Interim report
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Grigeo Group AB CONSOLIDATED INTERIM REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6 MONTHS PERIOD ENDED 30 JUNE 2026 (UNAUDITED)
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2 Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated Translation note: This version of the accompanying documents is a translation from the original, which was prepared in Lithuanian. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of the accompanying documents takes precedence over this translation. TABLE OF CONTENTS MANAGEMENT REPORT .................................................................................................................................... 3 A. Executive summary of the Group for the 6 months of 2026............................................................. 3 B. Main data about the issuer ............................................................................................................... 4 C. Audit information .............................................................................................................................. 4 D. Contracts with intermediaries of public trading in securities and credit institutions ......................... 4 E. Group companies and their contact details ...................................................................................... 5 F. Nature of core activities of the group companies ............................................................................. 5 G. Data about trade in the issuer’s securities in regulated markets ..................................................... 6 H. Shareholders .................................................................................................................................... 6 I. Employees ........................................................................................................................................ 7 J. Information on the management and supervisory bodies of the issuer ........................................... 7 K. Information about compliance with governance code ...................................................................... 8 L. Related party transactions ............................................................................................................... 9 INTERIM CONSOLIDATED FINANCIAL STATEMENTS ................................................................................... 10 Consolidated statements of financial position ............................................................................................ 10 Consolidated statements of comprehensive income .................................................................................. 12 Consolidated statements of changes in equity ........................................................................................... 13 Consolidated statements of cash flows ...................................................................................................... 14 NOTES TO FINANCIAL STATEMENTS ............................................................................................................. 15 1. Basis of preparation ....................................................................................................................... 15 2. Property, plant and equipment ....................................................................................................... 16 3. Right-of-use assets ........................................................................................................................ 17 4. Investment property........................................................................................................................ 18 5. Intangible assets ............................................................................................................................ 19 6. Amounts receivable ........................................................................................................................ 20 7. Cash and cash equivalents ............................................................................................................ 20 8. Inventories ...................................................................................................................................... 20 9. Share capital and legal reserve ...................................................................................................... 20 10. Non-current and current borrowings .............................................................................................. 21 11. Trade and other payables .............................................................................................................. 21 12. Segment information ...................................................................................................................... 21 13. Other income .................................................................................................................................. 22 14. Other gains/(losses) – net .............................................................................................................. 22 15. Basic and diluted earnings per share ............................................................................................. 22 16. Adjusted EBITDA ........................................................................................................................... 22 17. Court and arbitration proceedings .................................................................................................. 23 18. Material uncertainties ..................................................................................................................... 23 19. Risk factors ..................................................................................................................................... 23 20. Events after the end of the reporting period ................................................................................... 23 CONFIRMATION OF RESPONSIBLE PERSONS ............................................................................................. 24
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3 Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated « Contents MANAGEMENT REPORT In this report Grigeo Group AB is referred to as the Company and together with subsidiaries is referred to as the Group. A. Executive summary of the Group for the 6 months of 2026 Year-on-year change in key performance indicators for the six-sonth period ended 30 June 2026: - The Group’s revenue increased by EUR 38.5 million (33%). - The Group’s EBITDA decreased by EUR 1.5 million (10%). - The Group’s EBT decreased by EUR 2.6 million (27%). Indicator, EUR million 2026 2025 Change Revenue 155.2 116.7 38.5 EBITDA (Note 16) 14.2 15.8 (1.5) Profit before tax (EBT) 7.1 9.7 (2.6) More details on reasons of these changes are presented below in a table and comments by Group’s business segments. The Group’s revenue, gross profit, and gross margin over 6 months of respective years*: Indicator, EUR million Tissue paper and paper products Wood fibre boards Raw materials for corrugated cardboard and related products Unallocated TOTAL 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Revenue 101.1 61.2 15.7 14.3 35.8 39.4 2.6 1.8 155.2 116.7 Gross profit 19.5 13.5 2.6 3.1 5.4 7.4 0.6 0.6 28.2 24.6 Gross margin 19.3% 22.0% 16.5% 21.3% 15.2% 18.9% 24.5% 33.4% 18.2% 21.0% *The data is presented after eliminating the impact of transactions between the segments. Tissue paper products market. Over 6 months of 2026 the revenue from tissue paper segment reached EUR 101 million and, when compared to respective period of previous year, increased by 65%. The gross profit of the segment amounted to EUR 19.5 million – 45% higher if compared to respective period of previous year. The segment’s growth was mainly driven by the results of the newly acquired German company Huchtemeier Papier GmbH (more detailed information about acquisition is covered in Nasdaq notification on material events at 2 October 2025 ). The gross margin of the segment decreased from 22% to 19.3%. The segment’s profitability indicators were affected by rising energy prices in the 2026. Wood products market. Over 6 months of 2026 the revenues of the segment reached EUR 15.7 million and, when compared to respective period of previous year, increased by 9.3%. The segment’s gross profit decreased by 15.4% compared to the corresponding period of the previous year and amounted to EUR 2.6 million. The gross margin has decreased from 21.3% to 16.5%. The main reason for the lower gross margin was the significant increase in energy and raw material prices. Raw materials for corrugated cardboard and related products market . Over 6 months of 2026 the revenues of this segment amounted EUR 35.8 million. The gross profit of the segment reached EUR 5.4 million and, when compared to respective period of previous year, decreased by 27%. The gross margin of the segment decreased from 18.9% to 15.2%. The segment was mainly affected by negative market trends and rising energy prices.
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4 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated The Group‘s liquidity, capital structure and market value indicators: Indicator 6 months 2026 6 months 2025 6 months 2024 Revenue, EUR million 155.2 116.7 104.3 Net profit, EUR million 6.3 9.1 10.0 EBITDA, EUR million (Note 16) 14.2 15.8 16.7 EBIT, EUR million 7.3 9.8 11.6 Profitability ratios Gross margin 18.2% 21.0% 23.4% EBITDA profitability 9.2% 13.5% 16.0% EBIT profitability 4.7% 8.4% 11.1% Net margin 4.1% 7.8% 10.1% ROE profitability 4.7% 7.3% 9.5% ROA profitability 3.2% 5.3% 6.8% ROCE profitability 4.3% 6.9% 9.1% Liquidity ratios Current ratio 1.35 1.81 1.70 Quick ratio 0.88 1.27 1.16 Capital structure ratios Debt to equity ratio 0.62 0.36 0.41 Debt to total assets ratio 0.38 0.26 0.29 Market value ratios P/E 21.40 15.46 12.80 Earnings per share, EUR 0.047 0.069 0.080 Diluted earnings per share, EUR 0.047 0.068 0.079 The above-mentioned indicators have been calculated in accordance with the formulas recommended by Nasdaq Vilnius AB. The formulas are presented in Note 2.2. of year 2025 consolidated annual report. B. Main data about the issuer Company Data Company name Grigeo Group AB Code 110012450 Authorised share capital (Note 9) EUR 38,517,800 LEI 529900YXT3CDTZGS0R43 Address Vilniaus str. 10, Grigiškės, Vilnius City Municipality, Lithuania Telephone +370 5 243 5801 E-mail group@grigeo.com Website http://www.grigeo.com/en Legal form Public limited liability company Date of registration 23 May 1991 Manager of the register State enterprise Centre of Registers C. Audit information The interim consolidated information of the Company covering 6 months of 2026 is not audited by independent auditor. D. Contracts with intermediaries of public trading in securities and credit institutions The Company has signed a contract with Artea Bankas AB (telephone No +370 610 44447, info@artea.lt) on payment of dividends to the shareholders for the previous financial year. The Company has signed a contract with Orion Securities UAB FMĮ (A. Tumėno str. 4, Vilnius, telephone No +370 5 2313833, info@orion.lt) on the handling of securities issued by the Company and on Market Making.
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5 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated E. Group companies and their contact details On 30 June 2026, the group comprised the Company (Grigeo Group AB) and thirteen subsidiaries as specified below. F. Nature of core activities of the group companies Grigeo Group AB provides consulting and business management services, overseeing all areas of the Group’s operations. The Group’s subsidiary Grigeo Hygiene UAB, continuing the expansion of hygiene paper business in Western Europe, acquired the German company Huchtemeier Papier GmbH on 1 October 2025. More information about the German company Huchtemeier Papier GmbH acquisition is covered in Nasdaq notification on material events at 2 October 2025. Following the completion of the transaction, the hygiene paper business segment comprises the manufacturing companies Grigeo Tissue UAB and Grigeo Tissue sp. z o.o., along with its subsidiary producing heat energy Energia Cieplna Niedomice sp. z o.o. , as well as Huchtemeier Papier GmbH, which is engaged in the trading of hygiene products. These companies are consolidated under Grigeo Hygiene UAB, which is responsible for investment activities and company management. The cardboard and cardboard products business segment is consolidated under Grigeo Paper Packaging UAB, which also engages in investment activities and company management. This segment includes Grigeo Klaipėda AB, which manufactures raw materials for the production of corrugated cardboard – testliner (smooth layer cardboard ), fluting (paper for corrugation ), and paper honeycomb – as well as the corrugated cardboard and packaging production companies Grigeo Packaging UAB and Mena Pak AT. The Group also includes Grigeo Recycling UAB and Grigeo Recycling SIA, which are involved in the collection and preparation of secondary raw materials for recycling; Grigeo Baltwood UAB, which manufactures hardboard and painted hardboard panels; and Naujieji Verkiai UAB, which is involved in real estate development and construction (the latter did not carry out any operations during the reporting period).
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6 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated G. Data about trade in the issuer’s securities in regulated markets The ordinary registered shares of Grigeo Group AB are listed on the Official Baltic List of Nasdaq Vilnius Stock Exchange (trading code of shares is GRG1L). The main characteristics of the Company’s shares: Type of shares VP ISIN code Number of shares, units Par value, EUR Total par value, EUR Ordinary registered shares LT0000102030 132,820,000 0.29 38,517,800 Price and turnover of shares 01/07/2023 – 30/06/2026: Share price benchmarked against the Baltic market index 01/07/2023 – 30/06/2026: H. Shareholders Shareholders owning more than 5% of the authorised capital of the Issuer on the 30 of June 2026 and/or the 31 of December 2025: Shareholder’s name (company’s name, type, headquarters address, corporate ID number) 30 June 2026 31 December 2025 Number of ordinary registered shares owned by the shareholder Interest in the authorised capital, % Votes granted by shares held by the right of ownership, % Number of ordinary registered shares owned by the shareholder Interest in the authorised capital, % Votes granted by shares held by the right of ownership, % Ginvildos investicija UAB* Rukeliškių g. 21, Vilnius, 125436533 62,895,755 47.35 47.35 62,895,755 47.35 47.35 Irena Ona Mišeikienė 17,883,064 13.46 13.46 17,883,064 13.46 13.46 *67.00% of shares of Ginvildos investicija UAB are owned by Gintautas Pangonis. 0 200 400 600 800 0,40 0,60 0,80 1,00 1,20 1,40 2023-07 2023-10 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 2025-07 2025-10 2026-01 2026-04 apyvarta, tūkst. Eur akcijos kaina, Eur 60% 80% 100% 120% 140% 160% 180% 2023-07 2023-10 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 2025-07 2025-10 2026-01 2026-04 OMX_Baltic_Benchmark_GI GRG1L - Grigeo
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7 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated I. Employees Over the six months of the year 2026 there were no significant changes in the number of employees. Natural staff turnover rates prevailed in Group companies for the reported period. Number of employees in the Group: 30.06.2026 31.12.2025 Number of employees 1,094 1,110 The average salary in the Group for year 202 6 period is provided including the data of newly acquired German company Huchtemeier Papier GmbH . The average salary for 202 5 1-6 months is shown in line with the Group structure of that period. Average salary in the Group*, in euros: Employees 6 months 2026 6 months 2025 Workpeople 2,679 2,394 Specialists 3,378 3,016 Managers 7,867 7,099 Total 3,462 3,045 * information on the average salary is presented without Mena Pak AT in order to show the precise group average salaries unaffected by fluctuations of Ukrainian Hryvnia currency. J. Information on the management and supervisory bodies of the issuer According to the Company’s Articles of Association, the Company’s bodies are the General Meeting of Shareholders, the collegial supervisory body is the Supervisory Board, the collegial management body is the Board, and the Company’s Manager is Chief Executive Officer . The Audit Committee is formed, which is the advisory body to the Company’s Supervisory Board.
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8 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated Members of the supervisory council, audit committee, the board, the head of the Company, their education and share of capital and voting rights. Name, surname Position Education Tenure Capital share and votes, % Supervisory Board Vilius Oškeliūnas Independent Member, Chairman Vilnius University, BA and MA in Economics Since 28 April 2023 until the AGM*, to be held in 2027 - Marius Stankevičius Member University of Liverpool, MA in Management of Information Systems 2.89 Ignas Degutis Independent Member ISM University of Management and Economics, MA in Economics - Arūnas Pangonis Member Vilnius Gediminas Technical University, MA in Industrial Engineering Indirectly** Daiva Duksienė Independent Member Vilnius University, Economist - Audit Committee Daiva Duksienė Independent Member, Chairwoman Vilnius University, Economist Since 28 April 2023 until the AGM*, to be held in 2027 - Ignas Degutis Independent member ISM University of Management and Economics, MA in Economics - Vilius Oškeliūnas Independent Member Vilnius University, BA and MA in Economics - Board Gintautas Pangonis Chairman Kaunas University of Technology, Telecommunications Engineer Since 28 April 2023 until the AGM*, to be held in 2027 Indirectly** Vigmantas Kažukauskas Member Kaunas University of Technology, Telecommunications Engineer 0.93 Saulius Martinkevičius Member Vilnius University, MA in Business Administration and Management 0.34 Tomas Jozonis Member ISM University of Management and Economics, BA in Management and Business Administration; Vilnius University, MA in Business Indirectly** Robertas Krutikovas Member Baltic Management Institute, MA in Business Administration Since 30 May 2024 until the AGM*, to be held in 2027 0.08 Manager of the Company Tomas Jozonis Chief Executive Officer ISM University of Management and Economics, BA in Management and Business Administration; Vilnius University, MA in Business - Indirectly** *Annual General Meeting of Shareholders. **Ginvildos investicija UAB holds 47.35% of the Company’s shares. 67.00% of shares of Ginvildos investicija UAB are owned by Gintautas Pangonis, 10,00% by Arūnas Pangonis and 10,00% by Tomas Jozonis. K. Information about compliance with governance code Grigeo Group AB follows a Corporate Governance Code for the Companies Listed on Nasdaq Vilnius. Information presented in the Annual Report of 2025 has not undergone any changes.
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9 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated L. Related party transactions All transactions with related parties were carried out at market prices in course of ordinary economic activities. Related Parties: Company Relationship Ginvildos investicija UAB major shareholders of Grigeo Group AB Grigeo Klaipėda AB subsidiary of Grigeo Group AB Grigeo Baltwood UAB subsidiary of Grigeo Group AB Mena Pak AT subsidiary of Grigeo Group AB Grigeo Paper Packaging UAB subsidiary of Grigeo Group AB Grigeo Packaging UAB subsidiary of Grigeo Group AB Grigeo Recycling UAB subsidiary of Grigeo Group AB Grigeo Recycling SIA subsidiary of Grigeo Group AB Grigeo Hygiene UAB subsidiary of Grigeo Group AB Grigeo Tissue UAB subsidiary of Grigeo Group AB Grigeo Tissue sp. z o.o. subsidiary of Grigeo Group AB Energia Cieplna Niedomice sp. z o.o. subsidiary of Grigeo Group AB Huchtemeier Papier GmbH subsidiary of Grigeo Group AB Naujieji Verkiai UAB Unconsolidated subsidiary of Grigeo Group AB The Group did not enter into any transactions with related parties during the six -month period ended 30 June 2026. As at 30 June 2026, there were no outstanding receivable or payable balances with related parties.
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10 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated INTERIM CONSOLIDATED FINANCIAL STATEMENTS Consolidated statements of financial position Notes 30.06.2026 31.12.2025 ASSETS Non-current assets Property, plant and equipment 2 128,356 113,684 Right-of-use assets 3 6,124 7,044 Intangible assets 5 14,321 14,491 Investment property 4 4,350 4,323 Other amounts receivable 6 226 300 Total non-current assets 153,377 139,842 Current assets Inventories 8 24,204 23,577 Trade and other amounts receivable 6 33,221 27,760 Prepaid income tax 948 210 Other current assets 1,422 931 Cash and cash equivalents 7 9,212 10,271 Total current assets 69,007 62,749 TOTAL ASSETS 222,384 202,591 (Cont'd on the next page)
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11 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated Consolidated statements of financial position (continued) Notes 30.06.2026 31.12.2025 EQUITY AND LIABILITIES Equity Share capital 9 38,518 38,518 Share premium 2,249 2,249 Legal reserve 9 3,811 3,811 Reserve for granting shares - - Foreign currency translation reserve (3,307) (3,013) Retained earnings 95,381 95,722 Equity attributable to shareholders of the Company 136,652 137,287 Non-controlling interest 499 541 Total equity 137,151 137,828 Liabilities Non-current liabilities Borrowings 10 21,201 8,773 Lease liabilities 5,066 5,882 Grants 1,565 1,569 Deferred income tax liability 4,725 4,857 Long-term employee benefits 531 513 Other amounts payable 11 1,008 1,165 Total non-current liabilities 34,096 22,759 Current liabilities Borrowings 10 3,024 3,675 Lease liabilities 1,291 1,261 Income tax payable - - Trade and other amounts payable 11 46,822 37,068 Total current liabilities 51,137 42,004 Total liabilities 85,233 64,763 TOTAL EQUITY AND LIABILITIES 222,384 202,591
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12 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated Consolidated statements of comprehensive income Notes 6 months 2026 6 months 2025 II QTR. 2026 II QTR. 2025 Revenue 12 155,193 116,723 77,654 57,595 Cost of sales (126,995) (92,167) (62,067) (44,759) Gross profit 28,198 24,556 15,587 12,836 Selling and distribution expenses (14,790) (9,557) (7,834) (4,779) Administrative expenses (6,696) (5,488) (3,129) (2,804) Other income 13 533 438 271 220 Other gains/(losses) – net 14 99 (100) 25 (161) Operating profit 7,344 9,849 4,920 5,312 Finance income 359 233 57 113 Finance costs (614) (406) (332) (279) Finance income/(costs) – net (255) (173) (275) (166) Profit before income tax 7,089 9,676 4,645 5,146 Income tax (831) (575) (676) (560) PROFIT FOR THE PERIOD 6,258 9,101 3,969 4,586 Profit for the period is attributable to: Shareholders of the Company 6,300 9,093 3,966 4,594 Non-controlling interest (42) 8 3 (8) Other comprehensive income/(expenses) Items that will not be reclassified subsequently to profit or loss - - - - Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations (294) (230) 114 (488) Cash flow hedges – effective portion of changes in fair value - - - Total items that may be reclassified subsequently to profit or loss (294) (230) 114 (488) Other comprehensive income/(expenses) for the period (294) (230) 114 (488) Total comprehensive income for the period 5,964 8,871 4,083 4,098 Total comprehensive income for the period is attributable to: Shareholders of the Company 6,006 8,863 4,080 4,106 Non-controlling interest (42) 8 3 (8) Basic earnings per share (in EUR) 15 0.047 0.069 0.030 0.035 Diluted earnings per share (in EUR) 15 0.047 0.068 0.030 0.035
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13 Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated « Contents Consolidated statements of changes in equity Equity attributable to owners of the Company Non- controlling interest Total equity Share capital Share premium Legal reserve Reserve for granting shares Foreign currency translation reserve Retained earnings Total At 1 January 2025 38,106 1,119 3,811 500 (2,858) 87,695 128,373 656 129,029 Profit for the period - - - - - 9,093 9,093 8 9,101 Other comprehensive income/(expenses) - - - - (230) - (230) - (230) Total comprehensive income/(expenses) - - - - (230) 9,093 8,863 8 8,871 Approved dividends - - - - - (7,884) (7,884) (59) (7,943) Share-based remuneration - - - - 189 189 - 189 Transactions with the Company’s owners - - - - - (7,695) (7,695) (59) (7,754) At 30 June 2025 38,106 1,119 3,811 500 (3,088) 89,093 129,541 605 130,146 At 1 January 2026 38,518 2,249 3,811 - (3,013) 95,722 137,287 541 137,828 Profit for the period - - - - - 6,300 6,300 (42) 6,258 Other comprehensive income/(expenses) - - - - (294) - (294) - (294) Total comprehensive income/(expenses) - - - - (294) 6,300 6,006 (42) 5,964 Approved dividends - - - - - (6,641) (6,641) - (6,641) Transactions with the Company’s owners - - - - - (6,641) (6,641) - (6,641) At 30 June 2026 38,518 2,249 3,811 - (3,307) 95,381 136,652 499 137,151
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14 Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated « Contents Consolidated statements of cash flows Notes 6 months 2026 6 months 2025 Cash flows from operating activities Profit before income tax 7,089 9,676 Adjustments for non-cash items Depreciation and amortisation 6,880 5,917 Interest expenses from borrowings and lease 317 36 Interest income (55) (142) (Income)/expenses from other financial activities – net (8) 278 Gain on disposal of property, plant and equipment (54) (93) Share-based payment arrangements - 188 14,169 15,860 Changes in working capital Decrease/(increase) in trade and other amounts receivable (6,540) 540 (Increase)/decrease in inventories (627) 2,338 (Increase)/decrease in other assets (491) (554) Increase/(decrease) in trade and other amounts payable 11,479 109 3,821 2,433 Interest paid (437) (106) Income tax paid (726) (1,442) Net cash inflow from operating activities 16,827 16,745 Cash flows from investing activities Acquisition of property, plant and equipment and intangible assets 2 / 5 (21,315) (10,188) Acquisition of investment property 4 (1,502) (82) Disposal of property, plant and equipment 2 95 141 Interest received 85 77 Grants received 98 - Net cash inflow/(outflow) from investing activities (22,539) (10,052) Cash flows from financing activities Dividends paid (6,511) (7,769) Repayment of borrowings (1,048) (1,006) Proceeds from borrowings 12,826 - Lease payments (614) (285) Net cash (outflow) from financing activities 4,653 (9,060) Net increase/(decrease) in cash flows (1,059) (2,367) Cash and cash equivalents at the beginning of the period 10,271 14,018 Cash and cash equivalents at the end of the period 9,212 11,651
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15 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated NOTES TO FINANCIAL STATEMENTS 1. Basis of preparation The interim financial statements of the Group for the 6-month period ended 30 June 2026 are prepared in accordance with IAS 34 Interim Financial Reporting. These financial statements do not include all the information required for a complete set of annual financial statements and should be read in conjunction with the annual financial statements for the year ended 31 December 202 5, which were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies adopted in the preparation of these interim financial statements are consistent with those described in the audited annual financial statements for the financial year ended 31 December 2025. These financial statements of the Group for the 6-month period ended 30 June 2026 have been prepared under the assumption that the Group will continue as a going concern. All amounts in these financial statements of the Group are presented in the euros. Amounts are rounded to the nearest thousand (EUR thousands), unless otherwise stated. Accounting estimates and assessments The preparation of the financial statements requires the management of each company of the Group to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and judgements are based on the management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgements made by management in applying the Group’s and Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual audited financial statements for the year ended 31 December 2025. Useful lives of property, plant and equipment The estimation of the useful lives of items of property, plant and equipment is a matter of judgment based on the experience with similar assets. The management assesses the remaining useful lives in accordance with the current technical conditions of the assets and estimated period during which the assets are expected to earn benefits for the Group. In assessing the remaining useful life of property, plant and equipment, the management considers conclusions presented by the employees responsible for technical maintenance of assets. Impairment of goodwill Goodwill is tested for impairment annually by calculating the recoverable value. The recoverable value of goodwill is calculated by discounting future cash flows to their present value. The management tested goodwill of EUR 3,001 thousand, which was recognised upon the acquisition of subsidiary Grigeo Klaipėda AB, for impairment and did not establish any indications of impairment. Additional goodwill was recognised following the acquisition of Huchtemeier Papier GmbH. Legal processes Subsidiary Grigeo Klaipėda AB has received a claim in relation to indemnification for damage to the environment. Based on the management’s estimate, the outcome of the claim involves a high degree of uncertainty . More information is presented in Note 33 of year 2025 financial statements.
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16 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 2. Property, plant and equipment Buildings and structures Machinery and equipment Motor vehicles Other assets Construction in progress and prepayments Total At 1 January 2025 Cost 54,181 152,192 3,195 3,351 16,646 229,565 Accumulated depreciation (26,974) (101,385) (1,583) (2,189) - (132,131) Net book amount 27,207 50,807 1,612 1,162 16,646 97,434 Opening net book amount at 1 January 2025 27,207 50,807 1,612 1,162 16,646 97,434 Additions 48 625 420 137 25,960 27,190 Business acquisition - 77 54 64 - 195 Disposals and write-offs - (84) (51) (1) - (136) Reclassification to intangible assets - - - - (90) (90) Transfer from construction in progress to property, plant and equipment 8,099 6,618 111 58 (14,886) - Transfer from/to inventory (4) - - - - (4) Foreign exchange effect 9 20 (5) (2) 3 25 Depreciation charge (1,960) (8,128) (417) (425) - (10,930) Closing net book amount at 31 December 2025 33,399 49,935 1,724 993 27,633 113,684 At 31 December 2025 Cost 62,277 159,373 3,337 3,452 27,633 256,072 Accumulated depreciation (28,878) (109,438) (1,613) (2,459) - (142,388) Net book amount 33,399 49,935 1,724 993 27,633 113,684 Opening net book amount at 1 January 2026 33,399 49,935 1,724 993 27,633 113,684 Additions 3 536 356 129 19,587 20,611 Disposals and write-offs (2) (38) (1) - - (41) Transfer from construction in progress to property, plant and equipment 180 618 - 8 (806) - Foreign exchange effect (37) (68) (5) - (57) (167) Depreciation charge (1,172) (4,129) (240) (190) - (5,731) Closing net book amount at 30 June 2026 32,371 46,854 1,834 940 46,357 128,356 At 30 June 2026 Cost 62,376 159,682 3,485 3,546 46,357 275,446 Accumulated depreciation (30,005) (112,828) (1,651) (2,606) - (147,090) Net book amount 32,371 46,854 1,834 940 46,357 128,356 All of the Group’s property, plant and equipment are held for its own use. On the 30 June 2026, the part of the Group‘s property, plant and equipment with a carrying value of EUR 30,529 thousand (31 December 2025 – EUR 27,562 thousand) is pledged as a security for repayment of the loans granted by banks.
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17 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 3. Right-of-use assets Land Buildings and structures Machinery and equipment Motor vehicles Total At 1 January 2025 Cost 4,122 650 1,864 - 6,636 Accumulated depreciation (698) (225) (102) - (1,025) Net book amount 3,424 425 1,762 - 5,611 Opening net book amount at 1 January 2025 3,424 425 1,762 - 5,611 Change in value-in-use 234 39 477 - 750 Business acquisition - 1,464 - 100 1,564 Disposals and write-offs - - (26) - (26) Foreign exchange effect 1 - - - 1 Depreciation charge (124) (266) (453) (13) (856) Closing net book amount at 31 December 2025 3,535 1,662 1,760 87 7,044 At 31 December 2025 Cost 4,354 2,117 2,216 100 8,787 Accumulated depreciation (819) (455) (456) (13) (1,743) Net book amount 3,535 1,662 1,760 87 7,044 Opening net book amount at 1 January 2026 3,535 1,662 1,760 87 7,044 Change in value-in-use (338) 39 (25) - (324) Depreciation charge (52) (282) (238) (24) (596) Closing net book amount at 30 June 2026 3,145 1,419 1,497 63 6,124 At 30 June 2026 Cost 4,014 1,886 2,225 100 8,225 Accumulated depreciation (869) (467) (728) (37) (2,101) Net book amount 3,145 1,419 1,497 63 6,124 As at 30 June 2026, the part of the Group’s land lease rights with the carrying amount of EUR 638 thousand (31 December 2025: EUR 866 thousand) were pledged to the banks as security for borrowings.
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18 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 4. Investment property Buildings and structures Other assets Construction in progress Total At 1 January 2025 Cost 5,250 19 506 5,775 Accumulated depreciation (1,326) (8) - (1,334) Net book amount 3,924 11 506 4,441 Opening net book amount at 1 January 2025 3,924 11 506 4,441 Additions - - 165 165 Depreciation charge (278) (5) - (283) Closing net book amount at 31 December 2025 3,646 6 671 4,323 At 31 December 2025 Cost 5,250 19 671 5,940 Accumulated depreciation (1,604) (13) - (1,617) Net book amount 3,646 6 671 4,323 Opening net book amount at 1 January 2026 3,646 6 671 4,323 Additions - - 168 168 Depreciation charge (139) (2) - (141) Closing net book amount at 30 June 2026 3,507 4 839 4,350 At 30 June 2026 Cost 5,250 19 839 6,108 Accumulated depreciation (1,743) (15) - (1,758) Net book amount 3,507 4 839 4,350
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19 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 5. Intangible assets Goodwill Licences, patents Software Other assets Total At 1 January 2025 Cost 3,001 91 2,901 2,352 8,345 Accumulated amortisation - (69) (2,300) (490) (2,859) Net book amount 3,001 22 601 1,862 5,486 Opening net book amount at 1 January 2025 3,001 22 601 1,862 5,486 Additions - 5 13 2,155 2,173 Business acquisition 5,055 2,068 1 - 7,124 Transfer from development work in progress to intangible assets - - 2,636 (2,636) - Foreign exchange effect - (2) - 1 (1) Transfer from property, plant and equipment - - - 90 90 Amortisation charge - (60) (273) (48) (381) Closing net book amount at 31 December 2025 8,056 2,033 2,978 1,424 14,491 At 31 December 2025 Cost 8,056 2,131 5,464 2,027 17,678 Accumulated amortisation - (98) (2,486) (603) (3,187) Net book amount 8,056 2,033 2,978 1,424 14,491 Opening net book amount at 1 January 2026 8,056 2,033 2,978 1,424 14,491 Additions - - - 353 353 Transfer from development work in progress to intangible assets - - 769 (769) - Transfer to current assets - - - (7) (7) Foreign exchange effect - - - (2) (2) Amortisation charge - (55) (422) (37) (514) Closing net book amount at 30 June 2026 8,056 1,978 3,325 962 14,321 At 30 June 2026 Cost 8,056 2,131 6,226 1,601 18,014 Accumulated amortisation - (153) (2,901) (639) (3,693) Net book amount 8,056 1,978 3,325 962 14,321 The change in goodwill in 2025 is related to the acquisition of the German company , as announced in Nasdaq notification on material events on 2 October 2025.
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20 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 6. Amounts receivable 30.06.2026 31.12.2025 Trade receivables – gross 29,938 25,203 Loss allowance (725) (761) Trade receivables – net 29,213 24,442 VAT receivable 2,045 2,185 Other amounts receivable – gross 1,963 1,133 Other finance amounts receivable 226 300 Total trade and other amounts receivable – net 33,447 28,060 Of which: Non-current amounts receivable 226 300 Current amounts receivable 33,221 27,760 7. Cash and cash equivalents 30.06.2026 31.12.2025 Cash at bank 3,150 6,674 Cashpool 6,062 3,597 TOTAL 9,212 10,271 As of 30 June 2026 and 31 December 2025, a portion of the Group's cash and cash equivalents and future cash inflows was pledged as collateral to secure the performance of the Group companies' financial obligations . 8. Inventories 30.06.2026 31.12.2025 Materials 8,937 9,761 Work in progress 3,894 3,040 Finished products 10,707 9,868 Inventories in transit 17 313 Prepayments 649 595 Total 24,204 23,577 As at 30 June 2026, the acquisition value (cost) of the Group’s inventories was decreased by respectively EUR 1,398 thousand (31 December 20 25: EUR 1,142 thousand respectively) to net realisable value. The net realisable value adjustment was accounted for under cost of sales. Part of the Group's inventories, the carrying amount of which as of 30 June 2026 was EUR 6,862 thousand, were pledged to banks as collateral for loans (31 December 2025: EUR 6,293 thousand). 9. Share capital and legal reserve On 30 of June 2026 and on 31 of December 2025 share capital of the Company consisted of 132,820,000 ordinary shares at a par value of EUR 0.29 each. All shares were fully paid. The Company has one class of ordinary shares which carry no right to fixed income. The legal reserve is a compulsory reserve under Lithuanian legislation. Annual contributions of 5 % of the net profit are required until the mandatory reserve reaches 10% of the statutory capital. On 30 of June 2026 the Company’s legal reserve amounts 9.9% of the statutory capital.
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21 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 10. Non-current and current borrowings 30.06.2026 31.12.2025 Non-current borrowings: 21,201 8,773 Bank borrowings 21,201 8,773 Current borrowings: 3,024 3,675 Bank borrowings 3,024 3,675 TOTAL 24,225 12,448 11. Trade and other payables 30.06.2026 31.12.2025 Trade payables 35,280 27,550 Wages and salaries and social security contributions 7,828 5,506 Advance amounts received 478 347 Accrued expenses 801 1,021 Other amounts payable 3,443 3,809 TOTAL 47,830 38,233 Of which: Attributable to financial liabilities 39,524 32,380 Not attributable to financial liabilities 8,306 5,853 12. Segment information For decision making purposes, the Group is organised into three operating business units based on its products produced and has three reportable segments: paper and paper products, wood fibre boards and wood products, raw materials for corrugated cardboard and related products. The Group analyses segment information only up to gross profit, as other operating income and finance income and expenses are not attributed to any segment. Assets and liabilities of the Group are not divided into segments for decision-making purposes. Segment information about these three business segments is presented below: Group 6 months 2026 Paper and paper products Wood fibre boards Raw materials for corrugated cardboard and related products Total reportable segments Unallo- cated Elimi -nation TOTAL Unconsolidated segment sales 108,778 16,437 49,447 174,662 11,868 (31,337) 155,193 Inter-segment sales (7,638) (759) (13,695) (22,092) (9,245) 31,337 - Sales to third parties 101,140 15,678 35,752 152,570 2,623 - 155,193 Cost of sales (81,618) (13,089) (30,308) (125,015) (1,980) - (126,995) Gross profit 19,522 2,589 5,444 27,555 643 - 28,198 Group 6 months 2025 Paper and paper products Wood fibre boards Raw materials for corrugated cardboard and related products Total reportable segments Unallo- cated Elimi- nation TOTAL Unconsolidated segment sales 66,934 15,176 54,596 136,706 9,531 (29,514) 116,723 Inter-segment sales (5,727) (834) (15,194) (21,755) (7,759) 29,514 - Sales to third parties 61,207 14,342 39,402 114,951 1,772 - 116,723 Cost of sales (47,747) (11,283) (31,957) (90,987) (1,180) - (92,167) Gross profit 13,460 3,059 7,445 23,964 592 - 24,556 Sales by region: 6 months 2026 6 months 2025 Domestic market (Lithuania) 28,806 27,925 European Union 114,265 76,016 Other countries 12,122 12,782 TOTAL 155,193 116,723
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22 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 13. Other income 6 months 2026 6 months 2025 Rental income 533 438 TOTAL 533 438 14. Other gains/(losses) – net 6 months 2026 6 months 2025 Result of disposal of assets (40) 30 Other gains/(losses) 139 (130) TOTAL 99 (100) 15. Basic and diluted earnings per share The calculation of the basic and diluted earnings per share is presented below: 6 months 2026 6 months 2025 Net profit for the period attributable to the Company’s shareholders 6,300 9,093 Number of ordinary shares 132,820,000 131,400,000 Share-based option - 1,660,000 Weighted average number of ordinary shares 132,820,000 133,060,000 Earnings per share (in EUR) 0.047 0.069 Diluted earnings per share (in EUR) 0.047 0.068 16. Adjusted EBITDA The management of the Group calculate the adjusted EBITDA and believes that this indicator is important for understanding the Group’s financial performance. The adjusted EBITDA is calculated by adjusting profit from continuing operations to exclude the impact of taxation, net finance costs, depreciation, amortisatio n, impairment losses/reversals related to goodwill, intangible assets, property plant and equipment. The calculation also includes amortisation of subsidies related to non-current assets which affects the profit for the period. The adjusted EBITDA as a performance indicator is not established by IFRS. The Group’s definition of the adjusted EBITDA may not match with similarly named performance indicators and disclosures of other entities. 6 months 2026 6 months 2025 Profit for the period 6,258 9,101 Income tax 831 575 Profit before income tax 7,089 9,676 Adjustment: Finance costs – net 255 173 Depreciation 6,468 5,468 Amortisation 514 520 Amortisation of grants (102) (71) Adjusted EBITDA 14,224 15,766
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23 « Contents Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated 17. Court and arbitration proceedings In 2021 the pre -trial investigation regarding the wastewater management of Grigeo Klaipėda AB, a subsidiary company of Grigeo Group AB (hereinafter - the Subsidiary), was completed by the Klaipėda District Prosecutor’s Office of Klaipėda County Prosecutor’s Office and the criminal case was referred to court. The court hearing s have started in September 2022. The Subsidiary is charged in criminal case under Articles 270(2), 228(2) and 300(3) of the Criminal Code of the Republic of Lithuania. The Subsidiary received a Civil Claim of the Environmental Protection Department in criminal case regarding compensation of damage caused to the environment in the amount of EUR 48,257,676.57 from the Klaipėda District Prosecutor’s Office of Klaipėda County Prosecutor’s Office on 26 January 2021. There were no other material events related to th is trial over 6 months of 2026 and until the date of signing these interim financial statements; the legal proceedings remain ongoing. More information is presented in Note 33 of year 2025 financial statements. Over 6 months of 2026 the Group and the Company were not involved in other court or arbitration proceedings which would have a material impact on the financial position of Grigeo Group AB. 18. Material uncertainties Russia’s invasion of Ukraine on 24 February 2022 has a negative impact over the Group’s financial performance. The Group’s subsidiary Grigeo Paper Packaging UAB has investments in Ukrainian subsidiary Mena Pak AT. Since the beginning of the war the Group and the Company has discontinued all business relationships with Russia and Belarus and has no receivables from or payables to these countries. The discontinued business with mentioned countries has no impact over Group’s and Company’s financial results. Uncertainties related to the investment in Mena Pak AT The Group’s statement of financial position includes the following consolidated assets and liabilities of Mena Pak AT: Mena Pak AT 30.06.2026 31.12.2025 Non-current assets 473 500 Current assets 1,855 1,977 TOTAL ASSETS 2,328 2,477 Shareholders’ equity 2,003 2,237 Non-current liabilities - - Current liabilities 325 240 TOTAL EQUITY AND LIABILITIES 2,328 2,477 The Group’s statement of comprehensive income for 6 months of 2026 includes the following consolidated results of Mena Pak AT: Mena Pak AT 6 months 2026 Revenue 2,326 Profit before tax 181 Net profit 154 EBITDA 218 Mena Pak AT did not incur any physical damage during the war. However, t he Group’s management estimates that a high uncertainty exists in relation to Mena Pak AT’s assets of EUR 2.3 million and liabilities of EUR 0.3 million due to the ongoing war and high uncertainty of future events. 19. Risk factors Information about financial and other risks and its management is provided in note 3 of financial statements and in note 2.4 of consolidated management report for year 2025. There are no significant changes during year 2026. 20. Events after the end of the reporting period There were no material or otherwise significant events after the end of the reporting period.
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24 Grigeo Group AB, company code 110012450, Vilniaus str. 10, Grigiškės, LT-27101 The Group’s interim information for the 6 months of 2026 All amounts are in EUR thousands unless otherwise stated « Contents CONFIRMATION OF RESPONSIBLE PERSONS In accordance with the Law on Securities of the Republic of Lithuania, and the Rules on the Disclosure of Information by the Bank of Lithuania, we, Chief Executive Officer Tomas Jozonis and Chief Finance Officer Mindaugas Sologubas hereby confirm that, to the best of our knowledge, unaudited interim consolidated financial statements of Grigeo Group AB for the six months period ended 30 June 2026, prepared in accordance with the International Financial Reporting Standards as adopted by the European Union, give a true and fair view of assets, liabilities, financial position, profit or loss and cash flows of the Group, and also that the unaudited interim consolidated report shows fair business environment as well as description of the Group‘s performance. Chief Executive Officer of Grigeo Group AB Tomas Jozonis Chief Finance Officer of Grigeo Group AB Mindaugas Sologubas