Interim report
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NORDIC FIBREBOARD AS CONSOLIDATED INTERIM REPORT FOR THE SECOND QUARTER AND 6 MONTHS 2026 Beginning of the interim report period: 01.01.2026 End of the interim report period: 30.06.2026 Beginning of the financial year: 01.01.2026 End of the financial year: 31.12.2026 Business name: Nordic Fibreboard AS Registry code: 11421437 Address: Rääma 31, Pärnu 80044, Estonia Telephone: +372 44 78 323 E-mail: group@nordicfibreboard.com Homepage: www.nordicfibreboard.com Auditor: AS PricewaterhouseCoopers Main activity: Production and sales of fibreboards
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 2 CONTENTS COMPANY PROFILE .................................................................................................................................. 3 MANAGEMENT REPORT .......................................................................................................................... 4 DECLARATION OF THE MANAGEMENT BOARD ....................................................................................... 9 CONSOLIDATED INTERIM FINANCIAL STATEMENTS .............................................................................. 10 CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS ...................................................................... 10 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ................. 11 CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................................... 12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .......................................................................... 13 NOTES TO THE CONSOLIDATED INTERIM REPORT ................................................................................. 14 NOTE 1 AccounƟng policies and measurement bases .......................................................................... 14 NOTE 2 Trade and other receivables ..................................................................................................... 14 NOTE 3 Inventories ................................................................................................................................ 15 NOTE 4 Investment property ................................................................................................................. 15 NOTE 5 Property plant equipment and right of use assets ................................................................... 16 NOTE 6 Intangible assets ....................................................................................................................... 16 NOTE 7 Financial assets at fair value through profit or loss .................................................................. 17 NOTE 8 Borrowings ................................................................................................................................ 17 NOTE 9 Payables and prepayments ....................................................................................................... 19 NOTE 10 Provisions ................................................................................................................................ 19 NOTE 11 Share capital ........................................................................................................................... 20 NOTE 12 Earnings per share .................................................................................................................. 20 NOTE 13 Sales revenue .......................................................................................................................... 21 NOTE 14 Cost of goods sold................................................................................................................... 21 NOTE 15 DistribuƟon costs .................................................................................................................... 21 NOTE 16 AdministraƟve and general expenses ..................................................................................... 22 NOTE 17 Labour expenses ..................................................................................................................... 22 NOTE 18 Other operaƟng income and expenses .................................................................................. 22 NOTE 19 Financial income and expenses .............................................................................................. 22 NOTE 20 Related parƟes ........................................................................................................................ 23
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 3 COMPANY PROFILE Nordic Fibreboard AS is a holding company that owns the subsidiary Nordic Fibreboard Ltd OÜ. The main acƟvity of the Nordic Fibreboard AS group includes the producƟon and wholesale of building materials. In addiƟon, the Group owns and manages a property located at Suur-Jõe street 48 in Pärnu, for which a detailed plan has been established for the development of residenƟal real estate. Previously, Nordic Fibreboard AS also owned another subsidiary, Pärnu Riverside Development OÜ, with a 100% stake, whose main acƟvity was the management of the Suur-Jõe 48 property. On 30.07.2025, Nordic Fibreboard AS and Pärnu Riverside Development OÜ entered into a merger agreement, according to which Nordic Fibreboard AS is the acquiring company and Pärnu Riverside Development OÜ is the company being acquired, the purpose of the merger was to simplify the company`s structure. The balance sheet date of the merger is 01.06.2025, Pärnu Riverside Development OÜ was deleted from the commercial register on 15.10.2025. As a result of the merger, the owner and manager of the Suur-Jõe 48 property is Nordic Fibreboard AS. As of 30.06.2026, the structure of Nordic Fibreboard AS with parƟcipaƟon: Nordic Fibreboard Ltd OÜ focuses on the producƟon of environmentally friendly and sustainable wood materials, offering natural and durable products that are versaƟle and suitable for various construcƟon and industrial soluƟons. The company produces and supplies high-quality natural wood fibreboards, including wind protecƟon, insulaƟon and floor baseboards, as well as ceiling and wall panels. The Group`s main markets are Finland, Sweden and the BalƟcs, in addiƟon, Nordic Fibreboard also has a market share in other European Union countries and, to a lesser extent, sales are also made to the Asian and African regions. The shares of Nordic Fibreboard AS are listed on the Nasdaq Tallinn Stock Exchange secondary list. As at 30.06.2026 the Group employed 55 people (31.12.2025: 60 employees). Nordic Fibreboard AS Holding and property management Nordic Fibreboard Ltd OÜ 100% ProducƟon and wholesale of building materials
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 4 MANAGEMENT REPORT NORDIC FIBREBOARD AS UNAUDITED RESULTS FOR SECOND QUARTER AND 6 MONTHS OF 2026 Nordic Fibreboard AS consolidated net revenue in Q2 2026 was €2.27 million, represenƟng a 21.4% increase compared to the same period of the previous year (Q2 2025: €1.87 million), revenue increased by €397 thousand. The Group's main business acƟvity is the producƟon and wholesale of fibreboard, which accounted for the vast majority of the Group's revenue in Q2 2026. The second segment comprises the management of the property located on Suur-Jõe Street in Pärnu. However, following the terminaƟon of the lease agreements for the building in August 2024, the revenue generated by this segment is immaterial. Nordic Fibreboard's consolidated EBITDA in Q2 2026 was negaƟve €225 thousand, with an EBITDA margin of negaƟve 10% (Q2 2025 EBITDA: negaƟve €94 thousand, EBITDA margin: negaƟve 5%). The results for the Q2 2026 were significantly negaƟvely impacted by the sharp increase in gas prices in February 2026. The negaƟve impact is ongoing, and the company is not able to raise product prices to a level that would match the rise in gas prices. This is partly due to long-term contracts with fixed prices, and partly due to the compeƟƟve situaƟon prevailing in the market. Financial expenses in Q2 2026 were €44 thousand, consisƟng of loan interest costs and other financial costs (€46 thousand in Q2 2025). The Group's consolidated net loss for Q2 2026 was €414 thousand (Q2 2025 net loss: €268 thousand). FIBREBOARD PRODUCTION AND SALES Revenue from fibreboard sales amounted to €2.27 million in Q2 2026, compared with €1.87 million in the same period of 2025, represenƟng an increase of €397 thousand, or 21.4%. The improvement in sales performance was primarily supported by sales to new customers. Nordic Fibreboard Ltd OÜ’s EBITDA for the Q2 of 2026 was negaƟve EUR 188 thousand (Q2 2025 negaƟve EUR 67 thousand). Nordic Fibreboard Ltd OÜ’s net loss for the Q2 of 2026 amounted to EUR 377 thousand (Q2 2025 net loss of EUR 241 thousand). Q2 2026 EBITDA was negaƟvely impacted by a sharp rise in energy prices (including gas prices nearly doubling), which resulted from the U.S. military strike on Iran at the end of February. FIBREBOARD SALES BY GEOGRAPHICAL SEGMENTS € thousand € thousand Region Q2 2026 Q2 2025 6m 2026 6m 2025 European Union 2,154 1,777 3,935 3,416 Asia 86 28 99 28 Africa 0 27 62 114 Other regions 23 35 28 43 TOTAL 2,263 1,867 4,124 3,601 REAL ESTATE MANAGEMENT As a secondary acƟvity, the Group owns and manages the former furniture factory property located at Suur-Jõe 48 in the city of Pärnu, for which a detailed plan has been established for residenƟal real estate development. Previously, the Suur-Jõe 48 property was owned and managed by Pärnu Riverside Development OÜ, a wholly owned subsidiary of Nordic Fibreboard AS, however on 30.07.2025 Nordic Fibreboard AS and Pärnu Riverside Development OÜ entered into a merger agreement, under which Nordic Fibreboard AS was the acquiring enƟty and Pärnu Riverside Development OÜ was the enƟty being absorbed. The merger date was 01.06.2025 and as a result of the merger, the Suur-Jõe 48 property is now directly owned by Nordic Fibreboard AS.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 5 The design works for the Admirali Quarter development project at Suur-Jõe 48 have been completed. Building permits have been issued for the internal roads and uƟlity networks within the quarter, for apartment buildings at Admirali 1/3, Admirali 5/7, and Admirali 9/11, as well as for the reconstrucƟon of the exisƟng office building at Suur-Jõe 48. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CASH FLOW STATEMENT As of 30.06.2026 the total assets of Nordic Fibreboard AS were € 9.4 million (30.06.2025: 8.85 million). The liabiliƟes of the company as of 30.06.2026 were € 5.9 million (30.06.2025: € 5.73 million), of which the Group has trade payables of € 1.6 million as at 30.06.2026 (30.06.2025: € 0.97 million) and borrowings of € 3.5 million as at 30.06.2026 (30.06.2025: € 4.27 million). Receivables and prepayments amounted to € 0.8 million as at 30.06.2026 (30.06.2025: € 1.07 million). Inventories were € 1.1 million as of 30.06.2026 (30.06.2025: € 1.02 million). Fixed assets were € 7.5 million as of 30.06.2026 (€ 6.72 million as of 30.06.2025). The Group's operaƟng result during the 6 month of 2026 was negaƟve cash flow of € 25 thousand (negaƟve cash flow of €621 thousand in the 6 month of 2025). Cash ouƞlows due to investment acƟviƟes was € 259 thousand during 2026 6 months, mainly consisƟng of investments into producƟon assets (2025 6 months: cash inflow € 63 thousand, which comprised sale of TPD shares, investments in producƟon assets and in investment property). Financing acƟviƟes resulted in cash inflows of € 282 thousand during 6 months of 2026 (6 months of 2025: cash inflow of € 542 thousand). Net cash flow during 6 months of 2026 was cash ouƞlow of € 2 thousand, (6 months of 2025: cash ouƞlow € 16 thousand). PEOPLE On the 30th of June 2026, the Group employed 55 people (30.06.2025: 69 people). The average number of personnel was 56 people in Q2 2026 and 57 people in 6 months of 2026 (69 people in Q2 and 6 months of 2025). Labour costs including taxes were € 0.48 million in Q2 2026 and € 0.89 million in 6 months 2026 (Q2 2025: € 0.47 million and 6 months 2025: € 0.95 million). Group remuneraƟon to the members of the management boards of holding company and its subsidiaries, together with taxes, were € 45 thousand in Q2 2026 and € 72 thousand in 6M 2026 (Q2 2025: € 72 thousand and 6months 2025: € 137 thousand). The Group`s definiƟon of labour costs includes payroll expenses (incl. holiday pay) with addiƟonal remuneraƟon fees, payroll taxes, special benefits and taxes calculated on special benefits. OUTLOOK FIBREBOARD PRODUCTION AND SALES Nordic Fibreboard Ltd OÜ expects demand for fibreboard to remain stable in the coming months and anƟcipates that sales volumes will hold at their current level. The company conƟnues to focus on developing exisƟng clients and markets, as well as creaƟng new sales opportuniƟes, with the aim of supporƟng sales volume growth. Greater emphasis is being placed on growing the Nordic market. Gas prices conƟnue to have a negaƟve impact on the company's operaƟons and profitability due to the war in the Middle East. It is impossible for the company to raise product prices to a level that would match the increase in gas prices. This is partly due to long-term contracts with fixed prices, and partly due to the compeƟƟve situaƟon prevailing in the market. We do not see a soluƟon to this problem in the near future, not unƟl gas prices decline significantly. There is even a risk that the situaƟon will worsen further. In recent months, increased focus has also been placed on product development for interior finishing panels and on expanding sales opportuniƟes for this product group across various markets.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 6 The Group has carried out an investment in modern energy soluƟons, aimed at improving the reliability and energy efficiency of producƟon processes. As part of the project, the boiler system used for steam producƟon was upgraded to a gas boiler, with compleƟon taking place in January 2026. REAL ESTATE MANAGEMENT The property management segment covers the management of the property located at Suur-Jõe 48 in Pärnu, as well as the planning and implementaƟon of development acƟviƟes. The design works for the Admirali Quarter development project have been completed. Building permits have been issued for the internal roads and uƟlity networks within the quarter, for apartment buildings at Admirali 1/3, Admirali 5/7, and Admirali 9/11, as well as for the reconstrucƟon of the exisƟng office building at Suur-Jõe 48. Due to the Buyer's failure to fulfil the condiƟons precedent set out in the preliminary sale-purchase agreement concluded on 08.01.2026 for the sale of ten real estate properƟes belonging to Nordic Fibreboard AS, located on Suur-Jõe tn 48 and Admirali tänav in Pärnu, the agreement was not completed, and the parƟes terminated the preliminary sale-purchase agreement. FINANCIAL HIGHLIGHTS € thousand Income statement Q2 2026 Q2 2025 6 m 2026 6 m 2025 Revenue 2,263 1,868 4,124 3,603 EBITDA (225) (94) (620) (180) EBITDA margin (10%) (5%) (15%) (5%) Operating profit (370) (223) (899) (440) Operating margin (16%) (12%) (22%) (12%) Net profit/-loss (414) (268) (984) (497) Net margin (18%) (14%) (24%) (14%) Statement of financial position 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Total assets 9,387 9,323 8,852 8,252 Return on assets (10%) (12%) (3%) (0%) Equity 3,478 4,462 3,119 3,616 Return on equity (28%) (26%) (9%) (1%) Debt-to-equity-ratio 63% 52% 65% 53% Share 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Last price (€)* 0.61 0.77 1.00 0.90 Earnings per share (€) (0.19) (0.14) (0.26) (0.17) Price-earnings ratio (3.24) (5.67) (3.79) (5.15) Book value of a share (€) 0.41 0.53 0.69 0.80 Market to book ratio 1.49 1.47 1.44 1.12 Market capitalization, (€ thousand) 5,184 6,544 4,499 4,049 Number of shares (piece) 8,499,061 8,499,061 4,499,061 4,499,061 EBITDA = Earnings before interest, taxes, depreciaƟon and amorƟzaƟon EBITDA margin = EBITDA / Revenue OperaƟng margin = OperaƟng profit / Revenue Net margin = Net profit / Revenue Return on assets = Net profit / Total assets Return on equity = Net profit / Equity
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 7 Debt-to-total assets raƟo = LiabiliƟes / Total assets Earnings per share = Trailing twelve months (TTM) net profit / Total shares Price-earnings raƟo = Last price / Earnings per share Book value of a share = Equity / Total shares Market to book raƟo = Last price / Book value of a share Market capitalizaƟon = Last price * Total shares *hƩp://www.nasdaqbalƟc.com/
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 8 FINANCIAL RISKS INTEREST RATE RISK Interest rate risk is the risk that the future cash flows of financial instruments will fluctuate because of changes in market interest rates. The interest rate risk of Nordic Fibreboard AS depends on a possible change in EURIBOR (Euro Interbank Offered Rate), since some of the Group`s loans are linked to EURIBOR, the Group`s financial cost also increases when the EURIBOR increases. At 30.06.2026 six months’ EURIBOR rate was 2.568% and at 30.06.2025 2.049%. The loan from the Rural Development Foundation is concluded with a fixed interest rate, thus bear no interest rate risk. The Company’s loan agreement with Coop Pank AS has a floating interest rate, but according to the management's assessment, the floating interest rate does not have a significant impact on the Company's cash flows. The dates for fixing interest rates on the basis of changes in EURIBOR are the 30th day of every six months for its bank loans. The interest rate risk also depends on the overall economic situation in Estonia and in the eurozone. Nordic Fibreboard AS has a cash flow risk arising from the interest rate risk, as part of the loans have a floating interest rate. Management believes that the cash flow risk is not significant, therefore no hedging instruments are used. CURRENCY RISK The foreign exchange risk is the risk that the company may have significant loss because of fluctuaƟng foreign exchange rates. Nordic Fibreboard has no operaƟons outside of the euro zone and most of our export-import contracts to customers outside of the eurozone are nominated in EUR. Raw materials for producƟon purchased mainly in EUR. RISK OF THE ECONOMIC ENVIRONMENT The economic environment risk for fiberboard depends on general developments in the construction and industrial segments. In addition, macroeconomic factors and geopolitical tensions are also having an impact, which may affect consumption and limit exports. FAIR VALUE The management esƟmates that the fair values of cash, accounts receivables and payables, short-term loans and borrowings do not materially differ from their carrying amounts. The fair values of long-term loans do not materially differ from their carrying amounts because their interest rates correspond to the interest rate risks prevailing on the market. LIQUIDITY RISK The liquidity risk is a potenƟal loss arising from the existence of limited or insufficient financial resources that are necessary for performing the obligaƟons related to the acƟviƟes of the Group. The Management Board conƟnuously monitors cash flow movements, using the existence and sufficiency of the Group’s financial resources for performing the assumed obligaƟons and financing the strategic objecƟves of the Group.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 9 DECLARATION OF THE MANAGEMENT BOARD The Management Board has prepared the unaudited management report and the unaudited consolidated financial interim statements of Nordic Fibreboard AS for the second quarter and 6 months of 2026. The management board confirms that the management report on pages 4-8 provides a true and fair view of the business operaƟons, financial results and financial condiƟon of the parent company and the enƟƟes included in consolidaƟon. The management board confirms that according to their best knowledge the consolidated financial interim report on pages 10-23 presents a fair view of the assets, liabiliƟes, financial posiƟon and profit of the issuer and the enƟƟes involved in the consolidaƟon as a whole according to the InternaƟonal Financial ReporƟng Standards as they are adopted by the European Union and contains a descripƟon of the main risks. Danel Hirbaum Member of the Management Board Pärnu, August 31, 2026
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 10 CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS € thousand 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Cash and cash equivalents 3 5 37 53 Receivables and prepayments (Note 2) 788 790 1,075 571 Inventories (Note 3) 1,123 1,034 1,020 624 Total current assets 1,914 1,829 2,132 1,248 Investment property (Note 4) 2,541 2,541 2,481 2,380 Financial assets at fair value through profit or loss (Note 7) 0 0 0 499 Property, plant, equipment and right-of use assets (Note 5) 4,771 4,952 4,237 4,122 Intangible assets (Note 6) 161 1 2 3 Total non-current assets 7,473 7,494 6,720 7,004 TOTAL ASSETS 9,387 9,323 8,852 8,252 Borrowings (Note 8) 2,641 2,963 748 1,111 Payables and prepayments (Note 9) 2,331 1,553 1,326 788 Short-term provisions (Note 10) 13 24 10 21 Total current liabilities 4,985 4,540 2,084 1,920 Long-term borrowings (Note 8) 809 205 3,518 2,613 Long-term provisions (Note 10) 71 72 94 94 Other long-term liabilities 44 44 37 9 Total non-current liabilities 924 321 3,649 2,716 Total liabilities 5,909 4,861 5,733 4,636 Share capital (at nominal value) (Note 11) 850 850 450 450 Share premium 1,600 1,600 0 0 Statutory reserve capital 45 45 45 45 Retained earnings (loss) 983 1,967 2,624 3,121 Total equity 3,478 4,462 3,119 3,616 TOTAL LIABILITIES AND EQUITY 9,387 9,323 8,852 8,252 *The notes to the financial statements presented on pages 14 to 23 are an integral part of these consolidated financial statements.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 11 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME € thousand Q2 2026 Q2 2025 6 m 2026 6 m 2025 Revenue (Note 13) 2,263 1,868 4,124 3,603 Cost of goods sold (Note 14) 2,176 1,740 4,142 3,348 Gross profit (loss) 87 128 (18) 255 Distribution costs (Note 15) 301 245 563 473 Administrative expenses (Note 16) 144 115 297 226 Other operating income (Note 18) 0 13 8 13 Other operating expenses (Note 18) 11 3 29 9 Operating loss (370) (222) (899) (440) Finance income (Note 19) 0 0 0 40 Finance costs (Note 19) 44 46 85 97 LOSS BEFORE INCOME TAX (414) (268) (984) (497) NET LOSS FOR THE PERIOD (414) (268) (984) (497) Basic earnings per share (Note 12) (0.05) (0.06) (0.12) (0.11) Diluted earnings per share (Note 12) (0.05) (0.06) (0.12) (0.11) *The notes to the financial statements presented on pages 14 to 23 are an integral part of these consolidated financial statements.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 12 CONSOLIDATED STATEMENT OF CASH FLOWS € thousand 6M 2026 6M 2025 Cash flow from operating activities Operating profit (-loss) (899) (440) Adjustments: Depreciation charge (Note 5; 6) 280 260 Change in trade and other receivables (Note 2) 2 (504) Change in inventories (Note 3) (89) (396) Change in trade and other payables (Note 9) 778 566 Change in provisions (Note 10) (12) (11) Cash generated from operations 60 (525) Interest payments (Note 8; 19) (80) (89) Net other financial income and expense (Note 19) (5) (8) Net cash generated from operating activities (25) (621) Cash flow from investing activities Purchase of property, plant and equipment and intangible assets (Note 5; 6) (259) (375) Purchase of real estate investment (Note 4) 0 (101) Sales of financial assets (Note 7) 0 539 Net cash used in investing activities (259) 63 Cash flow from financing activities Repayment of loans received (Note 8) (119) (110) Loans received from related parties (Note 8) 493 705 Finance lease payments (Note 8) (11) (12) Change in overdraft (Note 8) (81) (41) Net cash (used in)/from financing activities 282 542 NET CHANGE IN CASH (2) (16) OPENING BALANCE OF CASH 5 53 CLOSING BALANCE OF CASH 3 37 *The notes to the financial statements presented on pages 14 to 23 are an integral part of these consolidated financial statements.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY € thousand Share capital Share premium Statutory reserve capital Retained earnings Total Balance at 31.12.2024 450 0 45 3,121 3,616 Net loss for 6M 2025 0 0 0 (497) (497) Total comprehensive income for 6M 2025 0 0 0 (497) (497) Balance at 30.06.2025 450 0 45 2,624 3,119 Balance at 31.12.2025 850 1,600 45 1,967 4,462 Net loss for 6M 2026 0 0 0 (984) (984) Total comprehensive income for 6M 2026 0 0 0 (984) (984) Balance at 30.06.2026 850 1,600 45 983 3,478 *The notes to the financial statements presented on pages 14 to 23 are an integral part of these consolidated financial statements.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 14 NOTES TO THE CONSOLIDATED INTERIM REPORT NOTE 1 ACCOUNTING POLICIES AND MEASUREMENT BASES GENERAL INFORMATION Nordic Fibreboard AS (hereinaŌer the Company), (registraƟon number: 11421437; address: Rääma 31, Pärnu), is an enƟty registered in the Republic of Estonia, whose acƟviƟes take place in Estonia. Nordic Fibreboard AS was established on 19 September 2007 in the demerger of the former Skano Group AS, currently AS Trigon Property Development, as a result of which the manufacturing units, i.e. the building materials division and furniture division were separated and transferred to subsidiaries established at the same Ɵme. The furniture producƟon subsidiary was sold out of the Group in 2019, the same year the Group's real estate management subsidiary Pärnu Riverside Development OÜ was added, which was merged with Nordic Fibreboard AS as of 01.06.2025. The Group’s main acƟviƟes are producƟon and wholesale of soŌ fibreboard, to a minor extent, as a secondary acƟvity the Group also deals with real estate management. The Group’s shares were listed in the Main List of the Nasdaq Tallinn unƟl 2nd of April 2018, when the shares were moved from the Main List to the Secondary List. AS of 30.06.2026 the largest shareholder of the Group is Rosamil OÜ (owning 48.33%), which is indirectly owned by Joakim Johan Helenius (100%). BASIS FOR PREPARATION The Condensed Consolidated Interim Accounts of Nordic Fibreboard AS has been prepared in accordance with the InternaƟonal Financial ReporƟng Standard (IFRS) Interim Financial ReporƟng as adopted by the European Union. The same accounƟng policies were applied for both the Interim Report and the Annual Report for the financial year that ended on 31.12.2025. The consolidated financial statements have been prepared in accordance with InternaƟonal AccounƟng Standard (IAS) 34: Interim Financial ReporƟng. The Condensed Interim Financial Statements do not contain all the informaƟon presented in the annual financial statements and should be read in conjuncƟon with the Group`s latest published annual financial statements as at and for the year ended 31 December 2025. The funcƟonal and presentaƟon currency of Nordic Fibreboard AS is euro. All amounts disclosed in the financial statements have been rounded to the nearest thousand unless referred to otherwise. According to the assessment of the Management Board Nordic Fibreboard AS is a going concern and the Interim Report for the 2nd quarter and 6 months of 2026 gives a true and fair view of the financial posiƟon of Nordic Fibreboard AS and the results of its operaƟons. This Condensed Consolidated Interim Report has not been audited or otherwise reviewed by auditors. NOTE 2 TRADE AND OTHER RECEIVABLES € thousand 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Customer receivables 595 575 837 458 Prepaid taxes 180 201 221 99 Prepaid services 11 11 15 13 Other receivables 2 3 2 1 TOTAL 788 790 1,075 571 No write-downs of receivables have been made in 6M 2026 or 6M 2025.
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 15 ANALYSIS OF TRADE RECEIVABLES BY AGING € thousand 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Not past due 595 556 837 438 incl. Receivables from customers who also have receivables past due 74 73 46 51 incl. Receivables from customers who have no receivables past due 521 483 791 387 Past due but not impaired 0 19 0 20 Overdue up to 90 days 0 19 0 20 TOTAL 595 575 837 458 NOTE 3 INVENTORIES € thousand 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Raw materials and other materials 245 283 396 340 Work-in -progress 26 13 15 19 Finished goods 886 772 637 302 Prepayments to suppliers 1 1 10 1 Write-off reserve for inventories (35) (35) (38) (38) TOTAL 1,123 1,034 1,020 624 NOTE 4 INVESTMENT PROPERTY Investment property by location € thousand 31.12.2024 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 1,929 Share of registered immovable property at Rääma Street 31, Pärnu 451 30.06.2025 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 2,030 Share of registered immovable property at Rääma Street 31, Pärnu 451 31.12.2025 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 2,090 Share of registered immovable property at Rääma Street 31, Pärnu 451 30.06.2026 Share of registered immovable property at Suur-Jõe Street 48, Pärnu 2,090 Share of registered immovable property at Rääma Street 31, Pärnu 451 Value of investment property € thousand Carrying amount 31.12.2024 2,380 Capitalized cost 101 Carrying amount 30.06.2025 2,481 Carrying amount 31.12.2025 2,541 Carrying amount 30.06.2026 2,541
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 16 NOTE 5 PROPERTY PLANT EQUIPMENT AND RIGHT OF USE ASSETS € thousand Land Buildings and facilities Machinery and equipment Other fixtures Right- of-use- assets Construction- in-progress TOTAL Cost at 31.12.2024 184 2,564 11,269 80 100 330 14,527 Accumulated depreciation at 31.12.2024 0 (2,012) (8,263) (79) (51) 0 (10,405) Carrying amount at 31.12.2024 184 552 3,006 1 49 330 4,122 Additions 0 6 4 0 0 365 375 Reclassified 0 0 18 0 0 (18) 0 Depreciation (Note 14) 0 (40) (206) (0) (14) 0 (259) Cost at 30.06.2025 184 2,570 11,288 80 100 677 14,899 Accumulated depreciation at 30.06.2025 0 (2,052) (8,466) (79) (65) 0 (10,662) Carrying amount at 30.06.2025 184 518 2,822 1 35 677 4,237 Cost at 31.12.2025 184 3,052 10,741 76 100 1,616 15,769 Accumulated depreciation at 31.12.2025 0 (2,377) (8,285) (75) (78) 0 (10,815) Carrying amount at 31.12.2025 184 675 2,456 1 22 1,616 4,954 Additions 0 0 6 0 0 92 98 Reclassified 0 275 1,070 0 0 (1,345) 0 Depreciation (Note 14) 0 (49) (219) (1) (10) 0 (279) Cost at 30.06.2026 184 3,327 11,527 76 100 363 15,577 Accumulated depreciation at 30.06.2026 0 (2,426) (8,214) (76) (90) 0 (10,806) Carrying amount at 30.06.2026 184 901 3,313 0 10 363 4,771 NOTE 6 INTANGIBLE ASSETS € thousand Computer software Cost at 31.12.2024 16 Accumulated depreciation at 31.12.2024 (13) Carrying amount at 31.12.2024 3 Amortisation charge (1) Cost at 30.06.2025 16 Accumulated depreciation at 30.06.2025 (14) Carrying amount at 30.06.2025 2 Cost at 31.12.2025 16 Accumulated depreciation at 31.12.2025 (15) Carrying amount at 31.12.2025 1 Additions 161 Amortisation charge (1) Cost at 30.06.2026 177 Accumulated depreciation at 30.06.2026 (16) Carrying amount 30.06.2026 161
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 17 NOTE 7 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS € thousand 30.06.2026 31.12.2025 30.06.2025 Change in 6m 2025 31.12.2024 Non-current assets Listed securities - Equity securities - cost as at 0 0 0 (338) 338 Revaluation* 0 0 0 (161) 161 Fair value 0 0 0 (499) 499 * Financial assets at fair value through profit or loss (i.e. Trigon Property Development shares) have been revaluated to reflect fair value based on last price as at 31.12.2024 as shown on Nasdaq Tallinn. On February 21,2025, Nordic Fibreboard Ltd OÜ entered into a sales agreement, by which Nordic Fibreboard Ltd OÜ sold 804,552 shares in AS Trigon Property Development to related party. Nordic Fibreboard Ltd OÜ sold the shares at the closing price on 19.02.2025, i.e 0.67 euros per share (total amount 539,049.84 euros). On 21.02.2025, TPD shares were revalued at the closing price on 19.02.2025, and a profit of € 40 thousand was obtained from the sale of the shares. NOTE 8 BORROWINGS Nordic Fibreboard AS subsidiary Nordic Fibreboard Ltd OÜ has loan obligaƟons to Coop Pank AS and Rural Development FoundaƟon (RDF). The term of the loan received from Coop Pank AS is in April 2031 with a 10-year amorƟzaƟon schedule, and as of 30.06.2026 the loan interest was 6 month EURIBOR+3.5% per annum. The term of the loan received from RDF is 31.12.2026 and the loan interest is 4% per annum. There is also a 1.5 year overdraŌ agreement with Coop Bank AS with a limit of € 700 thousand, the overdraŌ interest rate is 6 months EURIBOR+2.9% per annum. AS at 30.06.2026, € 576 thousand of overdraŌ faciliƟes had been drawn. In the first half of 2026, Nordic Fibreboard AS received a loan from a related party in the amount of € 493 thousand with an interest rate of 6-month EURIBOR + 6.5% per annum (6M 2025 € 705 thousand). INFORMATION REGARDING BORROWINGS AT: € thousand Interest rate 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Current borrowings Current portion of long-term loan (Coop Bank) 6-m EURIBOR+3.5% 60 723 55 110 Current portion of long-term loan (RDF) 4% 1,407 1,467 56 111 Current portion of long-term loan from related parties 8% 0 0 0 200 Current portion of long-term loan from related parties 6-m EURIBOR+6.5% 593 100 0 0 Current portion of long-term lease liabilities 2.49% 5 16 12 24 Bank overdrafts (Coop Bank) 6-mEURIBOR+2.9% 576 657 625 666 Total 2,641 2,963 748 1,111 Non-current borrowings Non-current portion of long-term loan (Coop Bank) 6-m EURIBOR+3.5% 604 0 725 725 Non-current portion of long-term loan (RDF) 4% 0 0 1,467 1,467 Long-term loan from related parties 8% 200 200 200 0 Long-term loan from related parties 6-m EURIBOR+6.5% 0 0 1,150 400 Non-current portion of long-term lease liabilities 2.49% 5 5 21 21 Total 809 205 3,518 2,613 Total borrowings 3,450 3,168 4,266 3,724
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 18 CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 6M 2026: € thousand 31.12.2025 Cash flows Interest accrued Interest paid Reclassified 30.06.2026 Current portion of long-term loan (Coop Bank) 723 (59) 20 (20) (604) 60 Current portion of long-term loan (RDF) 1,467 (60) 36 (36) 0 1,407 Short-term loan from related parties 100 493 0 0 0 593 Current portion of long-term lease liabilities 16 (11) 2 (2) 0 5 Bank overdrafts (Coop Bank) 657 (81) 16 (16) 0 576 Non-current portion of long- term loan (Coop Bank) 0 0 0 0 604 604 Long-term loan from related parties 200 0 0 (0) 0 200 Non-current portion of long- term lease liabilities 5 0 0 0 0 5 Total liabilities from financing activities 3,168 282 74 (74) 0 3,450 CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 6M 2025: € thousand 31.12.2024 Cash flows Interest accrued Interest paid Reclassi- fied 30.06.2025 Current portion of long-term loan (Coop Bank) 110 (55) 39 (39) 0 55 Current portion of long-term loan (RDF) 111 (55) 31 (31) 0 56 Current portion of long-term loan from related parties 200 0 0 0 (200) 0 Current portion of long-term lease liabilities 24 (12) 1 (1) 0 12 Bank overdrafts (Coop Bank) 666 (41) 18 (18) 0 625 Non-current portion of long-term loan (Coop Bank) 725 0 0 0 0 725 Non-current portion of long-term loan (RDF) 1,467 0 0 0 0 1,467 Long-term loan from related parties 400 705 0 0 200 1,305 Non-current portion of long-term lease liabilities 21 0 0 0 0 21 Total liabilities from financing activities 3,724 542 89 (89) 0 4,266
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 19 NOTE 9 PAYABLES AND PREPAYMENTS € thousand 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Trade payables 1,562 1,258 966 443 Payables to employees 130 127 124 119 incl. accrued holiday pay reserve 43 47 33 27 Tax liabilities 127 114 132 112 incl. social security and unemployment insurance 79 72 81 64 incl. personal income tax 42 35 41 27 incl. contribution mandatory funded pension 4 2 2 1 incl. value added taxes 0 0 1 0 incl. other taxes 2 5 7 5 Payments received 443 40 79 64 Other payables 69 14 25 50 TOTAL 2,331 1,553 1,326 788 NOTE 10 PROVISIONS Provisions are made in relaƟon to the compensaƟons for loss of working capacity of former employees aŌer work accidents. The total amount of the provision has been esƟmated considering the number of persons receiving the compensaƟon, extent of their disability, their former level of salary, level of pension payments and esƟmaƟons of the remaining period of payments. € thousand Balance at 31.12.2024 115 incl. current portion of provision 21 incl. non-current portion of provision 94 Movements 6M 2025 Use of provision (13) Interest cost (Note 19) 2 Balance at 30.06.2025 104 incl. current portion of provision 10 incl. non-current portion of provision 94 Balance at 31.12.2025 96 incl. current portion of provision 24 incl. non-current portion of provision 72 Movements 6M 2026 Use of provision (13) Interest cost (Note 19) 1 Balance at 30.06.2026 84 incl. current portion of provision 13 incl. non-current portion of provision 71
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 20 NOTE 11 SHARE CAPITAL 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Nominal value (€) 0.1 0.1 0.1 0,1 Number of shares (pcs) 8,499,061 8,499,061 4,499,061 4,499,061 Share capital (€) 849,906 849,906 449,906 449,906 As of 30.06.2026 the share capital of Nordic Fibreboard AS totalled 849,906.10 euros which consisted of 8,499,061 no par value registered shares with a book value of 0.10 euros per share. Each ordinary share grants its owner one vote in the General MeeƟng of Shareholders and the right to receive dividends. The minimum share capital outlined in the ArƟcles of AssociaƟon is 250,000 euros and the maximum share capital is 1,000,000 euros. As at 30.06.2026 the Group had 907 shareholders of which with more than 5% ownership interest were: Shareholder Number of shares (pcs) Ownership interest (%) Rosamil OÜ 4,107,240 48.33 NFB Ventures OÜ 1,880,937 22.13 NFB Pärnu Holdings OÜ 837,819 9.86 OÜ Kõik või Mittemidagi 674,012 7.93 As at 30.06.2025 the Group had 965 shareholders of which with more than 5% ownership interest were: Shareholder Number of shares (pcs) Ownership interest (%) NFB Pärnu Holdings OÜ 2,215,334 49.24 NFB Ventures OÜ 842,640 18.73 OÜ Kõik või Mittemidagi 670,133 14.90 The number of Nordic Fibreboard AS shares owned by the members of the Management Board and Supervisory Board of Nordic Fibreboard AS was as follows as of 30.06.2026: • Joakim Johan Helenius 89,288 shares (30.06.2025: 40,000 shares) • Rando Tomingas 0 shares (30.06.2025: 0 shares) • Sakari Wallin 0 shares (30.06.2025: 0 shares) • Torfinn Losvik 0 shares (30.06.2025: 0 shares) • Danel Hirbaum 0 shares (30.06.2025: 0 shares) AS of 30.06.2026 Joakim Johan Helenius has indirect ownership through companies Rosamil OÜ, NFB Pärnu Holdings OÜ and NFB Ventures OÜ (as of 30.06.2025 has indirect ownership through companies NFB Pärnu Holdings OÜ and NFB Ventures OÜ. Rando Tomingas owns shares through Triangel Kapital OÜ in the amount of 1,000 shares (30.06.2025: 1,000 shares). NOTE 12 EARNINGS PER SHARE 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Net profit (-loss) (in thousands of euros) (984) (1,154) (268) (786) Weighted average number of shares (th pcs) 8,499 8,499 4,499 4,499 Basic earnings per share (in euros) (0.12) (0.14) (0.06) (0.17) Weighted average number of shares used for calculating the diluted earnings per shares (th pcs) 8,499 8,499 4,499 4,499 Diluted earnings per share (in euros) (0.12) (0.14) (0.06) (0.17) Book value of share (in euros) 0.41 0.53 0.69 0.80 Price/earnings ratio (P/E) (3.24) (5.67) (3.79) (5.15) Last price on the share of Nordic Fibreboard AS on Tallinn Stock Exchange (in euros) 0.61 0.77 1.00 0.90
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 21 Basic earnings per share have been calculated by dividing the profit aƩributable to equity holders of the Parent Company by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is calculated based on the net profit (loss) and the number of shares. Diluted earnings per share have been calculated by dividing the profit aƩributable to equity holders of the Parent Company by the weighted average number of shares outstanding during the period, taking into account the number of shares potenƟally issued. As the Group has no opƟon programs valid the Group does not own any potenƟal shares. Nordic Fibreboard AS shares have been traded on the Tallinn Stock Exchange since 25 September 2007. NOTE 13 SALES REVENUE SALES REVENUE OF BUSINESS BY THE GEOGRAPHICAL LOCATION OF CUSTOMERS: € thousand € thousand Region Q2 2026 Q2 2025 6m 2026 6m 2025 European Union 2,154 1,777 3,935 3,416 Asia 86 28 99 28 Africa 0 27 62 114 Other regions 23 35 28 43 TOTAL 2,263 1,867 4,124 3,601 As the Group’s principal acƟvity is the producƟon and wholesale of fibreboards, while property development represents a secondary acƟvity, and as revenue from property management accounts for an immaterial share of total revenue, below 1% in all periods, revenue from property management has not been presented separately in the report. NOTE 14 COST OF GOODS SOLD € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Electricity, heat and water 1 078 686 2 126 1 411 Raw materials and main materials 660 530 1 229 1 110 Labour expenses (Note 17) 302 339 604 673 Depreciation (Note 5; 6) 145 128 279 260 Purchased goods 0 0 0 36 Change in balances of finished goods and work in progress (83) (43) (247) (337) Other expenses 74 100 151 195 TOTAL 2 176 1 740 4 142 3 348 NOTE 15 DISTRIBUTION COSTS € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Transportation expenses 143 116 258 214 Labour expenses (Note 17) 105 89 164 175 Agency fees 16 21 29 35 Purchased management and labour services 6 5 52 11 Marketing expenses 2 3 5 8 Other expenses 29 11 55 30 TOTAL 301 245 563 473
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 22 NOTE 16 ADMINISTRATIVE AND GENERAL EXPENSES € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Labour expenses (Note 17) 77 51 127 102 Consulting and management fees 22 19 38 38 Audit expenses 19 13 30 28 Purchased services 11 12 34 23 Office supplies 4 4 8 9 Other expenses 11 16 60 26 TOTAL 144 115 297 226 NOTE 17 LABOUR EXPENSES € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Wages and salaries 367 358 673 709 Social security and unemployment insurance 111 120 213 237 Fringe benefits paid to employees 6 1 10 4 TOTAL 484 479 896 950 NOTE 18 OTHER OPERATING INCOME AND EXPENSES OTHER OPERATING INCOME € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Other income 0 13 8 13 TOTAL 0 13 8 13 OTHER OPERATING EXPENSES € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Penalties paid 8 2 17 7 Factoring fees 2 0 3 0 Contract fees 0 0 0 1 Membership fees 1 1 2 1 Reclamations 0 0 7 0 TOTAL 11 3 29 9 NOTE 19 FINANCIAL INCOME AND EXPENSES FINANCIAL INCOME € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Profit from the revaluation of TPD shares 0 0 0 40 TOTAL 0 0 0 40 FINANCIAL EXPENSES € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Interest expenses 43 46 79 92 incl. interest expenses related to provisions (Note 10) 1 1 1 2 Other finance cost 0 0 5 5 TOTAL 44 46 85 97
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Nordic Fibreboard AS Consolidated Interim Report (unaudited) Second quarter and 6 months 2026 23 NOTE 20 RELATED PARTIES The following parƟes are considered to be related parƟes: • Owners of the parent company; • Other enƟƟes in the same consolidaƟon group; • Members of the Management, the Management Board and the Supervisory Board of Nordic Fibreboard AS and their close relaƟves; • EnƟƟes under the control of the members of the Management Board and Supervisory Board; • Individuals with significant ownership unless these individuals lack the opportunity to exert significant influence over the business decisions of the Group. As of 30 June 2026, Joakim Johan Helenius, the owner of Rosamil OÜ, had significant influence over the Group (indirect and direct shareholding of 81.37% in the Company). As of 30 June 2025, Joakim Johan Helenius, the owner of NFB Pärnu Holdings OÜ, had significant influence over the Group (indirect and direct shareholding of 68.86% in the Company). BENEFITS (INCL. TAX EXPENSES) TO MEMBERS OF THE MANAGEMENT ALL CONSOLIDATION GROUP ENTITIES € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Membership fees 34 52 54 100 Compensation for use of personal automobile 1 2 1 4 Social tax 11 18 18 34 TOTAL 46 72 73 137 Benefits (incl. tax expenses) include payments of parent and subsidiary company Management Board fees paid within the period. No payments were made to members of Supervisory Board. TRANSACTIONS WITH RELATED PARTIES Nordic Fibreboard Group has purchased mainly consulƟng and management services from related parƟes. TransacƟons with related parƟes are made on market terms. In the first quarter of 2025, TPD shares were also sold to a related party. € thousand Q2 2026 Q2 2025 6m 2026 6m 2025 Received loan 150 565 493 705 Sale of TPD shares 0 0 0 539 Purchased services 27 21 89 40 TOTAL 177 586 582 1,284 In the first half of 2026, Nordic Fibreboard AS received a loan in the amount of € 493 thousand from the group companies, with an interest rate of 6-month EURIBOR+6,5% per annum. In the first half of 2025, Nordic Fibreboard AS received a loan in the amount of € 705 thousand from the related party, with an interest rate of 6-month EURIBOR+6,5% per annum. BALANCES WITH RELATED PARTIES AS OF € thousand 30.06.2026 31.12.2025 30.06.2025 31.12.2024 Short-term loan with interest obligation 593 100 0 228 Long-term loan with interest obligation 244 244 1,342 409 Purchased services 94 51 4 38 TOTAL 931 395 1,346 675