Interim report
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AB "ROKIŠKIO SŪRIS" CONSOLIDATED INTERIM REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026
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Translation note: This version of the accompanying documents is a translation from the original, which was prepared in Lithuanian language. 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 GENERAL INFORMATION .................................................................................................................................................................................................................................................. 4 1. Reporting period for which the management report is prepared ......................................................................................................................................................................... 4 2. Key information about the issuer: ........................................................................................................................................................................................................................ 4 3. Information about the Company's group of companies ....................................................................................................................................................................................... 4 4. Nature of the principal activities of the company and group ................................................................................................................................................................................ 5 5. Group strategy and objectives............................................................................................................................................................................................................................. 5 6. Highlights of the reporting period ........................................................................................................................................................................................................................ 6 7. Significant events after the end of the financial year ........................................................................................................................................................................................... 7 INFORMATION ON THE COMPANY'S AND GROUP'S ACTIVITIES ..................................................................................................................................................................................... 8 8. Group operating environment.............................................................................................................................................................................................................................. 8 9. Group sales ....................................................................................................................................................................................................................................................... 11 10. Products, brands and achievements ................................................................................................................................................................................................................. 14 11. Risk factors and risk management .................................................................................................................................................................................................................... 15 12. Information on financial risk management objectives and hedging instruments used ....................................................................................................................................... 23 13. Key features of internal control and risk management systems relevant to the preparation of the consolidated financial statements .............................................................. 23 14. Environment protection ..................................................................................................................................................................................................................................... 23 15. Financial performance ....................................................................................................................................................................................................................................... 25 16. Group activity by segment ................................................................................................................................................................................................................................. 28 17. Group business plans forecasts and investments ............................................................................................................................................................................................. 28 INFORMATION ON THE COMPANY'S SHAREHOLDERS .................................................................................................................................................................................................. 30 18. Information on the Company's share capital ..................................................................................................................................................................................................... 30 19. Company contracts with brokerage firms .......................................................................................................................................................................................................... 30 20. Details of trading in the issuer's securities on regulated markets ...................................................................................................................................................................... 30 21. Restrictions on transfer of securities ................................................................................................................................................................................................................. 32 22. Procedure for amending the Company's Articles of Association ....................................................................................................................................................................... 32 23. Information about the Company's shareholders ................................................................................................................................................................................................ 33 24. Rights of shareholders ...................................................................................................................................................................................................................................... 33 25. Details of the issuer's own share buybacks ....................................................................................................................................................................................................... 34 26. Dividends .......................................................................................................................................................................................................................................................... 35 CORPORATE GOVERNANCE ............................................................................................................................................................................................................................................. 37 27. The governing bodies of the Company ............................................................................................................................................................................................................. 37 28. Corporate governance and organisational structure of the Company Group .................................................................................................................................................... 37 29. Information on the competence and procedure for convening the General Meeting of Shareholders ............................................................................................................... 38 30. The Board of Directors of the Company ............................................................................................................................................................................................................ 40 31. Committees of the Company ............................................................................................................................................................................................................................. 44 32. Management of the Company ........................................................................................................................................................................................................................... 45 33. Staff ................................................................................................................................................................................................................................................................... 45 34. Related party transactions ................................................................................................................................................................................................................................ 47 35. Information on harmful transactions entered into on behalf of the issuer .......................................................................................................................................................... 47 Statement of profit or loss ..................................................................................................................................................................................................................................................... 49 Statement of other comprehensive income........................................................................................................................................................................................................................... 50 Statement of financial position .............................................................................................................................................................................................................................................. 51 The group’s statement of changes in equity ......................................................................................................................................................................................................................... 52 Statement of cash flows ........................................................................................................................................................................................................................................................ 53
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Notes to the INTERIM financial statements .......................................................................................................................................................................................................................... 54 1. General information ........................................................................................................................................................................................................................................... 54 2. Accounting policies ........................................................................................................................................................................................................................................... 55 3. Financial risk management ............................................................................................................................................................................................................................... 59 4. Segment reporting ............................................................................................................................................................................................................................................. 60 5. Inventories ........................................................................................................................................................................................................................................................ 61 6. Cash flows from operating activities .................................................................................................................................................................................................................. 61 7. Related-party transactions ................................................................................................................................................................................................................................ 62
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Interim management report for the 6 months period ended 30 June 2026 4 GENERAL INFORMATION 1. Reporting period for which the management report is prepared The half-yearly consolidated report and the consolidated financial statements are prepared for the first six months of 2026. 2. Key information about the issuer: Name of the issuer: ROKISKIO SURIS AB (hereinafter referred to as the Company) Legal form: Public limited liability company Date and place of registration: 28 February 1992. State Enterprise Centre of Registers Company code: 173057512 Address: Pramones st. 3, LT 42150 Rokiskis, Republic of Lithuania Keeper of the register of legal persons: State Enterprise Centre of Registers Telephone number: +370 458 55200 Fax number +370 458 55300 Email address: rokiskio.suris@rokiskio.com Website address: www.rokiskio.com ISIN code: LT0000100372 LEI (Legal Entity Identifier) code: 48510000PW42N5W74S87 Share trading code AB Nasdaq Vilnius RSU1L 3. Information about the Company's group of companies 30 June 2026 Rokiskio suris AB Group (the Group) consists of the parent company Rokiskio suris AB and five subsidiaries (30/06/2025: parent company and five subsidiaries). Main company: Rokiskio suris AB (company code 173057512, registered office address, Pramones st. 3, LT -42150 Rokiskis) Subsidiaries of Rokiskio suris AB: Rokiskio pienas UAB (company code 300561844, registered office address Pramones st. 8, LT - 28216 Utena). Rokiskio suris AB is the founder and sole shareholder of Roki skio pienas UAB, holding 100 % of shares and votes.
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Interim management report for the 6 months period ended 30 June 2026 5 Rokiskio pieno gamyba UAB (company code 303055649, registered office address Pramon es st. 8, LT - 28216 Utena). Roki skio suris AB is the founder and sole shareholder of Roki skio pieno gamyba UAB, holding 100 % of shares and votes. The Latvian company SIA Jekabpils piena kombinats (company code 45402008851, registered office address Akmenu iela 1, Jekabpils, Latvia LV-5201). Rokiskio suris AB holds 100 % of the shares and votes of the company. The Latvian company SIA Kaunata (company code 240300369, registered office address Rogs, Kaunata pag., Rezeknes nov., Latvia), Rokiskio suris AB owns 40 % of the company's shares and Rokiskio pieno gamyba UAB owns 20 %. DairyHub.LT UAB (company code 305831304, registered office address Kauno st. 65, LT -20118 Ukmerge). Rokiskio suris AB is the founder and sole shareholder of DairyHub.LT UAB, holding 100 % of shares and votes. 4. Nature of the principal activities of the company and group The main activities of the Rokiskio suris Group: • Dairy farming and cheese production (EVRK 10.51) Rokiskio suris AB: Rokiskio suris AB is principally engaged in the production and marketing of fermented cheeses, whey products and skimmed milk flour. Subsidiaries: The main activity of Rokiskio pienas UAB is the sale of fresh dairy products and fermented cheeses. The main activity of Rok iskio pieno gamyba UAB is the production of fresh dairy products (milk, kefir, sour milk, butter, cottage cheese, cottage cheese, sour cream, glazed cheese, desserts). SIA Jekabpils piena kombinats is active in the purchase of raw milk. SIA Kaunata business is the purchase of raw milk. DairyHub.LT UAB – preparation and sale of hard cheeses to final consumers in various countries around the world. 5. Group strategy and objectives In order to ensure that all members of the Company's governing bodies have a clear understanding of the Company's goals, directions and objectives, the Company's strategy is being developed to set out long-term strategic goals and objectives. Rokiskio suris Group is guided by a 3-year strategic plan approved by the Board of Directors, the main provisions of which are presented below: MISSION: Rokiskio suris AB = Trusted Dairy Professionals VISION: In Lithuania, which has become Baltlandia, more than 1 million tons of raw milk per year are processed sustainably.
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Interim management report for the 6 months period ended 30 June 2026 6 OBJECTIVES: o Sustainable milk processing. o Leadership in the dairy sector in the region. o Flexible production and sales of premium quality products that exceed consumer expectations. o To be the most attractive and reliable partner for dairy farmers. o Continuously increase shareholder value. o Achieving sustainability objectives along the entire chain. Achieving our goals: o By increasing the amount of milk bought and processed by 5% each year. o We are targeting a net annual yield of 3%. o By continuously reducing greenhouse gas emissions, energy and water consumption and the use of non-recyclable packaging in the production process. o Folow sustainable principle of business development. 6. Highlights of the reporting period • General Meeting of Shareholders of Rokiskio suris AB held on 30 April 2026: 1. Agreed with the Audit Committee's conclusion. 2. Approved the audited consolidated and Company financial statements for 2025. 3. Approved the allocation of profit/loss for 2025: Title kEUR 1. Non-distributed profit (loss) at beginning of year 91,886 2. Approved by shareholders dividends related to the year 2024 (6,284) 3. Transfers to reserve for own shares purchase - 4. Allocated for annual payments (tantiemes) for 2024 (45) 5. Non-distributed profit (loss) at beginning of year after dividend payout and transfer to reserves 85,557 6. Net profit (loss) of the Company of fiscal year 16,342 7. Distributable profit (loss) of the Company 101,899 8. Profit share for mandatory reserve - 9. Profit share for other reserves - 10. Profit share for dividend payout * (6,283) 11. Profit share for annual payments (tantiemes) to the Board of Directors, employee bonuses and other as accounted by Profit (loss) statement (45) 12. Non-distributed profit (loss) at end of year transferred to the next fiscal year 95,571 The total dividend allocation is EUR 6,283,980 EUR 0.20 per ordinary registered share. 4. Approved the company's remuneration report. 5. Taken the decision to acquire its own shares
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Interim management report for the 6 months period ended 30 June 2026 7 To acquire treasury shares in the Company at the following conditions: 5.1. Purpose of acquisition of own shares – maintain and increase the price of the Company’s share price; 5.2. Maximal number of the shares to be purchased – total value of the Company’s treasury shares including the nominal value of already owned shares may not exceed 1/10 of the Company’s Authorized Capital. 5.3. Period during which the company may purchase own shares – 18 months from the approval of resolution. 5.4. Maximal and minimal purchase price per share - the maximum purchase price per share is EUR 2.94 per ordinary registered share of AB "Rokiškio sūris". The minimum purchase price per share shall be EUR 1,98 per ordinary registered share of Rokiškio sūris AB. 5.5. Procedure of selling the treasury shares and minimal sales price – The Company’s treasury shares might be cancelled upon a resolution of the general meeting of shareholders or sold under a resolution of the Board of Directors provided the minimal sales price is equal to the acquisition price, and the procedure will ensure equal opportunities for all shareholders to acquire the company’s shares. 5.6. Following the conditions set herewith and the requirements of the Law on Companies of the Republic of Lithuania, to authorize the Board of Directors to accept resolutions regarding purchase of the Company’s own shares, organize purchase and sales of th e own shares, establish an order for purchase and sales of the own shares, as well as their price and number, and also complete all other related actions. The company has accumulated a reserve of kEUR 9,943 for acquisition of treasury shares. The decision of the General Meeting of Shareholders of April 30, 2025 regarding the acquisition of own shares shall become invalid as of the date of adoption of this resolution. 7. Significant events after the end of the financial year After the end of the financial year (30 June 2026) no significant events occurred in the Company or the Group.
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Interim management report for the 6 months period ended 30 June 2026 8 INFORMATION ON THE COMPANY'S AND GROUP'S ACTIVITIES 8. Group operating environment Key provisions Who we are: • We process more than 500,000 tons of milk in three dairies. • We produce and sell more than 35,000 tons of different cheeses. • About two-thirds of our production is exported outside Lithuania. • We are a responsible employer of around 1,100 employees. The Group's activities include the purchase of raw milk, the production of various dairy products and their sale on the Lithuanian and export markets. The group does not have or use intangible resources. Purchase of raw milk The main raw material used in production by the companies of the Roki skio s uris AB Group is raw cow’s milk. The company purchases raw milk in Lithuania, Latvia, and Estonia. Purchase structure by country During the first half of 2026, 57% of the total volume of raw milk was purchased in Lithuania, 30% in Latvia, and 13% in Estonia. Compared to previous years, the purchase structure remained stable, and Lithuania continues to be the main market for the supp ly of raw milk. Country Jan–Jun 2024 Jan–Jun 2025 Jan–Jun 2026 Lithuania 57% 56% 57% Latvia 30% 31% 30% Estonia 13% 14% 13% The majority of raw materials are purchased from Lithuanian dairy farmers, which allows the company to manage the supply chain more efficiently and maintain close cooperation with local farmers and agricultural companies. Structure of the company’s milk purchases from Lithuanian suppliers In Lithuania, there is a consistent trend toward the concentration of raw milk procurement in the segment of large dairy producers. During the first half of 2026, Roki skio suris AB purchased 70% of the total volume of milk procured in Lithuania from agricultural companies.
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Interim management report for the 6 months period ended 30 June 2026 9 Supplier Group Jan–Jun 2024 Jan–Jun 2025 Jan–Jun 2026 Farmers 19% 17% 15% Agricultural companies 66% 68% 70% Companies, cooperatives 15% 15% 15% Strategically, the company focuses on partnering with large dairy farms that: • adhere to high standards of hygiene, animal welfare, and sustainability; • ensure a balanced and high-quality diet for their animals year-round; • invest in modern infrastructure and employee training. Such dairy farms ensure a stable supply of high-quality raw milk and efficient production planning. According to data from the Dairy Accounting Information System of the State Enterprise Agricultural Data Center (ŽŪDC), in June 2026, Lithuanian milk processing companies purchased approximately 68.19% of the total volume of milk purchased in Lithuania fro m dairy farmers selling more than 40 tons of raw milk per month. Meanwhile, Roki skio suris AB purchased as much as 93.72% of the raw milk volume from suppliers in this segment in Lithuania, which demonstrates a clear focus on large, efficient dairy farms. Purchasing Pricing Rokiskio s uris AB pays a competitive market price for the highest -quality raw milk. The company’s pricing policy is focused on long -term cooperation with suppliers, reflecting market conditions, and promoting quality. Below is a comparison of Rokiskio suris AB purchase prices for raw milk purchased from dairy farmers selling more than 40 tons of milk per month for the years 2024–2026. The chart shows that, during the period under review, raw milk purchase prices exhibited cyclical patterns: a significant increase at the end of 2024 and high levels at the beginning of 2025 were followed by a steady decline in prices, which continued into the first half of 2026. These changes reflect the milk market’s sensitivity to shifts in supply and demand as well as trends in international dairy markets. January February March April May June July August Septemb er October Novembe r Decembe r 2024 477 459 459 441 421 410 412 435 485 567 616 610 2025 575 586 567 560 552 536 528 532 552 525 491 461 2026 437 411 406 412 397 384 300 350 400 450 500 550 600 650 Raw milk price, Eur/t 2024 2025 2026
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Interim management report for the 6 months period ended 30 June 2026 10 According to data from the MMO (European Union Milk Market Observatory), the price decline was driven by an increase in raw milk supply that outpaced the growth in demand. As a result, prices for key dairy products —particularly butter and cheese —declined, while rising inventories in Europe put additional pressure on the raw milk market. As dairy product prices fell on international exchanges, these trends also affected the Lithuanian market. Since Lithuania exports a large portion of its milk production, pricing is closely linked to changes in the global market. As prices for exported dairy products fell, the purchase price of raw milk decreased accordingly, both in Lithuania and in other European countries. According to the EU’s short -term market forecast published by the European Commission, the decline in milk purchase prices, which has been ongoing since October 2025, is expected to stabilize. The forecast is based on the latest market data and assessments by the European Commission’s Directorate-General for Agriculture and Rural Development. Production of dairy products Rokiskio suris AB Group manufactures dairy products at three production sites—in Rokiskis, Utena, and Ukmerge—where each facility specializes in different areas of operation. • Rokiskio s uri AB (Rokiskis) produces fermented cheeses, whey products, as well as processed and smoked processed cheeses. • Rokiškio pieno gamyba UAB (Utena) specializes in the production of fresh dairy products, whey protein concentrate, milk powder, butter, and spreadable fat blends. • DairyHub UAB (Ukmerge) handles the slicing, grating, and packaging of some of the cheeses produced in Rokiskis. The products of the Rokiskio suris AB group are highly regarded in both the Lithuanian and international markets. The company’s strong market position is driven by its consistent commitment to high product quality, which meets the expectations of international consumers and partners. Comparison of production volumes of Rokiskio suris AB (tonnes) 2026 2025 Change, % Fermented cheeses, t 20,205 19,724 2.44 Lactose, t 6,753 6,513 3.68 Butter and spreadable fat mixtures, t 3,106 2,424 28.14 Dry dairy products,* t 1,663 1,483 12.14 Short shelf-life dairy products, t 22,915 21,631 5.94 *- Whey protein concentrate, skim milk powder, buttermilk powder. 0 5,000 10,000 15,000 20,000 25,000 Fermented cheeses, t Lactose, t Butter and spreadable fat mixtures, t Dry dairy products,* t Short shelf-life dairy products, t Production, t 2026 2025
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Interim management report for the 6 months period ended 30 June 2026 11 Comparing the first half of 2026 with the same period in 2025, the volume of milk processed by the group increased by 2.9%. Production of fresh dairy products rose by 5.9% during the first half of 2026. In the first half of 2026, 20,205 tons of fermented cheese were produced, which is 2.4% more than in the same period of 2025. In the first half of 2026, production of cheese products containing vegetable fats was 10.9% higher than in the first half of 2025. Changes in the product range were driven by market demand and price fluctuations. The amount of milk sugar produced in the first half of 2026 was 3.7% higher than during the same period in 2025. The volume of dry dairy products (whey protein concentrate, skim milk powder, buttermilk powder) increased by 12.1% compared to the same period last year. Production volumes of butter and spreadable fat blends increased by 28.1%. GRAND cheese technology was developed through the joint efforts of production technologists and master cheesemakers at Roki skio suris AB, along with Italian master cheesemaker Professor Angelo Frosio. These hard cheeses are distinguished by their rich, mature, and tangy flavor. Their production process is complex, requiring significant investment, exceptional technological expertise, a long aging period, and a high level of craftsmanship. Only companies that have achieved a high level of technological sophistication and possess a team of experienced and highly qualified specialists can produce this type of cheese. Even the world’s most discerning gourmets have found the taste of “Rokiškio GRAND” cheese irresistible. For the fourth time, the International Taste Institute in Brussels has awarded this Lithuanian hard cheese gold stars at the prestigious “Superior Taste Award 2025”! Made in Rokiskis—recognized worldwide! “Rokiškio GRAND” —a hard cheese with a subtle, elegant flavor. In an effort to remain competitive, expand its markets, and continuously improve production processes, the company recertified its food safety system in 2026 in accordance with the requirements of the International Food Standard (IFS). During the audit, th e company was once again awarded a “Higher Level” rating, confirming that its dairy products are manufactured in accordance with the highest food safety and quality standards. 9. Group sales As every year, most of the company's production is exported. In the first half of 2026, Rokiskio Suris AB exports its production to 53 countries worldwide (30.06.2025: 46 countries). In the period January-June 2026, sales to Bosnia and Herzegovina, Uruguay have started. Discontinued sales to countries such as the Uzbekistan, Vietnam.
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Interim management report for the 6 months period ended 30 June 2026 12 The consolidated unaudited sales of Rokiskio suris AB Group for the period from January to June 2026 amounted to EUR 173,198 thousand, i.e. 18.25% less than in the same period of the previous year. In the same period of 2025, consolidated sales amounted to EUR 211,873 thousand. In the first half of 2026, the Group's exports accounted for around 68% of total sales. During the same period, exports in 2025 accounted for about 70%. The main and largest buyer of production remains Italy. A large part of production is also exported to Germany, the Netherlands, and Poland. thousand EUR % thousand EUR % % 30 06 2026 30 06 2025 Change Lithuania 55,323 31.94 64,383 30.39 -14.07 European countries 102,647 59.27 128,675 60.73 -20.23 Middle East 7,567 4.37 6,107 2.88 23.91 Far East 2,429 1.40 2,060 0.97 17.91 North America 1,736 1.00 2,179 1.03 -20.33 Other countries 3,496 2.02 8,469 4.00 -58.72 Total: 173,198 100.00 211,873 100.00 -18.25 In the first half of 2026, compared with the same period of 2025, the sales of the Rokiškio Sūris Group decreased by 18.25%, from EUR 211.9 million to EUR 173.2 million. Sales in Lithuania decreased by 14.07% and amounted to EUR 55.3 million, representing 31.94% of the Group’s total sales. Sales in export markets decreased by 20.08 percent and amounted to 117 .9 million euros, or 68.06 percent of the group’s total sales. When assessing the changes in sales, it should be noted that the overall decline in dairy product price levels in the market compared with the first half of 2025 had a significant impact on the decrease in sales value. Therefore, the decline in sales value across many markets was not directly proportional to changes in sales volumes and was largely attributable to lower selling prices. Although the overall level of dairy product prices in the market declined compared with the previous year, the dairy protein segment continued to benefit from particularly favorable market conditions, with whey protein isolate (WPI) and whey protein concen trate (WPC) prices remaining at historically high levels. Dairy protein products continue to represent an important part of the Group’s product portfolio and exports. As in previous years, European countries remained the Group’s main foreign sales destination. In the first half of 2026, sales in European countries amounted to EUR 102.6 million, representing 59.27% of 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Lithuania European countries Middle East Far East North America Other countries Sales by markets 30 06 2026 30 06 2025
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Interim management report for the 6 months period ended 30 June 2026 13 the Group’s total sales, and decreased by 20.23% compared with the first half of 2025. At the same time, positive sales dynamics were recorded in the Middle East and Far East regions, where sales increased by 23.91% and 17.91%, respectively. Sales in the N orth American market decreased by 20.33%. One of the key strategic priorities of the Rokiskio Suris Group remains the further development of sales of GRAND hard cheese and the strengthening of its position in export markets. A strong focus continues to be placed on increasing sales of higher value-added GRAND products and expanding their presence in the European retail and HoReCa segments. The Group continues to pursue an increase in the share of value-added products and to strengthen its position in priority export markets. Sales on the local market From January through June 2026, the Rokiskio suris AB Group’s sales revenue in the domestic market amounted to 55,323 thousand euros, compared to 64,383 thousand euros in the first half of 2025. The domestic market accounted for 31.94% of the company’s sales portfolio, which is 1.55 percentage points more than last year. This change was driven by lower revenues in export markets, which were affected by lower global prices for cheese and fats. In the first half of 2026, fresh milk sales in the domestic market fell by 7 %. This was driven by global price trends; the decline was recorded for the first time since 2020. The volume of production sold in the domestic market (~24,200 tons) increased by about 4% in the first half of 2026 compared to 2025 (23,30 0 tons). This year, larger quantities of cottage cheese and kefir were sold, while sales of sour cream and semi -hard fermented cheese were lower. Sales in the remaining categories remained similar. In 2026, the company’s product prices in Lithuania fell the most in the butter category (by as much as one-third) due to a large volume of cheap butter imports, while prices remained stable in the hard cheese and yogurt categories. The company’s products and brands (Rokiskio, Rokiskio Naminis, and Rokiskio GRAND hard cheeses; BiFi Active/Creamy yogurts; and others) are widely known and appreciated by Lithuanian consumers. The company continues to set goals for maintaining and increasing its current share of the domestic market. Rokiskio Group holds the strongest positions in the categories of cheese, processed cheese, sour cream, butter, and fermented milk products (kefir, sour milk, buttermilk). In recent years, the curd production line has been substantially modernized with its inst allation at the Utena production facility, enabling the company to offer the most efficient technology and the highest -quality product on the market, as well as to increase curd production volumes year after year. The company continues to expand its presence in the lactose-free product categories, recognizing that a significant portion of consumers have lactose intolerance and that this group is growing. We are also actively developing the “Šeimos pako ” line, which is geared toward larger families, making shopping easier and helping consumers save money. Another notable trend is the growing share of private labels in retail chains’ portfolios, which has risen to several dozen percent in certain categories. The company is also active in this segment, responding to the needs of its partners. Consequently, the number of SKUs for the company’s own brands on store shelves is decreasing, currently standing at approximately 130 in the company’s portfolio. Based on current trends, the company is striving to effectively manage its retail product port folio, seeking to phase out declining segments while maintaining mass production, and exploring opportunities to achieve shelf lives that are attractive to retail chains.
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Interim management report for the 6 months period ended 30 June 2026 14 10. Products, brands and achievements In the first half of 2026, we focused mainly on expanding our product range and engaging with consumers at events and tastings. • Product news: Rokiškio Bifi Active yogurts In the first half of 2026, two new yogurts - natural and peach-and-banana - were added to the “Rokiškio Bifi Active” product family. Both products are enriched with Bifidobacterium lactis bacteria. The new additions expand the “Bifi Active” lineup and offer consumers more choices, whether they’re looking for a neutral, natural flavor or prefer fruit combinations. “Rokiškio NAMINIS” natural sour milk 1 kg “Rokiškio NAMINIS” assortment has been supplemented with natural sour milk in 1 kg carton packaging. We are constantly looking for new solutions that would allow consumers to use our products even more conveniently, so we offered this traditional dairy pro duct in a practical format adapted for everyday use. This is an exceptional innovation on the Lithuanian market – “Rokiškio NAMINIS” sour milk became the first sour milk presented in carton packaging in Lithuania. This format makes it easier to store the p roduct in the refrigerator, pour it and use it in cooking, and the 1 kg capacity is convenient for families and customers who consume sour milk more often. With this innovation, we adapt the traditional product to changing consumer habits and everyday convenience. • Events and brand launches: During the first half of 2026, we actively participated in events where we introduced different product categories to consumers, invited them to tastings and interactive activities. Such meetings provided an opportunity to directly present products, hear the opinions of visitors and strengthen brand recognition. Vilnius Whisky Festival 2026 On April 11, we participated in the Vilnius Whisky Festival 2026, where we presented the long -aged Rokiškio GRAND cheese. Festival visitors were invited to a tasting and could discover the taste of the matured cheese alongside various whisky combinations. The event’s attendance was similar to last year – around 1,900 visitors. Participation in this festival became another opportunity to present Rokiškio GRAND to the audience with gourmet food and drinks.
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Interim management report for the 6 months period ended 30 June 2026 15 KAMADO BONO Grill Festival X On May 16, we participated in the anniversary KAMADO BONO Grill Festival X at the Vilnius Grand Resort. During the festival, we presented five types of Rokiškis spreadable cheeses to visitors. The event was attended by more than 1,500 participants, not counting the little guests of the celebration. We invited visitors not only to taste the products, but also to participate in outdoor games, where they could win product sets and board games “Rokiškis cheese road”. The Rokiškis spreadable cheese with Chimichurri attracted the greatest interest – it was one of the flavors that disappeared from the tasting trays the fastest. Meanwhile, visitors to Rokiškis GRAND mentioned it as a permanent choice in their shopping cart. Vilnius Pink Soup Fest On May 29 –31, we participated in the Vilnius Cold Borsch Festival, which took place in Vilnius Bėgiai Park, in the railway station area. During the festival, we introduced “Rokiškio NAMINIS” cold borsch sour milk, and invited visitors to participate in outdoor games and win branded T-shirts. One of the most important highlights of this year’s festival was the cooperation with Vilnius Archdiocese “Caritas” – during the event, we distributed cold borsch made with our “Rokiškio NAMINIS” cold borsch sour milk to visitors for free. This i nitiative allowed us to present the product live, while creating a communal and open connection with the festival audience. The main highlights of the first half of 2026 were the launch of new products and active participation in events that provided the opportunity to present different Roki skis brands to target audiences. Tastings, games and partnerships at events helped create direct contact with consumers and present the variety of products live. 11. Risk factors and risk management Risk is understood as the impediment to the achievement of objectives due to potential events and their potential impact on the business. The Company's objectives include both long-term strategic goals and specific actions related to operations. The Company's Board is responsible for managing the Company's risks and assessing the adverse impact on the objectives and results. The identification and management of specific risks is assigned to the relevant functions within the Company. The level of risk is ass essed in both strategic and operational decision -making, taking into account the external and internal environment. Risk management is integrated into the Company's business processes, so that potential risks are continuously monitored and analysed. The group's principal activity is milk processing. The dairy processing business is linked to raw material suppliers, competition in the raw milk market and fluctuations in raw milk prices. Shortages of raw milk, which lead to continuous volatility in milk prices, may affect the Issuer's results of operations. Specialisation in the production of fermented cheeses accounts for the bulk of revenues. The cheese maturation process is rather long, which makes it difficult to react quickly to market changes and may affect the company's performance. In addition, there is strong comp etition for dairy products on the domestic and export markets, cheaper Polish products and the Russian market ban limits sales.
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Interim management report for the 6 months period ended 30 June 2026 16 The Group's credit risk relates to receivables. The risk of default by counterparties is controlled. The Group has credit insurance cover for its customers. For customers with higher financial risks, a prepayment system is in place. The Group's activities are subject to regular food safety, environmental and social responsibility audits. Food safety systems are in place and operational in the Group. The company's products have specific Halal and Kosher quality certificates. Organic products are produced and labelled with additional information. The Group's management aims to produce safe and quality dairy products with the lowest possible environmental impact. The Group is constantly looking for opportunities to optimise production, reduce costs and minimise and manage risks. Risk factors: Risk factor Source of risk Risk management. Economic factors: Supply of raw materials Small farms; Seasonality; Competition; Lack of a long -term public regulatory framework. The evolution of raw milk prices during the winter and summer periods. Significant movements in milk prices on world markets. To mitigate potential risks and their impact, milk producers are paid milk price premiums for long -term cooperation, higher milk quality, loyalty and balancing seasonality in milk production. The risk is managed by additional imports of milk from other countries (Estonia, Latvia) and by diversifying the purchase of raw milk from different sized suppliers in Lithuania. Sales of products The group's principal activity is milk processing. Its main product is rennet cheese. Revenue from the sale of cheese accounts for the majority of revenue. The company's revenue, profit and cash flow may be adversely affected by changes in demand and prices for cheese and other products such as milk sugar, butter, WPC on the markets. The production of long-ripened hard cheese is a lengthy technological process that lasts between 9 and 24 months. This lengthy process may adversely affect the company's cash flow and results of operations. Internal competition between local producers. Cheaper Polish production on the Lithuanian market. Increase in the volume and range of cheaper products from other EU countries. Finding alternatives to imports. Increasing the range of products. Finding new markets. Working with business partners. Risk assessment for each client.
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Interim management report for the 6 months period ended 30 June 2026 17 Environmental factors Our activities consume large amounts of energy and natural resources. This poses a risk of environmental pollution directly and/or indirectly, as well as air pollution from technological installations. Vehicle replacement, maintenance, control of operating conditions. Choosing energy suppliers. Resource saving, accounting and control measures. Process control, automation, modernisation. Monitoring the use and impact of natural resources. Use of chemicals. This poses risks to workers, products and the environment. Employee training, personal protective equipment. Accounting and control. Process automation. Physical environmental pollution: noise, smell, light Control measurements and assessment. Deploying technical tools. Focus on design. Treatment of industrial and surface wastewater. Discharge of pollutants with industrial and surface wastewater. Maintenance, operating conditions, process control. Pollutant concentration studies, emission accounting. Use of reserves at a municipal wastewater treatment plant. Cleaning and maintenance of sand oil traps and sewers. Improper management of waste from operations poses a threat to the environment Waste sorting and accounting. Ensuring proper storage conditions. Process management, staff training. Transfer to legitimate processors. Regulation and compliance. Risks are manifested in the high volume of regulation and change in legislation. Certified management system compliant with ISO 14001:2015 Environmental Management Systems. Requirements and guidelines for use. Continuous evaluation of legislation and developments. Reporting, evaluation of established reports. Environmental concerns of residents, neighbouring businesses and local authorities. The company is located in an industrial area of the city and is adjacent to both other businesses and residential areas. Disseminating information about company news in the local press and on the internet. Active cooperation with local authorities, residents and business communities. Assessment of the impact of planned activities in accordance with the established procedures In the production areas, climate control systems are installed, which not only maintain the set temperature and humidity parameters, but also work in a recuperative mode.
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Interim management report for the 6 months period ended 30 June 2026 18 Accounting and reduction of GHG emissions. Dissemination of information and achievement of reduction targets to actors in the supply chain. 94% of our emissions are GHG emissions from dairy farms. Energy risks We consume a lot of electricity, heat and water in our operations. All production and non -production equipment relies on electricity to operate. This poses a risk to the uninterrupted supply of electricity. Electricity, heat (steam) and water supply influence the production and technological processes. Electricity is supplied by an independent energy supplier under the terms of a contract. Distribution is provided by the Energy Distribution Operator. Medium-voltage switchgear is fed from two independent sources, which feed the power transformers. If one substation loses voltage, the other is immediately energised. We have installed 90 MW of solar power plants. Heat energy is supplied by centralised urban heating networks using biofuels (wood) in Rokiškis and Utena. We also produce our own heat with two boiler plants in Utena and Ukmergė which use natural gas. Strict contractual conditions for the supply of thermal energy (steam), defining maximum requirements for pressure and temperature. Installed steam metering to control and ensure consumption and demand of the respective workshops. Boilers for hot water production. The heat pumps recover some of the heat from the environment and reduce the amount of heat energy purchased. Rokiškis receives most of its water supply from its own waterworks and treats wastewater in its own plants. The technological operation of wastewater treatment plants is strictly controlled, and monitoring is carried out and reports are submitted and made public in accordance with the established procedures. Part of the water is purchased from the city's waterworks and part of the wastewater is managed by the city's water management company. The water supply and wastewater treatment services for companies in Utena and Ukmergė are provided
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Interim management report for the 6 months period ended 30 June 2026 19 by the urban water management companies. Food safety and quality In order to achieve one of the most important objectives of Roki skio sūris AB - to ensure food safety and quality and to avoid product recalls, the existing and potentially dangerous risk factors (biological, chemical, physical) have been identified, and the favourable conditions for their occurrence and increase have b een analysed. The risk assessment consists of an evaluation of the likelihood of the risk factor occurring and the severity of the consequences. Risk assessment covers the entire production chain, from the purchase of raw materials to delivery to the customer. Based on the level of risk identified and the methodology approved by the Codex Alimentarius Commission, categories of control measures are identified and control measures are defined. Identification of key control measures for the main risk factors at play; Assessing the effectiveness of operational controls to reduce risks to an acceptable level; Developing the necessary action plans to improve the control system; Regular risk management and monitoring of targets. Information security IT risks relate to the use of illegal software, lost and unrecoverable data, and data vulnerabilities. Only legal, licensed IT software is used to avoid potential threats. A configurable firewall is used to protect against unauthorised access to the company from outside. Unauthorised access to data is limited to those rights and roles that are necessary for their work. A test environment is used to test changes to applications. Data loss is prevented by backing up data. All company computers have anti - virus software installed. Old computer equipment is replaced by new equipment with supported software versions. Occupational risk factors: Physical factors: Inadequate workplace design; Non-compliance with the general minimum requirements for work equipment; Mobile self -propelled, non -self- propelled work equipment; Potentially hazardous installations; Stability and robustness of structures; Escape routes and exits; Fire detection and extinguishing; Electric current; Activities of other companies in the provision of services and other work for the company. Workplaces and work equipment are maintained. Any deficiencies that may affect workers' health and safety are corrected. Controls for work equipment shall be clearly visible, identifiable and labelled. The work equipment shall have a control system that allows it to be brought to a complete and safe stop. Emergency stop devices shall be provided for this purpose. Where there is a risk of injury to a worker as a result of mechanical contact with moving parts of the work equipment, such parts shall be covered by guards and
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Interim management report for the 6 months period ended 30 June 2026 20 protective devices shall be fitted to prevent access to dangerous areas. Work equipment shall bear the necessary safety and health signs to ensure the safety of workers. Workers shall receive appropriate information on the use of work equipment, on -the-job training and instruction, i.e. they shall be made aware of the hazards they may encounter from work equipment. Mobile work equipment shall be so arranged and constructed as to expose the worker to minimum risk. Such equipment is subject to regular maintenance, training and periodic health checks. Potentially hazardous installations are operated in accordance with the Law on the Maintenance of Potentially Hazardous Installations. Maintenance of potentially hazardous installations is carried out. Employees working with potentially hazardous equipment are trained, periodically checked for their knowledge and periodically checked for their health. To ensure the stability and robustness of buildings, maintenance is carried out in accordance with the technical building regulations. Evacuation routes are maintained and signposted. Fire extinguishing equipment and fire safety engineering systems are appropriate for the size and purpose of the buildings, the equipment in the buildings, the nature of the materials stored in the buildings, and the number of employees in the workplaces. Fire extinguishers and fire safety engineering systems are subject to maintenance testing. Fire extinguishing equipment is labelled. Workplaces are equipped with a ventilation system. Ventilation equipment is maintained and updated. Fire safety training and drills are organised for staff. Hazardous areas in workplaces are marked.
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Interim management report for the 6 months period ended 30 June 2026 21 Workstations have strong, stable floors. Workers are provided with special footwear that is slip - resistant. Electrical installations shall be installed in such a way as to avoid the risk of fire or explosion and to protect workers from direct or indirect contact with electrical installations. Periodic resistance measurements of electrical installations shall be carried out in accordance with the procedures laid down by law. In order to ensure the safety and health of workers, avoiding risks arising from the activities of another undertaking and risks to their workers from the activities of the company, a description of the procedures for cooperation and coordination shall be drawn up and coordinating persons shall be appointed. Physical: Noise Lighting Chemical factors: Ergonomic factors: Work equipment Inadequate or poorly installed and maintained lighting in workplaces is a major occupational risk factor, affecting workers' emotional stress, reducing productivity and increasing the number of accidents. Use of chemicals in laboratory testing, cleaning of work equipment and facilities. Manual work exists in many workplaces Use of personal protective equipment, compulsory health checks for noise, training for workers. Occupational risk assessments measure lighting in workplaces. If the lighting does not meet the hygiene standards, the luminaires are replaced with new LED luminaires. The advantages are lower energy consumption, longer lifetime and higher efficiency. High-pressure washing stations are installed to fully control the doses of chemicals needed for cleaning and disinfecting rooms and to improve staff conditions. Occupational risk assessments are carried out in workplaces where chemicals are used. Mandatory health checks. Information and training for workers. Use of personal protective equipment where hazardous chemical agents are likely. Artificial ventilation system in place. An occupational risk assessment is carried out. An ergonomic risk
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Interim management report for the 6 months period ended 30 June 2026 22 assessment to prevent musculoskeletal disorders. Compulsory health screening. Manual and electric wheelchairs are used to reduce ergonomic risks. Lifts are also used. The company has introduced robotic technology to avoid heavy lifting. Job rotation is implemented. Social factors: Finding and recruiting staff. Staff development, and integrating staff into work processes. Retaining staff and reducing turnover. Search for workers at the labour exchange. Cooperation with research institutions. Recommendations from employees working for the company. Internal company resources (encourages employees to develop their skills and qualifications). The company has a performance appraisal and development system. Staff development plans are drawn up each year. Training is organised both by sending employees to external seminars organised by suppliers and internally. The company strives to build a stable workforce by fostering good relations, providing opportunities for development, growth, participation in decision -making, and employee benefits under the Collective Agreement. These social factors do not depend solely on the actions of the company. The company may be forced to increase investment in robotic production processes, i.e. replacing manual labour with robots. The Collective Agreement is updated in 202 4 to include more benefits for the company's employees. Employee engagement is promoted through social actions and various events that increase the sense of community and pride in the company.
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Interim management report for the 6 months period ended 30 June 2026 23 12. Information on financial risk management objectives and hedging instruments used The Company and the Group are exposed to various financial risks in the course of their business. The Group's overall risk management programme focuses on the unpredictability of the financial markets and seeks to mitigate any potential negative impact on the Group's financial performance. The Group is insured against general civil liability arising out of its business activities and damages caused to the Group's products or services. The insurance policy is valid worldwide. Risk management is carried out by the Company's management. There are no written principles for overall risk management. 13. Key features of internal control and risk management systems relevant to the preparation of the consolidated financial statements The preparation of the Company's consolidated financial statements, internal control and financial risk management systems, and compliance with the legislation governing the preparation of the consolidated financial statements are supervised by the Audit Committee. The consolidated financial statements of Roki skio s uris AB and the Company are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union. The Audit Committee monitors the preparation of the financial statements of the Company and the Subsidiaries, reviews IFRS to ensure that all changes in IFRS are implemented in the financial statements in a timely manner, analyses transactions material to the operations of the Company and the Subsidiaries, ensures that information is gathered from the Group companies and that it is timely and accurately processed and prepared for the purpose of the financial statements and informs the Company's Board of Dir ectors of material internal control weaknesses in the financial statements identified by external and internal audits, and makes recommendations to remedy them. The preparation of financial statements in conformity with IFRSs involves making estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement s and the reported amounts of income and expense during the reporting period. These estimates are based on management's knowledge of current conditions and actions. The financial statements comprise the consolidated financial statements of the Group and the separate financial statements of the Company. Subsidiaries (including special purpose entities) are entities in which the Group has control over financial and operating policies. Such control is generally exercised through the ownership of more than half of the voting shares. In assessing whether the Group controls another entity, the existence and effect of potential voting shares, whether presently held or convertible, are taken into account. Subsidiaries are fully consolidated from the date on which the Group obtains control of those entities and ar e deconsolidated from the date on which control is lost. The Audit Committee makes recommendations to the Board on the selection of the external audit firm and monitors the adherence of the external auditor and the audit firm to the principles of independence and objectivity. 14. Environment protection The environmental policy of Rokiskio sūris AB is to strive for efficient use of energy and natural resources, reduce negative environmental impact, implement pollution prevention measures, and care
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Interim management report for the 6 months period ended 30 June 2026 24 for the environment in which we live. The Food Safety, Quality and Environmental Policy approved on 29.11.2024 is reviewed annually in order to assess changes and promote the dissemination of a culture of sustainability among employees, including an increasingly broader approach. An assessment of the Group’s greenhouse gas emissions for 2025 was carried out in accordance with the GHG Protocol (GHG -greenhouse gases) and the Intergovernmental Panel on Climate Change (IPCC) guidelines. All direct “Scope 1” emissions are related to activities controlled by the Group: emissions from vehicles, heat production emissions, gas leaks. Scope 2 emissions are indirect emissions from our energy suppliers (electricity and heat). We have included CO2 , CH4, N ₂O and fluorinated greenhouse gases (HFCs and PFCs) in our calculations, expressing them in carbon dioxide equivalent. Scope 3 assesses all areas relevant to our operations: 1. Purchased goods and services, 2. Fixed assets, 3. Fuel and energy-related activi ties, 4. Upstream transportation (up), 5. Waste generated during operations, 6. Business travel, 9. Downstream transportation (down), 10. Recycling of products sold, 12. Disposal of products sold. The 2025 standalone consolidated Sustainability Report was presented separately from the 2025 financial report, taking into account the “Omnibus I” initiative adopted by the EU. Voluntary sustainability information was prepared based on the European Commis sion Recommendation (EU) 2025/1710 – VSME (Voluntary Sustainability Reporting Standard for SMEs) and is provided on the company’s website. The Company conducted a dual materiality assessment in 2025 together with a consulting firm in order to update the list of material topics and assess changes arising from market expectations, customer requirements and the regulatory environment. We implemented our commitment to reduce Scope 1 and 2 greenhouse gas emissions by a quarter by 2025. Climate change targets were approved by the SBT on 16 July 2026 (https://sciencebasedtargets.org). AB Rokiskio suris SBTi ID 40021980. AB “Rokiškio suris” commits to achieve net zero greenhouse gas emissions (Net-Zero) across its value chain. Near-Term targets by 2030, compared to the 2020 baseline, to reduce absolute Scope 1 and Scope 2 GHG emissions by 67.43% and Scope 3 GHG emissions by 25.0%. Near-Term FLAG targets by 2030, compared to the 2020 baseline, to reduce Scope 3 GHG emissions by 30.3%. In addition, the company commits to ensuring that its main raw materials related to deforestation are obtained without deforestation, achieving this target no later than December 31, 2026. Long-Term goals (Long-Term) by 2050, compared to the 2020 baseline period, to reduce absolute GHG emissions in scopes 1, 2 and 3 by 90.0%. Long-Term FLAG goals (Long-Term FLAG) by 2050, compared to the 2020 baseline period, to reduce absolute GHG emissions in scope 3 by 72.0%. The internal environmental protection procedure regulates the organization's environmental protection and energy performance accounting activities. In accordance with this procedure, data is analyzed and presented to management. Proposals are made to achieve goals and improve processes, improvement plans are drawn up, and investments are allocated for the implementation of plans. We are committed to complying with the Paris Agreement to keep the avera ge temperature rise below 2°C and to make efforts to limit global warming to 1.5˚C. This is a scientifically based long-term goal. The company implements four environmental monitoring programs to monitor and analyze potential environmental impacts. No adverse environmental impacts have been identified, and reports are submitted to the Environmental Protection Agency. Customers are increasingly interested in the company's sustainability plans and results, which is particularly motivating to achieve more and better results, and of course, to improve. More detailed data on environmental protection is provided in the annual Sustainability Report on the company's website.
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Interim management report for the 6 months period ended 30 June 2026 25 15. Financial performance Alternative performance indicators Rokiskio s uris AB presents in its financial statements financial performance indicators prepared in accordance with International Financial Reporting Standards (IFRS), together with non -IFRS financial performance indicators. These alternative performance indicators are imp ortant indicators of its performance for investors and other users of financial statements. The alternative performance measures should be treated as supplementary information prepared in accordance with IFRS. The Group sets out below the alternative performance indicators and the methodology for calculating them: Financial indicators (EUR thousand) 2026 30 June 2025 30 June Sales revenue 173,198 211,873 Gross profit 24,663 24,480 EBITDA 15,765 17,730 EBIT 12,362 12,795 Operating profit 12,362 12,795 Profit before tax (EBT) 11,863 12,298 Net profit/loss 9,658 10,288 Fixed assets 60,904 57,301 Short-term assets 150,222 148,065 Total assets 227,134 218,929 Shareholders' equity 163,401 153,166 Profitability (%) Return on assets [ROA] 5.54 5.51 Return on equity [ROE] 6.10 6.65 Gross profit margin (%) 14.24 11.55 EBITDA margin (%) 9.10 8.37 EBIT margin (%) 7.14 6.04 Return on constant capital employed [ROCE] 7.57 8.35 Profitability ratio [EBT margin] 6.85 5.80 Net profit margin 5.58 4.86 Financial structure Liabilities/equity ratio 0.39 0.43 Equity to assets ratio 0.72 0.70 Debt-to-equity ratio 0.25 0.21 Debt ratio 0.28 0.30 Gross liquidity ratio 2.51 2.41 Market value indicators Share price to earnings per share ratio [P/E ratio] 13.99 11.91 Net earnings per share 0.31 0.33 Name of indicator Methodology for calculating the indicator Value of indicator EBITDA Earnings before interest, tax, depreciation and amortisation. EBITDA - operating profit before depreciation, amortisation and impairment of fixed assets - helps investors assess the potential for profit generation before investing in fixed assets.
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Interim management report for the 6 months period ended 30 June 2026 26 EBITDA margin EBITDA / Revenue EBITDA to revenue ratio shows the efficiency of a company's operations. EBIT Earnings before interest and tax, i.e. net profit + corporation tax + finance costs. EBIT - operating profit. EBIT is a very important indicator as operating profit is used to pay all liabilities to creditors. It is a good indicator of a company's ability to generate cash flow. EBT Profit before tax, i.e. net profit + corporation tax. Profit before net investment and financing activities and income tax. Average return on assets [ROA] Ratio of operating profit for the last 12 months to average total assets for the last 12 months. This indicator shows how efficiently a company's assets are managed, i.e. how much net profit is generated for every euro of assets, which is one of the most popular measures of a company's performance Rate of return on equity [ROE] Ratio of average (net) profit for the last 12 months to average equity for the last 12 months. The return on equity (or return on equity) shows how many euros of net profit are generated per euro of equity. This indicator is important for shareholders in assessing the return on their past investment in the company. Return on constant capital employed [ROCE] Ratio of the sum of operating profit (EBIT) and financial operating income for the last 12 months to the average capital employed for the last 12 months. The ROCE profitability ratio measures the return on the funds required for the company's ongoing operations. It is often compared with the interest rates on loans available on the market at the time. The ROCE of a company is considered to be higher than the cost of borrowed capital at that time. Liabilities/equity ratio Liabilities/Equity The liabilities/equity ratio shows the amount of a company's total long-term and short-term liabilities per euro of equity. Debt-to-assets ratio Financial debts (long-term + short- term)/ Assets It is a financial ratio that compares a company's financial debts to its total assets. The ratio shows how much of the company's assets are financed by debt. Debt-to-equity ratio Financial debts (long-term + short- term)/Equity This is one of the main indicators of financial leverage. The debt-to- equity ratio shows how many
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Interim management report for the 6 months period ended 30 June 2026 27 euros of short-term and long-term debt are held per euro of equity. The debt calculation takes into account all the interest-bearing liabilities of the company. Debt ratio Liabilities to assets ratio The debt ratio reflects the proportion of a company's assets that are acquired with borrowed funds. Gross liquidity ratio Ratio of current assets to current liabilities The current ratio measures the ability of an enterprise to meet its short-term liabilities using its current assets. P/E (share price/earnings ratio) Share price at the end of the period / (Net profit/Shares) The share price/earnings ratio reflects how much an investor pays per euro of a company's net profit earned in the previous period. Earnings per share Net profit/Shares Earnings per share shows how much a company earns in net profit per share outstanding. Profit/(loss) statement In the first half of 2026, the sales revenue of the Rokiskio suris AB group amounted to 173,198 thousand euros, a decrease of 18.25 percent compared to the same period in 2025 (in the first half of 2025, the group’s sales revenue amounted to 211,873 thousand euros). Revenue from sales of fermented cheeses accounted for the largest part of total revenue, at 45.3 percent (48.9 percent in the first half of 2025). In terms of volume, 10 percent fewer fermented cheeses were sold in the first half of 2026 than in the same period of 2025, while in value terms, sales decreased by 24 percent. 0 5,000 10,000 15,000 20,000 25,000 30,000 30 June 2026 30 June 2025 Fiancial indicators, (Eur thousands) Gross profit Net profit/loss EBITDA EBIT Profit before tax (EBT)
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Interim management report for the 6 months period ended 30 June 2026 28 In the first half of 2026, the selling prices of whey products increased by about 33 percent. Although export cream sales grew by 9 percent in volume, with an average price decrease of 50 percent, sales in value decreased by 45.5 percent. Butter sales in value compared to the first half of 2025 decreased by 44 percent. This was influenced by a 15 percent decrease in volume and a 34 percent drop in average price. In the first half of 2026, sales revenue from fresh dairy products decreased by 0.3 million euros compared to the same period in 2025. Costs: In the first half of 2026, the Rokiskio suris AB Group incurred 148,535 thousand euros in cost of goods sold (compared to 187,393 thousand euros in the first half of 2025). Cost of sales decreased by 20.7 percent, or 38,858 thousand euros. This significant change was due to a decline in sales volume and a drop in raw milk purchase prices. Profit: The consolidated net profit of Rokiskio suris AB Group in the first half of 2026 was 9,658 thousand euros, i.e. 630 thousand euros less than in the first half of 2025 (10,288 thousand euros). The calculation of net profit includes direct and indirect production costs and costs not related to direct activities. One of the factors contributing to the decrease in profit was the increase in the corporate tax rate in 2026 and a slight increase in the group's administrative costs. The net profit margin of AB Rokiskio suris Group was 5.58 percent (4.86 percent in the first half of 2025). EBITDA for the first half of 2026 was 15,765 thousand euros (first half of 2025: 17,730 thousand euros). This represents a decrease of 1,965 thousand euros, or 11.08 percent, compared to the same period in 2025. The EBITDA margin was 9.10 percent (8.37 percent in the first half of 2025). 16. Group activity by segment Rokiskio suris AB Group's business consists of the following segments: hard cheese, semi-hard cheese, butter, milk, cream, sour cream, sour milk, yoghurt, cottage cheese, cottage cheese and others. These segments have been aggregated into two main segments in the financial statements on the basis of the similar nature of the products, the production process, the customer group and the distribution method. The two main segments presented in the Group's business financial statements are: - Fresh dairy products - Cheese and other milk products Transactions between operating segments are conducted on normal commercial terms. The analysis of the Group's sales revenue by market is presented in Note 4 of the notes to the financial statements. 17. Group business plans forecasts and investments The investment objective of AB Rokiškio sūris is to continue to increase the efficiency of production, focusing on production units, modernisation, repair and renewal of their equipment, as well as on energy resources (steam, electricity, compressed air), water distribution and preparation for production activities. As every year, a lot of investment is being made in sustainability. The company continues to pursue its sustainability policy and business decisions towards sustainability are a long -term investment in the future. Sustainability remains an important criter ion for the company. It also drives the direction of investment and change, which is why we are valued by our partners and customers.
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Interim management report for the 6 months period ended 30 June 2026 29 During the first half of 2026, the value of investments made by the Roki skio suris AB Group amounted to 6.2 million euros. Rokiskio suris AB continued to invest in the purchase of GRAND cheese-making equipment, as well as new production containers, tanks, and heating equipment, adapted for cheese and vegetable fat processing, and electric vehicle charging stations were installed. Part of the i nvestment was allocated to the modernization of existing equipment and buildings. General renovations of the premises were carried out. Each year, Roki skio pieno gamyba UAB allocates investments to modernize production support departments and to upgrade equipment for raw material processing, production, and packaging. In 2026, equipment in the laboratory and dry dairy product workshops was modernized using the latest technologies. In line with sustainability trends and to achieve cost savings, electric vehicle charging stations were installed on the premises of Rokiskio pieno gamyba UAB. Rokiskio suris AB is a well -known professional in the dairy industry, which is pursuing key longterm development and sustainability goals, constantly looking for new innovative solutions. The Group's main and daily task is to increase its competitiveness in the region and in the international market, to develop new products that meet the highest safety and quality requirements. In the domestic market, the Group plans to maintain sales at a level no lower than current levels by focusing on the most valuable segments and reducing the overall number of products in its portfolio in line with market trends. One of the Group’s top priorities is to maintain and further strengthen sales of Rokiškio GRAND hard cheese in the retail and food service markets —both in Lithuania and abroad. Another priority area for sales growth is to boost sales of fresh products and fermented cheeses in neighboring Baltic countries through retail chains.
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Interim management report for the 6 months period ended 30 June 2026 30 INFORMATION ON THE COMPANY'S SHAREHOLDERS 18. Information on the Company's share capital 30 June 2026 The authorised capital of Rokiskio suris AB consisted of: 19. Company contracts with brokerage firms Rokiskio suris AB has concluded an agreement with FMĮ Orion Securities UAB (A. Tumeno st. 4, LT- 01109 Vilnius, tel. (0-5) 231 38 33, info@orion.lt) for the management of accounting of the Company's securities issued by the Company as well as for provision of investment services. 20. Details of trading in the issuer's securities on regulated markets 32,281,173 ordinary registered shares of Rokiskio suris AB are listed on the Nasdaq Vilnius Baltic Official List (VVPB symbol RSU1L). Nominal value per share EUR 0.29. The Nasdaq Vilnius Stock Exchange is the only trading market for the Company's shares. The Company has been listed since 25 July 1995. The company has not issued any debt securities to the public. There are no debt securities registered and issued for private circulation. There are no securities that do not represent a participation in the authorised capital but whose circulation is regulated by the Securities Law of the Republic of Lithuania. There was no trading on other exchanges or other organised markets. Trading statistics for the Company's shares: 6 months 2024 6 months 2025 6 months 2026 Last trading session price, EUR 3.18 3.90 4.30 Maximum price, EUR 3.18 4.80 4.80 Lowest price, EUR 2.80 3.54 4.10 Turnover, pcs. 25,178 60,051 22,236 Turnover, thousand EUR 75 238 101 Capitalisation, thousand EUR 114,060 123,745 143,963 Number of shares Nominal value Total nominal Share of authorised capital (%) Type of shares (pcs.) (EUR) Value (EUR) Ordinary registered shares 32,281,173 0.29 9,361,540.17 100
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Interim management report for the 6 months period ended 30 June 2026 31 Dynamics of the Company's share price and turnover during the reporting period Source - AB Nasdaq Vilnius website Rokiškio sūris | Trading - Nasdaq Baltic Exchange (nasdaqbaltic.com) Dynamics of the company's share price and turnover over 4 years Source - AB Nasdaq Vilnius website Rokiškio sūris | Trading - Nasdaq Baltic Exchange (nasdaqbaltic.com)
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Interim management report for the 6 months period ended 30 June 2026 32 Dynamics of the company's shares (RSU1L), OMX_Baltic_Benchmark_GI and OMX_Baltic_GI indices: Chart data: Source - AB Nasdaq Vilnius: Baltic Market Indices - Nasdaq Baltic Exchange (nasdaqbaltic.com) 21. Restrictions on transfer of securities There are no restrictions on holdings or requirements to obtain the approval of the company or other security holders. 22. Procedure for amending the Company's Articles of Association The Articles of Association of the Company shall be amended in accordance with the procedure provided for by the laws of the Republic of Lithuania and the Articles of Association of the Company. The decision to amend the Company's Articles of Association shall be taken by the General Meeting of Shareholders of the Company by a qualified majority of 2/3 of the votes cast by the shareholders present at the meeting, except for the exceptions provided for in the Law on Joint -Stock Companies of the Republic of Lithuania.
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Interim management report for the 6 months period ended 30 June 2026 33 If the General Meeting of Shareholders adopts a decision to amend the Company's Articles of Association, a new version of the Articles of Association shall be drawn up and signed by a person authorised by the General Meeting of Shareholders. All amendments and additions to the Articles of Association of the Company shall enter into force only after they have been registered in accordance with the procedure established by the laws of the Republic of Lithuania. 23. Information about the Company's shareholders The total number of shareholders of Rokiskio suris on 30 June 2026 was 5,913. Shareholding held by a group of shareholders (30.06.2026): Name, surname Company name Company code Address Owned With persons acting in concert Number of ordinary registered shares Share of capital and votes % Share of capital and votes % Pieno pramones investiciju valdymas UAB Company code 173748857 Pramones st. 3, Rokiskis Lithuania 9,758,312 30.23 81.32* RSU Holding Ltd SIA, reg. No 40103739795 Elizabetes iela 45/47, LV-1010 Riga 8,953,883 27.74 Antanas Trumpa Chairman of the Board of the Company 2,378,755 7.37 Andrius Trumpa 2,760,247 8.55 Rita Trumpaite-Vanagiene 2,399,120 7.43 Artea Asset Management UAB managed investment and pension funds Gyneju st.14, Vilnius Lithuania 1,970,812 6.11 *The total group of persons acting in concert comprises: Pieno pramones investiciju valdymas UAB (30.23 %), SIA "RSU Holding" (27.74% of the Company's authorised capital and votes), members of the family of Antanas Trumpa (23.35% of the Company's share capital and votes). 24. Rights of shareholders Shareholders have the following moral rights: 1) attend general meetings of shareholders;
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Interim management report for the 6 months period ended 30 June 2026 34 2) submit questions to the company in advance on items on the agenda of general meetings of shareholders; 3) voting rights at general meetings of shareholders, based on the rights attached to the shares; 4) to receive the information on the company referred to in Article 18(1) of the Law on Public Limited Companies; 5) to file a lawsuit with the court, requesting to compensate the company for damages incurred as a result of non-performance or improper performance of the duties of the company's manager and members of the board of directors, as set out in the Law on Companies of the Republic of Lithuania and other laws, as well as the company's articles of association, as well as in other cases provided for by law; 6) to obtain the information referred to in Article 89(6) of the Law on Markets in Financial Instruments on a public limited liability company whose shares are admitted to trading on a regulated market; 7) other moral rights established by the laws of the Republic of Lithuania. Shareholders have the following property rights: 1) receive a share of the company's profits (dividend); 2) to receive company funds when the company's share capital is reduced in order to pay out company funds to shareholders; 3) to receive shares gratuitously when the authorised capital is increased from the company's funds, except for the exception provided for in Article 42(4) of the Law on Public Limited Companies and in the case provided for in Article 471 of the Law on Public Limited Companies; 4) the right of first refusal to acquire shares or convertible bonds issued by the company, unless the General Meeting of Shareholders decides to cancel the right of first refusal for all shareholders in accordance with the procedure established by the Law on Companies of the Republic of Lithuania; 5) lend money to the company in the manner prescribed by law, but a company may not pledge its assets to its shareholders when borrowing from them. When a company borrows from a shareholder, the interest shall not exceed the average interest rate of commercia l banks in the place of residence or business of the lender at the time of the conclusion of the loan agreement. In such a case, the company and the shareholders are prohibited from agreeing on a higher interest rate; 6) to receive a share of the assets of the liquidating company; 7) to have other property rights established by the laws of the Republic of Lithuania. The rights referred to in paragraphs 1, 2, 3 and 4 shall be vested in the persons who were shareholders of the company at the end of the tenth business day following the General Meeting of Shareholders which adopted the relevant resolution. 25. Details of the issuer's own share buybacks During the reporting period (1 January 2026 - 30 June 2026) Rokiskio suris AB did not acquire or dispose of any of its own shares. Based on the repurchases of treasury shares in previous years, the following shares will be repurchased as at 30 June 2026 Rokiskio suris AB held 861 274 treasury shares, representing 2.67% of its authorised capital. The total nominal value of the treasury shares to be acquired, together with the nominal value of the treasury shares already held, shall not exceed 1/10 of the Company's authorised capital.
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Interim management report for the 6 months period ended 30 June 2026 35 The shares were acquired through the official offering market of the Nasdaq Vilnius Stock Exchange. The total price of the shares acquired by Roki skio suris AB is EUR 1,894,802.80. The Company has established a reserve of EUR 9.943 million for the acquisition of treasury shares. 26. Dividends The General Meeting of Shareholders decides on the allocation and payment of dividends when distributing the company's distributable profit. The Ordinary General Meeting of Shareholders of Rokiskio suris AB, held on 30 April 2026, approved the audited consolidated financial statements and the Company's financial statements for 202 5 and the distribution of the Company's profit for 202 5. Dividends were distributed in the amount of EUR 6,283,979.80 or EUR 0. 20 per ordinary registered share. Below are the dividends declared and paid over the last 10 years: Per year Amount of dividends declared, EUR Dividend per share, EUR 2016 3,228,117.30 0.10 2017 3,586,797.00 0.10 2018 3,506,165.30 0.10 2019 3,500,669.60 0.10 2020 3,500,669.60 0.10 2021 3,500,669.60 0.10 2022 5,251,004.40 0.15 2023 5,251,004.40 0.15 2024 6,283,979.80 0.20 2025 6,283,979.80 0.20 Rokiskio suris AB has a Dividend Policy approved by the General Meeting of Shareholders. In accordance with this Dividend Policy, the Company's Board of Directors, when proposing to the General Meeting of Shareholders to allocate dividends, will be guided by the signed Shar eholders' Agreement, according to which 100% of the Company's profit for the financial period, less the Company's funds earmarked by the Board of Directors to be used for investment (CAPEX), working capital and/or other purposes, will be allocated to the dividends. In the event that the Company's Board of Directors foresees a significant amount of investments, which would result in the Company's profit for the financial period being insufficient to pay dividends in accordance with the dividend provisions described above, the Board of Directors of the Company will endeavour to maintain the continuity of the payment of the dividends for the previous financial periods, taking into account the Company's financial situation and the trend in the global dairy industry market. The General Meeting of Shareholders may not decide to declare and pay dividends if any of the following conditions are met: 1) has outstanding debts with the company which have fallen due before the decision is taken; 2) the amount of distributable profit (loss) for the financial year is negative (loss); 3) the company's equity is less than, or would become less if dividends were paid, than the sum of the company's share capital, statutory reserve, revaluation reserve and reserve for the acquisition of own shares. A company that fails to pay its statutory taxes by the due dates cannot pay dividends, annual bonuses to board members and bonuses to employees. Dividends are payable to those persons who, at the close of business on the record date for the rights of the General Meeting of Shareholders that declared the dividend (the close of business on the tenth business day after the General Meeting that adopted the resolution), were shareholders in the company or otherwise legally entitled to receive the dividend.
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Interim management report for the 6 months period ended 30 June 2026 36 The Company shall pay the dividend within 1 month from the date of the decision to distribute profits. The dividend may be for a financial year or for a period of less than a financial year. Dividends for periods shorter than the financial year are distributed by a decision of the General Meeting of Shareholders. Shareholders holding at least 1/3 of the total number of votes shall have the right of initiative in the case of dividends for perio ds of less than one financial year. A general meeting of shareholders whose agenda shall include the question of the granting of dividends for a period shorter than a financial year shall be held within 3 months of the end of the period for which the dividends are proposed to be granted, but no earlier than the approval of the set of annual accounts and the distribution of the company's profit (loss) for the preceding financial year, and no later than the end of the financial year. Dividends for periods shorter than a financial year may be granted if all the following conditions are met: 1) a set of interim financial statements for a period of less than one financial year; 2) the amount of profit or loss for the period of less than one financial year is positive (no loss); 3) the amount of the dividend payment does not exceed the amount of the profit (loss) for the period shorter than the financial year, the amount of the retained earnings (loss) for the previous financial year carried forward to the current financial year, les s the part of the profit for the period shorter than the financial year that, in accordance with the Law on Companies of the Republic of Lithuania or the Articles of Association of the Company, is to be allocated to the reserves; 4) the company has no outstanding debts that have fallen due before the decision is taken and would be able to meet its obligations for the current financial year if the dividend were paid. If a dividend is declared for a period shorter than a financial year, it may not be declared for another period shorter than a financial year earlier than 3 months.
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Interim management report for the 6 months period ended 30 June 2026 37 CORPORATE GOVERNANCE 27. The governing bodies of the Company The Articles of Association of Roki skio suris AB, registered in the Register of Legal Entities, provide for the following governing bodies of the Company: • General Meeting of Shareholders • Board • Head of the company (director). The Company does not have a Supervisory Board. 28. Corporate governance and organisational structure of the Company Group The management structure of the Roki skio suris AB Group (hereinafter referred to as the Group) is organised according to the main functions, i.e. sales and marketing, production, financial management, milk purchasing and logistics. The functional directors formulate and develop the Group's strategy, tactics and objectives in accordance with their assigned functions.
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Interim management report for the 6 months period ended 30 June 2026 38 29. Information on the competence and procedure for convening the General Meeting of Shareholders The competence and convening procedure of the General Meeting of Shareholders shall not differ from the competence and convening procedure of the General Meeting of Shareholders set out in the Law on Companies of the Republic of Lithuania. The right of initiative to convene the General Meeting of Shareholders of Roki skio suris AB shall be vested in the Management Board and the shareholders whose shares carry at least 1/10 of the total number of votes at the General Meeting of Shareholders. The notice of the General Meeting of Shareholders of the Company to be convened shall be made public in the Republic of Lithuania and in all other Member States of the European Union, as well as in the countries belonging to the European Economic Area, at least 21 days before the General Meeting of Shareholders, in accordance with the procedure established by the Securities Law. The notice of convening the General Meeting of Shareholders shall be additionally published in the electronic publication "Public Notices of Legal Entities " published by the State Enterprise Centre of Registers in the source specified in the Articles of Association. Persons who were shareholders of the company at the close of business on the record date of the meeting shall be entitled to attend and vote at a general meeting of shareholders or a reconvened general meeting of shareholders, in person or by proxy, or by persons with whom an agreement to transfer the voting right has been concluded, except for the exceptions provided for by law. A shareholder's right to participate in a general meeting shall also include the right to speak and to ask questions. The record date of a meeting of a public limited liability company shall be the fifth business day preceding the general meeting or the fifth business day preceding a repeated general meeting. A shareholder may vote in writing by completing a general ballot paper. The form of the general voting ballot is available on the Company's website www.rokiskio.com in the Investors section, and is also attached to the draft resolutions submitted by the Company via the Central Regulated Information Submission Database. The completed General Ballot Form must be signed by the shareholder or his/her authorised person. The completed and signed by the shareholder or other person entitled to vote general ballot paper and the document confirming the right to vote shall be submitted to the Company in writing not later than on the last business day before the meeting, by registered mail to Pramones st. 3, LT- 42150 Rokiskis, or by hand delivery to the Company during business days at the Company's registered office. The Company does not offer the possibility to attend and vote at the meeting by electronic means. A general meeting of shareholders may take decisions and shall be deemed to have taken place when shareholders holding more than ½ of the total voting rights are present. If a quorum is established, it shall be deemed to be present for the entire meeting. If a quorum is not present, the general meeting shall be deemed not to have been held and a reconvened general meeting shall be convened, which shall have the right to take decisions only on the agenda of the meeting that was not held and shall not be subj ect to the quorum requirement. The reconvening of the General Meeting of Shareholders shall be convened not earlier than 14 days and not later than 21 days after the date of the failed General Meeting of Shareholders. The shareholders shall be notified of the reconvened general meeting in the manner prescribed in Article 26 1 (3) of the Law on Companies not later than 14 days before the reconvened general meeting of shareholders. The Annual General Meeting of Shareholders must be held annually at the latest within 4 months of the end of the financial year. Shareholders holding shares representing at least 1/20 of the total votes shall have the right to propose items to be added to the agenda. The proposal shall be accompanied by draft decisions on the proposed items or, where no decisions are required, explanations of each proposed item on the agenda of the General Meeting of Shareholders. The proposal to supplement the agenda shall be submitted in writing by registered mail to AB
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Interim management report for the 6 months period ended 30 June 2026 39 "Rokiškio sūris" at the address Pramones st. 3, LT-42150 Rokiskis, or by e-mail at rokiskio.suris@rokiskio.com. The agenda shall be supplemented if the proposal is received not later than 14 days prior to the date of the General Meeting of Shareholders. Shareholders holding shares representing at least 1/20 of the total votes shall have the right to propose new draft resolutions on the issues included in the agenda of the meeting. The draft resolutions shall be submitted in writing by registered mail to Rokiskio s uris AB, Pramon es st. 3, LT -42150 Roki skis, or by e -mail to rokiskio.suris@rokiskio.com. The shareholders shall also have the right to propose draft resolutions on the items on the agenda of the Meeting in writing during the Meeting. Shareholders attending the General Meeting of Shareholders shall be registered in the register of shareholders. This list shall indicate the number of votes attached to each shareholder's shareholding. A person attending a General Meeting of Shareholders and entitled to vote must produce proof of identity. A person who is not a shareholder shall, in addition to this document, produce a document confirming his/her right to vote at the General Meeting. The requirement to provide proof of identity shall not apply to voting by written ballot in the form of a single ballot paper. The form of the general voting form is available on the Company's website at www.rokiskio.com under "Investors". If the shareholder so requests, the company shall, not later than 10 days before the general meeting, send the general ballot paper by registered mail or deliver it personally by hand and by signature free of charge. The completed postal ballot paper shall be signed by the shareholder or by his/her authorised representative. The completed and signed blank ballot paper and the document confirming the right to vote shall be submitted to the company in writing not later than on the last working day before the meeting, by registered post to Pramones st. 3, LT-42150 Rokiskis, or by hand delivery to the company on working days at the registered office of the company to the address indicated above. Only fully paid-up shares confer the right to vote at other General Meetings. Each share carries one vote at a general meeting of shareholders. The General Meeting of Shareholders has the exclusive right to: 1) amend the company's articles of association; 2) change your company's registered office; 3) elect the members of the Supervisory Board, or, in the absence of a Supervisory Board, the members of the Management Board, or, in the absence of a Supervisory Board or a Management Board, the Chief Executive Officer of the company; 4) to dismiss the Supervisory Board or its members, as well as the Management Board or its members elected by the General Meeting of Shareholders and the Company's CEO; 5) to appoint and recall an auditor or audit firm to audit the annual financial statements, and to determine the terms of remuneration for audit services; 6) decide on the approval of the remuneration policy for public limited liability companies whose shares are admitted to trading on a regulated market; 7) determine the class, number, nominal value and minimum issue price of shares to be issued by the company; 8) to adopt a decision to convert shares of one class of the company into shares of another class, and to approve the description of the procedure for the conversion of shares; 9) to decide to change the number of shares of the same class issued by the company and the nominal value per share without changing the amount of the share capital; 10) approve the annual accounts; 11) decide on the allocation of profits (losses); 12) decide on the establishment, use, reduction and elimination of reserves;
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Interim management report for the 6 months period ended 30 June 2026 40 13) approve the interim financial statements drawn up for the purpose of deciding on the distribution of dividends for a period of less than one financial year; 14) to decide on the granting of dividends for a period of less than a financial year; 15) decide to issue convertible bonds; 16) decide to withdraw the pre-emptive right of all shareholders to acquire shares or convertible bonds of a particular issue of the company; 17) to decide to increase the share capital; 18) to take a decision to reduce the authorised capital, except for the exceptions provided for in the Law on Joint Stock Companies; 19) to decide on the acquisition by the company of its own shares; 20) to decide on the award of Shares to employees and/or members of the organs, 21) approve the rules for the award of Shares; 22) decide on the reorganisation or separation of the company and approve the terms of the reorganisation or separation; 23) decide to reorganise the company; 24) to take decisions on the restructuring of the Company in the cases set out in the Law on Corporate Restructuring; 25) to take a decision to liquidate the company, to cancel the liquidation of the company, except for the exceptions set out in the Companies Act; 26) to elect and remove the company's liquidator, except for the exceptions set out in the Companies Act. The General Meeting of Shareholders may also decide on other matters falling within its competence under the company's Articles of Association, provided that such matters are not within the competence of other organs of the company under the Companies Act and that they are not essentially functions of the management bodies. A resolution of the General Meeting of Shareholders shall be deemed to have been passed when more shareholders vote in favour of it than against it, with the exception of items 1, 6, 7, 8, 9, 11, 12, 14, 15, 17, 18, 21, 22, 23, 24, 25 above, which shall be decided by a 2/3 (two-thirds) vote of the total number of shares held by all the shareholders present at the Meeting, and for item 16, the decision shall require 3/4 (three -quarters) of the votes of all the shares of the shareholders present and entitled to vote at the General Meeting of Shareholders. 30. The Board of Directors of the Company The Board is the collegiate management body of the Company, consisting of 6 (six) members. The members of the Board shall be elected and recalled by the General Meeting of Shareholders in accordance with the procedure established by the Companies Law. The members of the Board shall elect the Chairman of the Board. The number of terms of office of a member of the Board shall be unlimited. Only a natural person may be elected as a member of the Board. A member of the Supervisory Board of the Company (if the C ompany would have a Supervisory Board) and a person who is not entitled to hold such office under the law shall not be a member of the Management Board. The powers of the members of the Management Board are defined in the Companies Act and the Articles of Association of the Company. If the Board is dismissed, resigns or otherwise ceases to hold office before the end of its term of office, a new Board shall be elected for a new term of office. If individual Board members are elected, they shall be elected only until the end of the term of office of the existing Board. The Board can take decisions and a meeting will be considered to have taken place when 2/3 or more of the members of the Board are present. Members of the Board who have voted in advance shall be deemed to be present at the meeting. A decision of the Board shall be adopted by a greater number of votes in favour than against.
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Interim management report for the 6 months period ended 30 June 2026 41 The members of the Board of Directors are paid bonuses for their work on the Board in accordance with the procedure laid down in Article 59 of the Law on Joint Stock Companies. The amount of royalties depends on the Company's performance. The General Meeting of Shareholders shall decide on the payment of bonuses. The General Meeting of Shareholders of AB Rokiškio sūris, held on 30 April 202 5, granted bonuses of EUR 45 thousand to the members of the Board of Directors. There are no other additional payments for the Chairman of the Board in relation to the incentive scheme. Members of the Board of Rokiskio suris AB : (Elected at the Extraordinary General Meeting of the Company on 10.12.202 5) Antanas Trumpa – Chairman of the Board of the Company (since 13.12.2017). Work experience Rokiskio suris AB has been operating since 1966. 1971 - 2017 Head of the Company (Director). Education 1966 Kaunas Polytechnic Institute, specialist in food industry machinery and apparatus, qualified as a mechanical engineer. In 1979 he defended his thesis "Organisation of the work of vacuum machine" at Kaunas Polytechnic Institute, for which he received the degree of Candidate of Technical Sciences on 12 October 1994. The doctorate degree was awarded by the Lithuanian Science Council on 1994. Shares in Rokiskio suris AB Directly owns 2,378,755 shares (7.37 % of the authorised capital and votes) Together with related parties, 26,250,317 shares (81,32 % of the authorised capital and votes). Involvement in other companies Chairman of the Board of Rokiskio pienas UAB (company code 300561844, registered office address Pramones st. 8, Utena) and Rokiskio pieno gamyba UAB (company code 303055649, registered office address Pramones st. 8, Utena). A shareholder of Pieno pramones investiciju valdymas (company code 173748857, address Pramones st.3, Rokiskis), holding 5.101 units, i.e. 50,60 % of the shares and votes of UAB Pieno pramonės investicijų valdymas. Primary employer: Director of UAB Pieno pramones investiciju valdymas. Ligita Trumpaitė - Lumpickienė - Member of the Board of the Company. Deputy Chairman of the Board. (Elected for a 4-year term of office at the Company's General Meeting of Shareholders on 10.12.2025). Work experience Accountant and treasurer at AB “Rokiškio sūris”; Senior Finance Manager at UAB “Rokiškio pieno gamyba”. Primary employer: Director of Production and Administration at UAB “Rokiškio pieno gamyba”. Education Master's degree in Management from VGTU (Vilnius Tech). Shares in Rokiskio suris AB Does not own shares in the Company. Involvement in other companies A shareholder of Pieno pramones investiciju valdymas (company code 173748857, address Pramones st.3, Rokiskis), holding 4,07 % of the shares and votes of UAB Pieno pramonės investi valdymas.
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Interim management report for the 6 months period ended 30 June 2026 42 Paul M Campbell - Independent member of the Company's Board. Board member since 2017 (Re-elected for a new 4-year term of office at the Company's General Meeting of Shareholders on 10.12.2025). Work experience Director and owner of Osmotics Consulting Ltd. "Osmotics Consulting provides dairy and other agricultural companies with strategic, M&A, management and financial advice. Paul has over 35 years of experience in general management, setting up and managing international joint ventures, marketing, engineering and finance. Worldwide, Paul has worked in Australia, USA, Japan, Latin America, Russia, China, India, Europe and North Africa. Paul M. Campbell currently lives in London. Education University of Canterbury, New Zealand, Chemical and Industrial Engineering. Massey University in New Zealand, Diploma in Dairy Science and Technology. Shares in Rokiskio suris AB He does not own shares in the Company. Involvement in other companies Freelance consultant. He does not participate in the operations of other companies. Rita Trumpaitė - Vanagienė - Member of the Board of Directors of the Company. (Elected for a 4-year term of office at the Company's General Meeting of Shareholders on 10.12.2025). Work experience Vilnius University, lecturer, research associate, dentist. Education Doctor of Medical Sciences, Vilnius University. Shares in Rokiskio suris AB Directly holds 2,399,120 shares (7.43% of the authorized capital and voting rights). Together with related parties, holds 26,250,317 shares (81.32% of the authorized capital and voting rights). Involvement in other companies UAB Odontalis (60% of the authorized capital and voting rights), member of the board of the Vilnius Club Foundation. Primary employer: UAB "Odontalis" – dentist. Jonas Vaičaitis – Independent Member of the Board of Directors of the Company. Board member since 2017 (Re -elected for a new 4 -year term of office at the Company's General Meeting of Shareholders on 10.12.2025). Work experience 1992-2018 m. Head of Branch, SEB Bank AB, Senior Project Manager, Client Department. Education Higher engineering education, Kiev Polytechnic Institute. Shares in Rokiskio suris AB No shares. Involvement in other companies It is not involved in the activities of other companies.
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Interim management report for the 6 months period ended 30 June 2026 43 Andrius Trumpa – Member of the Board of Directors of the Company. (Elected for a 4-year term of office at the Company's General Meeting of Shareholders on 10.12.2025). Work experience Research Associate, Ph.D., at Vilnius Gediminas Technical University (VGTU). Head of the Property Security and Maintenance Department at AB "Rokiškio sūris". Education Ph.D. in Measurement Engineering from VGTU (Vilnius Tech). Shares in Rokiskio suris AB Directly holds 2,760,247 shares (8.55% of the authorized capital and voting rights). Together with related parties, holds 26,250,317 shares (81.32% of the authorized capital and voting rights). Involvement in other companies Primary occupation: farmer on his own farm. Company director: For the company is headed by the Chief Executive Officer (Director) of the Company. The Chief Executive Officer (Director) of the Company is the Company's sole management body, which organises the day-to-day business activities of the Company, considers and decides on the Company's long-term strategic plan and business plan. In the Company's relations with other persons, the Director shall act on behalf of the Company with sole authority. The company's CEO attends all General Meetings of Shareholders (including those held during the reporting period). Director The duties and powers of the Director are defined in the Law on Joint Stock Companies of the Republic of Lithuania and the Articles of Association of the Company. Dalius Trumpa - Head of the Company (CEO) (Appointed by the Board of the Company as of 01.01.2018) Work experience Rokiskio suris AB (company code 173057512, address Pramones st.3, Rokiskis) has been operating since 1991. 2002-2006 Production Director of Rokiskio suris AB. 2007- 2017 Deputy Director of Rokiskio suris AB. CEO of Rokiskio suris since 01.01.2018. Since 2007.01.02 Director of the subsidiary Rokiskio pienas UAB (company code 300561844, registered office address Pramones st.8, Utena). Since 29.04.2013 Director of the subsidiary Rokiskio pieno gamyba UAB (company code 303055649, registered office address Pramones st.8, Utena). Primary employer: CEO of AB “Rokiškio sūris”. Education Kaunas University of Technology, Food Industry Machinery and Machine, Mechanical Engineer. Shares in Rokiskio suris AB Does not hold shares directly in Rokiskio suris AB. Together with related parties - 26,250,317 shares (81.32 % of the authorised capital and votes)
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Interim management report for the 6 months period ended 30 June 2026 44 Involvement in other companies Shareholder of Rokvalda UAB (company code 300059165, address Basanaviciaus st.16A-125, Vilnius), holding 100% of the shares and votes. Since 2010 Chairman of the Board of the Latvian company SIA Kaunata (company code 240300369, registered office address Rogs, Kaunata pag., Rezeknes nov., Latvia). Does not own shares in this company. Since 11 December 2013 Director of SIA RSU Holding (company code 40103739795, business address Elizabetes iela 45/47, Riga). Holds 92 % of the shares of SIA RSU Holding. The shareholder of Pieno pramones investiciju valdymas UAB (company code 173748857, address Pramones st.3, Rokiskis) holds 27.97 % of the shares and votes of Pieno pramones investiciju valdymas UAB. 31. Committees of the Company Audit Committee of Rokiskio suris AB: The Company's Audit Committee is composed of 3 members, 2 of whom are independent. The term of office of the members of the Audit Committee is 4 years. The members of the Audit Committee shall be elected by the General Meeting of Shareholders on the recommendation of the Board of Directors of the Company. Members of the Audit Committee of Rokiskio suris AB: 1. Kestutis Gataveckas - Director of Perlas Finance UAB (independent member). Does not hold any shares in Rokiskio suris AB. 2. Vilmantas Pe ciura - Director of Virenda UAB (independent member). Does not hold any shares in Rokiskio suris AB 3. Dalia Zdaneviciene - (employee of the Finance Department of Roki skio suris AB). Does not hold any shares in Rokiskio suris AB The term of office of the members of the Audit Committee ends on 30 April 2029. The Audit Committee is a collegial body that takes its decisions at meetings. The Audit Committee may take decisions and a meeting shall be deemed to have taken place when at least two (2) members of the Committee are present. A decision shall be adopted b y the affirmative vote of at least two (2) members of the Audit Committee present at the meeting. The functions, rights and duties of the Audit Committee shall be regulated by the Regulations on the Establishment and Activities of the Audit Committee of Rokiskio suris AB, approved by the General Meeting of Shareholders of the Company, as well as by other documents regulating the activities of the Audit Committee. The main functions of the Audit Committee: 1. Monitor the process of preparing the financial statements of the Company and its Subsidiaries; 2. Monitor the effectiveness of the Company's internal control, risk management and internal audit systems; 3. To make recommendations to the Company's Board on the selection of the external audit firm and to monitor the audit process;
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Interim management report for the 6 months period ended 30 June 2026 45 4. Monitor the external auditor's and audit firm's compliance with the principles of independence and objectivity; 5. To inform the Company's Board of Directors of significant deficiencies in internal control over financial reporting identified by external and internal audit and to make recommendations for remediation; 6. To act honestly and responsibly for the benefit and welfare of the Company and its shareholders. There are no other committees in the company. 32. Management of the Company Members of the company's management Management bonus system: Members of the Company's management receive a salary and variable components of remuneration depending on the Company's performance, market conditions and other factors. The Group does not have any management bonus schemes in place. Executive remuneration policy: On April 30, 2024, the Company's general meeting of shareholders approved the remuneration policy of the company's executives. The Remuneration Policy defines the procedure for determining the remuneration to be paid to the Company's Director, members of t he Board of Directors, establishes the forms of monetary remuneration for the activities of the members of the Company's collegiate management and supervisory bodies, the grounds for awarding and the procedure for payment of such remuneration, and governs other matters relating to the payment of remuneration to members of bodies. The Remuneration Policy shall apply to the Managers (the Company's Director and the members of the Management Board). The Remuneration Policy is drawn up for a period of four years. The Company does not have a Remuneration Committee. The Company's Remuneration Policy is publicly available on the Company's website www.rokiskio.com under "For Investors". 33. Staff The average number of employees of the Rokiskio suris AB Group in the first half of 2026 was 1132, compared to the first half of 2025 (1136), it decreased by 0.35% or 4 employees. The decrease in the number of employees is related to the reorganizational changes and optimization of work taking place in the Group, as well as seasonal fluctuations in the number of employees. In the first half of 2026, among all employees of the Company, workers accounted for 76. 0% (in the first half of 2025 – 76.5%), specialists accounted for 23. 6% (in the first half of 202 5 – 23.0%); the number of managerial personnel was 5 (in the first half of 2025 - 6 managers). Responsibilities Name, surname In office since CEO Dalius Trumpa 2018-01-01 Director of Finance Antanas Kavaliauskas 2002-05-01 Milk Purchasing and Logistics Director Ramunas Vanagas 2020-01-01 Sales and Marketing Director Darius Norkus 2001-07-18
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Interim management report for the 6 months period ended 30 June 2026 46 Group employees by category Employee group Average number of employees Change 30.06.2026 30.06.2025 (%) Managers* 5 6 -16.67 Specialists 267 261 2.30 Workers 860 869 -1.04 Total 1,132 1,136 -0.35 *Functional directors are assigned to the company's senior management. The Company has highly qualified employees, of which: higher education – 26.33% (25.70% in the first half of 2025); post- secondary education – 37.54% (37.76% in the first half of 2025); secondary education – 35.25% (35.66% in the first half of 2025); incomplete secondary education – 0.88% (0.88% in the first half of 2025). Remuneration system The company has an efficient and fair remuneration system to attract, retain and motivate staff. All employment contracts with the Company's employees, including managers, are concluded in accordance with the requirements of the Labour Code of the Republic of Lithuania. Employees are recruited and dismissed in accordance with the requirements of the Labour Code. Average monthly earnings of Rokiskio suris Group by employee group 30.06.2026 30.06.2025 Change, % Managers 4,048 3,435 17.85 Specialists 2,518 2,284 10.25 Workers 2,379 2,113 12.59 Group average 2,419 2,158 12.09 The average monthly salary is calculated in accordance with Government Resolution No 496, 21.06.2017. The remuneration paid to employees of Rokiskio suris AB Group consists of: 1) the fixed remuneration you receive for the work you do - the monthly salary stipulated in your contract; 2) piece rates: for shop floor workers, sales figures, etc. Warehouse workers are remunerated according to the amount of actual work performed and the approved rates; 3) Variable remuneration: in accordance with the provisions of the incentive fund approved in the collective agreement. The Company has a remuneration system in place since 2018, with variable remuneration components determined by the Company, depending on the Company's performance, market conditions and other factors. The variable remuneration components are allocated to each division in accordance with the approved functional management system. These remuneration arrangements shall be approved by the CEO of the Company. Each of the Company's production workshops or departments has an approved procedure for the allocation of the incentive pool, which includes performance criteria and incentives for all employees. Performance appraisal is one of the most important tasks of the Company in order to organise work as efficiently as possible, to achieve the objectives set, to foster positive relations between managers and their subordinates, and to increase the motivation of employees.
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Interim management report for the 6 months period ended 30 June 2026 47 Employees of Group companies have the right to participate in trade union activities. The companies have a trade union committee which defends the labour, economic and social rights and interests of its members, defends the right to employment and social s ecurity of its members, takes care of the development of professional qualifications, develops professional ethics, and seeks to increase the wages and other incomes of workers in the food industry. The Collective Agreement was renewed in 2024, improving the existing guarantees for employees. The purpose of this Collective Agreement is to create the conditions for a harmonious collective activity, to guarantee a level of work, remuneration, health and safety and other working conditions for the various categories of employees that is better than that provided for by the laws of the Republic of Lithuania, governmental decrees and regulations, and to provide better labour and social guarantees for the Company's employees. The following additional guarantees are foreseen for employees. 34. Related party transactions Within 6 months of 2026, the company did not have any transactions with related parties that meet the criteria in Article 372. The transactions were at arm's length, are in the ordinary course of business and do not have a material impact on the Company. Related party transactions are disclosed in note 8 to the Company's consolidated financial statements for the first half of 2026. 35. Information on harmful transactions entered into on behalf of the issuer During the reporting period, there were no harmful transactions that were inconsistent with the Company's objectives, were not in line with normal market conditions, were prejudicial to the interests of the shareholders or other groups of persons, and had or may in the future have an adverse effect on the Company's business or results of operations. There were also no transactions resulting from conflicts of interest between the duties of the Company's directors, controlling shareholders or other related pa rties to the Company and their private interests and/or duties.
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48 AB "ROKIŠKIO SŪRIS" 2026 SIX MONTHS CONSOLIDATED INTERIM SET OF FINANCIAL STATEMENTS
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Interim consolidated financial statements For 6-month period ended 30 June 2026 (All amounts are in thousand EUR, unless otherwise stated) 49 Statement of profit or loss Group January - June Notes 2026 2025 Sales 173,198 211,873 Cost of sales (148,535) (187,393) Gross profit 24,663 24,480 Selling and marketing expenses (7,306) (7,456) General and administrative expenses (5,358) (4,978) Other income 262 462 Other gains/(losses) - net 101 287 Operating profit 12,362 12,795 Finance costs (499) (497) Profit before income tax 11,863 12,298 Income tax (2,205) (2,010) Profit for the year 9,658 10,288 Profit for the year attributable to: Owners of the Company 9,658 10,288 Non-controlling interest - - 9,658 10,288 The accompanying notes are an integral part of these interim financial statements. These financial statements were authorised for issue on 31 August 2026 by the Board of Directors and signed on behalf of the Board of Directors by the Managing Director and the Finance Director. Dalius Trumpa Antanas Kavaliauskas Managing Director Finance Director
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Interim consolidated financial statements For 6-month period ended 30 June 2026 (All amounts are in thousand EUR, unless otherwise stated) 50 Statement of other comprehensive income Group January - June Notes 2026 2025 Profit for the year 9,658 10,288 Other comprehensive income Items that will not be reclassified to profit or loss Other comprehensive income for the year, net of tax - - Total comprehensive income for the year 9,658 10,288 Total comprehensive income for the year attributable to: Owners of the Company 9,658 10,288 Non-controlling interest - - 9,658 10,288
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Interim consolidated financial statements For 6-month period ended 30 June 2026 (All amounts are in thousand EUR, unless otherwise stated) 51 Statement of financial position Group At 30 June At 31 December Notes 2026 2025 ASSETS Non-current assets Property, plant and equipment 60,904 58,112 Intangible assets 925 78 Investments 169 169 Trade and other receivables 2,316 3,591 Deferred income tax assets 1,827 2,538 Loans granted 10,771 11,578 76,912 76,066 Current assets Inventories 88,591 88,341 Loans granted 2,434 1,836 Trade and other receivables 51,220 49,124 Prepaid income tax 737 956 Cash and cash equivalents 7,240 6,022 150,222 146,279 Total assets 227,134 222,345 EQUITY Attributable to owners of the Company Share capital 9,362 9,362 Share premium 18,073 18,073 Reserve for acquisition of treasury shares 9,943 9,943 Treasury shares (1,895) (1,895) Other reserves 3,026 3,026 Retained earnings 124,892 121,563 Total equity 163,401 160,072 LIABILITIES Non-current liabilities Borrowings - - Deferred income 2,139 2,325 Provisions 1,736 1,736 3,875 4,061 Current liabilities Borrowings 41,168 27,423 Deferred income 490 502 Trade and other payables 16,241 26,651 Profit tax payable 1,679 3,356 Provisions 280 280 59,858 58,212 Total liabilities 63,733 62,273 Total equity and liabilities 227,134 222,345
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Interim consolidated financial statements For 6-month period ended 30 June 2026 (All amounts are in thousand EUR, unless otherwise stated) 52 The group’s statement of changes in equity Attributable to owners of the Company Notes Share capital Share premium Reserve for acquisition of treasury shares Treasury shares Other reserves Retained earnings Total Balance at 1 January 2025 9,362 18,073 9,943 (1,895) 3,026 110,698 149,207 Comprehensive income Profit for the reporting period - - - - - 10,288 10,288 Other comprehensive income for the year - - - - - - - Total comprehensive income for the year - - - - - 10,288 10,288 Transactions with owners Bonuses to the Board members - - - - - (45) (45) Dividends - - - - - (6,284) (6,284) Total transactions with owners for the year - - - - - (6,329) (6,329) Balance at 30 June 2025 9,362 18,073 9,943 (1,895) 3,026 114,657 153,166 Balance at 1 January 2026 9,362 18,073 9,943 (1,895) 3,026 121,563 160,072 Comprehensive income Profit for the year - - - - - 9,658 9,658 Other comprehensive income for the year - - - - - - Total comprehensive income for the year - - - - - 9,658 9,658 Transactions with owners Bonus to the Board members - - - - - (45) (45) Dividends - - - - - (6,284) (6,284) Total transactions with owners for the year - - - - - (6,329) (6,329) Balance at 30 June 2026 9,362 18,073 9,943 (1,895) 3,026 124,892 163,401
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Interim consolidated financial statements For 6-month period ended 30 June 2026 (All amounts are in thousand EUR, unless otherwise stated) 53 Statement of cash flows Group January - June Notes 2026 2025 Cash flows from operating activities Cash generated from operations 2,261 15,937 Interest paid (520) (497) Income tax paid (2,036) (2,010) Net cash generated from/ operating activities (295) 13,430 Cash flows from investing activities Purchases of property, plant and equipment (6,190) (7,306) Purchases of intangible assets (852) (84) Proceeds from sale of property, plant and equipment 101 512 Other loan repayments received 731 - Interest received 262 462 Dividends received - - Net cash (used in) investing activities (5,948) (6,416) Cash flows from financing activities Dividends paid (6,284) (6,284) Purchase of own shares - - Repayment of non-current borrowings (1,050) (1,050) Net change in credit line 14,795 (150) Net cash (used in) financing activities 7,461 (7,484) Net (decrease) in cash and cash equivalents 1,218 (470) Cash and cash equivalents at the beginning of the year 6,022 4,244 Cash and cash equivalents at the end of the year 7,240 3,774
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54 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. General information Rokiškio Sūris AB (“the Company”) is a public limited liability company based in Rokiškis. The Company’s code is 173057512, address: Pramonės g. 3, LT-42150 Rokiškis, Lithuania. The Company’s core line of business is the production and trade in fermented cheese, skimmed milk powder and wide range of other dairy products. The shares of Rokiškio Sūris AB are quoted on the Baltic Main List (ticket: RSU1L) of Nasdaq Vilnius stock exchange. Antanas Trumpa and Dalius Trumpa are ultimate beneficial owners. The consolidated group (“the Group”) consists of the Company and five subsidiaries (Prior period: five subsidiaries). Information on the Group subsidiaries is presented below: Year of acquisition Main activity Group’s ownership interest (%) as at 30 June Subsidiaries 2026 2025 Rokiškio Pienas UAB 2006 Distribution of dairy products 100.00 100.00 Rokiškio Pieno Gamyba UAB 2013 Production of dairy products 100.00 100.00 Jekabpils Piena Kombinats SIA 2005-2011 Raw milk collection 100.00 100.00 Kaunata SIA* 2010 Raw milk collection 60.00 60.00 DairyHub.LT UAB 2021 Production of dairy products 100.00 100.00 * This subsidiary was not consolidated in the Group’s financial statements as it was not material. All the above -listed subsidiaries have been registered in Lithuania, except for Jekabpils Piena Kombinats SIA and Kaunata SIA which have been registered in Latvia. The average number of the Group’s employees during the period ended: • Current was 1,132 employees • Prior was 1,136 employees.
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55 2. Accounting policies 2.1 Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial statements have been prepared on a going concern basis and under the historical cost convention. These financial statements include the consolidated interim financial statements of the Group. The financial statements have been prepared under the historical cost convention. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated. 2.2 Consolidation Subsidiaries are those investees, that the Group controls because the Group (i) has power to direct the relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of the investor’s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. The group treats transactions with non -controlling interest as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value o f net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. 2.3 Foreign currency translation The items shown in the financial statements of the Company and each entity of the Group are valued by the currency of the original economic environment wherein a specific company operates (hereinafter the “functional currency”). These financial statements have been presented in euros (EUR), which is the Company’s (and the Group’s each entity’s) functional and presentation currency. 2.4 Property, plant, and equipment Property, plant and equipment is shown at revalued amount, based on periodic valuations of assets, less subsequent accumulated depreciation and impairment. Subsequent costs are included in the asset’s carrying amount or recognised as separate assets only when it is probable that future economic benefits associated with the item will flow to the Company or the Group and the cost of the item can be measured rel iably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
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56 Depreciation on property, plant and equipment is calculated using the straight -line method to allocate their cost to their residual values over their estimated useful lives. Useful lives of property, plant and equipment are given in the table below: Buildings 15-93 years Plant and machinery 4-75 years Motor vehicles 2-34 years Equipment and other property, plant and equipment 2-34 years The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. Construction in progress is transferred to appropriate group of property plant and equipment when it is completed and ready for its intended use. When property is retired or otherwise disposed, the cost and related depreciation are removed from the financial statements and any related gains or losses are determined by comparing proceeds with carrying amount and are included in operating profit. 2.5 Financial assets Loans and amounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the date of the Balance sheet. These are classified as non -current assets. If the fair value of the financial asset at initial recognition differs from the transaction price, the difference is recognised in profit or loss. Loans and receivables are initially recognised at cost (the fair value of consideration receivable) and subsequently carried at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when these assets a re derecognised, impaired or amortised. 2.6 Inventories Inventories are carried at the lower of cost and net realisable value. Cost is determined by the first -in first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related indirect production overheads, but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. 2.7 Cash and cash equivalents Cash and cash equivalents include cash at bank and on hand. Cash and cash equivalents are carried at AC because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and at bank and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities on the balance sheet.
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57 2.8 Share capital (a) Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Any excess of the fair value of consideration received over the par value of shares issued is recorded as share premium in equity. (b) Treasury shares Where the Company or its subsidiaries purchase the Company’s equity share capital, the consideration paid, including any attributed incremental external costs, is deducted from shareholders’ equity as treasury shares until they are sold, reissued or cancel led. No gain or loss is recognised in the income statement on the sale, issuance or cancellation of treasury shares. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax ef fects, is presented in the consolidated financial statements as a change in shareholders’ equity. 2.9 Reserves Other reserves are established upon the decision of annual general meeting of shareholders on profit appropriation. This reserve may be used only for the purposes approved by annual general meeting of shareholders. 2.10 Financial liabilities Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at AC using the effective interest method. 2.11 Current income tax Profit is taxable at a rate of 1 7 per cent (in 202 5 – 16 per cent) in accordance with the Lithuanian regulatory legislation on taxation. 2.12 Employee benefits The Group pays social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. Social security contributions are recognised as expenses on an accrual basis and are included in payroll expenses. 2.13 Revenue recognition Revenue is income arising in the course of the Group’s and the Company’s ordinary activities. Revenue is recognised in the amount of transaction price. Revenue is recognised net of discounts, returns and value added taxes, export duties and other similar m andatory payments. Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler. Interest income is recognised on a time-proportion basis using the effective interest method.
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58 2.14 Dividend distribution Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period in which the dividends are approved by the Company’s shareholders. 2.15 Earnings per share Basic earnings per share are calculated by dividing net profit attributed to the shareholders from average weighted number of ordinary registered shares in issue, excluding ordinary registered shares purchased by the Company and the Group and held as treasury shares. 2.16 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision -maker. The chief operating decision -maker who is responsible for allocating resources and assessing performance of the operating seg ments has been identified as the Board of Directors that makes strategic decisions. The Group’s management distinguished the following operating segments of the Group: hard cheese, semi-hard cheese, butter, milk cream, sour cream, sour milk, yogurt, curd, curd cheese and other. These segments were combined into two main reportable segment s based on the similar nature of products production process types of customers and the method of distribution. 2.17 Government grants and subsidies Government grants are recognised at fair value where there is sufficient evidence that the grant will be received and the Group and the Company will comply with all attached conditions. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight line basis over the expected lives of the related assets. 2.18 Provisions Provisions are measured at the present value of expenditures expected to be required to settle the obligation using pre-tax rate that reflects current market assessments of the time value of money and the risks specified to the obligation. The increase in the provision due to passage of time is recognised as operating expenses. 2.19 Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method. 2.20 Transactions with related parties In the normal course of business, the Company and the Group enter into transactions with their related parties. These transactions are priced predominantly at market rates. Judgement is applied in determining if transactions are priced at market or non-market rates, where there is no active market for such transactions. The basis for judgement is pricing for similar types of transactions with unrelated parties, when such information is known to the Company or the Group.
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59 3. Financial risk management 3.1 Financial risk factors The Group’s and the Company’s activities expose them to a variety of financial risks. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Risk management is carried out by the Company’s management. There are no written principles for overall risk management in place. The Group operate internationally, however, their exposure to foreign exchange risk is set at minimum level, since sales outside Lithuania are performed mostly in the euros. The Group’s interest rate risk arises from interest-bearing loans and borrowings. Borrowings with variable interest rates expose the Group to cash flow interest rate risk. Borrowings with fixed interest rates expose the Group to fair value interest rate risk. In current year and previous year, loans granted by the Group at a fixed interest rate were denominated in the euros. Borrowings were denominated in the euros. Credit risk arises from cash at bank, loans granted, and trade receivables. Credit risk is managed on a group basis. According to internal rules, the Company’s and the Group’s all cash balances are held at banks that had external credit ratings from ‘A+’ to ‘BBB’, as set by the rating agency Fitch Ratings. The table below summarises the Company’s and the Group’s credit risk exposures relating to on - balance sheet items. Maximum exposure to credit risk before collateral held or other credit enhancements as at 30 June: Group 2026 2025 Cash and cash equivalents at banks 7,240 6,022 Trade receivables 42,636 40,898 Loans granted 13,205 13,414 63,081 60,334 The Group does not classify amounts receivable and other financial assets exposed to credit risk according to credit quality. Credit risk is managed through established credit limits for a major customers and monitoring of overdue receivables and loans. Credit limits and overdue receivables are continuously monitored by the Company’s and the Group’s management. 3.2 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cos t of capital. In order to maintain or adjust the capital structure, the Group and Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
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60 The Group define their capital as equity and debt, less cash and cash equivalents. As at 30 June, the Group’s capital structure was as follows: Group 2026 2025 Borrowings 41,168 27,423 Less: cash and cash equivalents (7,240) (6,022) Net debt 33,928 21,401 Shareholders’ equity 163,401 160,072 Total capital 197,329 181,473 Pursuant to the Lithuanian Law on Companies the authorised share capital of a public company must be not less than EUR 25 thousand (the authorised share capital of a private company must not be less than EUR 2.5 thousand) and the shareholders’ equity should not be lower than 50 per cent of the company’s registere d share capital. As at end of current and prior periods, the Company and its subsidiaries registered in Lithuania complied with these requirements. 4. Segment reporting Geographical information For 6 month period ended 30 June the Group’s sales by markets can be analysed as follows: Sales revenue 2026 2025 Lithuania 55,323 64,383 Europe Union countries 102,647 128,675 Near East 7,567 6,107 North America 1,736 2,179 Far East 2,429 2,060 Other countries 3,496 8,469 173,198 211,873
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61 5. Inventories Group 2026 2025 Raw materials 3,660 4,036 Work in progress 12,558 14,977 Finished products 76,861 73,746 Other inventories 1,787 1,869 Total inventories at cost 94,866 94,628 Less: inventory write-down to net realizable value (6,275) (6,287) Total inventories 88,591 88,341 6. Cash flows from operating activities Reconciliation of profit before income tax to cash generated from operating activities: Group At 30 June 2026 2025 Net profit (loss) before income tax 11,863 12,298 Adjustments for: depreciation 3,398 4,903 amortisation 5 32 write-off of property, plant and equipment and intangible assets - - loss/(profit) on disposal of property, plant and equipment (101) (287) interest expense 520 497 interest income (262) (462) amortisation of loans - - inventory write-down to net realisable value (reversal) (12) 1,021 impairment for doubtful receivables and write-offs of bad debts (reversal) 298 - accrual for vacation reserve and bonuses - - amortisation of government grants received (227) (257) dividend income - - Changes in operating assets and liabilities: trade and other receivables (711) (7,712) inventories (238) 6,898 prepayments for milk supply - - trade and other payable (12,272) (994) Net cash generated from/(used in) operating activities 2,261 15,937
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62 7. Related-party transactions Main shareholders of the Company: As at 30 June 2026 2025 Antanas Trumpa and family members (Chairman of the Board) 23.35% 23.35% Pieno Pramonės Investicijų Valdymas UAB (established in Lithuania)* 30.23% 30.23% RSU Holding SIA (established in Latvia)* 27.74% 27.74% Other shareholders (legal entities and natural persons, not related parties) 18.68% 18.68% * Pieno Pramonės Investicijų Valdymas UAB is controlled by Mr Antanas Trumpa (as a principal shareholder holding 50.6% of the share capital and votes of Pieno Pramonės Investicijų Valdymas UAB). RSU Holding SIA is controlled by Mr Dalius Trumpa (as a single shareholder holding 92% of the share capital and votes of RSU Holding SIA). The group of persons acting in concert holds in total 81.32% (Prior period: 81.32%) of the Company’s share capital and votes. Members of the Board of Directors of Pieno Pramonės Investicijų Valdymas UAB, RSU Holding SIA, and Rokiškio Sūris AB and their family members are treated as related parties. Certain cooperative societies engaged in the production of milk are treated as related parties of the Company because the Company can exercise a significant influence over daily activities of these cooperative societies through close family members of its directors and certain employees. (i) The following transactions were carried out with related parties: Group At 30 June 2026 2025 Purchase of milk from other related parties 167 970 Purchase of non-current assets 0 0 Purchase of inventory 0 0 Purchases of services 62 112 Sales of transportation services to other related parties 20 29 Sales of production and other inventories 0 32 Interest charges on credit facility 5 5 In order to properly indicate the internal turnover of Rokiškio Sūris AB, Rokiškio Pienas UAB, and Rokiškio Pieno Gamyba UAB, the management of the Group has decided that raw materials used in the production of exported products of Rokiškio Sūris UAB will be bought at a zero price, while the production generated by Rokiškio Pienas UAB and Rokiškio Pieno Gamyba UAB will be s old as a service, i.e. excluding the value of raw materials. Transactions related to the purchase of milk, acquisition of non-current assets and inventories, purchase and sale of services and goods with related parties are carried out under normal market conditions, including Fonterra group companies.
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63 (ii) Period-end balances arising from transactions with related parties: Group At 30 June 2026 2025 Current loan receivable from Dzūkijos Pienas KB 298 298 Trade payables to other related parties 18 192 Trade receivables from other related parties 13 10 By the decision of the Shareholder of Rokiškio Pieno Gamyba UAB, Rokiškio pienas UAB and Jakabpils piena kombinats SIA it was decided to approve and allocate dividends in the amount of EUR 3,517 thousand, EUR 4,013 thousand and EUR 0 thousand (2025: EUR 4,175 thousnd, EUR 5,498 and EUR 0 thousand). Dividends were paid out to Rokiškio Sūris AB in May of calendar year respectively.
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64 ENDORSEMENT BY THE RESPONSIBLE PERSONS 31/08/2026 Pursuing Article 12 of the Law on Securities of the Republic of Lithuania and in accordance with the rules of disclosure of information of the Bank of Lithuania , we, the undersigned – the Chief Executive Officer Dalius Trumpa and the Chief Financial Officer Antanas Kavaliauskas – approve that to our knowledge the consolidated non-audited financial statements of the half year 2026 are formed in accordance with the applicable accounting standards, they are true and show fair assets, obligations, financial state, profit and cash flows of the Company and total consolidated group. Also, to our best knowledge the Company’s consolidated management report make fair overview of the operations and business development, current state of the company overall group of Rokiskio suris AB, including description of the main risks and uncertainties. Chief Executive Officer Chief Financial Officer Dalius Trumpa Antanas Kavaliauskas