Annual report
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ANNUAL REPORT reporting period: 01.01.2025 – 31.12.2025 financial year: 01.01.2025 - 31.12.2025 business name: aktsiaselts Linda Nektar register code: 10211034 street: Valga mnt 4 small town: Kobela alevik rural municipality: Antsla vald county: Võru maakond postal code: 66407 telephone: +372 7855768 e-mail address: info@lindanektar.ee web address: www.lindanektar.ee LinkedIn: https://www.linkedin.com/company/lindanektar/
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aktsiaselts Linda Nektar Annual Report 2025 2 Table of contents Management report ..................................................................................................................................................................................... 3 The annual accounts ................................................................................................................................................................................... 5 Statement of financial position ............................................................................................................................................................... 5 Income statement .................................................................................................................................................................................... 6 Statement of cash flows .......................................................................................................................................................................... 7 Statement of changes in equity .............................................................................................................................................................. 8 Notes ........................................................................................................................................................................................................ 9 Note 1 Accounting policies .............................................................................................................................................................. 9 Note 2 Cash and cash equivalents ................................................................................................................................................. 11 Note 3 Receivables and prepayments ........................................................................................................................................... 12 Note 4 Inventories ........................................................................................................................................................................... 12 Note 5 Tax prepayments and liabilities .......................................................................................................................................... 13 Note 6 Property, plant and equipment ........................................................................................................................................... 14 Note 7 Intangible assets ................................................................................................................................................................. 15 Note 8 Loan commitments ............................................................................................................................................................. 16 Note 9 Payables and prepayments ................................................................................................................................................ 16 Note 10 Contingent liabilities and assets ...................................................................................................................................... 17 Note 11 Grants ................................................................................................................................................................................ 17 Note 12 Share capital ...................................................................................................................................................................... 17 Note 13 Net sales ............................................................................................................................................................................ 18 Note 14 Goods, raw materials and services .................................................................................................................................. 18 Note 15 Miscellaneous operating expenses .................................................................................................................................. 19 Note 16 Labour expenses ............................................................................................................................................................... 19 Note 17 Income tax ......................................................................................................................................................................... 19 Note 18 Related parties .................................................................................................................................................................. 20 Signatures ................................................................................................................................................................................................. 21
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aktsiaselts Linda Nektar Annual Report 2025 3 Management report Financial review In 2025 AS Linda Nektar (the Company´s) turnover was EUR 2,754,309 (2024: EUR 2,543,793). This was slightly higher than the August 2025 reiterated management guidance for EUR 2.6m for the whole of 2025. The 2025 ended in a net loss of EUR 268,104 (2024: net loss EUR 146,343), predominantly impacted by higher operational and labour costs. The industry remains affected by ongoing macroeconomic volatility, inflation and weak consumer demand. This situation has been worsened by higher excise taxes on beverages and stricter alcohol regulations in some countries. As a result, sales volumes in the alcohol sector have decreased and price competition has intensified, which in turn weakens profitability. The Company is responding to the changing situation by developing its product portfolio in line with consumer demand and by seeking new sales opportunities by investing in marketing and sales promotion activities. The non-alcoholic product platform, launched in the first half of the year to meet growing demand for fermented non-alcoholic beverages, was further promoted to its target audience across multiple channels during the reporting period. Additionally, the new concept was showcased more widely at the Food Ingredients trade fair in Paris in early December. With this addition, the Company is strategically positioned to meet the growing demand for non-alcoholic beverages. The Company remains confident that its non-alcoholic fermented products will differentiate themselves in the market by offering a unique solution that perfectly matches consumer preferences and broader industry trends. It is important to note that developing new products with customers usually requires a certain amount of lead time. As of 31 December 2025, the Company’s total assets came to EUR 2,962,093 (31.12.2024: EUR 3,409,922), marking a decrease of 13.1 % year-on-year. Current assets amounted to EUR 785,823 (31.12.2024: 1,119,049) or 26.5% of total assets. Fixed assets amounted to EUR 2,176,270 (31.12.2024: EUR 2,290,873) or 73.5% of the balance sheet total. Cash and cash equivalents came to EUR 133,165 (31.12.2024: EUR 125,136). Operating cash flow for the 2025 was EUR 325,667 (2024: EUR 151,985). The liabilities of AS Linda Nektar totalled EUR 118,097 (31.12.2024: EUR 203,013) and equity amounted to EUR 2,843,996 (31.12.2024: EUR 3,206,909). The company prioritises cost-efficient operations, advancing digital capabilities, and promoting environmental sustainability in its investments to support business goals. A total of EUR 215,806 was invested into fixed assets (2024: EUR 157,240). Depreciation costs for the 2025 amounted to EUR 330,409 (2024: EUR 355,080). In 2025, the Company began the project "Implementation of Linda Nektar's Digitalisation Roadmap" with support from the Estonian Business and Innovation Agency. The project period: 15.05.2025- 31.05.2026. The aim of the project is to digitalise Linda Nektar's core and support processes and to implement ERP software for a manufacturing company. As a result of the project, customised ERP software will be developed and implemented. As a long-term result, the use of company resources and the quality of production data analysis will improve. The project is financed through NextGenerationEU funds under the European Union Recovery Instrument. The subsidy EUR 165,241 will be paid out if the investment is implemented no later than 31.05.2026. As of 31 December 2025, the Company had 15 employees, one Management Board Member and three Supervisory Board Members. Labour costs for the 2025 (including taxes) amounted to EUR 602,257 (2024: EUR 522,685). Labour costs have risen owing to the establishment of a new position aimed at strengthening marketing and sales initiatives, alongside overall wage inflation. In 2025, the Company paid a total of EUR 94,808 in two dividend payments (2024: EUR 126,412). The income tax cost on dividends was EUR 26,741 (2024: EUR 20,578). After carefully considering market conditions, management’s guidance for 2026 revenues is EUR 2.7m, indicating a flat outcome compared with 2025. Kadri Rauba CEO Financial Ratios 2025 2024
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aktsiaselts Linda Nektar Annual Report 2025 4 Current Ratio = Current Assets / Current Liabilities x 6.65 5.51 Quick ratio = (Current Assets – Inventories) / Current Liabilities x 2.77 2.08 Working Capital = Current Assets - Current Liabilities 667 726 916 036 Equity Ratio = Total Equity / Total Assets*100 % 96.01 94.05 Net Profit Margin= Net Profit / Sales Revenue*100 % -9.73 -5.75 Debt to Assets= Total Liabilities / Total Assets x 0.04 0.06
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aktsiaselts Linda Nektar Annual Report 2025 5 The annual accounts Statement of financial position (In Euros) 31.12.2025 31.12.2024 Note Assets Current assets Cash and cash equivalents 133 165 125 136 2 Receivables and prepayments 194 157 297 139 3 Inventories 458 501 696 774 4 Total current assets 785 823 1 119 049 Non-current assets Property, plant and equipment 2 071 744 2 283 543 6 Intangible assets 104 526 7 330 7 Total non-current assets 2 176 270 2 290 873 Total assets 2 962 093 3 409 922 Liabilities and equity Liabilities Current liabilities Loan liabilities 0 15 211 8 Payables and prepayments 118 097 187 802 9 Total current liabilities 118 097 203 013 Non-current liabilities Total liabilities 118 097 203 013 Equity Issued capital 1 580 143 1 580 143 12 Share premium 617 517 617 517 Statutory reserve capital 93 629 93 629 Retained earnings (loss) 820 811 1 061 963 Reporting period profit (loss) -268 104 -146 343 Total equity 2 843 996 3 206 909 Total liabilities and equity 2 962 093 3 409 922
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aktsiaselts Linda Nektar Annual Report 2025 6 Income statement (In Euros) 2025 2024 Note Revenue 2 754 309 2 543 793 13 Other income 0 10 257 Changes in inventories of finished goods and work in progress -203 709 111 558 Raw materials and consumables used -1 578 694 -1 665 316 14 Other operating expenses -280 687 -248 697 15 Employee expenses -602 257 -522 685 16 Depreciation and impairment loss (reversal) -330 409 -355 080 6,7 Other expenses -4 -197 Operating profit (loss) -241 451 -126 367 Interest income 306 3 290 Interest expense -218 -2 688 Profit (loss) before tax -241 363 -125 765 Income tax expense -26 741 -20 578 17 Reporting period profit (loss) -268 104 -146 343
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aktsiaselts Linda Nektar Annual Report 2025 7 Statement of cash flows (In Euros) 2025 2024 Note Cash flows from operating activities Operating profit (loss) -241 451 -126 367 Adjustments Depreciation and impairment loss (reversal) 330 409 355 080 6,7 Other adjustments 0 -9 999 11 Total adjustments 330 409 345 081 Changes in receivables and prepayments related to operating activities 102 982 46 457 Changes in inventories 238 273 -149 658 Changes in payables and prepayments related to operating activities -91 175 36 762 Income tax refund (paid) -13 371 -10 289 17 Proceeds from government grants 0 9 999 11 Total cash flows from operating activities 325 667 151 985 Cash flows from investing activities Purchase of property, plant and equipment and intangible assets -207 707 -152 220 6,7 Proceeds from government grants 0 66 466 11 Interest received 306 3 290 Total cash flows from investing activities -207 401 -82 464 Cash flows from financing activities Repayments of loans received -15 211 -131 541 8 Interest paid -218 -2 688 Dividends paid -94 808 -126 412 17 Total cash flows from financing activities -110 237 -260 641 Total cash flows 8 029 -191 120 Cash and cash equivalents at beginning of period 125 136 316 256 2 Change in cash and cash equivalents 8 029 -191 120 Cash and cash equivalents at end of period 133 165 125 136 2
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aktsiaselts Linda Nektar Annual Report 2025 8 Statement of changes in equity (In Euros) Issued capital Share premium Statutory reserve capital Retained earnings (loss) Total 31.12.2023 1 580 143 617 517 93 629 1 188 375 3 479 664 Reporting period profit (loss) 0 0 0 -146 343 -146 343 Declared dividends 0 0 0 -126 412 -126 412 31.12.2024 1 580 143 617 517 93 629 915 620 3 206 909 Reporting period profit (loss) 0 0 0 -268 104 -268 104 Declared dividends 0 0 0 -94 809 -94 809 31.12.2025 1 580 143 617 517 93 629 552 707 2 843 996 The minimum share capital allowed by the Articles of Association of AS Linda Nektar is 1,200,000 euros, and the maximum share capital is 4,800,000 euros. The share has a nominal value of 1 euro. A total of 1,580,143 shares have been issued. As of 31 December 2025, the Company had 206 shareholders (31.12.2024: 195 shareholders).
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aktsiaselts Linda Nektar Annual Report 2025 9 Notes Note 1 Accounting policies General information The 2025 Financial Statements of AS Linda Nektar have been prepared in accordance with the Estonian financial reporting standard. The main requirements of the Estonian financial reporting standard have been stipulated in the Accounting Act of the Republic of Estonia and supplemented by the guidelines issued by the Accounting Board of the Republic of Estonia. The Company belongs to the small business category. The 2025 Annual Report is compiled completely according to the regulations introduced for mid-sized companies. The financial statements have been prepared in euros. Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents are cash on hand, demand deposits in banks. Foreign currency transactions and assets and liabilities denominated in a foreign currency. Foreign currency transactions are recorded based on the currency exchange rate valid on the transaction date. Monetary entries denominated in foreign currency are translated on the basis of the currency exchange rates of the European Central Bank officially valid on the balance sheet date. Foreign exchange gains and losses from revaluation are recorded in the income statement. Foreign exchange gains and losses are recorded under revenue and expenses in the income statement of the reporting period. Receivables and prepayments Accounts receivable are short-term receivables generated in the course of ordinary business, except for receivables from other group companies and associated companies. Accounts receivable are recorded at amortised cost (i.e. nominal value less possible write-downs). Accounts receivable are evaluated on an individual basis, if possible. If the evaluation of the receivables on an individual basis proves impossible, only the material receivables will be evaluated. Other receivables are evaluated as a set of receivables, considering the information available regarding the customer's previous debts. Collection of receivables, which have been previously expensed as doubtful receivables, are reported as an adjustment to doubtful receivables. All other receivables (accrued income, loans granted, other short-term and long-term receivables), except for receivables held for trading, are recorded at amortised cost. Receivables held for trading are recorded at their fair value. Inventories Raw materials are recorded at cost, consisting of the purchase price, non-refundable taxes and direct transportation costs and other expenses directly related to the acquisition, incurred upon bringing the inventories to their present condition and location, less discounts and subsidies. Finished products and work-in-progress are recorded at production cost, consisting of the direct production costs (cost of raw materials), staff remuneration and a proportional part of the production overheads (depreciation of production buildings and equipment). The acquisition cost of inventories is calculated based on the FIFO (Raw materials) and individual cost (Work in progress and finished goods) method. Plant, property and equipment and intangible assets Assets with an acquisition cost of over 1,000 euros and a useful life of over 1 year are recorded as property, plant and equipment (PPE) in the balance sheet. Assets with a useful life of over 1 year, but an acquisition cost of less than 1,000 euros, are recorded as low-value items (in inventories) and are fully expensed when the asset is taken into use. Low-value items that have been expensed are accounted for off-balance sheet. PPE is initially recorded at acquisition cost, consisting of the purchase price and expenses incurred with the aim of taking the asset item into use. Subsequent to initial recognition, PPE is recorded at net book value. PPE constructed for own use is recorded at acquisition cost, consisting of the actual manufacturing expenses. Depreciation is calculated on a straight-line basis, depending on the estimated useful life of the asset item: - production buildings: 15-16 years, improvements: 5 years - other buildings: 15-16 years, improvements: 5 years - facilities: 5-15 years, improvements: 3 years
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aktsiaselts Linda Nektar Annual Report 2025 10 - machinery and equipment: 3-10 years - IT equipment: 3-5 years - office furniture: 3-7 years - means of transport: 5 years - tools and equipment: 3-5 years - software: 5 years - other intangible assets: 3 years Land is not depreciated. Leases Accounting entity as lessor Operating lease payments are recorded during the rental period as income based on the straight-line method. Accounting entity as lessee Operating lease payments are recorded during the rental period as expenses based on the straight-line method. Financial liabilities All financial liabilities (accounts payable, loans taken, accrued expenses, bonds issued, other short-term and long-term payables) are initially accounted for at their acquisition cost, which includes all expenses directly related to the acquisition. Subsequent to initial recognition, financial liabilities are recorded based on the amortised cost method. As a rule, the amortised cost of short-term financial liabilities equals their nominal value. Therefore, short-term financial liabilities are recorded in the balance sheet at the payable amount. The amortised cost of long-term liabilities is calculated based on the effective interest rate method. Government grants Assets acquired with the help of government grants are recorded in the balance sheet at net acquisition cost, i.e. the acquisition cost, less government grants received for the purpose of acquiring assets (the acquisition cost of assets received free of charge is zero). Subsequent to initial recognition, the acquired assets are measured according to Accounting Board standard number 5 for tangible and intangible fixed assets. Government grants allocated for operating expenses will be charged to income, if the collection of the grant is certain and the conditions related to the grant have been fulfilled. If the conditions for recognition of the government grant under income have not been met, the grant will be recorded under liabilities in the balance sheet. The corresponding liability is recorded under current or non-current liabilities in the balance sheet, depending on when the conditions related to the government grant are met. Revenue recognition Revenue and expenses are recognised on an accrual basis, based on the matching principle. Income statement format No 1 is used. Revenue is recognised on an accrual basis under the revenue recognition principle. Revenues from the sales of goods are recorded at the moment the right of ownership is transferred to the buyer. Expense recognition Expenses on vacation pay are recorded in the period when they are incurred. The vacation reserve is adjusted on an annual basis at the end of each financial year. The earned vacation pay is charged to expenses in the income statement and recorded in the balance sheet under current liabilities to employees. Taxation According to the Income Tax Act of the Republic of Estonia, legal entities are not subject to income tax on profits earned. Corporate income tax is paid on fringe benefits, gifts, donations, costs of entertaining guests, dividends and payments not related to business operations. Thus, in Estonia there are no differences between the tax bases and the carrying amounts of assets, which would give rise to a deferred income tax asset or liability. From 1 January 2025, the tax rate on dividends payable is 22/78 of the amount paid out as net dividends. From 1 January 2015 to 31 December 2024, the tax rate on dividends payable was 20/80 of the amount paid out as net dividends. From 2019 to 2024, a tax rate of 14/86 could be used to regular dividend payments. The corporate income tax arising from the payment of dividends is accounted for as an expense in the period when dividends are declared.
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aktsiaselts Linda Nektar Annual Report 2025 11 Related parties For the purposes of the financial statements of AS Linda Nektar, the following are considered related parties: - owners (parent company and owners of the parent company); - management board and higher management; - close relatives of the above persons, and the companies related to them. Share-based Payments Option contracts are carried in the balance sheet at their fair value. The fair value of services (work contribution) provided by employees to the entity in return for shares is recognised as employee costs in the income statement and as an equity reserve from the date of granting the share option and during the period when the services have been provided. The fair value of the services received is determined on the fair value of equity instruments (market price) granted to employees at the grant date. The market price of the share is the closing price of the share on the last day of the financial year in the Nasdaq First North Alternative Market. Derivatives (such as these option contracts) are revalued at balance sheet date according to the change in fair value of the instrument. Note 2 Cash and cash equivalents (In Euros) 31.12.2025 31.12.2024 Cash on hand 211 100 Bank accounts 132 954 125 036 Total cash and cash equivalents 133 165 125 136
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aktsiaselts Linda Nektar Annual Report 2025 12 Note 3 Receivables and prepayments (In Euros) 31.12.2025 Allocation by remaining maturity Note Within 12 months Accounts receivable 92 081 92 081 Accounts receivables 92 081 92 081 Tax prepayments and receivables 98 681 98 681 5 Other receivables 6 6 Interest receivables 6 6 Prepayments 3 389 3 389 Deferred expenses 3 389 3 389 Total receivables and prepayments 194 157 194 157 31.12.2024 Allocation by remaining maturity Note Within 12 months Accounts receivable 170 216 170 216 Accounts receivables 170 216 170 216 Tax prepayments and receivables 82 176 82 176 5 Other receivables 236 236 Interest receivables 49 49 Accrued income 187 187 Prepayments 44 511 44 511 Deferred expenses 44 511 44 511 Total receivables and prepayments 297 139 297 139 Note 4 Inventories (In Euros) 31.12.2025 31.12.2024 Raw materials 164 355 198 919 Work in progress 177 738 241 433 Finished goods 116 408 256 422 Finished goods in excise warehouse 116 408 111 407 Finished goods in transit 0 145 015 Total Inventories 458 501 696 774
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aktsiaselts Linda Nektar Annual Report 2025 13 Note 5 Tax prepayments and liabilities (In Euros) 31.12.2025 31.12.2024 Tax prepayments Tax liabilities Tax prepayments Tax liabilities Corporate income tax 0 13 370 0 10 289 Value added tax 10 869 0 14 474 0 Personal income tax 0 10 103 0 6 771 Fringe benefit income tax 0 1 657 0 1 957 Social tax 0 17 016 0 12 817 Contributions to mandatory funded pension 0 568 0 437 Unemployment insurance tax 0 898 0 616 Excise duty tax 75 570 0 45 499 0 Other tax prepayments and liabilities 0 181 0 288 Prepayment account balance 12 242 0 22 203 0 Total tax prepayments and liabilities 98 681 43 793 82 176 33 175
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aktsiaselts Linda Nektar Annual Report 2025 14 Note 6 Property, plant and equipment (In Euros) Land Buildings Machinery and equipment Other property, plant and equipment Unfinished projects and prepayment Total Transport -ation Computers and computer systems Other machinery and equipment Unfinished projects Pre- payme nts 31.12.2023 Carried at cost 35 010 1 897 977 74 724 19 619 3 799 601 3 893 944 97 762 773 570 8 046 781 616 6 706 309 Accumulated depreciation 0 -872 930 -40 786 -16 419 -3 156 190 -3 213 395 -85 950 0 0 0 -4 172 275 Residual cost 35 010 1 025 047 33 938 3 200 643 411 680 549 11 812 773 570 8 046 781 616 2 534 034 Acquisitions and additions 0 8 582 0 2 210 60 114 62 324 2 397 83 937 0 83 937 157 240 Depreciation 0 -118 922 -11 978 -1 530 -209 884 -223 392 -7 292 0 0 0 -349 606 Reclassifications 0 0 0 0 29 500 29 500 0 -21 453 -8 046 -29 499 1 Reclassifications from prepayments 0 0 0 0 8 046 8 046 0 0 -8 046 -8 046 0 Reclassifications from unfinished projects 0 0 0 0 21 454 21 454 0 -21 453 0 -21 453 1 Other changes 0 -66 466 0 0 0 0 8 340 0 0 0 -58 126 31.12.2024 Carried at cost 35 010 1 840 093 74 724 21 829 3 825 428 3 921 981 108 500 836 054 0 836 054 6 741 638 Accumulated depreciation 0 -991 852 -52 764 -17 949 -3 302 287 -3 373 000 -93 243 0 0 0 -4 458 095 Residual cost 35 010 848 241 21 960 3 880 523 141 548 981 15 257 836 054 0 836 054 2 283 543 Acquisitions and additions 0 0 0 6 860 13 579 20 439 7 554 85 748 0 85 748 113 741 Depreciation 0 -117 915 -11 978 -2 323 -186 360 -200 661 -6 964 0 0 0 -325 540 31.12.2025 Carried at cost 35 010 1 840 093 74 724 26 232 3 837 596 3 938 552 116 054 921 802 0 921 802 6 851 511 Accumulated depreciation 0 -1 109 767 -64 742 -17 815 -3 487 236 -3 569 793 -100 207 0 0 0 -4 779 767 Residual cost 35 010 730 326 9 982 8 417 350 360 368 759 15 847 921 802 0 921 802 2 071 744 In 2025 AS Linda Nektar wrote off non-current assets which were unfit for use and were technically out-dated. The acquisition cost of these assets was EUR 3,868 and impairment loss EUR 353. In 2024, AS Linda Nektar wrote off non-current assets of acquisition cost EUR 63,787 and impairment loss EUR 243. As at 31 December 2025, outstanding payables to suppliers of the non-current assets amounted to EUR 16,639 (31.12.2024: EUR 8,540). In 2024 a grant of EUR 66,466 was received through the Rural Development Plan measure 4.2.6 ‘Investment Support’ provided by the Agricultural Registers and Information Board (ARIB) (Note 11). The management has assessed the recoverable amount of fixed assets using the discounted cash flow method and did not identify any need for impairment.
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aktsiaselts Linda Nektar Annual Report 2025 15 Note 7 Intangible assets (In Euros) Computer software Other intangible assets Unfinished projects and prepayments Total 31.12.2023 Carried at cost 10 649 27 591 900 39 140 Accumulated depreciation -10 649 -15 687 0 -26 336 Residual cost 0 11 904 900 12 804 Depreciation 0 -5 474 0 -5 474 31.12.2024 Carried at cost 10 649 27 591 900 39 140 Accumulated depreciation -10 649 -21 161 0 -31 810 Residual cost 0 6 430 900 7 330 Acquisitions and additions 0 975 101 090 102 065 Depreciation 0 -3 969 -900 -4 869 31.12.2025 Carried at cost 10 649 28 565 101 090 140 304 Accumulated depreciation -10 649 -25 129 0 -35 778 Residual cost 0 3 436 101 090 104 526
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aktsiaselts Linda Nektar Annual Report 2025 16 Note 8 Loan commitments (In Euros) 31.12.2024 Allocation by remaining maturity Interest rate Base currencies Due date Within 12 months 1 - 5 years Non-current loans Investment loan 15 211 15 211 0 3,06% EUR 14.04.2025 Loan commitments total 15 211 15 211 0 Carrying amount of collateral assets 31.12.2025 31.12.2024 Land 6 700 6 700 Buildings 644 026 755 140 Total 650 726 761 840 The loan is guaranteed by a production building in the amount of EUR 500,000 (31.12.2024: Collateral amount EUR 500,000). Note 9 Payables and prepayments (In Euros) 31.12.2025 Within 12 months Note Trade payables 53 073 53 073 Employee payables 17 451 17 451 Related parties’ payables 780 780 18 Tax payables 43 793 43 793 5 Other payables 3 000 3 000 Other payables 3 000 3 000 Total payables and prepayments 118 097 118 097 31.12.2024 Within 12 months Note Trade payables 133 788 133 788 Employee payables 13 759 13 759 Related parties’ payables 690 690 18 Tax payables 33 175 33 175 5 Other payables 6 390 6 390 Other accrued expenses 6 390 6 390 Total payables and prepayments 187 802 187 802
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aktsiaselts Linda Nektar Annual Report 2025 17 Note 10 Contingent liabilities and assets (In Euros) 31.12.2025 31.12.2024 Contingent liabilities Distributable dividends 431 111 714 184 Income tax liability on distributable dividends 121 596 201 436 Total contingent liabilities 552 707 915 620 Note 11 Grants (In Euros) 2025 2024 Received Recognised in the income statement Received Recognised in the income statement Grants for operating expenses EIS 0 0 9 999 9 999 Total grants for operating expenses 0 0 9 999 9 999 2025 2024 Received Recognised in assets at cost Received Recognised in assets at cost Grants for acquisition of non-current assets ARIB 0 0 66 466 -66 466 Total grants for acquisition of non-current assets 0 0 66 466 -66 466 Note 12 Share capital (In Euros) 31.12.2025 31.12.2024 Share capital 1 580 143 1 580 143 Number of shares (pcs) 1 580 143 1 580 143 Nominal value of shares 1 1 See detailed information in Statement of changes in equity (summary section).
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aktsiaselts Linda Nektar Annual Report 2025 18 Note 13 Net sales (In Euros) 2025 2024 Net sales by geographical location Net sales in European Union Estonia 1 667 847 1 457 864 Finland 161 990 242 262 Latvia 670 796 696 132 Lithuania 13 800 9 578 Spain 0 12 144 Sweden 49 372 31 013 Total net sales in European Union 2 563 805 2 448 993 Net sales outside of European Union Kenya 190 504 94 800 Total net sales outside of European Union 190 504 94 800 Total net sales 2 754 309 2 543 793 Net sales by operating activities Manufacture of cider and other fruit wines 2 730 295 2 535 631 Sale of goods/services 24 014 8 162 Total net sales 2 754 309 2 543 793 Note 14 Goods, raw materials and services (In Euros) 2025 2024 Raw materials -1 192 339 -1 297 051 Services -386 355 -368 265 Total goods, raw materials and services -1 578 694 -1 665 316
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aktsiaselts Linda Nektar Annual Report 2025 19 Note 15 Miscellaneous operating expenses (In Euros) 2025 2024 Research and development expenses -79 047 -54 439 Travel expenses -31 118 -42 061 Training expenses -11 954 -7 094 State and local taxes -8 794 -12 013 "First North" costs -21 430 -22 015 Legal and audit expenses -24 012 -18 952 Communications -15 314 -12 405 Other -89 018 -79 718 Total miscellaneous operating expenses -280 687 -248 697 Note 16 Labour expenses (In Euros) 2025 2024 Wage and salary expense -452 515 -394 253 Social security taxes -149 742 -128 432 Total labour expense -602 257 -522 685 Average number of employees in full time equivalent units 19 20 Average number of employees by types of employment: Person employed under employment contract 15 15 Member of management or controlling body of legal person 4 5 Note 17 Income tax (In Euros) Income tax expense components 2025 2024 Taxable amount Income tax expense Taxable amount Income tax expense Declared dividends 94 808 26 741 126 412 20 578 Dividends paid 94 808 26 741 126 412 20 578 Estonia 91 221 25 729 121 647 19 803 Other countries 3 587 1 012 4 765 775 Total 94 808 26 741 126 412 20 578
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aktsiaselts Linda Nektar Annual Report 2025 20 Note 18 Related parties (In Euros) Name of accounting entity's parent company Fermex International OÜ Country where accounting entity's parent company is registered Estonia Related party balances according to groups SHORT TERM 31.12.2024 31.12.2023 Payables and prepayments Management and higher supervisory body and individuals with material ownership interest and material influence of management and higher 780 690 Total payables and prepayments 780 690 BOUGHT 2025 2024 Services Services Management and higher supervisory body and individuals with material ownership interest and material influence of management and higher 1 560 1 560 Total bought 1 560 1 560 Remuneration and other significant benefits calculated for members of management and highest supervisory body 2025 2024 Remuneration 91 350 91 250 For the purposes of the financial statements of AS Linda Nektar, the following are considered related parties: - owners (parent company and owners of the parent company); - management board and higher management; - close relatives of the above persons, and the companies related to them.
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aktsiaselts Linda Nektar Annual Report 2025 21 Signatures The management has prepared the Management report and Financial statements of AS Linda Nektar for financial year 01.01.2025 – 31.12.2025 and confirms that the Report provides a true and fair view of the business operations. Report completion date: 06.03.2026 Kadri Rauba CEO
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Audit • Business risk services • Corporate accounting and outsourcing • Tax • Legal Financial advisory • Business advisory • Data protection and information security • Digital services www.grantthornton.ee INDEPENDENT AUDITOR’S REPORT (Translation of the Estonian original) To the Shareholders of AS Linda Nektar Opinion We have audited the financial statements of AS Linda Nektar (the Company), which comprise the balance sheet as at December 31, 202 5, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 202 5, and its financial performance and its cash flows for the year then ended in accordance with Estonian financial reporting standard. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (Estonia) (ISA (EE)s). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (Estonia) (including International Independence Standards), and we have fulfilled our other ethical responsibilities in accordance w ith these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for the other information. The other information comprises the Management report but does not include the financial statements and our auditor’s report thereon. Grant Thornton Baltic OÜ Pärnu road 22 10141 Tallinn, Estonia T +372 626 0500 E info@ee.gt.com REG No. 10384467 VAT No. EE100086678
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2 2 2 Audit • Business risk services • Corporate accounting and outsourcing • Tax • Legal Financial advisory • Business advisory • Data protection and information security • Digital services Our opinion on the financial statements does not cover the Management report and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management report and, in doing so, consider whether the Management report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the Management report, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of the financial statements in accordance with Estonian financial reporting standard, and for such internal control as management determines is necessary to enable the preparation of financial statements that a re free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA (EE)s will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISA (EE)s, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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3 3 3 Audit • Business risk services • Corporate accounting and outsourcing • Tax • Legal Financial advisory • Business advisory • Data protection and information security • Digital services • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Janno Greenbaum Sworn Auditor License number 486 Grant Thornton Baltic OÜ License number 3 Pärnu mnt 22, 10141 Tallinn March 11, 2026