Zagreb Stock Exchange · ZSE:ZB
Zagreb Stock Exchange — Investor Presentation (February 2026)
22 slides from Zagreb Stock Exchange's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
INVESTOR PRESENTATION February, 2026
Slide 2: Operating and financial highlights
Operating and financial highlights ZSE Equity turnover – EUR mil. Financial performance (consolidated) 1-4Q 2024 1-4Q 2025 change EUR 000 295 518 +76% Operating revenue ZSE Bond turnover – EUR mil. 1-4Q 2024 3,987 EBITDA 1-4Q 2024 1-4Q 2025 change 1-4Q 2024 1-4Q 2025 change 29 23 -18% 1-4Q 2025 5,04
Slide 3: Contents
Contents 4 Key Events 5 About ZSE 8 Trading 11 ZSE Indices 16 Ljubljana Stock 18 Financial 21 Share Group activity results statistics Exchage 3
Slide 4: Key Events
Key Events Nov-24 Dec-24 Feb-25 Mar-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 FINA delivers „PrimePlus” ZSE MOU signing „Ring the ZSE & LJSE investment Zagreb ZSE Academy SLB bond notice on webcast for „Challenge Digitalized Zagreb for regional Bell for „CEE 16th annual Stock hosts
Slide 5: About Zagreb Stock Exchange
About Zagreb Stock Exchange Management Board Office and IR IT Division IT and Business • Founded in 1991, Zagreb Stock Development Business The Exchange is the operator of the Development regulated market in the Republic of Regulated Market and Croatia. Markets Progress Department SME GM • ZSE share
Slide 6: Ownership Structure
Ownership Structure ZSE Ownership structure as of 31 December 2025 9,99% RR ONE CAPITAL D.O.O. FINA 9,99% 31,60% PBZ CO OMF • As of December 31, 2025, ZSE has a INTERKAPITAL D.D. total of 213 shareholders. BAKTUN, LLC • As of December 31, 2025, ZSE owns 9,98% EBRD a total of 6,256 of own shares whic
Slide 7: Zagreb Stock Exchange Group
Zagreb Stock Exchange Group Legal Affairs Market Operations • ZSE holds a 33.33% stake in SEE Link, a regional trading platform. Supervisory Board Market Operations • ZSE held a 30% stake in Funderbeam South East Europe – a crowdfunding IT platform for start-ups, which has been deregistered from the
Slide 8: ZSE trading activity
Total turnover 1-4Q 2024/1-4Q 2025 ZSE trading activity 1-4Q 2024 1-4Q 2025 change EUR 1-4Q 2025 248 246 -0.8% 866 89% Trading Days 1-4Q 2024 1-4Q 2025 change TOTAL TURNOVER 459,412,797 865,836,194 88.47% EUR 1-4Q 2024 459 Orderbook turnover 354,400,767 602,326,830 69.96% Equity 294,871,223 518,141,
Slide 9: Securities turnover 2024/2025
Securities turnover 2024/2025 ZSE trading activity 550 500 518 450 127 Orderbook turnover and volume 400 350 80 12 295 EUR mil. 300 247 10 158 70 250 84 10 60 200 94 68 Turnover EUR mil. 7,5 150 8 125 55 91 Volume mil. 50 56 6 100 6 30 63 40 5 5 5 6 50 87 108 4 35 4 4 4 0 30 3 3 3 3 3 3 3 3 4 2024.
Slide 10: Trading activity: market capitalization and listed shares
Trading activity Market capitalization per sector as of December 31 2025 Market capitalization and number of listed shares 16 60 O Public administration and defence; 54 compulsory social security 14 50 50 K Financial and insurance activities 12 Number of listed shares 40 4% 2% 10 2% CD Manufacture o
Slide 11: Indices - values as of 31.12.2024 / 31.12.2025
Indices - values as of 31.12.2024 / 31.12.2025 0,00 1.000,00 2.000,00 3.000,00 4.000,00 5.000,00 6.000,00 Indices 3.191,15 CROBEX 3.857,22 20,87% 2.452,75 • Along with higher turnovers, nearly all CROBEXtr 3.055,04 24,56% 2.002,72 equity indices recorded substantial CROBEX10 2.461,62 22,91% growth a
Slide 12: CROBEXtr and CROBEX10tr indices
EUR Thousands 0 2.000 3.000 4.000 5.000 6.000 7.000 1.000 2023-01-02 2023-03-02 2023-05-02 2023-07-02 2023-09-02 2023-11-02 2024-01-02 2024-03-02 2024-05-02 Turnover 2024-07-02 2024-09-02 CROBEXtr 2024-11-02 2025-01-02 Last Value 2025-03-02 2025-05-02 2025-07-02 2025-09-02 2025-11-02 0,00 500,00 1.0
Slide 13: CROBEXprime and CROBEXindustrija indices
EUR Thousands 0 1.000 2.000 3.000 4.000 6.000 5.000 2023-01-02 2023-03-02 2023-05-02 2023-07-02 2023-09-02 2023-11-02 2024-01-02 2024-03-02 2024-05-02 Turnover 2024-07-02 2024-09-02 2024-11-02 CROBEXprime 2025-01-02 Last Value 2025-03-02 2025-05-02 2025-07-02 2025-09-02 2025-11-02 0,00 500,00 1.000,
Slide 14: Bond index CROBIStr
Bond index EUR Thousands 0 10.000 20.000 30.000 50.000 60.000 70.000 80.000 90.000 100.000 40.000 2023-01-02 2023-03-02 2023-05-02 2023-07-02 2023-09-02 2023-11-02 2024-01-02 2024-03-02 2024-05-02 Turnover 2024-07-02 Source: ZSE website CROBIStr 2024-09-02 2024-11-02 Last Value 2025-01-02 2025-03-02
Slide 15: Ljubljana Stock Exchange – trading overview
Ljubljana Stock Exchange – trading overview 1-4Q 2024 1-4Q 2025 change 31.12.2024. 31.12.2025. change TOTAL TURNOVER 505.631.482 834.631.796 65,1% Equity market 11.931.892.805 17.645.665.423 47,9% Orderbook turnover 464.881.335 722.727.301 55,5% capitalization Top 5 shares by turnover SBITOP value 1
Slide 16: Ljubljana Stock Exchange - indices
EUR Thousands 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000 2023-01-03 2023-03-03 2023-05-03 2023-07-03 2023-09-03 2023-11-03 2024-01-03 2024-03-03 2024-05-03 Turnover 2024-07-03 SBITOP 2024-09-03 2024-11-03 2025-01-03 Last Value 2025-03-03 2025-05-03 2025-07-03 2025-09-03 2025-11-0
Slide 17: Financial Results (Unconsolidated)
Financial Results (Unconsolidated) Key Financial Indicators 3.000 2.748 2.500 2.178 EUR 1-4Q 2024 1-4Q 2025 Change Operating revenue 2,177,940 2,748,002 26.2% 2.000 EUR 000 Sales revenue 1,375,336 1,927,853 40.2% 1.500 Other operating income 802,604 820,149 2.2% Operating expenses 2,217,219 2,569,81
Slide 18: Financial Results (Consolidated)
Financial Results (Consolidated) Key Financial Indicators 6.000 5.047 5.000 EUR 1-4Q 2024 1-4Q 2025 change 3.987 4.000 Operating revenue 3,986,807 5,046,750 26.6% EUR 000 Sales revenue 2,561,831 3,541,340 38.2% 3.000 Other operating income 1,424,976 1,505,410 5.6% Operating expenses 3,927,849 4,498,
Slide 19: Balance Sheet Structure
Balance Sheet Structure Unconsolidated Consolidated Assets Assets 31.12.2025. 60% 36% 4% 31.12.2025. 47% 49% 4% 31.12.2024. 65% 32% 3% 31.12.2024. 42% 54% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fixed assets Current assets Prepaid expenses and accru
Slide 20: Share statistics – 1-4Q 2025
Share statistics – 1-4Q 2025 ZB Share Statistics – 2024/2025 250.000,00 9,00 8,00 200.000,00 Symbol ZB 7,00 ISIN HRZB00RA0003 6,00 Shares outstanding 2,317,850 150.000,00 EUR Turnover Share Price Segment Official Market 5,00 First trading day 31.08.2016. 4,00 Market Cap 8.99 mil € 100.000,00 Last pr
Slide 21: Useful links
Useful links MACEDONIAN Zagreb Stock STOCK Exchange EXCHANGE Events 21
Slide 22: Thank you!
Thank you! Zagreb Stock Exchange Investor Relations ir@zse.hr tel: +38514686806 22
Zagreb Stock Exchange — Investor Presentation (February 2026) on 6ix