Interim report
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1 2222222222222222 UNAUDITED CONSOLIDATED INTERIM REPORT FOR THE HT GROUP JANUARY - SEPTEMBER 2025
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2 CONTENTS COMMENT OF THE PRESIDENT OF THE MANAGEMENT BOARD ...................................................... 3 9M 2025 HIGHLIGHTS .......................................................................................................................... 4 SELECTED FINANCIAL DATA ................................................................................................................ 6 SELECTED OPERATIONAL DATA .......................................................................................................... 7 HT GROUP 2025 OUTLOOK .................................................................................................................. 9 RISK MANAGEMENT ........................................................................................................................... 10 CHANGES IN REPORTING .................................................................................................................. 10 HT GROUP FINANCIAL STATEMENTS ................................................................................................ 11 NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS ................ 14 STATEMENT OF THE MANAGEMENT BOARD OF HRVATSKI TELEKOM D.D. ................................... 16 PRESENTATION OF INFORMATION .................................................................................................... 17 DISCLAIMER ........................................................................................................................................ 17 CONTACT DETAILS .............................................................................................................................. 18 APPENDIX ........................................................................................................................................... 19
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3 COMMENT OF THE PRESIDENT OF THE MANAGEMENT BOARD Commenting on the business results for 9M 2025, Nataša Rapaić, CEO of Hrvatski Telekom, stated: “In the first nine months of the year, we continued to deliver strong results across key business areas, with the transformation of our operating model positively impacting our performance. Our market -leading investments have reached EUR 181.7 million, an increase of 12.9% year -on-year, confirming our commitment to invest in the future of Croatia’s digital infrastructure by building modern fiber and mobile networks that connect people and businesses, and the whole society. We have further expanded the largest FTTH network in Croatia, growing our footprint by over 20% bringing high-speed fiber households and businesses, in both cities and rural areas. With these efforts by the whole company and dedication of our employees, we are on track to enable gigabit fiber network for one million households and businesses by end of the year. Continuous development of our 5G network and innovative solutions has resulted with excellent performance, as well as international recognition, whi le with our dedication to service and product quality we ensured that our customers enjoy the best customer experience. Focusing on the application of innovative technologies is an important part of our plans, with AI -based solutions that we are already implementing in our operations, enabling the optimization of operational processes, a better understanding of customer nee ds, and increased energy efficiency. Through the infrastructure, services, and tools that we provide, we will continue to work on making AI available to everyone. Our investments in key infrastructure, innovative technologies a customer experience are more than business decisions; they are an investment in the country’s economic growth and social progress. Even in a challenging environment, we remain focused on our mission: to connect Croatia and contribute to a more digital and productive, inclusive, and technologically more advanced society.”
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4 9M 2025 HIGHLIGHTS • Growth momentum continues : Revenue up by 4.0%, adjusted EBITDA AL up by 3. 2%, Net profit reached EUR 111.9m • Accelerated market leading investments: EUR 181.7m invested in Q3 2025, with raised investment outlook, aiming to extend FTTH coverage to 1m households and businesses by the year-end • Strong shareholder returns: EUR 158.0m distributed through combination of dividend and S hare Buybacks Hrvatski Telekom maintained its growth trajectory, delivering a 4.0% YoY revenue growth, supported by positive business developments across mobile and fixed service revenues as well as profitable system solutions business. Adjusted EBITDA AL grew by 3.2% YoY, driven by solid top-line performance and ongoing transformation of the operating model which helped offset persistent costs and inflationary-related pressures. Net profit after non-controlling interests grew by 4.8% YoY, with growth in adjusted EBITDA AL partly offset by increased depreciation and weaker net financial result. Market leading investments in 9M 2025 reached EUR 181.7 million, up by 12.9% from the prior year . This demonstrates HT’s continuous commitment to building state-of-the-art fiber and mobile infrastructure across Croatia, with HT regularly investing over 20% of its revenues in to advancing the country’s digitalization. Strengthened network leadership During the first nine months of the year , Hrvatski Telekom continued to expand the largest fiber‑to‑the‑home (FTTH) network in Croatia, increasing its footprint by over 20% year‑on‑year and bringing high‑speed connectivity to households and businesses nationwide -including rural areas . This ongoing expansion contributes to decreasing the digital gap and ensuring a digital platform which is the foundation for progress . Th e company remains on track to enable gigabit fiber speeds to 1 million households and businesses in Croatia by year-end. Ongoing upgrades and optimization of 5G network have further enhanced mobile network performance , especially during the network -intensive summer months, ensuring a consistently top-quality customer experience. Hrvatski Telekom was once again recognized as a technology leader, as the Rijeka Gateway 5G campus network, where Hrvatski Telekom equipped the new port container terminal with a 5G network , was highlighted at the European Commission’s European Digital Connectivity Awards 2025 as one of Europe’s most innovative digital connectivity projects. Investments in the critical infrastructure and by developing innovative solutions remains essential for the company and country’s economic growth and broader digital transformation. Despite challenging business environment, Hrvatski Telekom remains committed to executing its investment plans.
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5 Investments in the critical infrastructure and by developing innovative solutions remains essential for the company and country’s economic growth and broader digital transformation. Despite challenging business environment, Hrvatski Telekom remains committed to executing its investment plans. Revised year-end outlook Hrvatski Telekom has raised its investment outlook to accelerate fiber rollout, targeting FTTH coverage of 1 million households and businesses by year -end. Consequently, company now expects CAPEX A fter Leases to increase around 10% year -over-year, compared to its previous gui dance of low single -digits growth compared to 2024. The remainder of the guidance is reaffirmed, with Hrvatski Telekom continuing to expect low single-digit growth in both revenue and EBITDA after leases. The Company’s approach to regional expansion remains unchanged, as it continues to evaluate potential M&A opportunities. Attractive capital return for shareholders In June, Hrvatski Telekom distributed a dividend of EUR 125.5 million for financial year 2024, which represents the highest payout since 2013 and an increase of 7.2% compared to the previous year. During the first nine months of 2025, within the framework of the ongoing Share Buyback Program, the Company purchased additional 761,789 shares on the Zagreb Stock Exchange. On 30 September 2025, the total number of acquired shares amounted to 1,555,468, representing 1.99% of the Company’s issued share capital. In total, EUR 158.0 million was returned to shareholders through dividends and share buybacks this year which is clear evidence of its sustained financial strength, disciplined capital management, and commitment to delivering long‑term shareholder value.
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6 SELECTED FINANCIAL DATA Key financial data - HT Group (EUR million) 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Revenue 813.3 845.6 4.0% 291.7 301.1 3.2% Mobile service revenues 313.3 330.0 5.3% 123.5 126.7 2.6% Mobile non-service revenues 135.0 136.9 1.4% 41.3 44.0 6.5% Fixed service revenues 258.0 268.4 4.0% 90.0 90.2 0.2% Fixed non-service revenues 48.8 48.6 -0.5% 17.1 16.8 -1.7% System solutions 58.2 61.8 6.3% 19.8 23.4 18.2% Adjusted EBITDA AL 312.0 322.1 3.2% 123.8 128.3 3.6% Adjusted EBITDA AL margin 38.4% 38.1% -0.3 p.p. 42.4% 42.6% 0.2 p.p. EBIT 136.4 144.2 5.7% 63.4 69.1 8.9% EBIT margin 16.8% 17.0% 0.3 p.p. 21.7% 22.9% 1.2 p.p. Net profit after non controlling interest 106.7 111.9 4.8% 49.7 53.9 8.6% Net profit margin 13.1% 13.2% 0.1 p.p. 17.0% 17.9% 0.9 p.p. CAPEX AL 161.0 181.7 12.9% 59.5 64.8 9.0% CAPEX AL / Revenue ratio 19.8% 21.5% 1.7 p.p. 20.4% 21.5% 1.1 p.p. IFRS 16 CAPEX 46.2 36.0 -22.1% 11.7 9.8 -16.3% Key financial data - HT Group in Croatia (EUR million) 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Revenue 746.8 776.5 4.0% 267.2 275.7 3.2% Mobile service revenues 282.4 297.7 5.4% 111.6 114.3 2.4% Mobile non-service revenues 127.4 129.2 1.4% 38.7 41.4 7.0% Fixed service revenues 238.3 247.4 3.8% 83.1 82.9 -0.3% Fixed non-service revenues 43.1 42.7 -1.0% 14.7 14.5 -1.6% System solutions 55.5 59.5 7.2% 19.1 22.6 18.7% Adjusted EBITDA AL 287.4 296.0 3.0% 114.4 118.1 3.3% Adjusted EBITDA AL margin 38.5% 38.1% -0.4 p.p. 42.8% 42.8% 0.0 p.p. EBIT 129.7 135.7 4.7% 60.3 64.8 7.6% EBIT margin 17.4% 17.5% 0.1 p.p. 22.5% 23.5% 1.0 p.p. Net profit after non controlling interest 107.6 111.5 3.6% 47.9 51.8 8.2% Net profit margin 14.4% 14.4% -0.1 p.p. 17.9% 18.8% 0.9 p.p. CAPEX AL 145.5 168.3 15.7% 56.8 60.2 6.0% CAPEX AL / Revenue ratio 19.5% 21.7% 2.2 p.p. 21.3% 21.8% 0.6 p.p. IFRS 16 CAPEX 45.0 32.8 -27.1% 11.7 9.2 -21.5% Key financial data - CT (EUR million) 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Revenue 67.3 69.7 3.6% 24.7 25.7 3.8% Mobile service revenues 30.9 32.3 4.4% 11.9 12.4 4.3% Mobile non-service revenues 7.6 7.7 1.2% 2.6 2.6 -0.6% Fixed service revenues 19.9 21.0 5.5% 6.9 7.3 6.5% Fixed non-service revenues 6.2 6.3 2.2% 2.6 2.5 -3.0% System solutions 2.8 2.5 -10.6% 0.8 0.9 8.9% Adjusted EBITDA AL 24.6 26.0 5.9% 9.5 10.2 7.9% Adjusted EBITDA AL margin 36.5% 37.3% 0.8 p.p. 38.2% 39.7% 1.5 p.p. EBIT 6.5 8.4 28.3% 3.1 4.3 36.9% EBIT margin 9.7% 12.0% 2.3 p.p. 12.6% 16.6% 4.0 p.p. Net profit after non controlling interest 4.4 5.9 35.7% 2.2 2.6 15.5% Net profit margin 6.5% 8.5% 2.0 p.p. 9.1% 10.1% 1.0 p.p. CAPEX AL 15.5 13.4 -13.6% 2.7 4.6 73.6% CAPEX AL / Revenue ratio 23.1% 19.3% -3.8 p.p. 52.5% 0.0% -52.5 p.p. IFRS 16 CAPEX 1.2 3.2 163.2% -0.1 0.6 1177.9%
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7 SELECTED OPERATIONAL DATA Key operational data - HT Group in Croatia¹ 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Mobile Number of customers 2,589 2,654 2.5% 2,589 2,654 2.5% - Prepaid 1,060 1,060 0.0% 1,060 1,060 0.0% - Postpaid 1,529 1,594 4.2% 1,529 1,594 4.2% Blended ARPU 11.3 11.4 0.9% 11.5 11.4 -1.0% - Prepaid 5.2 4.6 -10.0% 5.1 4.7 -7.9% - Postpaid 15.0 15.5 3.5% 15.7 15.7 0.1% Fixed Voice connections - retail 718 711 -1.0% 718 711 -1.0% - ARPU voice per user 8.0 7.5 -7.0% 8.3 7.4 -11.7% Broadband connections - retail 669 672 0.5% 669 672 0.5% - Broadband retail ARPU 15.3 15.9 3.9% 16.1 15.9 -1.3% TV connections 554 553 -0.3% 554 553 -0.3% - TV ARPU 13.0 14.3 10.3% 13.5 14.5 7.5% Wholesale connections2 172 166 -3.0% 172 166 -3.0% Key operational data - CT (in thousands) 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Mobile Number of customers 555 557 0.4% 555 557 0.4% - Prepaid 225 224 -0.4% 225 224 -0.4% - Postpaid 329 333 0.9% 329 333 0.9% Fixed Fixed mainlines - retail 101 100 -0.6% 101 100 -0.6% Broadband access lines - retail 84 85 1.0% 84 85 1.0% TV customers 83 84 1.3% 83 84 1.3% 1 Number of customers in thousands 2 Includes Naked Bitstream + Bitstream + ULL + FA + WLR wholesale rental
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8 I. Revenue Mobile service revenue grew, supported by continued postpaid base expansion, migration from prepaid to postpaid subscriptions and implemented price adjustments. Mobile non-service revenue growth driven by increased market dynamics and the successful innovative handset trade-in models. Fixed service revenue increased driven by customer migrations to higher value propositions, capitalizing on investments in fiber and premium sport content and price adjustments. Fixed non-service revenue decreased due to lower wholesale customer base on copper, partly offset by growth of customer base on fiber infrastructure. System Solutions revenue increased, driven by demand for integrated ICT offerings with focus on cloud and cybersecurity. Crnogorski Telekom mobile service revenues increase is mainly driven by performance in postpaid. Fixed service revenue growth benefited from stronger broadband and TV revenue. II. Profitability Material expenses increased primarily due to merchandise cost s, reflecting increased market activity , alongside rising content costs following new FTA pricing regulations. Employee benefit expenses increased driven by continued strategic investments in our people and timing of severance payments. Adjusted EBITDA A fter Leases growth, driven by top -line strength and continued transformation of the operating model, which offset ongoing wage and inflationary pressures. Net profit after non -controlling interest growth supported by higher EBITDA, partly offset by increased depreciation and weaker net financial result in line with market trends. III. CAPEX AL (excluding spectrum) Capex After Leases excluding Spectrum in 9M 2025 increased predominantly due to continued expansion of fiber and mobile infrastructure.
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9 IV. Financial position Balance sheet HT Group's total assets decreased compared to prior year mainly due to lower level of cash and cash equivalents and prepayments. Th is decrease was partially offset by higher capital investments and inventories. HT Group's equity decreased compared to prior year following dividend payout and treasury share buyback partially offset by net profit generated for the period. Current liabilities decreased compared to 2024 , reflecting lower contract liabilities and redundancy provisions. Cash flow (CF) Net cash flow from HT Group's operating activities decreased year over year, as stronger operating results were offset by unfavorable working capital movements. The increase in cash expenditure from investment activities in 2025 is mainly driven by higher capex , following the accelerated fiber and mobile rollout. The net cash expenditure from financial activities increased primarily due to the dividend paid out, share buybacks and higher content repayments. HT GROUP 2025 OUTLOOK Results 2024 Previous outlook 2025 vs. 2024 Outlook 2025 vs. 2024 REVENUE EUR 1,102 million Low-single-digit increase Low-single-digit increase ADJ. EBITDA AL EUR 416 million Low-single-digit increase Low-single-digit increase CAPEX AL¹ EUR 243 million Low-single digit increase Around 10% increase REGIONAL EXPANSION HT is monitoring and evaluating potential M&A opportunities HT is monitoring and evaluating potential M&A opportunities HT is monitoring and evaluating potential M&A opportunities 1.Excluding Spectrum
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10 RISK MANAGEMENT Besides the business and regulatory developments detailed in this statement, and in the publicly available audited financial statements for 202 4, there were no material changes to the Group’s risk profile in the period under review. CHANGES IN REPORTING On 8 November 2023, HT and Iskon concluded the Merger Agreement of Iskon into HT. The merger was entered into the Court Register of the Commercial Court in Zagreb on 1 January 2024, by which the merged company Iskon ceased to exist as a separate legal entity. As the acquiring company, HT became the universal legal successor of Iskon, thus entering into all legal relationships of the merged company. Products and services previously offered by Iskon continue to be provided within HT but as a separate Iskon brand. On 1 January 2024, the technological unit Ericsson Nikola Tesla Servisi d.o.o. (hereinafter referred to as “ENTS”), responsible for the construction and maintenance of the HT network, which was initially outsourced to ENTS in September 2014, was integrated into HT Group. The now former technological unit of ENTS has been transferred together with the employees to HT Servisi d.o.o. (a subsidiary company established by HT on 15 November 2023, and fully owned by HT), based on the Agreement on the transfer of a part of the economic activity concluded with ENTS. Based on the Merger Agreement concluded on 5 November 2024 between Croatian Telecom Inc. and HT Servisi d.o.o. and the General Assembly of the merged company on approval for the merger on 2 January 2025, the merger has been entered into the Court Register of the Commercial Court in Zagreb. Upon entry of the merger the company HT Servisi d.o.o. ceased to exist and HT Inc. became the universal legal successor, thus entering into all legal relationships of the merged company. On 29 August 2025, the division of HT through the status change – separation with acquisition has been entered into Court Register thus a part of assets, obligations and capital, pertaining to mobile passive infrastructure and activities connected therewith, have been acquired by HT Towers Ltd., an this company become operational.
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11 HT GROUP FINANCIAL STATEMENTS Unaudited consolidated financial statements Consolidated Income Statement 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Revenue 813.3 845.6 4.0% 291.7 301.1 3.2% Other operating income 8.3 5.0 -39.5% 0.7 1.7 153.9% Total operating revenue 821.6 850.6 3.5% 292.4 302.8 3.6% OPEX AL -522.3 -539.0 3.2% -173.8 -176.4 1.5% Material expenses -243.9 -250.6 2.7% -82.2 -83.6 1.7% Employee benefits expenses -143.4 -157.0 9.5% -49.7 -51.5 3.6% Work performed by the Group and capitalised 10.7 13.2 22.8% 6.5 6.0 -7.5% Other expenses -99.5 -98.6 -0.9% -33.3 -31.9 -4.4% Net impairment losses on trade receivables and contract assets -7.1 -4.8 -31.8% -1.8 -1.1 -38.9% LEASE Depreciation -35.3 -37.3 5.9% -12.0 -13.1 9.4% LEASE Interest -3.9 -3.8 -1.1% -1.3 -1.3 -5.0% EBITDA AL 299.3 311.6 4.1% 118.6 126.4 6.6% EBITDA AL margin 36.8% 36.9% 0.0 p.p. 40.6% 42.0% 1.3 p.p. Exceptional items* 12.6 10.4 -17.4% 5.3 1.9 -64.2% Adjusted EBITDA AL 312.0 322.1 3.2% 123.8 128.3 3.6% Adjusted EBITDA AL margin 38.4% 38.1% -0.3 p.p. 42.4% 42.6% 0.2 p.p. Depreciation (without leases) -166.8 -171.3 2.7% -56.4 -58.6 3.8% EBIT 136.4 144.2 5.7% 63.4 69.1 8.9% EBIT margin 16.8% 17.0% 0.3 p.p. 21.7% 22.9% 1.2 p.p. Net financial result (non IFRS 16 related) 2.7 -0.7 -125.3% 0.7 -0.7 -206.6% Financial income 6.8 4.3 -36.2% 2.2 1.3 -40.1% Income/loss from investment in joint ventures 0.0 0.0 - 0.0 0.0 - Financial expenses -4.1 -5.0 -24.0% -1.5 -2.0 -39.4% Tax provisions -27.5 -26.5 -3.5% -12.6 -12.7 0.3% Non controlling interests -1.0 -1.2 19.1% -0.5 -0.5 -5.2% Net profit after non controlling interests 106.7 111.9 4.8% 49.7 53.9 8.6% Net profit margin 13.1% 13.2% 0.1 p.p. 17.0% 17.9% 0.9 p.p. * Exceptional items mainly relate to restructuring redundancy costs and legal cases Note: Lease Depreciation and Lease Interest is shown separately within OPEX AL. in EUR million HT Group
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12 Consolidated Balance Sheet in EUR million At 31 Dec 2024 At 30 Sep 2025 % of change A25/A24 Intangible assets 394.9 379.8 -3.8% Property, plant and equipment 868.4 893.5 2.9% Non-current financial assets 0.3 0.3 -0.5% Non-current receivables 46.9 48.4 3.4% Prepayments and accrued income due > 1 year 17.2 14.4 -15.9% Right-of-use assets 81.4 79.4 -2.4% Contract assets due > 1 year 10.2 11.6 13.9% Contract costs due > 1 year 34.6 41.7 20.6% Deferred tax asset 20.0 21.1 5.1% Total non-current assets 1,473.8 1,490.2 1.1% Inventories 44.5 55.4 24.6% Assets held for sale 31.6 31.6 0.0% Current receivables 249.2 269.8 8.2% Current financial assets 0.0 0.0 - Contract assets due <= 1 year 39.2 47.5 21.1% Contract costs due <= 1 year 13.7 15.3 12.4% Cash and cash equivalents 229.7 121.7 -47.0% Prepayments and accrued income due <= 1 year 15.5 11.0 -28.9% Total current assets 623.4 552.3 -11.4% TOTAL ASSETS 2,097.1 2,042.5 -2.6% Subscribed share capital 1,359.7 1,359.7 0.0% Reserves 96.9 128.7 32.9% Revaluation reserves 0.0 0.0 -7.5% Cash flow hedge reserves -8.6 -7.2 15.7% Treasury shares -29.7 -60.5 -103.9% Retained earnings 83.5 67.0 -19.7% Net profit for the period 141.9 111.9 -21.2% Non controlling interest 32.7 32.8 0.2% Total issued capital and reserves 1,676.6 1,632.5 -2.6% Provisions 17.4 17.8 2.2% Non-current liabilities 32.2 30.6 -4.9% Lease liabilities due > 1 year 55.4 55.5 0.1% Contract liabilities due > 1 year 0.0 0.0 - Deferred tax liability 4.4 2.7 -38.1% Total non-current liabilities 109.4 106.6 -2.6% Current liabilities 259.3 256.5 -1.1% Lease liabilities due <= 1 year 21.2 21.2 0.3% Contract liabilities due <= 1 year 16.6 13.4 -18.9% Accrued expenses and deferred income 12.1 12.0 -0.8% Provisions for redundancy 2.0 0.2 -88.2% Total current liabilities 311.2 303.4 -2.5% Total liabilities 420.5 410.0 -2.5% TOTAL EQUITY AND LIABILITIES 2,097.1 2,042.5 -2.6%
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13 Consolidated Cash Flow Statement in EUR million 9M 2024 9M 2025 % of change A25/A24 Q3 2024 Q3 2025 % of change A25/A24 Profit before tax 135.3 139.6 3.2% 62.8 67.1 6.8% Depreciation and amortization 202.1 208.6 3.2% 68.4 71.7 4.8% Increase / decrease of current liabilities 12.2 2.5 -79.8% 0.2 -15.0 -6423.6% Increase / decrease of current receivables -5.1 -22.6 -346.4% -8.7 -16.6 -91.5% Increase / decrease of inventories -8.2 -10.9 -32.7% -0.6 -1.7 -166.7% Other cash flow increases / decreases -36.5 -32.3 11.5% -12.2 -10.2 16.3% Net cash inflow/outflow from operating activities 299.8 284.9 -5.0% 110.0 95.3 -13.3% Proceeds from sale of non-current assets 5.2 2.0 -60.9% 0.1 0.4 237.1% Proceeds from sale of non-current financial assets 0.0 0.0 -68.9% 0.0 -0.1 -1316.0% Interest received 5.9 2.5 -58.1% 1.8 0.4 -78.0% Dividend received 0.0 0.0 - 0.0 0.0 - Other cash inflows from investing activities 10.2 -0.3 -103.1% 10.0 0.1 -98.9% Total increase of cash flow from investing activities 21.4 4.2 -80.4% 11.9 0.8 -93.5% Purchase of non-current assets -152.2 -165.8 -8.9% -51.9 -55.1 -6.1% Purchase of non-current financial assets -0.1 -0.1 18.2% 0.0 0.0 697.9% Other cash outflows from investing activities -1.0 0.0 100.0% 2.6 0.0 -100.0% Total decrease of cash flow from investing activities -153.2 -165.8 -8.2% -49.3 -55.1 -11.7% Net cash inflow/outflow from investing activities -131.9 -161.6 -22.6% -37.4 -54.3 -45.1% Total increase of cash flow from financing activities 0.0 0.0 - 0.0 0.0 - Dividends paid -119.2 -126.5 -6.1% 0.0 -0.1 - Repayment of lease -34.0 -35.2 -3.4% -10.3 -9.8 4.8% Other cash outflows from financing activities -38.1 -69.7 -82.6% -16.4 -11.5 29.7% Total decrease in cash flow from financing activities -191.4 -231.3 -20.9% -26.7 -21.4 19.6% Net cash inflow/outflow from financing activities -191.4 -231.3 -20.9% -26.7 -21.4 19.6% Exchange gains/losses on cash and cash equivalents 0.0 0.0 - 0.0 0.0 - Cash and cash equivalents at the beginning of period* 233.1 229.7 -1.5% 163.8 102.1 -37.7% Net cash (outflow) / inflow -23.5 -108.0 -360.5% 45.9 19.6 -57.3% Cash and cash equivalents at the end of period 209.6 121.7 -42.0% 209.6 121.7 -42.0%
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14 NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS Basis of preparation The condensed consolidated financial statements as of 30 September 2025 and for the year then ended, have been prepared using accounting policies consistent with International Financial Reporting Standards. Significant Accounting Policies The consolidated financial statements have been prepared under the historical cost convention, except for investments available-for-sale stated at fair value. The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of HT’s consolidated financial statements for the year ended 31 December 2024. Dividend On June 3, 2025, General Assembly of Hrvatski Telekom has brought the decision regarding the dividend payout for year 2024 in amount of EUR 1,64 per share. Dividend in amount of EUR 125.479.042,04 was distributed from net profit in 2024. Relations with the governing company and its affiliated companies In the first nine months of 2025 there were no transactions among related parties with a significant impact on the financial position and operations of the Group in the given period. In the first nine months of 2025 there were no changes in transactions among related parties which were specified in the annual financial report for 2024, and which had a significant impact on the financial position and operations of the Group in 2025. Business relations transacted between HT d.d. and affiliated companies thereof (hereinafter referred to as: Group) in first nine months of 2025 and the governing company and affiliated companies thereof can be classified as follows: Transactions with related companies Transactions with related companies primarily related to the transactions with the companies owned by Deutsche Telekom AG (hereinafter referred to as: DTAG). The Group enters into transactions in the regular course of business on an arm’s length basis. The se transactions included the sending and receiving of
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15 international traffic to/from these companies and other intercompany services between related companies. In first nine months of 2025 the Group generated total revenue from related companies to the amount of EUR 30.0 million (the first nine months of 2024: EUR 28.3 million), while total costs amounted to EUR 29.2 million (the first nine months of 2024: EUR 24.9 million). Compensation of the Supervisory Board The chairman of the Supervisory Board receives remuneration in the amount of 1.5 times of the average net salary of the employees of the Company paid in the preceding month. To the deputy chairman, remuneration is the amount of 1.25 times of the average net salary of the employees of the Company paid in the preceding month is paid, while any other member receives the amount of one average net salary of the employees of the Company paid in the preceding month. To a member of the Supervisory Board, who is at the same time the Chairman of the Audit Committee of the Supervisory Board, remuneration is the amount of 1.5 times of the average monthly net salary of the employees of the Company paid in the preceding month. To a member of the Supervisory Board, who is at the same time a Member of one board or committee of the Supervisory Board, remuneration is the amount of 1.25 times of the average monthly net salary of the employees of the Company paid in the preceding month. To a member of the Supervisory Board, who is at the same time a Member of two or more committees of the Supervisory Board, remuneration is the amount of 1.5 times of the average monthly net salary of the employees of the Company paid in the preceding month. DT AG representatives do not receive any remuneration for the membership in the Supervisory Board due to a respective policy of DT AG. In the first nine months of 2025, the Group paid a total amount of EUR 0.11 million (the first nine months 2024: EUR 0.09 million) to the Members of its Supervisory Board. No loans were granted to the Members of the Supervisory Board. Compensation to key management personnel In the first nine months 2025, the total compensation paid to key management personnel of the Group amounted to EUR 6.6 million (the first six months 2024: EUR 7.0 million). Compensation paid to key management personnel relates to short -term employee benef its. Key management personnel include members of the Management Boards of the Company and its subsidiaries and the Company`s directors of Sector, who are employed by the Group.
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16 STATEMENT OF THE MANAGEMENT BOARD OF HRVATSKI TELEKOM D.D. Financial Statements of the company Hrvatski T elekom d.d., for the 9M 2025, consolidated and non - consolidated, are not audited. T o the best of our knowledge, unaudited financial statements of the company Hrvatski Telekom d.d. (hereinafter: “Company”) and unaudited consolidated financial statements of the Company and affiliated companies thereof (hereinafter: "Group"), which are pre pared in accordance with International Financial Reporting Standards (IFRS), give a true and fair view of assets and obligations, profit and loss, financial position, and operations of both the Company and the Group. The Management report for the 9M 2025 contains a true presentation of development and results of operations and position of the Group, with description of significant risks and uncertainties for the Group as a whole. Ms. Nataša Rapaić, President of the Management Board Ms. Marijana Bačić, Member of the Management Board and Chief Operating Officer Business Mr. Ivan Bartulović, Member of the Management Board and Chief Operating Officer for Human Resources and Customer Operations Mr. Boris Drilo, Member of the Management Board and Chief T echnical and Chief Information Officer Mr. Siniša Đuranović, Member of the Management Board and Chief Corporate Affairs Officer Mr. Matija Kovačević, Member of the Management Board and Chief Financial Officer Mr. Krešimir Madunović, Member of the Management Board and Chief Operating Officer Residential Zagreb, 28 October 2025
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17 PRESENTATION OF INFORMATION Unless the context otherwise requires, references in this publication to ‘‘HT Group’’ or ‘‘the Group’’ or "HT" are to the Company Hrvatski Telekom d.d., together with its subsidiaries. References to ‘‘Combis’’ are to the Company’s wholly owned subsidiary, Combis d.o.o. References to “Crnogorski” or “CT” are to Crnogorski T elekom, the company fully consolidated into the Group’s financial statements as of 1 January 2017. References in this publication to ‘‘Agency’’ are to the Croatian Regulatory Authority for Network Industries (HAKOM). DISCLAIMER This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Group. These forward -looking statements represent the Company's expectations or beliefs concerning future events and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Additional information concerning important factors that could cause actual results to differ materially is available in the Group's reports which may be found at www.t.ht.hr
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18 CONTACT DETAILS Hrvatski Telekom Investor Relations Tomislav Bajić, CFA + 385 1 4911 114 ir@t.ht.hr A conference call for analysts and investors will be held on Tuesday, 28 October 2025 at 13:00 CET. Hrvatski Telekom Inc. Radnička cesta 21, HR - Zagreb Member State: Republic of Croatia Listing: Zagreb Stock Exchange, Prime Market Ordinary share: HT (ISIN: HRHT00RA0005) LEI: 097900BFHJ0000029454 Full unaudited results for HT Group and HT d.d., other prescribed documentation as well as a presentation covering results, can be downloaded from the HT web site (www.t.ht.hr/en/investor-relations/) and are fully available in the Official Register of Prescribed Information (SRPI).
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19 APPENDIX HT GROUP FINANCIAL STATEMENTS – TFI POD Unaudited consolidated financial statements * The following statements are prepared according to TFI-POD requirements. Therefore, the structure of the statements is not entirely the same as our statements presented on the previous pages prepared according to IFRS methodology.
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to Year: 2025 Quarter: 3. LEI: Institution code: 5685 KD KN KD RN RN RD MB: 3609103 02289377 04659511 05861624 06097014 Yes No Annex 1 ISSUER’S GENERAL DATA Reporting period: 01.01.2025 30.09.2025 Entity’s registration number (MBS): 80266256 Quarterly financial statements egistration number (MB): 1414887 Issuer’s home Member State code: HR 273 Name of the issuer: Hrvatski Telekom d.d. Personal identification number (OIB): 81793146560 097900BFHJ0000029454 Street and house number: Radnička cesta 21 Postcode and town: 10000 Zagreb Number of employees (end of the reporting E-mail address: consolidation@t.ht.hr Web address: www.t.ht.hr Names of subsidiaries (according to IFRS): Registered office: Consolidated report: (KN-not consolidated/KD-consolida ted) Audited: (RN-not audited/RD-audited) HT Holding Radnička cesta 21, Zagreb HT Servisi d.o.o. Radnička cesta 21, Zagreb COMBIS d.o.o. Radnička cesta 21, Zagreb Crnogorski Telekom A.D. Moskovska 29, Podgorica HT Towers d.o.o. Radnička cesta 21, Zagreb Contact person: (only name and surname of the contact person) Telephone: Bookkeeping firm: No (Yes/No) (name of the bookkeeping firm) Audit firm: Deloitte d.o.o. (name of the audit firm) Certified auditor: Katarina Kadunc (name and surname) E-mail address: consolidation@t.ht.hr
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ADP code Last day of the preceding business year At the reporting date of the current period 23 4 001 00 002 1.456.600.424 1.475.808.015 003 476.241.875 459.228.167 004 00 005 309.995.947 307.876.539 006 46.087.164 46.087.164 007 00 008 38.795.338 25.878.240 009 81.363.426 79.386.224 010 868.401.545 893.506.853 011 5.709.954 5.638.397 012 513.792.603 547.374.174 013 175.939.759 187.233.362 014 438.625 390.781 015 00 016 466.838 1.741.757 017 170.383.753 149.559.971 018 1.149.063 1.132.979 019 520.950 435.432 020 292.958 291.494 021 00 022 00 023 00 024 00 025 00 026 00 027 292.958 291.494 028 00 029 00 030 00 031 91.621.827 101.722.434 032 00 033 00 034 84.755.095 95.583.676 035 6.866.732 6.138.758 036 20.042.219 21.059.067 037 607.840.655 541.267.928 038 76.043.614 86.969.567 039 10.373.188 11.604.461 040 00 041 00 042 34.109.826 43.804.506 043 00 044 31.560.600 31.560.600 045 00 046 302.138.804 332.635.251 047 2.783.037 6.321.319 048 00 049 287.813.474 316.464.451 050 4.541.619 4.369.110 051 2.938.741 434.352 052 4.061.933 5.046.019 053 00 054 00 055 00 056 00 057 00 058 00 059 00 060 00 061 00 062 00 063 229.658.237 121.663.110 064 32.682.650 25.460.514 065 2.097.123.729 2.042.536.457 066 00 II RECEIVABLES (ADP 047 to 052) 1 Receivables from undertakings within the group 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables 7 Investments in securities 8 Loans, deposits, etc. given 9 Other financial assets III CURRENT FINANCIAL ASSETS (ADP 054 to 062) 1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group 4 Receivables from employees and members of the undertaking 5 Receivables from government and other institutions 6 Other receivables 1 Research and development C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045) 1 Raw materials and consumables 6 Fixed assets held for sale 7 Biological assets 7 Investments in securities 8 Loans, deposits, etc. given 9 Other investments accounted for using the equity method 10 Other fixed financial assets 5 Advances for inventories 2 Work in progress IV RECEIVABLES (ADP 032 to 035) 1 Receivables from undertakings within the group 1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group 4. Investments in holdings (shares) of companies linked by virtue of participating interests 1 Land 2 Buildings 3 Plant and equipment 4 Tools, working inventory and transportation assets 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables BALANCE SHEET balance as at 30.09.2025 in EUR 8 Other tangible assets 9 Investment property III FIXED FINANCIAL ASSETS (ADP 021 to 030) 5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests 2 Concessions, patents, licences, trademarks, software and other rights 3 Goodwill 4 Advances for the purchase of intangible assets 5 Intangible assets in preparation 5 Biological assets 6 Advances for the purchase of tangible assets 7 Tangible assets in preparation Submitter: Hrvatski Telekom d.d. 6 Other intangible assets II TANGIBLE ASSETS (ADP 011 to 019) 1 Item A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID B) FIXED ASSETS (ADP 003+010+020+031+036) I INTANGIBLE ASSETS (ADP 004 to 009) 4 Other receivables V DEFERRED TAX ASSETS 3 Finished goods 4 Merchandise 4 Investments in holdings (shares) of companies linked by virtue of participating interests 5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests IV CASH AT BANK AND IN HAND D ) PREPAID EXPENSES AND ACCRUED INCOME E) TOTAL ASSETS (ADP 001+002+037+064) OFF-BALANCE SHEET ITEMS
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067 1.676.578.324 1.632.542.200 068 1.359.742.172 1.359.742.172 069 00 070 67.245.245 68.285.194 071 67.987.109 67.987.109 072 28.579.126 60.363.938 073 -29.652.760 -60.459.416 074 00 075 331.770 393.563 076 00 077 -8.564.340 -7.216.144 078 19.457 17.993 079 -8.583.797 -7.234.137 080 00 081 00 082 00 083 83.546.686 67.048.918 084 83.546.686 67.048.918 085 00 086 141.869.392 111.863.769 087 141.869.392 111.863.769 088 00 089 32.739.169 32.818.291 090 17.440.430 17.830.578 091 3.417.152 4.367.768 092 00 093 8.583.407 7.826.277 094 00 095 00 096 5.439.871 5.636.533 097 91.951.117 88.745.959 098 00 099 00 100 00 101 00 102 00 103 00 104 00 105 00 106 00 107 87.580.450 86.039.012 108 4.370.667 2.706.947 109 299.049.110 291.415.812 110 15.229.794 15.707.912 111 00 112 00 113 00 114 00 115 00 116 00 117 175.767.538 166.657.884 118 00 119 34.826.049 30.049.471 120 6.070.251 23.601.808 121 00 122 00 123 67.155.478 55.398.737 124 12.104.748 12.001.908 125 2.097.123.729 2.042.536.457 126 00 2 Loss brought forward 3 Hedge of a net investment in a foreign operation - effective portion A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+083+086+089) I INITIAL (SUBSCRIBED) CAPITAL II CAPITAL RESERVES 1 Financial assets at fair value through other comprehensive income (i.e. available for sale) 2 Cash flow hedge - effective portion 4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests 5 Liabilities for loans, deposits etc. 6 Liabilities to banks and other financial institutions B) PROVISIONS (ADP 091 to 096) 1 Provisions for pensions, termination benefits and similar obligations 11 Taxes, contributions and similar liabilities 12 Liabilities arising from the share in the result 13 Liabilities arising from fixed assets held for sale 8 Liabilities to suppliers 9 Liabilities for securities 10 Other long-term liabilities 11 Deferred tax liability D) SHORT-TERM LIABILITIES (ADP 110 to 123) 1 Liabilities to undertakings within the group 10 Liabilities to employees 2 Liabilities for loans, deposits, etc. of undertakings within the group 3 Liabilities to companies linked by virtue of participating interests 4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests 5 Liabilities for loans, deposits etc. 6 Liabilities to banks and other financial institutions 7 Liabilities for advance payments 2 Loss for the business year VIII MINORITY (NON-CONTROLLING) INTEREST 2 Provisions for tax liabilities 3 Provisions for ongoing legal cases 4 Provisions for renewal of natural resources 5 Provisions for warranty obligations 1 Liabilities to undertakings within the group 2 Liabilities for loans, deposits, etc. of undertakings within the group 3 Liabilities to companies linked by virtue of participating interests VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084- 085) 1 Retained profit 4 Other fair value reserves 5 Exchange differences arising from the translation of foreign operations (consolidation) 14 Other short-term liabilities E) ACCRUALS AND DEFERRED INCOME F) TOTAL – LIABILITIES (ADP 067+090+097+109+124) G) OFF-BALANCE SHEET ITEMS 7 Liabilities for advance payments 8 Liabilities to suppliers 2 Reserves for treasury shares 3 Treasury shares and holdings (deductible item) 4 Statutory reserves 5 Other reserves IV REVALUATION RESERVES V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082) III RESERVES FROM PROFIT (ADP 071+072-073+074+075) 1 Legal reserves LIABILITIES 9 Liabilities for securities 6 Other provisions C) LONG-TERM LIABILITIES (ADP 098 to 108) VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088) 1 Profit for the business year
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Cumulative Quarter Cumulative Quarter 2 3456 001 821.636.310 292.370.461 850.643.409 302.812.550 002 28.337.381 15.528.318 29.998.431 16.130.115 003 784.982.740 276.182.729 815.614.843 285.007.864 004 0000 005 0000 006 8.316.189 659.414 5.030.135 1.674.571 007 685.238.631 228.927.804 706.467.318 233.728.206 008 0000 009 243.944.369 82.208.756 250.552.163 83.595.657 010 25.651.341 9.025.395 25.079.672 8.695.645 011 144.248.989 43.715.201 148.298.883 47.655.847 012 74.044.039 29.468.160 77.173.608 27.244.165 013 130.785.531 43.570.833 143.822.478 49.321.614 014 84.526.467 28.027.455 92.826.750 31.543.159 015 31.095.421 10.445.747 34.513.877 12.080.981 016 15.163.643 5.097.631 16.481.851 5.697.474 017 202.077.443 68.417.876 208.614.068 71.710.572 018 81.693.870 25.711.335 88.013.041 26.686.204 019 7.093.357 1.779.656 4.844.861 1.105.730 020 0000 021 7.093.357 1.779.656 4.844.861 1.105.730 022 19.644.061 7.239.348 10.620.707 1.308.429 023 7.457.439 4.759.264 7.967.346 692.670 024 0000 025 10.713.322 2.013.784 1.008.182 21.975 026 0000 027 0000 028 1.473.300 466.300 1.645.179 593.784 029 0000 030 6.798.907 2.165.332 4.338.647 1.296.128 031 0000 032 0000 033 2.694.451 967.625 967.748 0 034 0000 035 20.853 1.727 61.119 32.637 036 397.080 201.661 447.072 127.614 037 2.201.461 398.418 1.040.645 264.865 038 1.485.062 595.901 1.822.063 871.012 039 0000 040 0000 041 7.940.640 2.799.322 8.873.252 3.309.132 042 0000 043 23.567 834 69.630 41.264 044 6.325.345 2.039.605 6.979.824 2.363.260 045 1.544.848 756.861 1.783.833 898.852 046 0000 047 3.547 2.022 6.353 5.754 048 43.333 0 33.612 2 049 0000 050 0000 051 0000 052 0000 053 828.435.217 294.535.793 854.982.056 304.108.678 054 693.179.271 231.727.126 715.340.570 237.037.338 055 135.255.946 62.808.667 139.641.486 67.071.340 056 135.255.946 62.808.667 139.641.486 67.071.340 057 0000 058 27.490.189 12.623.351 26.529.369 12.658.206 059 107.765.757 50.185.316 113.112.117 54.413.134 060 107.765.757 50.185.316 113.112.117 54.413.134 061 0000 Item ADP code Same period of the previous year Current period in EUR Submitter: Hrvatski Telekom d.d. 1 XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059) 1 Profit for the period (ADP 055-059) 5 Unrealised losses (expenses) from financial assets 6 Value adjustments of financial assets (net) 7 Other financial expenses for the period 01.01.2025 to 30.09.2025 STATEMENT OF PROFIT OR LOSS IX TOTAL INCOME (ADP 001+030+049 +050) X TOTAL EXPENDITURE (ADP 007+041+051 + 052) IV FINANCIAL EXPENSES (ADP 042 to 048) 1 Interest expenses and similar expenses with undertakings within the group 8 Other operating expenses III FINANCIAL INCOME (ADP 031 to 040) 4 Depreciation 5 Other costs V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF PARTICIPATING INTERESTS VI SHARE IN PROFIT FROM JOINT VENTURES VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF PARTICIPATING INTEREST VIII SHARE IN LOSS OF JOINT VENTURES 7 Other interest income 8 Exchange rate differences and other financial income 9 Unrealised gains (income) from financial assets 10 Other financial income c) Provisions for ongoing legal cases d) Provisions for renewal of natural resources e) Provisions for warranty obligations 2 Exchange rate differences and other expenses from operations with undertakings within the group 3 Interest expenses and similar expenses 4 Exchange rate differences and other expenses I OPERATING INCOME (ADP 002 to 006) 1 Income from sales with undertakings within the group 2 Income from sales (outside group) 3 Income from the use of own products, goods and services 4 Other operating income with undertakings within the group 5 Other operating income (outside the group) a) fixed assets other than financial assets b) current assets other than financial assets 7 Provisions (ADP 023 to 028) a) Provisions for pensions, termination benefits and similar obligations b) Provisions for tax liabilities c) Contributions on salaries XI PRE-TAX PROFIT OR LOSS (ADP 053-054) 1 Pre-tax profit (ADP 053-054) 2 Pre-tax loss (ADP 054-053) XII INCOME TAX 2 Loss for the period (ADP 059-055) II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029) 1 Changes in inventories of work in progress and finished goods 2 Material costs (ADP 010 to 012) a) Costs of raw materials and consumables b) Costs of goods sold c) Other external costs 3 Staff costs (ADP 014 to 016) a) Net salaries and wages f) Other provisions b) Tax and contributions from salary costs 1 Income from investments in holdings (shares) of undertakings within the group 2 Income from investments in holdings (shares) of companies linked by virtue of participating interests 3 Income from other long-term financial investment and loans granted to undertakings within the group 4 Other interest income from operations with undertakings within the group 5 Exchange rate differences and other financial income from operations with undertakings within the group 6 Income from other long-term financial investments and loans 6 Value adjustments (ADP 020+021)
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062 0000 063 0000 064 0000 065 0000 066 0000 067 0000 068 0000 069 0000 070 0000 071 0000 072 0000 073 0000 074 0000 075 107.765.757 50.185.316 113.112.117 54.413.134 076 106.717.977 49.653.209 111.863.769 53.908.470 077 1.047.780 532.107 1.248.348 504.664 078 107.765.757 50.185.316 113.112.117 54.413.134 079 -7.166.844 -387.424 1.348.195 -22.999 080 13.375 12.462 -1.464 4.711 081 0000 082 13.375 12.462 -1.464 4.711 083 0000 084 0000 085 0000 086 0000 087 -7.180.219 -399.886 1.349.659 -27.710 088 0000 089 0000 090 -7.180.219 -399.886 1.349.659 -27.710 091 0000 092 0000 093 0000 094 0000 095 0000 096 0000 097 -7.166.844 -387.424 1.348.195 -22.999 098 100.598.913 49.797.892 114.460.312 54.390.135 099 100.598.913 49.797.892 114.460.312 54.390.135 100 99.551.133 49.265.785 113.211.964 53.885.471 101 1.047.780 532.107 1.248.348 504.664 XIX PROFIT OR LOSS FOR THE PERIOD (ADP 076+077) 1 Attributable to owners of the parent 2 Attributable to minority (non-controlling) interest 1 Profit for the period (ADP 068-071) DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations) TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations) APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements) 1 Pre-tax profit from discontinued operations 2 Loss for the period (ADP 071-068) XV INCOME TAX OF DISCONTINUED OPERATIONS 1 Discontinued operations profit for the period (ADP 062-065) 2 Discontinued operations loss for the period (ADP 065-062) STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS) 6 Income tax relating to items that will not be reclassified XVI PRE-TAX PROFIT OR LOSS (ADP 055-+062) 1 Pre-tax profit (ADP 068) 2 Pre-tax loss (ADP 068) XVII INCOME TAX (ADP 058+065) XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071) 2 Pre-tax loss on discontinued operations XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 063-064) V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096) VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097) VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 100+101) 1 Attributable to owners of the parent 2 Attributable to minority (non-controlling) interest I PROFIT OR LOSS FOR THE PERIOD II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 80+ 87) 1 Changes in revaluation reserves of fixed tangible and intangible assets 2 Gains or losses from subsequent measurement of equity instruments at fair value through other comprehensive income 3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in their credit risk 4 Profit or loss arising from effective hedge of a net investment in a foreign operation 2 Gains or losses from subsequent measurement of debt securities at fair value through other comprehensive income APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements) 3 Profit or loss arising from effective cash flow hedging 4 Actuarial gains/losses on the defined benefit obligation 5 Other items that will not be reclassified III Items that will not be reclassified to profit or loss (ADP 081 to 085) IV Items that may be reclassified to profit or loss (ADP 088 to 095) 1 Exchange rate differences from translation of foreign operations 5 Share in other comprehensive income/loss of companies linked by virtue of participating interests 6 Changes in fair value of the time value of option 7 Changes in fair value of forward elements of forward contracts 8 Other items that may be reclassified to profit or loss 9 Income tax relating to items that may be reclassified to profit or loss
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ADP code Same period of the previous year Current period 23 4 001 135.255.946 139.641.486 002 207.475.326 212.576.066 003 202.077.443 208.614.068 004 -4.185.683 -2.012.827 005 -3.044.651 -1.408.467 006 -2.201.461 -1.040.645 007 6.325.345 6.979.824 008 7.780.932 387.016 009 74.990 0 010 648.411 1.057.097 011 342.731.272 352.217.552 012 -6.780.412 -38.577.233 013 12.233.682 2.466.157 014 -5.054.877 -22.564.511 015 -8.231.751 -10.925.952 016 -5.727.466 -7.552.927 017 335.950.860 313.640.319 018 -5.115.945 -4.551.046 019 -31.050.764 -24.147.940 020 299.784.151 284.941.333 021 5.217.984 2.037.774 022 00 023 5.870.048 2.459.155 024 00 025 274.405 0 026 10.042.617 13.269 027 21.405.054 4.510.198 028 -152.194.370 -165.787.931 029 -1.084.694 -365.600 030 00 031 00 032 00 033 -153.279.064 -166.153.531 034 -131.874.010 -161.643.333 035 00 036 00 037 00 038 00 039 00 040 00 041 -119.211.475 -126.463.466 042 -34.009.358 -35.167.163 043 -6.363.899 -32.537.712 044 -31.778.681 -37.124.786 045 -191.363.413 -231.293.127 046 -191.363.413 -231.293.127 047 00 048 -23.453.272 -107.995.127 049 233.077.904 229.658.237 050 209.624.632 121.663.110 STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2025 to 30.09.2025 4 Interest paid Submitter: Hrvatski Telekom d.d. a) Increase or decrease in short-term liabilities b) Increase or decrease in short-term receivables in EUR c) Increase or decrease in inventories h) Other adjustments for non-cash transactions and unrealised gains and losses I Cash flow increase or decrease before changes in working capital (ADP 001+002) 3 Changes in the working capital (ADP 013 to 016) Item 1 d) Interest and dividend income e) Interest expenses f) Provisions g) Exchange rate differences (unrealised) c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets Cash flow from operating activities 1 Pre-tax profit 2 Adjustments (ADP 003 to 010): a) Depreciation b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets Cash flow from investment activities d) Other increase or decrease in working capital II Cash from operations (ADP 011+012) 2 Cash payments for the acquisition of financial instruments V Total cash receipts from financing activities (ADP 035 to 038) 4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities III Total cash receipts from investment activities (ADP 021 to 026) 1 Cash payments for the purchase of fixed tangible and intangible assets 3 Cash payments for loans and deposits for the period 5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049) 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments 2 Cash payments for dividends 1 Cash receipts from sales of fixed tangible and intangible assets 2 Cash receipts from sales of financial instruments 3 Interest received 4 Dividends received 5 Cash receipts from repayment of loans and deposits 6 Other cash receipts from investment activities C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045) 1 Unrealised exchange rate differences in respect of cash and cash equivalents D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital 5 Other cash payments from financing activities VI Total cash payments from financing activities (ADP 040 to 044) IV Total cash payments from investment activities (ADP 028 to 032) B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033) Cash flow from financing activities 1 Cash receipts from the increase in initial (subscribed) capital 2 Cash receipts from the issue of equity financial instruments and debt financial instruments 3 Cash receipts from credit principals, loans and other borrowings 4 Other cash receipts from financing activities
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ADP code Same period of the previous year Current period 23 4 001 00 002 00 003 00 004 00 005 00 006 00 007 00 008 00 009 00 010 00 011 00 012 00 013 00 014 00 015 00 016 00 017 00 018 00 019 00 020 00 021 00 022 00 023 00 024 00 025 00 026 00 027 00 028 00 029 00 030 00 031 00 032 00 033 00 034 00 035 00 036 00 037 00 038 00 039 00 040 00 041 00 042 00 043 00 044 00 for the period 01.01.2025 to 30.09.2025 STATEMENT OF CASH FLOWS - direct method Submitter: Hrvatski Telekom d.d. Item 1 Cash payments for the repayment of credit principals, loans andother borrowings and debt financial instruments 1 Cash payments for the purchase of fixed tangible and intangible assets 2 Cash payments for the acquisition of financial instruments 5 Income tax paid 6 Other cash payments from operating activities 1 Cash payments to suppliers 2 Cash payments to employees 3 Cash payments for insurance premiums 4 Interest paid V Total cash receipts from financing activities (ADP 029 to 032) 1 Cash receipts from the increase in initial (subscribed) capital 2 Cash receipts the from issue of equity financial instruments and debt financial instruments 3 Cash receipts from credit principals, loans and other borrowings 4 Other cash receipts from financing activities 4 Dividends received 5 Cash receipts from the repayment of loans and deposits 6 Other cash receipts from investment activities III Total cash receipts from investment activities (ADP 015 to 020) Cash flow from financing activities IV Total cash payments from investment activities (ADP 022 to 026) B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027) 4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities Cash flow from operating activities 1 Cash receipts from customers 2 Cash receipts from royalties, fees, commissions and other revenue 3 Cash receipts from insurance premiums 4 Cash receipts from tax refund II Total cash payments from operating activities (ADP 007 to 012) A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013) Cash flow from investment activities 1 Cash receipts from sales of fixed tangible and intangible assets 2 Cash receipts from sales of financial instruments 5 Other cash receipts from operating activities I Total cash receipts from operating activities (ADP 001 to 005) in EUR F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (042+043) 2 Cash payments for dividends 3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital 5 Other cash payments from financing activities VI Total cash payments from financing activities (ADP 034 to 038) C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039) 3 Interest received 1 1 Unrealised exchange rate differences in respect of cash and cash equivalents D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 + 041) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 3 Cash payments for loans and deposits
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01.01.2025 to 30.09.2025 in EUR Initial (subscribed) capital Capital reserves Legal reserves Reserves for treasury shares Treasury shares and holdings (deductible item) Statutory reserves Other reserves Revaluation reserves Fair value of financial assets through other comprehensive income (available for sale) Cash flow hedge - effective portion Hedge of a net investment in a foreign operation - effective portion Other fair value reserves Exchange rate differences from translation of foreign operations Retained profit / loss brought forward Profit/loss for the business year Total attributable to owners of the parent 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 (3 to 6 - 7 + 8 to 17) 19 20 (18+19) 01 1.359.742.172 0 67.987.109 21.226.328 22.169.750 0 597.524 0 11.737 -171 .551 0 0 0 99.300.197 132.029.172 1.658.552.938 32.938.600 1.691.491.538 02 000000000000000 0 0 0 03 000000000000000 0 0 0 04 1.359.742.172 0 67.987.109 21.226.328 22.169.750 0 597.524 0 11.737 -171 .551 0 0 0 99.300.197 132.029.172 1.658.552.938 32.938.600 1.691.491.53 8 05 00000000000000 141.869.392 141.869.392 1.326.789 143.196.181 06 000000000000000 0 0 0 07 000000000000000 0 0 0 08 0 0 0 0 0 0 0 0 7.720 0 0 0 0 0 0 7.720 0 7.720 09 0 0 0 0 0 0 0 0 0 -8.412.246 0 0 0 0 0 -8.412.246 0 -8.412.246 10 000000000000000 0 0 0 11 000000000000000 0 0 0 12 000000000000000 0 0 0 13 0 0 0 0 0 0 -265.754 000000 41.519 0 -224.235 0 -224.235 14 000000000000000 0 0 0 15 000000000000000 0 0 0 16 000000000000000 0 0 0 17 000000000000000 0 0 0 18 0 0 0 0 28.744.606 0 000000000 -28.744.606 -311.751 -29.056.357 19 000000000000000 0 0 0 20 00000000000000 -119.209.808 -119.209.808 -1.214.469 -120.424.277 21 0 0 0 -20.280.039 -21.261.596 0 0000000 -981.557 0 0 0 0 22 0 0 0 27.632.837 0 0 0000000 -14.813.473 -12.819.364 0 0 0 23 000000000000000 0 0 0 24 1.359.742.172 0 67.987.109 28.579.126 29.652.760 0 331.770 0 19.457 -8.5 83.797 0 0 0 83.546.686 141.869.392 1.643.839.155 32.739.169 1.676.578. 324 25 0 0 0 0 0 0 -265.754 0 7.720 -8.412.246 0 0 0 41.519 0 -8.628.761 0 -8.628.761 26 0 0 0 0 0 0 -265.754 0 7.720 -8.412.246 0 0 0 41.519 141.869.392 133.240.631 1. 326.789 134.567.420 27 0 0 0 7.352.798 7.483.010 0 0000000 -15.795.030 -132.029.172 -147.954.414 -1.526.220 -149.480.634 28 1.359.742.172 0 67.987.109 28.579.126 29.652.760 0 331.770 0 19.457 -8.5 83.797 0 0 0 83.546.686 141.869.392 1.643.839.155 32.739.169 1.676.578.324 29 000000000000000 0 0 0 30 000000000000000 0 0 0 31 1.359.742.172 0 67.987.109 28.579.126 29.652.760 0 331.770 0 19.457 -8.5 83.797 0 0 0 83.546.686 141.869.392 1.643.839.155 32.739.169 1.676.578. 324 32 00000000000000 111.863.769 111.863.769 1.248.348 113.112.117 33 000000000000000 0 0 0 34 000000000000000 0 0 0 35 0 0 0 0 0 0 0 0 -1.464 0 0 0 0 0 0 -1.464 0 -1.464 36 0 0 0 0 0 0 0 0 0 1.349.660 0 0 0 0 0 1.349.660 0 1.349.660 37 000000000000000 0 0 0 38 000000000000000 0 0 0 39 000000000000000 0 0 0 40 0 0 0 0 2 0 61.793 00000000 61.791 0 61.791 41 000000000000000 0 0 0 42 000000000000000 0 0 0 43 000000000000000 0 0 0 44 000000000000000 0 0 0 45 0 0 0 0 30.806.654 0 000000000 -30.806.654 -32.868 -30.839.522 46 000000000000000 0 0 0 47 00000000000000 -125.479.042 -125.479.042 -1.136.358 -126.615.400 48 0 0 0 978.158 0 0 0000000 -1.103.306 0 -125.148 0 -125.148 49 0 0 0 30.806.654 0 0 0000000 -15.394.462 -16.390.350 -978.158 0 -978.158 50 000000000000000 0 0 0 51 1.359.742.172 0 67.987.109 60.363.938 60.459.416 0 393.563 0 17.993 -7.2 34.137 0 0 0 67.048.918 111.863.769 1.599.723.909 32.818.291 1.632.542. 200 52 0 0 0 0 2 0 61.793 0 -1.464 1.349.660 0 0 0 0 0 1.409.987 0 1.409.987 53 0 0 0 0 2 0 61.793 0 -1.464 1.349.660 0 0 0 0 111.863.769 113.273.756 1.248.348 114.522.104 54 0 0 0 31.784.812 30.806.654 0 0000000 -16.497.768 -141.869.392 -157.389.002 -1.169.226 -158.558.228 STATEMENT OF CHANGES IN EQUITY for the period from 3 Correction of errors 4 Balance on the first day of the previous business year (restated) (ADP 01 to 03) 2 Changes in accounting policies Item ADP code Attributable to owners of the parent 5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit 7 Changes in revaluation reserves of fixed tangible and intangible assets 8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale) 9 Profit or loss arising from effective cash flow hedge 10 Profit or loss arising from effective hedge of a net investment in a foreign operation Minority (non- controlling) interest Total capital and reserves 1 Previous period 1 Balance on the first day of the previous business year 24 Balance on the last day of the previous business year reporting period (ADP 04 to 23) 11 Share in other comprehensive income/loss of companies linked by virtue of participating interests 12 Actuarial gains/losses on the defined benefit obligation 13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity 15 Decrease in initial (subscribed) capital (other than arising from the pre- bankruptcy settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure 18 Redemption of treasury shares/holdings 20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders 22 Transfer to reserves according to the annual schedule 23 Increase in reserves arising from the pre-bankruptcy settlement procedure 19 Payments from members/shareholders 7 Changes in revaluation reserves of fixed tangible and intangible assets APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS) I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX (ADP 06 to 14) II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25) III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23) Current period 1 Balance on the first day of the current business year 2 Changes in accounting policies 3 Correction of errors 4 Balance on the first day of the current business year (restated) (AOP 28 to 30) 5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations 19 Payments from members/shareholders 8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale) 9 Profit or loss arising from effective cash flow hedge 10 Profit or loss arising from effective hedge of a net investment in a foreign operation 11 Share in other comprehensive income/loss of companies linked by virtue of participating interests 12 Actuarial gains/losses on the defined benefit obligation 13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity 15 Decrease in initial (subscribed) capital (other than arising from the pre- bankruptcy settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit 18 Redemption of treasury shares/holdings II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52) III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50) 20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders 22 Carryforward per annual plane 24 Balance on the last day of the current business year reporting period (ADP 31 to 50) APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS) I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF TAX (ADP 33 to 41) 23 Increase in reserves arising from the pre-bankruptcy settlement procedure
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NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods) Name of the issuer: _______________________________________________________ Personal identification number (OIB): ________________________________________________________ Reporting period: _____________________________________________ Notes to financial statements for quarterly periods include: a) explanation of business events relevant to understanding changes in the statement of financial position and financial performance for the reporting semi-annual period of the issuer with respect to the last business year: information is provided regarding these events and relevant information published in the last annual financial statement is updated (items 15 to 15C IAS 34 - Interim financial reporting) b) information on the access to the latest annual financial statements, for the purpose of understanding information published in the notes to financial statements drawn up for the semi-annual reporting period c) a statement explaining that the same accounting policies are applied while drawing up financial statements for the semi-annual reporting period as in the latest annual financial statements or, in the case where the accounting policies have changed, a description of the nature and effect of the changes (item 16.A (a) IAS 34 - Interim financial reporting) d) a description of the financial performance in the case of the issuer whose business is seasonal (items 37 and 38 IAS 34 - Interim financial reporting) e) other comments prescribed by IAS 34 - Interim financial reporting f) in the notes to quarterly periods financial statements, in addition to the information stated above, information in respect of the following matters shall be disclosed: 1. undertaking’s name, registered office (address), legal form, country of establishment, entity’s registration number and, if applicable, the indication whether the undertaking is undergoing liquidation, bankruptcy proceedings, shortened termination proceedings or extraordinary administration 2. adopted accounting policies (only an indication of whether there has been a change from the previous period) 3. the total amount of any 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; any commitments concerning pensions of the undertaking within the group or company linked by virtue of participating interest shall be disclosed separately 4. the amount and nature of individual items of income or expenditure which are of exceptional size or incidence 5. amounts owed by the undertaking and falling due after more than five years, as well as the total debts of the undertaking covered by valuable security furnished by the undertaking, specifying the type and form of security 6. average number of employees during the financial year 7. where, in accordance with the regulations, the undertaking capitalised on the cost of salaries in part or in full, information on the amount of the total cost of employees during the year broken down into the amount directly debiting the costs of the period and the amount capitalised on the value of the assets during the period, showing separately the total amount of net salaries and the amount of taxes, contributions from salaries and contributions on salaries 8. where a provision for deferred tax is recognised in the balance sheet, the deferred tax balances at the end of the financial year, and the movement in those balances during the financial year 9. the name and registered office of each of the undertakings in which the undertaking, either itself or through a person acting in their own name but on the undertaking's behalf, holds a participating interest, showing the proportion of the capital held, the amount of capital and reserves, and the profit or loss for the latest financial year of the undertaking concerned for which financial statements have been adopted; the information concerning capital and reserves and the profit or loss may be omitted where the undertaking concerned does not publish its balance sheet and is not controlled by another undertaking 10. the number and the nominal value or, in the absence of a nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital 11. the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer 12. the name, registered office and legal form of each of the u ndertakings of which the undertaking is a member having unlimited liability 13. the name and registered office of the undertaking which draws up the consolidated financial statements of the largest group of undertakings of which the undertaking forms part as a controlled group member 14. the name and registered office of the undertaking which draws up the consolidated financial statements of the smallest group of undertakings of which the undertaking forms part as a controlled group member and which is also included in the group of undertakings referred to in point 13 15. the place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained, provided that they are available 16. the nature and business purpose of the undertaking's arrangements that are not included in the balance sheet and the financial impact on the undertaking of those arrangements, provided that the risks or benefits arising from such arrangements are material and in so far as the disclosure of such risks or benefits is necessary for the purposes of assessing the financial position of the undertaking 17. the nature and the financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet