming a strong position within the Microsoft ecosystem.
1.3.4. Greece - Microsoft AI summit
As a Premium Partner, Span participated in the Microsoft AI Summit Athens 2026, an exclusive event the main business leaders and key decision-makers from Greece, Cyprus and Malta were invited to, in order to jointly consider the next steps in the implementation of artificial intelligence in business. The summit gathered around 500 high-level managers, CIOs and CXOs who discussed the transformation of business with the support of artificial intelligence, and the strategic technological leadership.
During the main part of the event, Vassilis Papoulias, the Director of Span Hellas, gave the presentation titled "From predictive intelligence to AI Agents: Real-life use of artificial intelligence".
The presentation showed how in large companies the artificial intelligence is being increasingly used beyond experimental phases and pilot projects, transitioning to regular production use where AI becomes an integral part of key business processes. Based on specific projects that Span completed for international organizations, the presentation illustrated how predictive and AI Agents capabilities are already integrated into everyday work, enabling measurable results when it comes to revenue increase, improvement of efficiency and better decision-making at senior levels.
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"The most successful organizations in the implementation of AI are not necessarily those that experiment the most", highlighted Vassilis Papoulias. "The real results are achieved by those that build stable architecture, integrate solutions with discipline and successfully scale them without jeopardizing the reliability of business. The value of AI in business is measured solely by measurable business performance."
During the presentation, the increasing importance of management and operational maturity in the context of rapid adoption of AI technologies in large organizations was further underlined.
Through its experience in managing complex IT systems for major customers, Span aligned technological innovation with robust governance frameworks, including ISO 42001 certificate for artificial intelligence management. Through Span Hellas, the company brings this governance-driven
approach and international experience to organizations across Greece, Cyprus, and Malta, supporting the responsible and scalable adoption of enterprise AI.
As a participant and lecturer at the Summit and a Premium Partner, Span further strengthened the relationship with major regional organizations and reinforced its leading position in the area of artificial intelligence, cloud and cyber security.
1.3.5. SCSC Open Day
Span Cyber Security Center held a successful Open Day during the course of which the representatives of different organizations, institutions, companies, and IT experts gained an insight into the latest information in the area of cyber security, exchanged experiences and discussed real challenges the companies and individuals face today. Attendees were presented with all the types of education programs that are carried out
in the Center, including formal education, specialized training and education programs for raising awareness of cyber security.
As part of the event, a panel discussion was held on the topic "Knowledge as a shield: Through education to safer business". What directly gave rise to the discussion was the global market data according to which there is a shortage of 4.8 million cyber security professionals, while in the European Union there are 300 thousand job vacancies. The panelists pointed out that this shortage can be mitigated only by quality planning and continuous training of staff on the one hand, while on the other hand it is necessary to adapt education programs to new trends and discoveries, thus directly strengthening the resilience of organizations to cyber threats and reducing the risk of incidents.
"Open Day demonstrated the importance of training in the area of cyber security and a strong market need for professionals who
understand real threats and know how to respond to them. Our goal is to provide programs that derive from the practice and experience of our experts, and events such as this one confirm we are on the right path", said Marinko Žagar, Director of the Span Cyber Security Center.
Furthermore, Open Day attendees also received detailed information on the awareness and specialized trainings that raise awareness of security threats. They are intended for all employees, regardless of their technical background, and focus on helping them understand potential risks and respond effectively to cyber security challenges in their daily work.
Span Cyber Security Center operates as an Adult Learning Institution as well, and currently offers two formal trainings: Cyber Security Analyst and Cloud Security Expert micro-qualifications. These form part of the National Qualifications Framework and
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are entered into e-workbook, and Croatian Employment Services vouchers may be used to attend these trainings.
So far, more than 3,000 attendees and 200 organizations participated in Span Cyber Security Center's activities, and more than 100 trainings were conducted.
1.3.6. Free education for small and medium-sized enterprises
In times of the rise of cyber threats and increasing responsibility directed towards the private sector, Span takes on an active role in reinforcing the local business public community by launching a free education
on cyber security. The program is primarily developed for small- and medium-sized enterprises, and it aims to raise the level of awareness within this entrepreneurship segment precisely, and to further prepare it for facing the ever more sophisticated and frequent attacks.
"It is our responsibility to use our knowledge and experience to protect those who most often do not have enough resources to defend themselves. Small- and medium-sized enterprises are a crucial, but vulnerable part of the supply chain, and this is why they are becoming the target of attackers who count on them as being poorly protected. With this free education, we wish to help build a more secure, resilient and digitally mature business environment of small- and medi
um-sized enterprises", said Mihaela Trbojevic, a member of the Management Board of Span and the President of the Management Board of Span Cyber Security Center.
Cyber incidents, such as phishing or ransomware, may cause serious damage to enterprises: financial loss, business disruptions, data compromise, high recovery costs and reputational damage. This is why we believe that the access to quality education is a fundamental requirement for a safe operation of any enterprise. Online education program is designed to provide entrepreneurs with practical knowledge they can apply immediately, from recognizing and managing cyber risks, to building a culture of safe conduct and the implementation of key protection technologies.
Anyone can attend the education program, regardless of the size of the team or prior technical knowledge.
Free online education is one of the KPIs in the Sustainability-Linked Bond issued in 2025. In particular, Span is the first Croatian IT company to issue a Sustainability-Linked Bond, and as a issuer of such bond, we are committed to achieving objectives that reflect company's ESG focus, with cloud and cyber security being identified as key strategic areas that can positively impact the environment and the community.
It is possible to attend the aforementioned education for free, and attendees may register via official website of the Span Cyber Security Center.
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1.4. People and community
1.4.1. HR initiatives
1.4.1.1. Inclusiveness, equality and sustainable human resources management
In the first quarter of 2026, Span continued to develop an inclusive organizational culture and promote equal opportunities through a number of initiatives aimed at diversity, fairness and sustainable business. As an important step forward, through cooperation of the HR and ESG teams, we launched the initiative of providing scholarships for pupils and students with disabilities, with a view to increasing access to education. The project includes early support and cooperation with educational institutions and associations, whereby Span actively contributes to creating equal opportunities in a broader social context.
Commitment to fairness and transparency was further confirmed by the Equal Pay Champion certificate awarded by the SELECTIO Group, a leading consultancy group in the area of human resources, whereby Span was recognized as one of the leaders in ensuring equal pay. The certificate is based on the "equal pay for equal work" principle, and it occurs within the context of the upcoming EU Pay Transparency Directive, thus further highlighting the importance of strategic approach to human resources management.
In the first quarter, Span also took part in the CAREvolution initiative of the Croatian Business Council for Sustainable Development (HR PSOR), an international project aimed at improving the work-life balance and promoting gender equality and employee well-being. The project focuses on the development of inclusive organizational
practices, removing stereotypes related to care roles and reinforcing an organizational culture that supports long-term sustainability. Through introductory activities and knowledge exchange, Span started with the integration of project principles into its internal practices, with a view to further developing a work environment that fosters equality, flexibility and employee well-being, while strengthening the resilience and sustainability of business at the same time.
1.4.1.2. Health, well-being and the importance of open dialogue
Span continued to foster initiatives aimed at employee health and well-being in the first quarter as well, with a focus on the importance of open dialogue when it comes to matters that are usually insufficiently talked about
in the business environment. On International Women's Day, we organized an internal event dedicated to women's health, with a focus on prevention, education and destigmatization of topics related to women's health. In a relaxed and interactive atmosphere, employees participated in the discussion that further underlined the importance of caring for one's health and mutual support.
1.4.1.3. Cooperation with the academic community and youth development
As part of activities aimed at the cooperation with the academic community, HR representatives and Span's experts participated in the Open Day of the University of Applied Sciences in Zagreb, where students and high school students had the opportunity to witness first-hand the technologies and
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projects Span was working on, and to gain insight into work environment and professional roles within the company.
Span participated in the "Build your career – jump to the future" fair, organized by the Croatian Chamber of Commerce. With an exhibition area and through educational workshops, students of vocational secondary schools in Zagreb, Samobor and Osijek were presented with Span's areas of operation and familiarized themselves with everyday work in the IT industry. Particular focus was placed on the interactive approach, whereby students gained an insight into specific business processes and
career opportunities in the IT sector through conversations with Span's experts.
Furthermore, Span also took part in Algebra Bernays Career Days, where a booth was set up with HR representatives and Span's experts, who presented career development opportunities in the IT sector by directly communicating with students, with a particular focus on realistic expectations and skills required on the labor market today.
As part of the Women's Weekend 2026, a panel was held dedicated to financial literacy and personal finances, which raised
important questions on relationship with money and its role in the long-term financial security and stability. Ana Vukšić, member of the Management Board for Finance participated in the panel, where she shared her experiences and highlighted the importance of taking care of finances.
Our AI & Data Manager participated in an expert forum organized by the HR PSOR and the Commission Representation in Croatia, where the impact of artificial intelligence on women in the labor market was discussed. The importance of responsible use of technology, reducing bias and fostering
equal participation of women in digital and STEM areas was emphasized.
1.4.1.4. Fostering interest in STEM through education and playful activities
The beginning of the year was also marked by the HR initiative RoboDay, carried out by Span for the second year in a row, and it once again proved to be successful. The aim of this event was to foster the interest of children in STEM and enable them to get themselves acquainted with the work environment their parents spend their every-
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day life in through playful and educational content. With this event, Span once again opened its doors to children of its employees and introduced them to the world of technology. In cooperation with the Center for gifted, talented and creative, around 70 children participated in workshops concerning robotics, digital security, 3D modeling and other STEM activities. A special part of the program was dedicated to Internet security, during which Mihaela Trbojevic, member of the Management Board of Span introduced basic rules of safe conduct in the digital environment to children through an interactive lecture. By means of specific examples comprehensible to children, she pointed out potential dangers that could be hidden behind the screen and the importance
of responsible and safe use of technology. Through teamwork, interactive content and practical tasks, children developed their curiosity and basic technological knowledge, while employees had the opportunity to hear first-hand the impressions and experiences of their children, which further contributed to a positive and engaging work atmosphere.
1.4.2. Sustainability in Span
1.4.2.1. Regional ESG Leader Award 2025
Span was awarded the Silver Regional ESG Leader Award 2025 in the category Responsible and ethical management for large
companies. This is a regional recognition awarded to companies from Central and South-East Europe that systematically integrate environmental, social and governance aspects into their business models and strategic decision-making, with a view to achieving long-term, resilient and responsible growth.
The award was presented at the Regional Summit of Entrepreneurs "300 BEST", held at the end of March in Split, an event gathering leading companies and regional business leaders and placing a particular focus on the role of ESG as a modern business standard. Sonja Tadic, our ESG & Environmental Protection Team Leader accepted the award on behalf of Span Group
and presented Span's new ESG strategy, key policies, conducted initiatives and medium-term objectives.
This recognition proves that responsible and ethical management is an integral part of Span's way of doing business, not a separate activity.
ESG principles are integrated into everyday operational processes, risk management system and long-term business strategy of the Group, thus ensuring transparent decision-making, responsibility towards stakeholders and creating sustainable value for employees, customers, partners and wider community.
Financial Indicators for first three months of 2026
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2.1. Operating Revenue, EBITDA and Net Profit of Span Group
2.2. Operating Revenue, EBITDA and Net Profit of Span d.d.
| Operating revenue | +7% 30% | Operating revenue | +7% 30% |
|---|---|---|---|
| 65.2 mil. EUR | 26.4 mil. EUR | ||
| EBITDA before one-off items | -20% 30% | EBITDA before one-off items | -6% 30% |
| 3.3 mil. EUR | 2.4 mil. EUR | ||
| EBITDA after one-off items | -17% 30% | EBITDA after one-off items | 0% 30% |
| 3.3 mil. EUR | 2.4 mil. EUR | ||
| Net Profit after one-off items | -49% 30% | Net Profit after one-off items | +8% 30% |
| 1.4 mil. EUR | 1.3 mil. EUR |
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2.3. Key features of the period – first three months of 2026
Profit and Loss Account – shortened
Span Group
| In thousands of EUR | Q1 2025 | Q1 2026 | A % |
|---|---|---|---|
| Total revenue | 61,302 | 65,271 | 6% |
| Operating revenue* | 60,795 | 65,309 | 7% |
| Other revenue | 507 | 72 | -86% |
| Total costs | 57,357 | 61,989 | 8% |
| Costs of goods and services sold* | 44,995 | 48,843 | 9% |
| Personnel expenses** | 10,090 | 11,074 | 10% |
| Other operating expenses** | 2,272 | 2,071 | -9% |
| EBITDA before one-off items | 4,090 | 3,282 | -20% |
| EBITDA one-off items | 144 | -100% | |
| EBITDA after one-off items | 3,945 | 3,282 | -17% |
| Depreciation and amortization | 1,037 | 1,088 | 5% |
| EBIT before one-off items | 3,053 | 2,194 | -28% |
| EBIT after one-off items | 2,908 | 2,194 | -25% |
| Net financial result | 186 | (363) | -295% |
| Shares of profit/loss of associated companies | (32) | ||
| Profit/loss before taxation before one-off items | 3,238 | 1,799 | -44% |
| Profit/loss before taxation after one-off items | 3,094 | 1,799 | -42% |
| Corporate tax | 416 | 430 | 3% |
| Profit/loss after taxation before one-off items | 2,822 | 1,369 | -52% |
| Profit/loss after taxation after one-off items | 2,678 | 1,369 | -49% |
- Revenue from the saurifer sales by subsidiary undertaking, that was reported in gross amount in 2025, is now reported net amount, and both revenue and direct expenses for prior periods have been adjusted without affecting the results of the Company or the Group.
** In 2026, a reclassification of expenses related to employees was carried out, from other business expenses to personnel expenses, with a view to improving the overview of labor expenses.
Span d.d.
| In thousands of EUR | Q1 2025 | Q1 2026 | A % |
|---|---|---|---|
| Total revenue | 24,891 | 26,663 | 7% |
| Operating revenue | 24,816 | 26,416 | 7% |
| Other revenue | 76 | 227 | 399% |
| Total costs | 22,446 | 24,220 | 8% |
| Costs of goods and services sold | 12,060 | 13,651 | 13% |
| Personnel expenses** | 8,730 | 9,164 | 5% |
| Other operating expenses** | 1,656 | 1,405 | -15% |
| EBITDA before one-off items | 2,590 | 2,443 | -6% |
| EBITDA one-off items | 144 | -100% | |
| EBITDA after one-off items | 2,446 | 2,443 | - |
| Depreciation and amortization | 841 | 868 | 3% |
| EBIT before one-off items | 1,749 | 1,575 | -10% |
| EBIT after one-off items | 1,604 | 1,575 | -2% |
| Net financial result | (139) | 13 | 109% |
| Shares of profit/loss of associated companies | |||
| Profit/loss before taxation before one-off items | 1,609 | 1,588 | -1% |
| Profit/loss before taxation after one-off items | 1,465 | 1,588 | 8% |
| Corporate tax | 264 | 286 | 8% |
| Profit/loss after taxation before one-off items | 1,346 | 1,302 | -3% |
| Profit/loss after taxation after one-off items | 1,201 | 1,302 | 8% |
** In 2026, a reclassification of expenses related to employees was carried out, from other business expenses to personnel expenses, with a view to improving the overview of labor expenses.
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Revenue
Total consolidated revenue increased by EUR 3,969 thousand, or 6% compared to the first three months of 2025. The operating revenue grew by EUR 4,404 thousand in the same observed period. The highest absolute growth was recorded by the Software Asset Management and Licensing segment. Total revenue growth from IT services with high added value amounted to EUR 381 thousand.
In the same period, Span d.d. recorded a growth of total revenue by EUR 1,772 thousand, or 7%. The growth came from the operating revenue, which increased by EUR 1,621 thousand. Growth was recorded in the Software Asset Management and Licensing segment. Revenue in the IT services with high added value segment recorded a decline in the observed period, primarily as a result of project seasonality and different dynamics of activities between periods.
Operating expenses
The total consolidated operating expenses saw an increase by EUR 4,631 thousand, or 8% compared to 2025. The largest generator of the growth of expenses was the cost of goods and services sold, following the revenue growth.
The personnel expenses increased by EUR 985 thousand, or 10% compared to 2025. The average number of employees in the Group in first three months of 2026 was 941, compared to the prior year when the average number of employees in the Group was 857. The increase of the personnel expenses was driven by the expansion to foreign markets, including incorporation and operational start-up of subsidiaries.
Total expenses of Span d.d. increased by EUR 1,775 thousand compared to the same period last year. Cost of goods and services sold increased by EUR 1,591 thousand, while personnel expenses grew by EUR 434 thousand.
The average number of employees in the Company in the observed period is 811, which is an increase compared to the previous year when the average number of employees in the Company was 758. The highest proportion of new recruitments was related to recruitments in the segments of services with high added value.
EBITDA
EBITDA of the Group before one-off items decreased by EUR 807 thousand, or 20% and amounts to EUR 3,282 thousand.
EBITDA after one-off items in the first three months of 2026 shows a decrease of 17% compared to the same period last year. The decline in EBITDA is the result of investments in business expansion and activities related to expansion, primarily operational expenses associated with the opening of new offices – such as salaries for newly hired teams, office rental costs, legal services, promotional expenses, and similar.
Span d.d. recorded a decline of EBITDA before one-off items of EUR 147 thousand, or 6%, amounting to EUR 2,443 thousand. EBITDA after one-off items of Span d.d. was kept at the level comparable to the previous period, and amounted to EUR 2,443 thousand.
Depreciation cost of Span d.d. did not record significant changes compared to the previous period.
The Group's net financial result of the period amounted to EUR -363 thousand, a result of foreign exchange losses and interest expense due to bond issuance.
Net profit
Profit after taxation before one-off items of the Group decreased by EUR 1,454 thousand, to EUR 1,369 thousand. In the observed period, profit after taxation after one-off items of the Group decreased by EUR 1,309 thousand, to EUR 1,369 thousand.
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Revenues by segments
Span Group
| In thousands of EUR | Q1 2025 | Q1 2026 | Δ% |
|---|---|---|---|
| Total operating revenue | 60,705 | 65,199 | 7% |
| Software Asset Management and Licensing | 40,017 | 50,039 | 9% |
| Infrastructure Services, Cloud & Cyber Security | 4,718 | 4,104 | -13% |
| Service Center Management and Technical Support | 6,007 | 6,283 | 5% |
| Software and Business Solutions Development* | 3,454 | 4,173 | 21% |
- Revenue from the voucher sales by subsidiary undertaking, that was reported in gross amount in 2025, is now reported net amount, and both revenue and direct expenses for prior periods have been adjusted without affecting the results of the Company or the Group
Span d.d.
| In thousands of EUR | Q1 2025 | Q1 2026 | Δ% |
|---|---|---|---|
| Total operating revenue | 24,816 | 26,436 | 7% |
| Software Asset Management and Licensing | 11,560 | 13,333 | 15% |
| Infrastructure Services, Cloud & Cyber Security | 4,620 | 3,635 | -21% |
| Service Center Management and Technical Support | 3,746 | 5,863 | 2% |
| Software and Business Solutions Development | 2,890 | 3,606 | 25% |
Span d.d. recorded a decline of profit after taxation before one-off items by EUR 44 thousand, to EUR 1,302 thousand. Span d.d. recorded a growth of profit after taxation after one-off items by EUR 100 thousand to EUR 1,302 thousand.
The cost of corporate tax reflected the release of the deferred tax assets for tax relief obtained based on the Investment Promotion Act. More details about the relief obtained can be found in the chapter "Deferred tax assets".
The Management Board of Span d.d. continuously considers all risks related to the Russian - Ukrainian war and is of opinion that those risks do not jeopardize the financial results of the Group.
2.4. Revenues by segments
Span Group generated revenue in the following segments:
- Software Asset Management and Licensing
- Infrastructure Services, Cloud & Cyber Security
- Service Center Management and Technical Support
- Software and Business Solution Development.
Data on revenues by segments of the operation of the Group and Span d.d. for the first three months of 2025 and 2026 is provided below.
Revenues by segments
Span Group Q1 2025
- Software Asset Management & Licensing 76.48%
- Infrastructure services, Cloud & Cyber Security 7.76%
- Service Center Management & Technical Support 9.88%
- Software & Business Solution Development 5.68%
Span Group Q1 2026
- Software Asset Management & Licensing 77.67%
- Infrastructure services, Cloud & Cyber Security 6.29%
- Service Center Management & Technical Support 9.64%
- Software & Business Solution Development 8.40%
Span d.d. Q1 2025
- Software Asset Management & Licensing 46.58%
- Infrastructure services, Cloud & Cyber Security 18.62%
- Service Center Management & Technical Support 23.15%
- Software & Business Solution Development 11.65%
Span d.d. Q1 2026
- Software Asset Management & Licensing 50.43%
- Infrastructure services, Cloud & Cyber Security 13.73%
- Service Center Management & Technical Support 22.18%
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Software & Business Solution Development 13.64%
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Software Asset Management and Licensing recorded a growth of revenue by 9% compared to the first three months of 2025. The highest growth was recorded by Span Estonia, Span Slovenia, followed by Span Croatia. The share of revenues in the total operating revenues was 78%.
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Infrastructure Services, Cloud & Cyber Security decreased by 13% in the observed period, compared to the same period of the prior year. A decline of revenues in this segment in the first three months of 2026 compared to the previously observed period is primarily a result of project seasonality.
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Service Center Management and Technical Support contributed to a continuous growth of revenue through the supervision and management of the IT surroundings services, with the increase of revenue of this segment amounting to 5% compared to the same period last year.
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Software and Business Solution Development in the observed period grew by 21% compared to the first three months of the last year.
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31
Revenues by geographic markets
Span Group Q1 2025
Span Group Q1 2026
- Comparative share for the Croatian market was adapted due to the change in the presentation of revenue from voucher sales of the subsidiary undertaking
Span d.d. Q1 2025
Span d.d. Q1 2026
2.5. Revenues by geographic markets
Revenues by geography show the geographic market where goods, or services are invoiced. The share of revenue the Group makes in foreign markets accounts for 92% of the total revenue. The most significant growth of revenue, totalling EUR 2,773 thousand was recorded by the
Estonian market, followed by the Slovenian market (EUR 2,703 thousand).
Span d.d. achieves 19% of revenue on the Croatian market, while the highest growth was recorded on the Slovenian market compared to the same period last year.
2.6. Balance Sheet
| In thousands of EUR | Span Group | Span d.d. | ||
|---|---|---|---|---|
| 31.12.2025 | 31.3.2026 | 31.12.2025 | 31.3.2026 | |
| ASSETS | 113,767 | 101,559 | 87,434 | 79,744 |
| Fixed assets | 26,245 | 25,845 | 30,566 | 30,302 |
| Deferred tax assets | 632 | 488 | 624 | 480 |
| Current assets | 37,315 | 32,239 | 24,594 | 17,269 |
| Cash and cash equivalents | 44,056 | 37,564 | 26,705 | 26,535 |
| Prepaid expenses and accrued income | 5,519 | 5,424 | 4,945 | 5,158 |
| LIABILITIES | 113,767 | 101,559 | 87,434 | 79,744 |
| Equity and reserves | 37,847 | 38,935 | 34,624 | 35,645 |
| Long-term liabilities | 30,044 | 29,935 | 29,075 | 29,009 |
| Current liabilities | 39,662 | 27,158 | 21,620 | 13,783 |
| Accrued expenses and deferred revenue | 6,215 | 5,531 | 2,114 | 1,307 |
Investment in assets
| In thousands of EUR | Span Group | Span d.d. | ||
|---|---|---|---|---|
| Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | |
| Computer equipment and other equipment | 235 | 242 | 136 | 206 |
| Tangible assets in preparation | 9 | 64 | - | - |
| Right-of-use assets | 405 | 307 | 401 | 307 |
| Other intangible assets | 2 | - | - | - |
| Intangible assets in preparation | 66 | 123 | 66 | 119 |
| Investment in assets total | 717 | 736 | 603 | 632 |
Assets
The total value of the assets of the Group was lower by EUR 12,208 thousand. The decrease of the total assets is primarily the result of the decrease in accounts receivable and cash.
Investment in assets
Investments of Span Group in tangible assets mostly related to expenditure for the
procurement and replacement of worn out computers and other equipment required for the work of employees and the procurement of servers. Right-of-use assets related to business premises and leased vehicles. Investment in intangible assets in preparation related to the implementation of software for own use, capitalised labour costs relating to the continuation of development of internally generated intangible assets.
Deferred tax assets
Deferred tax assets represent income tax return amounts which are recoverable based on future taxable profit deductions. Deferred tax assets are recognized up to the amount of taxable earnings which are likely to be achieved. When determining future taxable profits and the amount of taxable earnings which are likely to be achieved in the future, the Group judges and creates an estimate based on taxable profits from the previous years and the expected future earnings which are considered to be reasonable in existing circumstances. The Group made an assessment of the usability of tax relief for the estimate of the amount of deferred tax assets, based on support received from the Ministry of Economy, Entrepreneurship and Crafts.
The financial support received allows Span d.d. to be exempt from paying corporate income tax from 2021 to 2031, for 50% of the amount of the tax base, up to the maximum threshold in the amount of the total investment according to the Investment Promotion Act (ZOPI).
Equity and reserves
The total equity and reserve of the Group increased by EUR 1,089 thousand. The increase arises from the profit of the current period.
Long-term and short-term liabilities
Total long-term liabilities decreased by EUR 109 thousand, primarily as a result of the decrease in lease liabilities.
Short-term liabilities decreased by EUR 12,504 thousand, as a result of the decrease in liabilities to suppliers.
2.7. Cash flow
The Group's negative operating cash flow in the first three months of 2026 stems from changes in working capital. The Group recorded the coefficient of the current liquidity of 2.30, which points to the ability of the Group to settle its current liabilities.
Negative cash flow from investment activities stems from investments in tangible assets, mostly in computers and other equipment. Investments partially stem from the expansion to international markets.
Negative cash flow from financial activities mostly results from settling lease liabilities.
Negative net debt of the Group amounted to EUR 8,364 thousand, and is an indicator of the financial liquidity of the Group.
| Current Assets, Current Liabilities and Working Capital | Span Group | Span d.d. | ||
|---|---|---|---|---|
| In thousands of EUR | 31.12.2025 | 31.3.2026 | 31.12.2025 | 31.3.2026 |
| Current assets | 80,890 | 75,227 | 56,244 | 48,962 |
| Current liabilities | 41,877 | 32,689 | 23,734 | 11,090 |
| Working capital | 41,013 | 42,538 | 32,510 | 33,872 |
| Current liquidity ratio | 1,89 | 2,30 | 2,37 | 3,24 |
| Net debt | Span Group | Span d.d. | ||
| --- | --- | --- | --- | --- |
| In thousands of EUR | 31.12.2025 | 31.3.2026 | 31.12.2025 | 31.3.2026 |
| Financial debt* | 31,352 | 29,199 | 30,334 | 28,476 |
| Cash and cash equivalents | 44,056 | 37,564 | 26,705 | 26,535 |
| Net debt* | (12,704) | (8,364) | 3,629 | 1,941 |
| Total equity | 37,847 | 38,935 | 34,624 | 35,645 |
| Net debt and total equity ratio | - | - | 10.5% | 5.4% |
- long-term and short-term credits and loans, lease liabilities and liabilities for issued securities
| Cash flow | Span Group | Span d.d. | ||
|---|---|---|---|---|
| In thousands of EUR | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 |
| Net cash from operating activities | -632 | -5,404 | -201 | 1,843 |
| Net cash used in investment activities | -2,372 | -223 | -2,514 | -191 |
| Net cash used in financial activities | 532 | -864 | 588 | -1,821 |
| Net increase / decrease in cash and cash equivalents | -2,472 | -6,492 | -2,127 | -169 |
Financial Statements of
Span Group and Span d.d.
Span Group
Statement of profit or loss for the period 1.1.2026 to 31.3.2026 in EUR, submitter: Span d.d.
| Item | Sales period of the previous year | Current period | |||
|---|---|---|---|---|---|
| Diff value | Cumulative | Quarter | Cumulative | Quarter | |
| 1 | 2 | 3 | 4 | 5 | 6 |
| I OPERATING INCOME (AEP 001) to 008) | 001 | 01/202,478.00 | 04/202,478.00 | 05/272,658.03 | 05/272,658.03 |
| I become from sales with undertakings within the Group | 002 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 become from sales (outside Group) | 003 | 08/250,273.00 | 08/250,273.00 | 05/290,408.20 | 05/290,408.20 |
| 3 become from the use of own products, goods and services | 004 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 Other operating income with undertakings within the Group | 005 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 Other operating income (outside the Group) | 006 | 307,005.00 | 307,005.00 | 71,748.74 | 71,748.74 |
| 6 OPERATING EXPENSES (AEP 00-000-015-017-018-019-022-023) | 007 | 30/204,293.00 | 30/204,293.00 | 05/277,008.40 | 05/277,008.40 |
| 7 Changes in inventories of work in progress and finished goods | 008 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 thannal costs (AEP 001 to 022) | 009 | 48/202,933.00 | 48/202,933.00 | 30/405,207.00 | 30/405,207.00 |
| a) Costs of raw materials and consumables | 009 | 17,853.00 | 17,853.00 | 58,775.00 | 58,775.00 |
| b) Costs of goods sold | 00 | 44,200,707.00 | 44,200,707.00 | 4,770,916.01 | 4,770,916.01 |
| c) Other external costs | 01 | 2,97,307.00 | 2,97,307.00 | 2,378,344.98 | 2,378,344.98 |
| 5 Staff costs (AEP 001 to 006) | 01 | 30,000,510.00 | 30,000,510.00 | 3,074,422.15 | 3,074,422.15 |
| a) Net salaries and wages | 01 | 0,041,059.00 | 0,041,059.00 | 0,944,502.37 | 0,944,502.37 |
| b) Tax and contributions from salary costs | 01 | 2,544,438.00 | 2,544,438.00 | 3,003,807.12 | 3,003,807.12 |
| c) Contributions on salaries | 01 | 903,894.00 | 903,894.00 | 1,171,621.06 | 1,171,621.06 |
| 4 depreciation | 01 | 1,038,957.00 | 1,038,957.00 | 1,000,550.23 | 1,000,550.23 |
| 5 Other costs | 01 | 654,892.00 | 654,892.00 | 452,00.00 | 452,00.00 |
| 6 Value adjustments (AEP 020-022) | 01 | 128,000.00 | 128,000.00 | 2,152.38 | 2,152.38 |
| a) fixed assets other than financial assets | 021 | 0.00 | 0.00 | 0.00 | 0.00 |
| b) current assets other than financial assets | 021 | 128,000.00 | 128,000.00 | 2,152.38 | 2,152.38 |
| 7 Provisions (AEP 023 to 023) | 022 | 0.00 | 0.00 | 0.00 | 0.00 |
| a) Provisions for pensions, terminations benefits and similar obligations | 023 | 0.00 | 0.00 | 0.00 | 0.00 |
| b) Provisions for tax liabilities | 024 | 0.00 | 0.00 | 0.00 | 0.00 |
| c) Provisions for ongoing legal cases | 025 | 0.00 | 0.00 | 0.00 | 0.00 |
| d) Provisions for renewal of natural resources | 026 | 0.00 | 0.00 | 0.00 | 0.00 |
| e) Provisions for warranty obligations | 027 | 0.00 | 0.00 | 0.00 | 0.00 |
| f) Other provisions | 028 | 0.00 | 0.00 | 0.00 | 0.00 |
| 8 Other operating expenses | 029 | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 FINANCIAL INCOME (AEP 011 to 040) | 030 | 480,908.00 | 480,908.00 | 544,011.48 | 544,011.48 |
| 1 Income from investments in holding interest of undertakings within the Group | 031 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Income from investments in holding interest of companies linked by virtue of participating interests | 032 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 Income from other long-term financial investment and loans granted to undertakings within the Group | 033 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 Other interest income from operations with undertakings within the Group | 034 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 Exchange rate differences and other financial income from operations with undertakings within the Group | 035 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6 Income from other long-term financial investments and loans | 036 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7 Other interest income | 037 | 142,444.00 | 142,444.00 | 198,967.00 | 198,967.00 |
| 8 Exchange rate differences and other financial income | 038 | 322,736.00 | 322,736.00 | 342,042.53 | 342,042.53 |
| 9 Unrealized gains (income) from financial assets | 039 | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 Other financial income | 040 | 0.00 | 0.00 | 0.00 | 0.00 |
| 11 FINANCIAL EXPENSES (AEP 012 to 040) | 041 | 282,935.00 | 282,935.00 | 900,940.28 | 900,940.28 |
| 1 Interest expenses and similar expenses with undertakings within the Group | 042 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Exchange rate differences and other expenses from operations with undertakings within the Group | 043 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 Interest expenses and similar expenses | 044 | 79,872.00 | 79,872.00 | 516,638.18 | 516,638.18 |
| 4 Exchange rate differences and other expenses | 045 | 293,868.00 | 293,868.00 | 590,311.18 | 590,311.18 |
| 5 Unrealized losses (exposed) from financial assets | 046 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6 Value adjustments of financial assets (net) | 047 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7 Other financial expenses | 048 | 0.00 | 0.00 | 0.00 | 0.00 |
| V SHARE IN PROFIT FROM UNDERTAKINGS ADDED BY SKITCH OF PARTICIPATING INTERESTS | 049 | 0.00 | 0.00 | 0.00 | 0.00 |
| VI SHARE IN PROFIT FROM JOINT VOUCHER | 050 | 0.00 | 0.00 | 0.00 | 0.00 |
| --- | --- | --- | --- | --- | --- |
| VII SHARE IN LOSS OF COMPOSED LINKED BY SKITCH OF PARTICIPATING INTEREST | 051 | 250.00 | 250.00 | 32,485.14 | 32,485.14 |
| VIII SHARE IN LOSS OF JOINT VOUCHER | 052 | 0.00 | 0.00 | 0.00 | 0.00 |
| IX TOTAL INCOME (AEP 001-003-003-003) | 053 | 8,771,178.00 | 8,771,178.00 | 65,815,06.31 | 65,815,06.31 |
| X TOTAL EXPENSES' (BIF (AEP 007-041-051-052)) | 054 | 38,077,408.00 | 38,077,408.00 | 84,106,591.28 | 84,106,591.28 |
| XI PER TAX PROFIT OR LOSS (AEP 053-054) | 055 | 5,093,908.00 | 5,093,908.00 | 1,798,042.31 | 1,798,042.31 |
| 1 Per tax profit (AEP 053-054) | 056 | 5,093,908.00 | 5,093,908.00 | 1,798,042.31 | 1,798,042.31 |
| 2 Per tax loss (AEP 054-055) | 057 | 0.00 | 0.00 | 0.00 | 0.00 |
| XII INCOME TAX | 058 | 615,000.00 | 615,000.00 | 615,062.94 | 615,062.94 |
| XIII PROFIT OR LOSS FOR THE PERIOD (AEP 055-059) | 059 | 2,670,000.00 | 2,670,000.00 | 1,568,796.37 | 1,568,796.37 |
| 1 Profit for the period (AEP 055-059) | 060 | 2,670,000.00 | 2,670,000.00 | 1,568,796.37 | 1,568,796.37 |
| 2 Loss for the period (AEP 059-055) | 061 | 0.00 | 0.00 | 0.00 | 0.00 |
| RECOVERY EX-OPERATIONS IN 1st filled in by undertakings subject to DHS only with discontinued operations | |||||
| XIV PER TAX PROFIT OR LOSS OF DISCOVERED OPERATIONS (AEP 063-064) | 062 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Per tax profit from discontinued operations | 063 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Per tax loss on discontinued operations | 064 | 0.00 | 0.00 | 0.00 | 0.00 |
| XV INCOME TAX OF DISCOVERED OPERATIONS | 065 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Discontinued operations profit for the period (AEP 065-065) | 066 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Discontinued operations loss for the period (AEP 065-065) | 067 | 0.00 | 0.00 | 0.00 | 0.00 |
| TOTAL OPERATIONS IN 1st filled in only by undertakings subject to DHS with discontinued operations | |||||
| XVI PER TAX PROFIT OR LOSS (AEP 065 - 062) | 068 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Per tax profit (AEP 068) | 069 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Per tax loss (AEP 068) | 070 | 0.00 | 0.00 | 0.00 | 0.00 |
| XVII INCOME TAX (AEP 050-065) | 071 | 0.00 | 0.00 | 0.00 | 0.00 |
| XVIII PROFIT OR LOSS FOR THE PERIOD (AEP 060-071) | 072 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Profit for the period (AEP 060-071) | 073 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Loss for the period (AEP 071-068) | 074 | 0.00 | 0.00 | 0.00 | 0.00 |
| APPENDIX 1st (by PI), (to be filled in by undertakings that draw up consolidated annual financial instrument) | |||||
| XIX PROFIT OR LOSS FOR THE PERIOD (AEP 070-077) | 075 | 2,670,000.00 | 2,670,000.00 | 1,568,796.37 | 1,568,796.37 |
| 1 Attributable to owners of the parent | 076 | 2,670,000.00 | 2,670,000.00 | 1,48,004.04 | 1,48,004.04 |
| 2 Attributable to minority loan-controlling interest | 077 | 0.00 | 0.00 | 62,809.87 | 62,809.87 |
| DISSEMINATION OF OTHER COMPREHENTS INCOME (to be filled in by undertakings subject to DHS) | |||||
| 1 PROFIT OR LOSS FOR THE PERIOD | 078 | 2,670,000.00 | 2,670,000.00 | 1,568,796.37 | 1,568,796.37 |
| X OTHER COMPREHENTS INCOME LOSS BEFORE THE (AEP 00-07) | 079 | 14,581.00 | 14,581.00 | 28,094.72 | 28,094.72 |
| XI Items that will not be reclassified to profit or loss (AEP 001 to 005) | 080 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Changes in resolution reserves of fixed tangible and intangible assets | 081 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Gains or losses from subsequent measurement of equity instruments at fair value through other comprehensive income | 082 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in State credit risk | 083 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 Actual gains/losses on the defined benefit obligation | 084 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 Other losses that will not be reclassified | 085 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6 Income tax relating to items that will not be reclassified | 086 | 0.00 | 0.00 | 0.00 | 0.00 |
| 87 Items that may be reclassified to profit or loss (AEP 001 to 001) | 087 | 14,581.00 | 14,581.00 | 28,094.72 | 28,094.72 |
| 1 Exchange rate differences from translations of foreign operations | 088 | 14,581.00 | 14,581.00 | 28,094.72 | 28,094.72 |
| 2 Exchange rate differences from translations into the presentations currency | 089 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 Profit or loss arising from subsequent measurement of debt securities at fair value through other comprehensive income | 090 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 Profit or loss arising from effective cash flow hedging | 091 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 Profit or loss arising from effective hedge of a net investment in a foreign operation | 092 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6 Share in other comprehensive income/loss of companies linked by virtue of participating interests | 093 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7 Changes in fair value of the time value of an option | 094 | 0.00 | 0.00 | 0.00 | 0.00 |
| 8 Changes in fair value of the forward elements of forward contracts | 095 | 0.00 | 0.00 | 0.00 | 0.00 |
| 9 Other items that may be reclassified to profit or loss | 096 | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 Income tax relating to items that may be reclassified to profit or loss | 097 | 0.00 | 0.00 | 0.00 | 0.00 |
| 11 VOT OTHER COMPREHENSIVE INCOME OR LOSS (AEP 000-007-000-006) | 098 | 14,581.00 | 14,581.00 | 28,094.72 | 28,094.72 |
| 12 COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (AEP 070-097) | 099 | 2,815,420.00 | 2,815,420.00 | 1,542,704.65 | 1,542,704.65 |
| APPENDIX 1st (by Statement on comprehensive income to be filled in by undertakings that draw up consolidated instruments) | |||||
| 13 COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (AEP 019-001) | 100 | 2,815,420.00 | 2,815,420.00 | 1,542,704.65 | 1,542,704.65 |
| 1 Attributable to owners of the parent | 101 | 2,815,420.00 | 2,815,420.00 | 1,451,389.32 | 1,451,389.32 |
| 2 Attributable to minority loan-controlling interest | 102 | 0.00 | 0.00 | 62,809.87 | 62,809.87 |
Span Group
Balance sheet, as of 31.3.2026 in EUR, submitter: Span d.d.
| State | ATP code | Last day of the preceding balance year | At the reporting date of the current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| 4. MULTIPLIERS FROM THE ETHNICITY CAPITAL UNITED | 006 | 0.00 | 0.00 |
| --- | --- | --- | --- |
| B. UNDER SINCE LAST 0001-0001-0002-0003-0004 | 002 | 38,872,164.00 | 38,353,198.32 |
| UNIVERSITY AND THE ETHNICITY | 003 | 31,531,80.00 | 12,587,068.32 |
| 1 Research and development | 004 | 1,302,580.00 | 1,792,566.32 |
| 2 Conversion, parents, licences, trademarks, softwares and other rights | 005 | 794,154.00 | 838,789.51 |
| 3 Goodwill | 006 | 7,474,100.00 | 7,474,100.00 |
| 4 Advances for the purchase of intangible assets | 007 | 0.00 | 0.00 |
| 5 Intangible assets in preparation | 008 | 182,122.00 | 148,952.29 |
| 6 Other intangible assets | 009 | 3,708,809.00 | 2,847,251.90 |
| E TENDERLY AND THE LEGAL | 008 | 31,532,353.00 | 31,605,572.31 |
| 1 Land | 001 | 2,309,538.00 | 2,359,537.03 |
| 2 Buildings | 002 | 7,584,228.00 | 6,807,697.73 |
| 3 Plant and equipment | 005 | 193,351.00 | 968,333.27 |
| 4 Tools, working inventory and transportation assets | 004 | 1,050,508.00 | 2,847,350.84 |
| 5 Biological assets | 005 | 0.00 | 0.00 |
| 6 Advances for the purchase of tangible assets | 006 | 0.00 | 0.00 |
| 7 Tangible assets in preparation | 007 | 4,839.00 | 36,833.68 |
| 8 Inventment property | 008 | 0.00 | 0.00 |
| EFFECTIVE TRAINING, AND THE LEGAL | 020 | 140,878.00 | 190,831.89 |
| 1 Inventments in buildings (shaved of undertakings within the Group | 021 | 0.00 | 0.00 |
| 2 Inventments in other securities of undertakings within the Group | 022 | 0.00 | 0.00 |
| 3 Loans, deposits, etc. to undertakings within the Group | 023 | 0.00 | 0.00 |
| 4. Inventments in buildings (shaved of companies linked by virtue of participating interests | 024 | 0.00 | 0.00 |
| 5 Inventments in other securities of companies linked by virtue of participating interests | 025 | 0.00 | 0.00 |
| 6 Loans, deposits etc. to companies linked by virtue of participating interests | 026 | 40,926.00 | 44,222.78 |
| 7 Inventments in securities | 027 | 0.00 | 0.00 |
| 8 Loans, deposits, etc. given | 028 | 68,367.00 | 58,145.32 |
| 9 Other investments accounted for using the equity method | 029 | 93,585.00 | 8,279.49 |
| 10 Other fixed financial assets | 030 | 0.00 | 0.00 |
| EURICULTURE IN LEGAL | 031 | 1,045,898.00 | 1,045,898.22 |
| 1 Receivables from undertakings within the Group | 032 | 0.00 | 0.00 |
| 2 Receivables from companies linked by virtue of participating interests | 033 | 0.00 | 0.00 |
| 3 Customer receivables | 034 | 0.00 | 0.00 |
| 4 Other receivables | 035 | 1,045,898.00 | 1,045,898.22 |
| VERTURED TAX AND ITS | 036 | 631,554.00 | 457,022.93 |
| EURICULTURE IN LEGAL AND THE LEGAL | 037 | 81,371,577.00 | 89,802,243.38 |
| UNIVERSITY AND THE LEGAL | 038 | 207,280.00 | 47,947.24 |
| 1 Non-nutritials and consumables | 039 | 0.00 | 0.00 |
| 2 Work in progress | 040 | 0.00 | 0.00 |
| 3 Finished goods | 041 | 0.00 | 0.00 |
| 4 Merchandise | 042 | 207,280.00 | 47,947.24 |
| 5 Advances for inventories | 043 | 0.00 | 0.00 |
| 6 Fixed assets held for sale | 044 | 0.00 | 0.00 |
| 7 Biological assets | 045 | 0.00 | 0.00 |
| EQUITY LIABILITY | 046 | 30,537,447.00 | 31,687,500.90 |
| 1 Receivables from undertakings within the Group | 047 | 0.00 | 0.00 |
| 2 Receivables from companies linked by virtue of participating interests | 048 | 0.00 | 0.00 |
| 3 Customer receivables | 049 | 34,880,285.00 | 29,304,036.84 |
| 4 Receivables from employees and members of the undertaking | 050 | 0.00 | 0.00 |
| 5 Receivables from government and other institutions | 051 | 1,560,806.00 | 1,591,800.74 |
| 6 Other receivables | 052 | 758,806.00 | 1,004,353.01 |
| EURICULTURE IN LEGAL AND THE LEGAL | 053 | 741,554.00 | 709,887.81 |
| 1 Inventments in buildings (shaved of undertakings within the Group | 054 | 0.00 | 0.00 |
| 2 Inventments in other securities of undertakings within the Group | 055 | 0.00 | 0.00 |
| 3 Loans, deposits, etc. to undertakings within the Group | 056 | 0.00 | 0.00 |
| 4 Inventments in buildings (shaved of companies linked by virtue of participating interests | 057 | 0.00 | 0.00 |
| 5 Inventments in other securities of companies linked by virtue of participating interests | 058 | 0.00 | 0.00 |
| 6 Loans, deposits etc. to companies linked by virtue of participating interests | 059 | 36,506.00 | 36,564.72 |
| 7 Inventments in securities | 060 | 545,671.00 | 540,030.83 |
| 8 Loans, deposits, etc. given | 061 | 352,125.00 | 344,492.84 |
| --- | --- | --- | --- |
| 9 Other financial assets | 062 | 0.00 | 0.00 |
| EURICULTURE IN LEGAL AND THE LEGAL | 063 | 44,032,788.00 | 37,383,595.46 |
| EURICULTURE IN LEGAL AND THE LEGAL | 064 | 5,268,354.00 | 5,424,234.66 |
| EURICAL LIABILITY | 065 | 302,937,000.00 | 89,359,374.48 |
| 100 BALANCE BREAKDOWN | 066 | 0.00 | 0.00 |
| LIABILITY | |||
| EURICAL LIABILITY | 067 | 37,848,020.00 | 38,035,347.56 |
| 100 BALANCE BREAKDOWN | 068 | 3,920,000.00 | 3,920,800.00 |
| EURICAL LIABILITY | 069 | 8,980,436.00 | 8,838,279.45 |
| EURICULTURE IN LEGAL AND THE LEGAL | 070 | 1,255,057.00 | 1,255,057.00 |
| 1 Legal reserves | 071 | 1,255,057.00 | 1,255,057.00 |
| 2 Reserves for treasury shares | 072 | 33,089.00 | 283,384.80 |
| 3 Treasury shares and buildings (debatable form) | 073 | 33,089.00 | 185,594.80 |
| 4 Statutory reserves | 074 | 0.00 | 0.00 |
| 5 Other reserves | 075 | 0.00 | 0.00 |
| EURICAL LIABILITY | 076 | 2,902,202.00 | 2,902,200.74 |
| EURICAL LIABILITY | 077 | 638,385.00 | 602,079.72 |
| 1 Financial assets at fair value through other comprehensive income tax, available for sale | 078 | 0.00 | 0.00 |
| 2 Cash flow ledger - effective portion | 079 | 0.00 | 0.00 |
| 3 Budget if used investment in a foreign operation - effective portion | 080 | 0.00 | 0.00 |
| 4 Other fair value reserves | 081 | 0.00 | 0.00 |
| 5 Exchange rate differences from translation of foreign operations (consolidation) | 082 | 638,385.00 | 602,079.72 |
| 6 Exchange rate differences from translation into the presentation recovery | 083 | 0.00 | 0.00 |
| EURICAL LIABILITY | 084 | 15,607,278.00 | 21,203,898.00 |
| 1 Retained profit | 085 | 15,607,278.00 | 21,203,898.00 |
| 2 Loss brought forward | 086 | 0.00 | 0.00 |
| EURICULTURE IN LEGAL AND THE LEGAL | 087 | 3,737,734.00 | 1,48,034.04 |
| 1 Profit for the business year | 088 | 3,737,734.00 | 1,48,034.04 |
| 2 Loss for the business year | 089 | 0.00 | 0.00 |
| EURICULTURE IN LEGAL AND THE LEGAL | 090 | 352,292.00 | 35,172.79 |
| EURICAL LIABILITY | 091 | 0.00 | 0.00 |
| 1 Provision for pensions, termination benefits and similar obligations | 092 | 0.00 | 0.00 |
| 2 Provision for tax liabilities | 093 | 0.00 | 0.00 |
| 3 Provision for ongoing legal cases | 094 | 0.00 | 0.00 |
| 4 Provision for renewal of natural resources | 095 | 0.00 | 0.00 |
| 5 Provision for warranty obligations | 096 | 0.00 | 0.00 |
| 6 Other provisions | 097 | 0.00 | 0.00 |
| EURICAL LIABILITY | 098 | 38,843,731.00 | 29,035,198.38 |
| 1 Liabilities to undertaking within the Group | 099 | 0.00 | 0.00 |
| 2 Liabilities for loans, deposits, etc. of undertakings within the Group | 100 | 0.00 | 0.00 |
| 3 Liabilities to companies linked by virtue of participating interests | 101 | 0.00 | 0.00 |
| 4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests | 102 | 0.00 | 0.00 |
| 5 Liabilities for loans, deposits | 103 | 0.00 | 0.00 |
| 6 Liabilities to banks and other financial institutions | 104 | 0.00 | 0.00 |
| 7 Liabilities for advance payments | 105 | 0.00 | 0.00 |
| 8 Liabilities to suppliers | 106 | 0.00 | 0.00 |
| 9 Liabilities for securities | 107 | 24,632,690.00 | 24,632,690.00 |
| 10 Other long-term liabilities | 108 | 4,627,324.00 | 4,536,848.58 |
| 11 Referred tax liability | 109 | 785,467.00 | 785,290.92 |
| EURICAL LIABILITY | 100 | 39,081,922.00 | 37,326,584.21 |
| 1 Liabilities to undertakings within the Group | 111 | 0.00 | 0.00 |
| 2 Liabilities for loans, deposits, etc. of undertakings within the Group | 112 | 0.00 | 0.00 |
| 3 Liabilities to companies linked by virtue of participating interests | 113 | 0.00 | 0.00 |
| 4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests | 114 | 0.00 | 0.00 |
| 5 Liabilities for loans, deposits | 115 | 0.00 | 0.00 |
| 6 Liabilities to banks and other financial institutions | 116 | 250,000.00 | 003.51 |
| 7 Liabilities for advance payments | 117 | 672,444.00 | 668,388.07 |
| 8 Liabilities to suppliers | 118 | 38,442,182.00 | 44,006,271.28 |
| 9 Liabilities for securities | 119 | 437,736.00 | 230,398.98 |
| 10 Liabilities to employees | 120 | 2,308,463.00 | 2,307,882.02 |
| 11 Taxes, contributions and similar liabilities | 121 | 6,080,331.00 | 4,081,071.79 |
| 12 Liabilities arising from the share in the credit | 122 | 0.00 | 0.00 |
| 13 Liabilities arising from fixed assets held for sale | 123 | 0.00 | 0.00 |
| 14 Other short-term liabilities | 124 | 3,878,023.00 | 3,981,020.07 |
| EURICAL LIABILITY | 125 | 8,224,886.00 | 3,258,303.41 |
| EURICAL LIABILITY | 126 | 10,767,383.00 | 89,359,374.48 |
| EURICAL LIABILITY | 127 | 8,224,886.00 | 89,359,374.48 |
Span Group
Statement of cash flows - indirect method for the period 1.1.2026 to 31.3.2026 in EUR, submitter: Span d.d.
| Item | AOP code | Same period of the previous year | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| Cash flow from operating activities | |||
| 1 Pre-tax profit | 001 | 3,093,909.00 | 1,798,642.31 |
| 2 Adjustments (ADP 003 to 010): | 002 | 1,102,954.00 | 1,174,025.20 |
| a) Depreciation | 003 | 1,030,997.00 | 1,088,338.72 |
| b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets | 004 | -7,613.00 | -5,326.32 |
| c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets | 005 | 120,239.00 | 22,054.13 |
| d) Interest and dividend income | 006 | -145,144.00 | -198,967.98 |
| e) Interest expenses | 007 | 79,875.00 | 310,438.10 |
| f) Provisions | 008 | 0.00 | 0.00 |
| g) Exchange rate differences (unrealised) | 009 | -12,593.00 | -18,823.41 |
| h) Other adjustments for non-cash transactions and unrealised gains and losses | 010 | 31,193.00 | -23,688.04 |
| I Cash flow increase or decrease before changes in working capital (ADP 001-002) | 011 | 4,196,863.00 | 2,972,667.51 |
| 3 Changes in the working capital (ADP 013 to 016) | 012 | -4,726,384.00 | -7,790,231.87 |
| a) Increase or decrease in short-term liabilities | 013 | -3,971,254.00 | -12,316,474.03 |
| b) Increase or decrease in short-term receivables | 014 | 2,994,154.00 | 4,877,187.65 |
| c) Increase or decrease in inventories | 015 | -1,357,513.00 | 239,320.76 |
| d) Other increase or decrease in working capital | 016 | -2,391,771.00 | -590,266.25 |
| II Cash flow operations (ADP 011-012) | 017 | -529,521.00 | -4,817,564.36 |
| 4 Interest paid | 018 | -82,244.00 | -530,772.56 |
| 5 Income tax paid | 019 | -20,490.00 | -56,025.67 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | -632,255.00 | -5,404,362.59 |
| Cash flow from investment activities | |||
| I Cash receipts from sales of fixed tangible and intangible assets | 021 | 12,638.00 | 5,718.13 |
| 2 Cash receipts from sales of financial instruments | 022 | 0.00 | 0.00 |
| 3 Interest received | 023 | 145,144.00 | 198,967.98 |
| 4 Dividends received | 024 | 0.00 | 0.00 |
| 5 Cash receipts from repayment of loans and deposits | 025 | 0.00 | 0.00 |
| 6 Other cash receipts from investment activities | 026 | 0.00 | 0.00 |
| III Total cash receipts from investment activities (ADP 021 to 026) | 027 | 157,782.00 | 204,686.11 |
| I Cash payments for the purchase of fixed tangible and intangible assets | 028 | -312,911.00 | -428,046.24 |
| 2 Cash payments for the acquisition of financial instruments | 029 | 0.00 | 0.00 |
| 3 Cash payments for loans and deposits for the period | 030 | 0.00 | 0.00 |
| 4 Acquisition of a subsidiary, net of cash acquired | 031 | -2,216,432.00 | 0.00 |
| 5 Other cash payments from investment activities | 032 | 0.00 | 0.00 |
| IV Total cash payments from investment activities (ADP 028 to 032) | 033 | -2,529,343.00 | -428,046.24 |
| B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027-033) | 034 | -2,371,561.00 | -223,360.13 |
| Cash flow from financing activities | |||
| I Cash receipts from the increase in initial (subscribed) capital | 035 | 0.00 | 0.00 |
| 2 Cash receipts from the issue of equity financial instruments and debt financial instruments | 036 | 0.00 | 0.00 |
| 3 Cash receipts from credit principals, loans and other borrowings | 037 | 5,500,000.00 | 4,000,000.00 |
| 4 Other cash receipts from financing activities | 038 | 0.00 | 24,143.46 |
| V Total cash receipts from financing activities (ADP 035 to 038) | 039 | 5,500,000.00 | 4,024,143.46 |
| I Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments | 040 | -4,500,000.00 | -4,250,000.03 |
| 2 Cash payments for dividends | 041 | 0.00 | 0.00 |
| 3 Cash payments for finance lease | 042 | 0.00 | 0.00 |
| 4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital | 043 | -89,340.00 | -230,295.80 |
| 5 Other cash payments from financing activities | 044 | -379,062.00 | -408,237.72 |
| VI Total cash payments from financing activities (ADP 040 to 044) | 045 | -4,968,402.00 | -4,888,533.55 |
| C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039-045) | 046 | 531,598.00 | -864,390.09 |
| I Unrealised exchange rate differences in respect of cash and cash equivalents | 047 | 0.00 | 0.00 |
| D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020-034-046-047) | 048 | -2,472,218.00 | -6,492,112.81 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 049 | 24,368,299.00 | 44,055,708.00 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (ADP 048-049) | 050 | 21,896,081.00 | 37,563,595.19 |
40
41
Span Group
Statement of changes in equity for the period from 1.1.2026 to 31.3.2026, in EUR
| Rank | AEP code | Initial Index/High capital | Capital reserves | Legal reserves | Reserves for treasury shares | Treasury shares and buildings divided into loans | Statutory reserves | Other reserves | Revaluation reserves | Attributable to owners of the parent | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair value of financial assets through other comprehensive income available for sale | Cash flow through collection parties | Redge of a net investment in a foreign currency (e.g. cash, tax, etc.) | Billed out value of assets | Exchange rate differences from translation of foreign operations | Exchange rate differences from translation into the presentation currency | Retained profit / loss through forward | Profit/loss for the business year | Total attributable to owners of the parent | Minority non-underdraft interest | Total capital and reserves | ||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 (3 to 6 - 7 - 8 to 46) | 20 | 21 (19 - 63) |
| Previous period | ||||||||||||||||||||
| 1 | 1 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 (3 to 6 - 7 - 8 to 46) | 20 | 21 (19 - 63) |
Previous period
1.1.2026 to 31.3.2026, in EUR, 30.0 to 30.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026
2.1.2026 to 31.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, in EUR, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026, 30.3.2026
Span d.d.
Statement of profit or loss for the period 1.1.2026 to 31.3.2026 in EUR, submitter: Span d.d.
| Item | SNP code | Sales period of the previous year | Current period | ||
|---|---|---|---|---|---|
| Cumulative | Quarter | Cumulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 |
| I OPERATING INCOME (SGP 001) to 008 | 001 | 24,091,444.00 | 24,091,444.00 | 20,603,634.50 | 20,603,334.50 |
| I become from sales with undertakings within the Group | 002 | 0,073,083.00 | 0,073,083.00 | 0,270,344.84 | 0,270,344.84 |
| I become from sales (outside Group) | 003 | 38,341,904.00 | 18,741,004.00 | 18,365,304.70 | 18,106,104.70 |
| I become from the use of own products, goods and services | 004 | 0.00 | 0.00 | 0.00 | 0.00 |
| I obtain operating income with undertakings within the Group | 005 | 18,007.00 | 18,007.00 | 158,204.30 | 158,204.30 |
| I obtain operating income (outside the Group) | 006 | 64,308.00 | 64,308.00 | 68,106.70 | 68,106.70 |
| II OPERATING EXPENSES (SGP 00-000-015-017-100-000-022-029) | 007 | 23,202,080.00 | 23,202,080.00 | 22,008,344.31 | 22,008,344.31 |
| I Change in inventories of work in progress and finished goods | 008 | 0.00 | 0.00 | 0.00 | 0.00 |
| I Material costs (SGP 001 to 022) | 009 | 32,902,030.00 | 32,902,030.00 | 31,941,503.00 | 31,941,503.00 |
| a) Costs of raw materials and consumables | 100 | 98,942.00 | 98,942.00 | 158,106.25 | 158,106.25 |
| b) Costs of goods sold | 00 | 10,840,809.00 | 10,840,809.00 | 12,000,208.71 | 12,000,208.71 |
| c) Other external costs | 101 | 2,348,090.00 | 2,348,090.00 | 2,198,836.00 | 2,198,836.00 |
| d) Staff costs (SGP 001 to 006) | 101 | 0,700,090.00 | 0,700,090.00 | 0,064,440.25 | 0,064,440.25 |
| e) Net salaries and wages | 104 | 5,492,024.00 | 5,492,024.00 | 5,598,403.00 | 5,598,403.00 |
| f) Tax and contributions from salary costs | 105 | 2,300,070.00 | 2,300,070.00 | 2,180,050.00 | 2,180,050.00 |
| c) Contributions on salaries | 106 | 833,005.00 | 833,005.00 | 1,012,606.57 | 1,012,606.57 |
| d) Appreciation | 107 | 941,284.00 | 941,284.00 | 967,073.78 | 967,073.78 |
| e) Other costs | 108 | 428,086.00 | 428,086.00 | 44,307.22 | 44,307.22 |
| 0 Value adjustments (SGP 020-022) | 109 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0 Value assets other than financial assets | 020 | 0.00 | 0.00 | 0.00 | 0.00 |
| b) current assets other than financial assets | 103 | 0.00 | 0.00 | 0.00 | 0.00 |
| f) Pensions (SGP 023 to 029) | 022 | 0.00 | 0.00 | 0.00 | 0.00 |
| g) Pensions for pensions, terminations benefits and similar obligations | 023 | 0.00 | 0.00 | 0.00 | 0.00 |
| h) Pensions for tax liabilities | 024 | 0.00 | 0.00 | 0.00 | 0.00 |
| i) Pensions for ongoing legal cases | 025 | 0.00 | 0.00 | 0.00 | 0.00 |
| d) Pensions for renewal of natural resources | 026 | 0.00 | 0.00 | 0.00 | 0.00 |
| e) Pensions for warranty obligations | 027 | 0.00 | 0.00 | 0.00 | 0.00 |
| f) Other pensions | 028 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0 Other operating expenses | 029 | 0.00 | 0.00 | 0.00 | 0.00 |
| III FINANCIAL INCOME (SGP 031 to 040) | 030 | 98,951.00 | 99,053.00 | 382,104.47 | 382,104.47 |
| I become from investments in holding interest of undertakings within the Group | 101 | 0.00 | 0.00 | 0.00 | 0.00 |
| I become from investments in holding interest of companies linked by virtue of participating interests | 032 | 0.00 | 0.00 | 0.00 | 0.00 |
| I become from other long-term financial investment and loans granted to undertakings within the Group | 033 | 0.00 | 0.00 | 0.00 | 0.00 |
| I follow interest income from operations with undertakings within the Group | 034 | 0.00 | 0.00 | 0.00 | 0.00 |
| I exchange rate differences and other financial income from operations with undertakings within the Group | 035 | 0.00 | 0.00 | 0,000.00 | 0,000.00 |
| I further interest income | 037 | 42,376.00 | 42,376.00 | 127,062.73 | 127,062.73 |
| 0 Exchange rate differences and other financial income | 038 | 72,786.00 | 72,786.00 | 217,786.21 | 217,786.21 |
| 0 Unrealized gains (income) from financial assets | 039 | 0.00 | 0.00 | 0.00 | 0.00 |
| III Other financial income | 040 | 0.00 | 0.00 | 0.00 | 0.00 |
| II FINANCIAL EXPENSES (SGP 042 to 049) | 041 | 259,298.00 | 259,298.00 | 545,432.85 | 545,432.85 |
| I interest expenses and similar expenses with undertakings within the Group | 042 | 0.00 | 0.00 | 0.00 | 0.00 |
| I Exchange rate differences and other expenses from operations with undertakings within the Group | 043 | 0.00 | 0.00 | 0.00 | 0.00 |
| I interest expenses and similar expenses | 044 | 70,255.00 | 70,255.00 | 301,480.71 | 301,480.71 |
| 4 Exchange rate differences and other expenses | 045 | 102,642.00 | 102,643.00 | 40,023.30 | 40,023.30 |
| 5 Unrealized losses (exposed from financial assets | 046 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0 Sales adjustments of financial assets (net) | 047 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7 Other financial expenses | 048 | 0.00 | 0.00 | 0.00 | 0.00 |
| V NAME IS PROFIT FROM UNDERTAKING LOANS OF SKITCH OF PARTICIPATING INTEREST | 049 | 0.00 | 0.00 | 0.00 | 0.00 |
| VI NAMED IN PROFIT FROM JOINT VENTURES | 050 | 0.00 | 0.00 | 0.00 | 0.00 |
| --- | --- | --- | --- | --- | --- |
| VII NAMED IN LOSS OF COMPOSITE LOANS OF SKITCH OF PARTICIPATING INTEREST | 051 | 0.00 | 0.00 | 0.00 | 0.00 |
| VIII NAMED IN LOSS OF JOINT VENTURES | 052 | 0.00 | 0.00 | 0.00 | 0.00 |
| IX TOTAL INCOME (SGP 000-000-043-052) | 053 | 24,901,305.00 | 24,901,305.00 | 27,625,265.00 | 27,625,265.00 |
| X TOTAL EXPENSES'000 (SGP 007-041-051-052) | 054 | 25,230,304.00 | 25,230,304.00 | 25,472,766.00 | 25,472,766.00 |
| XI PER TAX PROFIT OR LOSS (SGP 073-054) | 055 | 1,403,051.00 | 1,403,051.00 | 1,387,708.07 | 1,387,708.07 |
| 4 Per tax profit (SGP 053-054) | 056 | 1,403,051.00 | 1,403,051.00 | 1,387,708.07 | 1,387,708.07 |
| 2 Per tax loss (SGP 054-053) | 057 | 0.00 | 0.00 | 0.00 | 0.00 |
| XII INCOME TAX | 058 | 102,708.00 | 102,708.00 | 102,753.36 | 102,753.36 |
| XIII PROFIT OR LOSS FOR THE PERIOD (SGP 055-059) | 059 | 1,301,523.00 | 1,301,523.00 | 1,301,704.48 | 1,301,704.48 |
| 1 Profit for the period (SGP 055-059) | 060 | 1,201,523.00 | 1,201,523.00 | 1,301,704.48 | 1,301,704.48 |
| 2 Loss for the period (SGP 059-053) | 061 | 0.00 | 0.00 | 0.00 | 0.00 |
| RECOGNITIONS OPERATIONS to be filled in by undertakings subject to DHS only with discontinued operations | |||||
| XIV PER TAX PROFIT OR LOSS OF DISCOVERS EX-OPERATIONS (SGP 063-064) | 062 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Per tax profit from discontinued operations | 063 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Per tax loss on discontinued operations | 064 | 0.00 | 0.00 | 0.00 | 0.00 |
| XV INCOME TAX OF DISCOVERS EX-OPERATIONS | 065 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Discontinued operations profit for the period (SGP 065-066) | 066 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Discontinued operations loss for the period (SGP 065-062) | 067 | 0.00 | 0.00 | 0.00 | 0.00 |
| TOTAL OPERATIONS TO BE FILLED IN LATELY AS LESS THAN 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 | |||||
| XVI PER TAX PROFIT OR LOSS (SGP 055-059) | 068 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Per tax profit (SGP 068) | 069 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Per tax loss (SGP 068) | 070 | 0.00 | 0.00 | 0.00 | 0.00 |
| XVII INCOME TAX (SGP 059-065) | 071 | 0.00 | 0.00 | 0.00 | 0.00 |
| XVIII PROFIT OR LOSS FOR THE PERIOD (SGP 069-071) | 072 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Profit for the period (SGP 069-071) | 073 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Loss for the period (SGP 073-068) | 074 | 0.00 | 0.00 | 0.00 | 0.00 |
| APPENDIX (A) (to 054, (A) be filled in by undertakings that draw up consolidated annual financial instruments) | |||||
| XIX PROFIT OR LOSS FOR THE PERIOD (SGP 070-077) | 075 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Attributable to owners of the parent | 076 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Attributable to minority loan-controlling interest | 077 | 0.00 | 0.00 | 0.00 | 0.00 |
| DISSEMINATIONS OF OTHER COMPREHENTS INCOME (to be filled in by undertakings subject to DHS) | |||||
| 1 PROFIT OR LOSS FOR THE PERIOD | 078 | 1,201,523.00 | 1,201,523.00 | 1,301,704.48 | 1,301,704.48 |
| II OTHER COMPREHENTS INCOME LOSS BEFORE THE (SGP 00-07) | 079 | 0.00 | 0.00 | 0.00 | 0.00 |
| III Items that will not be reclassified to profit or loss (SGP 001 to 005) | 080 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Changes in resolution reserves of fixed tangible and intangible assets | 081 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Sales or loans from subsequent measurement of equity instruments at fair value through other comprehensive income | 082 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in State credit risk | 083 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 Actual gains/losses on the defined benefit obligation | 084 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 Other loans that will not be reclassified | 085 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6 Income tax relating to items that will not be reclassified | 086 | 0.00 | 0.00 | 0.00 | 0.00 |
| 87 Items that may be reclassified to profit or loss (SGP 080 to 091) | 087 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Exchange rate differences from translation of foreign operations | 088 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Exchange rate differences from translations into the presentation currency | 089 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 Profit at loss arising from subsequent measurement of debt securities at fair value through other comprehensive income | 090 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 Profit at loss arising from effective cash flow hedging | 091 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 Profit at loss arising from effective hedge of a net investment in a foreign operation | 092 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6 Share in other comprehensive income/loss of companies linked by virtue of participating interests | 093 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7 Changes in fair value of the time value of an option | 094 | 0.00 | 0.00 | 0.00 | 0.00 |
| 8 Changes in fair value of the forward elements of forward contracts | 095 | 0.00 | 0.00 | 0.00 | 0.00 |
| 9 Other items that may be reclassified to profit or loss | 096 | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 Income tax relating to items that may be reclassified to profit or loss | 097 | 0.00 | 0.00 | 0.00 | 0.00 |
| 11 VOT OTHER COMPREHENSIVE INCOME OR LOSS (SGP 000-007-000-006) | 098 | 0.00 | 0.00 | 0.00 | 0.00 |
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (SGP 070-097) | 099 | 1,201,523.00 | 1,201,523.00 | 1,301,704.48 | 1,301,704.48 |
| APPENDIX (A) (to Statement on comprehensive income to be filled in by undertakings that draw up consolidated instruments) | |||||
| VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (SGP 010-001) | 100 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1 Attributable to owners of the parent | 101 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Attributable to minority loan-controlling interest | 102 | 0.00 | 0.00 | 0.00 | 0.00 |
Span d.d.
Balance sheet, as of 31.3.2026 in EUR, submitter: Span d.d.
| State | ATP code | Last day of the preceding business year | At the reporting date of the current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| 4. MULTIPLIERS FROM THE BENEFICENT CAPITAL UNITIES | 006 | 0.00 | 0.00 |
| --- | --- | --- | --- |
| B. THEIR ASSETS (ADP 005 - 006 - 028 - 031 - 032) | 002 | 31,091,448.00 | 30,392,252.00 |
| UNITIES RELATED (ADP 004 to 009) | 003 | 1,038,302.00 | 3,512,583.44 |
| 1 Research and development | 004 | 1,303,080.00 | 1,177,000.43 |
| 2 Concessions, patents, licences, trademarks, softwares and other rights | 005 | 840,451.00 | 730,703.49 |
| 3 Goodwill | 006 | 2,471,303.00 | 2,471,303.23 |
| 4 Advances for the purchase of intangible assets | 007 | 0.00 | 0.00 |
| 5 Intangible assets in preparation | 008 | 321,558.00 | 318,082.00 |
| 6 Other intangible assets | 009 | 1,301,314.00 | 1,300,369.01 |
| E TENDERLY ASSETS (ADP 011 to 019) | 010 | 31,176,221.00 | 31,078,227.00 |
| 1 Land | 011 | 2,209,248.00 | 2,329,247.03 |
| 2 Buildings | 012 | 6,297,133.00 | 6,493,977.10 |
| 3 Plant and equipment | 013 | 898,236.00 | 912,590.32 |
| 4 Tools, working inventory and transportation assets | 014 | 1,017,312.00 | 1,012,904.23 |
| 5 Biological assets | 015 | 0.00 | 0.00 |
| 6 Advances for the purchase of tangible assets | 016 | 0.00 | 0.00 |
| 7 Tangible assets in preparation | 017 | 0.00 | 0.00 |
| 8 Other tangible assets | 018 | 0.00 | 0.00 |
| 9 Investment property | 019 | 0.00 | 0.00 |
| 10 FIBER STRANCIAL ASSETS (ADP 021 to 026) | 020 | 31,937,803.00 | 31,530,351.79 |
| 1 Investments in holdings (interest of undertakings within the Group | 021 | 15,014,061.00 | 15,014,061.74 |
| 2 Investments in other securities of undertakings within the Group | 022 | 0.00 | 0.00 |
| 3 Loans, deposits, etc. to undertaking within the Group | 023 | 114,747.00 | 123,780.26 |
| 4. Investments in holdings (interest of companies linked by virtue of participating interests | 024 | 120,830.00 | 120,000.00 |
| 5 Investments in other securities of companies linked by virtue of participating interests | 025 | 0.00 | 0.00 |
| 6 Loans, deposits etc. to companies linked by virtue of participating interests | 026 | 40,926.00 | 44,222.78 |
| 7 Investments in securities | 027 | 0.00 | 0.00 |
| 8 Loans, deposits, etc. given | 028 | 82,740.00 | 74,22.04 |
| 9 Other investments accounted for using the equity method | 029 | 0.00 | 0.00 |
| 10 Other Real Financial assets | 030 | 0.00 | 0.00 |
| 11 RECEIVABLES (ADP 032 to 035) | 031 | 509.00 | 508.00 |
| 1 Receivables from undertakings within the Group | 032 | 0.00 | 0.00 |
| 2 Receivables from companies linked by virtue of participating interests | 033 | 0.00 | 0.00 |
| 3 Customer receivables | 034 | 0.00 | 0.00 |
| 4 Other receivables | 035 | 509.00 | 508.00 |
| V DEFERRED TAX ASSETS | 036 | 822,351.00 | 490,874.17 |
| 12 FIBRERS EASSETS (ADP 038 - 040 - 053 - 063) | 037 | 34,599,042.00 | 43,804,150.78 |
| UNIT ESTORIES (ADP 039 to 045) | 038 | 294,229.00 | 29,304.54 |
| 1 Non materials and consumables | 039 | 0.00 | 0.00 |
| 2 Work in progress | 040 | 0.00 | 0.00 |
| 3 Finished goods | 041 | 0.00 | 0.00 |
| 4 Merchandise | 042 | 294,229.00 | 29,304.54 |
| 5 Advances for inventories | 043 | 0.00 | 0.00 |
| 6 Fixed assets held for sale | 044 | 0.00 | 0.00 |
| 7 Biological assets | 045 | 0.00 | 0.00 |
| 8 RECEIVABLES (ADP 047 to 052) | 046 | 33,087,275.00 | 14,938,403.03 |
| 1 Receivables from undertakings within the Group | 047 | 821,803.00 | 2,338,036.80 |
| 2 Receivables from companies linked by virtue of participating interests | 048 | 0.00 | 0.00 |
| 3 Customer receivables | 049 | 22,843,286.00 | 12,047,660.73 |
| 4 Receivables from employees and members of the undertaking | 050 | 0.00 | 0.00 |
| 5 Receivables from government and other institutions | 051 | 183,239.00 | 192,953.08 |
| 6 Other receivables | 052 | 293,759.00 | 191,510.44 |
| 15 FIBRERS FINANCIAL ASSETS (ADP 054 to 062) | 053 | 1,242,891.00 | 2,281,064.00 |
| 1 Investments in holdings (interest of undertakings within the Group | 054 | 0.00 | 0.00 |
| 2 Investments in other securities of undertakings within the Group | 055 | 0.00 | 0.00 |
| 3 Loans, deposits, etc. to undertaking within the Group | 056 | 1,935,317.00 | 2,340,402.97 |
| 4 Investments in holdings (interest of companies linked by virtue of participating interests | 057 | 0.00 | 0.00 |
| 5 Investment in other securities of companies linked by virtue of participating interests | 058 | 0.00 | 0.00 |
| 6 Loans, deposits etc. to companies linked by virtue of participating interests | 059 | 8,306.00 | 8,364.70 |
| 7 Investments in securities | 060 | 21,976.00 | 21,976.31 |
| 8 Loans, deposits, etc. given | 061 | 0.00 | 0.00 |
| --- | --- | --- | --- |
| 9 Other financial assets | 062 | 0.00 | 0.00 |
| 11 FIBRATIONS AND INVOICE | 063 | 28,704,059.00 | 20,532,297.89 |
| E PROPOSED EXPENSES AND INTREASING | 064 | 4,042,327.00 | 3,357,781.22 |
| 12 TOTAL ASSETS (ADP 065 - 082 - 077 - 084) | 065 | 87,453,857.00 | 79,744,915.94 |
| 13 TOTAL ASSETS (ADP 085 - 086 - 091) | 066 | 0.00 | 0.00 |
| LIABILITIES | |||
| 14 CAPITAL AND REDEBTS (ADP 088 to 070 - 075 - 077 - 081 - 086 - 089) | 067 | 34,624,822.00 | 35,642,321.83 |
| 1 FUTUAL DEPRESSION CAPITAL | 068 | 3,920,000.00 | 3,920,000.00 |
| 1 CAPITAL REDEBTS | 069 | 9,091,954.00 | 9,041,809.42 |
| REDEBTS FROM PROFIT (ADP 071 - 072 - 073 - 074 - 075) | 070 | 1,020,793.00 | 1,020,792.84 |
| 1 Legal reserves | 071 | 1,020,793.00 | 1,020,792.84 |
| 2 Reserves for treasury shares | 072 | 0.00 | 293,295.80 |
| 3 Treasury shares and holdings (debatible form) | 073 | 0.00 | -293,295.80 |
| 4 Statutory reserves | 074 | 0.00 | 0.00 |
| 5 Other reserves | 075 | 0.00 | 0.00 |
| 15 RETAILS ENTERPRISES | 076 | 2,902,262.00 | 2,902,266.73 |
| VISUAL SALES REDEBTS - AUDITORS (ADP 070 to 082) | 077 | 0.00 | 0.00 |
| 1 Financial assets at fair value through other comprehensive income (i.e., available for sale) | 078 | 0.00 | 0.00 |
| 2 Cash flow ledger - effective portion | 079 | 0.00 | 0.00 |
| 3 Budget if used investment in a foreign operation - effective portion | 080 | 0.00 | 0.00 |
| 4 Other fair value reserves | 081 | 0.00 | 0.00 |
| 5 Exchange rate differences from translation of foreign operations (consolidation) | 082 | 0.00 | 0.00 |
| 6 Exchange rate differences from translation into the presentation currency | 083 | 0.00 | 0.00 |
| VIBITARY PROFIT OR LOSS REDEBTS (VERSUS RECEIVABLES) | 084 | 11,521,341.00 | 17,522,807.29 |
| 1 Retained profit | 085 | 11,521,341.00 | 17,522,807.29 |
| 2 Loss brought forward | 086 | 0.00 | 0.00 |
| 16 PROFIT OR LOSS FOR THE SENSORIES US AS (ADP 087 - 091) | 087 | 6,291,000.00 | 1,301,704.01 |
| 1 Profit for the business year | 088 | 6,291,000.00 | 1,301,704.01 |
| 2 Loss for the business year | 089 | 0.00 | 0.00 |
| 1 REMEMBRANTS ON FINANCE AND INTEREST | 090 | 0.00 | 0.00 |
| B. PROVISIONS (ADP 091 to 096) | 091 | 0.00 | 0.00 |
| 1 Provision for pensions, termination benefits and similar obligations | 092 | 0.00 | 0.00 |
| 2 Provision for tax liabilities | 093 | 0.00 | 0.00 |
| 3 Provision for ongoing legal taxes | 094 | 0.00 | 0.00 |
| 4 Provision for renewal of natural resources | 095 | 0.00 | 0.00 |
| 5 Provision for warranty obligations | 096 | 0.00 | 0.00 |
| 6 Other provisions | 097 | 0.00 | 0.00 |
| C. LOSS TERMS (LIABILITIES (ADP 090 to 091) | 098 | 28,875,461.00 | 28,008,963.00 |
| 1 Liabilities to undertaking within the Group | 099 | 0.00 | 0.00 |
| 2 Liabilities for loans, deposits, etc. of undertakings within the Group | 100 | 0.00 | 0.00 |
| 3 Liabilities to companies linked by virtue of participating interests | 101 | 0.00 | 0.00 |
| 4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests | 102 | 0.00 | 0.00 |
| 5 Liabilities for loans, deposits | 103 | 0.00 | 0.00 |
| 6 Liabilities to banks and other financial institutions | 104 | 0.00 | 0.00 |
| 7 Liabilities for advance payments | 105 | 0.00 | 0.00 |
| 8 Liabilities to suppliers | 106 | 0.00 | 0.00 |
| 9 Liabilities for securities | 107 | 24,631,000.00 | 24,631,000.00 |
| 10 Other long term liabilities | 108 | 3,662,201.00 | 3,363,723.00 |
| 11 Referred tax liability | 109 | 762,283.00 | 762,270.01 |
| B. BUDGET TERMS (ABILITIES (ADP 091 to 117) | 110 | 21,829,446.00 | 15,783,511.30 |
| 1 Liabilities to undertakings within the Group | 111 | 3,551,287.00 | 128,301.15 |
| 2 Liabilities for loans, deposits, etc. of undertakings within the Group | 112 | 15,632.00 | 1,082,901.15 |
| 3 Liabilities to companies linked by virtue of participating interests | 113 | 0.00 | 0.00 |
| 4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests | 114 | 0.00 | 0.00 |
| 5 Liabilities for loans, deposits | 115 | 0.00 | 0.00 |
| 6 Liabilities to banks and other financial institutions | 116 | 230,806.00 | 883.15 |
| 7 Liabilities for advance payments | 117 | 228,808.00 | 294,476.28 |
| 8 Liabilities to suppliers | 118 | 18,863,483.00 | 8,848,804.48 |
| 9 Liabilities for securities | 119 | 437,730.00 | 230,990.90 |
| 10 Liabilities to employees | 120 | 1,937,174.00 | 1,940,836.27 |
| 11 Taxes, contributions and similar liabilities | 121 | 2,308,903.00 | 1,480,807.42 |
| 12 Liabilities arising from the share in the credit | 122 | 0.00 | 0.00 |
| 13 Liabilities arising from fixed assets held for sale | 123 | 0.00 | 0.00 |
| 14 Other short term liabilities | 124 | 2,438,376.00 | 1,663,571.03 |
| 15 ATTREAS AND INTERESTS INCOME | 125 | 2,131,898.00 | 1,587,364.93 |
| 16 FUTAL - LIABILITIES (ADP 067 - 050 - 057 - 059 - 061) | 126 | 87,453,857.00 | 79,744,915.94 |
| 16 FUTUAL AND BUDGET ITEMS | 127 | 0.00 | 0.00 |
Span d.d.
Statement of cash flows - indirect method for the period 1.1.2026 to 31.3.2026 in EUR, submitter: Span d.d.
| Item | AOP code | Same period of the previous year | Current period |
|---|---|---|---|
| 1 | 2 | 3 | 4 |
| Cash flow from operating activities | |||
| 1 Pre-tax profit | 001 | 1,465,031.00 | 1,587,518.44 |
| 2 Adjustments (ADP 003 to 010): | 002 | 930,365.00 | 986,101.30 |
| a) Depreciation | 003 | 841,293.00 | 807,973.78 |
| b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets | 004 | -7,977.00 | -5,322.65 |
| c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets | 005 | 0.00 | 0.00 |
| d) Interest and dividend income | 006 | -42,170.00 | -127,812.73 |
| e) Interest expenses | 007 | 78,253.00 | 301,408.74 |
| f) Provisions | 008 | 0.00 | 0.00 |
| g) Exchange rate differences (unrealised) | 009 | 0.00 | 0.00 |
| h) Other adjustments for non-cash transactions and unrealised gains and losses | 010 | 60,966.00 | -50,145.84 |
| I Cash flow increase or decrease before changes in working capital (ADP 001-002) | 011 | 2,395,396.00 | 2,573,619.74 |
| 3 Changes in the working capital (ADP 013 to 016) | 012 | -2,507,480.00 | -167,202.88 |
| a) Increase or decrease in short-term liabilities | 013 | -4,382,594.00 | -7,501,195.00 |
| b) Increase or decrease in short-term receivables | 014 | 4,549,634.00 | 8,097,147.12 |
| c) Increase or decrease in inventories | 015 | -1,357,826.00 | 255,843.00 |
| d) Other increase or decrease in working capital | 016 | -1,316,694.00 | -1,018,998.00 |
| II Cash flow operations (ADP 011-012) | 017 | -112,084.00 | 2,406,416.86 |
| 4 Interest paid | 018 | -80,622.00 | -534,775.57 |
| 5 Income tax paid | 019 | -8,473.00 | -28,435.67 |
| A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) | 020 | -201,179.00 | 1,843,205.62 |
| Cash flow from investment activities | |||
| I Cash receipts from sales of fixed tangible and intangible assets | 021 | 12,638.00 | 5,718.15 |
| 2 Cash receipts from sales of financial instruments | 022 | 0.00 | 0.00 |
| 3 Interest received | 023 | 42,170.00 | 127,812.73 |
| 4 Dividends received | 024 | 0.00 | 0.00 |
| 5 Cash receipts from repayment of loans and deposits | 025 | 0.00 | 0.00 |
| 6 Other cash receipts from investment activities | 026 | 0.00 | 0.00 |
| III Total cash receipts from investment activities (ADP 021 to 026) | 027 | 54,808.00 | 133,530.86 |
| I Cash payments for the purchase of fixed tangible and intangible assets | 028 | -202,159.00 | -324,647.74 |
| 2 Cash payments for the acquisition of financial instruments | 029 | 0.00 | 0.00 |
| 3 Cash payments for loans and deposits for the period | 030 | 0.00 | 0.00 |
| 4 Acquisition of a subsidiary, net of cash acquired | 031 | -2,366,432.00 | 0.00 |
| 5 Other cash payments from investment activities | 032 | 0.00 | 0.00 |
| IV Total cash payments from investment activities (ADP 028 to 032) | 033 | -2,568,591.00 | -324,647.74 |
| B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027-033) | 034 | -2,513,783.00 | -191,116.88 |
| Cash flow from financing activities | |||
| I Cash receipts from the increase in initial (subscribed) capital | 035 | 0.00 | 0.00 |
| 2 Cash receipts from the issue of equity financial instruments and debt financial instruments | 036 | 0.00 | 0.00 |
| 3 Cash receipts from credit principals, loans and other borrowings | 037 | 5,500,000.00 | 4,865,426.23 |
| 4 Other cash receipts from financing activities | 038 | 8,164.00 | 42,841.20 |
| V Total cash receipts from financing activities (ADP 035 to 038) | 039 | 5,508,164.00 | 4,908,267.43 |
| I Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments | 040 | -4,500,000.00 | -6,142,320.07 |
| 2 Cash payments for dividends | 041 | 0.00 | 0.00 |
| 3 Cash payments for finance lease | 042 | 0.00 | 0.00 |
| 4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital | 043 | -89,340.00 | -230,295.80 |
| 5 Other cash payments from financing activities | 044 | -330,569.00 | -357,090.51 |
| VI Total cash payments from financing activities (ADP 040 to 044) | 045 | -4,919,909.00 | -6,729,706.38 |
| C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039-045) | 046 | 588,255.00 | -1,821,438.95 |
| I Unrealised exchange rate differences in respect of cash and cash equivalents | 047 | 0.00 | 0.00 |
| D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020-034-046-047) | 048 | -2,126,707.00 | -169,350.21 |
| E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 049 | 8,994,032.00 | 26,704,650.00 |
| F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (ADP 048-049) | 050 | 6,867,325.00 | 26,535,299.79 |
Span d.d.
Statement of changes in equity for the period from 1.1.2026 to 31.3.2026, in EUR
| Rank | AEP code | Initial Index/High capital | Capital reserves | Legal reserves | Reserves for treasury shares | Treasury shares and holdings (inland like loan) | Statutory reserves | Other reserves | Revaluation reserves | Attributable to owners of the parent | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair value of financial assets through other comprehensive income available for sale | Cash flow through collection parties | Redge of a net investment in a foreign operation, effective period | Other fair value reserves | Exchange rate differences from translation of foreign operations | Exchange rate differences from translation into the presentation currency | Retained profit / loss through forward | Profit/loss for fair business year | Total attributable to owners of the parent | Minority non-underdraft interest | Total capital and reserves | ||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 (3 to 6 - 7 - 8 to 46) | 20 | 21 (19-10) |
| Previous period | ||||||||||||||||||||
| 1 | 1 | 3,928,900.00 | 9,085,744.00 | 1,909,806.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,130,086.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.678,487.00 | 2,756,829.00 | 29,616,421.00 | 0.00 | 29,616,421.00 |
| 2 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3 | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4 | 4 | 1,928,900.00 | 9,985,744.00 | 1,909,806.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 | 5 | 3,928,900.00 | 9,985,744.00 | 1,909,806.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,130,086.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.678,487.00 | 2,756,829.00 | 29,616,421.00 | 0.00 | 29,616,421.00 | 0.00 |
| 6 | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.256,809.00 | 0.256,809.00 | 0.00 | 0.256,809.00 | 0.00 |
| 7 | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 8 | 8 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 9 | 9 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 11 | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 12 | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Notes
50
51
4.1. Notes accompanying Financial Statements (drawn up for quarterly reporting periods)
Issuer name: Span d.d.
Address: Koturaška cesta 47, 10000 Zagreb
OIB: 19680551758
MBS: 080192242
Reporting period: 1 January – 31 March 2026
Notes to the financial statements for quarterly reporting periods are included in the Unaudited Business Results of Span Group and Span d.d. for the first three months 2026, available on Zagreb Stock Exchange website.
Annual Report of Span Group and Span d.d. for year 2025 is available on Span d.d. website.
The accounting policies applied in the preparation of the financial statements for the reporting period are the same as in the most recent annual financial statements.
Span Group issued corporate guarantees in the amount of EUR 8,665 thousand (of which EUR 2,639 thousand for Span d.d.).
Average number of Span Group employees in the period from 1.1.2026. to 31.3.2026 was 941. The average number of employees of Span d.d. in the period from 1.1.2026. to 31.3.2026 was 811.
In the observed period, the company Span d.d. capitalized labor costs related to the continued development of internally generated intangible assets. The total amount of employee costs during the period, amounts to EUR 9,270 thousand, out of which EUR 9,164 thousand is directly charged to the costs of the period, while EUR 105 thousand is capitalized. Capitalized cost is broken down into net salaries (EUR 63 thousand), taxes and contributions from salaries (EUR 31 thousand) and contributions to salaries (EUR 11 thousand). In the observed period, Span Group capitalized labor costs related to the continued development of internally generated intangible assets. Total amount personnel expenses during the period amounts to EUR 11,180 thousand, of which the amount of EUR 11,074 thousand is directly charged to the expenses of the period, while EUR 105 thousand is capitalized. Capitalized cost is broken down into net salaries (EUR 63 thousand), taxes and contributions from salaries (EUR 31 thousand) and contributions to salaries (EUR 11 thousand).
Deferred tax assets of Span Group as at 31 December 2025 amount to EUR 631 thousand, while for Span d.d. it amounts to EUR 623 thousand. In Span Group, in the reporting period, deferred tax assets have been decreased by EUR 143 thousand, while in Span d.d. deferred tax assets have been decreased by EUR 143 thousand. Decrease relates to the corporate income tax liability calculated on the result of the reporting period.
Span d.d. in the business year 2025 holds a majority stake in Span Kazakhstan Ltd, Astana and Span Hellas SA, Athina. The amount of capital that Span d.d. holds in Span Kazakhstan Ltd amounts to 75%, ie EUR 150 thousand. The amount of capital that Span d.d. holds in Span Hellas SA amounts to 90%, ie EUR 450 thousand.
Companies where Span d.d. has unlimited liability are: Span d.o.o. Ljubljana, Span IT Ltd. London, Span USA Inc. Chicago, Span LLC Baku, Span GmbH Munich, LLC Span Kiev, SPAN-IT SRL Chisinau, Cyber Security Incubator d.o.o. Zagreb, Span Estonia OU Tallinn, Span LLC Tbilisi, Ustanova Span Centar kibernetičke sigurnosti Zagreb, Span BV Amsterdam, Trilix d.o.o. Zagreb, SPAN IT s.r.o. Praha, SPAN POLSKA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Warsaw, Span Romania S.R.L. Bucharest.
5. Statement on responsibility for compiling a report in the observed period
Unaudited financial statements of Span d.d. and Span Group for the period from 1 January - 31 March 2026, are shown to be fair and truthful in accordance with International Financial Reporting Standards which have been consistently applied in relation to previous years.
All materially significant transactions were accordingly recorded in the accounting records, which were the basis of the financial statements. They give a truthful and complete overview of assets and obligations, the financial position and business activities of the Span d.d. and Span Group.
Nikola Dujmović
President of the Management Board
