AI assistant
TOKIĆ d.d. Interim / Quarterly Report 2026
35696_10-q_2026-04-29_1b755146-3d46-4fca-88a0-e02dcbbe1662.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
TOKIĆ | GRUPA
Business Results of Tokić d.d. and the Tokić Group for the period January–March 2026
(UNAUDITED)
TOKIC|GRUPA
Table of content
1.1. Significant events in the period January–March 2026 and after the reporting date ... 2
1.2. Overview of Operating Revenues for the period January–March 2026 ... 3
1.3. Selected Income Statement Indicators for the period January–March 2026 ... 4
1.4. Selected Statement of Financial Position Indicators as at 31 March 2026 ... 5
1.5. Selected Cash Flow Statement Indicators for the period January–March 2026 ... 6
-
Separate and Consolidated Financial Statements ... 7
2.1. Separate and Consolidated Income Statement for the period from 1 January 2026 to 31 March 2026 (in EUR) ... 7
2.2. Separate and Consolidated Statement of Financial Position as at 31 March 2026 and 31 December 2025 (in EUR) ... 8
2.3. Separate and Consolidated Statement of Cash Flows for the period from 1 January 2026 to 31 March 2026 (in EUR) ... 9
2.4. Separate and Consolidated Statement of Changes in Equity for the period from 1 January 2026 to 31 March 2026 (in EUR) ... 11 -
Notes to the Financial Statements ... 12
- Statement of Responsibility for the Preparation of the Financial Statements for the Reporting Period ... 13
TOKIC|GRUPA
1. Interim Management Report
1.1. Significant events in the period January–March 2026 and after the reporting date
In the first quarter of 2026, the Tokić Group continued the implementation of its strategic initiatives and delivered strong operational growth, with a lower level of one-off and structural events compared to the previous year, which was marked by significant organisational and market milestones, including the initial public offering (IPO).
During the observed period, the Group's focus was primarily on further improving operational efficiency, expanding the sales network and strengthening its market position in Croatia and Slovenia. In this context, Tokić further expanded its retail network by opening new stores in Daruvar in March 2026 and in Ivanić Grad in April 2026, thereby increasing the availability of products and services to end customers and partners.
At the same time, the Group continued to develop new services. The commercial vehicle service operations, initiated during 2025 within Tokić d.d., were further developed through the establishment of a separate entity, T Truck Servis, which commenced operations in March 2026 and assumed responsibility for the further development of this business segment. This development has strengthened the organisational structure and enhanced the Group's focus on services for professional customers.
In the capital markets, following the successful IPO in November 2025, the Company's shares were included in the CROBEX index of the Zagreb Stock Exchange in March 2026.
Overall, the first quarter of 2026 was marked by strong operational growth and continued execution of previously initiated strategic initiatives, with a limited number of new one-off events, in line with the expected post-IPO period of consolidation and further operational development of the Group.
TOKIC|GRUPA
1.2. Overview of Operating Revenues for the period January–March 2026
| TOKIĆ D.D. | TOKIĆ GROUP | |||||
|---|---|---|---|---|---|---|
| IN EUR '000 | 01.-03. 2026. | 01.-03. 2025. | 2026/ 2025 | 01.-03. 2026. | 01.-03. 2025. | 2026/ 2025 |
| Segmentation by product group | ||||||
| Spare Parts | 42.249 | 36.436 | 16,0% | 187.857 | 175.976 | 6,8% |
| Tyres | 3.594 | 2.266 | 58,6% | 56.174 | 50.530 | 11,2% |
| Sales revenue from goods | 45.843 | 38.702 | 18,4% | 244.031 | 226.506 | 7,7% |
| Segmentation by markets | ||||||
| Croatia | 35.956 | 30.330 | 18,6% | 37.840 | 32.218 | 17,5% |
| Slovenia | 6.922 | 5.534 | 25,1% | 17.995 | 15.975 | 12,6% |
| Third countries | 2.965 | 2.839 | 4,4% | 3.339 | 3.146 | 6,1% |
| Sales revenue from goods | 45.843 | 38.702 | 18,4% | 59.174 | 51.338 | 15,3% |
| Segmentation by sales channel | ||||||
| Retail | 39.457 | 32.404 | 21,8% | 52.388 | 44.720 | 17,1% |
| Wholesale | 3.421 | 3.459 | -1,1% | 3.447 | 3.473 | -0,7% |
| Exports | 2.965 | 2.839 | 4,4% | 3.339 | 3.146 | 6,1% |
| Sales revenue from goods | 45.843 | 38.702 | 18,4% | 59.174 | 51.338 | 15,3% |
| Segmentation by sales program | ||||||
| Passenger vehicle program | 39.959 | 34.053 | 17,3% | 49.985 | 43.767 | 14,2% |
| Commercial vehicle program | 4.849 | 3.817 | 27,1% | 6.295 | 4.951 | 27,1% |
| Agricultural program | 121 | 126 | -4,6% | 1.098 | 1.136 | -3,3% |
| Motorcycle program | 538 | 369 | 45,5% | 1.118 | 887 | 25,9% |
| Industrial program | 285 | 222 | 28,4% | 578 | 469 | 23,4% |
| - | - | |||||
| Nautical program | 91 | 115 | 20,9% | 100 | 128 | 21,8% |
| Sales revenue from goods | 45.843 | 38.702 | 18,4% | 59.174 | 51.338 | 15,3% |
| Revenue from services | 626 | 429 | 46,0% | 844 | 516 | 63,5% |
| Sales revenue | 46.469 | 39.131 | 18,8% | 60.018 | 51.855 | 15,7% |
Revenue growth at the Tokić Group level was primarily driven by the retail channel, which recorded an increase of 17.1%, while at the level of Tokić d.d. retail grew even more strongly, by 21.8%. The wholesale channel recorded a slight decline of 0.7% at the Group level, in line with changes in demand structure and the strategic focus on developing the Group's own network, while exports to third markets increased by 6.1% at the Group level.
At the Tokić Group level, growth was achieved across the majority of sales programmes. The passenger vehicle programme, as the largest segment, recorded growth of 14.2%, while at the level of Tokić d.d. it increased by 17.3%. The commercial vehicle programme delivered strong growth of 27.1% at both levels, confirming the recovery of activity in this segment.
Other programmes also contributed to growth, with the motorcycle programme (+25.9% at the Group level; +45.5% at the level of Tokić d.d.) and the industrial programme (+23.4% at the Group level; +28.4% at the level of Tokić d.d.) standing out, while the agricultural programme recorded a slight decline.
TOKIC|G R U P A
Revenue from services at the Tokić Group level increased by 63.5% to EUR 0.8 million, while at the level of Tokić d.d. it grew by 46.0%.
Overall, the results for the first quarter of 2026 confirm continued revenue growth at the Tokić Group level, supported by a stable business structure and growth across all key segments.
1.3. Selected Income Statement Indicators for the period January–March 2026
| TOKIĆ D.D. | TOKIĆ GROUP | |||||
|---|---|---|---|---|---|---|
| IN EUR '000 | 01.-03. 2026. | 01.-03. 2025. | 2026/ 2025 | 01.-03. 2026. | 01.-03. 2025. | 2026/ 2025 |
| Sales revenue | 46.469 | 39.131 | 18,8% | 60.018 | 51.855 | 15,7% |
| Gross margin | 15.490 | 13.415 | 15,5% | 21.243 | 18.420 | 15,3% |
| Gross margin (%) | 33,3% | 34,3% | -95 bb | 35,4% | 35,5% | -13 bb |
| Total revenue | 47.139 | 39.779 | 18,5% | 60.718 | 52.616 | 15,4% |
| Personnel expenses | (8.221) | (7.002) | 17,4% | (10.935) | (9.465) | 15,5% |
| Other operating expenses | (4.047) | (3.706) | 9,2% | (6.183) | (5.579) | 10,8% |
| EBITDA | 3.894 | 3.355 | 16,1% | 4.825 | 4.138 | 16,6% |
| EBITDA margin (%) | 8,3% | 8,4% | -17 bb | 7,9% | 7,9% | 8 bb |
| Normalized EBITDA* | 3.894 | 3.410 | 14,2% | 4.825 | 4.193 | 15,1% |
| Normalized EBITDA (%) | 8,3% | 8,6% | -31 bb | 7,9% | 8,0% | -2 bb |
| Depreciation and amortization | (1.970) | (1.376) | 43,2% | (2.637) | (1.950) | 35,2% |
| Net finance result | (257) | (261) | -1,5% | (419) | (440) | -4,8% |
| Net profit | 1.367 | 1.367 | 0,0% | 1.438 | 1.388 | 3,6% |
| Net profit margin (%) | 2,9% | 3,4% | -54 bb | 2,4% | 2,6% | -27 bb |
| Normalized net profit** | 1.367 | 971 | 40,8% | 1.438 | 992 | 44,9% |
| Normalized net profit margin (%) | 2,9% | 2,4% | 46 bb | 2,4% | 1,9% | 48 bb |
EBITDA in Q1 2025 adjusted for IPO-related costs (EUR 55 thousand)
*Net profit in Q1 2025 adjusted for IPO-related costs (EUR 55 thousand) and for the net impact of the spin-off and leaseback of separated real estate on the income statement (EUR 451 thousand).
In the first quarter of 2026, the Tokić Group recorded strong revenue growth of 15.7%, alongside an improvement in operating profitability. Sales revenue reached EUR 60.0 million (Q1 2025: EUR 51.9 million), with growth primarily driven by increased sales volumes, expansion of the retail network and higher activity across key sales segments.
Gross margin increased by 15.3% to EUR 21.2 million, while the gross margin percentage remained stable at 35.4% (Q1 2025: 35.5%). The stable gross margin level reflects consistent management of procurement conditions and sales mix, supported by the positive contribution of the retail channel, which generates higher margins.
Personnel expenses increased by 15.5%, reflecting continued business expansion, including the development of the retail network, as well as labour market trends. Other operating expenses increased by 10.8%, primarily due to higher distribution and warehousing costs, as well as continued investments in logistics capacity and IT infrastructure. It is important to note that the growth in operating expenses was lower than revenue growth, resulting in improved operating efficiency.
Depreciation and finance costs continue to reflect the effects of IFRS 16, related to the lease of real estate following its spin-off in April 2025. As the spin-off was implemented at the beginning of the second quarter of 2025, its impact remains pronounced in the first quarter of
TOKIC|G R U P A
2026 due to a non-comparable base, while full year-on-year comparability is expected in the following quarters.
As a result of the above, EBITDA increased by 16.6% to EUR 4.8 million, while the EBITDA margin remained stable at 7.9%. Normalised EBITDA increased by 15.1%, confirming the strengthening of underlying profitability and the scalability of the business model.
Net profit increased by 3.6% to EUR 1.4 million, while normalised net profit recorded strong growth of 44.9%, reaching EUR 1.4 million (Q1 2025: EUR 1.0 million). The movement in net profit reflects a combination of improved operating performance and the stabilisation of finance costs.
1.4. Selected Statement of Financial Position Indicators as at 31 March 2026
| TOKIC D.D. | TOKIC GROUP | |||||
|---|---|---|---|---|---|---|
| IN EUR '000 | 31.03.2026. | 31.12.2025. | 2025/2024 | 31.03.2026. | 31.12.2025. | 2026/2025 |
| Non-current assets | 36.350 | 36.481 | -0,4% | 40.967 | 41.006 | 0% |
| Current assets | 105.262 | 106.291 | -1,0% | 132.058 | 130.450 | 1% |
| Total assets | 141.612 | 142.772 | -0,8% | 173.025 | 171.456 | 1% |
| Equity | 56.353 | 54.986 | 2,5% | 54.243 | 52.805 | 3% |
| Non-current liabilities | 23.866 | 24.241 | -1,5% | 34.494 | 34.425 | 0% |
| Current liabilities | 61.393 | 63.545 | -3,4% | 84.287 | 84.226 | 0% |
| Total equity and liabilities | 141.612 | 142.772 | -0,8% | 173.025 | 171.456 | 1% |
| Loans (excluding leases) | 29.222 | 36.312 | -19,5% | 36.011 | 45.583 | -21% |
| Loans (including leases) | 43.252 | 50.716 | -14,7% | 58.426 | 67.928 | -14% |
| Cash and cash equivalents | 11.733 | 18.247 | -35,7% | 12.465 | 18.828 | -34% |
| Net debt (excluding leases) | 17.489 | 18.065 | -3,2% | 23.546 | 26.755 | -12% |
| Net debt (including leases | 31.519 | 32.469 | -2,9% | 45.962 | 49.101 | -6% |
The statement of financial position of the Tokić Group as at 31 March 2026 reflects a stable financial position alongside continued growth in business activity. Total assets amounted to EUR 173.0 million, representing a slight increase compared to the end of 2025.
The asset structure remains stable compared to the end of the previous year. Non-current assets remained at approximately the same level (EUR 41.0 million), while movements in current assets reflect changes in working capital. In this context, inventories and trade receivables increased in line with the higher level of business activity, while cash and cash equivalents decreased as a result of temporary deleveraging.
On the liabilities and equity side, total equity amounted to EUR 54.2 million, representing an increase of 3% compared to the end of 2025, reflecting profit generated in the period. Total liabilities amounted to EUR 118.8 million, with both non-current and current liabilities remaining broadly stable. These movements primarily reflect an increase in trade payables, in line with higher inventory levels and business activity, alongside a reduction in short-term financial liabilities.
Overall leverage was further reduced. Net debt excluding leases amounted to EUR 23.5 million, representing a decrease of 12%, or EUR 3.2 million, compared to the end of 2025, while net debt including lease liabilities decreased by 6%, or EUR 3.1 million, to EUR 46.0 million. The reduction in leverage reflects a combination of operating cash flow generation and
TOKIC|GRUPA
the use of available liquidity to repay financial liabilities, which is also reflected in the decrease in cash and cash equivalents to EUR 12.5 million.
1.5. Selected Cash Flow Statement Indicators for the period January–March 2026
| TOKIĆ D.D. | TOKIĆ GROUP | |||||
|---|---|---|---|---|---|---|
| IN EUR '000 | 31.03.2026. | 31.12.2025. | 2026-2025 | 31.03.2026. | 31.12.2025. | 2026-2025 |
| Cash flow from operating activities | 2.732 | (645) | 3.376 | 5.720 | (1.061) | 6.781 |
| Cash flow from investing activities | (1.066) | (1.106) | 41 | (1.004) | (1.126) | 122 |
| Cash flow from financing activities | (8.180) | 26 | (8.206) | (11.079) | 1.112 | (12.191) |
| Net increase/(decrease) in cash | (6.514) | (1.725) | (4.789) | (6.363) | (1.074) | (5.289) |
| Cash at the end of the period | 11.733 | 1.816 | 9.917 | 12.465 | 3.769 | 8.696 |
In the first quarter of 2026, the Tokić Group generated net cash flow from operating activities in the amount of EUR 5.7 million, compared to a negative cash flow of EUR 1.1 million in the same period of the previous year. The improvement in operating cash flow was primarily driven by more favourable working capital movements compared to the comparative period, while improved profitability provided an additional positive contribution. Changes in working capital reflect increased business activity and the seasonal rise in working capital requirements, particularly through higher trade receivables and inventories.
Net cash flow from investing activities amounted to EUR -1.0 million, primarily relating to ongoing investments in non-current assets, including logistics capacity, IT infrastructure and the development of the retail network.
Net cash flow from financing activities amounted to EUR -11.1 million, mainly reflecting the repayment of borrowings and lease liabilities. During the period, the Group also recorded proceeds from new borrowings of EUR 4.8 million; however, these were more than offset by repayments of existing obligations, resulting in a net reduction in financial debt.
As a result of the above, cash and cash equivalents at the end of the period amounted to EUR 12.5 million, representing a decrease compared to the end of 2025. The reduction in cash was primarily related to the repayment of financial liabilities, alongside strong cash generation from operating activities.
6
TOKIC|GRUPA
2. Separate and Consolidated Financial Statements
2.1. Separate and Consolidated Income Statement for the period from 1 January 2026 to 31 March 2026 (in EUR)
| TOKIC D.D. | ||
|---|---|---|
| IN EUR | 01.-03. 2026. | 01.-03. 2025. |
| Sales revenue | 46.468.516 | 39.131.044 |
| Other income | 670.728 | 647.705 |
| TOTAL REVENUE | 47.139.244 | 39.778.749 |
| Cost of materials | (652.141) | (660.365) |
| Cost of goods sold | (30.978.052) | (25.716.054) |
| Cost of services | (2.370.069) | (2.219.779) |
| Personnel expenses | (8.220.674) | (7.001.827) |
| Depreciation and amortization | (1.970.411) | (1.376.460) |
| Other operating expenses | (1.024.411) | (826.035) |
| Provisions for risks and charges (net) | - | - |
| TOTAL OPERATING EXPENSES | (45.215.759) | (37.800.520) |
| Operating profit | 1.923.485 | 1.978.229 |
| Finance income | 81.223 | 23.200 |
| Finance costs | (337.892) | (283.775) |
| Loss from financial activities | (256.669) | (260.575) |
| Profit before tax | 1.666.816 | 1.717.654 |
| Income tax | (300.027) | (351.136) |
| Profit for the year | 1.366.789 | 1.366.518 |
| Items that may be reclassified subsequently to profit or loss | - | - |
| Items that will not be reclassified subsequently to profit or loss | - | - |
| Total comprehensive income for the year | 1.366.789 | 1.366.518 |
| Earnings per share | 0,33 | 0,33 |
| TOKIC GROUP | ||
| --- | --- | --- |
| IN EUR | 01.-03. 2026. | 01.-03. 2025. |
| Sales revenue | 60.018.500 | 51.854.815 |
| Other income | 699.806 | 761.611 |
| TOTAL REVENUE | 60.718.306 | 52.616.426 |
| Cost of materials | (854.483) | (840.340) |
| Cost of goods sold | (38.775.494) | (33.435.034) |
| Cost of services | (3.956.803) | (3.650.705) |
| Personnel expenses | (10.934.740) | (9.464.966) |
TOKIC|GRUPA
Depreciation and amortization
(2.636.776)
(1.950.105)
Other operating expenses
(1.366.637)
(1.087.779)
Provisions for risks and charges (net)
(5.113)
-
TOTAL OPERATING EXPENSES
(58.530.045)
(50.428.928)
Operating profit
2.188.260
2.187.498
Finance income
81.933
29.319
Finance costs
(500.634)
(469.212)
Loss from financial activities
(418.701)
(439.893)
Profit before tax
1.769.559
1.747.605
Income tax
(331.545)
(359.805)
Profit for the year
1.438.014
1.387.800
Items that may be reclassified subsequently to profit or loss
-
Items that will not be reclassified subsequently to profit or loss
-
Total comprehensive income for the year
1.438.014
1.387.800
Earnings per share
0,35
0,34
Alternative performance measures are presented in section 1.3. Selected Income Statement Highlights for the period January–March 2026.
2.2. Separate and Consolidated Statement of Financial Position as at 31 March 2026 and 31 December 2025 (in EUR)
| TOKIC D.D. | TOKIC GROUP | |||
|---|---|---|---|---|
| IN EUR | 31.03.2026. | 31.12.2025. | 31.03.2026. | 31.12.2025. |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 1.657.569 | 1.648.048 | 2.453.547 | 2.485.998 |
| Goodwill | 169.407 | 169.407 | 5.992.187 | 5.992.187 |
| Property, plant and equipment | 6.309.825 | 6.268.704 | 8.937.740 | 8.963.787 |
| Right-of-use assets | 13.735.812 | 14.118.234 | 21.910.538 | 21.849.588 |
| Investment property | - | - | - | - |
| Investments in subsidiaries | 13.886.654 | 13.686.654 | - | - |
| Other financial assets | 9.598 | 9.598 | 9.598 | 9.598 |
| Non-current receivables | 51.530 | 51.530 | 1.064.815 | 1.106.116 |
| Deferred tax assets | 529.178 | 529.178 | 598.682 | 598.682 |
| Total non-current assets | 36.349.573 | 36.481.353 | 40.967.107 | 41.005.955 |
| Current assets | ||||
| Inventories | 58.664.494 | 57.617.579 | 83.904.110 | 75.950.886 |
| Trade receivables | 27.846.976 | 20.337.948 | 25.854.173 | 23.950.591 |
| Other receivables | 6.892.771 | 9.950.597 | 9.663.332 | 11.537.210 |
| Current financial assets | 125.313 | 137.840 | 171.368 | 183.894 |
TOKIC|GRUPA
| Cash and cash equivalents | 11.732.944 | 18.246.921 | 12.464.717 | 18.827.752 |
|---|---|---|---|---|
| Total current assets | 105.262.498 | 106.290.885 | 132.057.700 | 130.450.333 |
| TOTAL ASSETS | 141.612.072 | 142.772.238 | 173.024.806 | 171.456.288 |
| TOKIĆ D.D. | TOKIĆ GROUP | |||
| --- | --- | --- | --- | --- |
| IN EUR | 31.03.2026. | 31.12.2025. | 31.03.2026. | 31.12.2025. |
| Equity and liabilities | ||||
| Share capital | 30.136.364 | 30.136.364 | 30.136.364 | 30.136.364 |
| Retained earnings | 12.036.410 | 8.301.732 | 9.797.628 | 5.160.637 |
| Accumulated loss | - | - | - | - |
| Capital reserves | 12.813.679 | 12.813.679 | 12.813.679 | 12.813.679 |
| Other reserves | - | - | 57.721 | 57.721 |
| Profit/Loss for the year | 1.366.789 | 3.734.678 | 1.438.014 | 4.636.991 |
| Total equity | 56.353.242 | 54.986.453 | 54.243.406 | 52.805.392 |
| Provisions | 183.818 | 183.818 | 183.818 | 183.818 |
| Long-term loans | 13.909.644 | 13.909.644 | 17.665.199 | 17.665.199 |
| Non-current lease liabilities | 9.772.116 | 10.147.527 | 16.492.880 | 16.423.192 |
| Deferred tax liabilities | - | - | 152.423 | 152.558 |
| Total non-current liabilities | 23.865.578 | 24.240.989 | 34.494.320 | 34.424.766 |
| Trade payables | 30.082.571 | 25.610.086 | 44.993.603 | 38.163.749 |
| Short-term loans | 15.312.680 | 22.401.907 | 18.345.654 | 27.917.315 |
| Current lease liabilities | 4.257.109 | 4.257.109 | 5.922.640 | 5.922.640 |
| Income tax liabilities | - | - | 673.886 | 643.081 |
| Other current liabilities | 11.740.892 | 11.115.415 | 14.117.589 | 11.183.917 |
| Provisions | - | 160.280 | 233.710 | 395.427 |
| Total current liabilities | 61.393.252 | 63.544.797 | 84.287.081 | 84.226.129 |
| Total liabilities | 85.258.830 | 87.785.785 | 118.781.400 | 118.650.896 |
| TOTAL EQUITY AND LIABILITIES | 141.612.072 | 142.772.238 | 173.024.806 | 171.456.288 |
2.3. Separate and Consolidated Statement of Cash Flows for the period from 1 January 2026 to 31 March 2026 (in EUR)
| TOKIĆ D.D. | TOKIĆ GROUP | |||
|---|---|---|---|---|
| IN EUR | 01.-03.2026. | 01.-03.2025. | 01.-03.2026. | 01.-03.2025. |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Profit for the year | 1.366.789 | 1.366.518 | 1.438.014 | 1.387.800 |
| Adjusted for: | ||||
| Income tax expense | 300.027 | 351.136 | 331.545 | 359.805 |
| Depreciation and amortization of property, plant and equipment and intangible assets | 1.970.411 | 1.376.460 | 2.636.776 | 1.950.105 |
| Interest expense and exchange differences recognized in profit or loss | 314.383 | 271.584 | 477.125 | 451.270 |
| Gains on disposal of property, plant and equipment and intangible assets | (20.362) | (9.866) | (20.362) | (9.866) |
TOKIC|GRUPA
| Interest income | (57.714) | (11.009) | (58.423) | (11.377) |
|---|---|---|---|---|
| Impairment of receivables and inventories | - | - | 522 | 2.846 |
| Operating profit before changes in working capital | 3.873.534 | 3.344.823 | 4.805.196 | 4.130.582 |
| (Increase) / Decrease in inventories | (1.046.916) | (1.036.066) | (7.953.224) | (6.040.491) |
| (Increase) / Decrease in trade receivables | (7.509.028) | (5.357.287) | (1.903.581) | (2.557.993) |
| (Increase) / Decrease in other receivables | (27.913) | 2.804 | (1.951.638) | (35.274) |
| Increase / (Decrease) in trade payables | 4.472.485 | (395.748) | 6.829.853 | (1.584) |
| Increase / (Decrease) in other current liabilities | (298.911) | 36.930 | 1.726.017 | 167.994 |
| Income tax expense | (300.027) | (309.178) | (331.545) | (322.286) |
| Other Increase / (Decrease) in cash flow | 3.886.595 | 3.344.462 | 4.979.648 | 4.044.461 |
| Interest paid | (318.241) | (275.517) | (480.982) | (446.367) |
| Net cash flow from operating activities | 2.731.578 | (644.778) | 5.719.744 | (1.060.956) |
| CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Interest received | 57.714 | 11.009 | 58.423 | 11.377 |
| Acquisition of property, plant and equipment and intangible assets | (923.235) | (1.117.057) | (1.062.176) | (1.137.023) |
| Acquisition of investments | (200.000) | - | - | - |
| Adjustment of exchange differences and investment adjustments | - | - | - | - |
| Net cash flow from investing activities | (1.065.521) | (1.106.049) | (1.003.752) | (1.125.646) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Dividends paid | - | - | - | - |
| Proceeds from borrowings | 4.000.000 | 2.000.000 | 4.753.453 | 4.516.796 |
| Repayment of borrowings | (11.089.227) | (1.638.710) | (14.325.114) | (2.672.044) |
| Repayment of lease liabilities | (1.090.807) | (335.252) | (1.507.364) | (732.588) |
| Other changes in equity – acquisition/merger | - | - | - | - |
| Other cash inflows (outflows) from financing activities | - | - | - | - |
| Net cash flow from financing activities | (8.180.034) | 26.038 | (11.079.026) | 1.112.165 |
| Net increase / (decrease) in cash and cash equivalents | (6.513.977) | (1.724.788) | (6.363.034) | (1.074.437) |
| Cash and cash equivalents at the beginning of the period | 18.246.921 | 3.540.509 | 18.827.752 | 4.843.277 |
| Cash and cash equivalents at the end of the period | 11.732.944 | 1.815.721 | 12.464.717 | 3.768.840 |
10
TOKIC|GRUPA
2.4. Separate and Consolidated Statement of Changes in Equity for the period from 1 January 2026 to 31 March 2026 (in EUR)
| TOKIC D.D. | Share capital | Capital reserves | Other reserves | Accumulated loss | Retained earnings | Total |
|---|---|---|---|---|---|---|
| Balance as at 31 December 2024 | 31.150.000 | 13.467 | - | - | 31.199.794 | 62.363.262 |
| Profit for the year | - | - | - | - | 3.734.678 | 3.734.678 |
| Dividends paid | - | - | - | - | (743.000) | (743.000) |
| Other changes in equity | (1.013.636) | 12.800.212 | - | - | (22.155.063) | (10.368.487) |
| Total comprehensive income for the year | (1.013.636) | 12.800.212 | - | - | (19.163.384) | (7.376.809) |
| Transfer from retained earnings | - | - | - | - | - | - |
| Balance as at 31 December 2025 | 30.136.364 | 12.813.679 | - | - | 12.036.410 | 54.986.453 |
| Profit for the year | - | - | - | - | 1.366.789 | 1.366.789 |
| Dividends paid | - | - | - | - | - | - |
| Other changes in equity | - | - | - | - | - | - |
| Total comprehensive income for the year | 0 | 0 | - | - | 1.366.789 | 1.366.789 |
| Transfer from retained earnings | - | - | - | - | - | - |
| Balance as at 31 March 2026 | 30.136.364 | 12.813.679 | - | 13.403.199 | 56.353.242 | |
| TOKIC GROUP | Share capital | Capital reserves | Other reserves | Accumulated loss | Retained earnings | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Balance as at 31 December 2024 | 31.150.000 | 13.467 | 45.224 | - | 28.057.169 | 59.265.861 |
| Profit for the year | - | - | - | - | 4.636.991 | 4.636.991 |
| Dividends paid | - | - | - | - | (743.000) | (1.569.818) |
| Other changes in equity | (1.013.636) | 12.800.212 | 12.497 | - | (22.153.532) | (10.354.460) |
| Total comprehensive income for the year | (1.013.636) | 12.800.212 | 12.497 | - | (18.259.541) | (6.460.469) |
| Transfer from retained earnings | - | - | - | - | - | - |
| Balance as at 31 December 2025 | 30.136.364 | 12.813.679 | 57.721 | - | 9.797.628 | 52.805.392 |
| Profit for the year | - | - | - | - | 1.438.014 | 1.438.014 |
| Dividends paid | - | - | - | - | - | - |
| Other changes in equity | - | - | - | - | - | - |
| Total comprehensive income for the year | - | - | - | - | 1.438.014 | 1.438.014 |
| Transfer from retained earnings | - | - | - | - | - | - |
| Balance as at 31 March 2026 | 30.136.364 | 12.813.679 | 57.721 | - | 11.235.642 | 54.243.406 |
TOKIC|GRUPA
3. Notes to the Financial Statements
NOTES TO THE FINANCIAL STATEMENTS – TFI
(prepared for quarterly reporting periods)
Issuer name: Tokić d.d.
Registered office: Ulica 144. brigade Hrvatske vojske 1A, Sesvete (Grad Zagreb), Hrvatska
Personal Identification Number (OIB): 74867487620
Company Registration Number (MBS): 080313914
Reporting period: 1 January 2026 to 31 March 2026
Notes to the financial statements for interim periods are included in the Unaudited Business Results of Tokić d.d. and the Tokić Group for the first quarter of 2026, which are available on the website of the Zagreb Stock Exchange.
The Annual Report of Tokić d.d. and the Tokić Group for 2025 is available on the website of Tokić d.d.
The accounting policies applied in the preparation of the financial statements for the reporting period are consistent with those applied in the most recent annual financial statements.
The Company has contingent liabilities arising from issued guarantees and warranties that are not recognised in the consolidated statement of financial position. As at 31 March 2026, issued guarantees and warranties amounted to EUR 14,200,000 (EUR 14,200,000 as at 31 December 2025). As at 31 March 2026, the Group has contingent liabilities arising from issued guarantees and warranties in the amount of EUR 16,400,000 (EUR 16,400,000 as at 31 December 2025). Based on the Management's assessment as at 31 March 2026, there is no significant probability that these liabilities will materialise.
The Company's liabilities maturing after more than five years relate to loan obligations in the amount of EUR 1,250,000 and lease liabilities in the amount of EUR 1,015,862. The Group's liabilities maturing after more than five years relate to loan obligations in the amount of EUR 1,350,000 and lease liabilities in the amount of EUR 2,222,022.
During the period January–March 2026, the Company did not capitalise labour costs. During the same period, the Group capitalised labour costs in the amount of EUR 16,413 as part of internally generated development (January–December 2025: EUR 137,927), of which net salaries amounted to EUR 8,347 (January–December 2025: EUR 79,622), employee contributions amounted to EUR 3,351 (January–December 2025: EUR 25,767), employer contributions amounted to EUR 2,397 (January–December 2025: EUR 17,884), and income tax amounted to EUR 2,318 (January–December 2025: EUR 14,654).
The balance of deferred tax assets of the Company as at 31 March 2026 amounts to EUR 529,178 and has not changed compared to 31 December 2025. The balance of deferred tax assets of the Group as at 31 March 2026 amounts to EUR 598,682 and has not changed compared to 31 December 2025.
Tokić d.d. has a registered share capital of EUR 30,136,363.64, divided into 4,080,000 shares without nominal value.
12
TOKIC|G R U P A
The average number of employees of Tokić d.d. in the period January–March 2026 was 1,138 (January–March 2025: 1,075). The average number of employees of the Tokić Group in the period January–March 2026 was 1,416 (January–March 2025: 1,340).
4. Statement of Responsibility for the Preparation of the Financial Statements for the Reporting Period
To the best of our knowledge, the unaudited financial statements of Tokić d.d. and the Tokić Group for the period from 1 January 2026 to 31 March 2026 present a true and fair view in accordance with International Financial Reporting Standards, consistently applied in relation to previous years.
All materially significant transactions have been appropriately recorded in the accounting records on which the financial statements are based. The financial statements provide a true and complete view of the assets and liabilities, financial position and operations of the Tokić Group.
For TOKIĆ d.d.
CEO:
Ivan Šantorić
CFO:
Dražen Jurković
TOKIĆ d.d.
Ulica 144. Brigade Hrvatske vojske 1a
Zagreb, Republic of Croatia
28 April 2026