Interim report
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. for the period January to June 2026
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. Contents 1 INTRODUCTORY NOTE ................................................................................................................................3 1.1 Statement of responsibility of the Management Board .........................................................................3 2 STRATEGIC BUSINESS PLAN OF THE TELEKOM SLOVENIJE GROUP FOR THE PERIOD 2024 TO 2028 ................................................................................................................................................................4 2.1 Vision, mission and values ...................................................................................................................4 2.2 Summary of the Strategic Business Plan .............................................................................................4 3 TELEKOM SLOVENIJE GROUP ..................................................................................................................6 3.1 Composition of the Telekom Slovenije Group ......................................................................................6 3.2 Operating highlights ..............................................................................................................................7 3.3 Key performance indicators of the Telekom Slovenije Group and Telekom Slovenije .........................8 3.4 Overview of operations by company and key market ...........................................................................9 3.5 Market and market shares by key service segments ........................................................................ 11 3.6 Share trading and ownership structure .............................................................................................. 12 3.7 Risk management .............................................................................................................................. 16 4 CORPORATE GOVERNANCE ................................................................................................................... 19 5 SIGNIFICANT BUSINESS EVENTS IN THE PERIOD JANUARY TO JUNE 2026 ................................... 21 6 SIGNIFICANT EVENTS AFTER THE REPORTING DATE ....................................................................... 23 7 CONDENSED INTERIM ACCOUNTING REPORT OF THE TELEKOM SLOVENIJE GROUP AND TELEKOM SLOVENIJE, D.D. FOR THE PERIOD JANUARY TO JUNE 2026 ........................................ 24 7.1 Condensed interim financial statements of the Telekom Slovenije Group and Telekom Slovenije, d.d. .................................................................................................................................... 25 7.2 Notes to the interim financial statements of the Telekom Slovenije Group and Telekom Slovenije, d.d. .................................................................................................................................... 33 7.3 Financial instruments and risk management ..................................................................................... 45 Ljubljana, 26 August 2026
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 3 1 INTRODUCTORY NOTE Pursuant to the law and the Rules of the Ljubljana Stock Exchange, Telekom Slovenije, d.d. (hereinafter: Telekom Slovenije), with its registered office at Cigaletova 15, Ljubljana, hereby publishes the Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. for the period January to June 2026. The condensed interim financial statements for the period ending 30 June 2026 were compiled in accordance with IAS 34 Interim Financial Reporting, and must be read in conjunction with the annual financial statements compiled for the financial year ending 3 1 December 2025. The financial statements for the period January to June 2026 have not been audited. Telekom Slovenije’s Supervisory Board discussed the Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije for the period under consideration at its session on 26 August 2026. Any significant changes to the data contained in the prospectus for listing on the stock exchange are regularly published by the Company on the Ljubljana Stock Exchange’s SEOnet website and on the Company’s website at www.telekom.si. The Unaudited Business Report for the period January to June 2026 is also available on the Company’s website at https://www.telekom.si/en/about-us/investor-relations/annual-and-interim-reports. 1.1 Statement of responsibility of the Management Board The members of Telekom Slovenije, d.d.’s Management Board responsible for compiling the Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije for the period January to June 2026 (hereinafter: the Unaudited Business Report), hereby find that: • to the best of our knowledge, the Unaudited Business Report was compiled and published in accordance with valid legislation and the International Financial Reporting Standards as adopted by the EU; • the condensed interim financial statements for the period ending 30 June 2026 were compiled in accordance with IAS 34 Interim Financial Reporting, and must be read in conjunction with the annual financial statements compiled for the financial year ending 31 December 2025; • the selected accounting policies were applied consistently in the compilation of the condensed financial statements and any changes to those policies were disclosed, and that accounting estimates were made fairly and with careful consideration, according t o the principle of prudence and the diligence of a good manager, and under the assumption that the Telekom Slovenije Group and Telekom Slovenije are going concerns; and • the Unaudited Business Report presents a fair picture of information regarding major transactions with related parties, in accordance with regulations. At the time of the drafting of this report, the Company is still undergoing a tax inspection. The Management Board will report all material facts that may affect the financial position of the Company in accordance with the applicable regulations. Boštjan Košak President of Management Board Irma Gubanec, MSc Vice-President of the Management Board Vesna Prodnik, MSc Member of the Management Board Špela Fortin Member of the Management Board – Workers’ Director
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 4 2 STRATEGIC BUSINESS PLAN OF THE TELEKOM SLOVENIJE GROUP FOR THE PERIOD 2024 TO 2028 2.1 Vision, mission and values The Telekom Slovenije Group is constantly moving forward, evolving and facilitating development and progress by connecting opportunities. We serve as the infrastructure backbone for connecting users and devices. We provide the most -advanced telecommunication services, fast and reliable internet and advanced ICT services. We thus facilitate comprehensive social development, cross -sectoral cooperation and growth in productivity, as well as more equitable access to s ervices and social inclusion. We are guided by four values: motivated, open, self-confident and team-oriented (M.O.S.T.). 2.2 Summary of the Strategic Business Plan The Strategic Business Plan of the Telekom Slovenije Group for the period 2024 to 2028 sets out our future development in a period of expected rapid technological development and advances in the ICT sector. That document is based on available data, taking into account regulatory restrictions and trends in the macroeconomic environment of the region in which the Telekom Slovenije Group operates. In drafting the document, we took into account analyses of operations and the market shares of comparable European operators, analyses of the competition, development expectations and trends in the telecommunication sector. Connecting opportunities The future development of the Telekom Slovenije Group is based on the vision ‘Connecting opportunities’. We represent the infrastructure foundation of connected users and devices.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 5 CONNECTED Developing and strengthening our core activity. We will record additional growth in revenues and market shares on telecommunications markets in Slovenia and abroad. Special emphasis will be placed on making better use of the existing infrastructure. DIGITAL Developing new business models. As a reliable provider of infrastructure and the digitalisation of services, we are planning the greatest growth in the ICT and digital services segment. We will continue to increase the value of these services by incorporating cyber security solutions. EFFECTIVE Raising commercial awareness. We are improving operational efficiency through the continued digitalisation of operations, the reduction of costs and the improved efficiency of investing activities. Objectives of the Telekom Slovenije Group for 2026 in EUR million Sales revenue 737.3 EBITDA 255.5 Net profit 59.9 Investments 217.2 Strategic objectives of the Telekom Slovenije Group for the period 2024 to 2028 in EUR million Earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2028 280 Net profit in 2028 83 Investments in the period 2024 to 2028 951 Carbon-neutrality under Scope 1 and 2 by 2028 Dividend Policy The payment of dividends in the amount of 30% to 50% of the Telekom Slovenije Group’s net profit, taking into account the Group’s current financial position and investment needs.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 6 3 TELEKOM SLOVENIJE GROUP 3.1 Composition of the Telekom Slovenije Group The Telekom Slovenije Group comprises the controlling company Telekom Slovenije and its subsidiaries. The composition of the Telekom Slovenije Group and participating interests as at 30 June 2026 are presented in the picture below, and in more detail on the website https://www.telekom.si/en/about-us/telekom-slovenije- group/subsidiraries. Composition of the Telekom Slovenije Group as at 30 June 2026 There were no changes in the composition of the Telekom Slovenije Group in the period January to June 2026. Telekom Slovenije is the founder of the Heart Foundation, the aim of which is to help the children of employees of Slovenian Telekom Slovenije Group companies who have lost one or both parents, or who are seriously ill. The foundation’s funds are contributed volun tarily by the employees of Slovenian Telekom Slovenije Group companies.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 7 3.2 Operating highlights The Telekom Slovenije Group and Telekom Slovenije achieved the following operating results in the period January to June 2026: • The Telekom Slovenije Group had 1,993,596 retail mobile users as at 30 June 2026, an increase of 1% or 25,223 relative to 30 June 2025. The Telekom Slovenije Group had 321,671 fixed retail broadband and TV connections as at 30 June 2026, an increase of 1% or 2,426 connections relative to 30 June 2025. Telekom Slovenije recorded an increase in the number of fixed retail broadband and TV connections of 2% or 4,55 3 connections, while the number of retail mobile telephony users was up by 2% or 18,695 users. • The Telekom Slovenije Group’s sales revenue totalled EUR 366.9 million, an increase of 4% relative to the same period in 2025. Sales revenue was up on account of growth in the number of users, and higher sales of IT services and merchandise. • The Telekom Slovenije Group’s operating expenses totalled EUR 326.0 million, an increase of 2% relative to the same period in 2025. • Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 134.3 million at the Telekom Slovenije Group level, an increase of 7% or EUR 8.6 million relative to the same period the previous year. The EBITDA margin (i.e. EBITDA as a proportion of sales revenue) was 36.6%. • Earnings before interest and taxes (EBIT) amounted to EUR 44.4 million at the Telekom Slovenije Group level, an increase of 12% relative to the same period the previous year. • Following the calculation of income tax (including deferred taxes), the Telekom Slovenije Group generated a net profit of EUR 31.5 million, an increase of 6% relative to the same period in 2025. Active monitoring of geopolitical impacts and financial effects The Telekom Slovenije Group regularly monitors the development of the geopolitical situation and its potential impact on operations, particular with regard to supply chains, energy prices, the availability of crucial equipment, the implementation of investments, cyber security and cost efficiency. Based on currently available information, we assess that risks are being managed through previously implemented and planned measures, and that there is currently no basis for revising published business objectives or strategies for 2026. The Telekom Slovenije Group will continue to actively monitor the situation, and adjust measures in a timely manner and inform the public of any material impacts in the event of significant changes. Disproportionate regulation hinders Telekom Slovenije’s development potential Telekom Slovenije is currently the only operator in Slovenia that is regulated by the Agency for Communication Networks and Services (AKOS) in the fixed broadband internet access segment, despite the fact that it is no longer the leading operator in the af orementioned segment, where its market share is 29% (source: Q 1 2026 AKOS). Telekom Slovenije also has a significantly lower market share than other incumbent European operators. The Company operates in an environment in which excessive and disproportionate regulation hinders its development potential. Telekom Slovenije continues its efforts to ac hieve balanced regulation that is based on actual market conditions.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 8 Significant achievements of the Telekom Slovenije Group • For the fifth year in a row, Telekom Slovenije received the prestigious Top Employer certificate, which is awarded by the independent global Top Employers Institute organisation. That recognition represents the highest international professional standard in the area of HR practices and confirms that Telekom Slovenije, through its business excellence, care for employees and focus on sustainability, ranks at the very top of prestigious employers. • Telekom Slovenije received the following three awards from the Chamber of Commerce and Industry of Slovenia for innovations: - silver award: My Telekom mobile application; - bronze award: My Mobile Phone mobile application; and - bronze award: AI Training Catalogue assistant. • At the 28th Slovenian Public Relations Conference, Telekom Slovenije received an award for communication excellence in the Internal Communications Programme category for the project M.O.S.T.: change from within. • The M.O.S.T. project ranked amongst the three best HR practices in the region at the HR Days 2026 conference. • At the Slovenian Marketing Conference, Telekom Slovenije had three outstanding projects in the Business Excellence category: - Resilience as a Choice: How the MDR platform helped the Company move from awareness to action; - Digitalisation of the Prepaid Experience through the My Mobile Phone application; and - eCare: Marketing as a bridge between legislation and people, for which we received a gold award. • Green Star for 2025: Telekom Slovenije received the highest five-star award, which confirms the Company’s commitment to corporate sustainability. 3.3 Key performance indicators of the Telekom Slovenije Group and Telekom Slovenije Key performance indicators of the Telekom Slovenije Group and Telekom Slovenije, in accordance with the financial report: Telekom Slovenije Group Telekom Slovenije in EUR thousand and % I – VI 2026 30 June 2026 I – VI 2025 31 December 2025 Index 26/25 I – VI 2026 30 June 2026 I – VI 2025/ 31 December 2025 Index 26/25 Sales revenue 366,949 354,243 104 315,401 306,603 103 EBITDA 134,344 125,791 107 101,592 95,449 106 EBITDA margin = EBITDA / sales revenue 36.6% 35.5% 103 32.2% 31.1% 103 EBIT 44,370 39,501 112 26,320 22,669 116 Return on sales = EBIT / sales revenue (EBIT margin) 12.1% 11.2% 108 8.3% 7.4% 113 Net profit 31,461 29,572 106 49,144 18,789 262 Assets* 1,440,431 1,433,849 100 1,383,503 1,348,471 103 Equity* 741,308 708,868 105 768,332 718,343 107 Net financial debt* 357,898 360,690 99 380,254 390,460 97 * Comparative data as at 31 December 2025. The Telekom Slovenije Group also uses the Alternative Performance Measures (APMs) defined by the ESMA to present its operating results.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 9 Indicators of corporate sustainability (ESG) within the Telekom Slovenije Group I – VI 2026 I – VI 2025 Index 26/25 Environmental indicators Consumption of electricity (in MWh) 45,022 44,286 102 Energy intensity in MWh/EUR million (electricity consumption/sales revenue) 122.7 125.0 98 Social indicators Headcount as at 30 June 3,168 3,247 98 Number of employees with a disability as at 30 June 88 89 99 Coverage of the Slovenian population with 5G technology as at 30 June 99.3% 87.6% 113 Coverage of the Slovenian population with 4G technology as at 30 June 99.1% 99.0% 100 Governance indicators Proportion of under-represented gender on management and supervisory bodies as at 30 June 46% 43% 107 Personal data protection (number of inspections by supervisory authorities) 3 1 300 Protection of privacy (number of reports of potential breaches of customer’s privacy) 73 69 106 All data relate to the Telekom Slovenije Group, unless it is stated that they relate to Slovenia or Telekom Slovenije. 3.4 Overview of operations by company and key market Sales revenue in EUR thousand I – VI 2026 I – VI 2025 Index 26/25 Telekom Slovenije 315,401 306,603 103 Other companies in Slovenia 52,019 41,632 125 IPKO – Kosovo 48,323 45,469 106 Other companies abroad 1,907 1,970 97 Exclusions and adjustments between Group companies -50,701 -41,431 - Telekom Slovenije Group 366,949 354,243 104 Earnings before interest, taxes, depreciation and amortisation (EBITDA) in EUR thousand I – VI 2026 I – VI 2025 Index 26/25 Telekom Slovenije 101,592 95,449 106 Other companies in Slovenia 10,836 5,021 216 IPKO – Kosovo 26,959 25,938 104 Other companies abroad 1,317 1,362 97 Exclusions and adjustments between Group companies -6,360 -1,979 - Telekom Slovenije Group 134,344 125,791 107 Earnings before interest and taxes (EBIT) in EUR thousand I – VI 2026 I – VI 2025 Index 26/25 Telekom Slovenije 26,320 22,669 116 Other companies in Slovenia 7,248 1,491 486 IPKO – Kosovo 14,002 14,192 99 Other companies abroad 584 509 115 Exclusions and adjustments between Group companies -3,784 640 - Telekom Slovenije Group 44,370 39,501 112
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 10 Net profit from continuing operations in EUR thousand I – VI 2026 I – VI 2025 Index 26/25 Telekom Slovenije 49,144 18,789 262 Other companies in Slovenia 5,122 864 593 IPKO – Kosovo 11,489 11,286 102 Other companies abroad 409 333 123 Exclusions and adjustments between Group companies -34,703 -1,700 - Telekom Slovenije Group 31,461 29,572 106 Investments in EUR thousand I – VI 2026 I – VI 2025 Index 26/25 Telekom Slovenije 73,954 69,470 106 Other companies in Slovenia 24,340 6,436 378 IPKO – Kosovo 12,035 12,031 100 Other companies abroad 175 354 49 Exclusions and adjustments between Group companies -4,240 282 - Telekom Slovenije Group 106,264 88,573 120 Employees Number of employees as at 30 June 2026 30 June 2025 Index 26/25 Telekom Slovenije 2,004 2,049 98 Other companies in Slovenia 669 697 96 IPKO – Kosovo 495 501 99 Telekom Slovenije Group 3,168 3,247 98 TELEKOM SLOVENIJE GROUP CONNECTIONS AND SERVICES BY TYPE AND MARKET Retail mobile users Balance as at 30 June 2026 30 June 2025 Index 26/25 Telekom Slovenije 1,035,536 1,016,841 102 IPKO – Kosovo 958,060 951,532 101 Telekom Slovenije Group 1,993,596 1,968,373 101 Retail broadband and TV connections Balance as at 30 June 2026 30 June 2025 Index 26/25 Telekom Slovenije 223,731 219,178 102 IPKO – Kosovo 97,940 100,067 98 Telekom Slovenije Group 321,671 319,245 101
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 11 3.5 Market and market shares by key service segments Changes in the number of connections on the electronic communications market in Slovenia Source: Statistical Office of the Republic of Slovenia, Electronic Communications, first quarter of 2026. Telekom Slovenije’s market shares in the first quarter of 2026 in key market segments Source: Report on the development of the electronic communications market for the first quarter of 2026, AKOS; internal Telekom Slovenije figures. 2,555,340 2,6 3,346 2,6 9, 2 2, 55,402 2, ,066 2, 2 , 25 6 ,663 6 9,443 660,0 2 629,249 5 9, 20 56 ,355 0 500000 000000 500000 2000000 2500000 3000000 2 3 4 2 3 4 2 3 4 2 3 4 2 3 4 202 2022 2023 2024 2025 2026 Mobile telephony Fix telephony Fixed broadband access IP TV Market share 28.9% 43.5% Quarterly change (p.p.) -0.3 p.p. -0.7 p.p. Connections 223,232 192,066 Quarterly change -0.6 p.p. -0.6 p.p. 36.7% -0.2 p.p. 1,032,617 -0.2 p.p. Mobile telephony 28,9% 71,1% 43,5% 56,5% 36,7% 63,3%
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 12 3.6 Share trading and ownership structure General information regarding Telekom Slovenije shares General information regarding shares Ticker symbol TLSG ISIN SI0031104290 Listing Ljubljana Stock Exchange, prime market Share capital (EUR) 272,720,664.33 Number of ordinary registered no-par value shares 6,535,478 Number of own shares 36,836 Number of shareholders 8,000 Trading in TLSG shares and key share indicators The shares of Telekom Slovenije are listed on the prime securities market of the Ljubljana Stock Exchange under the ticker symbol TLSG. The shares are included in the SBITOP and SBITOP TR share indices, and accounted for 3.64% of those two indices according to the quarterly review and composition of computational parameters conducted on 5 June 2026. The SBITOP and SBITOP TR are the Slovenian ‘blue chip’ indices that provide information regarding the movemen t of the most liquid and largest shares on the Ljubljana Stock Exchange. In contrast to the SBITOP, the SBITOP TR takes into account both market prices and dividends in its calculation. Telekom Slovenije’s shares are also included in the ADRIAprime share index, which is a composite index of selected companies listed on the prime markets of the Ljubljana Stock Exchange and Zagreb Stock Exchange. The aforementioned index takes into account both changes in share prices and dividend yield. The TLSG share price closed at EUR 142.00 on the last trading day of June 2026. The share price rose by 56.91% in the period January to June 2026, while the SBITOP index was up by 19.79% during the same period. Turnover in the Company’s shares (excluding block trades) totalled EUR 12.7 million, representing 3.53% of total turnover on the Ljubljana Stock Exchange. The market capitalisation of Telekom Slovenije stood at EUR 928.04 million on the last trading day of June 2026. Trading statistics for TLSG shares Standard price in EUR I – VI 2026 I – VI 2025 Index 26/25 Highest daily price 142.00 93.50 152 Lowest daily price 91.50 77.00 119 Average daily price 118.20 88.32 134 Turnover (excluding block trades) in EUR thousand I – VI 2026 I – VI 2025 Index 26/25 Total volume for the period 12,682.26 6,216.40 204 Highest daily volume 695.46 239.82 290 Lowest daily volume 1.78 0.00 - Average daily volume 103.95 50.95 204 Source: Ljubljana Stock Exchange, 30 June 2026
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 13 Source: Ljubljana Stock Exchange, 30 June 2026 Source: Ljubljana Stock Exchange, 30 June 2026 0 00 200 300 400 500 600 00 00 65 5 5 95 05 5 25 35 45 55 in EUR thousand in EUR Change in the share price and turnover in TLSG shares Turnover, without block trades (right axis) TLSG price (left axis) 90 00 0 20 30 40 50 60 0Index Movement in the TLSG share price compared to the SBITOP (index 3 December 2025 00) TLSG SBITOP S T T S
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 14 Key financial data relating to TLSG shares I – VI 2026/ 30 June 2026 I – VI 2025/ 30 June 2025 Index 26/25 Closing price of one share on the last trading day of the period (in EUR) 142.00 92.00 154 Capital return per share during the period (in %)1 56.91% 20.26% 281 Telekom Slovenije Book value (BV) of one share (in EUR)2 117.56 106.11 111 P/BV 1.21 0.87 139 Net earnings per share (in EUR)3 7.56 2.89 262 Telekom Slovenije Group Book value (BV) of one share (in EUR)4 113.43 103.63 109 P/BV 1.25 0.89 141 Net earnings per share (in EUR)5 4.84 4.55 106 1 The capital return per share is calculated as follows: (share price on the final trading day of the period – share price on the final trading day of the previous period) / share price on the final trading day of the previous period. 2 The book value of one share is calculated as the ratio of the book value of Telekom Slovenije’s equity on the last day of the period to the number of issued ordinary shares. 3 Net earnings per share is calculated as the ratio of Telekom Slovenije’s net operating profit for the accounting period to the average number of issued ordinary shares, excluding treasury shares. 4 The book value of one share is calculated as the ratio of the book value of the Telekom Slovenije Group’s equity on the last day of the period to the number of issued ordinary shares. 5 Net earnings per share is calculated as the ratio of the Telekom Slovenije Group’s net operating profit for the accounting period to the average number of issued ordinary shares, excluding treasury shares. Ownership structure Telekom Slovenije had 8,000 shareholders as at 30 June 2026, an increase of 14 relative to the end of 2025. At 0.64 percentage points, foreign legal entities recorded the largest increase in ownership stake, while the stake of domestic legal entities was down by 0.73 percentage points, the sharpest drop recorded during the period. * Individual shareholders include individuals who pursue gainful activities on the market. Source: KDD, 30 June 2026 Ownership structure Republic of Slovenia 62.54% Domestic and foreign individuals 3.5 % Foreign legal entities .4 % Kapitalska dru ba d.d. (pension fund manager KAD) 5.59% Slovenian Sovereign olding , d.d. 4.25% Domestic financial companies and funds 3.55% Domestic companies .5 % Treasury shares 0.56% nership stru ture as at 30 June 2026
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 15 Ten largest shareholders The concentration of ownership, as measured by the ownership stake held by the ten largest shareholders, stood at 83.12% at the end of June 2026, an increase of 1.67 percentage points relative to the end of 2025. Source: KDD, 30 June 2026 Shares held by the Management Board and Supervisory Board of Telekom Slovenije Members of the Management Board and Supervisory Board held 798 TLSG shares as at 30 June 2026. Name Function Number of shares % of equity Management Board Vesna Prodnik, MSc Member of the Management Board 400 0.00612% Supervisory Board Aleksander Igličar, MSc Member of the Supervisory Board 150 0.00230% Drago Kijevčanin Member of the Supervisory Board 212 0.00324% Dušan Pišek Member of the Supervisory Board 36 0.00055% Total Management Board and Supervisory Board 798 0.01221% When the Company’s shares are traded by its representatives and when reporting on such transactions at Telekom Slovenije, we comply with the applicable legislation and the Rules Restricting Trading in the Shares of Telekom Slovenije. 62.54% 6.08% 5.59% 4.25% 1.94% 0.71% 0.57% 0.56% 0.51% 0.36% 0%10%20%30%40%50%60%70% Republic of Slovenia Erste Group Bank AG - fiduciary account Kapitalska dru ba, d.d. Slovenski dr avni holding, d.d. Perspektiva FT, d.o.o. OTP banka d.d. - fiduciary account NLB Skladi - Slovenija mešani Telekom Slovenije, d.d. Intercapital securities Ltd. - fiduciary account Kritni sklad ivljenskega cikla zajamčenega… 30.6.2026 62.54% 5.59% 4.91% 4.25% 1.29% 0.69% 0.60% 0.60% 0.56% 0.42% 0% 10% 20% 30% 40% 50% 60% 70% Republic of Slovenia Kapitalska dru ba, d.d. Erste Group Bank AG - fiduciary account Slovenski dr avni holding, d.d. Perspektiva FT, d.o.o. OTP banka d.d. - fiduciary account Intercapital securities Ltd. - fiduciary account NLB Skladi - Slovenja mešani Telekom Slovenije, d.d. Privredna banka Zagreb d.d. - fiduciary… 31.12.2025
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 16 3.7 Risk management The material risks at the Telekom Slovenije Group and the measures to manage them are presented below. Strategic risks • Geopolitical tensions continued to underpin a high level of uncertainty in the international business environment. Risks thus remain present in connection with disruptions to supply chains, accessibility to and pressure on the prices of key telecommunication and IT equipment, fluctuating energy prices and broader macroeconomic conditions. At the same time, the importance of cyber security and the resilience of the critical infrastructure is on the rise. • The Group is actively monitoring the above- described conditions and responding to them with the appropriate measures to ensure continuous and stable operations. On account of the establishment of risk management mechanisms and the timely implementation of measures, we are not currently aware of material impacts on operations. However, we remain alert to the development of international conditions and changes in global supply chains, as potential effects will depend in part on the duration and intensity of geopolitical tensions. • Strategic risks also derive from the dynamic telecommunications environment, digital services and media content. They are linked to intense competition, the increasing price sensitivity of users, structural changes on the market, technological changes and a demanding regulatory environment. • We are responding to challenges and changes on the market through a clear and flexible approach: we are consolidating our position as a technology leader, strengthening our competitiveness, and developing new business models and diverse revenue sources. To that end, we are developing advanced telecommunication and ICT solutions, and providing flexible, innovative and cost- competitive services that meet the highest standards of quality, security and reliability. In particular, we are accelerating the development and sale of cyber security, IT support, vertical solutions (e.g. eCare and telemedicine) and the digital infrastructure (smart cities, energy, mobility, Industry 4.0 and private mobile networks). • We are also closely monitoring regulatory changes on the markets of the Western Balkans and the technological migration to VoLTE in international voice traffic, and are adapting activities to limit those impacts. • In Kosovo, we are monitoring the impact of a range of eSIM packages, the expected launch of number portability and the impact of technological solutions on the development of services and revenue potential, and are adapting activities to retain users, particularly in segments with increased mobility, while at the same time strengthening our market position. • In the media segment and in the area of digital advertising, we respond to risks in connection with changes in online media traffic and the dynamics of the advertising market by adapting product and advertising offerings, and by strengthening technical capabilities and cooperation with external partners for the development of new advertising solutions. • As a response to perceived shifts on the market towards changes in the competitive structure, we closely monitor developments and respond with the aim of protecting our business interests and a stable and balanced market environment. • Climate change poses a risk to salt production on account of adverse weather conditions, which in the absence of sufficient adaptation measures can lead to a drop in production and impact operations. Financial risks • Financial risks derive from unforeseen changes in the financial environment that may have a material impact on the Telekom Slovenije Group’s operations. • We manage liquidity risk through cash flow planning and the optimisation of working capital, and by ensuring the appropriate maturity of financial debt. We use surplus liquidity within the Group and maintain short- term credit lines that are regularly rolled over as required. • We mitigate credit risk by systematically assessing the credit ratings of subscribers, actively monitoring their operations and setting maximum exposure limits. Default risks are further managed through credit insurance, the monitoring of contractual obligations and the active collection of overdue receivables. We manage credit risk from inter-operator relations in accordance with the valid regulatory environment. • Interest rate risk is managed through a balanced structure of financial debt with fixed interest rates and/or hedged interest rates or with variable interest rates. • In Kosovo, we are also monitoring changes in legislation governing health insurance, which could have an impact on the cost side of operations.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 17 Regulatory and compliance-related risks • The telecommunications market is subject to strict regulatory requirements that significantly affect our operations. The changing regulatory framework creates a complex and challenging environment, and requires adaptation to new obligations that could have an impact on revenue streams, particularly in the area of broadband services. • We actively help shape the regulatory environment and monitor changes on regulated markets that could impact the continued development and provision of services. • We work with the competent authorities and monitor legislative changes to ensure they are incorporated into our business practices in a timely manner. We address the risks arising from the possible tightening or expansion of regulatory obligations by actively providing opinions, comments and proposals in the scope of public debates and by actively participating in analyses of relevant markets. We consistently comply with regulatory decisions and thus ensure business compliance. • We process extensive collections of personal data relating to users, business partners, employees and other stakeholders. For this reason, we pay a great deal of attention to safe and compliant data processing in both existing and new services. We manage risks through established and regularly updated data processing procedures, and by responding appropriately to incidents. To that end, we work with the regulator and other stakeholders to develop amendments to relevant legislation with the aim of improving the security of services. • The new Information Security Act (ZInfV-1) also applies to the providers of public electronic communications networks and services. For this reason, we have adapted our internal processes and are arranging contractual relationships with customers, partners, suppliers and subcontractors. • The Company is monitoring the legislative process to adopt a new Consumer Credit Act (ZPotK-3), the provisions of which could impact specific business processes linked to the sale of goods and services. We are implementing activities in the scope of risk management aimed at the assessment of the potential impacts of a new framework, and are making the necessary organisational and procedural changes to ensure compliance with valid legislation. Operational risks • Operational risks arise in day-to-day business processes and are linked to the functioning of the network, the quality of services, the effectiveness of the internal organisation and the reliability of suppliers and partners. We address risks comprehensively, by linking them to the pursuit of our strategic policies and the achievement of business objectives. • Crucial is the management of operational risks associated with the functioning and security of the network, systems and applications that serve as the basis of our operations. The complexity of the network is continuously increasing due to the rapid development of new technologies, new security threats, the increasing expectations and requirements of users in connection with security and quality, and stricter regulatory requirements. • We regularly upgrade our network and support systems with the latest technologies, and increase capacities, and enhance security and resilience in line with growth in data traffic. We continuously expand the capacities of the fixed and mobile network, and upgrade systems. We pay close attention to energy systems when planning and upgrading the network. • We closely monitor conditions on the equipment and materials market, as availability and price fluctuations could impact the timing and cost efficiency of the implementation of network-related and other projects. • Our activities in connection with the technological modernisation of business and support systems are focused on ensuring stable functioning, security, compliance and cost efficiency, with special attention given to the timing of implementation and reducing technical debt. These systems serve as the basis of the digitalisation and optimisation of processes, and for ensuring a superior user experience. • In the functioning of business and information systems, the Group is dependent on external service providers, which could impact the continuity and stability of services, and the management of sensitive data. We manage such risk through contractual provisions, control over access and measures to reduce dependence on specific service providers in critical systems. • Through the established business continuity management system (BCMS), which is continuously maintained, tested, updated and assessed, we ensure business continuity and strengthen the resilience of the Company’s network, services and processes. We update topology, the capacities of the infrastructure and ICT services, and the Company’s key processes. In the scope of business continuity in the event of a catastrophic event, we are also establishing a secondary disaster recovery
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 18 site in Kosovo to restore operations and reduce the impact of any disruption. • To counter the rising number of cyber threats, we are enhancing the protection of the infrastructure, data and business processes through investments in the security infrastructure, upgraded networks, systems and applications, and through regular security testing. We are introducing advanced technologies in the internal network for user identification and authorisation, as well as the Zero Trust principle of cyber security. Monitoring, identifying and responding to cyber threats is ensured by the Cyber Security and Resilience Centre, which functions 24/7, while we work with European operators and international response groups to address incidents. • We are placing increasing emphasis on protection, the management and elimination of vulnerabilities, and ensuring resilience and compliance in the use of artificial intelligence. • We carefully address issues in connection with land ownership where network infrastructure has been placed, and search for appropriate solutions to ensure the reliability of services and manage potential impacts on time or costs. • We dedicate special attention to quality and reliability in the provision of services and to proactive cooperation with partners, and thus support the fulfilment of the expectations of users and contractual obligations. • We manage risks in connection with electricity prices by continuously monitoring the market and adapting our purchasing strategy. • Through the further development of control activities in business processes, we support the integrity of data and billing, and thus ensure the stability of revenue flows. • We are exposed to risks in connection with the retention of employees with crucial knowledge. We respond to those risks through targeted development and training programmes, by promoting the systematic transfer of knowledge, by supporting employees in the acquisition of new competences and knowledge, and by encouraging cooperation and internal mobility. We also carry out various activities to motivate and retain employees. We actively work with various educational institutions, strengthen the employer brand and offer scholarships with the aim of recruiting new employees. • We manage the risk of additional investments in Kosovo relating to the shift from an aerial to an underground infrastructure by coordinating with the Kosovo Energy Distribution Services (KEDS), local communities and other operators. Risks relating to sustainability aspects of operations • Climate change and broader sustainability challenges are linked to physical and transition risks for the Telekom Slovenije Group’s operations, particularly in terms of the reliability of the infrastructure, operating costs, and regulatory and market requirements. Such risks are primarily seen in the form of extreme weather events, fluctuations in energy prices, and the need to adapt technologies, processes and business models. The resilience assurance plan is a core element of our strategy and business plan. • We manage these risks by improving energy efficiency, generating our own electricity, increasing the share of low-carbon and renewable energy sources, strengthening the resilience of the network and infrastructure, and implementing digital solutions. The management of sustainability risks is an integral part of the Telekom Slovenije Group’s risk management system and is incorporated into strategic and operational decision-making. We thus reduce our exposure to uncertainties and create the conditions for stable and cost- effective operations. The resilience assurance plan is thus becoming an increasingly important element of our strategy and business plan.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 19 4 CORPORATE GOVERNANCE Management Board of Telekom Slovenije Telekom Slovenije’s Management Board functioned in the following composition on 30 June 2026 - Boštjan Košak, President, - Irma Gubanec, MSc, Vice-President, - Vesna Prodnik, MSc, member, and - Špela Fortin, member and Workers’ Director. President of the Management Board Boštjan Košak began his four -year term of office on 4 October 2022. Irma Gubanec, MSc began her four -year term of office on 2 October 2022. Vesna Prodnik, MSc’s four -year term of office began on 4 November 2022. Member of the Management Board and Workers’ Director Špela Fortin began her second four-year term of office on 14 September 2023. At its 36th ordinary session, Telekom Slovenije’s Supervisory Board appointed Boštjan Košak to serve as President of the Company’s Management Board for a new four-year term of office beginning on 4 October 2026. In the appointment process, the Supervisory Board took into account the successful management of Telekom Slovenije and the Telekom Slovenije Group to date, the achievement of excellent business results, continuity in the implementation of strategic plans and projects, as well as management and professional experience. At its 39th ordinary session held on 1 April 2026, the Supervisory Board of Telekom Slovenije appointed two members to the Company’s Management Board, based on the proposal of the President of the Management Board. Irma Gubanec, MSc was reappointed member of the Management Board responsible for finance and controlling. Ms Gubanec’s new four-year term of office will begin on 12 October 2026. Vesna Prodnik, MSc was reappointed member of the Management Board responsible for technology, with her new four-year term of office to begin on 14 November 2026. Supervisory Board of Telekom Slovenije Telekom Slovenije’s Supervisory Board comprises nine members, six of whom are shareholder representatives and three of whom are employee representatives. The members of the Supervisory Board submitted a statement of compliance with the criteria of independence in accordance with the Slovenian Corporate Governance Code. The composition of the Supervisory Board was as follows as at 30 June 2026: Shareholder representatives: - Žiga Debeljak, MSc, President, - Karla Pinter, MSc, Vice-President, - Marko Boštjančič, member, - Alenka Čok Pangeršič, MSc, member, - Mateja Čuk Orel, MSc, member, and - Aleksander Igličar, MSc, member. Employee representatives: - Rok Pleteršek, Vice-President, - Drago Kijevčanin, member, and - Dušan Pišek, member. Members of the Supervisory Board are elected for a term of office of four years. The composition of the Supervisory Board is diverse, as its members complement each other in terms of their expertise, competences, experience, age, gender, work method and other aspects. This facilitates the effective exchange of opinions and views at sessions. Telekom Slovenije’s Supervisory Board proposed a change to the Financial calendar of Telekom Slovenije for 2026 due to a delay in the organisation of the General Meeting of Shareholders for reasons linked to the selection of candidates for appointment of members of the Supervisory Board (shareholder representatives). The General
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 20 Meeting of Shareholders was postponed to 20 August 2026 at 12 pm. All materials for the General Meeting of Shareholders can be found at https://www.telekom.si/en/about-us/investor-relations/shareholders-meetings. For more information, visit https://www.telekom.si/en/about-us/company. Composition of management and governance bodies at subsidiaries of the Telekom Slovenije Group as at 30 June 2026 SLOVENIA GVO, d.o.o. Managing Director Dr Zef Vučaj Supervisory Board Boštjan Košak, Irma Gubanec, MSc, and elena Jakič Optic-Tel, d.o.o. Managing director Matej Kušar Infratel, d.o.o. Managing Director Dr Zef Vučaj Avtenta, d.o.o. Managing director: Matija Nendl Supervisory Board Vesna Prodnik, MSc, Špela Fortin and Timi Lah TSmedia, d.o.o. Managing director: Igor Gajster Rolando Žel served as the company’s Managing Director until 13 May 2026. TSinpo, d.o.o. Managing Director: Vesna Lednik Soline, d.o.o. Managing director: Aleksander Valentin, MSc On 4 May 2026, Rolando Žel, the Managing Director of TSmedia , d.o.o., submitted his resignation to the President of Telekom Slovenije’s Management Board, which was briefed on and accepted that resignation. Mr Žel performed his obligations as the Managing Director of TSmedia, d.o.o. until 3 May 2026. At its session held on 5 May 2026, Telekom Slovenije’s Management Board, with the Supervisory Board’s consent, appointed Igor Gajster to serve as the Managing Director of TSmedia, d.o.o., effective 14 May 2026. OTHER COUNTRIES IPKO Telecommunications LLC, Kosovo CEO András Páli Management Board András Páli, Boštjan Košak, Irma Gubanec, MSc, and Vesna Prodnik, MSc SIOL, d.o.o., Zagreb, Croatia Managing Director: Simon Furlan, MSc SIOL DOO BEOGRAD-PALILULA, Serbia Managing Director: Simon Furlan, MSc SIOL, d.o.o. Sarajevo, Bosnia and Herzegovina Managing Director: Simon Furlan, MSc SIOL, d.o.o. Podgorica, Montenegro Managing Director: Simon Furlan, MSc SIOL Prishtina LLC, Kosovo Managing Director: Simon Furlan, MSc SIOL DOOEL Skopje, North Macedonia Managing Director: Simon Furlan, MSc
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 21 5 SIGNIFICANT BUSINESS EVENTS IN THE PERIOD JANUARY TO JUNE 2026 JANUARY • Telekom Slovenije, a key player in the digitalisation of Slovenia, achieved a new milestone. More than half a million people, or nearly 60% of the Slovenian households, has access to the Company’s state -of-the-art fibre optic network. Based on this achievement, Telekom Slovenije is consolidating its position as the country’s leading provider of fibre -optic services and strengthening its commitment to provide secure, reliable and forward -looking infrastructure for all Slovenian citizens. • For the fifth year in a row, Telekom Slovenije received the prestigious Top Employer certificate, which is awarded by the independent global Top Employers Institute organisation. That recognition represents the highest international professional standard in the area of HR practices and confirms that Telekom Slovenije, through its business excellence, care for employees and focus on sustainability, ranks at the very top of prestigious employers. • Telekom Slovenije became the first in Slovenia to offer its subscribers, at no additional charge, the BBC Player, a multi -genre, on -demand service featuring top -rated series, documentaries and entertainment content. The BBC Player is available on the NEO platform, which of fers an advanced smart TV experience with voice control and the ability to watch live or on-demand content on all major devices: TVs, smartphones, tablets or computers. FEBRUARY • In cooperation with the Faculty of Electrical Engineering, Telekom Slovenije conducted the first demonstration of 5G mobile technology operating in the 26 GHz frequency band in Slovenia. That test achieved a record-breaking 2- gigabit downstream data transfer rate, which represents a major milestone for the future of industrial and infrastructure applications. Technology that facilitates exceptional capacities and minimal latency is becoming indispensable wherever the rapid and reliable real -time transmission of large amounts of data is required. Applications such as professional vi deo production, unforgettable experiences at large - scale events and in advanced industrial environments where machines, robots and autonomous systems communicate seamlessly can now become a reality. • To mark global Safer Internet Day, the Post Office and Telecommunications Museum, together with the museum’s co-founder Telekom Slovenije and the Centre for School and Outdoor Education (CŠOD), organised a week of workshops entitled ‘ Ne ujemi se na trnek – Uživajmo pametno ’ (Don’t Get Caught on the Hook – Enjoy Wisely). The workshops were intended for students in grades 6 to 9 of primary school. • During the 2026 Milano Cortina Winter Olympic games, Telekom Slovenije facilitated completely carefree communication for fans cheering on Slovenian athletes in neighbouring Italy. The subscribers of Naj mobile packages had free and unlimited data transfer in Italian networks during the games. MARCH • On 3 March 2026, Telekom Slovenije received a partial decision from AKOS on relevant market 1 ‘Wholesale local access at a fixed location’ and a partial decision on relevant market 3b ‘Wholesale central access at a fixed location for mass-market products’. • The worsening geopolitical situation in the Middle East is increasing uncertainty in the international business environment. The altered circumstances could affect several aspects of the Telekom Slovenije Group’s operations, in particular supply chains, pr ices and the accessibility of energy products. The Telekom Slovenije Group is closely monitoring the development of the situation and will adapt its activities as required. • On 26 March 2026, Telekom Slovenije received notification about a change in the major holding of the shareholder PBZ Croatia osiguranje, d.d. • Telekom Slovenije received major recognition as one of the top 10 most reputable employers in Slovenia. This means the Company is recognised as an excellent employer and is highly sought after by potential candidates on the labour market. We are also recognised as a company that cares for its employees and provides a high-quality work environment, adapts quickly to changes on the labour market and successfully builds its employer brand. • Through its state -of-the-art network, Telekom Slovenije provides reliable internet services and the NEO smart platform to more than 99% of the population. Immediate connection is possible via the fixed or mobile network. High -speed internet and television are facilitated by an internationally recognised 5G mob ile network that covers 99% of the population and gigabit fibre optic services available to more than half a million Slovenian households. Telekom Slovenije is thus blurring the boundaries between the fixed and mobile
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 22 worlds, and is further ensuring superior connectivity across Slovenia with the launch of NEO 5G. • At the Web Retailer Awards, one of the leading e-commerce events in the region, Telekom Slovenije’s Online Store received two awards the Best Customer Care award for the quality of its user support and the Best Certified Shop award among large companies, with an average user rating of 9.3 out of 10. Those awards are confirmation of the reliability, quality and user - centric approach of online sales. • With its innovative sales centre concept, based on the ‘People First’ principle, sustainable design and personalised service, Telekom Slovenije is setting new user experience standards. The first such centre opened its doors on 30 March 2026 at the Citypark shopping centre in Ljubljana. The space is based on a concept that combines advanced services with the expertise of employees, through which Telekom Slovenije fulfils its commitment to provide users the best network, award-winning services and a friendly, personalised approach with a superior user experience. APRIL • The MDR platform, Telekom Slovenije’s innovative solution for the cyber resilience of Slovenia’s digital economy, received the prestigious 2026 Digi Award. That platform is in use at several hundred Slovenian companies and processes more than 2 billion security events daily, which directly en hances the stability and security of Slovenia’s digital space. • Telekom Slovenije took an important step in the digitalisation of its services. The Company is now the first Slovenian operator to facilitate the fully digitalised conclusion of a mobile subscriber agreement in the My Telekom mobile application. MAY • Telekom Slovenije received the Green Star certificate for the fourth consecutive year for sustainable operations and climate action, and received the highest rating of five stars, which places the Company in the category of ‘green stars’. The aforementioned certificate is confirmation of the Company’s systematic management of sustainability, the inclusion of sustainability aspects in its strategy and business processes, and its commitment to climate action and the reduction of greenhouse gas emissions. • Telekom Slovenije received a lawsuit from the Ljubljana District Court that was filed by A1 Slovenija, d.d. for the payment of damages in the amount of EUR 30,382,383.74 and the declaration that claims in the amount of EUR 5,272,454.65 do not exist due the alleged abuse of a dominant position on the wholesale market for central access and the wholesale market for local access in the period November 2024 to March 2026, inclusive. • In cooperation with technological partner, Ericsson, Telekom Slovenije successfully completed the modernisation and expansion of the mobile network and facilitated 5G Standalone (SA) technology in Slovenia for the first time. That implementation strengthens Slovenia’s digital sovereignty through the construction of a safe, resilient and future -ready infrastructure that is based on trustworthy European technology. This represents the third major development step in the deployment of 5G, as announced during the first phase of 5G deployment in the fall of 2020. • Through its new single -price offer for households, Telekom Slovenije is making the use of mobile and fixed telephony services even more affordable and integrated. During the promotional period, the average three -member family can save as much as EUR 2,000 over two years, while using services in our high -capacity 5G and fibre optic networks that ensure a seamless user experience in the digital world. • Telekom Slovenije opened a new sales centre according to the ‘People First’ concept on Čopova ulica in Ljubljana. • There has been a recent rise in phishing scams that target mobile phone users through phone calls or various messages. Every day, Telekom Slovenije’s Cyber Security and Resilience Centre deals with a large number of phishing scams (still one of the most fr equent attacks) that target mobile phone users. JUNE • Telekom Slovenije received the Advanced Socially Responsible Employer Certificate (level 2). The Company is one of the first medium-sized and large enterprises to achieve that level, with the inclusion of all certification areas, which confirms its systematic approach to c orporate social responsibility and its progress in the areas of human resource management, organisational culture, occupational health and safety, work -life balance and environmental protection. • Together with communication equipment suppliers, Telekom Slovenije is testing the next - generation of emergency calls (112) and in - vehicle emergency calls (NG112 and NG eCall), which bring an important technological leap forward in accident response. That next - generation solution, which is based on IP connectivity and ETSI and 3GPP standards, facilitates the significantly faster and more comprehensive transfer of information and more reliable functioning on 4G and 5G networks, which improves the effectiveness of assistance in critical situations.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 23 • Together with partners from Slovenia and Croatia, Telekom Slovenije organised a kick -off meeting to officially launch the European ShieldHealthAdria project, which addresses the rising number of cyber threats in the digitalised healthcare environment. • In June 2026, Avtenta successfully passed a regular assessment of its quality management system according to the ISO 9001:2015 standard, and thus confirmed the compliance of its processes with the requirements of the aforementioned standard. • TSmedia’s editorial board elected Peter Jančič as the new editor -in-chief of Siol.net in June 2026. • Telekom Slovenije presented an updated family package that offers users the comprehensive management of the digital lives of all household members in one place. The concept of the package addresses the need of modern families for simplicity, and combines devices, connectivity and costs under a single provider. As a reliable digital partner, Telekom Slovenije thus reduces the complexity of managing a large number of devices and subscriptions, while saving users time and eliminating the stress of decision making. • In a decision dated 24 June 2026, AKOS defined Telekom Slovenije as a universal service provider in the area of connections to the public communications network at a fixed location for a period of three years (1 July 2026 to 1 July 2029), thus ensuring broadband internet access with the transfer speed set out in the cu rrently valid General act on the appropriate transfer speed for broadband internet access. 6 SIGNIFICANT EVENTS AFTER THE REPORTING DATE JULY • At its 42nd ordinary session held on 4 July 2026, Telekom Slovenije’s Supervisory Board appointed Management Board member Irma Gubanec, MSc to serve as Vice -President of the Management Board based on the proposal of the President of the aforementioned body. Ms Gubanec was appointed to a four-year term of office as Vice-President of the Management Board, effective 12 October 2026. AUGUST • At Telekom Slovenije’s 40th General Meeting, which took place on 20 August 2026, the shareholders were presented with the 2025 Annual Report and Supervisory Board's report on the approval of the 2025 Annual Report, and granted discharge to the Management Board and Supervisory Board for the 202 5 financial year. The General Meeting approved the proposal for the allocation of distributable profit for the 2025 financial year, amounting to EUR 53,511,857.03. The shareholders supported the proposal to allocate EUR 29,893,753.20 for the payment of divi dends, corresponding to a gross dividend of EUR 4.60 per share, while the remaining EUR 23,618,103.83 will be undistributed as retained earnings, with a decision on its allocation to be taken in subsequent financial years. The General Meeting was informed of the Report on the Remuneration of Members of the Management Board and Supervisory Board of Telekom Slovenije for 2025 and reviewed and approved the Remuneration Policy for the Management and Supervisory Bodies of Telekom Slovenije and its Subsidiaries in the Telekom Slovenije Group. Based on a counterproposal submitted by shareholders, the General Meeting elected Igor ustić, PhD, Pavel Reberc, MSc, Andreja Strnad, PhD, and Marko Pogačnik, MSc, as shareholder representatives on the Supervisory Board for a four-year term of office commencing on 9 September 2026.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 24 7 CONDENSED INTERIM ACCOUNTING REPORT OF THE TELEKOM SLOVENIJE GROUP AND TELEKOM SLOVENIJE, D.D. FOR THE PERIOD JANUARY TO JUNE 2026 The condensed financial statements of the Telekom Slovenije Group and the condensed financial statements of the controlling company Telekom Slovenije, d.d. for the reported period and the comparable period last year were compiled in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act (ZGD). The condensed financial statements for the period ending 30 June 2026 were compiled in accordance with IAS 34 Interim Financial Reporting, and must be read together with the financial statements and disclosures compiled for the 2025 financial year. The financial statements for the period January to June 2026 and for the comparative period January to June 2025 have not been audited, while the fin ancial statements for the comparative period ending 31 December 2025 are audited. The financial statements of the Group and Company were compiled under the assumption that both are going concerns. Operations are not seasonal. Changes in accounting policies The accounting policies used in the compilation of the interim condensed financial statements are the same as those applied in the compilation of the financial statements for the financial year ending 31 December 2025. Use of significant estimates and judgements The compilation of the financial statements requires of management certain estimates, assessments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent liabilities as at the statement of financial position date and the amount of revenues and expenses in the period ending on the statement of financial position date. Future events and their impact cannot be determined with certainty. Accounting assessments therefore apply a judgement subject to change taking i nto account new events, experiences and additional information, and as the result of changes in the business environment. Actual values may vary from estimates. Estimates and assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which estimates are revised, and in all future years affected by such revisions. Functional and presentation currency The reporting currency of the Telekom Slovenije Group is the euro, which is also the functional and presentation currency of the controlling company Telekom Slovenije. All financial information is presented in thousands of euros, unless otherwise stated.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 25 7.1 Condensed interim financial statements of the Telekom Slovenije Group and Telekom Slovenije, d.d. Unaudited consolidated and separate income statement Telekom Slovenije Group Telekom Slovenije in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Sales revenue 366,949 354,243 315,401 306,603 Other operating income 3,426 3,592 1,161 1,741 Cost of goods sold -47,254 -43,418 -49,490 -45,345 Costs of materials and energy -10,055 -9,380 -6,947 -6,741 Costs of services -103,505 -106,724 -96,998 -101,218 Labour costs -69,100 -65,586 -55,462 -52,881 Depreciation/amortisation -89,974 -86,290 -75,272 -72,780 Other operating expenses -6,117 -6,936 -6,073 -6,710 Total operating expenses -326,005 -318,334 -290,242 -285,675 Operating profit 44,370 39,501 26,320 22,669 Finance income 1,630 1,178 33,476 4,285 Finance expenses -8,379 -8,383 -7,330 -6,967 Profit before tax 37,621 32,296 52,466 19,987 Corporate income tax -5,572 -3,687 -2,697 -2,135 Deferred tax -588 963 -625 937 Net profit for the period 31,461 29,572 49,144 18,789
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 26 Unaudited consolidated and separate statement of other comprehensive income Telekom Slovenije Group Telekom Slovenije in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Net profit for the period 31,461 29,572 49,144 18,789 Other comprehensive income that may be reclassified subsequently to the statement of profit or loss 542 117 551 118 Translation reserves -9 -1 0 0 Effective part of change in the fair value of hedging instrument 706 151 706 151 Deferred tax -155 -33 -155 -33 Other comprehensive income that may not be reclassified subsequently to the statement of profit or loss 295 644 295 644 Change in the fair value of financial assets through other comprehensive income 378 826 378 826 Deferred tax -83 -182 -83 -182 Other comprehensive income for the period after tax 837 761 846 762 Total comprehensive income for the period 32,298 30,333 49,990 19,551
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 27 Unaudited consolidated and separate statement of financial position Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 ASSETS Intangible assets 200,016 199,902 150,903 145,591 Property, plant and equipment 759,221 745,383 619,623 627,457 Right-of-use assets 89,977 89,186 95,204 95,068 Investments in subsidiaries 0 0 120,153 120,153 Other investments 4,607 4,093 36,167 23,683 Contract assets 3,236 4,354 3,015 4,053 Other receivables 19,642 20,580 19,615 20,535 Deferred costs 3,180 3,258 3,148 3,220 Investment property 3,181 3,236 3,181 3,236 Deferred tax assets 47,185 47,965 46,643 47,507 Total non-current assets 1,130,245 1,117,957 1,097,652 1,090,503 Assets held for sale 588 588 588 588 Inventories 32,007 24,857 28,606 21,408 Trade and other receivables 188,753 178,273 190,279 164,066 Income tax receivables 84 215 12 189 Contract assets 14,248 10,100 14,265 9,866 Accrued assets 14,525 21,767 8,410 4,960 Investments 2 2 3,988 3,259 Cash and cash equivalents 59,979 80,090 39,703 53,632 Total current assets 310,186 315,892 285,851 257,968 Total assets 1,440,431 1,433,849 1,383,503 1,348,471 EQUITY AND LIABILITIES Share capital 272,721 272,721 272,721 272,721 Share premium 181,489 181,489 180,956 180,956 Profit reserves 207,271 207,271 205,771 205,770 Legal reserves 51,612 51,612 50,434 50,434 Reserves for own shares and interests 4,065 4,065 4,065 4,065 Own shares and interests -4,065 -4,065 -4,065 -4,065 Statutory reserves 54,854 54,854 54,544 54,544 Other profit reserves 100,805 100,805 100,793 100,792 Retained earnings 76,866 45,262 106,408 57,265 Retained earnings from previous periods 45,405 6,212 57,264 35,761 Profit or loss for the period 31,461 39,050 49,144 21,504 Fair value reserves 1,086 241 1,086 241 Reserves for actuarial gains/losses 1,832 1,832 1,390 1,390 Translation reserves 43 52 0 0 Total equity 741,308 708,868 768,332 718,343 Contract liabilities 14,661 15,079 14,879 15,324 Provisions 24,942 26,480 21,428 23,027 Other payables 24,891 15,309 13,605 3,640 Deferred liabilities 34,436 33,807 3,520 2,909 Loans and borrowings 278,811 302,750 278,811 302,750 Lease liabilities 76,917 76,065 83,535 83,149 Other financial liabilities 524 1,094 524 1,094 Deferred tax liabilities 871 847 0 0 Total non-current liabilities 456,053 471,431 416,302 431,893 Operating liabilities 130,181 149,071 101,094 106,183 Income tax payable 2,088 326 950 0 Loans and borrowings 48,296 48,341 48,296 48,341 Lease liabilities 13,327 12,530 12,779 12,017 Other financial liabilities 4 2 0 0 Contract liabilities 8,807 9,921 4,243 4,921 Deferred liabilities 40,367 33,359 31,507 26,773 Current liabilities 243,070 253,550 198,869 198,235 Total liabilities 699,123 724,981 615,171 630,128 Total equity and liabilities 1,440,431 1,433,849 1,383,503 1,348,471
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 28 Unaudited consolidated statement of changes in equity of the Telekom Slovenije Group for the period ending 30 June 2026 in EUR thousand Called-up capital Capital surplus Profit reserves Retained earnings Fair value reserve for financial instruments Fair value reserve for hedging instruments in net amount Reserves for actuarial deficits and surpluses Translation reserves Total Legal reserves Reserves for own shares Own shares Statutory reserves Other revenue reserves Retained earnings from previous periods Profit or loss for the period Balance as at 1 January 2026 272,721 181,489 51,612 4,065 -4,065 54,854 100,805 6,212 39,050 1,075 -834 1,832 52 708,868 Net profit or loss for the period 0 0 0 0 0 0 0 143 31,461 0 0 0 0 31,604 Other comprehensive income for the period 0 0 0 0 0 0 0 0 0 295 551 0 -9 837 Total comprehensive income for the period 0 0 0 0 0 0 0 143 31,461 295 551 0 -9 32,441 Transfer of previous year’s profit or loss to retained earnings 0 0 0 0 0 0 0 39,050 -39,050 0 0 0 0 0 Changes in equity 0 0 0 0 0 0 0 39,050 -39,050 0 0 0 0 0 Other 0 0 0 0 0 0 0 -1 0 -1 0 0 0 -2 Balance as at 30 June 2026 272,721 181,489 51,612 4,065 -4,065 54,854 100,805 45,405 31,461 1,369 -283 1,832 43 741,308
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 29 Unaudited consolidated statement of changes in equity of the Telekom Slovenije Group for the period ending 30 June 2025 in EUR thousand Called-up capital Capital surplus Profit reserves Retained earnings Fair value reserve for financial instruments Fair value reserve for hedging instruments in net amount Reserves for actuarial deficits and surpluses Translation reserves Total Legal reserves Reserves for own shares Own shares Statutory reserves Other revenue reserves Retained earnings from previous periods Profit or loss for the period Balance as at 1 January 2025 272,721 181,489 51,612 4,065 -4,065 54,854 79,302 32,213 0 129 -1,668 2,237 58 672,947 Net profit or loss for the period 0 0 0 0 0 0 0 0 29,572 0 0 0 0 29,572 Other comprehensive income for the period 0 0 0 0 0 0 0 0 0 644 118 0 -1 761 Total comprehensive income for the period 0 0 0 0 0 0 0 0 29,572 644 118 0 -1 30,333 Payment of dividends 0 0 0 0 0 0 0 -25,995 -25,995 Transactions with owners 0 0 0 0 0 0 0 -25,995 0 0 0 0 0 -25,995 Other 0 0 0 0 0 0 0 2 0 0 0 1 3 Balance as at 30 June 2025 272,721 181,489 51,612 4,065 -4,065 54,854 79,302 6,220 29,572 773 -1,550 2,237 58 677,288
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 30 Unaudited statement of changes in equity of Telekom Slovenije for the period ending 30 June 2026 in EUR thousand Called-up capital Capital surplus Profit reserves Retained earnings Fair value reserve for financial instruments Fair value reserve for hedging instruments in net amount Reserves for actuarial deficits and surpluses Total Legal reserves Reserves for own shares Own shares Statutory reserves Other revenue reserves Retained earnings from previous periods Profit or loss for the period Balance as at 1 January 2026 272,721 180,956 50,434 4,065 -4,065 54,544 100,792 35,761 21,504 1,074 -833 1,390 718,343 Net profit or loss for the period 0 0 0 0 0 0 0 0 49,144 0 0 0 49,144 Other comprehensive income for the period 0 0 0 0 0 0 0 0 0 295 551 0 846 Total comprehensive income for the period 0 0 0 0 0 0 0 0 49,144 295 551 0 49,990 Transfer of previous year’s profit or loss to retained earnings 0 0 0 0 0 0 0 21,504 -21,504 0 0 0 0 Changes in equity 0 0 0 0 0 0 0 21,504 -21,504 0 0 0 0 Other 0 0 0 0 0 0 0 -1 0 0 -1 1 -1 Balance as at 30 June 2026 272,721 180,956 50,434 4,065 -4,065 54,544 100,792 57,264 49,144 1,369 -283 1,391 768,332
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 31 Unaudited statement of changes in equity of Telekom Slovenije for the period ending 30 June 2025 in EUR thousand Called-up capital Capital surplus Profit reserves Retained earnings Fair value reserve for financial instruments Fair value reserve for hedging instruments in net amount Reserves for actuarial deficits and surpluses Total Legal reserves Reserves for own shares Own shares Statutory reserves Other revenue reserves Retained earnings from previous periods Profit or loss for the period Balance as at 1 January 2025 272,721 180,956 50,434 4,065 -4,065 54,544 79,289 6,335 55,425 130 -1,669 1,783 699,948 Net profit or loss for the period 0 0 0 0 0 0 0 0 18,789 0 0 0 18,789 Other comprehensive income for the period 0 0 0 0 0 0 0 0 0 644 118 0 762 Total comprehensive income for the period 0 0 0 0 0 0 0 0 18,789 644 118 0 19,551 Payment of dividends 0 -25,995 -25,995 Transactions with owners 0 0 0 0 0 0 0 -25,995 0 0 0 0 -25,995 Transfer of previous year’s profit or loss to retained earnings 0 0 0 0 0 0 0 55,425 -55,425 0 0 0 0 Changes in equity 0 0 0 0 0 0 0 55,425 -55,425 0 0 0 0 Other 0 0 0 0 0 0 0 0 0 0 0 0 1 Balance as at 30 June 2025 272,721 180,956 50,434 4,065 -4,065 54,544 79,289 35,765 18,789 774 -1,551 1,783 693,505
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 32 Unaudited consolidated and separate cash flow statement in EUR thousand Telekom Slovenije Group Telekom Slovenije I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Cash flows from operating activities Net profit for the period 31,461 29,572 49,144 18,789 Adjustments for: Depreciation/amortisation 89,974 86,290 75,272 72,780 Impairment and write-offs of property, plant and equipment and intangible assets 309 104 417 429 Gain/loss on disposal of property, plant and equipment 80 -378 -87 -270 Impairment and write-off of inventories 319 517 312 517 Net impairment of receivables and contract assets 5,011 5,432 4,656 5,071 Adjustment for provisions 432 129 302 314 Finance income -796 -266 -32,715 -3,502 Finance expenses 7,098 7,018 6,122 5,731 Income tax expense 6,160 2,724 3,322 1,198 Cash flows from operating activities prior to changes to working capital and provisions 140,048 131,142 106,745 101,057 Change in inventories -6,343 -4,483 -6,384 -3,973 Change in trade and other receivables -15,633 -5,426 -11,138 -6,327 Change in accrued and contract assets 4,064 -30,175 -7,020 -4,849 Change in provisions -1,878 -209 -1,746 195 Change in trade and other payables -10,379 -16,224 4,352 -5,024 Change in accrued and contract liabilities 6,105 23,485 4,164 -2,250 Income tax paid -2,393 -2,489 -1,571 -1,822 Net cash used in operating activities 113,591 95,621 87,402 77,007 Cash flows from investing activities Proceeds from investing activities 904 1,720 14,840 2,120 Proceeds from the sale of property, plant and equipment 135 411 146 411 Dividends received 194 197 13,205 557 Proceeds from interest 528 107 989 404 Proceeds from repayment of loans and deposits 47 1,005 500 748 Net cash used in investing activities -97,857 -81,109 -80,114 -63,915 Disbursements from property, plant and equipment -57,293 -48,277 -27,848 -36,001 Disbursements from intangible assets -40,564 -32,832 -39,106 -27,914 Disbursements from loans and deposits issued 0 0 -13,160 0 Net cash used in investing activities -96,953 -79,389 -65,274 -61,795 Cash flows from financing activities Inflows from financing activities 0 0 0 0 Disbursements from financing activities -36,751 -19,379 -36,059 -18,945 Repayment of lease liabilities – principal -5,549 -5,033 -5,027 -4,861 Repayment of non-current borrowings -23,967 -7,392 -23,967 -7,392 Disbursements for interest -7,235 -6,954 -7,065 -6,692 Net cash used in financing activities -36,751 -19,379 -36,059 -18,945 Net increase/decrease in cash and cash equivalents -20,113 -3,147 -13,931 -3,733 Opening balance of cash and cash equivalents 80,090 18,879 53,632 9,057 Effect of exchange rate changes on cash and cash equivalents 2 -2 2 -2 Closing balance of cash and cash equivalents 59,979 15,730 39,703 5,322
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 33 7.2 Notes to the interim financial statements of the Telekom Slovenije Group and Telekom Slovenije, d.d. Telekom Slovenije Group The Telekom Slovenije Group comprised the controlling company Telekom Slovenije and the following subsidiaries as at the reporting date (30 June 2026): Company Country 30 June 2026 TELEKOM SLOVENIJE, d.d. Slovenia 100% GVO, d.o.o. Slovenia 100% OPTIC-TEL, d.o.o.* Slovenia 100% INFRATEL, d.o.o.* Slovenia 100% AVTENTA, d.o.o. Slovenia 100% TSmedia, d.o.o. Slovenia 100% TSinpo, d.o.o. Slovenia 100% SOLINE, d.o.o. Slovenia 100% USTANOVA SRČNI SKLAD Slovenia 100% IPKO Telecommunications LLC Kosovo 100% SIOL d.o.o. Croatia 100% SIOL DOO BEOGRAD-PALILULA Serbia 100% SiOL d.o.o. Sarajevo Bosnia and Herzegovina 100% SIOL doo Podgorica Montenegro 100% SIOL Prishtina LLC Kosovo 100% SIOL DOOEL Skopje North Macedonia 100% * Subsidiaries of GVO, d.o.o. Segment reporting Segment reporting is based on the internal reporting system used by management in the management of operations. The criterion for segment reporting is the registered office where an activity is performed. The Telekom Slovenije Group thus presents its operations in the following two segments: Slovenia: this segment includes all Group companies registered in Slovenia, and primarily activities in the areas of fixed and mobile telephony services, the construction and maintenance of the telecommunications network, multimedia and internet services, and cont ent and digital TV. The segment comprises the following companies: Telekom Slovenije, GVO and its subsidiaries Optic -Tel and Infratel, Avtenta, TSmedia, TSinpo, Soline, and Ustanova Srčni sklad. Other countries: this segment comprises other Group companies, including IPKO, SIOL Zagreb, SIOL Belgrade, SIOL Sarajevo, SIOL Podgorica, SIOL Prishtina and SIOL Skopje. This segment’s main activity is the provision of telecommunication services. Inter-segment sales were executed according to market terms. Intra -group transactions are eliminated in the consolidation process, and included in eliminations and adjustments. The Group does not disclose finance income and expenses by segment, as the Group’s financing is centralised at the level of the controlling company. Disclosures regarding revenues generated with external customers are described by type in the note ‘Revenue’.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 34 Segment reporting in EUR thousand Slovenia Other countries Eliminations and adjustments* Total I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Sales revenue 320,910 311,157 46,039 43,086 0 0 366,949 354,243 Revenue from subsidiaries 46,597 37,186 4,191 4,353 -50,788 -41,539 0 0 Total segment income 367,507 348,343 50,230 47,439 -50,788 -41,539 366,949 354,243 Other operating income 2,118 2,561 1,308 1,031 0 0 3,426 3,592 Total operating expenses -292,835 -288,138 -33,170 -30,196 0 0 -326,005 -318,334 Operating profit per segment 76,790 62,766 18,368 18,274 -50,788 -41,539 44,370 39,501 Finance income 0 0 0 0 0 0 1,630 1,178 Finance expenses 0 0 0 0 0 0 -8,379 -8,383 Profit before tax 0 0 0 0 0 0 37,621 32,296 Corporate income tax 0 0 0 0 0 0 -5,572 -3,687 Deferred tax 0 0 0 0 0 0 -588 963 Net profit for the period 31,461 29,572 Other data by segment Slovenia Other countries Eliminations and adjustments* Total 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Segment assets 1,540,059 1,496,341 166,374 172,795 -266,002 -235,287 1,440,431 1,433,849 Segment liabilities 723,038 729,431 80,599 72,622 -104,514 -77,072 699,123 724,981 * The amount from mutual relations between companies excluded from the consolidated financial statements. Sales revenue by segment in EUR thousand Slovenia Other countries Total I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Mobile services on end-customer market 108,818 104,815 30,216 27,361 139,034 132,176 Fixed-line telephone services on end-customer market 116,107 110,046 11,630 11,289 127,737 121,335 Additional services 3,365 2,829 0 0 3,365 2,829 Wholesale market 74,638 76,545 4,193 4,436 78,831 80,981 Other revenue and merchandise 17,982 16,922 0 0 17,982 16,922 Total sales revenue 320,910 311,157 46,039 43,086 366,949 354,243
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 35 Sales revenue Breakdown of revenue by service groups Telekom Slovenije Group Telekom Slovenije in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Mobile services on end-customer market 139,034 132,176 108,910 104,913 Fixed-line telephone services on end-customer market 127,737 121,335 115,420 109,100 Additional services 3,365 2,829 3,453 2,936 Wholesale market 78,831 80,981 75,795 77,771 Other revenue and merchandise 17,982 16,922 11,823 11,883 Total sales revenue 366,949 354,243 315,401 306,603 Telekom Slovenije Group Telekom Slovenije in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Revenue from sale of services 315,885 308,798 264,640 260,378 Revenue from the sale of goods 51,064 45,445 50,761 46,225 Total sales revenue 366,949 354,243 315,401 306,603 Sales revenues amounted to EUR 367 million at the Telekom Slovenije Group level in the period January to June 2026, an increase of EUR 13 million relative to the same period in 2025. Revenues were higher in the mobile segment of the end -user market primarily on account of the increased number of users in both Slovenia and Kosovo. Revenues were higher in the fixed segment of the end -user market primarily due to high er revenues from broadband services as the result of growth in the number of users and sales of IT services and merchandise at Telekom Slovenije. Revenues from additional services include revenues from financial services, eHealth services and insurance. Revenues were lower in both in the domestic and international segments of the wholesale market. Other revenues and revenues from merchandise were up due to higher revenues generated by Slovenian subsidiaries on the market. Revenues from leases The Telekom Slovenije Group generated revenue from leases in the amount of EUR 6,911 thousand in the period January to June 2026, compared with EUR 6,466 thousand during the same period in 2025. Telekom Slovenije generated revenue from leases in the amount of EUR 7,423 thousand in the reporting period, compared with EUR 6,985 thousand during the same period last year. Costs of services Telekom Slovenije Group Telekom Slovenije in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Telecommunication services 49,860 51,157 48,726 50,287 Leased lines, networks and platforms 4,458 3,857 6,865 5,972 Multimedia content 4,106 4,907 3,789 4,579 Costs of subcontractors 15,384 17,603 12,246 14,561 Maintenance of property, plant and equipment 10,253 10,000 9,799 10,381 Other services 19,444 19,200 15,573 15,438 Total costs of services 103,505 106,724 96,998 101,218
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 36 The costs of services incurred by the Group in the period January to June 2026 were down by EUR 3,219 thousand relative to the same period in 2025. The costs of services incurred by the Group were lower primarily due to lower costs of subcontractors, which amounted to EUR 15,384 thousand (January to June 2025: EUR 17,603 thousand). Other costs of services comprise the costs of advertising and sponsors hips, which amounted to EUR 3,527 thousand (January to June 2025: EUR 4,011 thousand) and the costs of intellectual and personal services, which amounted to EUR 3,010 thousand (January to June 2025: EUR 2,835 thousand). Operating profit (EBIT) and net profit Telekom Slovenije Group Earnings before interest and taxes (EBIT) in the amount of EUR 44,370 thousand during the first half of 2026 were up by EUR 4,869 thousand relative to the same period last year. A net profit of EUR 31,461 thousand was achieved for the accounting period in the context of a net financial loss of EUR 6,749 thousand. Telekom Slovenije Earnings before interest and taxes (EBIT) in the amount of EUR 26,320 thousand during the first half of 2026 were up by EUR 3,651 thousand relative to the same period last year. A net profit of EUR 49,144 thousand was achieved for the accounting period in the context of a net financial gain of EUR 26,146 thousand.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 37 Intangible assets Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Goodwill 3,718 3,718 3,602 3,602 Concessions and licences 127,798 125,810 86,499 80,342 Costs of obtaining contracts with customers 24,047 23,420 24,048 23,420 Computer software 27,455 28,337 29,825 30,350 Other intangible assets 11,508 12,530 1,992 2,223 Intangible assets under construction 5,490 6,087 4,937 5,654 Total 200,016 199,902 150,903 145,591 Purchases of intangible assets amounted to EUR 40,565 thousand at the Group level in the period January to June 2026, with the majority of that amount accounted for by the purchase of broadcasting rights. Commitments for intangible assets amounted to EUR 9,451 thousand at the Group level and to EUR 10,798 thousand at Telekom Slovenije as at 30 June 2026. Property, plant and equipment Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Land, buildings and cable lines 312,713 280,822 262,402 265,702 Cable network 290,694 282,871 228,706 229,708 Telephone exchanges 3,906 4,093 3,807 3,977 Mobile network equipment 80,149 81,701 47,668 50,676 Other equipment 70,168 71,616 58,499 60,503 Assets under construction 1,272 23,951 18,538 16,891 Other 319 329 0 0 Total 759,221 745,383 619,623 627,457 Investments in property, plant and equipment amounted to EUR 58,715 thousand at the Group level during the first half of 2026. Commitments for property, plant and equipment amounted to EUR 14,872 thousand at the Group level and to EUR 31,628 thousand at Telekom Slovenije as at 30 June 2026. Right-of-use assets Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Base stations – easement and lease 60,534 59,520 48,280 47,217 Technological premises – easement and lease 6,001 5,059 5,561 4,579 Lease of business premises and land 7,141 7,834 4,353 4,854 Vehicles 1,614 1,484 1,271 1,161 Lease of lines 12,895 13,361 35,702 37,208 Other 1,788 1,925 37 49 Total 89,977 89,186 95,204 95,068 Depreciation in the amount of EUR 7,036 thousand and interest expense on lease liabilities in the amount of EUR 2,0 4 thousand were disclosed in the Telekom Slovenije Group’s income statement during the reporting period. The Group disclosed depreciation in the amount of EUR 6,525 thousand and interest expense in the amount of EUR 1,927 thousand during the same period last year.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 38 Depreciation in the amount of EUR 6,530 thousand and interest expense on lease liabilities in the amount of EUR ,905 thousand were disclosed in Telekom Slovenije’s income statement during the reporting period. The Company disclosed depreciation in the amo unt of EUR 6,187 thousand and interest expense in the amount of EUR 1,664 thousand during the same period last year. Trade and other receivables Non-current trade and other receivables Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Non-current trade receivables 19,257 20,394 19,231 20,351 Other receivables 385 186 384 184 Total 19,642 20,580 19,615 20,535 Current trade and other receivables Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Trade receivables 152,422 146,185 136,872 131,353 Trade receivables due from foreign operators 12,069 9,677 12,893 10,514 Trade receivables due from domestic operators 17,408 17,193 19,078 18,596 Total trade receivables 181,899 173,055 168,843 160,463 Paid advances 942 847 793 219 VAT and other tax receivables 1,814 3,174 1,319 2,660 Other receivables 4,098 1,197 19,324 724 Total other receivables 6,854 5,218 21,436 3,603 Total 188,753 178,273 190,279 164,066 The Group and Company disclose receivables from the sale of merchandise with a maturity exceeding one year in non-current receivables. Corrections to the value of receivables relate to expected credit losses. The maturity structure of receivables is presented in Section 7.3. Loans received and other financial liabilities Non-current and current financial liabilities amounted to EUR 327,635 thousand at the Telekom Slovenije Group level as at 30 June 2026 (end of 2025: EUR 352,187 thousand) and comprised the following: - loans and borrowings in the amount of EUR 327,107 thousand (end of 2025: EUR 351,091 thousand); - other liabilities in the amount of EUR 528 thousand (end of 2025: EUR 1,096 thousand), of which o other non-current financial liabilities, which comprise derivatives in the form of interest rate swaps (IRS) in the amount of EUR 524 thousand (end of 2025: EUR 1,094 thousand). Non-current and current financial liabilities amounted to EUR 327,631 thousand at Telekom Slovenije as at 30 June 2026 (end of 2025: EUR 352,185 thousand) and comprised the following: - loans and borrowings in the amount of EUR 327,107 thousand (end of 2025: EUR 351,091 thousand); and - other non -current liabilities in the amount of EUR 524 thousand (end of 2025: EUR 1,094 thousand), comprising derivatives in the form of interest rate swaps (IRS).
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 39 Lease liabilities The lease liabilities of the Telekom Slovenije Group amounted to EUR 90,244 thousand as at the end of June 2026 and were up by EUR 1,649 thousand relative to the end of 2025. The lease liabilities of Telekom Slovenije amounted to EUR 96,314 thousand as at the end of June 2026 and were up by EUR 1,148 thousand relative to the end of 2025. Fair value hierarchy In view of the accounting policies and breakdown, the fair value of financial and non-financial assets and liabilities is to be determined in certain cases. The Group and the Company apply the following hierarchy in determining fair values: Level 1: determination of fair value directly by referencing the official published price on an active market; Level 2: other models used to determine fair value based on assumptions and material impact on fair value in line with observed current market transactions with the same instruments either directly or indirectly; and Level 3: other models used to determine fair value based on assumptions and material impact on fair value that are not in line with observed current market transactions with the same instruments and investments. The table below only includes information regarding classification to the fair value hierarchy for assets and financial liabilities measured at fair value and for which fair value is disclosed.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 40 Book and fair values of the Telekom Slovenije Group’s financial instruments as at 30 June 2026 in EUR thousand Book value Fair value Level 1 Level 2 Level 3 Non-current financial assets Investments in shares and interests listed on the stock exchange, measured at fair value through other comprehensive income 4,146 4,146 4,146 0 0 Investments in shares and interests not listed on the stock exchange, measured at fair value through other comprehensive income 284 284 0 0 284 Interest rate swap receivables 161 161 0 161 0 Other non-current financial assets 16 16 0 16 0 Trade receivables 19,642 19,642 0 19,642 0 Current financial assets Other current financial assets 2 2 0 2 0 Trade and other receivables 188,837 188,837 0 188,837 0 Cash and cash equivalents 59,979 59,979 0 59,979 0 Non-current financial liabilities Borrowings 278,811 278,811 0 278,811 0 Interest rate swap liabilities 524 524 524 Other liabilities 24,892 24,892 0 24,892 0 Current financial liabilities Borrowings 48,296 48,296 0 48,296 0 Other financial liabilities 4 4 0 4 0 Operating liabilities 130,181 130,181 0 130,181 0 Book and fair values of the Telekom Slovenije Group’s financial instruments as at 3 December 2025 in EUR thousand Book value Fair value Level 1 Level 2 Level 3 Non-current financial assets Investments in shares and interests listed on the stock exchange, measured at fair value through other comprehensive income 3,768 3,768 3,768 0 0 Investments in shares and interests not listed on the stock exchange, measured at fair value through other comprehensive income 284 284 0 0 284 Interest rate swap receivables 25 25 0 25 0 Other non-current financial assets 16 16 0 16 0 Trade receivables 20,580 20,580 0 20,580 0 Current financial assets Other current financial assets 2 2 0 2 0 Trade and other receivables 178,488 178,488 0 178,488 0 Cash and cash equivalents 80,090 80,090 0 80,090 0 Non-current financial liabilities Borrowings 302,750 302,750 0 302,750 0 Interest rate swap liabilities 1,094 1,094 0 1,094 0 Other liabilities 15,309 15,309 0 15,309 0 Current financial liabilities Borrowings 48,341 48,341 0 48,341 0 Other financial liabilities 2 2 0 2 0 Operating liabilities 149,071 149,071 0 149,071 0
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 41 Book and fair values of Telekom Slovenije’s financial instruments as at 30 June 2026 in EUR thousand Book value Fair value Level 1 Level 2 Level 3 Non-current financial assets Investments in shares and interests listed on the stock exchange, measured at fair value through other comprehensive income 4,146 4,146 4,146 0 0 Investments in shares and interests not listed on the stock exchange, measured at fair value through other comprehensive income 284 284 0 0 284 Loans granted 31,576 31,576 0 31,576 0 Trade receivables 19,615 19,615 0 19,615 0 Current financial assets Loans granted 3,988 3,988 0 3,988 0 Trade and other receivables 190,291 190,291 0 190,291 0 Cash and cash equivalents 39,703 39,703 0 39,703 0 Non-current financial liabilities Borrowings 278,811 278,811 0 278,811 0 Interest rate swap liabilities 524 524 524 Operating liabilities 13,606 13,606 0 13,606 0 Current financial liabilities Borrowings 48,296 48,296 0 48,296 0 Operating liabilities 101,094 101,094 0 101,094 0 Book and fair values of Telekom Slovenije’s financial instruments as at 31 December 2025 in EUR thousand Book value Fair value Level 1 Level 2 Level 3 Non-current financial assets Investments in shares and interests listed on the stock exchange, measured at fair value through other comprehensive income 3,768 3,768 3,768 0 0 Investments in shares and interests not listed on the stock exchange, measured at fair value through other comprehensive income 284 284 0 0 284 Loans granted 19,606 19,606 0 19,606 0 Trade receivables 20,535 20,535 0 20,535 0 Current financial assets Loans granted 3,259 3,259 0 3,259 0 Trade and other receivables 164,255 164,255 0 164,255 0 Cash and cash equivalents 53,632 53,632 0 53,632 0 Non-current financial liabilities Borrowings 302,750 302,750 0 302,750 0 Interest rate swap liabilities 1,094 1,094 1,094 Operating liabilities 3,640 3,640 0 3,640 0 Current financial liabilities Borrowings 48,341 48,341 0 48,341 0 Operating liabilities 106,183 106,183 0 106,183 0 Fair values at levels 2 and 3 of the hierarchy were estimated using the discounted cash flow valuation technique. The Group and the Company did not record any transfers between fair value levels during the reporting period.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 42 Contingent liabilities from lawsuits Telekom Slovenije Group in EUR thousand 30 June 2026 31 December 2025 Amounts claimed in litigation 471,220 431,872 A total of 91 lawsuits had been filed against Group companies as at the balance-sheet date (31 December 2025: 84 lawsuits). Based on senior management’s assessment and legal opinions received, provisions from lawsuits were created in the amount of EUR 6,815 thousand as at 30 June 2026 (31 December 2025: EUR 8,530 thousand). Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 Amounts claimed in litigation 467,900 428,721 As at the balance sheet date, 47 lawsuits have been filed against Telekom Slovenije (31 December 2025: 43 lawsuits). Based on senior management’s assessment and legal opinions received, provisions from lawsuits were created in the amount of EUR 6,326 thousand as at 30 June 2026 (31 December 2025: EUR 8,023 thousand). The amount of lawsuits as at 30 June 2026 was accounted for by the following claims: - On 2 March 2021, Telekom Slovenije received a lawsuit from the Ljubljana District Court filed by T -2, d.o.o., claiming ordinary damages, the payment of lost profits and a declaration of non -existence of receivables in the total amount of EUR 125,501 thousand. The aforementioned lawsuit rel ates to the period 1 September 2018 to 31 July 2020. - On 2 August 2021, Telekom Slovenije received a lawsuit from the Ljubljana District Court filed by Telemach, d.o.o. for the payment of damages in the amount of EUR 28,796 thousand, together with legally prescribed default interest from 1 June 2021 until payment. That lawsuit is based on alleged breaches of regulatory decisions issued by the Agency for Communication Networks and Services of the Republic of Slovenia, as well as alleged abuse of a dominant position. - On 23 March 2023, Telekom Slovenije received a class action lawsuit from the Ljubljana District Court filed by the PanSlovenian Stakeholders’ Association. That lawsuit, in the estimated amount of EUR 122,690 thousand with appertaining amounts, alleges that subscribers were disadvantaged in the period 1 January 2018 to 1 December 2022. The court also called on the Company to respon d with regard to the existence of conditions for confirmation of the class action lawsuit. - On 31 July 2024, Telekom Slovenije received a lawsuit from the Ljubljana District Court filed by A1 Slovenija, d.d. due to the payment of damages in the amount of EUR 33,683 thousand with appertaining amounts. That lawsuit is based on alleged abuse of a dominant position on the wholesale market for central access and the wholesale market for local access. - On 10 June 2025, Telekom Slovenije received a lawsuit from the Ljubljana District Court filed by Rune Enia d.o.o. claiming damages in the amount of EUR 86,237 thousand with appertaining amounts due to the alleged abuse of a dominant position on the wholesale broadband access market in Slov enia. - On 11 May 2026, Telekom Slovenije received a lawsuit from the Ljubljana District Court that was filed by A1 Slovenija, d.d. for the payment of damages in the amount of EUR 30,382 thousand and the declaration that claims in the amount of EUR 5,272 thousand do not exist due the alleged abuse of a dominant position on the wholesale market for central access and the wholesale mark et for local access in the period November 2024 to March 2026, inclusive. Telekom Slovenije assesses that these claims will be dismissed in full. Based on the senior management's assessment and the legal opinions obtained, the Company has not made provisions for these claims.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 43 Contingent liabilities from guarantees issued The Telekom Slovenije Group had provided the following guarantees as at 30 June 2026: • performance guarantees and warranty bonds in the amount of EUR 21,274 thousand (at the end of 2025: EUR 20,190 thousand); and • other guarantees in the amount of EUR 409 thousand (end of 2025: EUR 155 thousand). The Company had provided the following guarantees as at 30 June 2026: • performance guarantees and warranty bonds in the amount of EUR 12,265 thousand (at the end of 2025: EUR 11,584 thousand); and • other guarantees in the amount of EUR 414 thousand (end of 2025: EUR 132 thousand). None of the above-stated liabilities meet the conditions for recognition under liabilities in the statement of financial position, and the Group does not expect any material consequences as the result thereof. Related party transactions Related parties of the Company include the Republic of Slovenia as the majority shareholder of Telekom Slovenije, other shareholders, members of the Management Board, members of the Supervisory Board and their family members. • Transactions with individuals Individuals (members of the Management Board and Supervisory Board) held 798 shares in Telekom Slovenije as at 30 June 2026, representing a holding of 0.01221%. There were no loans approved to related individuals during the first half of 2026. • Transactions with owners and their related parties The majority owner of Telekom Slovenije is the Republic of Slovenia, which together with Kapitalska dru ba and Slovenski dr avni holding (SD ), holds a 2.3 % participating interest in Telekom Slovenije. Parties related to owners include those companies in which the Republic of Slovenia, Kapitalska dru ba and SD together hold a direct participating interest of at least 20%. A list of the aforementioned companies is published on SD ’s website http://www.sdh.si/sl-si/upravljanje-nalozb/seznam-nalozb. The total value of transactions with owners and their related parties is presented in the table below. Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Outstanding trade receivables 6,255 6,041 5,040 4,597 Outstanding trade payables 1,773 3,319 1,557 3,088 VAT liabilities 6,198 6,453 5,879 6,152 Income tax payables 2,144 -3,263 1,082 -3,666 in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 Sales revenue 13,708 6,873 10,743 5,988 Purchase costs of material and services 7,386 3,699 6,832 3,460 in EUR thousand I – VI 2026 I – VI 2025 I – VI 2026 I – VI 2025 VAT payment 33,893 15,701 32,232 14,961 CIT payment 2,370 1,095 1,551 911
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 44 • Transactions with companies in the Group Telekom Slovenije recorded the following transactions with Group companies: in EUR thousand 30 June 2026 31 December 2025 Receivables due from companies in the Group Subsidiaries – gross amount 21,592 2,403 Subsidiaries – allowance -42 -42 Subsidiaries – net amount 21,550 2,361 Loans to companies in the Group Subsidiaries – gross amount 35,564 22,865 Subsidiaries – net amount 35,564 22,865 Liabilities to companies in the Group Subsidiaries 33,919 33,799 in EUR thousand I – VI 2026 I – VI 2025 Revenues from sales in the Group 8,241 4,197 Subsidiaries 8,241 4,197 Purchase of materials and services in the Group 11,208 5,191 Subsidiaries 11,208 5,191 Loans granted to subsidiaries in EUR thousand 30 June 2026 31 December 2025 TSmedia, d.o.o. 521 150 SOLINE, d.o.o. 1,951 1,755 SiOL d.o.o. Sarajevo 2,459 2,712 OPTIC-TEL, d.o.o. 23,746 11,160 INFRATEL, d.o.o. 4,399 4,599 SIOL Prishtina 2,488 2,489 Total to subsidiaries 35,564 22,865 All transactions between related parties are executed at market terms. Events after the reporting date Events after the reporting date are described in the business section of this report, in Section 6 Significant events after the reporting date.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 45 7.3 Financial instruments and risk management The financial risks to which the Telekom Slovenije Group and Telekom Slovenije are most exposed in their operations are credit risk, solvency risk and interest rate risk. Exposure to individual types of financial risks is assessed regularly. The appropriate measures to manage those risks are implemented based on an assessment of potential negative effects on financial stability. Credit risk Credit risk is the risk of financial loss if a subscriber or contracting party fails to settle their obligations in full or fails to settle them at all. The maximum exposure to credit risk equals the book value of financial assets. Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Loans granted 0 0 35,564 22,865 Deposits 2 2 0 0 Trade and other receivables 208,395 198,853 209,894 184,601 - of which trade receivables 201,156 193,449 188,074 180,814 Cash and cash equivalents 59,979 80,090 39,703 53,632 TOTAL 268,376 278,945 285,161 261,098 The credit risk to which the Group and Telekom Slovenije are exposed derives primarily from default by subscribers (retail) and by operators (wholesale). The highest exposure to credit risk is seen in trade receivables. The latter amounted to EUR 201,156 thousand at the Group level as at 30 June 2026, an increase of EUR 7,707 thousand relative to 31 December 2025. Telekom Slovenije’s receivables make up the majority of the Group’s trade and other receivables. Most receivables are unsecured. The Group’s receivables are accounted for by a large number of individuals and legal entities. The Group’s largest customers are operators, where turnover with operators outside of Slovenia generally flows in both directions, which reduces net credit exposure. We assess that there is no significant concentration of credit risk vis-à-vis a particular customer or economic sector, with the exception of certain domestic operators. The credit risk to which Telekom Slovenije is exposed is higher with some domestic operators who do not settle their liabilities for wholesale services. Telekom Slovenije has initiated the necessary court proceedings against those operators. Procedures aimed at the management of receivables are implemented at Group companies and include the monitoring of business partners’ credit ratings, the collateralisation of receivables, the monitoring of high -traffic subscribers and debt collection activ ities. Debt collection activities are carried out according to a valid reminder timetable and via specialised external service providers.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 46 Maturity analysis of the Telekom Slovenije Group’s trade and other receivables as at 30 June 2026 in EUR thousand 30 June 2026 31 December 2025 Gross amount Expected % of credit losses Allowance Net amount Gross amount Expected % of credit losses Allowance Net amount Total trade receivables 239,897 -38,741 201,156 227,911 -34,462 193,449 Trade receivables not past- due 181,655 1.5% -2,690 178,965 177,109 1.4% -2,533 174,576 Past due - up to and including 30 days 10,809 6% -614 10,195 8,573 6% -478 8,095 - from and including 31 days up to and including 60 days 3,893 10% -397 3,496 3,343 10% -338 3,005 - from and including 61 days up to and including 90 days 1,579 16% -259 1,320 1,393 17% -233 1,160 - from and including 91 days up to and including 180 days 3,943 50% -1,991 1,952 3,190 51% -1,624 1,566 - from and including 181 days up to and including 365 days 5,229 60% -3,145 2,084 5,164 60% -3,098 2,066 - from and including 366 days up to two years 15,539 80% -12,378 3,161 14,612 80% -11,628 2,984 - more than two years 13,918 100% -13,935 -17 11,300 100% -11,303 -3 - trade receivables in insolvency proceedings 3,332 100% -3,332 0 3,227 100% -3,227 0 Total trade receivables past due 58,242 -36,051 22,191 50,802 -31,929 18,873 Other trade receivables 7,239 0 7,239 5,404 0 5,404 Total receivables 247,136 -38,741 208,395 233,315 0 -34,462 198,853 Maturity analysis of Telekom Slovenije’s trade and other receivables as at 30 June 2026 30 June 2026 31 December 2025 in EUR thousand Gross amount Expected % of credit losses Allowance Net amount Gross amount Expected % of credit losses Allowance Net amount Total trade receivables 219,889 -31,815 188,074 208,663 -27,849 180,814 Trade receivables not past- due 170,004 1.6% -2,720 167,284 165,817 1.6% -2,584 163,233 Past due - up to and including 30 days 9,999 6% -600 9,399 7,776 6% -466 7,310 - from and including 31 days up to and including 60 days 3,570 10% -357 3,213 3,101 10% -310 2,791 - from and including 61 days up to and including 90 days 1,463 16% -234 1,229 1,257 16% -201 1,056 - from and including 91 days up to and including 180 days 3,559 50% -1,779 1,780 2,849 50% -1,424 1,425 - from and including 181 days up to and including 365 days 4,796 58% -2,782 2,014 4,790 58% -2,778 2,012 - from and including 366 days up to two years 9,763 68% -6,608 3,155 9,057 67% -6,069 2,988 - more than two years 13,903 100% -13,903 0 11,291 100% -11,292 -1 - trade receivables in insolvency proceedings 2,832 100% -2,832 0 2,725 100% -2,725 0 Total trade receivables past due 49,885 -29,095 20,790 42,846 -25,265 17,581 Other trade receivables 21,820 0 21,820 3,787 0 3,787 Total receivables 241,709 -31,815 209,894 212,450 -27,849 184,601
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 47 The Telekom Slovenije Group and Telekom Slovenije also monitor credit risk in other areas of operations. Credit risk is low in terms of maintaining funds on business accounts and in the form of deposits due to a stable banking system and the high liquidity of banks. As a result, expected credit losses have not been recorded for cash and cash equivalents and deposits. Telekom Slovenije is exposed to credit risk arising from receivables from loans granted to subsidiaries. The Company regularly monitors and supervises the operations of its subsidiaries and the ability of those subsidiaries to repay loans. Expected credit losses have therefore not been recorded for those loans. Maturity of loans granted Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Past due 0 0 6 0 Outstanding: 0 0 35,558 22,865 - in less than 3 months 0 0 467 208 - 3 to 12 months 0 0 3,515 3,050 - 1 to 2 years 0 0 2,535 1,660 - 2 to 5 years 0 0 7,575 7,990 - more than 5 years 0 0 21,466 9,956 Total 0 0 35,564 22,865 Solvency risk The Telekom Slovenije Group regularly settles its obligations. The Group’s solvency is the result of the active planning of cash flows, ensuring the appropriate maturities and the diversification of financial debt, the financing of Group companies, and the optimisation of working capital and cash. Liquidity risk at the Group level is managed by the controlling company, which plans and monitors subsidiaries’ financing needs, and provides them the sources they require. The majority of the Group’s financial liabilities, together with the associated interest, amounted to EUR 32 .4 million at the end of June 2026 and relates to three long -term loans in the amount of EUR 248.3 million and a long-term loan from the European Investment Bank in the amount of EUR 79.1 million. Telekom Slovenije repaid long-term loans in the amount of EUR 23.967 million during the first half of 2026 and did not raise new long-term loans. Telekom Slovenije has raised short-term funding from banks to ensure sufficient liquidity. The liquidity reserve in the form of a revolving loan and an overdraft facility on the business account in the total amount of EUR 40 million was not drawn down as at 30 June 2026. Other financial liabilities of the Telekom Slovenije Group at the end of June 2026 amounted to EUR 528 thousand, with EUR 524 thousand of that amount accounted for by financial liabilities for interest rate swaps. Lease liabilities amounted to EUR 90.2 million at the Group level and to EUR 96.3 million at Telekom Slovenije at the end of the reporting period.
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 48 Maturity of the Telekom Slovenije Group’s financial liabilities as at 30 June 2026 and 3 December 2025 based on contractual non-discounted payments Not due in EUR thousand Up to 3 months 3 to 12 months 1 to 2 years 2 to 5 years More than 5 years Total Book value of liabilities 30 June 2026 Loans and borrowings 2,145 56,003 56,014 204,465 43,663 362,290 327,398 Other financial liabilities 3 1 0 524 0 528 528 Trade payables and other operating liabilities 90,547 39,633 9,221 15,498 173 155,072 155,072 Financial liabilities from leases 5,635 11,211 11,581 30,395 54,206 113,028 90,244 Total 98,330 106,848 76,816 251,406 98,042 631,442 573,766 31 December 2025 Loans and borrowings 2,289 56,008 56,538 212,370 63,647 390,852 351,410 Other financial liabilities 0 2 0 1,094 0 1,096 1,096 Trade payables and other operating liabilities 103,049 46,022 3,598 266 11,445 164,380 164,380 Financial liabilities from leases 4,285 11,878 13,349 34,645 48,824 112,981 88,595 Total 109,623 113,910 73,485 248,375 123,916 669,309 605,481 Maturity of Telekom Slovenije’s financial liabilities as at 30 June 2026 and 3 December 2025 based on contractual non-discounted payments Not due in EUR thousand Up to 3 months 3 to 12 months 1 to 2 years 2 to 5 years More than 5 years Total Book value of liabilities 30 June 2026 Loans and borrowings 2,145 56,003 56,014 204,465 43,663 362,290 327,398 Other financial liabilities 0 0 0 524 0 524 524 Trade payables and other operating liabilities 80,853 20,240 9,003 4,601 2 114,699 114,699 Financial liabilities from leases 6,221 9,896 11,203 31,123 60,112 118,555 96,314 Total 89,219 86,139 76,220 241,237 103,777 596,592 539,459 31 December 2025 Loans and borrowings 2,290 56,007 56,537 212,370 63,647 390,851 351,410 Other financial liabilities 0 0 0 1,094 0 1,094 1,094 Trade payables and other operating liabilities 89,088 17,095 3,374 266 0 109,823 109,823 Financial liabilities from leases 4,783 10,676 12,894 35,316 55,315 118,984 95,166 Total 96,161 83,778 72,805 249,046 118,962 620,752 557,493
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 49 Interest rate risk Interest rate risk is the risk of the negative impact of a change in market interest rates on the Group’s operations. The exposure of the Group and Company to interest rate risk as at 30 June 2026 derives from a potential change in the EURIBOR reference interest rate. We hedge exposure to interest rate risk through: - the raising of loans with a fixed interest rate; and - the conclusion of interest rate swaps (IRS). With the aim of mitigating interest rate risk, the Company concluded an interest rate swap in the amount of EUR 75 million in February 2024 and another swap in December 2025 in the amount of EUR 25 million. The proportion of the financial liabilities of the Group and Company comprising loans bearing fixed or hedged interest rates was 53.1% as at 30 June 2026. Other liabilities derive from long-term loans bearing variable interest rates. Exposure to interest rate risk Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Financial instruments with variable interest rate Financial liabilities 153,314 165,614 153,314 165,614 Net financial liabilities 153,314 165,614 153,314 165,614 The table does not include non-interest-bearing financial instruments, instruments bearing a fixed interest rate or financial liabilities bearing a hedged interest rate, as these items are not exposed to interest rate risk. Sensitivity analysis The sensitivity analysis shows the impact of a change in the EURIBOR benchmark on the Group’s and the Company’s profit or loss before tax as at the reporting date. Interest rate risk table January to June 2026 Interest rate increase/decrease Effect on profit before tax in EUR thousand Telekom Slovenije Group Telekom Slovenije EURO +1% -1,533* -1,533* EURO -1% 1,533* 1,533* 2025 Interest rate increase/decrease Effect on profit before tax in EUR thousand Telekom Slovenije Group Telekom Slovenije EUR +1% -1,656* -1,656* EUR -1% 1,656* 1,656* * The calculation applies to the next 12 months. EURIBOR interest rate value EURIBOR Value as at 30 June 2026 Value as at 31 December 2025 Change (in percentage points) 6-month 2.568 2.107 0.461
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 50 Capital management The objectives of the Group’s and Company’s capital management are to ensure capital adequacy, and thus long-term liquidity and financial stability, which ensures the best possible rating for the financing of the Group’s and Company’s operations and further development, and consequently the maximisation of shareholder value. The Group and Company monitor changes in equity using the debt -to-equity and equity -to-total assets ratios. The Group’s net financial liabilities include loans received and other financial liabilities, less current financial assets and cash and cash equivalents. When adopting decisions relating to capital management, the Group also follows the financial covenants under loan agreements. Debt-to-equity and equity-to-total assets ratios of the Telekom Slovenije Group and Telekom Slovenije as at 30 June 2026 and 31 December 2025 Telekom Slovenije Group Telekom Slovenije in EUR thousand 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Borrowings and other financial liabilities 417,879 440,782 423,945 447,351 Less current investments, cash and cash equivalents, including sort-term deposits -59,981 -80,092 -43,691 -56,891 Net liabilities 357,898 360,690 380,254 390,460 Equity 741,308 708,868 768,332 718,343 Total assets 1,440,431 1,433,849 1,383,503 1,348,471 Debt-to-equity ratio 48.3% 50.9% 49.5% 54.4% Equity-to-total assets ratio 51.5% 49.4% 55.5% 53.3%
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Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d.d. 51 Issuer: Telekom Slovenije, d.d., Cigaletova ulica 15, 1000 Ljubljana Text and editing: Telekom Slovenije Group Photographs: Telekom Slovenije Group Ljubljana, 26 August 2026