Interim report
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 2 TABLE OF CONTENTS Consolidated selected financial data ................................ ................................ ................................ ................................ ............... 3 Consolidated Profit and Loss account ................................ ................................ ................................ ................................ ............. 4 Consolidated statement of comprehensive income ................................ ................................ ................................ .......................... 5 Consolidated statement of financial situation (balance sheet) ................................ ................................ ................................ .......... 6 Consolidated cash flow statement ................................ ................................ ................................ ................................ ................... 7 Consolidated statement of changes in equity ................................ ................................ ................................ ................................ .. 8 Consolidated statement of changes in equity ................................ ................................ ................................ ................................ .. 8 Consolidated statement of changes in equity ................................ ................................ ................................ ................................ .. 9 Seasonality of operations ................................ ................................ ................................ ................................ .............................. 10 Revenues and costs ................................ ................................ ................................ ................................ ................................ ...... 10 Sales revenues ................................ ................................ ................................ ................................ ................................ ......... 10 Other operating revenues ................................ ................................ ................................ ................................ ......................... 10 Other operating cost ................................ ................................ ................................ ................................ ................................ . 10 Financial revenues ................................ ................................ ................................ ................................ ................................ .... 11 Financial costs ................................ ................................ ................................ ................................ ................................ .......... 11 Costs by type ................................ ................................ ................................ ................................ ................................ ............ 11 Commentary to the Group results and basic economic-financial amounts ................................ ................................ ..................... 12 Selected financial data ................................ ................................ ................................ ................................ ................................ .. 16 Profit and Loss account ................................ ................................ ................................ ................................ ................................ . 17 Statement of comprehensive income ................................ ................................ ................................ ................................ ............ 18 Statement of financial situation (balance sheet) ................................ ................................ ................................ ............................ 19 Cash flow statement ................................ ................................ ................................ ................................ ................................ ...... 20 Statement of changes in equity ................................ ................................ ................................ ................................ ..................... 21 Statement of changes in equity ................................ ................................ ................................ ................................ ..................... 21 statement of changes in equity ................................ ................................ ................................ ................................ ...................... 22
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 3 CONSOLIDATED SELECTED FINANCIAL DATA Consolidated financial data of Grupa Forte S.A. Capital Group in thousands of PLN in thousands of EUR 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Sales revenue 858 501 772 454 201 777 179 703 Profit on operating activities 62 989 35 783 14 805 8 325 Profit before tax 53 753 27 117 12 634 6 308 Net (profit) loss attributable to equity owners of the Parent company 53 335 21 572 12 536 5 018 Total comprehensive income for the period -3 471 3 032 -816 705 Net cash flow from operating activities 79 586 83 348 18 705 19 390 Net cash flow from investment activities -6 438 -934 -1 513 -217 Net cash flow from financial activities -119 815 -8 388 -28 161 -1 951 Net (increase)/ decrease in cash and cash equivalents -46 323 74 055 -10 887 17 228 Number of shares 23 930 769 23 930 769 23 930 769 23 930 769 Net profit per share attributable to equity owners of the Parent Company (in PLN/EUR) 2,23 0,90 0,52 0,21 31.12.2025 (unaudited) 31.03.2025 (audited) 31.12.2025 (unaudited) 31.03.2025 (audited) Total assets 1 354 973 1 480 510 320 575 353 859 Total liabilities 428 746 550 810 101 438 131 650 Long-term liabilities 227 119 305 500 53 734 73 018 Short-term liabilities 201 627 245 310 47 703 58 632 Total equity attributable to equity owners of the Parent company 925 289 927 955 218 915 221 792 Share capital 23 931 23 931 5 662 5 720 Book value per share (in PLN/EUR) 38,66 38,78 9,15 9,27
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 4 CONSOLIDATED PROFIT AND LOSS ACCOUNT 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) For the 3 months ended 31.12.2025 (unaudited) For the 3 months ended 31.12.2024 (unaudited) Sales revenue 858 501 772 454 308 284 293 552 Cost of sales 555 490 505 695 208 889 186 595 Gross profit from sales 303 011 266 759 99 395 106 956 Other operating revenue 18 024 9 692 3 736 1 160 Costs of sales 180 900 165 734 67 142 59 919 General administrative costs 63 482 61 662 21 934 19 622 Other operating costs 13 664 13 272 1 930 6 710 Profit on operating activities 62 989 35 783 12 126 21 865 Financial revenue 2 988 3 114 245 826 Financial costs 11 964 26 768 1 528 5 169 Profit on derivative financial instruments 0 369 0 17 Share in the profit/(loss) of investments valued at equity method -260 14 620 351 1 979 Profit before tax 53 753 27 117 11 194 19 516 Income tax 1 222 5 558 3 477 -10 Profit on continued operations of the period 52 530 21 559 7 715 19 526 Profit of the period 52 530 21 559 7 715 19 526 Attributable to: Non-controlling shareholders -804 -13 -16 -7 Shareholders of the Parent Company 53 335 21 572 7 732 19 533 Profit on continued operations of the period in PLN: - basic 2,20 0,90 0,32 0,82 - diluted 2,20 0,90 0,32 0,82
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 5 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) For the 3 months ended 31.12.2025 (unaudited) For the 3 months ended 31.12.2024 (unaudited) Profit of the period 52 530 21 559 7 715 19 526 Other comprehensive income before tax, including: -69 184 -22 655 -8 164 -17 515 Items which in the future may be reclassified to the profit and loss account -69 184 -22 655 -8 164 -17 515 Foreign exchange differences on translation of foreign operations 200 -1 290 -173 -31 Hedge accounting -69 384 -21 364 -7 991 -17 483 Deferred tax connected with items which in the future may be reclassified to the profit and loss account -13 183 -4 129 -1 518 -3 319 Deferred tax regarding hedge accounting -13 183 -4 129 -1 518 -3 319 Other net comprehensive income -56 001 -18 526 -6 646 -14 196 Total comprehensive income/(loss) for the period -3 471 3 032 1 070 5 329 Attributable to: Non-controlling shareholders -804 -13 -16 -7 Shareholders of the Parent Company -2 227 3 046 1 085 5 336
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 6 CONSOLIDATED STATEMENT OF FINANCIAL SITUATION (BALANCE SHEET) 31 December 2025 ( unaudited) 31 March 2025 (audited) ASSETS Non-current assets 852 945 871 104 Tangible fixed assets 740 295 763 952 Intangible assets 20 427 22 299 Investment in subsidiaries 551 551 Investments valued at equity method 13 706 13 966 Other long-term financial assets 10 149 10 094 Real estate investment 46 437 51 522 Assets on deferred tax 21 381 8 720 Current assets 502 029 609 405 Inventory 234 510 203 603 Trade and other receivables 178 192 200 460 Receivables due to financial derivative instruments 20 327 89 711 Income tax receivables 584 899 Financial assets 238 233 Cash and cash equivalents 68 176 114 500 TOTAL ASSETS 1 354 973 1 480 510 LIABILITIES Total equity 926 228 929 700 Equity (attributable to shareholders of the Parent Company), including: 925 289 927 955 Basic equity 23 931 23 931 Surplus of share sale above their nominal value 114 556 114 556 Other reserve capital 35 387 91 393 Retained earnings 751 415 698 075 Capital attributable to non-controlling shareholders 939 1 745 Long-term liabilities 227 119 305 500 Provision for benefits after the employment period 4 977 4 976 Interest-bearing loans and borrowings 180 172 255 755 Trade and other long-term liabilities 582 582 Accruals 8 338 9 649 Financial liabilities due to lease 33 050 34 538 Short-term liabilities 201 627 245 310 Trade and other liabilities 160 187 176 008 Contract liabilities 1 505 1 321 Accruals 286 301 Income tax liabilities 28 8 Current portion of interest-bearing loans and borrowings 33 871 62 225 Financial liabilities due to lease 3 241 2 867 Provision for benefits after the employment period 764 764 Other provisions 1 745 1 816 Total liabilities 428 746 550 810 TOTAL LIABILITIES 1 354 973 1 480 510
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 7 CONSOLIDATED CASH FLOW STATEMENT 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Cash flows from operating activities 52 530 21 559 Profit/ (loss) of the period 27 361 53 086 Adjustments by: Share of profit/(loss) of investments valued at equity method 260 -14 620 Depreciation 41 689 41 896 Foreign exchange losses 3 679 -2 275 Interest income -1 268 -860 Interest costs 9 277 15 482 Dividends income 0 -243 (Profit)/ loss on investing activity -11 858 -7 141 Current tax recognised in profit or loss account 1 222 5 558 Change in receivables 22 268 1 821 Change in inventories -30 907 -9 732 Change in liabilities, excluding loans and borrowings -11 932 11 993 Change in provisions -131 -76 Change in fair value 5 085 0 Other adjustments -23 11 282 Cash flows from operating activities 79 891 74 645 Income tax paid -305 8 703 Net cash flows from operating activities 79 586 83 348 Cash flows from investment activities Sale of intangible assets 9 767 7 581 Sale of tangible assets 2 923 758 Sale of shares in investments valued at equity method 0 2 Purchase of intangible assets -89 0 Purchase of tangible assets -20 333 -6 737 Real estate investments 0 -3 Dividends received 0 243 Purchase of shares in investments valued at equity method 0 -3 490 Borrowings interest received 1 295 816 Borrowings granted to related entities 0 -103 Net cash flows from investing activities -6 438 -934 Cash flows from financing activities Inflows from loans and borrowings taken out 0 42 879 Repayment of loans and borrowings -108 198 -23 562 Repayment of leasing liabilities -2 308 -1 595 Payment of dividends to non-controlling shareholders -2 -2 Interest paid -9 309 -16 119 Other financial outflows 0 -9 990 Net cash flows from financial activities -119 815 -8 388 Net increase/ (decrease) in cash and cash Equivalents before exchange differences -46 667 74 026 Net foreign exchange differences (from the opening balance translation) 344 29 Net increase /(decrease) in cash and cash equivalents -46 323 74 055 Opening balance of cash 114 500 30 920 Closing balance of cash, including: 68 176 104 974 of limited disposability 517 1 132
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 8 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the 6 months ended 31 December 2025 (unaudited) Share capital Share premium Retained earnings Other reserve capital Total capital attributed to controlling shareholders Total capital of non- controlling shareholders Total equity Status at the beginning of the period 23 931 114 556 698 075 91 393 927 955 1 745 929 700 Payment of dividend 0 0 0 0 0 -2 -2 Other changes 0 0 6 -5 1 0 0 Current result 0 0 53 335 0 53 335 -804 52 530 Other comprehensive income for the period 0 0 0 -56 001 -56 001 0 -56 001 Comprehensive income for the period 0 0 53 335 -56 001 -2 667 -804 -3 471 Change in equity 0 0 53 340 -56 006 -2 666 -806 -3 472 Status at the end of the period 23 931 114 556 751 415 35 387 925 289 939 926 228 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2025 (audited) Share capital Share premium Retained earnings Other reserve capital Total capital attributed to controlling shareholders Total capital of non- controlling shareholders Total equity Status at the beginning of the period 23 931 114 556 647 885 121 457 907 829 1 946 909 775 Payment of dividend 0 0 0 0 0 -2 -2 Other changes 0 0 0 -1 -1 0 -1 Current result 0 0 50 190 0 50 190 -199 49 991 Other comprehensive income for the period 0 0 0 -30 063 -30 063 0 -30 063 Comprehensive income for the period 0 0 50 190 -30 063 20 127 -199 19 928 Change in equity 0 0 50 190 -30 064 20 126 -201 19 925 Status at the end of the period 23 931 114 556 698 075 91 393 927 955 1 745 929 700
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the 6 months ended 31 December 2024 (unaudited) Share capital Share premium Retained earnings Other reserve capital Total capital attributed to controlling shareholders Total capital of non- controlling shareholders Total equity Status at the beginning of the period 23 931 114 556 647 885 121 457 907 829 1 946 909 775 Payment of dividend 0 0 0 0 0 -2 -2 Other changes 0 0 1 0 2 0 2 Current result 0 0 21 572 0 21 572 -13 21 559 Other comprehensive income for the period 0 0 0 -18 526 -18 526 0 -18 526 Comprehensive income for the period 0 0 21 572 -18 526 3 046 -13 3 032 Change in equity 0 0 21 573 -18 526 3 047 -15 3 032 Status at the end of the period 23 931 114 556 669 458 102 932 910 876 1 931 912 807
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 10 Seasonality of operations Revenues and costs Sales revenues For the reporting period Sales revenues 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Revenues from sales of goods, products and materials 845 367 760 102 - products, including: 658 518 637 355 result of hedge accounting 76 608 42 761 - goods 8 431 7 483 - materials 178 418 115 263 Revenues from sales of services 13 134 12 352 Total net revenues from sales 858 501 772 454 - including from related entities 9 144 9 567 Other operating revenues For the reporting period Other operating revenues 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Reversal of impairment write-downs receivables 860 1 Reversal of impairment write-downs others 409 227 Gain on sale of property, plant and equipment 2 820 46 Gain on sale of intangible assets 9 690 7 556 Subsidies 1 058 576 Donations and compensations 302 609 Other 2 885 576 Total other operating revenues 18 024 9 692 Other operating cost For the reporting period Other operating costs 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Creation of revaluation write-downs inventories 101 48 Creation of revaluation write-downs receivables 374 129 Liquidation and impairment losses on property, plant and equipment 771 31 Scrapping of inventory 1 462 1 252 For the reporting period Domestic revenues Share % in total quarter revenues Export revenues Share % in total quarter revenues Revenues from sales of products, materials, goods and services I Q 2025 (04-06.2025) 79 515 29% 190 423 71% 269 938 II Q 2025 (07-09.2025) 70 979 25% 209 300 75% 280 279 III Q 2025 (10-12.2025) 66 039 21% 242 245 79% 308 284 216 533 641 968 858 501 I Q 2024 (04-06.2024) 53 749 21% 197 057 79% 250 806 II Q 2024 (07-09.2024) 58 761 26% 169 335 74% 228 096 III Q 2024 (10-12.2024) 78 358 27% 215 194 73% 293 552 190 868 581 586 772 454
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 11 Donations 140 187 Penalties and compensations 987 2 514 Loss on disposal of property, plant and equipment 0 431 Damages removing costs 70 109 Revaluation investment properties 5 085 0 Unused production capacity 4 101 8 021 Other 573 550 Other operating costs, total 13 664 13 272 Financial revenues For the reporting period Financial revenue 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Gain on sale of shares 0 2 Dividends 148 243 Interest 1 320 872 Exchange differences of financial assets and liabilities 0 1 998 Other 1 520 0 Financial revenues, total 2 988 3 114 Financial costs For the reporting period Financial costs 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Interest on loans, credits 7 886 14 188 Interest on leasing 1 422 1 291 Budget interest 1 1 Credit valuation at amortised cost 216 1 437 Exchange differences of financial assets and liabilities 2 433 0 Other 6 9 851 Financial costs, total 11 964 26 768 Costs by type For the reporting period Costs by type 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Depreciation 41 689 41 896 Consumption of materials and energy 249 412 290 994 External services 148 300 134 064 Taxes and fees 13 880 13 476 Payroll 159 888 147 012 Social insurance and other benefits 37 733 32 926 Other costs by type 11 433 10 368 Costs by type 662 334 670 736 Change in product inventory and accruals 20 190 -1 319 Manufacturing cost of products for internal purposes 1 523 3 647 Scrapping of products and semi-finished products 889 753 Unused production capacity 4 101 8 021 Costs of sales 180 900 165 734
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 12 Commentary to the Group results and basic economic-financial amounts Group performance and key economic and financial data: Item 01.04.2025- 31.12.2025 in PLN ‘000 01.04.2024- 31.12.2024 in PLN ‘000 Change in PLN ‘000 Change % Sales revenue 858 501 772 454 86 047 11,1% Cost of sales -555 490 -505 695 -49 795 9,8% Gross profit on sales 303 011 266 759 36 252 13,6% Gross margin on sales % 35,3% 34,5% Selling costs -180 900 -165 734 15 166 9,2% G&A costs -63 482 -61 662 1 820 3,0% Operating profit (EBIT) 62 989 35 783 27 206 76,0% EBITDA 104 678 77 679 26 999 34,8% Share in profit/(loss) of subsidiaries valued under the equity method -260 14 620 -14 880 -101,8% Gross profit 53 753 27 117 26 636 98,2% Net profit 52 530 21 559 30 971 143,7% Net profit margin % 6,12% 2,79% Return on equity (ROE) 5,67% 2,36% Return on assets (ROA) 3,88% 1,47% From April to December 2025, the Forte Group earned sales revenue of PLN 858 501 thousand, compared to PLN 772 454 thousand in the same period of 2024 (an increase by 11%). Sales of surplus chipboard manufactured by the subsidiary TANNE accounted for 20.3% of the Group's total sales, with a 13.4% share of export sales (PLN 114 483 thousand) and a 6.9% share of domestic sales (PLN 59 635 thousand). Chipboard sales to external customers throughout the reporting period amounted to PLN 174 118 thousand, compared to PLN 111 449 thousand from April to December 2024 (an increase by 56.2%). General administrative costs 63 482 61 662 Manufacturing cost of sold products and services 391 250 432 236 Value of goods and materials sold 164 240 73 458 Costs of sales 555 490 505 695
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 13 Furniture and other sales of the Group accounted for 79.7% of total sales (PLN 684 383 thousand), with export sales of PLN 527 485 thousand (61.4%) and domestic sales of PLN 156 898 thousand (18.3%). Percentage of furniture and other sales in individual markets was as follows: German -speaking countries 39%, Western and Northern Europe 23%, Poland 23%, Central, Southern and Eastern Europe 13% and Non-European countries 2%. Percentage of chipboard sales in individual markets was as follows: Poland 34%, Central, Southern and Eastern Europe 66%. Gross margin on sales stood at the level of 35.3%, which is 0.8 pp. higher than in the corresponding period last year. Selling costs – the selling costs to revenue ratio was 21.1% vs. 21.5% in the corresponding period last year. In terms of value, selling costs increased by PLN 15 166 thousand, mainly as a result of an increase in sales revenue. G&A costs – the G&A costs to revenue ratio was 7.4% vs. 8,0% in the corresponding period. This decrease in the G&A costs to revenue ratio in the reporting period is mainly due to the creation of provisions in the comparative period for annu al bonuses for employees in the amount of PLN 2 000 thousand and a special bonus for the former CEO of the Parent Company, Mr Maciej Formanowicz, in the amount of PLN 3 500 thousand. Operating profit amounted to PLN 62 989 thousand, compared to PLN 35 783 thousand in the corresponding period of 2024. EBIT for the reporting period was positively affected by the result on hedging transactions securing the Group's currency risk (PLN 76 608 thousand vs. PLN 42 761 thousand in the corresponding period). Additionally, EBIT was positively impacted by the sale of CO2 emission allowances in the amount of PLN 9 690 thousand (vs. PLN 7 556 thousand in the corresponding period) and the sale of the perpetual usufruct right to land located near the factory in Hajnówka in the amount of PLN 2 476 thousand. EBIT was negatively impacted by the revaluation of the investment property of the subsidiary Galeria Kwadrat in Bydgoszcz. The fair value of the property was reduced by PLN 5 085 000 in connection with the Group Management Board's decision to change the intended use of the property, requiring partial liquidation and demolition of the existing building. Result on financial operations amounted to PLN (-) 8 976 thousand. The most significant financial expenses were interest on loans totalling PLN 7 886 thousand and foreign exchange losses on the valuation of foreign currency assets and liabilities, totalling PLN 2 433 thousand. Cash received as a result of the distribution of assets of the liquidated company TM Handel in the amount of PLN 1 513 thousand and interest on bank deposits in the amount of PLN 1 230 thousand had a positive impact on the result on financial operations in the completed reporting period. Net profit in the reporting period amounted to PLN 52 530 thousand against PLN 21 559 thousand in the same period of 2024. The reversal of the previously created write -down for the special economic zone tax relief to be used by the subsidiary TANNE in the amount of PLN 13 300 thousand had a direct positive impact on the net profit for the reporting period. The
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 14 write-down on the asset was reversed in connection with the company's higher -than-expected financial results and the updated financial projections. In the reporting period ended, the Group also utilised an asset related to tax reliefs granted in the total amount of PLN 11 576 thousand. Financial figures of Capital Group Forte S.A. Characteristics of balance sheet items 31.12.2025 (unaudited) 31.03.2025 (audited) % change TPLN % of balance sheet total TPLN % of balance sheet total Non-current assets 852 945 63% 871 104 59% -2% Current assets 502 029 37% 609 406 41% -18% Total assets 1 354 974 100% 1 480 510 100% -8% Equity 926 228 68% 929 700 63% 0% Non-current liabilities and provisions 227 119 17% 305 500 21% -26% Current liabilities and provisions 201 627 15% 245 310 16% -18% Total equity and liabilities 1 354 974 100% 1 480 510 100% -8% Non-current assets decreased by PLN 18 159 thousand. Tangible fixed assets decreased (by PLN 23 657 thousand) due to the excess of accumulated depreciation over capital expenditures incurred in the reporting period. The deferred income tax asset increased (by PLN 12 661 thousand), primarily due to the reversal of a write-down of an asset related to operations in a special economic zone by TANNE in the amount of PLN 13 300 thousand. Current assets decreased by PLN 107 377 thousand. The most significant decrease, compared to the end of the previous financial year, was reported for receivables from derivative financial instruments (PLN - 69 384 thousand) as a result of the successive exercise of currency options and for cash (PLN - 46 324 thousand) caused mainly by the overpayment of loans in the total amount of PLN 60 849 thousand. On the liabilities side , the most significant changes involve a decrease in liabilities arising from long -term (PLN - 75 583 thousand) and short-term (PLN - 28 354 thousand) bank loans. This significant decrease in liabilities was caused by the fact that in addition to repayments made in accordance with the agreed schedule in the amount of PLN 47 349 thousand, the Group also made the above-mentioned overpayment of loans in the amount of PLN 60 849 thousand. In the completed reporting period, the Group identified several significant factors that affected its financial performance and its growth prospects. Negative factors: ▪ continued low demand for furniture and poor condition of the German and French economies, which have been the Group's main sales destinations to date, resulted in sales volumes remaining low; ▪ impact of competition from China in the low-priced small furniture segment; ▪ strengthening of the PLN/EUR exchange rate. Positive factors: • positive impact of the implemented hedging strategy; • increase in the volume of board sales to external customers, allowing full utilisation of the production capacity of the TANNE factory; • effect of process optimisation and cost reduction measures implemented in previous periods; • increase in sales through online channels; • positive effect of investments made in reducing the quantitative consumption of energy (both thermal and electrical), which additionally lowers the operating costs and carbon footprint of the Group; • proper management and securing of wood stocks, which reduced the need to purchase it during the heating season at much higher prices.
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 15 In the coming months, the Group will focus on further measures aimed at increasing profitability and developing new sales destinations in order to counteract the negative effects of the recession affecting the furniture market. The main risks in the coming periods will be: • continuing uncertain economic situation in the EU, in particular the recession in the German and French markets, which significantly reduces consumers' willingness to purchase durable goods; • as regards furniture board production, the Group and the entire market face high uncertainty regarding the availability and price of raw wood, sourced largely from State Forests, whose future policy remains uncertain; • uncertain geopolitical situation contributes to continued low demand for furniture and triggers the risk of disruptions in supply chains; • strengthening of the Polish zloty, despite hedges at levels significantly lower than in previous quarters, will affect the Group's financial results in the near future.
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 16 SELECTED FINANCIAL DATA in thousands of PLN in thousands of EUR Financial data of Grupa Forte S.A. 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Sales revenue 687 051 660 702 161 480 153 705 Profit/(Loss) on operating activities 22 817 -8 990 5 363 -2 091 Profit/(Loss) before tax 20 545 -5 429 4 829 -1 263 Profit/(Loss) for the period 17 348 -349 4 077 -81 Total comprehensive income for the period -38 853 -19 159 -9 132 -4 457 Net cash flows from operating activities 49 261 34 051 11 578 7 922 Net cash flows from investing activities -10 916 31 890 -2 566 7 419 Net cash flows from financial activities -80 289 -5 806 -18 871 -1 351 Net increase/ (decrease) in cash and cash equivalents -41 740 60 154 - 9 810 13 994 Number of shares 23 930 769 23 930 769 23 930 769 23 930 769 Net profit loss per share (in PLN/EUR) 0,72 -0,01 0,17 0,00 31.12.2025 (unaudited) 31.03.2025 (audited) 31.12.2025 (unaudited) 31.03.2025 (audited) Total assets 900 870 1 013 148 213 138 242 154 Total liabilities 514 876 588 301 121 815 140 611 Long-term liabilities 157 416 219 098 37 243 52 367 Short-term liabilities 357 460 369 203 84 572 88 244 Total equity 385 994 424 847 91 323 101 543 Share capital 23 931 23 931 5 662 5 720 Book value per share (in PLN/EUR) 16,13 17,75 3,82 4,24
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 17 PROFIT AND LOSS ACCOUNT 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) For the 3 months ended 31.12.2025 (unaudited) For the 3 months ended 31.12.2024 (unaudited) Sales revenue 687 051 660 702 250 223 256 472 Cost of sales 448 527 457 866 169 844 168 539 Gross profit from sales 238 524 202 836 80 379 90 933 Other operating revenue 7 695 1 410 3 573 1 015 Costs of sales 168 881 158 208 63 002 57 650 General administrative costs 50 784 50 153 17 388 15 903 Other operating costs 3 737 4 875 1 355 2 072 Profit/(Loss) on operating activities 22 817 -8 990 2 207 13 322 Financial revenue 7 625 9 438 2 535 1 103 Financial costs 9 636 20 496 1 826 3 603 Share in the loss of investments valued at equity method -260 14 620 351 1 979 Profit/(Loss) before tax 20 545 -5 429 3 266 12 800 Income tax 3 197 -5 079 406 -2 742 Profit/(Loss) on continued operations of the period 17 348 -349 2 859 15 193 Profit/(Loss) of the period 17 348 -349 2 859 15 193 Profit/(Loss) per share for the period (in PLN): - basic 0,72 -0,01 0,12 0,63 - diluted 0,72 -0,01 0,12 0,63
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 18 STATEMENT OF COMPREHENSIVE INCOME 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) For the 3 months ended 31.12.2025 (unaudited) For the 3 months ended 31.12.2024 (unaudited) Profit/(Loss) of the period 17 348 -349 2 859 15 193 Other comprehensive income before tax, including: -69 384 -22 939 -7 991 -17 467 Items which in the future may be reclassified to the profit and loss account -69 384 -22 939 -7 991 -17 467 Foreign exchange differences on translation of foreign operations 0 -1 208 0 0 Other comprehensive income for a cash flow hedge -69 384 -21 730 -7 991 -17 467 Deferred tax connected with items of comprehensive income -13 183 -4 129 -1 518 -3 319 Deferred tax connected with items which in the future may be reclassified to the profit and loss account -13 183 -4 129 -1 518 -3 319 Deferred tax regarding hedge accounting -13 183 -4 129 -1 518 -3 319 Other net comprehensive income -56 201 -18 810 -6 473 -14 148 Total comprehensive income for the period -38 853 -19 159 -28 428 1 045
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 19 STATEMENT OF FINANCIAL SITUATION (BALANCE SHEET) 31 December 2025 (unaudited) 31 March 2025 (audited) ASSETS Non-current assets 523 414 524 188 Tangible fixed assets 271 996 273 731 Intangible assets 15 649 15 659 Investment in subsidiaries and entities 208 083 207 083 Investments in associates accounted for under the equity method 13 706 13 966 Other long-term assets 13 980 13 749 Current assets 377 456 488 960 Inventory 159 567 140 861 Trade and other receivables 158 102 177 187 Financial derivative instruments receivables 20 327 89 711 Other short-term assets 102 102 Cash and cash equivalents 39 358 81 099 TOTAL ASSETS 900 870 1 013 148 LIABILITIES Equity 385 994 424 847 Share capital 23 931 23 931 Surplus of share sale above their nominal value 114 556 114 556 Other reserve capitals 37 018 93 218 Retained earnings 210 490 193 142 Long-term liabilities 157 416 219 098 Deferred tax liability 223 10 209 Provision for benefits after the employment period 4 401 4 401 Interest-bearing loans and borrowings 118 333 168 409 Subsidies 2 822 2 842 Financial liabilities due to lease 31 636 33 237 Short-term liabilities 357 460 369 203 Trade and other liabilities 328 402 321 570 Contract liabilities 1 453 1 303 Subsidies 286 301 Current portion of interest-bearing loans and borrowings 22 114 41 044 Financial liabilities due to lease 2 756 2 466 Provision for benefits after the employment period 703 703 Other provisions 1 745 1 816 Total liabilities 514 876 588 301 TOTAL LIABILITIES 900 870 1 013 148
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 20 CASH FLOW STATEMENT 01.04.2025- 31.12.2025 (unaudited) 01.04.2024- 31.12.2024 (unaudited) Cash flow from operating activity Loss of the period 17 348 -349 Adjustments by: 31 913 24 384 Share in the loss of investments valued at equity method 260 -14 620 Amortisation 17 934 18 459 Foreign exchange (profit)/loss 2 448 -1 825 Interest income -979 -1 443 Interest costs 6 489 10 527 Dividends -5 129 -5 483 (Profit)/ Loss on investing activity -2 130 451 Change in receivables 19 037 621 Change in inventories -18 705 -3 743 Change in liabilities, excluding loans and borrowings 9 647 16 642 Change in provisions -85 -89 Current tax recognised in profit or loss account 3 197 -5 079 Other -71 9 967 Operating cash flow 49 261 24 035 Income tax paid 0 10 016 Net operating cash flow 49 261 34 051 Cash flows from investment activities Sale of tangible fixed assets 2 923 734 Purchase of tangible fixed assets -18 693 -4 733 Purchase of intangible fixed assets -89 0 Purchase of shares in related entities -1 000 0 Purchase of shares of company valued at equity method 0 -3 490 Sell of shares of company valued at equity method 0 2 Dividends received 5 129 5 483 Interest received 863 3 631 Repayment of borrowings granted to related entities 0 30 366 Borrowings granted to related parties -50 -103 Net investment cash flow -10 916 31 890 Cash flows from financing activities Inflow from loans and borrowings taken out 0 31 912 Repayment of loans and borrowings -71 840 -15 377 Repayment of leasing liabilities -1 960 -1 404 Interest paid -6 489 -11 162 Other financial outflows 0 -9 775 Net financial cash flow -80 289 -5 806 Increase/ (decrease) in cash and cash equivalents before exchange differences -41 945 60 134 Net foreign exchange differences 205 19 Net increase/ (decrease) in cash and cash equivalents -41 740 60 154 Opening balance of cash 81 099 19 069 Cash at end of year, including: 39 358 79 222 - of limited disposability 235 779
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 STATEMENT OF CHANGES IN EQUITY for the 9 months ended 31 December 2025 (unaudited) Share capital Share premium Retained earnings Other reserve capital Total equity Status at the beginning of the period 23 931 114 556 193 142 93 218 424 847 Current result 0 0 17 348 0 17 348 Other comprehensive income for the period 0 0 0 -56 201 -56 201 Comprehensive income for the period 0 0 17 348 -56 201 -38 853 Change in equity 0 0 17 348 -56 201 -38 853 Status at the end of the period 23 931 114 556 210 490 37 018 385 994 STATEMENT OF CHANGES IN EQUITY for the year ended on 31 March 2025 (audited) Share capital Share premium Retained earnings Other reserve capital Total equity Status at the beginning of the period 23 931 114 556 175 175 123 104 436 765 Current result 0 0 17 967 0 17 967 Other comprehensive income for the period 0 0 0 -29 885 -29 885 Comprehensive income for the period 0 0 17 967 -29 885 -11 918 Change in equity 0 0 17 967 -29 885 -11 918 Status at the end of the period 23 931 114 556 193 142 93 218 424 847
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 22 STATEMENT OF CHANGES IN EQUITY for the 6 months ended 31 December 2024 (unaudited) Share capital Share premium Retained earnings Other reserve capital Total equity Status at the beginning of the period 23 931 114 556 175 175 123 104 436 765 Current result 0 0 -349 0 -349 Other comprehensive income for the period 0 0 0 -18 810 -18 810 Comprehensive income for the period 0 0 -349 -18 810 -19 159 Change in equity 0 0 -349 -18 810 -19 159 Status at the end of the period 23 931 114 556 174 826 104 294 417 606
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Grupa Forte S.A. Capital Group (in thousands PLN) 2025 Signature of the person entrusted with bookkeeping: Chief Accounting Anna Wilczyńska ............................ Signatures of all members of the Management Board: President of the Management Board Maria Małgorzata Florczuk ........................... Member of the Management Board Mariusz Jacek Gazda Member of the Management Board Walter Stevens ........................... ............................ Ostrów Mazowiecka, 26 February, 2026