A T L A N T I S SE
ANNUAL FINANCIAL REPORT
FOR THE PERIOD FROM 1 JULY 2025 TO 30 JUNE 2026
IN COMPLIANCE WITH INTERNATIONAL STANDARDS
FINANCIAL REPORTING STANDARDS (EU)
Tallinn, 30/09/2026
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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ATLANTIS SE
I. CORPORATE PROFILE
Company Name: ATLANTIS SE
Registration code: 14633855
Address: Estonia Harju County Tallinn, Tornimäe tn 3// 5 //7
Tallinn 10145
Email: biuro@atlantis-sa.pl
Website: www.atlantis-sa.pl
Reporting period: 07/01/2025– 06/30/2026
Main business activity: As of 30/06/2026, the business activity registered in Estonia is: (EMTAK 2008
64929) - "Other lending, excluding pawnshops"
Supervisory Board:
Małgorzata Patrowicz,
Jacek Koralewski,
Martyna Patrowicz,
Wojciech Hetkowski
Management Board:
Damian Patrowicz
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
3 from 47
TABLE OF CONTENTS:
I. CORPORATE PROFILE ........................................................................................................................................ 2
II. LETTER FROM THE MANAGEMENT BOARD ........................................................................................... 4
III. MANAGEMENT BOARD REPORT ........................................................................................................................... 5
IV. CORPORATE GOVERNANCE REPORT ........................................................................................................ 9
V. REMUNERATION REPORT ........................................................................................................................... 16
VI. FINANCIAL STATEMENTS........................................................................................................................... 17
VII. CONFIRMATION OF THE ANNUAL REPORT BY THE MANAGEMENT BOARD ..................... 46
VIII. MANAGEMENT BOARD'S PROPOSAL FOR THE ALLOCATION OF PROFIT ………………..……………47
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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II. LETTER FROM THE MANAGEMENT BOARD
Dear Sir/Madam,
On behalf of the Management Board of Atlantis SE (hereinafter referred to as the "Company"), I present
to you the Annual Report for the financial year from July 1, 2025, to June 30, 2026.
During this period, the Company continued its business activities, which included, among other things,
lending operations, which constitute the main part of its generated revenues.
In the opinion of the Management Board, the Company's situation is stable – there is no risk of loss of
liquidity or threat to the continuation of operations.
The Company's operations will continue to focus on the financial sector. The main strategic goals for the
coming years are: stabilizing the Company's position in the areas where Atlantis SE already provides its
services, meeting the growing demands of customers and achieving financial results that meet the
expectations of Shareholders.
In April of this year, the Management Board announced the commencement of the procedure for
transferring the Company's registered office from the Republic of Estonia to the Republic of Latvia – in
accordance with Art. 8 of Regulation No. 2157/2001 in conjunction with § 1876 of the Estonian Securities
Market Act on the Statutes of a European Company (SE).
The Management Board assures the Shareholders that, as a result of the transfer of the registered office,
the Company will maintain its legal continuity and the legal form of a European Company (SE), which
means the continuation of its business activities to the same extent as before. The transfer of the
Company's registered office will not affect the listing of its shares on the Warsaw Stock Exchange S.A. The
regulations governing capital markets permit the listing of shares of companies registered in other
Member States of the European Union.
I invite you to read this Report.
At the same time, I would like to thank all Shareholders for the trust they have placed in the Company by
investing in its shares, and I wish you continued and fruitful cooperation.
Sincerely,
Damian Patrowicz
Member of the Management Board
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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III. MANAGEMENT BOARD REPORT
Main area of activity
During the reporting period, the Company's main activity was financial activity, including the granting
of loans. All loans granted during the financial year were granted to related entities. In pursuing its
lending business profile, the Company entered into agreements with Polish and Estonian entities. The
Company intends to continue its activities in this area.
Loans granted to related entities were subsequently invested by these entities in real estate and
marketable securities in order to generate profit.
General (macroeconomic) development
Financial markets are characterized by high volatility, which, on the one hand, increases the risk of
conducting activities such as lending services, but, on the other hand, provides an opportunity to
achieve above-average profits in a relatively short period of time.
The key factors influencing price volatility in financial markets include:
• the economic situation – domestically and globally,
• the monetary policy of central banks,
• the internal situation of the company or in a given market,
• the situation in foreign markets.
The Company's operations are particularly related to granting cash loans to business entities, mainly
to related entities.
The Company recognizes the development potential in providing financial services to this type of
entity and consistently intends to continue its business operations in this segment.
Financial instruments, financial risk management policy and principles
The main types of risk arising from the Company's financial instruments include: interest rate risk,
liquidity risk, credit risk and risk related to financial collateral. The Management Board is responsible
for establishing the Company's risk management policies and for overseeing their compliance. The
Company's risk management policies are designed to identify and analyze the risks to which the
Company is exposed
, determining appropriate limits and controls, as well as monitoring the risks and the degree to which
the limits are aligned with them. The Management Board strives to continuously monitor risks and
manage opportunities in a logical and systematic manner, in accordance with established methods.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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Ensuring financial liquidity
As of the date of preparation of the annual report, the Management Board, to the best of its knowledge,
does not perceive any threat to the fulfillment of its obligations. The Company has no outstanding loans
or borrowings or other significant liabilities. The Company allocates its funds to conduct lending
activities. The Company intends to gradually expand this business.
Description of significant external and internal factors
Considering the specific nature of the Company's operations, primarily financial services related to
granting non-consumer cash loans, the Company believes that the following internal and external
factors have and will continue to have a significant impact on its performance:
the general economic situation in the lending market and the level of interest rates,
the proper fulfillment by the Borrowers of their obligations under the concluded loan
agreements, as well as the course of the enforcement and collection process for overdue loans,
if any
efficiency of administrative and legal procedures,
the economic situation and investment conditions in Poland, Estonia or in this region,
access to external sources of financing,
cooperation with other financial entities.
The risk associated with the possibility of fluctuations in the exchange rate of one currency against
another can lead to both a deterioration and an improvement in the entity's financial position. The
Company's revenues and cash flows from operating activities are dependent on changes in market
interest rates.
Key financial ratios, taking into account the financial year and the year preceding the financial
year, together with the methods of calculating these ratios
RATIO
30/06/2026
(in thousands of EUR)
30/06/2025
(in thousands of EUR)
ROA
8.00%
-25.09%
ROE
8.07%
-25.81%
ROA – Return on Assets, (profit (loss) for the period/asset value*100)
ROE – Return on Equity (profit (loss) for the period/equity*100)
Share capital of the Company
As at the balance sheet date, i.e. 30/06/2026 and as of the date of publication of this report, as well as
at the end of the previous financial year, i.e., as of 30/06/2025, the Company's share capital amounted
to EUR 700,000 and was divided into 7 000 000 bearer shares with no nominal value.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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Information about the Company and Shareholders
As of the balance sheet date, i.e., 30.06.2026, and at the end of the previous financial year, Atlantis SE
did not have any subsidiaries and did not form its own consolidation group.
Major shareholdings in accordance with the provisions of § 9 of the Securities Market Act
To the best of the Management Board's knowledge, as of 30.06.2026, the shareholder structure of
those directly and indirectly holding at least 10% of the total number of votes at the General Meeting
was as follows:
as of 30/06/2026
No.
Shareholder
Number of
shares
% of shares
% of votes
1
Patro Invest OÜ
2 034 669
29.06
29.06
Total
7 000 000
100
100
Damian Patrowicz owns 100% of the shares in Patro Invest OÜ
as of 30/06/2025
No.
Shareholder
Number of
shares
% of shares
% of votes
1
Patro Invest OÜ
2 034 669
29.06
29.06
Total
7 000 000
100
100
Damian Patrowicz held 100% of the shares in Patro Invest OÜ
The Company did not issue shares conferring special rights on its Shareholders.
Shares held by members of the Company's Management Board and Supervisory Board:
Members of the Management Board
As of the balance sheet date of 30 June 2026 and as of the date of publication of the annual report, the
Member of the Management Board, Mr. Damian Patrowicz, indirectly held shares in the Company.
To the best of the Management Board's knowledge, Mr. Damian Patrowicz indirectly held, through
Patro Invest OÜ, with its registered office in Tallinn, Estonia, 29.06% of the Company's share capital,
which entitles him to cast 2,034,669 votes at the General Meeting of Shareholders.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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Members of the Supervisory Board
To the best of the knowledge of the Management Board of Atlantis SE, the Members of the Supervisory
Board did not directly or indirectly hold shares in the Company as of the balance sheet date and as of
the date of publication of the annual report.
Provisions and rules for the election, appointment, resignation and dismissal of members of the
Company's Management Board as established by law
The Management Board of the Company consists of 1 (one) to 4 (four) members, who are elected for
a term of three years. The term of office of a member of the Management Board may be extended. The
members of the Company's Management Board are elected and dismissed by the Supervisory Board,
which also decides on the remuneration of the members of the Management Board. Each Member of
the Company's Management Board may represent the Company independently in all legal actions,
unless otherwise stipulated by a resolution of the Supervisory Board. If the Company's Management
Board consists of more than 2 (two) members, the Supervisory Board shall appoint the President of
the Management Board by resolution. Meetings of the Management Board shall have a quorum if more
than half of the Members of the Management Board are present. Resolutions of the Management Board
are adopted by a simple majority of votes. Each Member of the Management Board has one vote. In the
event of a tied vote, the Chairperson of the Management Board has the casting vote.
Provisions and rules for amending the Company's Articles of Association as determined by law
Amendments to the Company's Articles of Association shall be voted on by the Shareholders if the
amendments are included in the agenda of the General Meeting by electronic means prior to or during
the meeting. The procedure for electronic voting is determined by the Company's Management Board.
The notice convening the General Meeting must specify whether electronic voting is possible and the
method of voting as determined by the Company's Management Board. A shareholder who has voted
electronically is considered to be present at the General Meeting, and the number of their votes from
the shares represented is included in the quorum, unless otherwise provided for in applicable legal
acts.
Information on transactions entered into by the Company.
During the period covered by this report, the Company did not enter into any significant transactions
with related entities on terms other than arm's length terms. All significant transactions, including
those with related entities, have been disclosed in the Company's Annual Financial Statements.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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Information on average employment
The Company did not employ any staff in the financial year or in the previous financial year.
IV. CORPORATE GOVERNANCE REPORT
The Company's full Statement regarding the Best Practices for WSE Listed Companies 2021 and the
Corporate Governance Principles is available on the Company's website www.atlantis-sa.pl in the
"Regulations" section under the "Best Practices" tab concerning corporate governance.
The Company has undertaken to apply all corporate governance principles contained in the "Best
Practices for WSE Listed Companies 2021", with the exception of:
According to the current status of compliance with the Best Practices, the Company does not apply 21
specific rules: 1.2., 1.3.1., 1.3.2., 1.4., 1.4.1., 1.4.2., 1.5., 1.6., 2.1., 2.3., 2.11.1., 2.11.2., 2.11.3., 2.11.4.,
2.11.5., 2.11.6., 3.9., 3.10., 4.1., 4.3., 4.6.
1. INFORMATION POLICY AND COMMUNICATION WITH INVESTORS
In the interest of all market participants and its own, a listed company ensures proper communication
with stakeholders by implementing a transparent and reliable information policy.
1.2. The Company shall make its financial results, as contained in the interim report, available as
soon as possible after the end of the reporting period, and, if this is not possible for justified reasons,
it shall publish at least preliminary estimated financial results as soon as possible.
Company's comment: The Company publishes interim reports within the deadlines stipulated by the
Estonian legal provisions applicable to the Company.
1.3. Companies integrate ESG (environmental, social, and governance) factors into their business
strategy, including, in particular:
1.3.1. environmental issues, including metrics and risks related to climate change and sustainability
issues;
Company's comment: The Company's main activity is granting loans. The Company is unable to
determine the ESG impact of the loans granted.
1.3.2. social and employee matters, concerning, among other things, actions taken and planned to
ensure gender equality, proper working conditions, respect for employees' rights, dialogue with local
communities, and relations with customers.
Company's comment: The Company explains that it applies the principles of sustainable development
and respect for social and employee rights and interests in its operating strategy. In this regard, the
Company complies with all applicable regulations and guidelines. At the time of publication of this
statement, the Company had not formalized the principles it applies in this regard.
1.4. In order to ensure proper communication with stakeholders regarding the adopted business
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
10 from 47
strategy, the Company publishes information on its website about the assumptions of its strategy,
measurable objectives, including, in particular, long-term objectives, planned actions and progress in
their implementation, as determined by financial and non-financial metrics. Information on the ESG
strategy should include, among other things:
Company's comment: The Company publishes a number of financial and non-financial metrics, as well
as information on its adopted development strategy, both on the Company's corporate website and in
its current and periodic reports. However, the Company points out that it does not publish separate
information on development plans and the progress of their implementation. The Company also does
not publish forecasts of any kind.
1.4.1. explain how climate change issues are taken into account in the decision-making processes of
the company and entities within its group, indicating the resulting risks;
Company's comment: Due to the marginal impact of the Company's operations on the natural
environment, as indicated in point 1.3.1. above, the Company does not publish additional explanations
in this regard.
1.4.2. to present the value of the equal pay index for its employees, calculated as the percentage
difference between the average monthly remuneration (including bonuses, awards and other
allowances) of women and men for the last year, and to present information on the measures taken to
eliminate any inequalities in this regard, together with a presentation of the associated risks and the
time horizon within which equality is planned to be achieved.
Company's comment: Due to the fact that, as of the date of submission of this statement, the
Company's application of principles encompassing respect for social and employee matters has not
been formalised, the Company does not publish additional information in the scope covered by this
point.
1.5. At least once a year, the Company discloses the expenses incurred by it and its group to support
culture, sports, charitable institutions, the media, social organizations, trade unions, etc. If, in the year
covered by the report, the company or its group incurred expenses for such purposes, the information
shall include a breakdown of these expenses.
Company's comment: The Company does not engage in sponsorship activities.
2. MANAGEMENT BOARD AND SUPERVISORY BOARD
In order to achieve the highest standards in the performance of their duties by the Company's
Management Board and Supervisory Board and to fulfill them effectively, only persons with the
appropriate competencies, skills and experience are appointed to the Management Board and the
Supervisory Board.
The members of the Management Board act in the interest of the company and are responsible for its
operations. The Management Board is responsible, in particular, for the leadership of the Company,
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
11 from 47
involvement in setting its strategic goals and their implementation, as well as ensuring the Company's
efficiency and security.
In the performance of their duties and responsibilities on the Supervisory Board, the members of the
Supervisory Board are guided in their actions, including in their decision-making, by the independence
of their own opinions and judgments, acting in the best interests of the Company.
The Supervisory Board operates within a culture of debate, analyzing the Company's position within
the industry and the market based on materials provided by the Company's Management Board, as
well as the Company's internal systems and functions, and those obtained from external sources,
utilizing the outcomes of its committees' work. In particular, the Supervisory Board provides opinions
on the Company's strategy, reviews the Management Board's performance in achieving the established
strategic goals, and monitors the Company's results.
Management Board:
Damian Patrowicz – Sole Member of the Company's Management Board
Supervisory Board:
Wojciech Hetkowski Member of the Supervisory Board
Jacek Koralewski Member of the Supervisory Board
Małgorzata Patrowicz Member of the Supervisory Board
Martyna Patrowicz Member of the Supervisory Board
TOTAL NUMBER OF ALL SHARES (STOCKS) OF THE COMPANY AND SHARES IN RELATED ENTITIES
OF THE COMPANY HELD BY PERSONS MANAGING AND SUPERVISING THE COMPANY
• Members of the Management Board
As of the balance sheet date of 30.06.2026 and as of the date of submission of the interim report,
Member of the Management Board Damian Patrowicz indirectly holds shares in the Company. As of
the date of submission of the report, Mr. Damian Patrowicz indirectly holds, through his subsidiary
Patro Invest OÜ, with its registered office in Tallinn, Estonia, 2,034,669 shares of ATLANTIS SE, which
represents 29.06% of the Company's share capital and entitles him to cast 2,034,669 votes,
representing 29.06% of the votes at the General Meeting of Shareholders.
• Members of the Supervisory Board
To the knowledge of the Management Board of Atlantis SE, the Members of the Supervisory Board do
not directly or indirectly hold shares in the Company as of the balance sheet date and as of the date of
submission of the interim report.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
12 from 47
2.1. The Company should have a diversity policy for the Management Board and the Supervisory
Board, adopted by the Supervisory Board or the General Meeting, respectively. The Diversity Policy
defines the objectives and criteria for diversity, including in areas such as gender, field of education,
specialized knowledge, age and professional experience, and specifies the timeframe and method for
monitoring the achievement of these objectives. In terms of gender diversity, the condition for
ensuring diversity within the Company's governing bodies is the presence of a minority representation
in a given body at a level of no less than 30%.
Company's comment: Key personnel decisions regarding the Company's governing bodies and its
key managers are made by the General Meeting and the Supervisory Board.
2.3. At least two members of the Supervisory Board meet the independence criteria set out in the
Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, and have no actual and
significant links with a shareholder holding at least 5% of the total number of votes in the Company.
Company's comment: The decision to elect the Members of the Supervisory Board falls within the
competence of the General Meeting of Shareholders. The shareholders, guided by the competence and
trust in individual candidates, appoint the members of the Supervisory Board. Depending on the
decision of the General Meeting, the Company may, from time to time, meet or not meet this criterion,
depending on the composition of the Supervisory Board that is elected. Currently, the Board does not
meet the independence criteria, as only one of the Board Members is independent, and the assessment
of the resulting risks in this regard falls within the competence of the General Meeting.
3. INTERNAL SYSTEMS AND FUNCTIONS
Efficiently operating internal systems and functions are an indispensable tool for exercising
supervision over the company.
The systems encompass the Company and all areas of operation of its group that have a significant
impact on the Company's situation.
3.9. The Supervisory Board monitors the effectiveness of the systems and functions referred to in
Principle 3.1, based, among other things, on reports periodically provided to it directly by the persons
responsible for these functions and the Company's Management Board, and also conducts an annual
assessment of the effectiveness of the operation of these systems and functions, in accordance with
Principle 2.11.3. If the company has an audit committee, it monitors the effectiveness of the systems
and functions referred to in Principle 3.1, but this does not relieve the Supervisory Board of its
obligation to conduct an annual assessment of the effectiveness of these systems and functions.
Company's comment: In accordance with the applicable provisions of Estonian law, the Company
does not publish or submit the Supervisory Board's report on its activities to the General Meeting for
approval.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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4. GENERAL MEETING AND RELATIONS WITH SHAREHOLDERS
The Management Board of a listed company and its Supervisory Board should encourage shareholders
to become involved in the company's affairs, primarily through active participation in the General
Meeting, either in person or by proxy.
The General Meeting should deliberate with due respect for the rights of all shareholders and strive to
ensure that the resolutions adopted do not infringe upon the legitimate interests of individual groups
of shareholders.
Shareholders participating in the General Meeting shall exercise their rights in a manner that does not
violate accepted standards of conduct. Participants in the General Meeting should arrive at the General
Meeting prepared.
To the best of the Management Board's knowledge, as of 30.06.2026, the shareholder structure of
those directly and indirectly holding at least 10% of the total number of votes at the General Meeting
was as follows:
as of 30.06.2026
No.
Shareholder
Number of
shares
% of shares
% of votes
1
Patro Invest OÜ
2 034 669
29.06
29.06
Total
7 000 000
100
100
Damian Patrowicz held 100% of the shares in Patro Invest OÜ
Holders of securities that confer special control rights and
description of these rights
Atlantis SE shares do not confer any special control rights.
Restrictions on voting rights
Such restrictions do not apply to the Company's shares.
Restrictions on the transfer of ownership of the Company's securities.
In accordance with the Articles of Association of Atlantis SE, there are no restrictions on the transfer
of ownership
of ownership of the Company's shares.
4.1. The Company should enable shareholders to participate in the General Meeting using
electronic means of communication (e-General Meeting), if this is justified in view of the shareholders'
expectations communicated to the Company, provided that it is able to provide the technical
infrastructure necessary to hold such a General Meeting.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
14 from 47
Company's comment: The Company considers the costs of enabling shareholders to participate in the
General Meeting using electronic means of communication (e-General Meeting) to be too high. At the
same time, the Management Board points out that the Company's shareholder structure results in a
lack of interest among shareholders in participating in the Company's General Meeting in electronic
form. At the same time, the Company's Articles of Association and the Rules of Procedure of the General
Meeting do not provide for the possibility of participating in the General Meeting via electronic means
of communication.
4.3. The Company shall provide a publicly accessible live broadcast of the General Meeting.
Company's comment: The Company considers the costs of broadcasting the General Meeting to be too
high. At the same time, the Management Board points out that the Company's shareholder structure
results in a lack of interest in the proceedings of the General Meeting. At the same time, the Company's
Articles of Association and the Rules of Procedure of the General Meeting do not provide for the
broadcasting of the proceedings.
4.6. In order to facilitate shareholders participating in the General Meeting to vote on resolutions
with due diligence, draft resolutions of the General Meeting concerning matters and decisions other
than those of a procedural nature should include a justification, unless it is apparent from the
documentation presented to the General Meeting. If a matter is included on the agenda of the General
Meeting at the request of a shareholder or shareholders, the Management Board shall request
justification for the proposed resolution, unless it has already been provided by the shareholder or
shareholders.
Company's comment: As of the date of publication of this statement, the Company does not provide
additional justification for the draft resolutions of the General Meeting. To date, the Company's
shareholders have not expressed any interest in further discussion of the subject matter of the General
Meetings.
Rules for the appointment and dismissal of members of the management team and their
powers.
The listed company Atlantis SE is managed by the Management Board, whose Members act in the
interest of the company and are responsible for its operations. The Management Board is responsible,
in particular, for the leadership of the company, involvement in setting its strategic goals and their
implementation, as well as ensuring the company's efficiency and security. The Company is supervised
by an effective and competent Supervisory Board. The members of the Supervisory Board act in the
Company's best interests and are guided by the independence of their own opinions and judgments.
In particular, the Supervisory Board provides opinions on the Company's strategy, reviews the
Management Board's efforts in achieving strategic goals, and monitors the Company's performance.
The members of the Management Board are appointed by the Supervisory Board, and the members of
the Supervisory Board are elected by the General Meeting of Shareholders
of the Company. (Articles of Association, Section IV).
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
15 from 47
Amendments to the Company's Articles of Association
Amendments to the Articles of Association require a resolution of the General Meeting. The notice
convening a General Meeting, the agenda of which includes amendments to the Company's Articles of
Association, should contain the existing provisions of the Articles of Association and the proposed
amendments. In cases justified by the significant scope of the intended amendments, the
announcement may include a draft of the new text of the Articles of Association, together with a list of
its new or amended provisions. The text of the Articles of Association is available on the Company's
website at: https://atlantis.pl/?page_id=3071
DESCRIPTION OF THE MAIN FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT
SYSTEMS USED BY THE ISSUER'S COMPANY IN RELATION TO THE PROCESS OF PREPARING
FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS
Due to the simplified structure and the relatively limited number of financial risks, the Issuer's
Management Board has not developed and implemented a written procedure for the internal control
system and risk management in the preparation of financial statements; nevertheless, the Issuer
approaches the issue of financial reporting with the utmost diligence.
The Company's Management Board is responsible for the internal control system within the Company
and its effectiveness in ensuring the correctness of the preparation of financial statements and interim
reports. Financial statements and interim reports are prepared on the basis of financial data from the
financial and accounting system, where they are recorded in accordance with the principles of the
adopted accounting policy in compliance with the applicable IAS and IFRS.
During the reporting period, the financial statements were prepared by the Company's Management
Board and consulted with a professional entity – the "Galex" Law Firm, which provides advisory
services on a contractual basis. By using the advisory services of a specialized Law Firm, the
Management Board has the opportunity to analyze the formal correctness of the submitted documents
and to prepare mandatory financial statements, including quarterly, semi-annual and annual financial
statements.
RESTRICTIONS AND AGREEMENTS REGARDING VOTING RIGHTS
There are no such restrictions in relation to the Company's shares.
INDICATION OF ANY RESTRICTIONS ON THE TRANSFER OF OWNERSHIP OF THE ISSUER'S
SECURITIES
There are no restrictions on the transfer of ownership of securities issued by the Company.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
16 from 47
V. REMUNERATION REPORT
This remuneration report has been prepared in accordance with the remuneration policy.
The members of the Management Board are elected by the Company's Supervisory Board based on
their professional knowledge in the industry in which the Company operates.
A member of the Management Board does not receive remuneration. The members of the Company's
Supervisory Board also do not receive remuneration. Members of the Management Board and the
Supervisory Board are not granted remuneration in the form of financial instruments.
The Company's Management Board consists of one member – Damian Patrowicz. The resolution
appointing Damian Patrowicz as a Member of the Management Board was signed on 19/05/2025, and
his term of office runs until 18/05/2028.
The Members of the Management Board are elected by the Company's Supervisory Board based on
their knowledge of the industry in which the Company operates. In addition, the candidate's
experience in leadership and management, as well as their involvement in the Company's affairs, are
taken into account. The Member of the Management Board does not receive any remuneration.
Management is not offered stock options.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
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VI. FINANCIAL STATEMENTS
a) Statement of Financial Position
STATEMENT OF FINANCIAL POSITION
Note
30/06/2026
(THOUSAND
EURO)
30/06/2025
(THOUSAND
EURO)
A s s e t s
Fixed assets
0
0
Long-term financial assets
0
0
Current assets
925
861
Short-term financial assets
4
877
802
Short-term receivables
0
0
Cash and cash equivalents
46
56
Short-term accruals
2
3
Total assets
925
861
L i a b i l i t i e s
Equity
917
837
Share capital
5
700
700
Supplementary capital
5
20 300
20 300
Other reserve capital
292
292
Exchange rate differences
5 592
5 586
Retained earnings
-25 967
-26 041
Short-term liabilities
8
24
Trade liabilities
8
8
9
Other liabilities
8
0
0
Other provisions
8
0
15
Total equity and liabilities
925
861
Book value
917
837
Number of shares
7
7 000 000
7 000 000
Book value per share (in EUR)
7
0.13
0.12
Diluted number of shares
7
7 000 000
7 000 000
Diluted book value per share (in EUR)
7
0.13
0.12
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
18 from 47
2. Profit and Loss Account
PROFIT AND LOSS STATEMENT
Note
07/01/2025 -
06/30/2026
(THOUSAND
EURO)
07/01/2024 -
30/06/2025
(THOUS. EURO)
Net interest income
9
30
264
Gross profit (loss) from sales
30
264
General administrative expenses
10
35
49
Other operating income
11
1
33
Other operating expenses
1
0
Profit (loss) from operating activities
-5
248
Financial income
12
112
63
Financial costs
13
33
527
Profit (loss) before tax
74
-216
Net profit (loss) for the period
74
-216
Weighted average number of ordinary shares
(in units)
7 000 000
82 431 507
Profit (loss) per ordinary share (in EUR)
0.01057
-0.00262
Weighted average diluted number of ordinary
shares
7 000 000
82 431 507
Diluted profit (loss) per ordinary share
0.01057
-0.00262
3. Statement of other comprehensive income
STATEMENT OF OTHER COMPREHENSIVE INCOME
07/01/2025 -
30/06/2026
(THOUSAND
EURO)
07/01/2024 -
30/06/2025
(THOUSAND
EURO)
Net profit/loss for the period
74
-216
Other comprehensive income, including:
6
5 755
Exchange rate differences - will not be reclassified to
the profit and loss account
6
5 755
Total comprehensive income for the period
80
5 539
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
19 from 47
4. Statement of changes in equity
STATEMENT OF CHANGES IN EQUITY
NOTE
07/01/2025
-
06/30/2026
(THOUSAND
EURO)
07/01/2024
-
30/06/2025
(THOUS.
EURO)
Equity at the beginning of the period (OB)
837
4 674
Share capital at the beginning of the period
5
700
1 013
Changes in share capital
5
0
-313
a) Increases (due to):
0
29 362
- reduction of supplementary capital
0
29 362
b) Decreases (due to):
5
0
29 675
- redemption of treasury shares
0
9 375
- increase in supplementary capital
0
20 300
Share capital at the end of the period
5
700
700
Supplementary capital at the beginning of the
period
20 300
29 363
Changes in supplementary capital
0
-9 063
a) Increases (due to):
0
20 300
- reduction of share capital
0
20 300
b) Decreases (due to):
0
29 363
- increase in share capital
0
29 362
Supplementary capital at the end of the period
5
20 300
20 300
Other reserve capital at the beginning of the
period
292
292
Changes in other reserve capitals
0
Other reserve capital at the end of the period
292
292
Exchange rate differences at the beginning of
the period
5 586
-169
Changes in exchange rate differences
6
5 755
Exchange rate differences at the end of the
period
5 592
5 586
Retained earnings at the beginning of the
period
-26 041
-25 825
Changes in retained earnings
74
-216
a) profit/loss for the period
74
-216
Retained earnings/Unsettled losses from
previous years at the end of the period
-25 967
-26 041
Equity at the end of the period (closing balance)
917
837
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
20 from 47
5. Cash flow statement
CASH FLOW STATEMENT
(indirect method)
Note
07/01/2025
-
30/06/2026
(THOUSAND
EURO)
07/01/2024 -
30/06/2025
(THOUSAND
EURO)
Operating activities
A.I. Gross profit (loss)
74
-216
A.II. Total adjustments:
294
318
Difference between accrued and received interest
-1
-160
Loans granted
0
-446
Loan repayments received
311
298
Change in provisions
10
-15
8
Change in receivables and prepayments
0
89
Change in liabilities
-1
2
Change in accrued expenses and deferred income
1
0
Other adjustments
15
0
527
A.III. Net cash flows from operating activities
368
102
Investing activities
B.I. Cash inflows from investing activities
0
0
B.II. Expenses from investing activities
378
47
Expenditures on the acquisition of financial
assets
378
47
B.III. Net cash flows from investing activities
-378
-47
C. Exchange rate differences
0
0
Net cash flows, total (A.III+/-B.III+/-C)
-10
55
Balance sheet change in cash and cash
equivalents
-10
55
Balance of cash at the beginning of the period
56
1
Balance of cash at the end of the period
46
56
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
21 from 47
6. Notes to the financial statements
Note 1. Accounting policies
1.1. General information
ATLANTIS SE (hereinafter referred to as the "Company" or "ATLANTIS"), a company with Polish
capital, operates in Estonia and Poland.
The Company's financial statements for the year 2025/2026 were signed by a member of the
Management Board of ATLANTIS SE on September 30, 2026.
In accordance with the requirements of the Commercial Code of the Republic of Estonia, the annual
report prepared by the Management Board and approved by the Supervisory Board, which also
includes the financial statements, is approved by the General Meeting of Shareholders. Shareholders
have the right not to approve the annual report prepared by the Management Board and approved by
the Supervisory Board, and to request the preparation of a new report.
1.2. Basis of preparation of the financial statements
The Company's annual financial statements for the years 2025/2026 have been prepared in
accordance with the International Financial Reporting Standards endorsed by the European Union
("IFRS (EU)"). The Company has consistently applied the accounting policies in all periods presented,
unless otherwise indicated.
The annual financial statements for the years 2025/2026 have been prepared on a going concern basis.
The preparation of the annual financial statements in accordance with IFRS (EU) requires the use of
certain critical accounting estimates. It also requires management to exercise judgment in the process
of applying the Company's accounting policies. Changes in assumptions may have a material impact
on the financial statements in the period in which the assumptions changed. The Company's
Management Board considers the assumptions underlying the preparation of the annual financial
statements for 2025/2026 to be appropriate.
These annual financial statements consist of the statement of financial position, the statement of profit
or loss, the statement of comprehensive income, the statement of changes in equity, the statement of
cash flows and the notes.
The annual financial statements are presented in euros, and all amounts, unless otherwise indicated,
are rounded to the nearest thousand (€000).
The Company's original annual financial statements were prepared in English. In the event of any
discrepancy with the Polish or Estonian translation, the English version shall prevail.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
22 from 47
1.3. Functional currency and reporting currency
The Company's functional currency is the Polish zloty (PLN), and the reporting (presentation)
currency is the euro (EUR).
Balance sheet items are translated at the exchange rate announced by the European Central Bank as
of the balance sheet date.
Items in the profit and loss statement and in the cash flow statement are translated at the exchange
rate representing the arithmetic mean of the exchange rates published by the European Central Bank
for the given financial year.
1.4. Accounting policies, changes in accounting estimates and errors (IAS 8)
If IFRS (EU) applies directly to transactions, other events or conditions, the accounting policies applied
to that item are determined by applying IFRS (EU). In the absence of an IFRS (EU) that specifically
applies to a transaction, other event or condition, management should use its judgment in developing
and applying an accounting policy that results in information that is relevant to the economic decision-
making needs of users and reliable.
The Company selects and applies accounting policies consistently for similar transactions, other
events and conditions, unless IFRS (EU) explicitly requires or permits the categorisation of items for
which different policies may be appropriate. If IFRS (EU) requires or permits such categorization, the
appropriate accounting policy should be selected and applied consistently for each category.
The Company changes its accounting policies only if such a change is required by IFRS (EU) or if it
results in the financial statements providing reliable and more useful information about the impact of
transactions, other events or conditions on the Company's financial position, financial performance or
cash flows. In the case of retrospective application of changes in accounting policies, the Company
adjusts the opening balance of each component of equity for the earliest period presented and the
other comparative data for each period presented as if the new accounting policies had always been
applied.
The effects of changes in accounting estimates are recognized prospectively by recognizing them in
the profit and loss account in the period in which the change occurred, if the change relates only to
that period, or in the period in which the change occurred and in future periods, if the change relates
to both periods.
The Company corrects material errors from previous periods retrospectively in the first set of financial
statements approved for publication after their discovery, by restating the comparative figures for the
previous period(s) in which the error occurred or, if the error occurred before the earliest period
presented, by restating the opening balances of assets, liabilities and equity for the earliest period
presented.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
23 from 47
1.5. Impact of new and amended standards and interpretations
The accounting policies applied in the preparation of these financial statements are the same
as those applied by the Company in the financial statements for the year ended 30 June 2025,
except for the application of the new and amended standards listed below.
A. Standards and amendments to standards that became effective during the reporting
period
The Company has applied the following new standards and amendments to standards that became
effective for periods beginning on or after 1 January 2024:
Amendments to IAS 1 "Presentation of Financial Statements" (Classification of
Liabilities as Current or Non-current): The amendments clarify the criteria for classifying
liabilities as current or non-current at the end of the reporting period. They affect the
assessment of the entity's right to defer the repayment of a liability by at least 12 months.
Impact on the financial statements: These amendments did not have a material impact on the
Company's financial position and the presentation of its liabilities.
Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments:
Disclosures" (Supplier Finance Arrangements): The amendments impose an obligation to
disclose information on reverse factoring mechanisms and similar structures for financing
liabilities, in order to enable an assessment of their impact on liquidity and cash flows.
Impact on the financial statements: Due to the Company's non-use of such instruments, these
amendments had no impact on the financial statements.
Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates" (Lack of
Currency Exchangeability): The amendments specify the rules for handling and estimating the
spot exchange rate when a currency ceases to be exchangeable for another. They also impose
an obligation for expanded disclosures regarding currency risk management in such
circumstances. The Company does not expect these amendments to have a material impact on
its financial statements when they are first applied.
B. Standards and amendments to standards published that have not yet entered into force
(and the status of their adoption in the EU)
The Company has not opted for early application of the following standards and interpretations that
have been issued but are not yet effective in the current reporting period:
IFRS 18 "Presentation and Disclosure in Financial Statements": This standard will replace
the current IAS 1. It introduces significant changes to the structure of the profit and loss
statement (breakdown into operating, investing and financing activities) and imposes an
obligation to disclose and reconcile alternative performance measures defined by management
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
24 from 47
(the so-called MPMs – Management Performance Measures). The guidelines for the aggregation
and disaggregation of reporting items are also changing.
Effective date: Periods beginning on or after 1 January 2027 (with the requirement to restate
comparative data retrospectively). The standard is awaiting approval by the European Union.
Expected impact: Due to the Company's business profile (lending), the implementation of IFRS
18 will have a significant impact on the presentation of the profit and loss statement. The
main categories of income (interest and commission income) and financing costs will be
classified in accordance with the specific nature of the lending business, which will change the
current structure of operating and financial items. The Company has commenced the process
of analyzing and adapting its reporting systems to the requirements of the new standard.
C. Other amendments and standards
Other new standards, amendments to standards and interpretations issued by the IASB that have not
yet entered into force have been reviewed by the Company's Management Board and are not expected
to have any material impact on the Company's future financial statements.
1.6. Financial assets (IFRS 9, IAS 32)
Classification
The Company classifies financial assets into the following valuation categories:
• those measured at fair value (through other comprehensive income or through profit or loss);
• measured at amortized cost.
The classification depends on the Company's business model for managing financial assets and on the
contractual terms of cash flows.
Recognition and derecognition
Purchases and sales of financial assets under normal market conditions are recognized on the trade
date, i.e., the date on which the Company commits to purchase or sell the asset. Financial assets are
derecognised from the balance sheet when the rights to receive cash flows from the asset have expired
or have been transferred, and the Company has transferred substantially all the risks and rewards of
ownership of the asset.
Valuation
Financial assets (with the exception of trade receivables that do not contain a significant financing
component and are initially measured at the transaction price) are initially measured at fair value, and
in the case of assets that are not measured at fair value through profit or loss, the related costs of
acquiring the assets are added to the initial value.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
25 from 47
Debt instruments
The subsequent recognition of debt instruments depends on the Company's business model for
managing financial assets and on the contractual cash flows from these financial assets. Assets held to
collect contractual cash flows that have only cash flows and interest payable are recognized at
amortized cost using the effective interest method. Impairment losses are deducted from the adjusted
acquisition cost. Interest income, gains and losses on foreign exchange differences and impairment
losses are recognized in the profit and loss account.
Gains or losses on derecognition are recognized in the profit and loss account under "Other operating
income / expenses". As at 30 June 2025 and 30 June 2026, and during the 2024/2025 period, the
Company's financial assets were classified as measured at amortized cost.
Impairment of financial assets
The impairment model is applied to financial assets measured at amortized cost. Financial assets
measured at amortized cost consist of loans receivable, other receivables, and cash and cash
equivalents.
Expected credit losses are estimated credit losses weighted by probability. The credit loss is the
difference between the Company's contractual cash flows and the Company's expected cash flows,
discounted at the original effective interest rate.
The measurement of expected credit losses takes into account: (i) an unbiased and probabilistic
amount that estimates a range of different outcomes, (ii) the time value of money, and (iii) reasonable
and rational information available at the end of the reporting period, conditions and forecasts
regarding future economic conditions.
The Company measures impairment as follows:
• cash and cash equivalents with low credit risk (senior management considers that the
assessment of low credit risk made by at least one of the major rating agencies) corresponds
to expected credit losses over 12 months;
• for all other financial assets – the amount of credit losses expected over a 12-month period,
unless the credit risk (i.e., the expected lifetime of the financial asset in default) has increased
significantly since initial recognition; if the risk has increased significantly, the credit loss is
measured at an amount equal to the expected lifetime credit loss.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. Loans and receivables are initially recognized at fair value plus
transaction costs. After initial recognition, loans and receivables are stated at amortized cost using the
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
26 from 47
effective interest rate method. This method is used to calculate interest income on receivables in
subsequent periods. Financial assets are adjusted for impairment losses.
Impairment is based on the expected credit loss. The expected credit loss principle is to show the
general trend of deterioration or improvement in the credit quality of a financial asset. Impairment
losses on financial assets classified at amortized cost are recognized as an impairment provision.
Expected credit losses are probability-weighted estimates of credit losses that, as of the reporting date,
take into account all relevant information, including information about past events, current conditions,
reasonable and justified future events, and forecasts of economic conditions. At the end of each
reporting period, the Company performs a review to determine whether there has been a significant
increase in risk compared to the most recent estimate. Indications of increased credit risk include,
among others, overdue payments of more than 30 days, significant financial difficulties of the debtor,
possible bankruptcy or restructuring of the debtor. Impairment losses are recognized in the profit and
loss account under "Other operating expenses". In the event of uncollectibility of receivables, they are
written off together with the provision for impairment.
Receivables are generally recognized as current assets if they are due within 12 months of the balance
sheet date. Receivables that are due later than 12 months after the balance sheet date are recognized
as non-current assets. Financial assets that do not include SPPI (Solely Payment of Principal and
Interest) cash flows are recognized at fair value through profit or loss.
Impairment of loans and advances
The estimation of impairment in the Company is based on the concept of "expected credit loss" (ECL).
Expected Credit Loss (ECL). As a result, the Company determines impairment losses based on expected
credit losses and takes into account forecasts of future economic conditions when assessing the credit
risk of a given exposure. The methodology and assumptions adopted for determining the impairment
of credit exposures are regularly monitored in order to reduce the discrepancy between estimated and
actual losses. In order to assess the adequacy of impairment losses, determined both within the
framework of individual and collective analysis, historical verification (backtesting) is carried out
periodically (at least once a year), the results of which are taken into account when defining actions
aimed at improving the quality of the process.
The implemented impairment model applies to financial assets classified in accordance with IFRS 9 as
financial assets measured at amortized cost or at fair value through other comprehensive income. In
accordance with IFRS 9, credit exposures are classified into the following categories:
▪ Stage 1 - exposures without impairment, for which the expected credit loss is estimated over a 12-
month period,
▪ Stage 2 - exposures without impairment for which a significant increase in risk has been identified
and for which the expected credit loss is calculated over the entire lifetime of the financial asset,
▪ Stage 3 - exposures with identified indications of impairment, for which the expected credit loss is
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
27 from 47
calculated over the entire lifetime of the financial asset.
Measurement of expected credit loss
Since the implementation of IFRS 9 in 2018, the estimation of impairment in the Company has been
based on the concept of "Expected Credit Loss" (ECL). Expected Credit Loss (ECL). The direct
consequence of applying this approach is the need to determine impairment losses based on expected
credit losses and to take into account forecasts of future economic conditions when assessing the credit
risk of a given exposure. The implemented impairment model applies to financial assets classified in
accordance with IFRS 9 as financial assets measured at amortized cost or at fair value through other
comprehensive income. In accordance with IFRS 9, credit exposures are classified into the following
categories:
▪ Stage 1 – exposures without recognized impairment, for which the expected credit loss is estimated
over a 12-month horizon,
▪ Stage 2 – exposures without recognized impairment with an identified significant increase in credit
risk (SICR), for which the expected credit loss is estimated over the lifetime horizon, i.e., until the
maturity date of the exposure,
▪ Stage 3 – exposures with recognized impairment, for which the expected credit loss is estimated
over the lifetime horizon (until the end of the recovery period of the financial asset).
In accordance with IFRS 9, the Company has adopted a definition of default, both in terms of expected
credit losses and for the purpose of estimating impairment, which includes the following criteria:
▪ delay in repayment exceeding 90 days from the due date of the receivable.
At the time of recording the repayment of financial assets previously classified as default, the Company
reclassifies the relevant financial assets as performing.
The Company applies impairment requirements to recognize and measure the allowance for expected
credit losses on financial assets that are measured at fair value through other comprehensive income.
However, the allowance for expected credit losses is recognized in the profit or loss statement and
does not reduce the carrying amount of the financial asset in the statement of financial position. Taking
into account all reasonable and documentable information, the Management Board considers that an
impairment loss can only be recognized if there is objective evidence that events (indications of
impairment) causing the impairment loss have been observed.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
28 from 47
Information on financial instruments
As at 30.06.2026
Classes of financial instruments
Amortized cost
Total
Total financial assets
925
925
Loans granted
452
452
including interest
1
1
Other short-term financial assets
425
425
Other receivables
0
0
Cash and cash equivalents
46
46
Short-term accruals
2
2
Total financial liabilities
8
8
Trade liabilities and other liabilities
8
8
Short-term provisions
0
0
As at 30.06.2025
Classes of financial instruments
Amortized cost
Total
Total financial assets
861
861
Loans granted
755
755
including interest
0
0
Other short-term financial assets
47
47
Other receivables
0
0
Cash and cash equivalents
56
56
Short-term accruals
3
3
Total financial liabilities
24
24
Trade liabilities and other liabilities
9
9
Short-term provisions
15
15
Professional judgment
If a given transaction is not governed by any standard or interpretation, the Management Board,
guided by its subjective judgment, determines and applies accounting policies that will ensure that the
financial statements contain accurate and reliable information and will:
• correctly, clearly and fairly present the Company's assets and financial position, the results of
its operations and cash flows,
• reflect the economic substance of the transaction,
• objective,
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
29 from 47
• prepared in accordance with the principle of prudent valuation,
• complete in all material respects.
When valuing loans, the debtor's solvency is taken into account. We take into account the risk of non-
repayment. In the absence of repayment risk, loans are valued at their nominal value. Appropriate
analyses are carried out.
The Management Board makes decisions taking into account all potential consequences of its
decisions. Therefore, the decision-making process is based on a multi-stage analysis, including an
analysis of borrowers' collateral.
Uncertainty of estimates
In applying the accounting policies in force at the Company, the Management Board is required to
make estimates, judgments and assumptions regarding the valuation amounts of individual assets
and liabilities. Estimates and related assumptions are based on historical experience and other factors
considered to be relevant. Actual results may differ from the estimated values. The preparation of the
financial statements requires the Company's Management Board to make estimates, as much of the
information contained in the financial statements cannot be measured precisely. The Management
Board reviews the estimates made based on changes in the factors considered when making them, new
information or past experience. Therefore, the estimates made as of June 30, 2026, may change in the
future.
In the report for the year 2025/2026, the Management Board assesses that there are no other
significant areas in respect of which there is a risk associated with the uncertainty of estimates.
Areas where disclosure may be required depending on the specific facts and circumstances:
• recognition and measurement of provisions if there is uncertainty as to the outcome of ongoing legal
proceedings – as of the balance sheet date, the Company is not involved in any ongoing legal
proceedings, and therefore does not recognize or measure provisions in this respect.
• Recognition and measurement of liabilities relating to uncertain tax positions – As of the balance
sheet date, the Company does not have any uncertain tax positions, and therefore does not recognize
or measure liabilities relating to such positions.
• Measurement of liabilities for long-term employee benefits – As of the balance sheet date, the
Company does not employ any employees, and therefore there is no need to measure liabilities for any
employee benefits.
These and other matters are subject to the disclosure requirements of IAS 1 only if there is a significant
risk of material adjustments to the carrying amounts of assets and liabilities in the next financial year.
1.7. Cash and cash equivalents, cash flows (IAS 7)
Cash and cash equivalents are cash in the bank and on hand, short-term investments with very high
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
30 from 47
liquidity (up to three months), readily convertible into a known amount of cash and subject to an
insignificant risk of changes in value.
The statement of cash flows presents cash flows for the period, categorized into operating, investing,
and financing activities. The Company reports cash flows from operating activities using the indirect
method, according to which net profit or loss is adjusted for the effects of transactions of a non-
operating, non-cash nature, any accruals relating to past or future operating cash inflows or outflows,
and income or expense items related to investing or financing cash flows.
1.8. Share capital (IAS 1)
Ordinary shares are classified as equity. Expenses related to the issuance of ordinary shares are
recognized as a decrease in equity. Treasury shares repurchased by the parent company are
recognized as a decrease in equity (under the item "Treasury shares"). Expenses and payments related
to treasury shares are recognized in equity.
1.9. Capital from the sale of shares above their nominal value (IAS 1)
Differences between the fair value of the consideration received and the nominal value of the shares
are recognized in the share premium from the sale of shares above their nominal value. In the case of
share buybacks, the amount paid for the shares is charged to equity and is recognized in the statement
of financial position under equity.
The costs of issuing shares, incurred when establishing a joint-stock company or increasing the share
capital, reduce the entity's supplementary capital up to the amount of the excess of the issue value over
the nominal value of the shares, and the remaining part is included in financial costs.
1.10. Statutory reserve capital (IAS 1)
The reserve capital is created to comply with the requirements of the Commercial Code of the Republic
of Estonia. During each financial year, at least 5% of the net profit is allocated to the reserve capital
until the reserve capital reaches one-tenth of the share capital. The reserve capital may be used to
cover losses or to increase the share capital. No distributions are made to shareholders from the
reserve capital. In the statement of financial position, the statutory capital is recognized under Other
reserve capital.
1.11. Earnings per share (IAS 33)
Basic earnings per share are calculated by dividing the profit for the financial year attributable to the
Company's ordinary shareholders by the weighted average number of shares outstanding during the
year. Diluted earnings per share are calculated by dividing the profit for the financial year attributable
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
31 from 47
to the Company's ordinary shareholders (after adjusting for interest on convertible preference shares)
by the weighted average number of shares outstanding during the year, plus the weighted average
number of shares that would be issued as a result of the conversion of all potential dilutive shares into
shares.
1.12. Financial liabilities (IFRS 9, IAS 32)
All financial liabilities (trade liabilities, other current and non-current liabilities, loans, etc.) are
initially recognized at fair value less transaction costs. They are then recognized at amortized cost
using the effective interest rate method.
The amortized cost of short-term financial liabilities is usually equal to their nominal value, which is
why short-term financial liabilities are recognized in the statement of financial position at nominal
value. In order to calculate the amortized cost of non-current financial liabilities, they are initially
recognized at the fair value of the proceeds received (net of transaction costs incurred), and in
subsequent periods interest is accrued on them using the effective interest rate method.
A financial liability is classified as current when it is due within 12 months of the balance sheet date or
the Company does not have an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date. Interest-bearing liabilities that are due within 12 months of the
balance sheet date, but which are refinanced after the balance sheet date as long-term liabilities, are
recognized as short-term interest-bearing liabilities. Loans are also classified as short-term if, as of the
balance sheet date, the lender had a contractual right to demand immediate repayment of the loan due
to a breach of the terms and conditions set out in the agreement.
1.13. Provisions and contingent liabilities (IAS 37)
Provisions are recognized when the Company has a present obligation (legal or constructive) arising
from past events, when it is probable that the Company will be required to settle that obligation and a
reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the amount required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties associated
with that obligation. If a provision is measured using cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (where the effect of the time
value of money is material).
If it is expected that some or all of the economic benefits required to settle the provision will be
recovered from a third party, the receivable is recognized as an asset if it is virtually certain that
reimbursement will be received.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
32 from 47
Contingent liabilities
Contingent liabilities are liabilities for which settlement is less probable than non-settlement or whose
amounts cannot be measured with sufficient reliability. The Company does not recognize contingent
liabilities, but discloses a brief description of the nature of the contingent liability and, where
practicable, an estimate of its financial effects, as well as an indication of the uncertainties relating to
the amount or timing of the outflow of funds; and the possibility of reimbursement, unless the
possibility of an outflow of funds in settlement is remote.
1.14. Recognition of revenue (IFRS 15)
Interest income
Interest income is recognized when it is probable that the Company will obtain the economic benefits
associated with the transaction and when the amount of income can be measured reliably. Interest
income is recognized on an accrual basis.
Interest income includes interest on financial instruments measured at amortized cost and financial
assets measured at fair value through other comprehensive income using the effective interest rate
method. The effective interest rate method is a method of calculating the amortized cost of a financial
asset or financial liability and of allocating the interest and certain commission income or expense
(which are an integral part of the interest rate) to the appropriate period. The effective interest rate is
the rate that exactly discounts estimated future cash flows (over the period to maturity of the financial
instrument) to the gross carrying amount of the asset/amortized cost of the liability. When calculating
the effective interest rate, the Company estimates cash flows taking into account all contractual terms
of the financial instrument in question, but without considering possible future losses on outstanding
loans. This calculation takes into account all fees paid or received between the parties to the
agreement, which are an integral part of the effective interest rate. Interest income includes interest
and commissions (received or receivable) included in the calculation of the effective interest rate on
loans and borrowings. When an impairment loss is recognized on a financial instrument measured at
amortized cost and measured at fair value through other comprehensive income, interest income is
recognized in the Profit and Loss Account, but is calculated on the newly determined carrying amount
of the financial instrument (i.e., the amount less the impairment loss). The loan principal was deducted
from the resulting amount, and each loan held was recalculated accordingly. The obtained results were
then summed up.
1.15. Operating segments (IFRS 15, IFRS 8)
A segment is a distinguishable component of the Company that generates revenues and incurs costs.
Segment reporting is presented for operating and geographical segments. The Company operates in
only one business area, so segment reporting is not material.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
33 from 47
1.16. Income tax (IAS 12)
Corporate income tax in Estonia
Pursuant to the Income Tax Act, which entered into force in Estonia on 1 January 2000, it is not the
company's profits that are subject to taxation, but the net dividends paid. Income tax is paid on
dividends, fringe benefits, gifts, donations, entertainment expenses, non-business-related payments,
and transfer pricing adjustments. The effective income tax rate is 20/80 on net dividends paid. Since
2019, it has been possible to apply a more favorable tax rate to dividends paid (14/86). A more
favorable tax rate may be applied to a dividend payment that is up to three previous years' average
dividend payment that was taxed at the 20/80 rate.
1.17. Related parties (IAS 24)
A related party is a person or entity that is related to the entity preparing the financial statements. A
related party transaction is a transfer of resources, services or obligations between the reporting entity
and a related party, regardless of whether a price is charged. Such transactions may affect the
Company's financial result and financial position. For this reason, knowledge of transactions,
outstanding balances, including liabilities, and the Company's relationships with related parties may
affect the assessment of its operations by users of the financial statements, including the assessment
of the risks and opportunities facing the Company.
The Company discloses a relationship with a related party when control exists, regardless of whether
transactions have taken place between the related parties.
The Company considers key management personnel (remuneration and management), their close
relatives and entities under their control or significant influence, as well as associates, to be related
parties.
1.18. Events after the reporting period (IAS 10)
Events after the reporting period are those events, both favorable and unfavorable, that occurred
between the end of the reporting period and the date when the financial statements were authorized
for issue. Events after the reporting period are those that provide evidence of conditions that existed
at the end of the reporting period (adjusting events after the reporting period) and those that indicate
the existence of conditions that arose after the reporting period (non-adjusting events after the
reporting period).
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
34 from 47
Note 2. Financial risk
Loans granted
The Company makes investments in the form of loans granted to related entities. These loans carry the
risk of potential insolvency of the entities to which the loans were granted. The Company indicates
that it undertakes a number of measures to prevent this risk, in particular through appropriate
verification of entities and their activities, as well as by obtaining collateral for the most important
portfolio items.
Objectives and principles of financial risk management
The Company is exposed to the following types of risk arising from the use of financial instruments:
credit risk, market risk, liquidity risk, and interest rate risk. The Management Board is responsible for
establishing risk management within the Company and for overseeing its compliance. The Company's
risk management principles aim to identify and analyze the risks to which the Company is exposed,
establish appropriate limits, and control and monitor the risks and the level of limits adjusted to them.
Credit risk
Credit risk is the risk of the Company incurring a financial loss if a customer or counterparty to a
financial instrument agreement fails to fulfill its obligations under the agreement. Credit risk is mainly
associated with receivables. The Company's exposure to credit risk stems primarily from the
individual characteristics of each customer. The Company continuously monitors its receivables. The
Company recognizes impairment losses that correspond to the estimated value of losses incurred on
trade and other receivables and on investments. The objective of the Company's credit policy is to
maintain financial liquidity ratios at a safe, high level, to settle liabilities to suppliers in a timely
manner, and to minimize the costs associated with servicing bank liabilities. The policy of managing
liabilities and receivables from suppliers and customers also serves to minimize the use of bank loans
and the associated financial costs. Its purpose is to agree on the terms of mutual payments.
The Company is exposed to risks associated with changes in interest rates; therefore, an analysis of
the response to changes in the exchange rate and its impact on net profit and equity has been added.
Maturity dates of assets as of 30.06.2026.
30.06.2026 in thousands of EUR
Total
Maturity dates
< 1 year
1-2 years
2-3 years
Over 3 years
Loans granted
452
452
0
0
0
- including interest
1
1
0
0
0
Other short-term financial assets
425
425
0
0
0
Cash and cash equivalents
46
46
0
0
Other receivables
2
2
0
0
0
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
35 from 47
Total
925
925
0
0
0
Maturity dates of assets as of 30.06.2025.
30.06.2025 in thousands of EUR
Total
Maturity dates
< 1 year
1-2 years
2-3 years
Over 3 years
Loans granted
755
755
0
0
0
- including interest
0
0
0
0
0
Other short-term financial assets
47
47
0
0
0
Cash and cash equivalents
56
56
0
0
0
Other receivables
3
3
0
0
0
Total
861
861
0
0
0
Liquidity risk
Liquidity risk is the risk of difficulty in meeting the Company's obligations arising from financial
liabilities that are settled through the disbursement of cash or other financial assets. The Company's
liquidity management consists of ensuring, to the greatest extent possible, that the Company always
has sufficient liquidity to settle the required liabilities. The Company has sufficient funds to cover the
anticipated operating costs and to service its financial liabilities.
Maturity dates of liabilities as at 30.06.2026.
Maturity dates
30/06/2026 in thousands of
EUR
Total
< 1 year
1–2 years
2-3 years
Over 3 years
Trade liabilities
8
8
0
0
0
Other liabilities
0
0
0
0
0
Other liabilities
0
0
0
0
0
Total
8
8
0
0
0
Maturity dates of liabilities as of 30.06.2025
Maturity dates
30.06.2025 in thousands EUR
Total
< 1 year
1–2 years
2-3 years
Over 3 years
Trade liabilities
9
9
0
0
0
Other liabilities
0
0
0
0
0
Other liabilities
15
15
0
0
0
Total
24
24
0
0
0
In 2024/2025, the current financial liquidity ratio was 35.88, which means that for every 1 euro of short-term
liabilities, there were 35.88 euros of current assets. Such a high level of the ratio can be assessed as a negative
phenomenon, as it indicates the presence of excess financial liquidity. This means that the company had a
significant level of current assets in relation to its current liabilities.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
36 from 47
In 2025/2026, the current financial liquidity ratio increased to 115.63, which means that for every 1 euro of
short-term liabilities, there were 115.63 euros of current assets. The increase in the ratio compared to the
previous year should be assessed as a negative phenomenon, as it exacerbates the state of financial
overliquidity. Such a high level of the ratio may indicate an excessive commitment of funds to current assets and
an insufficient use of available financial resources.
When determining the loan terms for each borrower, the Company individually negotiates the interest
rate of the agreement. The interest rates presented below are based on the date the loan was taken out
and the interest rate level at that time.
Interest rate risk
As at the balance sheet date, the interest rate structure of the Company's interest-bearing financial
instruments was as follows:
Borrower
Interest rate
Fixed/variable
interest rate
FON SE
4%
Fixed
As of 30 June 2025, the interest rate structure was as follows:
Borrower
Interest rate
Fixed/variable
interest rate
FON SE
4%
Fixed
The Company has no liabilities arising from loans received.
Risks associated with related entities
There are interpretations indicating the possibility of a risk arising from the negative impact of
relationships between members of the Company's governing bodies on the decisions they make. This
applies, in particular, to the impact of these relationships in the context of exercising ongoing
supervision over the Company's operations. When assessing the likelihood of such a risk, it should be
taken into account that the supervisory bodies are subject to control by another body – the General
Meeting, and it is in the interest of the members of the Supervisory Board to perform their duties
reliably and in accordance with the law.
Risk of share price fluctuations and limited liquidity
Fluctuations in share prices and short-term fluctuations in trading volumes are inherent features of
market trading. This may result in the potential sale or acquisition of a significant block of the
Company's shares being associated with the need to accept a significantly less favorable price than the
reference price. The Company cannot also rule out significant, temporary liquidity constraints that
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
37 from 47
may materially impede the sale or purchase of the Company's shares.
Risk related to the shareholding structure
As at the balance sheet date (30.06.2026), Patro Invest OÜ directly holds 29.06% of the share capital
and 29.06% of the votes at the Company's General Meeting, and therefore the aforementioned The
Shareholder has an influence on the resolutions adopted at the Company's General Meeting.
Risks associated with the economic situation in Poland and Estonia
The economic situation in Poland and Estonia has a significant impact on the financial results achieved
by all entities operating in these countries, including the Company, because the successful
development of companies investing in financial instruments and operating in the field of financial
services largely depends on the conditions for conducting business. Rising inflation may also affect the
business environment, as it can influence interest rate levels.
Currency risk
If the Company grants a loan in PLN, it is associated with currency risk. The risk associated with the
possibility of fluctuations in the exchange rate of one currency against another can lead both to a
deterioration in the financial position of the entity and to an improvement in its financial position as a
result of a decrease or increase in the receivable in question.
Due to the stable EUR/PLN exchange rate, the financial assets and liabilities denominated in these
currencies were not exposed to significant risk. The euro/zloty exchange rate is characterized by a low
level of volatility.
In order to illustrate the currency risk, which is the fluctuation of exchange rates, the Company
conducted a sensitivity analysis:
Change in the
exchange rate
Exchange rate
after change
Interest
EUR'000
Impact on
gross profit
EUR'000
Impact on
net profit
EUR'000
Impact on
equity
EUR'000
+ 10%
4.6776
29
1
1
1
+ 5%
4.4650
29
1
1
1
- 5%
4.0398
30
-1
-1
-1
- 10%
3.8272
31
-2
-2
-2
Risks associated with the armed conflict in Ukraine
Due to the ongoing armed conflict in Ukraine, the Company's operations are moderately exposed to
the effects of the war. As of the date of publication of the report, the Company does not anticipate the
conflict spreading beyond the territory of Ukraine, and therefore no impact on the Company's
operating activities is expected.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
38 from 47
Note 3. Capital management
The Company's main objective in capital management is to protect the Company's ability to conduct
its operating activities. The Company complies with the provisions on share capital contained in the
Estonian Commercial Code, and in particular the provisions on the reduction of assets.
In order to maintain or adjust its capital structure, Atlantis SE may issue new shares, decide to transfer
profit to the appropriate reserve (legal or specified in the Articles of Association), use debt financing
or sell assets to reduce debt. The Company manages its capital in order to maintain its ability to
continue as a going concern, including the implementation of planned investments, so as to be able to
generate profits for shareholders. In accordance with market practice, the Company monitors its
capital, among other things, based on the equity ratio.
The equity ratio is calculated as the ratio of net assets to total assets.
Specification
30/06/2026
(thousand EUR)
30/06/2025
(thousand EURO)
Equity
917
837
Balance sheet total
925
861
Equity ratio
0.99
0.97
Net profit/loss
74
-216
Credits, loans and other sources of financing
8
24
Free cash and short-term investments
923
858
Equity ratio = equity / assets
Free cash and short-term investments = short-term investments + cash
Note. 4 Financial Assets
As of 30.06.2026
Borrower
Within 12
months
(thousand
EUR) -
principal
Interest rate
Curren
cy
Repay
ment
Date
Collateral
FON SE
451
4%
EUR
06/2027
Atlantis SE has the right to complete the
promissory note for each of these loans in
the amount of the Borrower's obligation
under the concluded loan agreement, less
the payments made by the Borrower in
respect of this obligation and plus the
amount of unpaid interest, as well as
interest for late payment and other
ancillary costs in the event of failure to
repay the full amount of the loan together
with ancillary obligations within the
required time limit.
Total
451
4%
EUR
06/2027
The Company also holds other short-term financial assets in the amount of EUR 425 thousand in its
brokerage account.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
39 from 47
As of 30/06/2025
Borrower
Within 12
months
(thousand
EUR) -
principal
Interest rate
Curren
cy
Repay
ment
Date
Collateral
FON SE
755
4%
EUR
06/2026
Atlantis SE has the right to complete the
promissory note for each of these loans in
the amount of the Borrower's obligation
under the concluded loan agreement, less
the payments made by the Borrower in
respect of this obligation and increased by
the amount of unpaid interest, as well as
interest for late payment and other
ancillary costs in the event of failure to
repay the full amount of the loan together
with ancillary obligations within the
required time limit.
Total
755
4%
EUR
06/2026
The Company also holds other short-term financial assets in the amount of EUR 47 thousand in its
brokerage account.
On 26 June 2025, an agreement for the assignment of receivables was concluded between Atlantis SE
and Patro Invest OÜ, which took over the loans granted to Damar Patro UÜ and FON SE. Subsequently,
a set-off agreement was signed to settle mutual receivables without cash, i.e., assigned loans and
remuneration for the redemption of shares.
Note 5. Share capital, supplementary capital
Share capital
30/06/2026
(thousand EUR)
30/06/2025
(thousand EUR)
Share capital at the beginning of the period
700
1 013
Increase / decrease in share capital
0
-313
Increases due to:
0
29 362
- reduction of supplementary capital
0
29 362
Decrease due to:
0
29 675
- redemption of treasury shares
0
9 375
- increase in supplementary capital
0
20 300
Share capital at the end of the period
700
700
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
40 from 47
Supplementary capital
06/30/2026
(thousand EUR)
30/06/2025
(thousand EUR)
Supplementary capital at the beginning of the period
20 300
29 363
Increase / decrease in share capital
0
-9 063
Supplementary capital at the end of the period
20 300
20 300
On 20 June 2025, the Commercial Register (Äriregister), competent under Estonian law, registered the
amendments to the Company's Articles of Association resulting from the resolutions adopted at the
Extraordinary General Meeting of Shareholders on 6 March 2025.
Note 6. Shareholder structure
As of 30.06.2026, to the best of the Management Board's knowledge, the structure of direct and
indirect shareholders holding at least 10% of the total number of votes at the General Meeting was as
follows:
as of 30.06.2026
No.
Shareholder
Number of
shares
% of shares
% of votes
1
Patro Invest OÜ
2 034 669
29.06
29.06
Total
7 000 000
100
100
Damian Patrowicz holds 100% of the shares in Patro Invest OÜ
As of 30/06/2025, to the best of the Management Board's knowledge, the structure of direct and
indirect shareholders holding at least 10% of the total number of votes at the General Meeting was as
follows:
as of 30/06/2025
No.
Shareholder
No. of shares
% of shares
% of votes
1
Patro Invest OÜ
2 034 669
29.06
29.06
Total
7 000 000
100
100
Damian Patrowicz owned 100% of the company Patro Invest OÜ.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
41 from 47
Share capital as at
30/06/2026
Type of shares
Number of shares
Share capital
Bearer shares
7 000 000
700,000 euros
TOTAL
7 000 000
EUR 700,000
As of 30 June 2026, the number of shares without nominal value is 7,000,000. As at the balance sheet
date, there are no rights and restrictions associated with each class of shares, nor are there any shares
reserved for issuance under options or other contracts.
Note 7. Book value per share and earnings per share
Book value per share
As at
30/06/2026
(in thousands of EUR)
As of
30.06.2025
(in thousands of EUR)
Book value (in thousands of EUR)
917
837
Number of shares (pcs.)
7 000 000
7 000 000
Book value per share (in EUR)
0.13
0.12
Diluted number of shares (pcs.)
7 000 000
7 000 000
Diluted book value per share (in EUR)
0.13
0.12
Weighted average number of shares (pcs.)
7 000 000
82 431 507
Profit/loss for 12 months (in thousands of
EUR)
74
-216
Note 8. Short-term liabilities
Short-term liabilities
30/06/2026
(thousand
EUR)
30/06/2025
(thousand EUR)
a) trade payables
8
9
b) other liabilities
0
0
c) other provisions
0
15
Total current liabilities
8
24
Trade liabilities and liabilities to related entities are non-interest-bearing. Tax liabilities and other
liabilities are non-interest-bearing and settled on a monthly basis.
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
42 from 47
Note 9. Revenues
In accordance with the requirements of IFRS 8, operating segments should be identified based on
internal reports concerning those elements of the Company that are regularly reviewed by the persons
responsible for allocating resources to a given segment and assessing its financial performance. The
Company conducts a single type of business consisting in the provision of other financial services.
The Company's main activity is financial activity, i.e., granting loans. No other activities are carried out.
Sales to related entities are described in Note 12.
Revenues by geographical region (customer location):
Geographical area of financial activity
07/01/2025 –
06/30/2026
(thousand EUR)
07/01/2024 –
30/06/2025
(thousand EUR)
Estonia
23
213
Poland
7
51
Total
30
264
Interest income in the amount of EUR 7 thousand, allocated to Poland, represents the repayment of
penalty interest on a loan that is fully covered by an impairment loss.
INFORMATION ON KEY CUSTOMERS
In the period 07/01/2025 – 06/30/2026, the Company generated revenue from transactions with two
customers
- Customer No. 1 – 76.67% of total revenue
- Client No. 2 – 23.33% of total revenue
In the period from 07/01/2024 to 06/30/2025, the Company generated revenues from transactions
with three key customers exceeding 10% of the entity's total revenues:
- Customer No. 1 – 50.20% of total revenue
- Customer No. 2 – 19.49% of total revenue
- Client No. 3 – 21.11% of total revenues
On the other hand:
- Customer No. 4 – 9.20% of total revenue
Interest income
07/01/2025 –
30/06/2026
(thousand EUR)
07/01/2024-
06/30/2025
(thousand EUR)
Interest income
30
264
- including: from related entities
23
213
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
43 from 47
Breakdown by reporting segments
Reporting segments
07/01/2025 – 06/30/2026
(thousand EUR)
ESTONIA
POLAND
Assets
925
0
Liabilities
0
8
Profit/loss
67
7
Financial income
07/01/2025 –
06/30/2026
(thousand EUR)
07/01/2024 –
06/30/2025
(thousand EUR
Interest
2
63
Valuation of the brokerage account
103
0
Dividends brokerage account
7
0
Financial income, total
112
63
Note 10. General and administrative expenses
Costs by type
07/01/2025 –
06/30/2026
(thousand EUR)
07/01/2024 –
06/30/2025
(thousand EUR)
a) outsourced services
49
41
b) taxes and fees
1
0
General and administrative costs, total
50
41
Utilization of provisions
-15
8
Management Board costs (value for the profit
and loss account)
35
49
Note 11. Other operating income
Other operating income
07/01/2025 –
06/30/2026
(thousand EUR)
07/01/2024 –
06/30/2025
(thousand EUR
a) Other income, including:
1
33
Reimbursement of court costs
1
33
Total other operating income
1
33
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
44 from 47
Note 12. Statement of financial income
Financial income
07/01/2025 –
06/30/2026
(thousand EUR)
07/01/2024 –
06/30/2025
(thousand EUR
Interest
2
63
Valuation of the brokerage account
103
0
Dividends brokerage account
7
0
Financial income, total
112
63
Note 13. Financial expenses
Financial expenses
07/01/2025 –
06/30/2026
(thousand EUR)
07/01/2024 –
06/30/2025
(thousand EUR
Exchange rate differences
6
527
Valuation of the brokerage account
26
0
Interest expenses
1
0
Financial costs, total
33
527
Note 14. Balances and selected transactions with related entities
Parent Company: Patro Invest OÜ in Tallinn, Estonia.
Selected transactions and balances with related entities
As at 30 June 2026, all loans had been granted to related entities and are described in Note 4.
As at 30 June 2026, there are no loans received from related parties.
The Company has not provided any guarantees to any entities.
As of 30 June 2025, all loans had been granted to related entities and are described in Note 4.
Transactions and
balances for the period
ended 30/06/2026
(in thousands of
euros)
Interest
income
Loans
granted
Repayments
of loans
granted
capital
Receivables
from
interest and
loans
Remuneration
paid for the
redemption of
the Company's
shares
Key members of the Management Board and all companies directly or indirectly
owned by them:
FON SE
23
0
304
1
0
Total
23
O
304
1
0
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
45 from 47
As at 30 June 2025, there were no loans received from related entities.
The Company has not provided any guarantees to any entities.
Note 15. Information for the cash flow statement
In 2024/2025, the Company presents exchange rate differences arising from the offsetting agreement
concluded last year under other adjustments. In 2025/2026, there are no other adjustments.
Note 16. Average number of employees
The Company did not employ any staff in the current year or in the previous financial year.
In the financial years 2025/2026 and 2024/2025, the Management Board and the Supervisory Board
did not receive any remuneration.
Note 17. Contingent assets and liabilities
The tax authorities have the right to review the Company's tax records for a period of up to 5 years
from the filing of the tax return and, upon finding errors, to impose additional taxes, interest and
penalties.
Note 18. Events after the balance sheet date
On 24 July 2026, an Extraordinary General Meeting of Shareholders was held, which approved the
transfer of the Company's registered office from the Republic of Estonia to the Republic of Latvia and
authorised the Company's Management Board to take all necessary actions to carry out this process.
This information is a continuation of the Plan to transfer the Company's registered office to the
Republic of Latvia, published in Current Report No. 4/2026 of 20 April 2026.
At present, the war in Ukraine has not affected the Company's situation. ATLANTIS SE does not
anticipate that the military operations in Ukraine will have a negative impact on the Company's
operations.
Transactions and
balances for the period
ended 30/06/2025
(in thousands of euros)
Interest
income
Loans
granted
Repayments
of loans
granted
capital
Receivables
from
interest and
loans
Remuneration
paid for the
redemption of
the
Company's
shares
Parent company
Patro Invest OÜ
24
0
2 834
0
6 969
Key members of the Management Board and all companies directly or indirectly
owned by them:
FON SE
56
0
1567
755
0
Damar Patro UÜ
133
448
3 173
0
0
Total
213
448
7 574
755
6 969
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
46 from 47
VII. CONFIRMATION OF THE ANNUAL REPORT BY THE MANAGEMENT BOARD
The Management Board confirms that the Report on Operations, the Corporate Governance Report
and the Remuneration Report presented on pages 5 to 16 give a true and fair view of the key events
that occurred during the reporting period and their impact on the financial statements, include a
description of the key risks and uncertainties, and reflect significant transactions with related parties.
The Management Board confirms the correctness and completeness of Atlantis SE's financial
statements for the year 2025/2026, as presented on pages 17 to 45, and that:
• the accounting policies applied in the preparation of the financial statements comply with the
International Financial Reporting Standards adopted by the European Union;
• the financial statements give a true and fair view of the Company's financial position, financial
performance and cash flows;
• Atlantis SE is a going concern.
Signature
Member of the Management Board
Damian Patrowicz
FINANCIAL STATEMENTS
ATLANTIS SE
FOR THE YEAR ENDED 06/30/2026 IN THOUSANDS OF EUR
47 from 47
VIII. MANAGEMENT BOARD'S PROPOSAL FOR THE ALLOCATION OF PROFIT
In accordance with § 332 of the Estonian Commercial Code, the Management Board hereby resolves to
propose to the General Meeting of Shareholders that the Company's profit (net profit) for the financial
year 2025/2026 in the amount of EUR 74 thousand, EUR, as reported in the Company's annual
separate financial statements for the financial year ended 06/30/2026, be allocated as follows:
- the amount of EUR 74 thousand (seventy-four thousand euros) to cover the Company's losses from
previous years.
The Management Board resolves to request the Supervisory Board to assess this proposal for the
allocation of the Company's net profit for the financial year 2025/2026 and to submit it for
consideration by the General Meeting of Shareholders, in accordance with § 332 of the Estonian
Commercial Code.
Signature
Member of the Management Board
Damian Patrowicz