Nurminen Logistics Oyj : Plc's Annual Report 2025 has been published

About this update from Nurminen Logistics Oyj Class A

Years on track Annual Report 2025 Nurminen Logistics in brief Nurminen Logistics is a Finnish logistics company that provides high-quality rail transport, terminal, and multimodal solutions between Asia and Europe, the Nordic countries, and the Baltic region. The company's net sales was approximately €109 million in 2025, and it employs 181 logistics professionals. Nurminen Logistics' shares are listed on the main list of Nasdaq Helsinki. In 2026, Nurminen Logistics will celebrate our 140-year history with an eye on future growth and responsible logistics solutions. CONTENTS Year 2025 in brief CEO's review 140 Years on the track The Board's Report on Operations Financial Statements 3 4 6 8 15 Year 2025: Profitable growth in a challenging market Net sales grew by 4.4% to EUR 109.4 million. Profitability remained high with a comparable EBITA* of EUR 18,3 million. Geopolitical uncertainties slowed down the development of transport demand. Investments in international growth and strengthening the service network continued. Nurminen Logistics' reputation and recognition strengthened, and its customer base expanded. Market growth prospects for 2026 vary by region. Nurminen Logistics' competitiveness is strong. The Board of Directors proposes a capital repayment of EUR 0.03 from the invested unrestricted equity fund. Net sales Operating profit Return on equity EUR 1,000 EUR 1 ,000 % 109,375 14,590 16 (104,766) (19,293) (30) Equity ratio % Capital return* EUR Employees 44 0.03 181 (30) (0.06) (178) * Proposal of the BoD *) Alternative performance measure = financial key figure other than one specified or named in the IFRS standards. The bridge calculation of comparable net operating result is presented in table form on page 14. CEO's review OLLI POHJANVIRTA In 2025, Nurminen Logistics continued profitable growth with a strong comparable EBITA of EUR 18.3 million (16.7% of net sales) and a strong operating cash flow of EUR 20.1 million. Net sales for 2025, EUR 109.4 million, increased by 4.4% year-on-year. The business operations in Finland and Sweden grew well, both organically and driven by the acquisition of Essinge Rail Ab completed in late 2024. Several geopolitical uncertainties and the re-routing of international flows of goods had a negative impact on the Baltic business and volumes decreased significantly. INVESTMENTS IN GROWING MARKETS Although the economic development in the markets was weak, we were able to achieve good results in all areas and continue to invest in international growth, especially in railway logistics. We aimed for growth with our new rail transport service between the Port of Gothenburg and North- ern Finland. The service was quickly adopted by international customers, but demand in the Finnish market remained more limited than expected. Due to this, we reassessed the growth potential of the route and decided to discontinue the service. Our strategic solution to focus growth investments on larger markets in mainland Europe and Sweden leverages our strong railway logistics expertise and directs resources to areas where demand is growing. This demonstrates the company's courage to try new things, learn quickly and make decisions that support long-term and strong growth in the years to come. We invested in supervisor training and language training for the entire personnel to support internationalisation. With these training courses, we strengthened leadership, team collaboration and our personnel's capabilities to operate in a multilingual and growing operating environment. We want to ensure that our committed employees have the best We see growth increasingly coming from international markets, and our good competitiveness facilitates continued growth in logistics between Central and Northern Europe. possible conditions to develop with the company. In Sweden, we strengthened sales and rail operations in particular. In late February, we opened our own weekly block train connection between northern Italy and Sweden. The block train transports containers, covered wagons and trailers, and the service covers a wide clientele. HIGH-QUALITY COMPREHENSIVE SERVICE AS PART OF OUR COMPETITIVENESS Our competitiveness is based on a good market position, extensive logistics expertise and a comprehensive route network, supported by deep customer understanding and high-quality service. We offer our customers a comprehensive service from terminal operations to door-to-door transports that we can produce competitively, flexibly scaling capacity. Our growing train operations in Finland were among the most punctual and efficient in the industry with a delivery reliability of 96%. Good and consistent quality is ensured through certified processes, training, uniform operating models and continuous monitoring of customer feedback. IN 2026, WE WILL BE ABLE TO FOCUS ON INTERNATIONAL GROWTH We have started 2026 from an operationally good starting point. We see growth increasingly coming from international markets, and our good competitiveness facilitates continued growth in logistics between Central and Northern Europe. Strengthening of the Swedish economy and consumer demand supports our growth. We are not yet expecting a significant turn for the better in the Baltic or Finnish markets. Long-term agreements with several customers ensure stable profitability for the next few years. Our cash position and balance sheet will continue to enable the implementation of growth projects and the associated controlled risk-taking. I would like to express my warmest thanks to our dedicated and innovative personnel and thank our customers and partners for their trust. This year, we are celebrating the 140th anniversary of Nurminen Logistics, which reminds us of our unique heritage and our duty to move boldly towards new entries, growth and future opportunities. 140 years on track Years on track We've been keeping the world on track since 1886. Today, we connect the Nordics, Europe and Asia efficiently and responsibly by rail. 1886 OUR STORY BEGINS Johan Nurminen establishes a general store in Rauma, and shipping operations soon begin. By the time of the First World War, John Nurminen has become Finland's largest forwarding company. 1930 PART OF THE TRAVEL BOOM In 1935, the company becomes a shareholder in Matkatoimisto Kaleva Oy. In 1967, Nurminen-Lento begins operating at Helsinki Airport as Finland's first air cargo forwarder. 1970 INTERNATIONALISATION After the Suez Crisis, the company shifts from shipping operations to international forwarding and transportation, and in the 1990s it phases out traditional forwarding and transport services altogether. 2000 CENTRING LOGISTICS The company focuses on logistics services and grows into the leading vehicle logistics provider in the Baltic Sea region, as well as the largest ambulance operator in Finland. In September 2007, the foundations of the Vuosaari logistics centre are laid. 2008 INTO THE STOCK EXCHANGE Nurminen Logistics Plc is listed on the Helsinki Stock Exchange after spinning off its logistics operations into a separate company, and relocates to the new logistics centre in Vuosaari. The company's own railway equipment already consists of nearly one thousand wagons. 2010 TRAIN TRAFFIC TO ASIA BEGINS Container train traffic to China begins in 2018 and quickly grows into regular connections from Helsinki and Kotka to several destinations. 2023 WE GROW THROUGH ACQUISITIONS In 2023, we become Finland's largest private railway company by acquiring North Rail Oy. In 2024, we expand further by acquiring the Swedish company Essinge Rail AB. 2026 LAUNCH OF THE SWEDEN-ITALY CONNECTION We open a direct, regular rail connection with fast transit times between Sweden and Italy. Table of Contents The Board's Report on Operations and financial statements The Board's Report on Operations 8 Consolidated statement of comprehensive income, IFRS 17 Consolidated statement of financial position, IFRS 18 Consolidated cash flow statement, IFRS 19 Consolidated statement of changes in equity, IFRS 20 Notes to the consolidated financial statements, IFRS 21 Accounting principles for the consolidated financial statements 21 Net sales and accounting principles 28 Other operating income 28 Operating expenses 28 Employee benefit expenses 29 Depreciation, amortisation and impairment losses 29 Financial income and expenses 29 Income taxes 30 Earnings per share 30 Subsidiaries and associates 31 Property, plant and equipment 32 33 34 statements 68 35 36 37 37 38 39 39 40 41 43 44 45 45 49 49 49 50 51 52 52 Intangible assets Leases Carrying amounts of financial assets and financial liabilities by category Impairment of assets Investments in equity-accounted investees Non-current receivables Deferred tax assets and liabilities Trade and other receivables Cash and cash equivalents Information about equity Share-based payments Defined benefit pension plans Interest-bearing liabilities Trade payables and other liabilities Financial risk management Other leases Contingencies and commitments Derivative contracts Related party transactions Acquisitions and divested businesses Legal proceedings Events after the balance sheet date Distribution of ownership 31 December 2024 53 Parent Company's Income Statement 54 Parent Company's Balance Sheet 54 Parent Company's Cash Flow Statement 55 Notes to the Parent Company's Financial Statements 56 Accounting principles for the parent company's financial statements 56 Notes to the Parent Company's Income Statement 57 Notes to the Parent Company's Balance Sheet 58 Other Notes of the Parent Company 61 The Parent Company's Notes Concerning Personnel and Company Organs 62 Key figures for the parent company 63 The Board's proposal for the distribution of profit, signatures of the Board's report on operations and financial statements and auditor's note 64 Auditor's report 65 Independent auditor's report on ESEF financial The Board's Report on Operations In 2025, Nurminen Logistics continued profitable growth with a strong comparable EBITA of EUR 18.3 million (16.7% of net sales) and a strong operating cash flow of EUR 20.1 million. Net sales for 2025, EUR 109.4 million, increased by 4.4% year-on-year. Both Finnish and Swedish business grew well organically as well as driven by the acquisition of Essinge Rail Ab at the end of 2024. Several geopolitical uncertainties and the re-routing of international flows of goods affected negatively on the development of the Baltic business and volumes decreased clearly. Although the economic development in the markets was weak, we were able to achieve good results in all areas and continue to invest in international growth, especially in railway logistics. We further strengthened our balance sheet position, which enables the implementation of our growth strategy in international traffic both organically and through acquisitions. At the end of the financial year, our cash and cash equivalents amounted to EUR 20.3 million. The Group's equity ratio was 43.9% and net debt excluding IFRS16 items in relation to EBITDA was 0.24. In 2025, we pursued growth through a new rail transport service developed between the Port of Gothenburg and Northern Finland. The service was rapidly adopted by international customers; however, demand in the Finnish market remained more limited than anticipated. As a result, we reassessed the route's growth potential and decided to discontinue operations and write down the remaining unamortised development expenses on EUR -1.8 million. Our strategic decision to focus growth investments on larger markets in continental Europe and Sweden leverages our strong rail logistics expertise and directs resources to areas where demand is rising. This demonstrates the company's willingness to try new things, learn quickly, and make decisions that support long-term and sustainable growth in the years ahead. Our cash position and balance sheet will continue to support the execution of growth projects and the related controlled risk-taking, without which significant future growth, or the success story we are determined to build, would not be possible. We see good growth prospects for our international railway business, as the expansion of our service network, the growth of our clientele and the strengthening of our brand awareness create clear prerequisites for development. In 2025, we invested in developing the competence of our personnel through various training courses. In addition, we clarified the management structures to improve the efficiency of operations. In Sweden, we strengthened our sales and rail operations in particular and opened an office in northern Italy. With these measures, we will create better prerequisites for international growth and open our own weekly block train connection between northern Italy and Sweden in late February. Our block train transports containers, covered wagons and trailers, and the service covers a wide clientele. We offer our customers a comprehensive service from terminal operations to door-to-door transports that we can produce competitively, flexibly scaling capacity. This entry lays down the foundation for opening similar routes elsewhere in Europe and supports international growth in the coming years. In the traditional sense, the implementation and launch of the service corresponds to logistics construction projects. Our growing rail operations in Finland were among the most punctual and efficient in the industry, achieving a delivery reliability of 96%. In terminal operations in Finland, we have succeeded in significantly increasing our clientele, particularly in green transition-related electrification and data centre projects, which have good growth prospects. We see 2026 as a stable year for our operations in Finland. We believe that our extensive and in-depth expertise helps us to differentiate ourselves for the benefit of our customers and create tangible added value for them in the future as well. We see growth increasingly coming from international markets, and our good competitiveness facilitates continued growth in logistics between Central and Northern Europe. The fourth quarter of 2025 was operatively stronger than the comparison period, and we have been able to start 2026 from a good operational starting point. The strengthening of the Swedish economy and consumer demand supports our growth, although we do not expect a significant turnaround in the business conditions in the Baltic countries or Finland in 2026. Our competitiveness is based on a good market position, extensive logistics expertise and a comprehensive route network, supported by deep customer understanding and high-quality service. This lays down a strong foundation for long-term growth of shareholder value. We would like to express our warmest thanks to our dedicated and innovative personnel and thank our customers and partners for their trust. This year, we celebrate Nurminen Logistics' 140-year history, a significant milestone that reminds us of our unique heritage and our responsibility to move forward boldly toward new initiatives, growth, and future opportunities. MARKET SITUATION AND FUTURE OUTLOOK Nurminen Logistics estimates that the development of the logistics market relevant to the Group will strengthen in 2026, driven particularly by the new routes and clients in Central Europe, facilitating the positive development of the Group's business in 2026. The recovery of the economy and consumer demand forecast by key institutions, particularly in Sweden, will support the demand for Nurminen Logistics' services. We believe that the demand for rail freight in particular, which is at the heart of our strategy, will increase in the Group's target markets, supported by the increased significance of environmental values in decision-making driven by tightening regulation and our growing energy raw material transport business. The stabilisation of the interest rate environment and the improved availability of financing will support customer demand for goods and capital goods, which, supports the demand for Nurminen Logistics' services. Nurminen Logistics has maintained its readiness to quickly launch direct rail transport between China and Finland to serve the Nordic and Central European markets. There is a clear need for this service in the market, as it offers a significant competitive advantage to the customer base. Nurminen Logistics will continue to invest in international railway services, which we expect to be the Group's growth engine in the future. The Group's long-term agreements with several customers ensure stable profitability for the next few years. A very strong balance sheet structure, strong positive cash flow and significant liquid assets enable organic growth projects and possible acquisitions. BUSINESS REVIEW In 2025, we built the company's future by integrating Essinge Rail into the Nurminen Logistics brand and expanding our service offering in Europe with, for example, project transports from Czechia, Poland and Italy. In our domestic business, our focus area was continuous efficiency improvement and high delivery reliability, in which we succeeded well. Thanks to our extensive clientele, strong expertise, European terminal network and the available wagon pool, we are able to grow the business quickly and with capital lightness. This is reflected in the railway business, where net sales have continued to grow by double-digit percentages and profitability has improved by three-digit percentages. With these investments, we will enable the transport of significant volumes to a wider market area. We see strong growth potential particularly in container transports within the Central European rail market, which is valued at approximately EUR 17 billion, compared with about EUR 300 million in Finland. In addition, we are maintaining the readiness to launch rail transport between the Nordics and China in the future to meet existing customer demand. In 2025, cash flow from operating activities was very strong, reaching EUR 20.1 million (EUR 11.9 million), which increased our liquid assets to EUR 20.3 million (EUR 16.3 million) at the end of the financial year. We continued to strengthen the Group's balance sheet and raised new loans in the amount of EUR 3 million, while repaying existing loans in the amount of EUR 6.3 million. The Group's equity ratio was 43.9% (40.7%), net gearing declined to 50.2% (71.7%) and interest-bearing net debt to EBITDA was 0.87. Return on equity was 15.6% (30.0%). Our otherwise good growth rate was weakened by geopolitical challenges affecting the Baltic businesses, which meant a decrease of EUR -16.8 million in net sales compared to the comparison period. However, the decline in net sales in the Baltic countries was successfully offset in the Group's other business areas and the full-year growth was EUR 4.6 million, or 4.4%. FINANCIAL POSITION AND BALANCE SHEET Cash flow from operating activities amounted to EUR +20.1 million. October-December accounted for EUR +6.0 million of the cash flow from operating activities. The change in working capital accounted for EUR +1.3 million of the cash flow from operating activities. Cash flow from investments was EUR -6,8 million. Net cash flow from investing activities was mainly affected by payments related to acquired businesses. Cash flow from financing activities was EUR -9.3 million, with the largest items being EUR 3.0 million in withdrawals of non-current loans, EUR -3.2 million in repayments of non-current loans, EUR -2.4 million in repayments of capital, EUR -3.7 million in dividends paid to non-con-trolling interests and in repayments of capital and EUR -3.0 million in payments related to lease liabilities. At the end of the review period, the Group's cash and cash equivalents amounted to EUR 20.3 million. Cash and cash equivalents attributable to the Baltic operations amounted to EUR 3.1 million. The valuation of assets in the financial statements is based on the going concern assumption and market prices, and the assets do not involve a risk of write-downs at the time of closing the accounts. The Group management estimates that the cash flow will cover the current business needs and liabilities for the next 12 months. The Group's interest-bearing net debt excluding IFRS 16 liabilities amounted to EUR 6.0 million. The liabilities according to IFRS 16 amounted to EUR 15.5 million and relate to business premises leased by the company's business units. The Group's current interest-bearing liabilities, a total of EUR 10.4 million, consist of a liability of EUR 3.1 million related to a business acquisition, bank loans, and IFRS lease liabilities of EUR 3.5 million. Short-term financial liabilities include EUR 3.9 million of loans taken from financial institutions and EUR 3.1 million of liabilities related to the acquisition of Essinge Rail AB. Non-current interest-bearing liabilities are EUR 31.4 million, EUR 19.4 million of which consists of long-term debt and EUR 12.0 million is related to IFRS 16 lease liabilities. Long-term financial liabilities amount to EUR 31.4 million. Long-term loans include a loan of EUR 0.9 million taken out by Nurminen Logistics Plc from Finnvera, a loan of EUR 1.3 million taken out by Nurminen Logistics Plc from Ilmarinen, a loan of EUR 5.3 million taken out by Nurminen Logistics Plc from Danske Bank and a loan of EUR 11.8 million taken out by North Rail Oy from Hoplon Opportunities Fund II SCSp. The Group's equity amounted to EUR 42.7 million at the end of the year, while it was EUR 41.2 million at the end of the previous financial period. The equity ratio remained at a good level at 43.9% (40.7%). The balance sheet total was EUR 97.3 million (101.5). CAPITAL EXPENDITURE The Group's gross capital expenditure during the review period amounted to EUR 1.4 million (EUR 2.0 million), accounting for 1.3% (1.9%) of net sales. Depreciation totalled EUR 8.2 million (EUR 5.4 million), or 7.5% (5.2%) of net sales. Amortisation of right-of-use assets associated with IFRS 16 amounted to EUR 3.4 million (EUR 1.3 million) during the review period. GROUP STRUCTURE The Group comprises the parent company, Nurminen Logistics Plc, as well as the following subsidiaries and associated companies, owned directly or indirectly by the parent (ownership, %): Nurminen Logistics Services Oy (100%), Nurminen Logistics Services AB (100%), Kiinteistö Oy Kotkan Siikasaarentie 78 (100%), Kiinteistö Oy Luumäen Suoanttilantie 101 (100%), Kiinteistö Oy Vainikkalan Huolintatie 13 (100%), North Rail Holding Oy (79.8%), North Rail Oy (79.8%), Pelkolan Terminaali Oy (20%), Nurminen Maritime Latvia SIA (51%), Nurminen Maritime UAB (51%) Essinge Rail AB (100%). PERSONNEL AND MANAGEMENT At the end of the review period, the Group's number of personnel stood at 181, compared to 178 on 31 December 2024. The number of employees working abroad was 51. Personnel expenses in 2025 totalled EUR 14.3 million (EUR 13.2 million). On 31 December 2025, the Management Team consisted of the following members: Olli Pohjanvirta, President and CEO; Niklas Nordström, CFO; Marjut Linnajärvi, VP Sales and VP International Railway Operations; and Toni Mäkelä, CEO of North Rail Oy. VP, Human Resources Suvi Kulmala left the company at the end of the financial year. MANAGEMENT TRANSACTIONS Nurminen Logistics announced: On 15 January 2025, President and CEO and Board member Olli Pohjanvirta's transfer notification concerning 200,000 shares. On 31 January 2025, the transfer notifications of JN Uljas Oy, controlled by Board member Juha Nurminen, concerning 1,000,000 shares. On 27 June 2025, Board member Karri Koskela's notification of receipt concerning 18,553 shares. On 27 June 2025, Board member Erja Sankari's notification of receipt concerning 18,553 shares. On 27 July 2026, President and CEO and Board member Olli Pohjan-virta's notification of receipt concerning 18,553 shares. On 27 June 2025, Board member Irmeli Rytkönen's notification of receipt concerning 27,829 shares. On 29 July 2025, Board member Per Sandberg's notification of receipt concerning 18,553 shares. FLAGGING NOTIFICATIONS Nurminen Logistics did not receive any flagging notifications during the financial year. All notifications are disclosed as stock exchange releases and are available on Nurminen Logistics' website at https://www.nurminenlogistics.com . SHARES AND SHAREHOLDERS Nurminen Logistics Plc's share has been quoted on the main list of Nasdaq Helsinki Ltd under the current company name since 1 January 2008. On 13 December 2024, the company carried out a directed share issue of 2,339,756 new company shares to the sellers of Essinge Rail AB as part of the payment of the purchase price. The new shares were registered in the Finnish Trade Register on 9 January 2025. On 7 May 2025, the company carried out a directed share issue of 40.250 shares for the purposes of reward payments. On 16 June 2025, the company carried out a directed share issue of 102.041 shares for the purposes of reward payments.The total number of Nurminen Logistics Plc's registered shares on 31 December 2025 was 80,695,211 and the registered share capital was EUR 4,214,521. The company has one share class and all the shares carry equal rights in the company. The company name was Kasola Plc until 31 December 2007. The company was listed on the Helsinki Stock Exchange in 1987. Index: 1 January 2025 = 100 LARGEST SHAREHOLDERS 31 DECEMBER 2025 Number of shares Pcs % of total shares and votes Suka Invest Oy 12,108,419 15.01 Ilmarinen Mutual Pension Insurance Company 11,655,795 14.44 Nurminen Juha 7,016,049 8.69 K. Hartwall Invest Oy Ab 5,967,585 7.40 Avant Tecno Oy 4,139,375 5.13 Railcap Oy 2,710,574 3.36 Verman Holding Oy 2,524,297 3.13 Relander Pär-Gustaf 1,757,686 2.18 Pohjanvirta Olli 1,337,728 1.66 Jocer Oy Ab 1,176,132 1.46 Ten largest shareholders total 50,393,640 62.46 Nominee-registered 8,426,626 10.44 Others 21,874,945 27.10 Total 80,695,211 100 2 Jan 2025 2 Feb 2025 2 Mar 2025 2 Apr 2025 2 May 2025 2 Jun 2025 2 Jul 2025 2 Aug 2025 2 Sep 2025 2 Oct 2025 2 Nov 2025 2 Dec 2025 Board of Directors Number of shares % of total shares and votes Olli Pohjanvirta 1,337,728 1.7 Railcap Ltd 2,710,574 3.4 VGK Invest Oy 648,000 0.8 Total 4,696,302 5.8 Irmeli Rytkönen 279,440 0.3 Karri Koskela 80,242 0.1 Erja Sankari 80,242 0.1 Per Sandberg 18,553 0.0 Total 5,154,779 6.4 Number of shares Pcs % of total shares Private companies 32,112,492 39.8% Financial and insurance institutions 10,466,396 13.0% Public sector organisations 11,655,795 14.4% Households 24,802,188 30.7% Non-profit organisations 202,476 0.3% Foreign 1,455,864 1.8% Total 80,695,211 100% Of these nominee registered 8,426,626 10.4% SHAREHOLDERS BY TYPE 31 DECEMBER 2025 The trading volume of Nurminen Logistics Plc's shares was 14,249,199 during the period from 1 January to 31 December 2025, representing 17.7% of the total number of shares. The value of the turnover was EUR 14,977,931.72. The lowest price during the period was EUR 0.90 per share and the highest EUR 1.20 per share. The closing price for the period was EUR 0.95 per share and the market value of the entire share capital was EUR 76,418 thousand at the end of the period. At the end of 2025, the company had 6,563 shareholders. At the end of 2024, the company had 6,738 shareholders. At the end of 2025, the company held 0 of its own shares. According to the register of shareholders at 31 December 2025, the Board of Directors (including ownership of controlled entities) held 6.4% of Nurminen Logistics shares. In addition to CEO Olli Pohjanvirta, Toni Mäkelä from the company's Management Team owned shares in the company on 31 December 2025. DIVIDEND POLICY On 7 April 2025, the company's Board of Directors defined the company's long-term financial targets for 2025-2027. According to the targets, Nurminen Logistics Plc aims to distribute an annually growing dividend in euros. ARRANGEMENTS RELATED TO OWNERSHIP AND EXERCISE OF VOTING RIGHTS No shareholder agreements related to holdings in Nurminen Logistics Plc and the exercise of voting rights have been brought to the company's attention. Nurminen Logistics' share price development 1 January 2025-31 December 2025 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0 NLG1V OMX Helsinki Small Cap DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF SHAREHOLDERS Nurminen Logistics Plc's Annual General Meeting held on 16 April 2025 passed the following decisions: ADOPTION OF THE ANNUAL ACCOUNTS AND DISCHARGE FROM LIABILITY The General Meeting confirmed the company's financial statements, reviewed the remuneration report of the administrative organs and discharged those accountable from liability for the financial year 1 January 2024−31 December 2024. PAYMENT OF DIVIDEND In accordance with the proposal by the Board of Directors, the Annual General Meeting decided that the profit from the financial period ending on 31 December 2024 be transferred to retained earnings. In addition, the General Meeting authorised the Board of Directors to decide at their discretion on the repayment of equity from the reserve for invested unrestricted equity, at most EUR 4,833,175.20, if the company's financial position allows. COMPOSITION AND REMUNERATION OF THE BOARD OF DIRECTORS The General Meeting resolved that the Board of Directors is composed of five members. The Annual General Meeting re-elected the following members to the Board of Directors: Irmeli Rytkönen, Olli Pohjanvirta, Erja Sankari and Karri Koskela. Per Sandberg was elected as a new member. The Annual General Meeting resolved that for the members of the Board of Directors elected at the Annual General Meeting for the term expiring at the close of the Annual General Meeting in 2026, annual remuneration is paid as follows: EUR 60,000 to the Chair and EUR 40,000 to each other member of the Board of Directors. In addition, a meeting fee of EUR 1,500 per meeting for the Board and Board Committee meetings is paid to the Chairman of the Board of Directors, and EUR 1,000 to the other members of the Board per meeting of the Board and Board Committee. If a Board member residing abroad participates in a meeting, a meeting fee of EUR 1,500 per meeting will be paid to them when the meeting is held physically in Finland. Of the annual remuneration, 50 per cent will be paid in Nurminen Logistics Plc's shares and the rest in cash. A member of the Board of Directors may not dispose of shares received as annual remuneration before a period of three years has elapsed from receiving such shares. AUTHORISING THE BOARD OF DIRECTORS TO DECIDE ON THE ISSUE OF SHARES AS WELL AS THE ISSUANCE OF OPTIONS AND OTHER SPECIAL RIGHTS ENTITLING TO SHARES The Annual General Meeting authorised the Board to decide on the issue of shares and/or special rights entitling to shares as referred to in chapter 10, section 1 of the Finnish Limited Liability Companies Act. Based on the authorisation, the Board of Directors is entitled to issue or transfer, either by one or several resolutions, shares and/or special rights up to a maximum equivalent of 15,000,000 new shares so that aforesaid shares and/or special rights could be used, for example, for the financing of company and business acquisitions or for financing other business arrangements and investments, for the expansion of the ownership structure, paying of remuneration of the Board members and/or for the creating incentives for, or encouraging commitment in, personnel. The authorisation entitles the Board of Directors to decide on the share issue with or without payment. The authorisation for deciding on a share issue without payment also includes the right to decide on the share issue for the company itself, so that the authorisation may be used in such a way that in total no more than one-tenth (1/10) of all shares in the company may from time to time be held by the company and its subsidiaries. The authorisation includes the Board of Director's right to decide on all other terms and conditions of the share issues and the issues of special rights. The authorisation entitles the Board of Directors to decide on share issues, issues of option rights and other special rights entitling to shares in every way to the same extent as could be decided by the General Meeting, including the Board of Director's right to decide on directed share issues and/or issue of special rights. The authorisation remains valid until the end of the Annual General Meeting of 2026, but no longer than until 30 June 2026. The authorisation revokes any previous share issue authorisations currently valid. AUDITOR Ernst & Young Oy was elected as the auditor of the company for the term ending at the close of the Annual General Meeting 2026. ENVIRONMENTAL FACTORS Nurminen Logistics seeks environmentally friendly and efficient transport solutions as part of the development of its services. Research shows that the container train to China is the most ecological method of transporting goods between China and Europe. All services provided by the company in Finland are covered by a certified environmental management system that meets the requirements of the ISO 14001:2004 standard. LONG-TERM FINANCIAL OBJECTIVES The company's Board of Directors has defined the Group's long-term financial targets for 2025-2027 based on the Group's updated strategy confirmed in 2025: EBITA % over 13%, equity ratio over 40%, Gearing under 80%, net debt / EBITDA under 2 and growing euro-denominated dividends. The financial targets for 2025-2027 have been defined taking into account the sustainable growth of shareholder value. In addition, the domestic and international growth prospects of the railway business in Finland and readiness for acquisitions in Finland and abroad have been taken into account. FINANCIAL GUIDANCE 2026 The Group estimates that the net sales and comparable operating profit for the first half of 2026 will fall short of the comparison period, as the timing of the recovery of the Baltic business is still uncertain. In addition, the effects of our investments in growing the business in Central Europe are expected to be seen only from the second quarter onwards. We will specify the guidance for the financial year in connection with the publication of the half-year financial report on 24 July 2026. SHORT-TERM RISKS AND UNCERTAINTIES The weakening of Europe's economy from the current situation caused by geopolitical uncertainties and the continuation of international conflicts may have a negative impact on the demand for the Group's services and thereby on the result. Should Finland's or Sweden's foreign trade decrease further, it will have impacts on the demand for services. In the railway business, food supply-related fertilisers critical to the world or metals required for the green transition being subjected to sanctions would have a negative impact on the railway business in the EU. The Group does not see that risks related to climate change, such as extreme weather events, would affect Nurminen Logistics' business. More detailed information about the risk information of the Group can be found on the Investors page on Nurminen Logistics' website at https://www.nurminen-logistics.com/investors/ . EVENTS AFTER THE FINANCIAL YEAR No significant events occurred after the financial year. BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION On 31 December 2025, the parent company's distributable equity is EUR 33,423,109.34, of which the profit for the period amounted to EUR 2,493,769.32. The Board of Directors proposes to the Annual General Meeting repayment of equity from the reserve for invested unrestricted equity, at most EUR 0.03 per each outstanding share. In addition, the Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to decide on the date of payment and the final amount of the capital repayment. The remaining distributable assets will be retained in unrestricted equity. CORPORATE GOVERNANCE STATEMENT The Corporate Governance Statement of Nurminen Logistics Plc will be published on 12 March 2026 on the company's website at https://nurmi-nenlogistics.com/investors/ . BOARD AND AUDIT COMMITTEE MEETINGS The Board of Directors convened 21 times during the year 2025. The Audit Committee had four meetings. Bridge calculation of comparable operating profit EUR 1,000 1-12/2025 1-12/2024 Operating profit 14,590 19,293 Amortisation of intangible assets related to M&A transactions 782 EBITA 15,372 19,293 Personnel-related restructuring costs 190 282 Non-recurring expenses related to M&A transactions 121 422 Write-downs related to IT systems 367 Settlement costs related to the opening of new business 380 Expenses caused by a railway yard accident and incorrect fuel 84 Write down of intangible assets of Nurminen Logistics Services AB 1,774 Non-recurring expenses related to containers and wagons 1,016 Impairment losses due to the end of the legal proceedings related to the property in Luumäki 117 Proceeds from the sale of Kiinteistöosakeyhtiö Satamakaari 24 -2,033 Gain from the bargain purchase of ILP Group Logistics Oy -40 Comparable adjusted operating profit 18,288 19,057 Comparable adjusted operating profit is an alternative performance measure referred to by the European Securities and Markets Authority (ESMA). GROUP'S KEY FIGURES 2023 2024 2025 Net sales, EUR 1,000 127,951 104,766 109,375 Change in net sales, % 4.4% -18.1% 4.4% Operating result (EBIT) EUR 1,000 33,091 19,293 14,590 % of net sales 25.9% 18.4% 13.3% Result before taxes, EUR 1,000 29,342 16,211 9,727 % of net sales 22.9% 15.5% 8.9% Result for the financial year, EUR 1,000 23,273 13,070 6,527 % of net sales 18.2% 12.5% 6.0% Return on equity (ROE), % 66.5% 30.0% 15.6% Return on investment (ROI), % 42.8% 21.4% 17.0% Equity ratio, % 41.8% 40.7% 43.9% Gearing, % 77.6% 71.7% 50.2% Gearing % excluding IFRS 16 56.5% 35.6% 14.2% Interest-bearing net debt, EUR 1,000 35,599 29,526 21,444 Interest-bearing net debt excluding IFRS 16, EUR 1,000 25,989 14,563 5,986 Interest-bearing net debt/EBITDA (12-month, rolling) 0.93 1.19 0.87 Cash flow from operating activities, EUR 1,000 25.4 11.9 20.1 Gross investment on fixed assets, EUR 1,000 1,121 1,995 1,400 % of net sales 0.9% 1.9% 1.3% Balance sheet total, EUR 1,000 113,771 101,546 97,294 Average number of employees 196 178 178 Wages and salaries paid, EUR 1,000 13,571 13,218 14,336 Share key figures Earnings per share (EPS), EUR, undiluted 0.18 0.09 0.04 Earnings per share (EPS), EUR, diluted 0.18 0.09 0.04 Equity per share, EUR 0.35 0.42 0.43 Dividend per share, EUR 0.00* 0.00* 0.00* Dividend to earnings ratio, % 0.0% 0.0% 0.0% Effective dividend yield, % 0.0% 0.0% 0.0% Repayment of equity per share, EUR 0.00 0.06 0.03 Price per earnings (P/E) 6.97 11.48 25.59 Number of shares adjusted for share issue (diluted), weighted average 78,076,485 79,721,952 82,068,171 Number of shares adjusted for share issue (diluted), at end of financial year 78,127,855 79,769,164 82,310,211 Number of shares adjusted for share issue (undiluted), weighted average 78,076,485 78,165,952 80,582,788 Number of shares adjusted for share issue (undiluted), at end of financial year 78,127,855 78,213,164 80,695,211 * The Board of Directors proposes to the Annual General Meeting repayment of equity from the reserve for invested unrestricted equity, at most EUR 0.03 per each outstanding share. Share price development Share price development - highest price 1.26 1.38 1.20 - lowest price 0.60 0.77 0.90 - average price 0.91 1.02 1.05 - closing share price at balance sheet date 1.26 1.05 0.95 Market capitalisation, MEUR 98.1 82.1 76.4 Number of shares traded 12,770,526 14,076,734 14,249,199 Shares traded, % of total number of shares 16.3% 18.0% 17.7% Number of shareholders 6,585 6,738 6,563 CALCULATION OF KEY FIGURES Return on equity (%) = Result for the period Equity (average of beginning and end of financial year) ×100 Capital employed = Balance sheet total - non-interest-bearing liabilities Return on capital employed (%) = Result for the year before taxes + interests and other financial expenses ×100 Capital employed (average of beginning and end of financial year) Equity ratio (%) = Equity Balance sheet total - advances received ×100 Gearing (%) = Interest-bearing liabilities - cash and cash equivalents Equity ×100 Gearing (%) excluding IFRS 16 = Interest-bearing liabilities excluding IFRS 16 - cash and cash equivalents Equity excluding IFRS 16 effect on equity (depreciation, rental expense and interest expense) ×100 Interest-bearing net debt = Interest-bearing liabilities - long-term interest bearing receivables - cash and cash equivalents Interest-bearing net debt excluding IFRS 16 = Interest-bearing liabilities excluding IFRS 16 - long-term interest bearing receivables - cash and cash equivalents Interest-bearing net debt / EBITDA (12 months, rolling) = Interest bearing debt - cash and cash equivalents EBITDA (12 months, rolling) Earnings per share (EPS) = Result attributable to equity holders of the parent company Weighted average number of outstanding ordinary shares Equity/share = Equity attributable to equity holders of the parent company Undiluted number of shares outstanding at the end of the financial year Dividend to earnings ratio, % = Dividend per share Earnings per share ×100 Effective dividend yield, % = Dividend per share Adjusted share price at the end of the financial year ×100 Price per earnings (P/E) = Share price at the end of the financial year Earnings per share Dividend per share = Dividend payable for the period Share-issue adjusted number of shares - own shares Consolidated statement of comprehensive income, IFRS EUR 1,000 Note 1 Jan-31 Dec 2025 1 Jan-31 Dec 2024 NET SALES 2 109,375 104,766 Other operating income 3 327 2,160 Use of materials and supplies 4 -58,755 -59,322 Employee benefit expenses 5 -14,336 -13,218 Depreciation, amortisation and impairment losses 6 -10,007 -5,420 Other operating expenses 4 -12,013 -9,673 OPERATING RESULT 14,590 19,293 Financial income 7 293 654 Financial expenses 7 -5,073 -3,649 Share of profit of equity-accounted investees 16 -84 -87 Total financial income and expenses and share of profit of equity-accounted investees -4,864 -3,082 RESULT BEFORE INCOME TAX 9,727 16,211 Income taxes 8 -3,199 -3,140 RESULT FOR THE PERIOD 6,527 13,070 OTHER COMPREHENSIVE INCOME Other comprehensive income not to be reclassified to profit or loss in subsequent periods Re-measurement of defined benefit schemes 23 -20 4 Other comprehensive income to be reclassified to profit or loss in subsequent periods: Translation differences 858 67 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 7,365 13,141 Result attributable to Equity holders of the parent company 3,091 7,100 Non-controlling interest 3,436 5,970 Total comprehensive income attributable to Equity holders of the parent company 3,929 7,171 Non-controlling interest 3,436 5,970 Earnings per share calculated from result attributable to equity holders of the parent company Earnings per share, undiluted, EUR 9 0.04 0.09 Earnings per share, diluted, EUR 9 0.04 0.09 Consolidated statement of financial position, IFRS EUR 1,000 Note 31 December 2025 31 December 2024 ASSETS Non-current assets Property, plant and equipment 11 33,213 36,329 Right-of-use assets 11, 13 14,838 14,678 Goodwill 12, 15 8,161 7,356 Other intangible assets 12 3,913 6,192 Investments in equity-accounted investees 16 0 84 Non-current receivables 17 74 71 Deferred tax assets 18 4,124 5,422 Non-current assets, total 64,322 70,131 Current assets Inventories 1,106 1,146 Trade and other receivables 19 10,393 12,861 Income tax receivables 1,130 1,110 Cash and cash equivalents 20 20,342 16,297 Current assets, total 32,972 31,414 TOTAL ASSETS 97,294 101,546 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent company 21 Share capital 4,215 4,215 Share premium reserve 86 86 Legal reserve 2,376 2,376 Reserve for invested unrestricted equity 30,757 33,174 Translation differences 907 49 Retained earnings -3,948 -7,345 Equity attributable to equity holders of the parent company 34,394 32,555 Non-controlling interests 10 8,333 8,598 Total equity 42,727 41,153 LIABILITIES Non-current liabilities Deferred tax liabilities 18 1,301 1,633 Other liabilities 23 44 23 Financial liabilities 24, 31 19,373 22,739 Lease liabilities 13, 26 11,990 12,374 Non-current liabilities, total 32,708 36,770 Current liabilities Income tax payables 755 1,164 Financial liabilities 24, 31 6,955 8,122 Lease liabilities 13, 26 3,469 2,589 Trade payables and other liabilities 25 10,680 11,748 Current liabilities, total 21,859 23,623 Liabilities, total 54,567 60,393 EQUITY AND LIABILITIES, TOTAL 97,294 101,546 Consolidated cash flow statement, IFRS EUR 1,000 Note 1 Jan-31 Dec 2025 1 Jan-31 Dec 2024 Cash flow from operating activities PROFIT/LOSS FOR THE FINANCIAL PERIOD 6,527 13,070 Adjustments: Depreciation, amortisation and impairment losses 6 10,007 5,420 Unrealised foreign exchange gains (-) and losses (+) 28 -33 Other income (-) and expenses (+), non cash 498 -1,858 Adjustments to financial income (-) or expenses (+) 7 4,780 2,995 Adjustments to income tax expense 8 3,199 3,140 Other adjustments 292 87 Cash flow before changes in working capital 25,332 22,822 Changes in working capital: Increase (-) / decrease (+) in inventories 39 -52 Increase (-) / decrease (+) in non-interest bearing current receivables 2,294 2,860 Increase (+) / decrease (-) in non-interest bearing current payables -1,026 -6,736 Net cash from operating activities before financial items and taxes 26,639 18,895 Interest paid -3,577 -3,363 Interest received 60 67 Other financial items -295 -481 Income taxes paid -2,728 -3,250 Cash flow from operating activities 20,099 11,868 Cash flow from investing activities Purchases of property, plant and equipment and intangible assets -1,400 -1,981 Proceeds from sale of property, plant and equipment 393 0 Acquisitions of subsidiaries, net of cash acquired 30 -5,764 -6,553 Disposal of a subsidiary, net of cash disposed of 30 0 10,801 Purchase of and proceeds from other investments 0 975 Cash flow from investing activities -6,771 3,242 Cash flow from financing activities Change in credit limit 0 -2,652 Proceeds from non-current borrowings 3,000 21,132 Repayment of non-current borrowings -3,167 -17,343 Repayment of equity -2,417 -4,691 Repayment of lease liabilities -3,003 -1,159 Dividends paid / repayments of equity to non-controlling interests -3,701 -6,927 Cash flow from financing activities -9,288 -11,639 Change in cash and cash equivalents 4,041 3,471 Cash and cash equivalents at the beginning of the year 16,297 12,814 Net increase/decrease in cash and cash equivalents 4,041 3,471 Translation differences of net increase/decrease in cash and cash equivalents 4 12 Cash and cash equivalents at the end of the period 20,342 16,297 Consolidated statement of changes in equity, IFRS Equity attributable to equity holders of the parent company EUR 1,000 1-12/2025 Note Share capital Share premium reserve Legal reserve Reserve for invested unrestricted equity Translation differences Retained earnings Total Non-controlling interest Total equity Equity on 1 Jan 2025 4,215 86 2,376 33,174 49 -7,345 32,555 8,598 41,153 Comprehensive income Result for the period 3,091 3,091 3,436 6,527 Other comprehensive income Re-measurement of defined benefit schemes 23 -20 -20 -20 Translation differences 858 858 858 Total comprehensive income for the period 858 3,071 3,929 3,436 7,365 Business transactions with shareholders Repayment of equity -2,417 -2,417 -2,417 Share remuneration 22 327 327 327 Dividend distribution 10 -3,701 -3,701 Total business transactions with shareholders -2,417 327 -2,090 -3,701 -5,791 Equity on 31 Dec 2025 4,215 86 2,376 30,757 907 -3,948 34,394 8,333 42,727 Equity attributable to equity holders of the parent company EUR 1,000 1-12/2024 Note Share capital Share premium reserve Legal reserve Reserve for invested unrestricted equity Translation differences Retained earnings Total Non-controlling interest Total equity Equity on 1 Jan 2024 4,215 86 2,376 35,591 -18 -14,752 27,498 18,395 45,894 Comprehensive income Result for the period 7,100 7,100 5,970 13,070 Other comprehensive income Re-measurement of defined benefit schemes 23 4 4 4 Translation differences 67 67 67 Total comprehensive income for the period 67 7,104 7,171 5,970 13,141 Business transactions with shareholders Repayment of equity -4,691 -4,691 -4,691 Share remuneration 22 303 303 303 Issuance of shares related to a business combination 31 2,274 2,274 2,274 Divestment of a subsidiary 31 -8,841 -8,841 Dividend distribution 10 -6,927 -6,927 Total business transactions with shareholders -2,417 303 -2,114 -15,768 -17,882 Equity on 31 Dec 2024 4,215 86 2,376 33,174 49 -7,345 32,555 8,598 41,153 Notes to the consolidated financial statements, IFRS ACCOUNTING PRINCIPLES FOR THE CONSOLIDATED FINANCIAL STATEMENTS BASIC INFORMATION ABOUT THE GROUP The business idea of Nurminen Logistics is to provide and produce high-quality and customer competitiveness increasing logistics services in Finland and regular international railway line services. The Group's parent company is Nurminen Logistics Plc. The parent company' is domiciled in Helsinki, Finland, and its registered address is Satamakaari 24, 00980 Helsinki, Finland. The parent company is listed on NASDAQ OMX Helsinki Stock Exchange. Copies of the consolidated financial statements are available on the internet at https://www.nurminenlogistics.com . The consolidated financial statements were authorised for issue by the Board of Directors on 11 March 2026. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial statements. The Annual General Meeting also has the right to decide to amend the financial statements. BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) approved in European Union, in accordance with the IAS and IFRS standards and SIC and IFRIC interpretations effective on 31 December 2025. International Financial Reporting Standards are standards and interpretations adopted for application in the European Union in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and Council. The notes to the consolidated financial statements are also in accordance with the Finnish legislation on accounting and entities complementing the IFRS. The consolidated financial statements are prepared for the calendar year, which is also the financial year of the parent company and Group companies. The consolidated financial statements have been prepared on the historical cost basis except for the financial assets and financial liabilities measured at fair value through profit or loss. The financial statements are presented in thousands of euro and the figures are rounded off to the nearest thousand, so the sum of individually presented figures can deviate from the disclosed sums. APPLICATION OF NEW AND REVISED IFRS STANDARDS There were no changes to the IFRS standard in the reporting period beginning on 1 January 2025 that would have a significant impact on Nurminen Logistics' consolidated financial statements. PRINCIPLES OF CONSOLIDATION SUBSIDIARIES The consolidated financial statements include the financial statements of Nurminen Logistics Plc and those of all its subsidiaries. The subsidiaries are entities controlled by the parent company. Nurminen Logistics Plc controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Subsidiaries acquired are included in the consolidated financial statements from the acquisition date that control commences until the date that control ceases. Acquired subsidiaries are accounted for by using the acquisition method. The consideration transferred, identifiable assets and liabilities assumed of the acquired entity and are measured at their fair values at the acquisition date. Goodwill arising on an acquisition is recognised as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interests and previously held equity interests in the acquiree, over the Group's share of the fair value of the net assets acquired at the acquisition date. The consideration transferred includes any assets transferred by the acquirer, liabilities incurred by the acquirer to former owners of the acquiree and the equity interests issued by the acquirer, measured at fair value. Any contingent consideration related to the business combination is measured at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as liability is remeasured at its fair value at each balance sheet date and the subsequent changes to fair value are recognised in profit or loss. Contingent consideration classified as equity is not subsequently remeasured. The consideration transferred does not include any transactions accounted for separately from the acquisition, which are treated in conjunction with the acquisition in profit or loss. All acquisition-related costs, with the exception for costs to issue debt or equity securities, are expensed in the periods in which costs are incurred and services rendered. All intra-group transactions, receivables and liabilities as well as unrealised gains and profit distribution are eliminated in the consolidation. Non-controlling interests are presented as a separate item under equity. NON-CONTROLLING INTERESTS Any non-controlling interest in the acquiree is measured on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets. Changes in the parent company's ownership interest in a subsidiary are accounted for as equity transactions if the parent company retains control over the subsidiary. The result for the financial year and items recognised in other comprehensive income are allocated to the equity holders of the parent company and non-controlling interests. Total comprehensive income is allocated to the equity holders of the parent company and non-controlling interests, even if that results in a deficit balance, unless non-controlling interests have an exemption not to meet obligations which exceed non-controlling interests' investment. Equity attributable to the non-controlling interest is presented separately under equity in the consolidated balance sheet. ASSOCIATES Associates are companies in which the Group has significant influence. Significant influence generally arises when the Group holds 20 to 50 per cent of a company's voting power or the Group otherwise has significant influence but not power to govern the financial and operating policies of an entity. Associates are consolidated using the equity method. When the Group's share of an associate's losses exceeds the carrying amount of the interest, the interest is recognised at zero value in the balance sheet and recognition of further losses is discontinued, except to the extent that the Group has committed to settle the associate's obligations. Investment in an associate includes goodwill arisen on acquisition. Unrealised gains resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The Group's share of an associate's result for the financial year is disclosed separately after financial items in the consolidated statement of comprehensive income. FOREIGN CURRENCY TRANSACTIONS Items included in the financial statements of each subsidiary in the Group are determined using the currency reflecting the primary economic environment of that subsidiary ("the functional currency"). The consolidated financial statements are prepared in euro which is the functional and presentation currency of the parent company and the presentation currency of the consolidated financial statements. Foreign currency transactions of the Group companies are translated into functional currencies using the exchange rates prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are translated using the balance sheet date exchange rates and non-monetary assets and liabilities that are measured at historical cost are translated using the transaction date exchange rates. Gains and losses arising from the translation are recognised in the consolidated statement of comprehensive income. In the preparation of consolidated financial statements, income and expenses for the income statements and for the statements of comprehensive income of those foreign Group companies whose functional currency is not euro, are translated into euro by using the average exchange rate for the financial year and the balance sheets are translated at the exchange rate at the balance sheet date. Translation differences arising from such translation are recognised in equity. Retranslating the result and the total comprehensive income for the financial year using different exchange rates for the statement of comprehensive income and for the balance sheet causes a translation difference recognised in Group's equity, the change in this translation difference is recognised under other comprehensive income. Respectively, foreign currency differences arising from the elimination of the costs of foreign subsidiaries, and from the retranslation of post-combination equity components in subsequent periods, are recognised in other comprehensive income. When a foreign operation is sold or is otherwise disposed of, in part or in full, the accumulated foreign currency differences are recognised in the statement of comprehensive income as part of the gain or loss on sale for the disposed part. PROPERTY, PLANT AND EQUIPMENT Items of property, plant and equipment are carried at historical cost less accumulated depreciation and impairment losses. The cost includes all expenditure directly attributable to the acquisition of the asset. The borrowing costs directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period to get ready for its intended use or sale, are capitalised as part of the carrying amount of the asset. Subsequent costs are recognised in the carrying amount of the item only if it is probable that future economic benefits associated with the asset will flow to the Group and its cost can be measured reliably. Other repair and maintenance costs are expensed as incurred. Property, plant and equipment are depreciated using the straight-line method over their estimated useful lives, which are the following: Buildings 30-40 years Transport equipment 5-8 years Machinery and equipment 3-10 years Locomotives 30 years Locomotive parts 5-12 years ICT equipment 3 years Software 5-10 years Land is not depreciated. Recognition of depreciation on an item of property, plant and equipment is discontinued when the item is classified as held for sale in accordance with IFRS 5 standard. Non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell. Gains and losses on the disposal of assets are reported as the difference between selling price and carrying amount, and the gains and losses are included in other operating income and expenses in the income statement. Useful lives and residual values are reviewed at every balance sheet date. Changes in the future economic benefits to be received from the items of property, plant and equipment are accounted for by adjusting the useful lives and residual values of the items in question. Gains and losses arising from sale and disposal of property, plant and equipment are included in other operating income or in other operating expenses. INTANGIBLE ASSETS GOODWILL Goodwill arising on business combinations is recognised as the excess of the aggregate of the consideration transferred, the amount of non-con-trolling interest in the acquiree and the value of any previously held equity interest over the fair value of the acquired net assets. Goodwill is not amortised but it is tested at least annually for impairment. Goodwill is carried at historical cost less accumulated impairment losses. RESEARCH AND DEVELOPMENT COSTS Research costs are expensed in the financial year in which they are incurred. Development costs are capitalised when certain criteria are met. OTHER INTANGIBLE ASSETS An intangible asset is recognised in the balance sheet only if its cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. An intangible asset is measured at historical cost less amortisation and any impairment losses. Group's intangible assets include mainly IT software which is amortised on a straight-line basis over 5 to 7 years. IMPAIRMENT OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT The Group assesses, at every balance sheet date, if there are any indications of impairment of property, plant and equipment or intangible assets. In case such indications exist, the asset's recoverable amount is estimated. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. As to goodwill, the recoverable amount is estimated at least annually irrespective of whether indications of impairment exist. Impairment is assessed at a cash-generating unit level, i.e. at the lowest level for which there are separately identifiable, mainly independent cash flows. In impairment testing of goodwill, the recoverable amount is based on value in use, i.e. on the estimated discounted future net cash flows. At the recognition of the impairment loss the asset's useful life is re-es-timated. The recognised impairment loss is reversed if the estimates used to determine the asset's recoverable amount have changed. The reversal of the impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset. An impairment loss on goodwill is never reversed. APPLICATION OF IFRS 9 Impairment policies are based on expected credit loss models. Impairment models apply to cash and cash equivalents, such as rental, sales and factoring receivables and loan receivables. FINANCIAL INSTRUMENTS FINANCIAL ASSETS Financial assets of Nurminen Logistics are classified according to IFRS 9 into the following categories: financial assets at amortised cost and financial assets at fair value through profit or loss. The classification of financial assets is made at initial recognition of financial assets and is based on the business model applied by the company for the holding of financial assets and the nature of contractual cash flows. Measurement of a financial asset at amortised cost requires the contractual cash flows to consist solely of interest and the repayment of principal (the so-called SPPI criterion). Compliance with the SPPI criterion is assessed on a per-instrument basis. If the SPPI criterion is not met, financial assets are measured at fair value through profit or loss. Financial assets are classified as current assets if they have a maturity of less than 12 months and are expected to be disposed of within 12 months. Otherwise, the item is presented as non-current assets. Transaction costs are included in the original carrying amount of the financial assets in the case of an item measured at amortised cost. Purchases and sales of financial instruments are recognised on the settlement date. The fair values of financial instruments are determined using discounted cash flows. FINANCIAL ASSETS AT AMORTISED COST An item of financial assets is measured at amortised cost if the business model requires the collection of fixed or predetermined cash flows. They consist of repayments of capital and interest on capital and arise when the Group provides loans or provides products and services directly to debtors. If an item of financial assets does not meet the above conditions, it is measured at fair value. The Group typically recognises rental, factoring and trade receivables as well as loan receivables at amortised cost. CREDIT RISK ASSESSMENT OF FINANCIAL ASSETS In accordance with IFRS 9, Nurminen Logistics recognises expected credit losses on cash classified at amortised cost. According to this model, expected loan losses based on an individual counterparty default risk assessment. The Group uses a simplified method for recognising credit losses permitted by the standard, in which case the Group recognises the expected credit loss over the life of the contract. The change in expected credit losses recorded at each reporting date reflects the change in the credit risk of the financial assets from the initial recognition. A credit loss transaction is no longer required to record a credit loss. Recognising the amount of expected credit loss and a proactive provision for impairment is based on the management's best estimate of future credit losses. Customer receivables and the related credit loss risk are actively monitored by the company, and decisions on measures to secure the receivables are made, if necessary. When the amount of provision for credit loss is estimated on a case-by-case basis, any collateral or insurance, the customer's financial position and previous payment behaviour are taken into consideration. Financial assets are derecognised when the Group loses its contractual right to receive cash flows or when it has transferred a significant part of the risks and rewards of ownership. An impairment loss is recognised immediately in profit or loss, depending on the item, either in other operating expenses or in financial items. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash balances and bank accounts as well as highly liquid investments with original maturities of three months or less at the acquisition date. FINANCIAL LIABILITIES The financial liabilities of Nurminen Logistics are classified to the following categories: financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost (other financial liabilities). The former category includes derivatives entered into by the Group, to which hedge accounting is not applied and that are not financial guarantee contracts. They are classified as held-for-trading instruments. The financial liabilities in this category are initially measured at fair value and are subsequently re-measured at their fair values. Gains and losses arising from derivatives' fair value changes, both unrealised and realised, are recognised in profit or loss in the period in which they occur. Fair values are determined by discounting the instruments' cash flows. Other financial liabilities are measured at fair value upon initial recognition. Transaction costs are included in the original carrying amount. Subsequently other financial liabilities are measured at amortised cost using the effective interest rate method. A financial liability is classified as current if the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. A financial liability (or part of the liability) is not derecognised until the liability has ceased to exist, that is, when the obligation identified in a contract has been fulfilled or cancelled or is no longer effective. REVENUE RECOGNITION PRINCIPLES - ADAPTATION OF IFRS 15 The company's revenue consists mainly of forwarding services, railway transport and terminal services. The company also receives income from short- and long-term warehousing services. Revenue is recognised as goods are assigned to customer or service is concluded: as performance obligations are met and customer obtains the goods or services within the performance obligation. Revenue is recognised with the same price that the company expects to be entitled to, with sales taxes and other possible compensations deducted from the price. The prices for compa-ny's services are fixed and generally contain no variable components. The Baltic subsidiaries act as freight brokers, and net sales are recognised when the performance obligation has been fulfilled, i.e. the services have been performed. Revenue recognition principles have been described below: Railway services The company provides international railway transport services with various types of wagons in which the goods are delivered to destination. The contract price of trains or containers en route at the end of the reporting period is recognised as revenue over time, corresponding to the time en route on the closing date relative to the total delivery time. The recognition principles applies to rail transport offered by international railway operations and North Rail Oy. The service is a singular contract obligation, which includes transport service to the destination, and the contract price is allocated in full to that obligation. The principle of revenue recognition is based on the IFRS 15 criterion that the performance obligation is fulfilled over time when performing a transport service. Forwarding Forwarding service agreement consists of actions necessary for importing, exporting and customs duties. As whole they compile the performance obligation towards customer, which is usually concluded within a month from the signing of the agreement. The company recognises revenue from agreement price when the delivery orders connected to import or export have been received and authority over the goods is transferred to customer or other party. The entire contract price is allocated to a single performance obligation. Terminal services Terminal services consist of handling of goods at the arrival or departure of goods. The definite content of service is defined at contract level. Terminal service agreement is an entity to which the contract price is allocated. The contract price is recognised when the work on handling goods has been completed. Warehousing services: Warehousing services consist of renting space from terminal or terminal area for short or long term holding of goods. The warehousing agreement is an entity to which the contract price is allocated. Profits from warehous- ing services are recognised over the time during the lease period for which the customer benefits from the service. Lease income is processed according to IFRS 15 standard when the customer is not given control over the leased space. CONTRACTUAL AMOUNTS RECOGNISED ON THE BALANCE SHEET Trade receivables Trade receivable is a transaction price to which the company has an unconditional right Trade receivables are non-interest bearing and are typically from 14 to 60 days, corresponding to the average payment terms. Contract assets or contract liabilities Due to the nature of the business, the company does not have contract assets or contract liabilities. EMPLOYEE BENEFITS PENSION ARRANGEMENTS The pension arrangements of Nurminen Logistics have been classified as defined contribution plans. Payments to defined contribution plans are recognised as an expense in the income statement in the period to which they relate. In defined contribution plans the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligation to pay further amounts in case the separate entity receiving the contributions fails to pay out the pension benefits. Defined benefit pension plans are insured by a life insurance company, and in addition to the old-age pension benefit, the additional pension insurance covers any survivor's pension benefit and burial grant benefit. Additional defined benefit pension obligations are measured based on calculations by independent actuaries. According to the measurement principles, assets are measured at fair value on the closing date, costs according to the calculation method and recognised in profit or loss, in addition interest is recognised in financial items and actuarial gains and losses caused by the remeasurement of the defined benefit net debt in comprehensive income, and these items will not subsequently be reclassified in profit or loss. The defined benefit pension plan is described in more detail in Note 23. SHARE-BASED PAYMENTS Starting from 2022, Nurminen Logistics has two share-based incentive programmes for the company's key personnel: Performance Share Plan 2022-2026 and Restricted Share Plan 2022-2026, and starting from 2023, the CEO Performance Share plan 2023-2027. More details on the share-based incentive schemes are presented in Note 22. The rewards will be paid partly in Nurminen Logistics shares and partly in cash. The cash proportions of the rewards are intended for covering taxes and tax-related expenses arising from the rewards to the participants. In general, no reward is paid if the participant's employment or director contract terminates before the reward payment. The amount of remuneration paid based on the share-based incentive scheme will be cut if the maximum value for remuneration paid for the earning periods 2022-2024 set by the Board of Directors is reached. The Nurminen Logistics Management Team member is obliged to hold 50 per cent of the received net reward shares, until the total value of the Management Team member's shareholding in Nurminen Logistics equals to 50 per cent of their annual base salary of the preceding year. Respec- tively, the CEO is obliged to hold 50 per cent of the received net reward shares, until CEO´s shareholding in Nurminen Logistics equals to 100 per cent of the CEO´s annual base salary of the preceding year. Such number of Nurminen Logistics shares must be held as long as the membership in the Management Team or the position as the CEO continues. Share-based transactions paid in cash include arrangements in which the company has granted the persons a right to future cash payments by granting them a right to shares that can be redeemed at the request of either the company or the employee. A liability resulting from such an arrangement is measured at fair value at the end of each reporting period and on the day of settling the debt, and changes in fair value are recognised in profit or loss for the period in question. The benefits granted in the scheme are measured at fair value upon granting and expensed in the income statement over the vesting period. INCOME TAXES The income tax expense in the statement of comprehensive income comprises the current tax, adjustments to previous periods' taxes as well as changes in deferred taxes. Income taxes are recognised in profit or loss except when they relate to other comprehensive income or equity, while income taxes are recognised within the respective items. Current tax is calculated based on taxable income using tax rates enacted in each country. Deferred tax assets and deferred tax liabilities are calculated for temporary differences between the amounts of assets and liabilities used for taxation purposes and the carrying amounts for financial reporting purposes under IFRS. The principal temporary differences arise from financial instruments measured at fair value through profit or loss and depreciation related to component accounting. Deferred taxes are measured at the tax rate that has been enacted or substantially enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax liabilities are recognised in the statement of financial position in full. TANGIBLE ASSETS AND LEASES IFRS 16 requires lessees to recognise all leases in the balance sheet on a right-of-use basis. Leased assets are treated during the lease term on the same basis as owner-occupied assets and the right-of-use assets recognised for them on the balance sheet are amortised based on the defined lease term. The debt based on the present value of the rent is reduced as the rent is paid. The group's right-of-use assets are comprised of the IFRS 16 lease liabilities concerning land and water areas, buildings and machinery and equipment. Because of its industry and business model, Nurminen Logistics primarily is the lessee in the contracts. The company primarily applies the standard to leases on land areas, premises and terminal properties, as well as terminal machinery and equipment. In determining the term of a lease, the company has exercised discretion in estimating the probability of exercising the extension options of leases and included the terms covered by the option in the term of the lease, if exercising the option is reasonably certain. Leases are distinguished from service contracts using a control model. When the arrangement includes a specific asset that is under the control of the customer, it is a lease. The contract is recognised in the balance sheet as a non-current asset and a liability arising therefrom. Service contracts are recognised as an expense in the income statement. LEASE LIABILITIES At the commencement date of the agreement, Nurminen Logistics values the lease liability at the present value of the rent outstanding at that date. Payments include fixed rentals and residual value guarantees less any available lease incentives. The company considers lease termination charges as part of the lease payments if it has considered the option to terminate during the lease term. VAT is not included in the amount of the lease liability and management and maintenance fees and other payments of a service nature are generally treated as an expense that cannot be capitalised in the balance sheet. Interest expenses are recognised through profit or loss over the term of the lease and the right-of-use asset is amortised using the straight-line method over the term of the lease Rents are discounted using the company's estimated incremental borrowing rate. The standard defines the incremental borrowing rate as the interest that the lessee would have to pay on borrowing for the same period and with similar collateral to acquire the asset at the cost of the underlying asset. RIGHT-OF-USE ASSETS Nurminen Logistics records the lease at the commencement date of the lease, i.e. the date on which the lessor transfers the asset to the control of the company. The property, plant and equipment are measured at cost less accumulated depreciation and impairment losses and adjusted for any subsequent revaluation of the lease liability. The original cost equals the original lease liability. The right-of-use assets are subject to impairment testing. APPLICATION OF FACILITATIONS AND SIGNIFICANT ASSUMPTIONS Nurminen Logistics does not treat short-term leases of less than 12 months or low value assets as property, plant and equipment, but recognises the resulting rental expense in the income statement. Contracts of minor value primarily include IT and office hardware, company cars and small office spaces. Fixed-term leases are dealt with by the company within the term of a non-cancellable lease term and are subject to any subsequent option periods when the company has reasonable assurance that they will be exercised. The management exercises discretion in assessing the term of leases valid until further notice, which is based on the company's strategic situation and market conditions, as well as the costs that would be incurred if the leased commodity was replaced by another commodity. Leases in which Nurminen Logistics is the lessor are operating leases and are recognised in the income statement on a straight-line basis over the lease term. The remaining liabilities for leases that do not include property, plant and equipment assets and lease liabilities are disclosed in Note 27 as off-balance sheet liabilities. OPERATING PROFIT The operating profit is the total of sales and other operating income from which expenses for material and services, employee benefits and other operating expenses as well as depreciation, amortisation and impairment losses on non-current assets are subtracted. Foreign currency differences arising from working capital items are included in the operating result, whereas foreign currency differences from financial assets and financial liabilities are included in financial income and expenses. ACCOUNTING POLICIES REQUIRING MANAGEMENT DISCRETION AND KEY UNCERTAINTIES ASSOCIATED WITH ESTIMATES The preparation of IFRS financial statements requires the company's management to make certain estimates and assumptions and discretion in the application of accounting principles. The estimates and assumptions made affect the reported amounts of assets and liabilities in the balance sheet as well as the income and expenses in the income statement. In business combinations fair values of the items of property, plant and equipment and intangible assets are estimated and the depreciation and amortisation periods for the assets are determined. The determination of fair value of intangible assets is based on estimates about future cash flows to be generated by these assets. Goodwill is tested for impairment annually. Management's judgment must be used in determining the cash-generating units for goodwill testing. The recoverable amounts of the cash-generating units are determined based on value in use. The preparation of these calculations requires use of estimates. In calculation of value in use estimates are made about future cash flows and discount rate to be used. Estimates are based on budgets and forecasts, which contain some degree of uncertainty. Business acquisitions may result in an advantageous deal when the net amount of identifiable assets acquired and liabilities assumed at the time of acquisition is greater than the consideration given. The gain on the advantageous deal is recognised through profit or loss at the acquisition date. The recognition and measurement of deferred taxes requires the company's management to make estimates, especially in the case of a deferred tax asset recognised based on the Group companies' losses or another temporary difference for which a deferred tax asset is recognised. Due to uncertainty regarding use of confirmed losses, the Group recognises deferred tax assets in the consolidated balance sheet by the principle of prudence. Property, plant and equipment as well as intangible assets are reviewed annually as to whether any indications exist that these assets might be impaired. If indications exist, the asset's recoverable amount is estimated. Items of property, plant and equipment as well as intangible assets are depreciated and amortised over their estimated useful lives. The useful lives are reviewed regularly. With regard to non-current assets held for sale, the management regularly reviews whether the criteria of IFRS 5 for probability of divestment of the asset within a 12-month period from classifying these assets as non-current assets held for sale are not met. If indications exist, the asset is derecognised from non-current assets held for sale. Estimates made in preparing the financial statements are based on the management's best view and the information available at the balance sheet date. Estimates and assumptions are based on experience and other factors that are considered the best view in measuring such assets and liabilities, whose values cannot be derived from other sources. The estimates concerning the future are based on assumptions that are regarded as the most probable at the balance sheet date relating to the expected development of the financial environment of Nurminen Logistics and assumptions about the development of sales and cost level. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed continuously. The realisation of estimates and assumptions and the changes in underlying factors are reviewed regularly by using both external and internal sources of information. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only the period in question. If the revision to accounting estimate affects both the period in which the estimate is revised and future periods, the revision is recognised respectively in the period in question and in future periods. NEW AND REVISED STANDARDS AND INTERPRETATIONS The International Accounting Standards Board has announced the following new or revised standards and interpretations, which the Group has not yet adopted but which are estimated to have an impact on the Group's financial statements. The Group will apply each standard and interpretation as of its effective date or, if the effective date is some other date than the first day of the accounting period, as of the beginning of the financial year following the effective date. New standards and amendments to existing standards coming into effect in the fiscal year beginning on 1 January 2026 or later are the following: Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, effective from 1 January 2026. The new requirements are applied retrospectively and the effects of the amendments are recognised through profit and loss on the opening balance sheet. The changes clarify the derecognition of financial liabilities. The amendments also include an alternative accounting policy to derecognise a financial liability before the settlement date when the payment of the financial liability is made using an electronic payment system and when certain other criteria are met. The amendments clarify how to assess the characteristics of contractual cash flows of financial assets that are ESG-linked or have similar contingent characteristics. The amendments clarify how financial assets without a right of return and instruments contractually bound to them are treated. The amendments require disclosure of additional information on financial assets and liabilities whose contractual terms refer to a contingent event (including ESG-linked) and equity instruments classified at fair value through other comprehensive income. The amendments have no material impact on Nurminen Logistics' notes on the fair value of other equity instruments measured through comprehensive income. IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027. The standard is applied retrospectively. The new IFRS 18 standard introduces new requirements for the presentation of the income statement. The company must classify all income and expenses in the income statement into one of five categories: operating, investing, financing, income taxes and discontinued operations, the first three of which are new categories. In addition, IFRS 18 requires the following subtotals and totals to be presented in the income statement: operating profit or loss, profit before financing and income tax, and profit or loss. IFRS 18 also requires the presentation of new management-defined performance measures (MPM) in the financial statements. The management-defined performance measures (MPMs) are defined as a subtotal of income and expenses that the entity uses in public communications outside financial statements. The standard requires the company to present information on all performance measures defined by management in a single note. The new standard also introduces changes to the application of IAS 7 Statement of Cash Flows. In the indirect cash flow statement, the operating cash flow begins with the item operating profit or loss. The new standard also removes the option that allowed classifying interest and dividend cash flows. The adoption of IFRS 18 is expected to have an impact, in particular, on the presentation and disaggregation of information in the consolidated income statements and notes. A more detailed analysis of the impact on Nurminen Logistics Plc's financial statements will be completed in 2026. WAR IN UKRAINE AND THE GEOPOLITICAL SITUATION A weakening in world trade from the current situation as a consequence of the war in Ukraine may have a negative impact on the demand for the Group's services and thereby result. In addition, in the railway business, food supply-related fertilisers critical to the world or metals required for the green transition being subjected to sanctions due to the war in Ukraine might have a negative impact on the business of North Rail Oy. As Russia's war of aggression continues in Ukraine, the demand for the Trans-Caspian route bypassing Russia has stabilised. In addition, the situation in the Red Sea, which remained tight and continued during the financial year, has increased the demand for direct rail transport between Europe and Asia. Geopolitical factors, such as the war in the Middle East, increase the need for alternative and safe transport routes for companies. Nurminen Logistics continuously and actively develops the routes to solve custo-mers' logistical needs in changing conditions. RISKS RELATED TO CLIMATE CHANGE The Group does not see that risks related to climate change, such as extreme weather events, would affect Nurminen Logistics' business. AUDITING The Group's interim reports and financial statements release for the 2025 financial year are unaudited. NET SALES AND ACCOUNTING PRINCIPLES The effects of the IFRS 15 standard are described in the section on calculation principles. IFRS 15: RECOGNITION OF SALES INCOME WHEN THE PERFORMANCE OBLIGATION HAS BEEN SATISFIED EUR 1,000 1 Jan-31 Dec 2025 1 Jan-31 Dec 2024 Recognised over time 328 4,586 Recognised at a specific time 109,048 100,181 Revenue from contracts with customers 109,375 104,766 In 2025, net sales were distributed geographically between Finland, the Baltics and Sweden. INFORMATION ON GEOGRAPHICAL AREAS 2025 (EUR 1,000) Finland Russia Baltic countries Sweden Total Net sales 62,430 30,016 16,929 109,375 Non-current assets 51,605 667 12,051 64,322 2024 (EUR 1,000) Finland Russia Baltic countries Sweden Total Net sales 57,451 46,822 493 104,766 Non-current assets 56,621 13 599 12,899 70,131 INFORMATION ON BIGGEST CUSTOMERS The Group's income from Port Rail Service L.L.C. in 2025 was EUR 13,457 thousand, or 12% of the Group's net sales. In 2025, the Group did not receive more than 10% of the net sales from other individual customers. Group income from Global Transport and Logistics Pte. in 2024 was EUR 17,749 thousand, or 17% of the Group's net sales. In 2024, the Group did not receive more than 10% of the net sales from other individual customers. OTHER OPERATING INCOME EUR 1,000 2025 2024 Gains from sale of property, plant and equipment 106 2,047 Gain from the bargain purchase 40 Other items 221 73 Total 327 2,160 The gains on the sale of property, plant and equipment in 2024 include the gain on the sale of Koy Helsingin Satamakaari 24. For more information, see Note 31. OPERATING EXPENSES EUR 1,000 2025 2024 Use of materials and supplies 58,755 59,322 Expenses relating to short term low value leases 1,417 1,423 Administrative expenses 6,559 5,827 Other cost items 4,037 2,424 Total other operating expenses 12,013 9,673 The repayments of lease liabilities in the cash flow from financing activities amounted to EUR 3,003 thousand in 2025 and EUR 1,159 thousand in 2024. AUDITOR FEES EUR 1,000 2025 2024 Auditing 371 353 Other services 36 20 Total 407 373 EMPLOYEE BENEFIT EXPENSES EUR 1,000 2025 2024 Salaries and fees 11,633 10,901 Pension expenses, defined contribution plans 1,589 1,586 Pension expenses, defined benefit plans -5 -27 Other social security costs 793 456 Share-based payments 327 303 Total 14,336 13,218 Information on the management remuneration is presented in Note 30. Related party transactions. Information on the share-based payments is presented in Note 22. Share-based payments. Personnel of the Group during the year on average 2025 2024 Total 178 178 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES DEPRECIATION AND AMORTISATION BY ASSET CATEGORY: EUR 1,000 2025 2024 Intangible assets Customer relationships 782 Intangible rights 6 6 Other capitalised long-term expenditure 552 384 Impairment losses 1,847 Total 3,187 390 Property, plant and equipment Buildings 466 890 Machinery and equipment 2,914 2,807 Other tangible assets 32 18 Total 3,411 3,716 Amortisation of right-of-use assets (IFRS 16) 3,409 1,314 Total 10,007 5,420 Impairment losses include the write down of Nurminen Logistics Services AB's development costs. Further information is provided in Note 12. FINANCIAL INCOME AND EXPENSES EUR 1,000 2025 2024 Financial income Interest income 60 72 Exchange rate gains 233 371 Proceeds from other investments 211 Total financial income 293 654 Financial expenses Interest expenses 2,882 2,577 Exchange rate losses 881 280 Financial expenses on lease liabilities (IFRS 16) 970 494 Other financial expenses 340 297 Total financial expenses 5,073 3,649 Items above the operating profit include exchange rate differences totalling EUR -343 thousand in 2025 and EUR 45 thousand in 2024. Other financial expenses for 2025 include transaction costs of EUR 308 thousand amortised using the effective interest rate method (2024: EUR 40 thousand). INCOME TAXES THE INCOME TAX EXPENSE IN THE STATEMENT OF COMPREHENSIVE INCOME CONSISTS OF THE FOLLOWING: EUR 1,000 2025 2024 Current tax expense -2,268 -2,985 Deferred taxes, net -931 -156 Total -3,199 -3,140 THE RECONCILIATION BETWEEN THE INCOME TAX EXPENSE RECOGNISED IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND THE TAXES CALCULATED USING THE FINNISH CORPORATE TAX RATE (20.0%): EUR 1,000 2025 2024 Result before income tax 9,727 16,211 Corporate tax rate 20% 20% Income tax calculated using the Finnish corporate tax rate -1,945 -3,242 Adjustments Effect of tax rates used in foreign subsidiaries -84 -1,129 Unrecognised deferred tax assets on losses -1,214 -229 Tax-exempt income 8 Non-deductible expenses -137 -296 Use of previously unrecognised tax losses 152 713 Recognised deferred tax assets on losses -129 -833 Deferred tax liabilities from undistributed earnings 219 1,925 Other differences -63 -57 Total adjustments -1,254 102 Income tax expense in the income statement -3,199 -3,140 EARNINGS PER SHARE 2025 2024 Result attributable to the equity holders of the parent company (EUR 1,000) 3,091 7,100 Weighted average number of shares, undiluted 80,582,788 78,165,952 Earnings per share, undiluted, EUR 0.04 0.09 Result attributable to the equity holders of the parent company (EUR 1,000) 3,091 7,100 Weighted average number of shares, diluted 82,068,171 79,721,952 Earnings per share, diluted, EUR 0.04 0.09 SUBSIDIARIES AND ASSOCIATES THE COMPANIES BELONGING TO THE NURMINEN LOGISTICS GROUP ARE THE FOLLOWING: Subsidiaries Domicile Ownership (%) Share of votes (%) Nurminen Logistics Services Oy Finland 100.0% 100.0% North Rail Oy Finland 79.8% 79.8% North Rail Holding Oy Finland 79.8% 79.8% Kiinteistö Oy Kotkan Siikasaarentie 78 Finland 100.0% 100.0% Kiinteistö Oy Luumäen Suoanttilantie 101 Finland 100.0% 100.0% Kiinteistö Oy Vainikkalan Huolintatie 13 Finland 100.0% 100.0% Nurminen Maritime Latvia SIA Latvia 51.0% 51.0% Nurminen Maritime UAB Lithuania 51.0% 51.0% Nurminen Logistics Services AB Sweden 100% 100% Essinge Rail AB Sweden 100% 100% ASSOCIATES AND JOINT VENTURES Domicile Ownership (%) Share of votes (%) Pelkolan Terminaali Oy Finland 20.0% 20.0% During the financial year 2025, the company's previously 100%-owned subsidiary ILP-Group Logistics Oy merged into Nurminen Logistics Services Oy. The dissolution process of Nurminen Logistics' subsidiary OOO Nurminen Logistics was completed during the financial year 2025. The company has not had any business since 2022. At the end of the financial year, the Group has four subsidiaries with material non-controlling interests. The changes in the Group structure during the financial year are presented in more detail in Note 31. Acquisitions and divested businesses. The following is summarised financial information for the subsidiaries with material non-controlling interests. The information is before intra-Group eliminations. The Group has recognised deferred tax liabilities of EUR 646 thousand from undistributed earnings of subsidiaries (2024: EUR 865 thousand). 2025 2024 Nurminen Nurminen North Maritime Maritime North Nurminen Maritime Nurminen Kiinteistö Oy Helsingin EUR 1,000 Rail Latvia SIA UAB Total Rail Latvia SIA Maritime UAB Satamakaari 24 Total Summary of comprehensive income statement Net sales 32,788 15,444 14,572 62,805 27,678 28,657 18,816 2,172 77,324 Profit before taxes 10,275 2,470 1,956 14,701 9,383 5,943 3,257 641 19,224 Income taxes 2,126 454 321 2,901 933 869 183 94 2,078 Comprehensive income 8,149 2,016 1,635 11,800 8,450 5,074 3,074 548 17,146 Total comprehensive income attributable to NCI 1,646 988 802 3,436 1,707 2,487 1,508 268 5,970 Summary of balance sheets Current assets 17,999 3,237 2,268 23,504 10,780 3,930 3,811 18,521 Non-current assets 29,719 464 203 30,386 32,435 443 156 33,034 Current liabilities 3,602 810 654 5,066 2,433 735 1,059 4,227 Non-current liabilities 12,060 779 140 12,980 11,787 865 90 12,743 Net assets 32,056 2,112 1,677 35,845 28,996 2,772 2,818 34,585 Equity attributable to NCI 6,475 1,035 822 8,333 5,857 1,359 1,382 8,598 Summary of cash flows Cash flow from operating activities 13,401 2,057 1,638 17,095 6,030 5,349 2,484 1,440 15,303 Cash flow from investing activities -372 -191 -131 -694 -5,080 -2 -20 -84 -5,187 Cash flow from financing activities -5,321 -2,521 -2,748 -10,590 5,738 -9,960 -4,257 -807 -9,285 Net increase/ decrease in cash and cash equivalents 7,707 -655 -1,241 5,811 6,687 -4,613 -1,792 550 831 Dividends paid to NCI during the year 1,029 1,310 1,361 3,701 4,863 2,064 6,927 PROPERTY, PLANT AND EQUIPMENT Land and Land and water Machinery Machinery and Other Prepayments and acquisi- water areas, Buildings, and equipment, tangible tions in EUR 1,000 areas IFRS 16 Buildings IFRS 16 equipment IFRS 16 assets progress Total 2025 Cost at 1 January 262 2,006 11,879 20,382 53,535 3,222 923 8 92,216 Additions 370 5 654 68 2,656 456 4,210 Transfers between asset categories 398 -376 22 Disposals -504 -226 -730 Translation differences 1 2 49 11 10 6 14 95 Cost at 31 December 263 2,378 11,933 21,048 53,508 5,658 938 89 95,813 Accumulated depreciation and impairment losses at 1 January -342 -8,417 -8,503 -21,216 -2,086 -645 -41,209 Depreciation for the period -79 -466 -2,667 -2,914 -663 -32 -6,820 Accumulated depreciation for disposals and transfers 167 99 265 Translation differences 2 -2 2 1 2 Accumulated depreciation and impairment losses at 31 December -422 -8,880 -11,172 -23,961 -2,651 -677 -47,762 Carrying amount at 1 Jan 2025 262 1,664 3,462 11,879 32,319 1,135 278 8 51,007 Carrying amount at 31 Dec 2025 263 1,956 3,053 9,875 29,547 3,007 261 89 48,051 2024 Cost at 1 January 247 8,978 47,222 8,273 53,755 2,693 909 23 122,100 Additions from business acquisitions 15 23 898 95 460 259 1,750 Additions 12,363 239 792 5 294 13,692 Transfers between asset categories 60 222 15 -299 -3 Deductions from business divestments -6,996 -36,305 -349 -1,143 -265 -10 -45,067 Disposals -264 -264 Translation differences 0 0 4 0 2 1 8 Cost at 31 December 262 2,006 11,879 20,382 53,535 3,222 923 8 92,216 Accumulated depreciation and imp...

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