Interim report
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited)
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 2 Table of contents MANAGEMENT REPORT ................................ ................................ ................................ ................................ ...................... 4 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ................................ ................................ .............................. 14 MANAGEMENT BOARD’S CONFIRMATION TO THE CONDENSED CONSOLIDATED FINANCIAL STATE- MENTS 14 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ........................... 15 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 16 CONDENSED CONSOLIDATED CASH FLOW STATEMENT ................................ ................................ ................ 17 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY ................................ ........... 18 NOTES TO THE CONDENSED CONSOLIDATED INTERIM ACCOUNTS ................................ .............................. 19 Note 1. Accounting Principles Followed upon Preparation of the Condensed consolidated Interim Accounts . 19 Note 2. Cash and cash equivalents ................................ ................................ ................................ ......................... 20 Note 3. Trade and other receivables ................................ ................................ ................................ ....................... 20 Note 4. Trade receivables ................................ ................................ ................................ ................................ ........ 20 Note 5. Inventories ................................ ................................ ................................ ................................ ................... 20 Note 6. Subsidiaries ................................ ................................ ................................ ................................ ................. 21 Note 7. Investments in associates ................................ ................................ ................................ .......................... 23 Note 8. Long - term receivables and prepayments ................................ ................................ ................................ .. 24 Note 9. Investment property ................................ ................................ ................................ ................................ .... 24 Note 10. Property, plant and equipment ................................ ................................ ................................ ................. 25 Note 11. Intangible assets ................................ ................................ ................................ ................................ ....... 26 Note 12. Borrowings ................................ ................................ ................................ ................................ ................ 27 Note 13. Trade and other payables ................................ ................................ ................................ ......................... 29 Note 14. Taxes ................................ ................................ ................................ ................................ ......................... 29 Note 15. Share capital ................................ ................................ ................................ ................................ .............. 30 Note 16. Segment reporting ................................ ................................ ................................ ................................ .... 30 Note 17. Services expenses ................................ ................................ ................................ ................................ .... 35 Note 18. Staff costs ................................ ................................ ................................ ................................ ................. 36 Note 19. Earnings per share ................................ ................................ ................................ ................................ .... 36 Note 20. Related party transactions ................................ ................................ ................................ ........................ 36
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 3 COMPANY PROFILE AND CONTACT DETAILS The primary areas of activity of the companies of the TKM Grupp AS (hereinafter referred to as the ‘ TKM Group’ or ‘the Group’) include retail and wholesale trade. The Group employs more than 4, 7 00 employees. The Company is listed on the Nasdaq Tallinn Stock Exchange. Registered office: Kaubamaja 1 10143 Tallinn Republic of Estonia Registry code: 10223439 Beginning of financial year: 1 January 2026 End of financial year: 31 December 2026 Beginning of interim report period: 1 January 2026 End of interim report period: 3 0 September 2026 Auditor: PricewaterhouseCoopers AS Telephone: 372 667 3 3 00 E - mail: info@tkmgrupp.ee
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 4 MANAGEMENT REPORT Management In order to manage the Group, the general meeting of the shareholders, held at least once in a year, elects supervisory board, which according to the articles of association may have 3 to 6 members. Members of Group supervisory board are elected for three years. Memb ers of the Group supervisory board are Jüri Käo (chairman of the supervisory board), Enn Kunila, Kristo Anton, Gunnar Kraft and Meelis Milder. The mandates of supervisory board will expire on 19 May 2027. During the period between the general meetings the supervisory board plans actions of the company, organises management and accomplishes supervision over management actions. Regular supervisory board meetings are held at least 10 times in a year. In order to manage daily activities, the supervisory board appoints member(s) of the management board of the TKM Group in accordance with the Commercial Code. In order to elect a member of the management board, his or her consent is required. By the articles of association, a member of the management board shall be elected for a specified term of three years. Extension of the term of office of a member of the management bo ard shall not be decided earlier than one year before the planned date of expiry of the term of office, and not for a period longer than the maximum term of office prescribed by the articles of association. Currently the management board of Group has one m ember. The term of office of the management board member Raul Puusepp was extended on 13 February 2026 and his term of office expires on 5 March 2029. The law, the articles of association, decisions and goals stated by the shareholders and supervisory board are followed for managing the company. By Commercial Code a resolution on amendment of the articles of association shall be adopted, if at least two - third of the votes represented at a general meeting is in favour. A resolution on amendment of the articles of association shall enter into force as of making of a corresponding entry in the commercial register. The Group does not possess several classes o f shares. Structure of the company The Group is reporting its economic activities under five operating segments as follows. 1. The supermarkets segment focuses on the retail sale of food products and convenience goods, as well as the production of ready - made meals. 2. The main area of activity of the department store segment is the retail sales of beauty and fashion products. The segment includes the retail sales of the department stores, as well as the beauty store chain. 3. The car trade segment is focused on the import and sale of cars and car spare parts, as well as sales and after - sales service. 4. The real estate segment is involved with the development, management and maintenance of the real estate owned by the Group and with rental of f retail premises. 5. The principal activity of the security segment is the provision of security solutions. The following companies belong to the Group as of September 3 0 , 2026 : Shareholding as of Shareholding as of Selver supermarkets Location 30.0 9 . 2026 31.12. 202 5 Selver AS Estonia 100% 100% Kulinaaria OÜ Estonia 100% 100% Department stores Kaubamaja AS Estonia 100% 100% TKM Finants AS Estonia 100% 100% OÜ TKM Beauty Estonia 100% 100% OÜ TKM Beauty Eesti Estonia 0% 100% Rävala Parkla AS Estonia 50% 50%
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 5 Shareholding as of Shareholding as of Car trade Location 30.0 9 . 2026 31.12. 202 5 TKM Auto OÜ Estonia 100% 100% KIA Auto AS Estonia 100% 100% AS Viking Motors Estonia 100% 100% SIA Forum Auto Latvia 100% 100% Verte Auto SIA Latvia 100% 100% UAB Motus auto Lithuania 100% 100% UAB KIA Auto (former UAB Motus auto) Lithuania 100% 100% Rohe Auto AS Estonia 100% 0% SKO Motors OÜ Estonia 100% 0% Security segment Viking Security AS Estonia 100% 100% Walde AS Estonia 100% 10 0% Real estate TKM Kinnisvara AS Estonia 100% 100% OÜ TKM Kinnisvara Tartu Estonia 100% 100% SKO Motors Kinnisvara OÜ Estonia 100% 0% SIA TKM Latvija Latvia 100% 100% TKM Lietuva UAB Lithuania 100% 100% Changes in structure In February, a merger agreement was entered into between TKM Beauty OÜ and TKM Beauty Eesti OÜ, and the merger was registered in the Commercial Register on 1 April 2026. As a result of the merger, the operations, assets and all related rights and obligatio ns of TKM Beauty Eesti OÜ were transferred to TKM Beauty OÜ. The merger supports the integration of retail and wholesale activities in the beauty segment, allowing the Group to simplify its structure, improve management efficiency and create conditions for improved cost efficiency and the further development of business activities. Following the acquisition of shares in Rohe Auto AS and holdings in SKO Motors OÜ and SKO Motors Kinnisvara OÜ on 11 March 2026, additional structural changes have been implemented within the Group. As a result of the transaction, Rohe Auto AS and SKO Motors OÜ were integrated into the Group’s car segment, strengthening the Group’s position in the Estonian auto motive market and making the Group the largest Škoda dealer in the Baltics. In view of the structure of TKM Group’s operating segments, it was decided to integrate SKO Motors Kinnisvara OÜ, whose activities are related to real estate, into the Group’s real estate segment. In preparation for this, TKM Kinnisvara AS acquired the ownership interest in SKO Motors Kinnisvara OÜ from TKM Auto OÜ in August 2026. Thereafter, a merger agreement w as signed on 10 September 2026, pursuant to which TKM Kinnisvara AS will absorb SKO Motors Kinnisvara OÜ. Registration of the merger in the Commercial Register is planned for November 2026. In the opinion of the Management Board, the structural changes do not have a material impact on the Group’s financial position or financial performance. Share market Since 19 August 1997, the shares of the Group have been listed in the Baltic main list of the Nasdaq Tallinn Stock Exchange and is today the oldest listed company in the Baltics. The Group has issued 40,729,200 registered shares, each with the nominal value of 0.40 euros. The shares are freely transferable, no statutory restrictions apply. There are no restrictions on transfer of securities to the company as provided by contracts between the company and its shareholders. We do not have information about contracts between the shareholders restricting the transfer of securities. NG Investeeringud OÜ has direct significant participation. Shares granting special rights to their owners have not been issued.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 6 The council of the Group have no right to issue or buy back shares. In addition, there are no commitments between the company and its employees providing for compensation in mergers and acquisitions under article 19’ of Stock Market Trade Act. The share with a price of 9. 50 euros at the end of 2025 was closed in the end of September 2026 at the level of 9. 03 euros, de creased by 4.9 % over the nine months . According to the notice of regular annual general meeting of the shareholders published on 19 February 2026 , the management board proposed to pay dividends 0. 60 euros per share. The general meeting of shareholders approved it. Share price and trading statistics on the Nasdaq Tallinn Stock Exchange from 01.01. 2026 to 30.0 9 . 2026 . In euros SHARE Q3/26 Q3/25 9M/26 9M/25 Average number of shares (1000 pcs) 40 , 729 . 2 40 , 729 . 2 40 , 729 . 2 40 , 729 . 2 Equity capital per share (EUR/share) 6.09 5.97 6.09 5.97 Share’s closing price (EUR/share) 9.03 9.23 9.03 9.23 Earnings per share (EUR/share) 0.18 0.20 0.18 0.20 Risks The Estonian economy has returned to moderate growth; however, the impact of the recovery on private consumption and the Group’s business segments may prove uneven. Consumer spending and confidence continue to be affected by geopolitical tensions, high ene rgy prices and rising interest rates. Investment in the expansion of sales networks in the Estonian grocery retail market continues, further intensifying competition. To reduce this risk, the Group benefits from a strong loyalty programme, an efficient supply chain and a strong position in e - commerce within the Selver supermarkets segment. Optimisation of the store network and the continuous improvement of operating ef ficiency are ongoing. The motor vehicle tax, which has been in force since 2025, caused a significant decline in the Estonian automotive market. In connection with the 2027 Riigikogu elections, public discussion has increasingly focused on speculation regarding the possible abo lition of the motor vehicle tax. Such uncertainty may lead consumers and businesses to continue postponing purchase decisions during the current financial year, slowing the recovery of the automotive market and adversely affecting the financial performance of the Group’s car segment. Risks related to the Estonian motor vehicle tax are reduced by the car segment’s pan - Baltic business model. 9.03 6,0 6,5 7,0 7,5 8,0 8,5 9,0 9,5 10,0 10,5 0,0 0,1 0,1 0,2 0,2 0,3 0,3 01.26 02.26 03.26 04.26 05.26 06.26 07.26 08.26 09.26 Price EUR /share Turnover million EUR Turnover TKM1T closing price
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 7 Sustainable entrepreneurship During the third quarter, Selver supported more than 25 community projects across Estonia. Among other initiatives, support was provided for catering at the Tõrva Opera Days, the organisation of a Viimsi JK competition through pizzas and gift cards, and th e provision of essential products for Onkofest and VÕRAFEST. Cooperation also continued with the Saaremaa Opera Days, Selver TalTech Volleyball Club and Tornaado Hockey Club. In September, a 44 - member team from Kaubamaja participated in the inter - company step challenge Sammusõber 2026. As part of Kaubamaja’s Health Year programme, a creative development workshop, “My Strengths”, was organised for customer service employees in T allinn and Tartu. In September, the Kaubamaja Service Conference 2026 was held at the Film Museum, attended by 210 Kaubamaja employees from various fields. Selver continued to improve energy efficiency in several stores. The Tondi store was converted from gas heating to district heating. The Loo Selver, opened on 17 September, was equipped with an energy - efficient CO2 - based refrigeration system, and Kreutzwal di Selver also received a new CO2 - based refrigeration system. Economic environment According to Statistics Estonia, gross domestic product (GDP) grew by 1.8% in the second quarter of 2026 compared with the same period a year earlier. This marked the fifth consecutive quarter of economic growth in Estonia, although the pace of growth slow ed compared with the first quarter. Growth was supported primarily by manufacturing, construction, and agriculture, forestry and fishing, while value added declined in the real estate and trade sectors. Private consumption continued to recover, increasing by 1.6%, whereas investment activity weakened and net exports turned negative as imports grew faster than exports. According to the latest forecast by the Bank of Estonia, the Estonian economy is expected to grow by 2.6% in 2026 and by 2.4% in both 2027 an d 2028. Economic growth is expected to be supported by stronger domestic demand, a more accommodative fiscal policy and improved external demand; however, further growth will depend on higher investment and productivity. The main risks to the forecast are related to energy markets and uncertainty arising from the conflict in the Middle East. After slowing during the summer, inflation accelerated again in September. According to Statistics Estonia, the Estonian consumer price index increased by 0.9% in September compared with August and by 3.5% year - on - year. Goods were 3.6% and services 3.5% mo re expensive than in September of the previous year. The largest contributors to annual inflation were transport and housing - related costs, which increased by 14.9% and 7.4%, respectively. The increase in transport costs was driven primarily by a 33.8% ris e in petrol prices and a 58.0% rise in diesel prices, which have been linked to the ongoing conflict in the Middle East. Higher housing costs were mainly attributable to increases in the prices of natural gas, waste collection and electricity. At the same time, food and non - alcoholic beverages were 1.2% cheaper than a year earlier, helping to moderate overall inflation. According to the Bank of Estonia, consumer prices are expected to increase by an average of 3.1% in 2026. Inflation is forecast to slow to 2.3% in 2027 and 2.1% in 2028. In the near term, rising energy prices are expected to remain the main driver of inflation, with their impact continuing through the first half of 2027. Thereafter, energy prices are expected to stabilise and inflation to eas e. Lower food commodity prices and subdued growth in industrial goods prices are also expected to contribute to slower inflation. According to Statistics Estonia, the average gross monthly wage in the second quarter of 2026 was 2,243 euros, up 5.5% compared with a year earlier. According to the Bank of Estonia, average gross wages are expected to increase by 5.5% in 2026, with wage g rowth remaining within a range of 4.6% to 4.8% in the following years. Supported by slower inflation, real wages increased by 2.5% in the first half of the year, while the purchasing power of the average net wage is estimated to have risen by 7.4% as a result of the abolition of the tax wedge. According to Statistics Estonia, the sales revenue of retail trade enterprises at current prices increased by 8.3% during the first eight months of 2026. The strongest growth was recorded in the wholesale and retail sale and repair of motor vehicles, where sales revenue increased by 12.9%. Sales of food products, beverages and tobacco products grew by 2.4%, while sales of industrial goods increased by 5.7%. According to AMTEL, 14,734 new passenger cars were sold in Estonia during the first nine months of th e year, representing an increase of 56.4% compared with the previous year. In September, 1,663 new passenger cars were sold, up 41.1% year - on - year. However, the rapid growth rate is largely attributable to a low comparison base, as new car sales declined s harply in 2025 following the introduction of the motor vehicle tax. Although sales have recovered considerably this year, they remain below the level recorded prior to the introduction of the vehicle tax.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 8 Economic results Financial ratios In million euros EUR Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Revenue 251.7 232.7 8.2% 735.2 680.4 8.1% Selver supermarkets 148.2 150.9 - 1.7% 437.6 454.9 - 3.8% Department stores 22.5 22.4 0.7% 70.3 70.8 - 0.8% Car trade 73.4 52.7 39.2% 205.4 135.2 52.0% Security 5.6 4.8 18.2% 16.4 13.7 19.4% Real estate 1.9 1.9 - 2.6% 5.6 5.8 - 4.1% Gross profit margin% 26.15% 26.99% - 3.1% 26.21% 27.26% - 3.9% EBITDA 21.0 21.5 - 2.0% 56.1 55.9 0.4% Selver supermarkets 6.4 7.6 - 16.1% 13.8 17.8 - 22.3% Department stores - 0.1 0.0 - 234.1% 0.2 0.3 - 42.7% Car trade 3.7 3.1 19.5% 10.0 6.6 52.4% Security 0.2 0.4 - 36.5% 0.3 0.3 0.3% Real estate 4.6 4.3 7.9% 13.5 12.8 4.9% IFRS 16 6.1 6.0 1.6% 18.2 18.0 1.5% margin 8.36% 9.22% - 9.4% 7.63% 8.21% - 7.1% Operating profit 10.3 10.8 - 5.1% 24.0 23.9 0.6% margin 4.09% 4.66% - 12.2% 3.27% 3.51% - 6.9% Net profit 7.1 8.1 - 11.8% 8.6 8.2 4.8% margin 2.84% 3.48% - 18.5% 1.17% 1.20% - 3.0% Earnings per share (EUR) 0.18 0.20 - 11.8% 0.21 0.20 4.8% Key ratios Q3/26 Q3/25 9M/26 9M/25 Return on equity (ROE) 2 . 9% 3 . 4% 3 . 5% 3 . 4% Return on assets (ROA) 1 . 0% 1 . 2% 1 . 2% 1 . 2% Quick ratio 1 . 31 1 . 23 1 . 31 1 . 23 Debt ratio 0 . 65 0 . 63 0 . 65 0 . 63 Inventory turnover (multiplier) 1 . 57 1 . 65 4 . 58 4 . 82 Sales revenue per employee (in mil- lion euros euros) 0 . 053 0 . 049 0 . 154 0 . 143 Average number of employees 4 , 773 4 , 789 4 , 783 4 , 775 Return on equity (ROE) = Net profit / Average owners’ equity * 100% Return on assets (ROA) = Net profit / Average total assets * 100% Quick ratio = Current assets / Current liabilities Debt ratio = Total liabilities / Balance sheet total Inventory turnover (multiplier) = Cost of goods sold / inventories Sales revenue per employee = Sales revenue / Average number of employees
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 9 The Group’s unaudited consolidated revenue for the third quarter of 2026 amounted to 251.7 million euros, exceeding the revenue generated in the same period of the previous year by 8.2%. Revenue for the first nine months totalled 735,2 million euros, representing an increase of 8.1% compared with revenue of 680.4 million euros in the first nine months of 2025. The Group’s unaudited consolidated profit before tax for the third quarter of 2026 amounted to 7.1 million euros, which was 11.7 % lower than in the corresponding period of the previous year. Profit before tax for the first nine months amounted to 15.3 million euros, declining by 4.2% year - on - year. During the third quarter, the primary driver of the Group’s revenue growth continued to be the car segment, where the recovery of the Baltic automotive markets, increased sales volumes of new vehicles, a strong after - sales business and the successful integ ration of the Tallinn Škoda dealerships acquired in the first half of the year supported strong growth in both revenue and profit. The security segment continued to deliver rapid revenue growth, driven by security technology projects and maintenance servic es; however, higher - than - usual fuel prices and pressure in the cash handling services business limited the improvement in profitability. In the Selver supermarkets segment, performance was affected by a weak consumer environment, intensifying competition a nd temporary sales disruptions related to store openings, closures and renovation works. Positively, e - commerce revenue in the segment increased and customer loyalty activity remained at the previous year’s level. In the department stores segment, trading conditions improved in the third quarter following the completion of extensive road construction works in the vicinity of the Tallinn department store, but revenue gr owth was insufficient to offset higher input costs. The Group’s gross margin continued to be moderately affected by sales made under pricing pressure in the car segment. Gross margin did not decline in the Group’s other retail segments. Labour costs increa sed by 6.9%, while the total number of employees under employment contracts decreased by 0.3% . Finance costs rose by 14.4% year - on - year in the third quarter, reflecting the addition of several newly constructed and acquired properties in the real estate segment. During the third quarter, a new energy - efficient Loo Selver was opened in Jõelähtme Rural Municipality, and the renovation of existing stores and upgrades of refrigeration systems continued. In addition, Laulasmaa Selver was renovated and expanded in the Selver supermarkets segment, while Kreutzwaldi Selver ABC and Kärberi Selver were modernised. A new Papiniidu Selver will be opened in Pärnu in November. Mai Selver in Pärnu and Põlva Selver in southern Estonia will be closed in October. The Selver supermarkets segment also continued investments aimed at improving inventory management efficiency and prepared for the implementation of the Relex inventory management solution. In the real estate segment, development of rental premises at the Tartu Kaubamaja centre continued. As part of investments made earlier in the reporting year, Viking Motors’ new body repair workshop was opened in Estonia at the beginning of the second quarter. It is the largest and most technologically advanced facility of its kind in the region. The investment significantly increases the Group’s servicing capacity in the car segment and supports further growth of the after - sales business in Estonia. In the Selver sup ermarkets segment, Laulasmaa Selver was renovated and expanded. Operating on premises twice the size of the previous store, it was converted to energy - efficient solutions that reduce the building’s environmental footprint by approximately one - third. In the second quarter, a significant strategic investment was made through the acquisition of shares in Rohe Auto AS and ownership interests in SKO Motors OÜ and SKO Motors Kinnisvara OÜ. Through this investment, the Group strengthens its position in the car segment in Estonia and across the Baltics, creates synergies and adds resilience to the Group’s brand portfolio. At the end of the reporting period, the number of loyal customers exceeded 758 thousand, increasing by 1.1% year - on - year. Loyal customers accounted for 85.7% of the Group’s revenue (85.9% in the first nine months of 2025). As at 30 September 2026, the Group’s total assets amounted to 704.0 million euros, in creasing by 3.6 % compared with the position at the end of 2025, excluding the impact of IFRS 16. Selver supermarkets The Selver supermarkets segment generated consolidated revenue of 148.2 million euros in the third quarter of 2026, representing a year - on - year decline of 1.7%. Consolidated revenue for the first nine months amounted to 437.6 million euros, decreasing by 3 .8% compared with the previous year. During the first nine months of 2026, a total of 32.2 million purchases were made in the stores, which was 3.7% fewer than a year earlier. In the third quarter of 2026, profit before tax and net profit both amounted to 3.7 million euros, 0.9 million euros lower than in the comparative period. Consolidated profit before tax for the first nine months was 5.6 million euros, falling 3.1 million euros short of the comparative period. Net profit for the first nine months amoun ted to 4.6 million euros, decreasing by 3.5 million euros compared with the previous year. The difference between net profit and profit before income tax arose from income tax paid on dividends, which was 0.4 million euros higher than in the previous year. Selver’s sales performance was affected by weakened consumer purchasing power and intensified competition. In addition to temporary sales disruptions and one - off costs related to store openings, closures and renovation works, sales results were also affect ed by extensive road construction works in the vicinity of several stores, which reduced customer accessibility and had a negative impact on footfall. At the same time, it is encouraging that the number of loyal customers making purchases remained at the b ase - year level. Revenue from food products declined by 2%, while revenue from non - food products increased by 2%. Revenue generated through electronic channels grew by 6%. According to Statistics Estonia, retail revenue from food products in Estonia increas ed by 2.4% at current prices
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 10 during the first eight months of 2026, while sales volumes declined by 0.5%. Since June, food prices have decreased by 0.5%, and food sales volumes have returned to modest growth for the first time in more than four years. The financial results for the third quarter of 2026 were primarily affected by lower sales volumes, a higher share of promotional products in shopping baskets and a decline in gross margin. At the same time, the company continued to improve cost efficiency and successfully offset a significant proportion of rising input costs. Higher prices for energy carriers, including electricity, heating energy and fuel, increased operating expenses by several hundred thousand euros and slightly reduced efficiency; howe ver, despite external pressures, operating expenses were lower overall than in the comparable period a year earlier. Continued focus on improving operational efficiency enabled labour costs to remain under control, with labour costs standing 1.3% below the base - year level despite wage inflation pressures in the labour market. During 2026, Selver continued to develop its store network by renovating and expanding Laulasmaa Selver and modernising Kreutzwaldi Selver ABC and Kärberi Selver. Refrigeration systems were also replaced in the Laulasmaa and Kreutzwaldi stores. Following r enovation, both stores now use energy - efficient CO₂ refrigeration systems. In September, a new Selver store was opened in Loo, Jõelähtme Rural Municipality, with particular emphasis placed on energy efficiency. The store’s ventilation, heating and cooling systems operate on a demand - based basis, refrigeration equipment uses CO₂ refrigerant, and waste heat recovery solutions have been imple mented. A new Papiniidu Selver will be opened in Pärnu in November, with employees from the Mai Selver store in Pärnu, which will close in October, transferring to the new location. Põlva Selver will also be closed in October, although customers in the region will continue to have daily access to the e - Selver service. Improving supply chain efficiency has been a key focus this year. Preparations are under way for the implementation of the Relex inventory management solution. Activity on the Bolt Market and Wolt platforms has been increased and is planned to increase further. Reve nue generated through electronic channels accounts for approximately 5% of the company’s total revenue. In August, Selver introduced a new message and visual label, “From Here. From Estonia” (“Siit. Eestist”), highlighting Estonian producers and domestic products in stores and marketing channels, thereby supporting the growth of local food producers, encoura ging more informed consumer choices and contributing to the sustainable development of the local economy. At the end of the third quarter , the Selver supermarkets segment comprises 73 Selver stores, 2 Delice stores, a mobile store and a café, with a total sales area of 126.0 thousand square metres. The segment also includes e - Selver, Estonia’s online supermarket e - Selver with the country’s largest service area, and the central kitchen Kulinaaria OÜ. D epartment stores The department stores segment generated revenue of 22.5 million euros in the third quarter of 2026, exceeding the result of the previous year by 0.7%. Revenue for the first nine months amounted to 70.3 million euros, remaining 0.8% below the comparable per iod of the previous year. The department stores segment reported a pre - tax loss of 1.2 million euros in the third quarter of 2026. The pre - tax loss increased by 0.2 million euros compared with the previous year. The pre - tax loss for the first nine months a mounted to 3.1 million euros, which was 0.3 million euros weaker than the result recorded a year earlier. The average monthly revenue per square metre of sales area in the department stores during the first nine months was 0.30 thousand euros, 0.5% below the previous year’s result. While extensive excavation works took place around the Tallinn department store during the first half of the year, access to the store had been restored by the end of the summer, and the autumn season began on a positive note, supporting the third - quarter result. Summer discount campaigns were less aggressive this year as inventory l evels were healthier and sales margins therefore higher. The Children’s World department, renovated last year and supported by its renewed brand portfolio, continues to perform well both in the department stores and online. The Food World department has al so continued to grow with its distinctive assortment despite the challenging conditions in the Estonian grocery retail market. As part of the autumn campaign, Kaubamaja once again launched new cooperation projects, including a special collection by Ärni Blumi and Kriss Soonik in the Women’s World department, and a new PAI bed linen collection in the Home World department, created in cooperation with Epp - Maria Kokamägi and Liisu Arro. The increase in Kaubamaja’s loss was attributable to the fact that reven ue growth was insufficient to offset higher IT and logistics costs associated with the enterprise software solution introduced last year and the reorganisation of logistics services. The revenue of OÜ TKM Beauty, which operates I.L.U. beauty stores and engages in cosmetics wholesale, amounted to 2.09 million euros in the third quarter of 2026, decreasing by 4.4% compared with the same period of 2025. The company recorded a loss of 0.05 million euros in the third quarter, with the loss increasing by 0.08 million euros year - on - year. Revenue for the first nine months of 2026 amounted to 6.2 million euros, 3. 1 % lower than in the same period of 2025. The loss for the first nine months of 2026 amounted to 0.3 million euros, increasing by 0.2 million euros compared with the previous year. Third - quarter results were affected by summer discount campaigns, continued intense competition and challenges related to the development of the I.L.U. online store.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 11 Car trade The car segment generated revenue of 73.4 million euros in the third quarter of 2026, exceeding revenue in the third quarter of 2025 by 39.2%. Revenue for the first nine months amounted to 205.4 million euros, an increase of 52,0 % compared with the same period of the previous year. During the third quarter, 1,944 new vehicles were sold, representing an increase of 22.1% compared with the same period of the previous year. During the first nine months, a total of 5,550 new vehicles were sold, which was 37.9 % more than a year earlier. The segment’s profit before tax for the third quarter of 2026 amounted to 2.8 million euros, exceeding the profit before tax of the corresponding period of the previous year by 12.9%. Profit before tax for the first nine months amounted to 7.6 million euros, exceeding the result of the previous year by 2.8 million euros. Growth in the Baltic new passenger car markets continued during the third quarter of 2026, although at varying rates across countries. Over the first nine months, the Estonian market grew by 56%, supported by the low comparison base of 2025 and the gradual recovery in demand. The Latvian market remained at the level of the previous year, while growth in Lithuania reached 17% over the first nine months. The results of the car segment were supported in the third quarter by both higher volumes of new vehicle s ales and a strong after - sales business. Performance was further supported by synergies achieved through the integration of the Tallinn Škoda dealerships acquired during the first half of the year, helping to improve operational efficiency and align sales, service and support processes across the network. At the same time, service volumes increased throughout the Baltics, supporting profitability and strengthening the share of recurring revenue in the business. The Group’s position as one of the leading car retailers in the Baltics strengthened further, and development of the Škoda sales network continued in line with strategic objectives. In Lithuania, the KIA - Škoda multi - brand dealership in Vilnius continued it s strong development, with sales and service volumes increasing in line with expectations. The modern dealership supports the Group’s long - term growth objectives in the largest automotive market in the Baltics and helps increase the market share of both KI A and Škoda in the region. In Estonia, workloads continued to increase at Viking Motors’ new body repair centre during the quarter. The capacity of the new facility enables the servicing of a significantly larger number of customers and shorter repair time s, thereby supporting both customer satisfaction and growth in the after - sales business. Key areas of focus include expanding cooperation with major corporate customers, improving the customer experience and ensuring profitable growth across the sales and service network throughout the Baltics. During the third quarter, KIA expanded its model range with the passenger version of the PV5 electric van, the new EV2 electric city car and the new Seltos crossover. These new models support the Group’s objective of increasing its share in the rapidly gro wing electric vehicle segment and offering customers a broader range of options across different price categories. The wider impact of Škoda model updates is expected to become evident during the final quarter of the year. Security segment The security segment generated third - quarter 2026 external revenue of 5.6 million euros, representing growth of 18.2% compared with the same period of the previous year. The segment’s profit before tax for the third quarter amounted to 0.02 million euros, which was 0.2 million euros lower than in the corresponding period of the previous year. External revenue for the first nine months of 2026 amounted to 16.4 million euros, increasing by 19.4% year - on - year. The segment reported a pre - tax loss of 0.2 million euros for the first nine months. The loss increased by 6.4% compared with the same period of the previous year. Revenue continued to grow during the third quarter. The strongest performance came from security technology projects and maintenance services, where both revenue and profitability improved. On the negative side, the cash handling services business continue s to require operational changes. Among input costs, the most significant impact came from higher - than - usual fuel prices, which had a negative quarterly effect of 41 thousand euros. Signs of an improving economic environment can be seen in growing customer orders and an expanding construction project portfolio. A positive trend has been the increase in home security sales, supported by the company’s rising market awareness. Real estate The real estate segment generated third - quarter 2026 external revenue of 1.9 million euros. Revenue declined by 2.6% compared with the same period of the previous year. External revenue for the first nine months amounted to 5.6 million euros, representing a decrease of 4.1% year - on - year. The real estate segment reported profit before tax of 2.3 million euros in the third quarter of 2026. Profit before tax decreased by 2.2% compared with the comparative period. Profit before tax for the first nine months amo unted to 6.9 million euros, declining by 1.6%. The decrease in external revenue continued to be affected by the reconstruction works of the leased premises at the Tartu Kaubamaja centre. During the third quarter, new service and catering premises were opened in the centre, and in October a MyFitness sports club with an area of approximately 1,500 square metres will open its doors, supporting growth in both visitor numbers and the attractiveness of the centre. In addition, in October Tartu Kaubamaja, in cooperation with the Tartu City Government, will open the largest children's playground in the city centre in Uueturu
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 12 Park. The decline in the real estate segment’s profit was primarily attributable to higher depreciation expenses resulting from the addition of new buildings. These buildings were constructed and acquired to support the activities of the Group’s car segment. At the end of last year, a new Škoda and Kia multi - brand dealership was completed in Vilnius, and in April a newly completed body repair workshop commenced operations alongside the KIA sales and service centre in Peetri, near Tallinn. In August, the vehicle s ales showrooms of Rohe Auto AS and SKO Motors OÜ were added to the real estate segment’s property portfolio. The addition of new buildings supports growth in the real estate segment’s intra - group revenue. At the same time, the higher loan volumes associate d with these investments and the increase in base interest rates led to higher interest expenses for the segment. To ensure the sustainability of the Group’s real estate portfolio and to improve operational efficiency, building automation development projects and façade refurbishment works have been initiated in several properties. Personnel The average number of employees employed under employment contracts in the first nine months of 2026 was 4,783, exceeding the figure for the same period of the previous year by 0.2%. Total staff costs (wages and salaries together with social security taxes) in the first nine months of 2 026 amounted to 90.0 million euros, increasing by 5.9% compared with the corresponding period of the previous year. In the third quarter, staff costs increased by 6.9% year - on - year, while the average number of employees declined by 0.3%.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 13 Approval of the chairman of the management board and signature to the report The chairman of the management board confirms that the management report gives a true and fair overview of the most important events during the reporting period and their effects on the accounting report; it includes a description of the main risks and unc ertainties during the remaining financial year and reflects transactions with related parties. _________________________ Raul Puusepp Chairman of the Management Board Tallinn, 9 October 202 6
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 14 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT BOARD’S CONFIRMATION TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The Chairman of the Management Board confirms the correctness and completeness of TKM Grupp AS condensed consolidated interim financial statements (unaudited) for the period of third quarter and first 9 months of 202 6 as set out on pages 1 4 to 3 7 . The Chairman of the Management Board confirms that: 1. the accounting policies used in preparing the interim financial statements are in compliance with International Financial Reporting Standard as adopted in the European Union; 2. the interim financial statements give a true and fair view of the financial position. the results of the operations and the cash flows of the Parent and the Group; 3. TKM Grupp AS and its subsidiaries are going concerns. __________________________ Raul Puusepp Chairman of the Management Board Tallinn, 9 October 202 6
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 15 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of euros Note 30.09.2026 31.12.2025 ASSETS Current assets Cash and cash equivalents 2 15 , 316 29,516 Trade and other receivables 3 26 , 338 23,628 Inventories 5 118 , 447 101,186 Total current assets 160,101 154,330 Non-current assets Long - term receivables and prepayments 8 225 217 Investments in associates 7 1 , 692 1,860 Investment property 9 76 , 191 76,162 Property, plant and equipment 10 435 , 474 438,977 Intangible assets 11 30 , 339 26,429 Total non-current assets 543,921 543,645 TOTAL ASSETS 704,022 697,975 LIABILITIES AND EQUITY Current liabilities Borrowings 12 19 , 460 63,536 Trade and other payables 13 102 , 976 104,955 Total current liabilities 122,436 168,491 Non-current liabilities Borrowings 12 324 , 465 256,942 Trade and other payables 13 1 , 514 1,386 Deferred tax liabilities 14 6 , 918 6,893 Provisions for other liabilities and charges 800 510 Total non-current liabilities 333,697 265,731 TOTAL LIABILITIES 456,133 434,222 Equity Share capital 15 16 , 292 16,292 Statutory reserve capital 2 , 603 2,603 Revaluation reserve 118 , 350 120,630 Retained earnings 110 , 644 124,228 TOTAL EQUITY 247,889 263,753 TOTAL LIABILITIES AND EQUITY 704,022 697,975 The notes presented on pages 1 9 to 3 7 form an integral part of these condensed consolidated interim financial statements.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 16 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME In thousands of euros Note III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Revenue 16 251 , 664 232,651 735 , 219 680,431 Other operating income 247 637 1 , 189 1,258 Cost of merchandise 5 - 185 , 861 - 169,866 - 542 , 537 - 494,915 Service expenses 17 - 15 , 437 - 14,331 - 46 , 930 - 45,184 Staff costs 18 - 29 , 358 - 27,452 - 89 , 950 - 84,973 Depreciation, amortisation and impairment losses 10,11 - 10 , 733 - 10,609 - 32 , 079 - 31,982 Other expenses - 224 - 183 - 903 - 759 Operating profit 10,298 10,847 24,009 23,876 Finance income 62 54 216 408 Finance costs - 3 , 225 - 2,819 - 9 , 006 - 8,405 Finance income on shares of associates accounted for using the equity method 7 12 14 112 132 Profit before tax 7,147 8,096 15,331 16,011 Income tax expense 15 - 9 0 - 6 , 757 - 7,827 NET PROFIT FOR THE FINANCIAL YEAR 7,138 8,096 8,574 8,184 Other comprehensive income: Items that will not be subsequently reclassified to profit or loss Other comprehensive income for the financial year 0 0 0 0 TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 7,138 8,096 8,574 8,184 Basic and diluted earnings per share (euros) 19 0 . 18 0.20 0 . 21 0.20 Net profit and total comprehensive income are attributable to the owners of the parent. The notes presented on pages 1 9 to 3 7 form an integral part of these condensed consolidated interim financial statements.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 17 CONDENSED CONSOLIDATED CASH FLOW STATEMENT In thousands of euros Note 9 months 2026 9 months 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net profit 8 , 574 8,184 Adjustments: Income tax on dividends 15 6 , 730 7,824 Interest expense 9 , 006 8,405 Interest income - 216 - 408 Depreciation, amortisation 10, 11 32 , 066 31,952 Loss on write - off property, plant and equipment 10 13 30 Profit/loss on sale of property, plant and equipment 10 - 71 - 43 Effect of equity method 7 - 112 - 132 Interest paid on lease liabilities 12 - 4 , 548 - 4,209 Change in inventories - 15 , 461 - 7,073 Change in receivables and prepayments related to operating activities - 327 9,115 Change in liabilities and prepayments related to operating activities - 6 , 252 - 14,960 TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 29,402 38,685 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment 10 - 10 , 151 - 16,306 Proceeds from sale of property, plant and equipment 10 1 , 271 569 Purchase of investment property 9 - 29 - 507 Proceeds from sale of investment property 9 0 5,080 Purchase of intangible assets 11 - 755 - 1,085 Business combination 6 - 25 , 500 0 Cash acquired from business combination 6 4 , 623 0 Proceeds from government grant 10 28 0 Dividends received 7 280 170 Interest received 216 408 TOTAL CASH FLOWS USED IN INVESTING ACTIVITIES -30,017 -11,671 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 12 69 , 553 9,536 Repayments of borrowings 12 - 37 , 055 - 16,957 Change in overdraft balance 12 3 , 210 - 1,130 Payments of principal or leases 12 - 13 , 686 - 13,751 Dividends paid 15 - 24 , 437 - 26,473 Income tax on dividends paid 15 - 6 , 730 - 7,824 Interest paid - 4 , 440 - 4,239 TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -13,585 -60,838 TOTAL CASH FLOWS -14,200 -33,824 Cash and cash equivalents at the beginning of the period 2 29 , 516 45,454 Cash and cash equivalents at the end of the period 2 15 , 316 11,630 Net change in cash and cash equivalents -14,200 -33,824 The notes presented on pages 1 9 to 3 7 form an integral part of these condensed consolidated interim financial statements.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 18 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY In thousands of euros Share capital Statutory reserve cap- ital Revaluation reserve Retained earnings Total Balance as of 31.12.2024 16,292 2,603 112,167 130,466 261,528 Net profit for the reporting period 0 0 0 8,184 8,184 Total comprehensive loss for the reporting period 0 0 0 8,184 8,184 Reclassification of depreciation of revalued land and buildings 0 0 - 2,032 2,032 0 Dividends paid 0 0 0 - 26,474 - 26,474 Total transactions with owners 0 0 0 -26,474 -26,474 Balance as of 30.09.2025 16,292 2,603 110,135 114,208 243,238 Net profit for the reporting period 0 0 0 17,527 17,527 Revaluation of land and buildings 0 0 11,172 0 11,172 Total comprehensive income for the reporting period 0 0 11,172 17,527 28,699 Reclassification of depreciation of revalued land and buildings 0 0 - 2,709 2,709 0 Dividends paid 0 0 0 - 26,474 - 26,474 Total transactions with owners 0 0 0 -26,474 -26,474 Balance as of 31.12.2025 16,292 2,603 120,630 124,228 263,753 Net profit for the reporting period 0 0 0 8 , 574 8 , 574 Total comprehensive loss for the reporting period 0 0 0 8,574 8,574 Reclassification of depreciation of revalued land and buildings 0 0 - 2 , 280 2 , 280 0 Dividends paid 0 0 0 - 24 , 438 - 24 , 438 Total transactions with owners 0 0 0 -24,438 -24,438 Balance as of 30.09.2026 16,292 2,603 118,350 110,644 247,889 Additional information on share capital and changes in equity is provided in Note 15. The notes presented on pages 1 9 to 3 7 form an integral part of these consolidated interim financial statements.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 19 NOTES TO THE CONDENSED CONSOLIDATED INTERIM ACCOUNTS Note 1. Accounting Principles Followed upon Preparation of the Condensed consolidated Interim Accounts General Information TKM Grupp AS (‘the Company’) and its subsidiaries (jointly ‘TKM Group’ or ‘the Group’) are companies engaged in rendering services related to retail sale and rental activities in Estonia, Latvia and Lithuania. TKM Grupp AS is a com- pany registered on 18 Oct ober 1994 in the Republic of Estonia with the legal address of Kaubamaja 1, Tallinn. The shares of TKM Grupp AS are listed on the NASDAQ Tallinn Stock Exchange. The majority shareholder of TKM Grupp AS is OÜ NG Investeeringud, the majority owner of which i s NG Kapital OÜ. NG Kapital OÜ is an entity with ultimate control over TKM Grupp AS. Basis for Preparation The Condensed Consolidated Interim Accounts of TKM Group has been prepared in accordance with the International Financial Reporting Standard IAS 34 Interim Financial Reporting as adopted by the European Union. The condensed consolidated interim financial s tatements do not contain all the information that has to be presented in the annual financial statements, and they should be read in conjunction with the Group’s consolidated financial statements as at and for the year ended 31 December 202 5 . However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. The presentation currency of TKM Group is euro. Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The fun ctional currency of each of the Group’s entities is euro. All amounts disclosed in the financial statements have been rounded to the nearest thousand unless referred to otherwise. The Manager is of the opinion that the Condensed Consolidated Interim Report of TKM Group for the third quarter and first 9 months of 202 6 gives a true and fair view of the Company’s performance in accordance with the going - concern concept. This Condensed Consolidated Interim Report has not been audited or otherwise reviewed by auditors.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 20 Note 2. Cash and cash equivalents in thousands of euros 30.09.2026 31.12.2025 Cash on hand 1 , 143 1,224 Bank accounts 13 , 486 1,665 Overnight deposit 0 25,666 Cash in transit 687 961 Total cash and cash equivalents 15,316 29,516 Note 3. Trade and other receivables in thousands of euros 30.09.2026 31.12.2025 Trade receivables (Note 4) 20 , 771 20,133 Other short - term receivables 1 , 573 941 Total financial assets from balance sheet line “Trade and other receivables” 22,344 21,074 Prepayment for goods 195 203 Other prepaid expenses 3 , 338 2,098 Prepaid rental expenses 9 15 Prepaid taxes (Note 14) 452 238 Total trade and other receivables 26,338 23,628 Note 4. Trade receivables in thousands of euros 30.09.2026 31.12.2025 Trade receivables 18 , 707 16,437 Allowance for doubtful receivables - 79 - 79 Receivables from related parties (Note 20) 269 368 Credit card payments (receivables) 1 , 874 3,407 Total trade receivables 20,771 20,133 Note 5. Inventories in thousands of euros 30.09.2026 31.12.2025 Goods purchased for resale 117 , 772 100,466 Tare and materials 675 720 Total inventories 118,447 101,186
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 21 The income statement line “Cost of merchandise ” includes the allowances and write - off expenses of inventories and inventory stocktaking deficit as follows: in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Write - down and write - off of inventories 3 , 493 3,435 10 , 242 10,194 Inventory stocktaking deficit 781 884 2 , 567 2,656 Total materials and consumables used 4,274 4,319 12,809 12,850 Aging of inventory and seasonal nature of fashion items is used as basis for write down of inventories. Note 6. Subsidiaries TKM Group consists of: Name Location Area of activity Ownership 30.09.2026 Year of acquisition or foundation Selver AS Estonia, Tallinn Retail trade 100% 1995 TKM Kinnisvara AS Estonia, Tallinn Real estate management 100% 1999 TKM Kinnisvara Tartu OÜ Estonia, Tartu Real estate management 100% 2004 SIA TKM Latvija Latvia, Riga Real estate management 100% 2006 TKM Auto OÜ Estonia, Tallinn Commercial and finance activities 100% 2007 KIA Auto AS Estonia, Tallinn Wholesale trade 100% 2007 Forum Auto SIA Latvia, Riga Retail trade 100% 2007 KIA Auto UAB Lithuania, Vilnius Retail trade 100% 2007 TKM Beauty OÜ Estonia, Tallinn Retail trade 100% 2007 Kaubamaja AS Estonia, Tallinn Retail trade 100% 2012 Kulinaaria OÜ Estonia, Tallinn Centre kitchen activities 100% 2012 Viking Motors AS Estonia, Tallinn Retail trade 100% 2012 Viking Security AS Estonia, Tallinn Security activities 100% 2014 UAB TKM Lietuva Lithuania, Vilnius Real estate management 100% 2017 Verte Auto SIA Latvia, Riga Retail trade 100% 2017 TKM Finants AS Estonia, Tallinn Commercial and finance activities 100% 2020 Walde AS Estonia, Tallinn Security activities 100% 2023 Motus Auto UAB Lithuania, Vilnius Retail trade 100% 2025 Rohe Auto AS Estonia, Tallinn Retail trade 100% 2026 SKO Motors OÜ Estonia, Tallinn Retail Trade 100% 2026 SKO Motors Kinnisvara OÜ Estonia, Tallinn Real estate management 100% 2026 Business combinations in 2026: Name Location Area of activity Acquisition date Ownership % Rohe Auto AS Estonia Retail trade 11.03.2026 100% SKO Motors OÜ Estonia Retail Trade 11.03.2026 100% SKO Motors Kinnisvara OÜ Estonia Real estate manage- ment 11.03.2026 100%
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 22 On 11 March 2026, the subsidiary TKM Auto OÜ of TKM Grupp AS acquired: - 100% of the shares of Rohe Auto AS - 100% of the shares of SKO Motors OÜ - 100% of the shares of SKO Motors Kinnisvara OÜ The main activities of Rohe Auto AS and SKO Motors OÜ are the sale of vehicles under the Škoda brand, retail and wholesale of spare parts and accessories, and the provision of maintenance and repair services in the Tallinn and Harju County region. They als o engage in the sale of used cars and offer consignment sales services to customers. The activity of SKO Motors Kinnisvara OÜ is real estate management, and it owns a property located at Pärnu rd. 543, Jälgimäe village, Saku municipality, Harju County. The objective of TKM Grupp AS has been to expand its operations in the automotive trade sector, which has consistently been one of the Group’s strategic business segments since 2007. The Group’s automotive segment consists of the independent KIA importer f or the Baltic countries and a total of six car sales and service centres operating in Estonia, Latvia and Lithuania. The Group sells KIAs in Estonia, Latvia and Lithuania, and Škodas previously already in Latvia and Lithuania, and is also a Peugeot dealer in Estonia and Latvia. Acquiring the Škoda dealership rights is a logical step in expanding and aligning the Group’s brand portfolio, enabling it to offer customers a broader selecti on. The table below provides an overview of acquired identifiable assets and liabilities of Rohe Auto AS at the time of acquisition. in thousands of euros Fair value Cash and cash equivalents 2 , 923 Trade receivables 1 , 134 Other receivables 5 , 51 8 Inventories 1 , 433 Property, plant and equipment 9 ,051 Goodwill (Note 11) 2 ,709 Liabilities - 2 , 966 Total identifiable net assets 19,802 Consideration of ownership interest 19,802 Paid for ownership interest in cash 19,802 Cash and cash equivalents in the acquired entity -2,923 Net outflow of cash – investing activities 16,879 Goodwill 2 ,709 thousand euros was acquired (Note 11). The table below provides an overview of acquired identifiable assets and liabilities of SKO Motors OÜ at the time of acquisition. in thousands of euros Fair value Cash and cash equivalents 1 , 700 Trade receivables 570 Other receivables 170 Inventories 3 , 528 Property, plant and equipment 3 ,187 Goodwill (Note 11) 1,309 Liabilities - 6,495 Total identifiable net assets 3,969 Consideration of ownership interest 3,969 Paid for ownership interest in cash 3,969 Cash and cash equivalents in the acquired entity -1,700 Net outflow of cash – investing activities 2,269
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 23 Goodwill 1,309 thousand euros was acquired (Note 11). The table below provides an overview of acquired identifiable assets and liabilities of SKO Motors Kinnisvara OÜ at the time of acquisition. in thousands of euros Fair value Property, plant and equipment 1,729 Total identifiable net assets 1,729 Consideration of ownership interest 1,729 Paid for ownership interest in cash 1,729 Cash and cash equivalents in the acquired entity 0 Net outflow of cash – investing activities 1,729 According to the demerger approval signed on 22.05.2025, UAB KIA Auto (the dividing company), which resumed using its previously used business name after the division, transferred the Škoda business line to the acquiring com- pany, which is the company estab lished on 28th of May 2025 during the division and named Motus Auto UAB. The division was entered in the Lithuanian Commercial Register on 28th of May 2025. In 2025, there were no business combinations. Note 7. Investments in associates in thousands of euros TKM Grupp AS has ownership of 50% (202 5 : 50%) interest in the entity AS Rävala Parkla which provides the services of a parking house in Tallinn. The investment has been classified as associated company, because the other owner has the power to appoint the members of supervisory board. 30.09.2026 31.12.2025 Investment in the associate at the beginning of the year 1,860 1,733 Profit for the reporting period under equity method 112 297 Dividends received - 280 - 170 Investment in the associate at the end of the accounting period 1,692 1,860 Financial information about the associate Rävala Parkla AS (reflecting 100% of the associate): 30.09.2026 31.12.2025 Current assets 132 447 Property, plant and equipment 3 , 316 3,344 Current liabilities 64 65 Owners’ equity 3 , 384 3,726 III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Revenue 150 145 450 435 Net profit 24 26 218 267
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 24 Note 8. Long-term receivables and prepayments in thousands of euros 30.09.2026 31.12.2025 Prepaid rental expenses 183 183 Deferred tax asset 27 27 Other long - term receivables 15 7 Total long-term trade and other receivables 225 217 Note 9. Investment property in thousands of euros Carrying value as at 31.12.2024 81,284 Purchases and improvements 569 Reclassification from property, plant and equipment (Note 10) - 1,051 Proceeds from sale - 5,080 Net profit from fair value adjustment 440 Carrying value as at 31.12.2025 76,162 Purchases and improvements 29 Carrying value as at 30.09.2026 76,191 Investment properties comprise with commercial buildings, logistic centre and constructions in progress in Estonia and Latvia, which the Group maintains predominantly for earning rental income and which are partially classified as investment properties and partially as property, plant and equipment. The cost of investments for the 9 months of 2026 amounted to 29 thousand euros (2025: 569 thousand euros). During the reporting period, construction work was carried out in Tartu in the amount of 29 thousand euros. In 2025, construction work was carried out on real estate objects in Estonia in the logistics centre in the amount of 154 thousand euros, construction work was carried out in the Viimsi centre in the amount of 305 thousand euros, and renovation work was ca rried out in the Tartu Kaubamaja centre in the amount of 110 thousand euros. In 2025, a property located at Veesaare tee 3, Peetri, Rae Rural Municipality, was reclassified from investment property to property, plant and equipment. Viking Motors AS, which mainly sells and services Kia and Peugeot cars, opened a new body repair workshop at the beginning of the quarter, which is the largest and most technologically capable in the region. Viking Motors AS is a wholly owned subsidiary of TKM Auto AS. In 2025, SIA TKM Latvija sold investment properties in Salaspils and Kuldiga in Latvia for a total of 5,080 thousand euros. No fair value change of investment property was identified in 2026.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 25 Note 10. Property, plant and equipment in thousands of euros Land and buildings Right-of use-as- sets: retail properties Machinery and equip- ment Other fix- tures and fittings Construction and projects in progress Total 31.12.2024 Cost or revalued amount 211,854 268,307 78,660 65,007 23,137 646,965 Accumulated depreciation and impairment - 7,118 - 109,903 - 49,404 - 46,483 - 9,263 - 222,171 Carrying value 204,736 158,404 29,256 18,524 13,874 424,794 Changes occurred in 2025 Purchases and improvements 1,098 0 1,697 5,089 15,591 23,475 Other reclassifications 9,188 0 257 192 - 9,166 471 Reclassification from investment property (Note 9 ) 1,051 0 0 0 0 1,051 Reclassification to inventory 0 0 - 457 - 17 0 - 474 Reclassification to property, plant and equip- ment from inventory 0 0 2,114 0 29 2,143 Disposals 0 0 - 814 0 0 - 814 Write - offs - 5 0 - 12 - 16 0 - 33 Decrease/increase in value through profit or loss - 132 0 0 0 - 4 - 136 Increase in value through revaluation reserve 11,172 0 0 0 0 11,172 Adjustment to right - of use assets 0 18,823 0 0 0 18,823 Depreciation - 7,486 - 20,259 - 7,717 - 6,033 0 - 41,495 31.12.2025 Cost or revalued amount 219,622 284,433 79,354 63,777 29,591 676,777 Accumulated depreciation and impairment 0 - 127,465 - 55,030 - 46,038 - 9,267 - 237,800 Carrying value 219,622 156,968 24,324 17,739 20,324 438,977 Changes occurred in 2026 Purchases and improvements 9 , 274 0 1 , 697 3 , 022 - 3 , 870 10 , 123 Acquired through business combinations (Note 6) 11 , 154 0 3 , 079 544 20 14 , 797 Additions to right - of use assets 0 213 0 0 0 213 Other reclassifications 4 0 234 - 4 0 234 Reclassification to inventory 0 0 - 1 , 433 0 0 - 1 , 433 Reclassification to property, plant and equip- ment from inventory 0 0 4 , 377 206 11 4 , 594 Disposals - 59 0 - 1 , 122 - 19 0 - 1 , 200 Write - offs 0 0 - 8 - 5 0 - 13 Decrease in value - 843 0 0 0 0 - 843 Adjustment to right - of use assets 0 1 , 213 0 0 0 1 , 213 Depreciation - 5 , 990 - 15 , 070 - 5 , 763 - 4 , 365 0 - 31 , 188 30.09.2026 Cost or revalued amount 239 , 208 285 , 859 86 , 137 67 , 904 25 , 752 704 , 860 Accumulated depreciation and impairment - 6 , 046 - 142 , 535 - 60 , 752 - 50 , 786 - 9 , 267 - 269 , 386 Carrying value 233,162 143,324 25,385 17,118 16,485 435,474 The cost of investments for the 9 months of 2026 amounted to 10,878 thousand euros (including purchases of prop- erty, plant and equipment in the amount of 10,123 thousand euros and purchases of intangible assets amounted to 755 thousand euros). In the reporting period the Group received government grant for assets in the amount of 28 thousand euros. Govern- ment grants are recognized on a net basis. The cost of purchases of property, plant and equipment made in reporting period in the supermarkets business seg- ment was 4,524 thousand euros. During the reporting period, renovation and expansion works were carried out at Laulasmaa and Jõgeva Selver. Kreutzwaldi Selver ABC underwent a thorough renovation in the summer of 2026 and
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 26 reopened to customers in August. Construction work on the supermarket to be built in the new Papiniidu business centre in Pärnu continued during the reporting period. In September, Selver opened a new store in Loo, Jõelähtme. Computer equipment continued to be purchased and the furnishings and security equipment of Selver stores were updated. The cost of purchases of property, plant and equipment in the business segment of department stores amounted to 869 thousand euros. During the reporting period, Men's World underwent a renovation in Kaubamaja in Tallinn. The cost of purchases of property, plant and equipment in the reporting period was 1, 255 thousand euros in the car trade business segment. The cost of purchases of property, plant and equipment in the reporting period was 633 thousand euros in the security business segment. In the real estate segment, property, plant and equipment with a total cost of 2,842 thousand euros were acquired during the reporting period. During the reporting period, a new body repair workshop was completed adjacent to the Viking Motors dealership in Peetri, and the Laulasmaa Selver supermarket was reopened following extensive expansion and renovation works. During the reporting period, renovation projects continued at several store buildings with the aim of modernising the properties and bringing them into line with current b usiness needs. The renovation works also improve the energy efficiency of the buildings. The companies in the consolidated TKM Group did not have any binding obligations for the purchase of tangible assets. Note 11. Intangible assets in thousands of euros Goodwill Trade- mark Benefi- cial agree- ments Capitalised development expenditure Total 31.12.2024 Cost 19,049 2,243 120 7,984 29,396 Accumulated amortisation and impairment 0 - 1,448 - 66 - 2,097 - 3,611 Carrying value 19,049 795 54 5,887 25,785 Changes occurred in 2025 Purchases and improvements 0 0 0 1,475 1,475 Amortisation 0 - 295 - 17 - 519 - 831 31.12.2025 Cost 19,049 2,243 120 9,459 30,871 Accumulated amortisation and impairment 0 - 1,743 - 83 - 2,616 - 4,442 Carrying value 19,049 500 37 6,843 26,429 Changes occurred in 2026 Purchases and improvements 0 0 0 755 755 Acquired through business combinations (Note 6) 4 , 018 0 0 15 4 , 033 Amortisation 0 - 221 - 13 - 644 - 878 30.09.2026 Cost 23 , 067 2 , 243 120 10 , 311 35 , 741 Accumulated amortisation and impairment 0 - 1 , 964 - 96 - 3 , 342 - 5 , 402 Carrying value 23,067 279 24 6,969 30,339
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 27 In the reporting period, the Group capitalised costs of a web page update, loyalty card web page update, loyalty card - Monthly Card, e - shop as development expenditure and development of services were in the amount of 755 thousand euros (2025: 1,475 thousand euros). Trademark at value of 180 thousand euros was acquired in 2014 through purchase of Viking Security AS shares. Trademark will be amortised during 7 years. Trademark has been fully amortised in 2021, but its use will continue. Trademark at value of 1,911 thousand euros was acquired in 2020 through purchase of ABC Supermarkets AS shares. Trademark will be amortised during 7 years. In 2021, Viking Security AS acquired from P.Dussmann Eesti OÜ its security services business in Estonia together with the assets and agreements belonging to it. Beneficial agreements at value of 120 thousand euros was acquired together with security servic es business. Beneficial agreements will be amortised during 7 years. Trademark at value of 153 thousand euros was acquired in 2023 through purchase of AS Walde shares. Trademark will be amortised during 7 years. Goodwill is allocated to cash generating units of the Group by the following segments: in thousands of euros 30.09.2026 31.12.2025 Supermarkets 13,609 13,609 Car trade 7,174 3,156 Security 2,284 2,284 Total 23,067 19,049 The recoverable amount (based on value in use) was determined based on future cash flows for the next five years. In all units, it was evident that the present value of cash flows covers the value of goodwill and trademark as well as beneficial lease agree ments and other assets related to the unit. Note 12. Borrowings in thousands of euros 30.09.2026 31.12.2025 Short-term borrowings Overdraft 7 , 294 4,084 Bank loans 3 , 448 32,129 Lease liabilities 4 , 616 18,554 Other borrowings 4 , 102 8,769 Total short-term borrowings 19,460 63,536 in thousands of euros 30.09.2026 31.12.2025 Long-term borrowings Bank loans 153 , 271 92,424 Lease liabilities 156 , 536 154,858 Other borrowings 14 , 658 9,660 Total long-term borrowings 324,465 256,942 Total borrowings 343,925 320,478
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 28 Borrowings received in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Overdraft 201 0 3 , 210 0 Bank loans 0 0 60 , 615 4,670 Other borrowings 3 , 362 2 , 165 8 , 938 4,866 Total borrowings received 3,563 2,165 72,763 9,536 Borrowings paid in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Overdraft 0 585 0 1,130 Bank loans 2 , 850 3 , 003 28 , 449 8,554 Lease liabilities 4 , 559 4 , 507 13 , 686 13,751 Other borrowings 2 , 885 3 , 031 8 , 606 8,403 Total borrowings paid 10,294 11,126 50,741 31,838 Bank loans are denominated in euros. Management estimates that the carrying amount of the Group’s financial liabil- ities does not significantly differ from their fair value. As of 30.0 9 .2026, the repayment dates of bank loans are between 05.12.2026 and 07.05.2039 (2025: between 02.01.2026 and 07.05.2039), interest is tied both to 3 - month and 6 - month EURIBOR. Weighted average interest rate was 3.66% (2025: 3,22%). Lease agreements that form lease liabilities have been concluded for the term until 01.09.2045. Lease liability rec- orded in the balance sheet is recognised as a result of adoption of IFRS 16. In discounting, an alternative loan interest rate has been used in concluding the contract or upon initial application of IFRS 16. Weighted average interest rate used was 3.12 % (31.12.2025: 2.97%). Net debt reconciliation in thousands of euros 30.09.2026 31.12.2025 Cash and cash equivalents (Note 2) 15 , 316 29,516 Short - term borrowings - 19 , 460 - 63,536 Long - term borrowings - 324 , 465 - 256,942 Net debt -328,609 -290,962 Cash and cash equivalents (Note 2) 15 , 316 29,516 Gross debt – fixed interest rates - 161 , 152 - 173,412 Gross debt – variable interest rates - 182 , 773 - 147,066 Net debt -328,609 -290,962
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 29 in thousands of euros Cash and cash equiva- lents Overdraft Borrowings Lease liabilities Total Net debt 31.12.2024 45,454 -4,797 -146,820 -172,777 -278,940 Cash flow (principal and interest) - 15,938 713 9,438 23,970 18,183 Interest accrued 0 0 - 5,600 - 5,782 - 11,382 Revaluation of lease liabilities 0 0 0 - 18,823 - 18,823 Net debt 31.12.2025 29,516 -4,084 -142,982 -173,412 -290,962 Cash flow (principal and interest) - 14 , 200 - 3 , 210 - 28 , 057 18 , 234 - 27 , 233 Interest accrued 0 0 - 4 , 440 - 4 , 548 - 8 , 988 New lease contracts 0 0 0 - 213 - 213 Revaluation of lease liabilities 0 0 0 - 1 , 213 - 1 , 213 Net debt 30.09.2026 15,316 -7,294 -175,479 -161,152 -328,609 Note 13. Trade and other payables in thousands of euros 30.09.2026 31.12.2025 Trade payables 72 , 303 69,365 Payables to related parties (Note 20) 4 , 441 4,292 Other accrued expenses 750 315 Prepayments by tenants 2 , 043 2,109 Total financial liabilities from balance sheet line “Trade and other payables” 79,537 76,081 Taxes payable (Note 14) 10 , 315 13,102 Employee payables 8 , 826 11,097 Prepayments 4 , 232 4,540 Provisions for other liabilities and charges 66 135 Total trade and other payables 102,976 104,955 Long - term tenant security deposits 1 , 466 1,338 Other long - term liabilities 48 48 Total long-term trade and other payables 1,514 1,386 Note 14. Taxes in thousands of euros 30.09.2026 31.12.2025 Prepaid taxes Taxes paya- ble Prepaid taxes Taxes paya- ble Prepaid taxes 452 0 238 0 Value added tax 0 3 , 308 0 6,164 Personal income tax 0 1 , 911 0 1,962 Social security taxes 0 4 , 545 0 4,388 Corporate income tax 0 72 0 135 Unemployment insurance 0 292 0 281 Mandatory funded pension 0 187 0 172 Total taxes 452 10,315 238 13,102
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 30 As of 30.0 9 .2026 deferred tax liability on dividends in the amount of 6,801 thousand euros (31. 12.2025: 6,801 thousand euros) and deferred income tax liability arising from temporary differences in Lithuania in the amount of 117 thousand euros (31.12.2025: 92 thousand euros) is recorded in the balance sheet. Note 15. Share capital As of 3 0.09 .2026 and 31.12.2025, the share capital in the amount of 16,292 thousand euros consisted of 40,729,200 ordinary shares with the nominal value of 0.40 euros per share. All shares issued have been paid for. According to the articles of association, the maxim um allowed number of shares is 100,000,000 shares. In 2026, dividends were paid to the shareholders in the amount of 24,437 thousand euros, or 0.60 euros per share. Related income tax expense on dividends amounted to 6,730 thousand euros. In 2025, dividends were paid to the shareholders in the amount of 26,47 3 thousand euros, or 0.65 euros per share. Related income tax expense on dividends amounted to 7,824 thousand euros. Note 16. Segment reporting The Group has defined the business segments based on the reports used regularly by the supervisory board to make strategic decisions. The chief operating decision maker monitors the Group’s operations by activities. By areas of activity, the operating activities are monitored in the department stores, supermarkets, real estate, car trade, beauty products (I.L.U.) and security segments. T he measures of I.L.U. are below the quantitative criteria of the reporting segment specified in IFRS 8; these have been aggregated with the department stores segment because they have similar economic characteristics and are similar in other respects speci fied in IFRS 8. The main area of activity of department stores, supermarkets and car trade is retail trade. Supermarkets focus on the sale of food products and convenience goods, the department stores on the sale of beauty and fashion products, the car trade on the sale o f cars and spare parts. Among the others, in the car trade segment, cars are sold at wholesale prices to authorised car dealers. The share of wholesale trade in other segments is insignificant. The security segment main activity is providing security servi ces solutions. The real estate segment deals with the development, management and maintenance of real estate owned by the Group, and with the rental of commercial premises. The activities of the Group are carried out in Estonia, Latvia and Lithuania. The Group operates in all the five operating segments in Estonia. The Group is engaged in car trade and real estate development in Latvia and in Lithuania. The disclosures of financial information correspond to the information that is periodically reported to the Supervisory Board. Measures of profit or loss, segment assets and liabilities have been measured in accordance with accounting policies used in the preparation of the financial statements, except for IFRS 16 measurement and recognition of right of use assets and lease liabilities which are shown in a separate sector. Main measures that Supervisory Board monitors are segment revenue (external segment a nd inter - segment revenue), EBITDA (earnings before interest, taxes, depreciation and amortisation) and net profit or loss.
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 31 in thousands of euros III quarter 2026 Super- markets Depart- ment store Car trade Securi- ty Real estate Inter- segment transact- ions Impact of lease accounting Total seg- ments External revenue 148,227 22,506 73,429 5,621 1,881 0 0 251,664 Inter - segment revenue 206 1 , 311 86 1 , 456 4 , 370 - 7 , 429 0 0 Total revenue 148 , 433 23 , 817 73 , 515 7 , 077 6 , 251 - 7 , 429 0 251 , 664 EBITDA 6,414 -59 3,720 223 4,643 0 6,090 21,031 Segment depreciation and impairment losses - 2 , 671 - 822 - 655 - 169 - 1 , 410 0 - 5 , 006 - 10 , 733 Operating profit 3,743 -881 3,065 54 3,233 0 1,084 10,298 Finance income 286 262 28 0 292 - 806 0 62 Finance income on shares of associates 0 12 0 0 0 0 0 12 Finance costs - 315 - 635 - 295 - 36 - 1 , 218 806 - 1 , 532 - 3 , 225 Income tax 0 0 0 0 - 9 0 0 - 9 Net profit/(-loss) 3,714 -1,242 2,798 18 2,298 0 -448 7,138 incl. in Estonia 3 , 714 - 1 , 242 2 , 539 18 2 , 157 0 - 448 6 , 738 incl. in Latvia 0 0 206 0 104 0 0 310 incl. in Lithuania 0 0 53 0 37 0 0 90 Segment assets 145,472 89,015 84,146 10,049 326,195 -94,179 143,324 704,022 Segment liabilities 105,677 64,780 41,461 7,760 138,720 -63,417 161,152 456,133 Segment investments in property, plant and equipment 2 , 180 179 134 127 832 0 0 3 , 452 Segment investments in intangible assets 0 184 20 71 0 0 0 275
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 32 in thousands of euros III quarter 2025 Super- markets Depart- ment store Car trade Securi- ty Real estate Inter- segment transact- ions Impact of lease accounting Total seg- ments External revenue 150,863 22,360 52,739 4,757 1,932 0 0 232,651 Inter - segment revenue 428 1,269 92 1,542 3,713 - 7,044 0 0 Total revenue 151,291 23,629 52,831 6,299 5,645 - 7,044 0 232,651 EBITDA 7,649 44 3,114 351 4,304 0 5,994 21,456 Segment depreciation and impairment losses - 2,941 - 807 - 443 - 144 - 1,205 0 - 5,069 - 10,609 Operating profit 4,708 -763 2,671 207 3,099 0 925 10,847 Finance income 189 235 1 0 280 - 651 0 54 Finance income on shares of associates 0 14 0 0 0 0 0 14 Finance costs - 245 - 503 - 194 - 20 - 1,020 651 - 1,488 - 2,819 Income tax 0 0 - 1 0 1 0 0 0 Net profit/(-loss) 4,652 -1,017 2,477 187 2,360 0 -563 8,096 incl. in Estonia 4,652 - 1,017 2,108 187 2,357 0 - 563 7,724 incl. in Latvia 0 0 219 0 99 0 0 318 incl. in Lithuania 0 0 150 0 - 96 0 0 54 Segment assets 145,222 95,942 54,038 8,455 311,532 -107,051 155,870 664,008 Segment liabilities 93,079 70,856 27,855 6,111 126,400 -75,289 171,758 420,770 Segment investments in property, plant and equipment 743 264 327 303 6,156 0 0 7,793 Segment investments in intangible assets 15 263 9 1 0 0 0 288
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 33 in thousands of euros 9 months 2026 Super- markets Depart- ment store Car trade Security Real estate Inter- segment transact- ions Impact of lease accounting Total seg- ments External revenue 437,580 70,266 205,423 16,374 5,576 0 0 735,219 Inter - segment revenue 814 3 , 943 277 4 , 809 12 , 484 - 22 , 327 0 0 Total revenue 438 , 394 74 , 209 205 , 700 21 , 183 18 , 060 - 22 , 327 0 735 , 219 EBITDA 13,841 197 10,048 303 13,465 0 18,234 56,088 Segment depreciation and impairment losses - 8 , 126 - 2 , 411 - 1 , 836 - 451 - 4 , 185 0 - 15 , 070 - 32 , 079 Operating profit 5,715 -2,214 8,212 -148 9,280 0 3,164 24,009 Finance income 708 647 63 1 787 - 1 , 990 0 216 Finance income on shares of associates (Note 7) 0 112 0 0 0 0 0 112 Finance costs - 856 - 1 , 597 - 694 - 87 - 3 , 214 1 , 990 - 4 , 548 - 9 , 006 Income tax - 948 0 - 1 , 385 0 - 4 , 424 0 0 - 6 , 757 Net profit/(-loss) 4,619 -3,052 6,196 -234 2,429 0 -1,384 8,574 incl. in Estonia 4 , 619 - 3 , 052 5 , 691 - 234 2 , 061 0 - 1 , 384 7 , 701 incl. in Latvia 0 0 319 0 269 0 0 588 incl. in Lithuania 0 0 186 0 99 0 0 285 Segment assets 145,472 89,015 84,146 10,049 326,195 -94,179 143,324 704,022 Segment liabilities 105,677 64,780 41,461 7,760 138,720 -63,417 161,152 456,133 Segment investments in property, plant and equipment (Note 10) 4 , 524 869 1 , 255 633 2 , 842 0 0 10 , 123 Segment investments in intangible assets (Note 11) 2 656 26 71 0 0 0 755
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 34 in thousands of euros 9 months 2025 Super- markets Depart- ment store Car trade Security Real estate Inter- segment transact- ions Impact of lease accounting Total seg- ments External revenue 454,909 70,803 135,189 13,716 5,814 0 0 680,431 Inter - segment revenue 877 3,810 261 4,782 11,100 - 20,830 0 0 Total revenue 455,786 74,613 135,450 18,498 16,914 - 20,830 0 680,431 EBITDA 17,820 344 6,594 302 12,838 0 17,960 55,858 Segment depreciation and impairment losses - 8,931 - 2,416 - 1,290 - 464 - 3,615 0 - 15,266 - 31,982 Operating profit 8,889 -2,072 5,304 -162 9,223 0 2,694 23,876 Finance income 605 796 44 0 886 - 1,923 0 408 Finance income on shares of associates (Note 7) 0 132 0 0 0 0 0 132 Finance costs - 821 - 1,559 - 539 - 58 - 3,142 1,923 - 4,209 - 8,405 Income tax - 564 0 - 2,260 0 - 5,003 0 0 - 7,827 Net profit/(-loss) 8,109 -2,703 2,549 -220 1,964 0 -1,515 8,184 incl. in Estonia 8,109 - 2,703 1,953 - 220 2,317 0 - 1,515 7,941 incl. in Latvia 0 0 363 0 - 164 0 0 199 incl. in Lithuania 0 0 233 0 - 189 0 0 44 Segment assets 145,222 95,942 54,038 8,455 311,532 -107,051 155,870 664,008 Segment liabilities 93,079 70,856 27,855 6,111 126,400 -75,289 171,758 420,770 Segment investments in property, plant and equipment (Note 10) 2,399 1,005 744 479 11,679 0 0 16,306 Segment investments in intangible assets (Note 11) 104 963 15 3 0 0 0 1,085
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 35 External revenue according to types of goods and services sold in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Retail revenue 225 , 352 204 , 340 657 , 160 603,589 Wholesale revenue 9 , 772 14 , 550 30 , 494 36,016 Rental income 2 , 914 2 , 947 8 , 727 8,946 Revenue for rendering services 13 , 626 10 , 814 38 , 838 31,880 Total revenue 251,664 232,651 735,219 680,431 External revenue by client location in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Estonia 210 , 595 192 , 343 656 , 935 607,756 Latvia 31 , 272 31 , 038 45 , 663 45,846 Lithuania 9 , 797 9 , 270 32 , 621 26,829 Total 251,664 232,651 735,219 680,431 Distribution of non-current assets* by location of assets in thousands of euros 30.09.2026 31.12.2025 Estonia 508 , 839 507,895 Latvia 19 , 950 20,354 Lithuania 13 , 440 13,536 Total 542,229 541,785 * Non - current assets, other than financial assets and investment in associate. In the reporting period and comparable period, the Group did not have any clients whose revenue would exceed 10% of the Group’s revenue. Note 17. Services expenses in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Rental expenses 174 175 494 563 Heat and electricity expenses 2 , 791 2 , 633 9 , 562 8,953 Expenses related to premises 2 , 505 2 , 750 7 , 812 8,594 Cost of services and materials related to sales 2 , 048 1 , 828 5 , 917 5,580 Marketing expenses 2 , 434 2 , 405 7 , 255 7,607 Other operating expenses 1 , 525 1 , 141 4 , 237 3,629 Computer and communication costs 2 , 629 2 , 208 7 , 593 6,592 Expenses related to personnel 1 , 331 1 , 191 4 , 060 3,666 Total services expenses 15,437 14,331 46,930 45,184
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 36 Note 18. Staff costs in thousands of euros III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Wages and salaries 22 , 327 20 , 921 68 , 479 64,660 Social security taxes 7 , 031 6 , 531 21 , 471 20,313 Total staff costs 29,358 27,452 89,950 84,973 Average number of employees converted to full-time equivalents 5 ,076 5 , 04 4 5 , 0 75 5 , 0 46 Average number of employees by type of employ- ment: Person employed under an employment contract 4 , 773 4 , 789 4 , 783 4 , 775 Person providing services under a contract under the law of obligations, excluding a self-employed person 296 248 285 264 Member of the management or supervisory body of a legal entity 7 7 7 7 Note 19. Earnings per share For calculating the basic earnings per share, the net profit to be distributed to the Parent’s shareholders is divided by the weighted average number of ordinary shares in circulation. As the Company does not have potential ordinary shares, the diluted ear nings per share equal basic earnings per share. III quarter 2026 III quarter 2025 9 months 2026 9 months 2025 Net profit (in thousands of euros) 7 , 138 8,096 8 , 574 8,184 Weighted average number of shares 40 , 729 , 200 40,729,200 40 , 729 , 200 40,729,200 Basic and diluted earnings per share (euros) 0 . 18 0.20 0 . 21 0.20 Note 20. Related party transactions in thousands of euros In preparing the consolidated interim report of TKM Grupp AS, the following parties have been considered as related parties: a. owners (Parent and the persons controlling or having significant influence over the Parent); b. associates; c. other entities in the Parent’s consolidation group; d. management and supervisory boards of the Group companies; e. close relatives of the persons described above and the entities under their control or significant influence. Parent company of TKM Grupp AS is OÜ NG Investeeringud (Parent company), operating in Estonia. Majority shareholder of OÜ NG Investeeringud is NG Kapital OÜ, operating in Estonia. NG Kapital OÜ is the ultimate controlling party of TKM Grupp AS. The TKM Group has purchased and sold goods, services and non - current assets as follows: Purchases 9 months 2026 Sales 9 months 2026 Purchases 9 months 2025 Sales 9 months 2025 Parent 205 152 212 331 Entities in the Parent’s consolidation group 25 , 557 3 , 442 23,071 3,588 Members of management and supervisory boards 0 79 0 27 Other related parties 76 6 47 5 Total 25,838 3,679 23,330 3,951
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TKM Grupp AS Consolidated Interim Report for the third quarter and first 9 months of 2026 (unaudited) 37 A major part of the purchases from the entities in the Parent’s consolidation group is made up of goods purchased for sale. Purchases from the Parent are mostly made up of management fees. Sales to related parties are mostly made up of services provided. Balances with related parties: 30.09.2026 31.12.2025 Receivables from entities in the in the Parent’s consolidation group 269 368 Total receivables from related parties (Note 4) 269 368 30.09.2026 31.12.2025 Parent 28 41 Entities in the Parent’s consolidation group 4 , 411 4,249 Other related parties 2 2 Total liabilities to related parties (Note 13) 4,441 4,292 Receivables from and liabilities to related parties, arisen in the normal course of business, are unsecured and carry no interest because they have regular payment terms. Entities in the Parent company consolidation group are important suppliers for the Group. For arranging funding for its subsidiaries, the Group uses the group account, the members of which are most of the Group’s entities. In its turn, the Group as a subgroup is a member of the group account of NG Investeeringud OÜ (hereinafter head group). Fro m 2001, TKM Grupp AS has been keeping its available funds at the head group account, earning interest income on its deposits. In 2026, the Group has earned interest income on its deposits of available funds in the amount of 151 thousand euros, interest rate 0.99% (2025: 367 thousand euros, interest rate 1.26%). As at 30 September 2026 and 31 December 2025, TKM Grupp AS had not d eposited any funds through head group and had not used available funds of head group. According to the group account contract, the Group’s members are jointly responsible for the unpaid amount to the bank. Remuneration paid to the members of the Management and Supervisory Board Short term benefits to the management boards’ members of the TKM Group for the reporting period including wages, social security taxes, bonuses and car expenses, amounted to 3,127 thousand euros (2025 9 months: 2,874 thousand euros). Short - term benefits to supervisory boards’ members of the Group in r eporting period including social taxes amounted to 800 thousand euros (2025 9 months: 746 thousand euros). The termination benefits for the members of the Management Board are limited to 3 to 6 month’s salary expense.