Interim report 6M25

1. ‌KOFOLAGROUP

   
   
   

   Nature of Group's operations and principal activities is production and sale of non-alcoholic and alcoholic beverages.

   Kofola CeskoSlovensko a.s. is part of the Kofola Group, one of the leading producers and distributors of non-alcoholic beverages in Central and Eastern Europe that belongs to the top players in CzechoSlovakia.

   The Group produces its products with care and love in fourteen production plants located in the Czech Republic (nine plants), Slovakia (two plants), Slovenia (one plant), Croatia (one plant) and Poland (one plant).

   The Group distributes its products using a wide variety of packaging, including kegs that are used in the HoReCa channel to serve our widely popular drink "Kofola Draught" distributed in KEG which is considered as one of our most environmentally friendly packaging. The Group distributes its products through Retail, HoReCa and Impulse channels.

   Besides traditional non-alcoholic drink segment, Group has also entered new smaller segments through

   the acquisition of coffee plantations and apple orchards. And with its acquisition of Pivovary CZ Group

   a.s. realized in March 2024, it has also entered the beer segment.

   IEey brands

   Key own brands include carbonated beverages Kofola and Vinea, waters Radenska, Studenac, Rajec, Ondra"sovka, Korunni and Klñs"torna Kalcia, syrup Jupi, beverages for children Jupik, Semtex energy drink, UGO fresh juices and salads, Leros teas and coffee brands Café Reserva and Trepallini. From 2024 the key brands include also beers Zubr, Holba and Litovel. In selected markets, the Group distributes among others Evian, Vincentka or Dilmah products and under the licence produces Royal Crown Cola, Orangina or Pepsi. The Group also produces and distributes water, carbonated and non-carbonated beverages and syrups under private labels for third parties, mostly big retail chains. In 2025 the Group launched new own brand of fruit drinks and juices Curiosa.

   Despite the fact that the Group's portfolio includes more than 30, mostly well-established and recognisable brands with a wide market, the Group's key brand is Kofola.

   Maixt braxtds by categories are sftowxt ixt tfte visuatisatioxt below:

   Carbonated Beverages

   
   
   
   
   
   

   Waters

   
   
   

   Non-carbonated Beverages

   
   
   
   
   
   

   Fresh&SMadBars

   Beers & Ciders

   
   
   
   
   
   

   Other

2. ‌GROUPSTRUCTURE

   Group structure as at 30 7une 2O£5

   
   
   
   
   
   

   TAYLOR PAPA LAL0 COFFEE S.A.

   Pzemiuxn Rasa Sp. z o.o.

   UGO tzade s.r.o.

   PFtHy s.r.o.

   
   
   
   
   
   

   PIVOVARY T'RIANGL s.z.o.

   FILIP REEL s.s.

   
   
   

   PR4GEROUY SADY LI8INA s.r.n.

   49'

   PRAGER'S s.z.o.

   AGRIT'R0PICAL S.A.S.

   Rvovaxy CZ Group a.s.

   FONg'&NA PCZG s.r.o.

   
   
   

   SecGonBQd

   Name of entity Place of business Segment

   Principal activities Ownership interest aztd

   30.06.8OES 31.18.Z084

   Kofola CeskoSlovensko a.s. Cafe Dorado

   PIVOVARY TRIANGL s.r.o.

   Bilgola fresh

   Kofola a.s.

   Kofola a.

   Czech Republic CzeehoSlovakia Czech Republic n/a Czech Republic Beers & Ciders Czech Republic n/a

   Czech Republic CzechoSlovakia

   CzechoSlovakia

   top holding company holding company holding company holding company

   production and distribution of

   non-alcoholic beverages

   production and

   of

   non-alcoholcbeverages operationofFreshbars

   51.00%

   100.00%

   100.00%

   51.00%

   100.00%

   100.00%

   UGO trade s.r.o.

   RADENSKAdoo

   Czech Republic

   Fresh & Herbs

   Adriatic

   chain,

   production of salads

   production and

   of

   non-alcoholic beverages

   Studenac d.o.o.		Croatia	Adriatic	of	100.00%	100.00%
   				non-alcoholic beverages
   				production and
   Premium Rosa	z	Poland	& Herbs	of	100.00%	100.00%
   				and jams
   				production and distribution
   				of
   LEROS,s.ro		Czech Republic	Fresh & Herbs	products from medicinal	100.00%	100.00%
   				plants and quality natural
   				teas

   production and distribution

   90.00%

   100.00%

   90.00%

   100.00%

   Leros Slovakia,

   F. H. Prager s.r.o.

   Semtex Republic

   Tuselie s.r.o.'

   FILIP REAL s.

   Bylinkarna s.r.o.

   a.

   &

   Czech Republic Beers & Ciders Czech Republic CzeehoSlovakia

   Czech Republic n/a

   CzechRepubGc CzechoSovakia CzechRepubGc Fresh&Herbs

   n/a

   distribution of products medicinal plants and quality natural teas

   production and distribution of ciders and kombueha

   marketing activities production and distribution of

   self-watering clay pots hotel operation

   products completion and paclsaging

   production of hot-washed PET flakes and PET preforms

   100.00%

   100.00%

   100.00%

   34.00%

   100.00%

   100.00%

   100.00%

   100.00%

   100.00%

   34.00%

   100.00%

   100.00%

   AGRITROPICAL S.A.S.

   PIVOVARY CZ Group s.'

   FONTANA PCZG s.r.o.'

   Supplo s.

   PRAGEROVY SADY LIBINA

   
   
   

   MIXA VENDING

   PRAGERssro

   Krondorf

   TAYLOR PAPA LALO COFFEE

   Owner Oi orchards the

   
   
   

   SA'

   Colombia

   Czech Republic

   CzechRepubGc

   Czech Republic

   Czech Republic

   Czech Republic Czech Republic Czech Repubic Panama

   n/a

   Beers & Ciders

   Beers & Ciders CzechoSlovakia Fresh & Herbs

   n/a

   Beers & Ciders CzechoSlovakia Fresh & Herbs

   coffee plantations production and distribution of traditional beer brands Zubr, Holba and Litovel

   wholesale of beer and soft drinks

   B8B sales of products and services through the Marketplace model

   apple orchards

   vending machines

   operator production of fermented

   beverages Production of

   water Production and sale of

   Coffee

   25.00%

   51%

   100%	100%
   100%	100%
   	49%
   100%	100%
   100%	n/a n/a

   51%

   25.00%

   51%

   51%

   SANTA-TRANSsro Czech Republic CzechoSlovakia

   road cargo transport

   100.00% 100.00%

   ' Zahradni Olla s.r.o. ° in March 2084. ° in 8024. • Acquired 8025. Acquired in April R025.

   The Company fully	PIVOVARY TRIANGL r.o.	PIVOVARY CZ Group FONTANA PCZG	and PRAGEROVA
   SKLIZEN despite not	100% ownership in these	All information in this report	on that basis. MIXA
   VENDING r.o.	via equity method.

3. ‌SVCCESSES AND AWARDS

1. ‌BUSIN£ISS OV£IRVI£IW‌

   Developmexxt in 6M25

   In the first half of 2025, the Group reported EBITDA of 673.8 million, representing year-on-year decrease of CZK 180.1 million (21.1%). This decline was mainly driven by the introduction of the sugar tax in Slovakia, effective from 1 January 2025, as well as by unfavorable weather conditions. In the first quarter, EBITDA decreased by CZK 95.6 million (37.0%), in the second quarter by CZK 84.5 million (14.2%).

   CzechoSlovakia segment experienced a decline in both revenue and EBITDA. As a result of the impelemented sugar tax, retail customers had stocked up on goods in the last quarter of 2024, which led to a decline in the first quarter of 2025. The most noticeable decline in sales, in terms of individual formats, was in the large pack of beverages for home.

   The Group's second largest pillar, Beers & Ciders segment, also saw a decline in sales compared to last year. The brewing division Pivovary CZ Ciroup rebranded its key brands Holba and Zubr, supported by a strong communication campaign.

   In the first half of 2025, Adriatic segment achived a solid year-on-year revenue growth. This growth was mainly driven by higher sales in Slovenia and Croatia, as well as by an increase in export markets. In the second quarter, there was a significant increase in demand and consumption, particularly in June, when the region was affected by a prolonged heatwave.

   Fresh & Herbs segment experienced positive growth, mainly thanks to UGO, which continued its positive trend.

   In 2025, several acquisitions took place. For example, the Kofola Group expanded its agriculture

   activities and entered another coffee-growing region in Panama.

   Development in individual business segments is presented in this interim report within section 4.1.

   Adjustments o£ reported performance and position

   Presented below is a description of the financial performance and financial position of Kofola Group in 6M25. It should be read along with the financial statements and with other financial information contained in the attached consolidated financial statements. The Board of Directors is presenting and commenting on the consolidated financial results adjusted for one-off events in the following sections.

   
   
   
   
   
   
   
   
   
   
   
   

   1. ADJUSTED CONSOLIDATED FIHA1'4CIAL RESULTS

      Adjusted consolidated financial results	6M25	One-off adustments		6M25 adjusted
      	CZK'000000	CZK'000000		CZK'0O0000

      of sales		(2,768.5)		(2,768.5)
      Gross profit		2,596.1	-	2,296.1
      Selling, marketing and		(1,649.4)		(1,649.4)
      Administrative		(351.9)		(351.9)
      Other operating	net	4.8	14.4	19.2
      Operating profitf(loss)		299.6	14.4	314.0
      Depreciation and amortisation		359.8		359.8
      EBITDA		659.4"	14.4	673.8""
      Finance income/(costs), net		(88.8)		(88.8)
      Income tax		(73.9)	(3.1)	(77.0)
      Profit/(loss) for the period		136.9	11.3	148.2
      - attributable to owners of Kofola		113.6	11.6	1252

      • EBITDA to operating plus depreciation and amortisation.

        ** Adjusted EBITDA to EBITDA for the of and that are non-recurring, extraordinary or in including in particular from the of non-current and financial not arising from ordinary those with the impairment of property, plant and financial goodwill and intangible relocation and the of Group

        The result of the Kofola Group for the 6-month period ended 30 June 2025 was affected by the following one-off items:

        In Other operating Income/(costs), net:

        • Net gain on sold items of Property, plant and equipment of CZK 18.2 million recognized in all business segments.

        • Insurance compensation connected to floods of CZK 0.4 million (CzechoSlovakia segment and

          Fresh & Herbs segment).

        • Costs connected to floods amounting to CZK 20.9 million mainly related to repair costs of properties. Insurance compensations related to these costs incurred in 2025 are expected to be received in 3Q25 and 4Q25 (mainly in the CzechoSlovakia segment and Beers & Ciders segment).

        • Advisory costs of CZK 9.5 million (CzechoSlovakia segment).

        • Restructuring costs of CZK 2.6 million (Fresh & Herbs segment).

          Adjusted consolidated financial results"""

          6M24

          One-off adjustments

          6M24

          adjusted

          Revenue		5,118.6		5,118.6
          of sales		(2,786.7)		(2,786.7)
          		2,331.9		2,331.9
          Selling, marketing and		(1,453.9)		(1,453.9)
          Administrative		(343.1)		(343.1)
          Other operating Operating profit/(loss)	net	17.3 552.2	5s..c1	22.4 ss7.3
          Depreciation and amortisation		296.6		296.6
          		848.8'	s.c	853.9""
          Finance income/(costs), net	(157.3)			(157.3)
          Income tax	(115.7)		(0.9)	(116.6)

          Profit/(loss) for the period

          - attributable to owners of Kofola

      • EBITDA to operating plus depreciation and

        279.2

        246.1

        
        
        

        1.5

        283.4

        247.6

        ** EBITDA refers to EBITDA for the of events and that are or in nature, including in from the sale of non-current and financial not from those with the impairment of plant and equipment, and intangible relocation costs and the costs Group

        *** MIXA VENDING (49%) acquired in Ian 2084 was, based on management control, consolidated. During the final audit of 31 Dec 2084, it was decided that the should be classified as a venture and the method was changed. The therefore

        method. For that comparative data for have been

        The result of the Kofola Group for the 6-month period ended 30 June 2024 was affected by the following one-off items:

        fn Other operating income/fcosts?, net:

        • Advisory costs of CZK 13.0 million (CzechoSlovakia and Beers & Ciders segment).

        • Net gain on sold items of Property, plant and equipment of CZK 13.6 million recognized in all business segments.

        • Restructuring costs of CZK 0.6 million (Fresh & Herbs segment).

        • Software licence fee costs of CZK 2.2 million (Beers & Ciders segment).

        • Litigation costs of CZK 6.7 million and insurance costs of CZK 0.3 million (Adriatic segment).

        • Gain on bargain purchase of PRAGEROVY SADY LIBINA s.r.o. of CZK 4. 2 million

      (CzechoSlovakia segment).

   2. FIHAHCIAL PERFORMANCE

      Adjusted consolidated financial results		6M25	6M24	Change	Change
      		CZK'000 000	CZK'000 000	CZK'0O0 000	%
      Revenue		5,064.6	5,118.6	(54.0)	(1.1%)
      of sales		(2,768.5)	(2,786.7)	18.2	(0.7%)
      Gross profit		2,596.1	2,331.9	(35.8)	(1.5°/.)
      Selling, marketing and		(1,649.4)	(1,453.9)	(195.5)	13.4%
      Administrative		(351.9)	(343.1)	(8.8)	2.6%
      Other operating	net	19.2	22.4	(3.2)	(14.3%)
      Operating profit/(loss) am.o			ssh.s	fans.sJ	Ans.z°/.j
      673.8			855.9	(180.1)	(21.1%)
      Finance income/(costs), net		(88.8)	(157.3)	68.5	(43.5%)
      Income tax		(77.0)	(116.6)	39.6	(34.0%)
      Profit/(loss) for the period		148.2	283.4	(135.2)	(47.7%)
      - attributable to owners of Kofola		125.2	247.6	(122.4)	(49.4%)

      a.s.

      Revenue

      The decrease in the Group's revenue is primarily attributable to unfavorable weather in the first half of

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      2025 and the introduction of the sugar tax in Slovakia, effective from January 2025.

      Business segments	Revenue	Sfxare	Revenue	Sfxare
      CZK'OOOOOO		CZK'OOOOOO		CZK'OOOOOO

      Adriatic	811.6	16.0%	786.1	15.4%	25.5	3.2%
      & Ciders	734.4	14.5%	577.5	11.3%	156.9	27.2%
      Fresh &	623.0	12.3%	539.6	10.5%	83.4	15.5%
      Total	5,064.6	100.0°/	5,118.6	100.0°/	(54.0)	(1.1°/)

      CzechoSlovakia segment was the most affected, with a decline in sales particularly in large beverages packs intended for home consumption.

      Sales in the Adriatic segment grew mainly due to a significant increase in demand and consumption, particularly in June, when the region was affected by a prolonged heatwave.

      Beers & Ciders segment was also impacted by unfavorable weather and weaker demand, further influenced by factors such as lower export volumes. All sales formats recorded declines, including cans, glass bottles, and KEGs. Revenue for 6M24 included the contribution from the breweries acquired in March 2024 but for 6M25 included all six months. For comparison revenue of this segment for all 6 months of 2024 reached CZK 798.4 million which indicates revenue decrease by 8% in 6M25.

      Revenue in Fresh & Herbs segment was driven by UGO and LEROS. In the QSR division of UGO, results

      were supported by successful product innovation and ongoing digitalization initiatives.

      Product lines Revenue			6M25 Share	Revenue	6M24 Share		e
      		CZK'000 000	%	CZK'0O0 000	%	CZK'000 000
      Carbonated beverages		1,664.9	32.8%	1,745.3	34.1%	(80.4)	(4.6%)
      		1,461.5		1,502.1	29.3%	(40.6)
      & Ciders		728.5	14.4%	573.8	11.2%	154.7	27.0%
      Non-carbonated 246.6			4.9%	347.9	6.8%	(101.3)	(29.1%)
      229.5			4.5%	286.4	5.6%	(56.9)	(19.9%)
      Fresh	& Salads	326.7	6.5%	279.9	5.5%	46.8	16.7%
      Other		406.9	8.0%	383.2	7.5%	23.7	6.2%
      Total		5,064.6	100.0°/	5,118.6	100.0°/	(54.0)	(1.1°/)

      The activities of the Group concentrate on the production of beverages in five market categories: carbonated beverages (including cola beverages), non-carbonated beverages, types of bottled water, syrups and beers & ciders. Together these categories accounted for 85.5% of the Group's revenue in 6M25 (in 6M24: 87.0%).

      	CZK'OOOOOO		CZK'OOOOOO		CZK'0O0 000
      Slovenia	496.2	9.8%	489.8	9.6%	6.4	1.3%
      Croatia	234.1	4.6%	227.9	4.5%	6.2	2.7%
      Poland	174.3	3.4%	156.1	3.0%	18.2	11.7%
      Other	157.2	3.1%	196.2	3.8%	(39.0)	(19.9%)
      Total	5,064.6	100.0°/	s,iis.s	too.o°/.	fsn.oj	fi.t°/.j

      (per end customer)

      Revenue

      Share

      Revenue

      Share

      
      
      

      The allocation of revenue to a particular country segment is based on the geographical location of customers.

      Sales has grown in all main countries in comparison with 6M24 except for Slovakia, where the sales were affected by the sugar tax.

      The increase in sales in Poland is attributable to the contribution from Pivovary CZ Group a.s. for the full six months of 2025, whereas in 2024 the breweries were consolidated only from March following their acquisition.

      Other represents the Group's export, which declined mainly in the breweries division.

      Cost of sales

      Group's Cost of sales are comparable to 6M24, material and energy prices are developing according to expected trends.

      Setting, marketing and distribution costs

      Selling, marketing and distribution costs are higher especially due to higher marketing costs.

      Adjusted EBI3'DA	6M25		6M24

      
      
      
      
      
      
      
      
      

      EBITDA margin**

      * EBITDA to operating plus depreciation and

      ** Calculated as (EBITDAJRevenue)*lO0%.

      13.3% 16.7%

      Adjusted EBITDA by business segments

      6M25 6M24

      
      
      

      EBITDA ""'7 EBITDA rsn7A

      Change

      	CZK'0O0 000	%	CZK'000 000	%	CZK'000 000
      CzechoSlovakia	394.5	13.6%	510.3	15.9%	(115.8)	(22.7%)
      Adriatic	97.0	12.0%	137.9	17.5%	(40.9)	(29.7%)
      & Ciders	116.0	15.8%	132.7	23.0%	(16.7)	(12.6%)
      Fresh &	66.3		73.0		(6.7)
      Total	673.8	13.3°/	sss.9	Is.z°z.	ftso.U	fzi.t°z.)

      The decline in EBITDA reflects lower revenue (CzechoSlovakia and Beers & Ciders segment). The revenue growth in Adriatic segment was not proportionally reflected in EBITDA, mainly due to higher operating costs related to increased investments in the brand and rising personnel expenses following adjustments to the minimum wage.

      Finance income/(costs), net

      Better financial result was influenced mainly by lower interest expense from bank credits and loans (by CZK 24.9 million). There was also a positive FX effect of CZK 29.3 million.

      Income tax

      Lower income tax is a result of lower taxable profits within the Group.

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
   3. FIHAHCIAL PERFORMANCE IH 2Q

      Adjusted consolidated financial results Change Change CZK'000 CZK'000 CZK'000 %
      	000		000		000

      of sales	(1,538.7)	(1,608.7)	70.0	(4.4%)
      Gross profit	1,432.8	1,458.5	(55.7)	(1.8°/.)
      Selling, marketing and	(928.5)	(860.0)	(68.5)	8.0%
      Administrative	(189.3)	(169.9)	(19.4)	11.4%
      Other operating net	9.7	7.6	2.1	27.6%
      Operating profit/(loss) EBITDA	354.7 sts.I	436.2 s9s.s	(111.5) (84.5)	(55.6°/) (14.2°/)
      Finance income/(costs), net	(43.2)	(54.5)	11.3	(20.7%)
      Income tax	(56.3)	(78.8)	22.5	(28.6%)
      Profit/(loss) for the period	225.2	302.9	(77.7)	(25.7°/)
      - attributable to owners of Kofola	200.7	269.4	(68.7)	(25.5%)
      a.s.

      Development in 2Q25 was, as stated above, influenced by cold spring months and the sugar tax implemented in Slovakia. The Kofola Group continued to build and strengthen its brands. In HoReCa, the CzechoSlovakia segment successfully started to distribute its new brand of juices Curiosa.

      The increase in administrative costs is mainly related to personnel expenses (creation of a provison for bonuses).

      Business segments

      Revenue

      2Q25

      Share Revenue

      %

      2Q24

      Share

      %

      Change

      %

      
      
      

      Adriatic	510.3	477.7		15.6%	32.7	6.8%
      & Ciders	438.7		476.1	15.5%	(37.4)	7.9%
      Fresh &	320.7	10.8%	277.0	9.0%	43.7	15.8%
      Total	a,9ri.s	too.o°z.	s,osz.a	too.o°z.	f9s.zj	fa.i°/'.)
      Product lines	Revenue	2Q25 Share	Revenue	2QZ4 Share		Change
      	CZK'000 OOO	%	CZK'000 000	%	CZK'000 000	%
      Carbonated beverages	1,022.4	34.4%	1,018.1	33.2%	4.3	0.4%
      	859.6	28.9%	891.6	29.1%	(32.0)	(3.6%)
      & Ciders	434.3	14.6%	472.4	15.4%	(38.I)	(8.1%)
      Non-carbonated	141.6	4.8%	188.9	6.2%	(47.2)	(25.0%)
      Syrups	112.2	3.8%	143.8	4.7%	(31.6)	(21.9%)
      Fresh & Salads	181.4	6.1%	152.2	5.0%	29.2	19.2%
      Other	219.9	7.4%	200.2	6.5%	19.7	9.8%
      3'ota1	2,9ri.s	too.o°z.	s,osz.2	too.o°z.	frs.zj	Is.i°z.)

      The decline in revenue of selected product lines is driven by the factors mentioned above. The decrease in Non-carbonated beverages sales is primarily due to lower volumes of Curiosa juices, which are distributed exclusively within HoReCa (unlike Rauch, with which cooperation was terminated at the end of 2024).

      Change

      Revenue

      Revenue

      % %

      %

      Share

Share

Sales by countries (per end customer)

Adjusted EBI3'DA *9!*5

CZK'000

CZK'000

1. FIHAHCIAL POSITION

   30.06.2055	31.15.2OS4	Change	Change
   CZK'0O0 000	CZK'0O0 000	CZK'OOOOOO

   Consolidated statement of financial

   position

1. CASHFLOWS

   Cash flows from operating activities were lower by CZK 475.9 million mainly due weaker Group results compared to very strong prior period.

   Cash flows from investing activities were higher by CZK 908.9 million mainly due to lower cash outflows connected with acquisition of subsidiaries.

   Cash flows from financing activities were lower by CZK 1,058.0 million mainly due to lower cash inflows from drawings of bank loans.

2. TRANSACTIONS WITH RELATED PARTIES THAT SUBSTANTIALLY INFLUENCED FINANCIAL PERFORMANCE

   There were no transactions with related parties that substantially influenced financial performance for the reported period ended 30 June 2025.

3. MAIN RISKS ANDUNCERTAINTIES IN SUBSEQUENT PERIOD

   Kofola Group faces several risks and uncertainties that could impact our business performance. One of the primary risks continues to be the volatility in raw material prices, particularly sugar, fruit concentrates, and packaging materials, which may impact production costs. The economic instability in key markets can lead to increased costs for essential inputs. These fluctuations can adversely affect our margins if we are unable to pass on these cost increases to consumers through pricing adjustments. Consumer demand may be influenced by changing preferences, health trends, and economic conditions, including inflation and disposable income levels.

   Additionally, the Group faces risks related to regulatory changes, sugar taxation, and environmental regulations affecting packaging etc. The introduction of the sugar tax in Slovakia presents a significant risk to Kofola's sales and profitability in the region.

   Currently, the Group has a very solid financial position. It has sufficient cash balances and flexibility in its expenses. The Group also closely monitors the situation and create scenarios during its regular top management meetings.

4. EXPECTED DEVELOPMENT IN SUBSEQUENT PERIOD

   In the second half of 2025, the CzechoSlovakia segment will focus on participating in selected major summer festivals and will fully exploit the potential of summer festivals and events to communicate with customers (e.g., Kofola Nñmesti lñsky, where weddings take place at festivals). Other brands prominent at festivals will be Semtex and Vinea. In the HoReCa segment, we will promote draught Kofola with a summer competition and the slogan "Pojd'na Kofolu". In our communication campaign, we will build on the new products launched in spring 2025 - in particular Korunni functional, EXTREM tangerine, the redesigned Kofola and the newest brands in our portfolio - Curiosa and Dilmah ICE TEA. In retail, we will focus on promoting unflavored waters, which are growing in popularity, especially in Slovakia, where a sugar tax was introduced this year. At the same time, we will focus fully on the Vinea brand, for which a full-format campaign called Mam Té / Ta rad (I love you) has been launched. In terms of investments, we plan to start construction of new warehouses at Mnichovo Hradi"sté and Rajeckñ Lesnñ plants with the aim of streamlining logistics processes in terms of time and costs. We do not expect any significant fluctuations in production costs and raw material and material costs in the second half of the year. We will continue to focus on cost optimization and streamlining internal and external processes across the entire Czechoslovak segment.

   The Adriatic segment has faced several challenges in the first half of the year, including a weaker-than-expected start to the main season. The implementation of higher taxation on sugar-sweetened beverages has also negatively impacted overall performance, with noticeable changes in consumer purchasing behavior. Despite these headwinds, we remain cautiously optimistic for the second half of 2025. We expect a recovery across both key channels - Retail and HoReCa - and will actively pursue further improvements in operational efficiency including on identifying potential savings and optimizing processes. We continue to support our core brands - Radenska, Studena, and other strategic trademarks

   - through planned marketing and promotional campaigns aimed at reinforcing brand visibility and driving consumer engagement. We believe that through strict cost discipline, commercial agility, and continued focus on our key brands, the Adriatic segment can return to a more positive performance by the end of the year.

   UGO is fulfilling revenue and EBITDA targets for the first 2025 half and is expecting the same positive and stable trend in the second half. Quick Service Restaurants division is planning to open a new Salaterie in place of the Freshbar in Slovakia and open a couple of new restaurants till the end of the year in the Czech Republic. Quick Service Restaurants division is continuing to increase revenues from delivery, to invest into digitalization and productivity. Retail division is focused into productivity and portfolio optimization topics.

   Leros had a very good first half of the year. We experienced stong first quarter which minimazed losses from our off season (May - July). We are very well prepared for the main season that starts in August and last till the end of the year. Our stores are 100% full of seasonal goods and the revenues of the first half of August show a really nice trend that should continue till the end of the year. As we are CZK 7 million ahead in EBITDA after the first 7 months, we believe to deliver at least budgeted EBITDA at the end of the year.

   Premium Rosa in the first half of the year was a bit struggling with its cost structure and a slight drop in sales compared to budget. However, we have taken corrective measures and is focusing on the main season (September - December). Despite the fact that we are slightly behind the budget in revenue as well as in EBITDA we will do our best to achive budgeted figures by the end of the year.

   Organizational integration and optimization of the breweries acquired in March 2024 was successfully completed in early 2025. This milestone positions the Beer & Ciders business segment to significantly expand its distribution across both retail and gastronomy channels in the Czech Republic, while also strengthening and growing its presence in export markets. To support this growth, the route-to-market strategy is being optimized, operational efficiencies are being implemented, and robust processes are being introduced to handle increased volumes. We are also increasing marketing investments, highlighted by the rebranding of Holba and Zubr, aimed at revitalizing their portfolios and increasing brand appeal. Despite some unfavorable weather forecasts, we remain focused on building upon the exceptionally strong results achieved in the second half of last year.

5. ALTERNATIVE PERFORMANCE INDICATORS

   Even though ESMA (European Securities and Markets Authority) does not require a reconciliation of Alternative Performance Indicators (APM) to financial statements if the APM can be defined from the financial statements, we add such a reconciliation for better understanding of our calculation of EBITDA and Net debt.

   FS

Line in PS

Definition and reconciliation ofi APM to the finaneial

statements (PSI

1. ‌SUBS£IQU£IHT £IV£II4TS

1. ‌CONSOLIDATED STATEMENT OF PROFIT OR LOSS‌

1. ‌CONSOLIDAT£ID STAT£IM£INT OF FINANCIAL POSITION

   as at 30 June 2025 and 31 December 2024 in CZK thousand.

   Assets		Note	30.06.2055	31.15.2OS4
   			CZK'000	CZK'000
   Property, plant and equipment		4.10	4,7O6,192	4,410,318
   Investment			31,188	31,760
   Goodwill		4.11	809,181	780,942
   Intangible		4.11	1,654,895	1,668,805
   in equity accounted			202,205	19O,580
   Other receivables			139,223	109,585
   Loans provided to related parties			14,000
   Deferred tax		4.8	46,0O1	54,182
   Current assets			3,576,694	3,656,843
   Inventories			1,179,947	941,884
   Trade and other receivables			1,569,959	1,451,404
   Income tax			48,908	3,556
   and cash		1.4	777,880	1,229,999
   Z•iabilities and equity		Note	30.06.2025	31.12.2024
   			CZK'000	CZK'000

   
   
   

   Equity attributable to owners of Kofola CesnoSlovensiio a.s.

   1,771,349 1,690,641

   Share capital		1,114,597	1,114,597
   Share premium and capital		(1,962,871)	(1,962,871)
   Other		2,657,403	2,663,179
   Foreign currency		(23,866)	15,070
   Own		(439,304)	(451,115)
   Retained earnings/(Accumulated deficit)		425,390	311,781
   Equity attributable to non-controlling interests		349,548	333,367
   3'otal equity		2,120,897	2,024,008
   Non-current liabilities		5,322,411	4,759,869
   Bank and	4.12	4,261,990	3,692,064
   liabilities 311,418			299,390
   88,141			74,053
   Other liabilities		226,548	229,700
   Deferred tax	4.8	434,314	444,662
   Current liabilities		s,zas,azt	n,to9,iss
   Bank and	4.12	788,615	1,076,981
   liabilities 119,820			115,236
   92,787			223,461
   Trade and other	4.t4	2,686,775	2,581,917
   Income tax		48,274	111,543
   Total liabilities		9,058,685	8,849,007

   'T'he aDove co/?so/Jdated statement of fJna/?ciaJ pos tion should L›e read i/? conjunction w4th the accompany1ng notes.

2. ‌CONSOLIDATED STATEMENT OF CASH FLOWS

CZK'000

Share capital

shares

interests

Retained earnings/

(Accumulated

deficit)

Foreign currency

translation

reserve

Total

equity

Share premium

reorganisation

reserve

Consolidated statement of

chaztges in equity

Equity

attributable to

CZK'O00

CZK'O00

CZK'O00

CZK'000

CZK'O00

CZK'O00

CZK'000

CZK'O00

CZK'000

Total

shares

Share

Note

Retained

earnings/ (Accumulated

deficit)

Foreign

currency translation

reserve

Share premium

reorganisation

reserve

Consolidated statement of

chaztges in equity

Equity

attributable to non-controMing

interests