Zagreb Stock Exchange Group

Consolidated unaudited financial results for

1/1/2025 – 31/3/2025

28 April 2025

1		INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 1/1/2025 AND 31/3/2025 1
	1.1	Significant business events of the Group in the period between 1/1/2025 and 31/3/2025 1
	1.2	Zagreb and Ljubljana Stock Exchange overview 3
	1.3	Expected future development of the Group 8
	1.4	Research & Development activities 8
	1.5	Information on repurchase of own shares 9
	1.6	Zagreb Stock Exchange Group 9
	1.7	Financial instruments used by the Group 10
	1.8	Group's objectives and policies related to financial risk management 10
	1.9	Group's exposure to price risk, credit risk, liquidity risk and cash flow risk 10
	1.10	Statement of transactions and transfers within the Group and between the Group and its shareholders 11
	1.11	Statement of events which might have an adverse effect on Group operations 11
	1.12	Business results for 1/1/2025 – 31/3/2025 11
2		DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS 14
Consolidated unaudited financial statements of the Group for 1/1/2025 – 31/3/2025 15

1 INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 1/1/2025 AND 31/3/2025

1.1 Significant business events of the Group in the period between 1/1/2025 and 31/3/2025

In first quarter of 2025, the Zagreb Stock Exchange Group (hereinafter: the Group) recorded the following significant business events:

On January 27, 2025, the Ljubljana Stock Exchange organized a webinar titled "Annual overview of the events on the Stock Exchange".
On February 6, 2025, the Zagreb Stock Exchange Academy hosted a free online seminar themed "Get to know ETFs" with the goal of familiarizing the public with ETFs, and answer questions of advantages and risks related to ETF investing. The ZSE Academy intends to continue with similar activities related to capital market education with the goal of bringing select themes closer to interested participants.
On March 5, 2025, the Zagreb Stock Exchange co-organized a free seminar on children's rights in business with UNICEF, aiming to review impacts of working conditions, products and services safety, marketing and digital environments on the lives of children. The seminar highlighted the importance of integrating children's rights in corporate governance and sustainability strategies of companies.
On March 6, 2025, the Zagreb Stock Exchange adopted amendments to the Price list. The new Price list reflects changes in the annual quotation fees for shares and bonds, and has entered into force on March 15, 2025.
On March 6, 2025, the Ljubljana Stock Exchange organized a hybrid event titled "Trade on the Stock Exchange", where more than 160 attendees and 3,000 listeners online had the opportunity to follow-up on the trending topics of the capital markets and business results of LJSE's issuers.
On March 7, 2025, the Zagreb and Ljubljana Stock Exchanges were among more than 100 stock exchanges worldwide which opened trading with sounding of the trading bell in honor of International Women's Day. Ring the Bell for Gender Equality is a global event held at numerous stock exchanges around the world, with the aim of highlighting the important role of businesses in promoting gender equality, with the purpose of achieving sustainable development goals and raising awareness about the principles of the empowerment of women.
On March 10, 2025, the Zagreb Stock Exchange celebrated the successful IPO and first trading day of issuer ING-GRAD d.d.
On March 12, 2025, the Zagreb Stock Exchange adopted changes to the Trading manual, which entered into force on March 24, 2025.
From March 17 21, 2025, the Zagreb Stock Exchange Academy participated in the Global Money Week events. The Global Money Week is the leading global event for raising awareness of the importance of financial literacy and inclusiveness of children and young adults. The activities related to this initiative gathered over 60 million children and young adults in over 176 countries so far. Money Week activities are focused on formal and informal education of young adults to help them develop knowledge, skills, perspective and habits necessary to make healthy financial decisions.
On March 18, 2025, the Ljubljana Stock Exchange organized an educational webinar "Let's go to the Stock Exchange" to mark the Global and European Money Week events.
On March 27, 2025, the Ljubljana Stock Exchange organized a webinar titled "Slovenian Listed Companies Online".
In the first quarter of 2024, the Regulated market of Zagreb Stock Exchange listed two treasury bills and two bonds of the Ministry of finance of the Republic of Croatia, shares of issuer ING-GRAD d.d., and new tranches of shares of issuers INSTITUT IGH d.d., and HELIOS FAROS d.d. At the same time, the Progress market listed the fourth tranche of bonds of issuer GLUCODENT d.o.o.
In the first quarter of 2025, the Regulated Market of Zagreb Stock Exchange delisted two treasury bills and two bonds of the Ministry of finance of the Republic of Croatia and shares of issuers ATLANTSKA PLOVIDBA d.d.

1.2 Zagreb and Ljubljana Stock Exchange overview

In the first quarter of 2025, the total turnover on Zagreb Stock Exchange amounted to EUR 172 million, which is +48% more than in the same period of 2024. Orderbook turnover increased by +37%, recording an increase in turnovers of all listed securities compared to the same period last year: shares (+25), bonds (+47), money market instruments (+597%) and ETFs (+148%).

	EUR 1Q 2024	EUR 1Q 2025	change
TOTAL TUROVER	116,474,410	172,407,508	48%
Orderbook turnover	100,319,221 137,544,640		37%
Shares	86,606,668	108,475,170	25%
Bonds	7,291,864	10,738,458	47%
Money market instruments	542,284	3,780,345	597%
ETFs	5,878,405	14,550,668	148%
Block turnover	16,155,189	34,862,868	116%
Equity block turnover	16,155,189	34,862,868	116%
Debt block turnover	0	0	0

Securities turnover - 1Q 2024/1Q 2025

By the end of March 2025, the orderbook turnover amounted to EUR 137.5 million, +37% more than in the first quarter of 2024 when it amounted to EUR 100 million. Of this amount, EUR 108.5 million refers to equity turnover (1Q 2024: EUR 86.6 million), EUR 10.7 million to bond turnover (1Q 2024: EUR 7 million), while ETFs achieved an impressive turnover of EUR 14.5 million (1Q 2024: EUR 5.9 million). Money market instruments' turnover at the end of the first quarter of 2025 amounted to EUR 3.8 million (1Q 2024: EUR 542 thousand). The equity block turnover amounted to EUR 35 million (1Q 2024: EUR 16 million), while the debt block turnover was not recorded.

Securities turnover

The market value measured by market capitalization as of March 31, 2025 was higher by a total of EUR +7.7 billion compared to the same period in 2024. The equity market capitalization is higher by EUR +4.7 billion or +19%, with the market capitalization of the Prime Market increased by +16%, the Official Market increased by +11%, and the Regular Market by +25%. The debt market capitalization is higher by +7% while the value of ETFs increased by a significant +265%. The market capitalization of money market instruments on the last day of the reporting period amounted to EUR 2.7 billion, which is an increase by EUR +1.7 billion or +153% compared to the same time last year.

	31.03.2024. EUR	31.03.2025. EUR	change
TOTAL	43,941,679,914	51,650,545,501	17.5%
Shares	24,932,216,572	29,675,887,648	19.0%
Prime Market	5,163,934,496	5,987,653,555	16.0%
Official Market	7,736,582,594	8,602,422,807	11.2%
Regular Market	12,031,699,482	15,085,811,286	25.4%
Bonds	17,896,834,989	19,121,129,768	6.8%
Money market instruments	1,079,305,665	2,732,081,194	153.1%
ETFs	33,322,687	121,446,891	264.5%

Market capitalization - 1Q 2024 vs. 1Q 2025

Market capitalization and number of listed shares

Compared to the end of the first quarter of 2024, as of March 31, 2025, The Regular Market segment counted seven less listed shares, while the number of shares listed on the Official Market and the Prime Market remained unchanged.

	31.03.2024.	31.03.2025.	change
TOTAL	125	118	-5.6%
Shares	85	78	-8.2%
Prime Market	6	6	0.0%
Official Market	19	19	0.0%
Regular Market	60	53	-11.7%
Bonds	31	31	0.0%
ETFs	4	5	25.0%
Money market instruments	5	4	-20.0%

Number of listed securities

The first quarter of 2025 continues a stable and positive trend among indices as well. Along with higher turnovers, nearly all equity indices recorded substantial growth in the first quarter of 2025 compared to the same period last year. The most significant increase was that of CROBEXkonstrukt (+37%), CROBEX10tr (+25%) and CROBEX10 (+21%) The regional index ADRIAprime recorded an increase of +31%, while bond indices recorded growth as well: CROBIStr increased by +6% and CROBIS by +3%.

	Value		Turnover (EUR)
Index	31.03.2024	31.03.2025	change	1Q 2024	1Q 2025	change
CROBEX	2.834,52	3.301,36	16.47%	71,838,713	87,375,722	21.63%
CROBEXtr	2.104,40	2.539,91	20.70%	71,838,713	87,375,722	21.63%
CROBEX10	1.713,17	2.072,86	21.00%	53,907,184	67,011,982	24.31%
CROBEX10tr	1.862,37	2.325,13	24.85%	53,907,184	67,011,982	24.31%
CROBEXprime	1.706,35	1.902,21	11.48%	25,988,192	26,933,770	3.64%
CROBEXplus	1.949,57	2.093,15	7.36%	70,884,601	84,083,534	18.62%
CROBEXindustrija	1.997,75	2.255,59	12.91%	22,003,786	33,678,849	53.06%
CROBEXkonstrukt	586,42	805,84	37.42%	619,986	6,208,563	901.40%
CROBEXnutris	936,42	859,53	-8.21%	9,954,688	7,412,041	-25.54%
CROBEXtransport	1.463,19	1.316,48	-10.03%	3,965,019	608,794	-84.65%
CROBEXturist	4.536,19	4.295,93	-5.30%	8,644,219	10,897,595	26.07%
CROBIS	96,04	99,08	3.17%	112,221,192	92,885,067	-17.23%
CROBIStr	172,78	182,60	5.69%	112,221,192	92,885,067	-17.23%
ADRIAprime	1.919,38	2.507,42	30.64%	/	/	/

The total turnover at the Ljubljana Stock Exchange in the first quarter of 2025 amounted to EUR 200 million, which is an impressive increase of +72% compared to the first quarter of last year. The orderbook turnover in the first quarter of 2025 recorded an increase of almost +54%, primarily caused by significantly higher equity turnover compared to the same period in 2024. The orderbook turnover in the first quarter of 2025 alone is higher than the total turnover recorded on Ljubljana Stock Exchange in the same period of 2024.

EUR	1Q 2024	1Q 2025	change
TOTAL TURNOVER	116,871,911	200,600,742	71.64%
Orderbook turnover	111,662,011	171,973,967	54.01%
Shares	101,172,965	163,900,107	62.00%
Bonds	2,037,501	3,166,401	55.41%
T-bills	8,316,363	1,965,413	-76.37%
Structured products	135,182	2,942,047	2076.37%
Block turnover	5,209,900	28,626,775	449.47%
Equity block turnover	5,209,900	28,626,775	449.47%
Debt block turnover	0	0
	31.3.2024	31.3.2025
Equity market capitalization (EUR)	8,714,518,775	14,239,870,007	63.40%
SBITOP	1.199,45	2.023,83	68.73%
SBITR	1.516,45	2.903,05	91.44%

Ljubljana Stock Exchange overview

Within the orderbook, share turnover in the first quarter of 2025 reached a significant amount of EUR 164 million, which is an increase of +62% compared to the same period last year when it amounted to EUR 101 million. Despite the fact that the share of bonds and structured products turnover is far lower than the equity turnover share in the total securities turnover of the Ljubljana Stock Exchange, the first quarter of 2025 recorded a significant increase in the bonds and structured products' turnover. In the first quarter of 2025, the bonds turnover amounted to EUR 3 million (1Q 2024: EUR 2 million), while at the same time the turnover of the structured products also recorded an increase and amounted to nearly EUR 3 million (1Q 2024: EUR 135 thousand). T-bills turnover on the quarter level amounts to EUR 2 million, while in the same period last year it amounted to EUR 8 million. The first quarter of 2025 recorded a significant increase in equity block turnover which amounted to EUR 28.6 million, while in the same period last year it amounted to EUR 5 million (EUR +23 million). The debt turnover was not recorded in the first quarter of 2025, as in the same time last year.

Equity turnover on Ljubljana Stock Exchange

Compared to March 31, 2024, the equity market capitalization has increased by +63% and on the last day of the first quarter of 2025 amounted to EUR 14 billion. From the last value on March 31, 2024, the SBITOP index increased by +69% and amounts to 2.023,83, while the SBITR index increased by an impressive +91%, ending March 2025, at a value of 2.903,05.

Equity capitalization and number of listed shares

1.3 Expected future development of the Group

In 2025, the Group will continue to focus on raising Corporate Governance and reporting standards on the regulated market. The Company will also focus on greater promotion of existing issuers, with a focus on the Prime Market. If applicable by regulatory framework in the future, the Zagreb Stock Exchange intends to update the existing market segmentation in order to highlight ESG listings, as well as tourism shares.

During 2025, Zagreb Stock Exchange will continue activities to help issuers prepare for the upcoming non-financial reporting requirements, which will come into force for listed companies in the next two years, by providing support for issuers and planning the introduction of an ESG index in the future.

The Group will continue developing internal IT services that will be used by the Zagreb and Ljubljana Stock Exchanges, and thus further reducing the need for external suppliers.

In 2025, The Group will press on with previously initiated projects, placing the greatest emphasis on the projects related to the implementation of new technologies to market activities, completion of the AIR project which aims to provide analytical reports to issuers and education of market participants regarding green bond listings withing the framework of the MESTRI CE project which is financed by the European union. The Group will continue efforts in promoting ESG listings and issuer activities.

The Group is involved in a project supported by regional exchanges, where integration models are being considered, with the goal of facilitating investor access to local markets.

During 2025, the Group will continue activities related to compliance with the upcoming Digital Operational Resilience Act (DORA) which defines cyber security and risk management requirements for companies in the financial sector. DORA has entered into force in January 2025.

The Zagreb Stock Exchange intends to provide support and cooperate with SKDD CCP d.d. in enabling securities lending and short-selling.

The Zagreb Stock Exchange is the holder or co-holder of several activities planned within the Strategic Framework for the Development of the Capital Market in the Republic of Croatia and the Action Plan, and after its adoption, it will direct its activities toward achieving these goals.

1.4 Research & Development activities

The Group has pressed on with continuous efforts at developing and improving its own service offering and at expanding service provision to the Slovenian market as well.

The ZSE IT department has been working on updates for the Ljubljana Stock Exchange's webpages, which will allow users and visitors a more streamlined view of relevant information and services related to the capital market. Zagreb Stock Exchange thus continues to strengthen its position as the lead provider for trading services for the Group, reducing costs and the need for external service providers.

In the upcoming period the Group will continue working on previously initiated projects, as well as the implementation of new trading system releases and other infrastructure optimization activities. During 2025, the Group will continue with activities related to the implementation of EU Directive DORA (Digital Operational Resilience Act).

1.5 Information on repurchase of own shares

On March 31, 2025, the Zagreb Stock Exchange owns a total of 8,369 of own shares, which make up for 0.3611% of the Exchange's total issued share capital.

The Ljubljana Stock Exchange, Inc., a company seated in Ljubljana. The issued share capital of the Ljubljana Stock Exchange is EUR 1,401,839, in which the Zagreb Stock Exchange, Inc. participates with 100 %.

SEE Link d.o.o., a company seated in Skopje. The issued share capital of SEE LINK is EUR 80,000, in which the Zagreb Stock Exchange, Inc. participates with 33.33%.

Funderbeam South East Europe d.o.o., a company seated in Zagreb. The issued share capital of Funderbeam South East Europe d.o.o. is EUR 32,384.37 and the share of the Zagreb Stock Exchange, Inc. in the share capital is 30%.

Macedonian Stock Exchange, Inc., a company seated in Skopje. The issued share capital of Macedonian Stock Exchange amounts to EUR 1,695,029.03, in which the Zagreb Stock Exchange, Inc. holds a total of 837 shares, i.e., 29.98% of the issued share capital.

Adria Digital Exchange d.o.o., a company seated in Zagreb. The share capital of the company is EUR 215,000, in which the Zagreb Stock Exchange, Inc. participates with 24%.

Central Depository & Clearing Company, Inc., seated in Zagreb. The issued share capital of the company amounts to EUR 12,545,620, in which the Zagreb Stock Exchange, Inc. holds a total of 1,259 shares, i.e., 1.27 % of the issued share capital.

EuroCPT B.V., a company seated in Amsterdam. The share capital of the company is EUR 99.53, in which the Zagreb Stock Exchange, Inc. participates with 0.05%.

1.7 Financial instruments used by the Group

The Group is fully funded by its own capital. The financial instruments the companies in the Group invest in are investment funds (money market and bond funds) and deposits (a vista and fixed-term deposits).

1.8 Group's objectives and policies related to financial risk management

All employees of the companies in the Group, including their Management and Supervisory Boards, are involved in the implementation of internal control and risk management systems.

The companies in the Group manage risks, including financial risks, particularly through cooperation and coordination of two mutually independent control functions that exist at Zagreb and Ljubljana Stock Exchange: monitoring of compliance with relevant regulations and internal audit function.

These control functions process and monitor the work of all organizational units, Company activities and support services.

1.9 Group's exposure to price risk, credit risk, liquidity risk and cash flow risk

The companies in the Group, Zagreb and Ljubljana Stock Exchanges, invest free funds in open-end money market and bond investment funds, as well as bank deposits. Their investments are carried at fair value. Zagreb and Ljubljana Stock Exchanges mitigate the price risk by diversifying their portfolio of open-end investment funds by investing in different types of funds managed by different fund management companies, and by investing in low-risk funds.

SEE Link, Funderbeam SEE, Adria Digital Exchange, CDCC and EuroCTP are not exposed to the risks mentioned in this paragraph.

The companies in the Group have no loans received from external financial institutions, rather their cash and financial assets substantially exceed the liabilities of the companies in the Group, and consequently, their liquidity position is satisfactory.

The Group is exposed to inflationary risks considering that a significant share of its costs is indexed.

1.10 Statement of transactions and transfers within the Group and between the Group and its shareholders

The Group confirms that in the first quarter of 2025 there were no transactions within the Group and between the Group and its shareholders in excess of EUR 100,000.

1.11 Statement of events which might have an adverse effect on Group operations

The Group, like all other business entities, is prone to risks related to the increase of prices of goods and services, and as such is aware of the increased risks caused by inflation which continues in the future period.

Apart from the above, no other business events or transactions have occurred after the balance sheet date that would have a material impact on the financial statements on or for the period then ended or are of such importance to the Group's operations that it would require disclosure in the management report.

1.12 Business results for 1/1/2025 – 31/3/2025

In the first quarter of 2025, the Group generated a total of EUR 1,149 thousand of operating revenues, which is EUR +184 thousand or +19% more than in the same period last year when they amounted to EUR 965 thousand. Compared to the first quarter of 2024, sales revenue increased from EUR 646 to EUR 819 thousand, i.e., by EUR +173 thousand or +27%. The increase in sales revenue is primarily the result of an increase in income from commissions and membership fees, which, following the significantly higher securities turnover compared to the same period last year, reached the amount of EUR 488 thousand; EUR +151 thousand or +45% more compared to the first quarter of 2024, when they amounted to EUR 337 thousand. In the first quarter of 2025, income from listing maintenance fees amounts to EUR 281.5 thousand, which is an increase of EUR +22 thousand or +8.6% (1Q 2024: EUR 259 thousand). Due to a lower number of new listings than in the same period last year, in the first quarter of 2025 income from quotation maintenance decreased slightly by EUR -451 or -1% and amounted to EUR 50 thousand (1Q 2024: EUR 50.5 thousand). Compared to the first quarter of 2024, other operating income increased by EUR +11 thousand or +3.5%, i.e., from EUR 318 to EUR 329 thousand. Other income increased by EUR +15 thousand or +19% and amount to EUR 94 thousand and includes income from education and income from issuing and maintaining of LEIs (1Q 2024: EUR 79 thousand). Income from the supply of information decreased by EUR -4 thousand or -1.6% and amounted to EUR 235 thousand (1Q 2024: EUR 239 thousand).

In the first quarter of 2025, The Group's total operating expenses increased by EUR +53 thousand (+6%) more than in the first quarter of 2024 and amounted to EUR 931 thousand (1Q 2024: EUR 878 thousand). During the first quarter of 2025, the Group was affected by the general price increases, pay increases, necessary hardware investments for security and high inflation rates in the previous quarters:

staff costs amount to EUR 446 thousand, which is an increase of EUR +39 thousand or +9.6% (1Q 2024: EUR 407 thousand),
material costs amount to EUR 268.5 thousand, which is an increase of EUR +4 thousand or +1.6% (1Q 2024: EUR 264 thousand),
other costs amount to EUR 129 thousand, which is an increase of EUR +10 thousand or +8.3% (1Q 2024: EUR 119 thousand),
depreciation amounts to EUR 81 thousand, which is an increase of EUR +3 thousand or +3.4% (1Q 2024: EUR 79 thousand),
other operating expenses amount to EUR 6 thousand, which is a decrease of EUR -2 thousand or -28% (1Q 2024: EUR 8 thousand).

EUR	31.12.2024	31.3.2025	change
Capital and reserves	6,075,231	6,288,755	3.5%
Total assets	7,370,045	7,946,556	7.8%
EUR	1Q 2024	1Q 2025	change
Operating income	964,709	1,148,575	19.1%
sales revenue	646,481	819,368	26.7%
other operating income	318,228	329,207	3.5%
Operating expenses	877,582	930,976	6.1%
material costs	264,368	268,469	1.6%
staff costs	407,162	446,197	9.6%
depreciation and amortization	78,601	81,295	3.4%
other costs	118,967	128,894	8.3%
EBIT	87,127	217,599	149.7%
EBITDA	165,728	298,894	80.4%
Financial income	21,830	18,405	-15.7%
Financial expenses	2,299	1,494	-35.0%
Share in profit/loss of associates and subsidiaries	15,048	26,721	77.6%
Pre-tax profit or loss	121,706	261,231	114.6%
Income tax	20,617	47,870	132.2%
Profit or loss for the period	101,089	213,361	111.1%
Other comprehensive income	0	163	/
Total comprehensive income	101,089	213,524	111.2%
Number of employees	36	36	0.0%

The Group's operating profit in the first quarter of 2025 amounted to EUR 261 thousand, while in the same period last year the Group reported operating profit in the amount of EUR 122 thousand (EUR +140 thousand or +115%). Considering the achieved financial results, the Group paid income tax amounting to EUR 48 thousand, while in the same time last year the income tax amounted to EUR 21 thousand (EUR +27 thousand or +132%). In the first quarter of 2025, financial income amounted to EUR 18 thousand (EUR -3 thousand or -16% compared to the financial income of the first quarter of 2024). In the same reporting period, financial expenses amount to EUR 1.5 thousand, representing a decrease by EUR -805 or -18.3%, compared to the same period last year when they amounted to EUR 2.3 thousand.

The Group's net profit in the first quarter of 2025 amounts to EUR 213 thousand which is EUR +112 thousand more than in the same period of 2024 when the Group's net profit amounted to EUR 101 thousand. The Group's total comprehensive income for the first quarter of 2025 amounts to EUR 213.5 thousand (an increase of EUR +112 thousand or +111% compared to the amount of EUR 101 thousand of in the first quarter of 2024).

Operating profit before interest, taxes, depreciation and amortization is positive and in the first quarter of 2025 amounts to EUR 299 thousand, i.e., EUR +133 thousand more than in the first quarter of 2024 when it amounted to EUR 166 thousand.

2 DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS

Financial statements of the Group prepared for the period between 1/1/2025 and 31/3/2025 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.

Consolidated financial statements for the period between 1/1/2025 and 31/3/2025 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Group.

The management report for the first quarter of 2025 contains a true and fair view of the development and results of operations, with a description of the principal risks and uncertainties to which the Group is exposed.

Consolidated financial statements for the first quarter of 2025 have not been audited.

Ivana Gažić Tomislav Gračan

Predsident of the Management Board Member of the Management Board

Contact Zagreb Stock Exchange, Inc. Ivana Lučića 2a/22 10000 Zagreb Croatia

Phone number: +385/ 1 4686 806 E-mail: [email protected]

Consolidated unaudited financial statements of the Group for 1/1/2025 – 31/3/2025

Annex 1	ISSUER'S GENERAL DATA

Reporting period:	1.1.2025 31.3.2025 to
Year:	2025
Quarter:	1
	Quarterly financial statements
Registration number (MB):	Issuer's home 03749606 HR Member State code:
Entity's registration number (MBS):	080034217
Personal identification number (OIB):	84368186611 7478000050A040C0D041 LEI:
Institution code:	4
	Name of the issuer: Zagreb Stock Exchange Inc
Postcode and town:	10000 Zagreb
	Street and house number: Ulica Ivana Lučića 2a/22
	E-mail address: [email protected]
	Web address: www.zse.hr
Number of employees (end of the reporting	3 6
Consolidated report:	KN KD (KN-not consolidated/KD-consolidated) KD
Audited:	RN RD (RN-not audited/RD-audited) RN
Names of subsidiaries (according to IFRS):	Registered office: MB:
Ljubljanska borza vrednostnih papirjev d.d.	Ljubljana, Slovenija 5316081




	Yes
Bookkeeping firm:	No Yes (Yes/No) Sigma Tax Consulting d.o.o.
	(name of the bookkeeping firm) Contact person: Lucija Tropčić Kovaček
	(only name and surname of the contact person) Telephone: 01/4699-555
	E-mail address: [email protected]
Audit firm:
Certified auditor:	(name of the audit firm)
	(name and surname)

BALANCE SHEET
balance as at 31.3.2025
in EUR Submitter: Zagreb Stock Exchange Inc.
Item	ADP	Last day of the	At the
	code	preceding	reporting date of the
1	2	3	4
ASSETS FIXED ASSETS 002+003+009+013	1		3.108.841 3.072.175
I INTANGIBLE ASSETS	2	343.248	326.812
II TANGIBLE ASSETS 004+…+008	3		1.188.871 1.134.631
1 Land and buildings	4	875.642	838.765
2 Computer equipment	5 6	121.648 181.501	111.143 176.345
3 Other tangible assets 4 Leasehold improvements	7	10.080	8.378
5 Assets under construction	8	0	0
III FIXED FINANCIAL ASSETS 010+011+012	9		1.576.722 1.610.732
1 Investments in associates, subsidiaries and joint ventures	10	1.388.107	1.414.828
2 Financial assets at amortised cost	11	33.166	33.166
3 Financial assets at fair value through other comprehensive income	12	155.449	162.738
DEFERRED TAX ASSETS	13	0	0
B CURRENT ASSETS 015+021+025	14	3964365	4419471
I RECEIVABLES 016++020	15		442.058 1.241.000
1 Customer receivables	16	332.696	332.218
2 Receivables from employees and members of the undertaking	17	221	396
3 Receivables from government and other institutions	18	11.995	15.903
4 Receivables from connected undertakings 5 Other receivables	19 20	0 97.146	0 892.483
III SHORT-TERM FINANCIAL ASSETS 022+…+024	21		3.323.844 2.946.642
1 Financial assets at amortised cost	22	2.336.219	1.957.563
2 Financial assets at fair value through other comprehensive income	23	131.100	127.855
3 Financial assets at fair value through statement of profit or loss	24	856.525	861.224

III CASH AND CASH EQUIVALENTS C PREPAID EXPENSES AND ACCRUED INCOME	25 26	198.463 296.839	231.829 454.910
D TOTAL ASSETS 001+014+026	27		7.370.045 7.946.556
E OFF-BALANCE SHEET ITEMS	28	0	0
LIABILITIES
A CAPITAL AND RESERVES 030+031+032+037+…+041 I INITIAL CAPITAL	29 30		6.075.231 6.288.755 3.076.315 3.076.315
II CAPITAL RESERVES	31	1.840.833	1.840.833
III PROFIT RESERVES 033++036	32	967.788	967.951
1 Legal reserves	33	18.714	18.714
2 Reserves for treasury shares	34	-30.483	-30.483
3 Fair value reserves 4 Other reserves	35 36	163.048 816.509	163.211 816.509
IV REVALUATION RESERVES	37	98.000	98.000
V RESERVES FROM EXCHANGE RATE DIFFERENCES
FROM THE TRANSLATION OF FOREIGN OPERATIONS	38	-22.115	-22.115
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD	39	-82.843	114.410
VII PROFIT OR LOSS FOR THE YEAR	40	197.253	213.361
VIII MINORITY INTEREST B PROVISIONS	41 42	0 27.290	0 27.290
C SHORT-TERM LIABILITIES 044+049	43	481.433	545.247
1 Liabilities for advance payments	44	8.506	10.714
2 Liabilities to suppliers	45	136.357	176.658
3 Liabilities to employees	46	106.423	109.469
4 Taxes, contributions and similar liabilities	47	70.880	111.096
5 Liabilities to connected undertakings 6 Other short-term liabilities	48 49	14.011 145.256	12.085 125.225
D LONG-TERM LIABILITIES	50	45.020	49.733
E DEFERRED TAX LIABILITY	51	7.605	8.075
F ACCRUALS AND DEFERRED INCOME	52		733.466 1.027.456
G TOTAL LIABILITIES 029+042+043+050+051+052	53		7.370.045 7.946.556
H OFF-BALANCE SHEET ITEMS	54	0	0
Appendix to the balance sheet (position for consolidated financial statements) I Capital and reserves 056+057	55		6.075.231 6.288.755
1 Attributable to owners of the parent	56		6.075.231 6.288.755
2 Attributable to non-controlling interest	57	0	0

For the period 1.1.2025 to 31.3.2025 Submitter: Zagreb Stock Echange Inc.					in EUR
Item	ADP		Same period of the previous year	Current period
	cod e	Cumulative	Quarter	Cumulativ e	Quarter
1	2	3	4	5	6
A OPERATING INCOME 002+008	1	964.709		964.709 1.148.575	1.148.575
I Sales revenue 003++007	2	646.481	646.481	819.368	819.368
1 Commissions and membership fees	3	336.720	336.720	487.767	487.767
2 Listing maintenance fees	4	259.255	259.255	281.546	281.546
3 Quotation fees	5	50.506	50.506	50.055	50.055
4 Income from auctions	6	0	0	0	0
5 Income from memberships	7	0	0	0	0
II Other operating income 009++011	8	318.228	318.228	329.207	329.207
1 Income from application programming interface (API) services	9	0	0	0	0
2 Income from the supply of information	10	238.851	238.851	234.977	234.977
3 Other income	11	79.377	79.377	94.230	94.230
B OPERATING EXPENSES 013+016+020+021+022+025+026	12	877.582	877.582	930.976	930.976
I Material costs 014+015	13	264.368	264.368	268.469	268.469
1 Costs of raw materials	14	12.258	12.258	9.126	9.126
2 Other external costs	15	252.110	252.110	259.343	259.343
II Staff costs 017++019	16	407.162	407.162	446.197	446.197
1 Net salaries and wages	17	285.687	285.687	314.643	314.643
2 Tax and contributions from salary costs	18	94.682	94.682	96.072	96.072
	19	26.793	26.793	35.482	35.482
3 Payroll contributions	20	78.601	78.601	81.295	81.295
III Depreciation IV Other costs	21	118.967	118.967	128.894	128.894
	22	0	0	0	0
V Value adjustment 023+024	23	0	0	0	0
1 fixed assets (other than financial assets)
2 current assets (other than financial assets)	24	0	0	0	0
VI Provisions	25	0	0	0	0
VII Other operating expenses	26	8.484	8.484	6.121	6.121
C FINANCIAL INCOME 028++033	27	21.830	21.830	18.405	18.405
1 Interest, exchange rate differences, dividends and similar income from relations	28	0	0	0	0
with connected undertakings
2 Interest, exchange rate differences, dividends and similar income from relations	29	16.614	16.614	13.706	13.706
with non-connected undertakings and other persons
3 Income share from associates and participating interests	30	0	0	0	0
4 Unrealised gains (income) from financial assets	31	0	0	0	0
5 Profit from reversal of provisions for impairment for expected credit losses	32	0	0	0	0
6 Other financial income	33	5.216	5.216	4.699	4.699
D FINANCIAL EXPENSES 035++039	34	2.299	2.299	1.494	1.494
1 Interest, exchange rate differences and other expenditures with connected	35	138	138	162	162
undertakings
2 Interest, exchange rate differences and other expenditure from relations with non	36	2.161	2.161	1.305	1.305
connected undertakings and other persons
3 Unrealised losses (expenses) from financial assets	37	0	0	0	0
4 Loss allowance for expected credit losses	38	0	0	0	0
5 Other financial expenses	39	0	0	27	27
E TOTAL INCOME 001+027	40	986.539		986.539 1.166.980	1.166.980
F TOTAL EXPENDITURE 012+034	41	879.881	879.881	932.470	932.470
G Share in profit/loss of associates and subsidiaries	42	15.048	15.048	26.721	26.721
H PRE-TAX PROFIT OR LOSS 040-041+042	43	121.706	121.706	261.231	261.231
I INCOME TAX	44	20.617	20.617	47.870	47.870
J PROFIT OR LOSS FOR THE PERIOD 043-044	45	101.089	101.089	213.361	213.361
1 Change in revaluation reserves (property, plant, equipment and intangible	46	0	0	0	0
assets)
2 Actuarial gains/losses on defined benefit pension plans	47	0	0	0	0
3 Unrealised gains/losses on financial assets at fair value through other
comprehensive income	48	0	0	209	209
4 Gains/losses on hedging instruments in a cash flow hedge	49	0	0	0	0
5 Gains/losses arising from translation of financial statements relating to
foreign operations	50	0	0	0	0
6 Income tax on other comprehensive income	51	0	0	46	46
K OTHER COMPREHENSIVE INCOME 046+…+051	52	0	0	163	163
TOTAL COMPREHENSIVE INCOME 045+052	53	101.089	101.089	213.524	213.524
M RECLASSIFICATION ADJUSTMENTS	54	0	0	0	0
Appendix **
Attributable to owners of the parent	55	101.089	101.089	213.524	213.524
Attributable to non-controlling interest	56	0	0	0	0

STATEMENT OF PROFIT OR LOSS

STATEMENT OF CASH FLOWS - indirect method for the period 1.1.2025 to 31.3.2025
			in EUR
Submitter: Zagreb Stock Exchange Inc.
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
CASH FLOW FROM OPERATING ACTIVITIES
1 Pre-tax profit	1	121.706	261.231
2 Depreciation	2	78.601	81.295
3 Increase in short-term liabilities	3	73.529	191.596
4 Decrease in short-term receivables	4	134.817	0
5 Decrease in inventories	5	0	0
6 Loss on impairment for expected credit losses	6	0	0
7 Other cash flow increase	7	11.089	181
I Total cash flow increase from operating activities 001++007	8	419.742	534.303
1 Decrease in short-term liabilities	9	0	0
2 Increase in short-term receivables	10	0	797.088
3 Increase in inventories	11	0	0
4 Profit from reversal of provisions for impairment for expected	12	0	0
5 Other cash flow decrease	13	110.706	-498.795
II Total cash flow decrease from operating activities 009++013	14	110.706	298.293
CASH FLOW FROM INVESTMENT ACTIVITIES
1 Cash receipts from sale of fixed tangible and intangible assets	15	0	0
2 Cash receipts the from sale of equity instruments and debt	16	0	0
3 Interest received	17	16.594	13.707
4 Dividends received	18	0	0
5 Other cash receipts from investment activities	19	0	-64.388
III Total cash receipts from investment activities 015++019	20	16.594	-50.681
1 Cash payments for the purchase of fixed tangible and intangible	21	10.095	2.090
2 Cash payments for the acquisition of equity financial	22	0	16.710
3 Other cash payments from investment activities	23	363.293	103.733
IV Total cash payments from investment activities 021++023	24	373.388	122.533
CASH FLOW FROM FINANCING ACTIVITIES
1 Cash receipts from the issue of equity financial instruments and debt financial instruments	25	0	0
2 Cash receipts from credit principals, debentures, loans and other borrowings	26	0	0
3 Other cash receipts from financing activities	27	0	0
V Total cash receipts from financing activities 025++027	28	0	0
1 Cash payments for credit principals and bonds	29	0	0
2 Cash payments for dividends	30	0	0
3 Cash payments for finance lease	31	0	0
4 Cash payments for the redemption of treasury shares	32	0	0
5 Other cash payments from financing activities	33	24.765	29.430
VI Total cash payments from financing activities 029++033	34	24.765	29.430
	35	273.683	198.463
VII Cash and cash equivalents at the beginning of period VIII Increase of cash and cash equivalents	36	0	33.366
IX Decrease of cash and cash equivalents	37	72.523	0
X Cash and cash equivalents at the end of period	38	201.160	231.829

STATEMENT OF CHANGES IN EQUITY
				for the period from	1.1.2025 to		31.3.2025				in EUR
	Attributable to owners of the parent
Item	ADP	Subscribed capital	Capital reserves	Legal reserves and reserves for treasury shares	Fair value reserves	Other reserve s	Revaluatio n reserves	Reserves from exchange rate differences from the translation of foreign operations	Retained profit or loss brought forward	Profit or loss for the year	Attributable to non controlling interests	Total capital and reserves
1	2	3	4	5	6	7	8	9	10	11	12	13
Balance as at 1 January of the	1	3.076.315	1.840.833		-11.769 162.041 814.226		101.095	-22.134	-30.798	63.848	0	5.993.657
Change in accounting policies	2	0	0	0	0	0	0	0		0 0	0	0
Correction of errors from prior periods	3	0	0	0	0	0	0	0		0 0	0	0
As at 1 January of the previous year (restated)	4	3.076.315	1.840.833		-11.769 162.041 814.226		101.095	-22.134	-30.798	63.848	0	5.993.657
Profit or loss for the period	5	0	0	0	0	0	0	0		0 197.253	0	197.253
Unrealised gains or losses on financial assets at fair value through other comprehensive income	6	0	0	0	1.007	2.283	-3.095	19		0 0	0	214
Other changes in equity unrelated to	7	0	0	0	0	0	0	0		0 0	0	0
Total directly recognised income and expenses of the previous year (previous year periods)	8	0	0	0	1.007	2.283	-3.095	19		0 197.253	0	197.467
Increase/decrease in subscribed	9	0	0	0	0	0	0	0		0 0	0	0
Other contributions by owners	10	0	0	0	0	0	0	0		0 0	0	0
Payment of share in profit/dividend	11	0	0	0	0	0	0	0	-115.893	0	0	-115.893
Other distribution to owners	12	0	0	0	0	0	0	0	63.848	-63.848	0	0
Balance on the last day of the	13	3.076.315	1.840.833		-11.769 163.048 816.509		98.000	-22.115	-82.843	197.253	0	6.075.231
As at 1 January of the current year	14	3.076.315	1.840.833		-11.769 163.048 816.509		98.000	-22.115	-82.843	197.253	0	6.075.231
Change in accounting policies	15	0	0	0	0	0	0	0		0 0	0	0
Correction of errors from prior periods	16	0	0	0	0	0	0	0		0 0	0	0
As at 1 January	17	3.076.315	1.840.833		-11.769 163.048 816.509		98.000	-22.115	-82.843	197.253	0	6.075.231
Profit or loss for the period Unrealised gains or losses on financial assets at fair value through other comprehensive income	18 19	0 0	0 0	0 0	0 163	0 0	0 0	0 0		0 213.361 0 0	0 0	213.361 163
Other changes in equity unrelated to owners	20	0	0	0	0	0	0	0		0 0	0	0
Total directly recognised income	21	0	0	0	163	0	0	0		0 213.361	0	213.524
Increase/decrease in subscribed	22	0	0	0	0	0	0	0		0 0	0	0
Other contributions by owners	23	0	0	0	0	0	0	0		0 0	0	0
Payment of share in profit/dividend	24	0	0	0	0	0	0	0		0 0	0	0
Other distribution to owners	25	0	0	0	0	0	0	0	197.253	-197.253	0	0
Balance on the last day of the	26	3.076.315	1.840.833		-11.769 163.211 816.509		98.000	-22.115	114.410	213.361	0	6.288.755

NOTES TO FINANCIAL STATEMENTS – TFI

(drawn up for quarterly reporting periods) Name of issuer: Zagrebačka burza d.d. Personal identification number (OIB): 84368186611

Reporting period: 1.1.2025-31.3.2025 Type of report: Consolidated

1. Reporting entity

Zagreb Stock Exchange Inc. ("the Company") is a joint stock company domiciled in Republic of Croatia and was registered at the Commercial Court in Zagreb on 5 July 1991 under the number (MBS) 0800034217. The personal identification number of the Company (OIB) is 84368186611. The address of the Company's registered office is Eurotower, 22nd floor, Ivana Lučića 2a/22, Zagreb, Croatia.

2. Basis of preparation and significant accounting policies

Basis for preparation

Consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). Consolidated financial statements are prepared on a historical cost basis, except for financial assets at fair value through profit or loss and financial assets through comprehensive income which are measured at fair value and land and buildings which are measured at fair value.

Detailed information on the basis of preparation of the financial statements are provided in Note 2 to the consolidated financial statements presented in the Annual Report on Group Status and Business Activities in 2024 available on the internet page www.zse.hr (further: the Group's Annual Report).

Significant accounting policies

Financial statements for the reporting period are prepared applying the same accounting policies presented in the consolidated financial statements for 2024 available on the internet page www.zse.hr.

Disclosure of additional information required by IFRSs that are not presented in the statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity

Additional information required by IFRSs that are not presented in the consolidated statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity are disclosed in the Consolidated unaudited financial result for the period from 1 January to 31 March 2025 (hereinafter: Consolidated result for the period from January 1 to March 31, 2025) as published on the internet page www.zse.hr.

3. Financial commitments, guarantees or contingencies that are not included in the balance sheet, and an indication of the nature and form of any valuable security which has been provided

The Group does not have financial commitments, guarantees or contingencies that are not included in the balance sheet as of 31 March 2025, nor has issued securities.

4. Amount of advance payments and loans granted to the members of administrative, management and supervisory bodies

The Group did not give advances or approved loans to members of administrative, management and supervisory bodies during 2025.

5. Amount and nature of individual items of income or expenditure which are of exceptional size or incidence

Details on the income or expenditure which are of exceptional size or incidence are presented in the Notes to the financial statements in the Consolidated result for the quarter (www.zse.hr).

6. Liabilities falling due after more than five years, as well as debts covered by valuable security provided by the Group

As of 31 March 2025, the Group has no liabilities falling due after more than five years.

At the balance sheet date, the Group does not have debts covered by valuable securities provided by the Group. 7. Average number of employees during the reporting period

The average number of the employees during the reporting period of 2025 is 36.

8. Capitalized costs of salaries during the reporting period

The Group did not capitalize the cost of salaries during the reporting period.

9. Deferred taxes

Provisions for deferred taxes, balance of deferred taxes at the beginning and the end of the reporting period, as well as movement of those positions during the reporting period:

	1.1.2025	Increase	Decrease	31.3.2025
	eur'000	eur'000	eur'000	eur'000
Deferred tax assets	36	-	(1)	35
Deferred tax liabilities	(43)	-	-	(43)
	(7)	-	(1)	(8)

10. Name and registered office of each of the companies in which the issuer, either itself or through a person acting in their own name but on the issuer's behalf, holds a participating interest, showing the amount of capital held, the amount of total capital and reserves, and profit or loss

Information on investments in companies in which the Group holds a participating share in the capital are presented in Note 1 and Note 13 "Investments in associates and joint ventures" (GFI: "Investments in associates, subsidiaries and joint ventures"). There were no changes in participating interests during the reporting period.

11. Number and nominal value of shares subscribed during the reporting period within the limits of the authorised capital

There were no shares subscribed during the reporting period.

12. Existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they give

The Group has no participation certificates, convertible debentures, warrants, options or similar securities or rights.

13. Name, registered office and legal form of each of the companies in which the issuer has unlimited liability

The Group has no shares in companies having unlimited liability.

14. Name and registered office of the company which draws up consolidated financial statements for the reporting period of the largest group of companies of which the issuer forms part as a controlled group member

The Company is the final parent company and is not a controlled member of any group.

The Company prepares consolidated financial statements that are available for use on the internet page www.zse.hr.

15. Name and registered office of the company which draws up consolidated financial statements for the reporting period of the smallest group of companies of which the issuer forms part as a controlled group member and which is also included in the group of companies referred to in point 13.
The Company is the final parent company and is not a controlled member of any group.
16. Place where copies of the consolidated financial statements referred to in points 14 and 15 may be obtained