Investment Friends SE
Harju County, Tallinn, Kesklinna District, Tornimäe St. 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
1
ANNUAL REPORT
INVESTMENT FRIENDS SE
AS OF 30 JUNE 2026
For THE PERIOD FROM 01/07/2025 TO 30/06/2026
PREPARED IN ACCORDANCE WITH THE PRINCIPLES OF
THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (EU)
TALLINN 30 September 2026
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
2
INVESTMENT FRIENDS SE
GENERAL INFORMATION
Company name: INVESTMENT FRIENDS SE
Registry code: 14617862
Address: Harju maakond, Tallinn, Kesklinna linnaosa, Tornimäe tn 5, 10145
Email address: info@ifsa.pl
Website address: www.ifsa.pl
Reporting period: 01/07/2025 - 06/30/2026
Composition of the Supervisory Board
Wojciech Hetkowski
Jacek Koralewski
Małgorzata Patrowicz
Anna Kajkowska
Composition of the Management Board
Agnieszka Gujgo - Member of the Management Board
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
3
Table of Contents:
I. GENERAL INFORMATION ABOUT THE ISSUER……………………………………………………..………….2
II. LETTER FROM THE MANAGEMENT BOARD......................................................................................4
III. MANAGEMENT BOARD REPORT..........................................................................................................5
IV. CORPORATE GOVERNANCE REPORT ……………………………………………………………………….…..9
V. REMUNERATION REPORT………………………………………………………………………………......…...….15
VI. FINANCIAL STATEMENTS....................................................................................................................16
VII. STATEMENT OF COMPLIANCE……………………………………………………………………………..……40
VIII. MANAGEMENT BOARD'S PROPOSAL FOR COVERING THE LOSS………………………...……..41
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
4
II. LETTER FROM THE MANAGEMENT BOARD
Dear Sir/Madam,
On behalf of the Company, I hereby submit the Annual Report of Investment Friends SE
(hereinafter: the Company), presenting the financial results and the most significant facts
concerning its operations for the period from July 1, 2025, to June 30, 2026.
The Company has consistently pursued actions aimed at achieving the objectives set for the
Management Board, which also represented the expectations of the Shareholders
participating in the General Meetings. The initiatives undertaken in previous years suggest
that the Company's development strategy is yielding results.
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 concerning the Articles of Association 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 form of a European
Company (SE), which means the continuation of its business activities to the same extent as
before. The transfer of the registered office will not affect the listing of the Company's shares
on the Warsaw Stock Exchange S.A. The regulations governing capital markets permit the
listing of shares of companies domiciled in other Member States of the European Union.
I would like to thank all Shareholders for the trust they have placed in the Company, as well
as our Contractors and Partners, and I wish us all continued fruitful cooperation.
Agnieszka Gujgo Member of the Management Board
Investment Friends SE
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
5
III. MANAGEMENT BOARD REPORT
Main areas 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 business profile in the field of lending, the Company entered into agreements with
Polish and Estonian entities. The Company intends to continue its operations in this area.
Loans granted to related entities were subsequently invested by these entities in real estate and
securities held for trading in order to generate profit.
General (macroeconomic) development
The Company conducts financial activities, in particular in the area of granting loans to business
entities, mainly related entities. In the opinion of the Management Board, activities in this area are
of a developmental nature, especially in the Polish market. Entrepreneurs who have not obtained
bank financing most often turn to companies that provide loan services. These entities declare a
high level of flexibility, adapt their offer to the needs and capabilities of a specific client, and ensure
their security.
Financial markets are characterized by significant 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 volatility in financial markets include:
• the economic situation – both domestically and globally,
• the monetary policy of central banks,
• the internal situation of a given company or in a given market,
• the situation in foreign markets.
Investment Friends SE recognizes the potential for development in the provision of financial
services to business entities and, therefore, intends to continue its operations in this segment.
Financial instruments, objectives and principles of financial risk management
The main risks arising from the Company's financial instruments are: interest rate risk, liquidity
risk, credit risk, and risk related to financial collateral. The Management Board is responsible for
establishing a risk management system within the Company and for overseeing its compliance.
The objective of the Company's risk management policy is to identify and analyze the risks to
which the Company is exposed, to establish appropriate limits and controls, and to monitor the
alignment of risks and limits. The Management Board identifies potential risks by analyzing each
of the Company's transactions. Due to the simple structure of the Company, there are no problems
with the timely provision of information. The Management Board is responsible for designing,
implementing and ensuring adequate and effective measures to achieve the objective.
Furthermore, the Management Board's relevant experience and education enable the
minimization of the impact of risks on operating activities. The Company's Management Board
continuously monitors risks and manages them in a logical and systematic manner, in accordance
with the adopted methods. The Company has described the risks in Note 2.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
6
Characteristics of external and internal factors
Considering the specific nature of the business, i.e., financial services related to the provision of
non-consumer cash loans, the following factors will have a significant impact on current and
future results:
- the general market conditions in the credit market and the level of interest rates,
- the proper fulfillment by borrowers of their obligations under the concluded agreements, as well
as the course of the enforcement process and the collection of terminated loans, insofar as such
agreements exist,
- the efficiency of administrative and legal procedures,
- the possibility of attracting potential borrowers,
- the economic situation and investment conditions in Poland, Estonia and the region,
- access to external sources of financing,
- cooperation with other financial entities.
- changes in market prices, such as exchange rates and interest rates (including currency risk).
The risk associated with the possibility of fluctuations in the exchange rate of one currency against
another may lead both to a deterioration in the entity's financial position and to an improvement
in it. The Company's revenues and cash flows from operating activities are dependent on changes
in market interest rates.
Structure of the share capital
- as at the balance sheet date, i.e., as at 30/06/2026, and as at the date of publication of the report,
Investment Friends SE had 50,000,000 issued shares.
- at the end of the previous financial year, i.e., as of 30/06/2025, Investment Friends SE had
68,850,000 issued shares.
Share capital of the Company
- as at the balance sheet date, i.e., as at 30/06/2026, and as at the date of publication of the report,
the Company's share capital amounted to EUR 5 000 000.
- at the end of the previous financial year, i.e., as of 30/06/2025, the Company's share capital
amounted to EUR 6 885 000.
As of the balance sheet date, i.e., 30.06.2026 and at the end of the previous financial year, the
Company's equity amounted to less than 50% of the share capital and did not meet the
requirements of § 301 of the Estonian Commercial Code. The Management Board of Investment
Friends SE will propose to the General Meeting a further reduction of the share capital.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
7
Information about the Company and its shareholders
As at the balance sheet date, i.e., 30 June 2026, and at the end of the previous financial year,
Investment Friends SE did not have any subsidiaries and did not form its own consolidation group.
To the best of the Management Board's knowledge, the direct shareholder as of the balance sheet
date, i.e., 30 June 2026, and as of the date of publication of this report, is Patro Invest OÜ, with its
registered office in Tallinn.
Significant shareholdings in accordance with the provisions of § 9 of the Securities Market
Act
The table below presents the shareholder structure as of 30.06.2026.
Shareholders holding 10% or more of the voting rights at the Company's General Meeting.
No.
Shareholder
Number of
shares
% of shares
% of votes
1.
PATRO INVEST OÜ
25 029 046
50.06
50.06
Total
50 000 000
100
100
Damian Patrowicz owns 100% of Patro Invest OÜ
The table below presents the shareholding structure as of 30/06/2025.
holding 10% or more of the votes at the Company's General Meeting.
No.
Shareholder
Number of
shares
% of shares
% of votes
1.
PATRO INVEST OÜ
43 929 950
63.8054
63.8054
Total
68 850 000
100
100
Members of the Management Board
As of the balance sheet date, i.e., as of 30 June 2026, and as of the date of publication of the interim
report, the Members of the Management Board do not hold, directly or indirectly, any shares in
the Company.
Members of the Supervisory Board
As of the balance sheet date, i.e., 30/06/2026, and as of the date of publication of the interim
report, the Members of the Supervisory Board do not hold, directly or indirectly, any shares in the
Company.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
8
Provisions and rules for the election, appointment, resignation and dismissal of Members of
the Management Board of a company established by law
There are general rules regarding the election, appointment, resignation and dismissal of
members of the Management Board of a company established by the Estonian Commercial Code,
in particular Sections 308, 309 and others. Section V of the Company's Articles of Association
contains rules similar to the general principles of the Commercial Code. Information regarding the
description of the management and supervisory bodies and their composition is provided in the
Corporate Governance Statement.
Competencies and election of the Supervisory Board
In accordance with the provisions of point 5.3. of the Company's Articles of Association, the
members of the Company's Management Board are appointed and dismissed by the Supervisory
Board, which also decides on the remuneration of the members of the Management Board. The
members of the Supervisory Board are elected by the General Meeting of Shareholders of the
Company.
Resolutions and rules for amending the Company's Articles of Association
Pursuant to Section 4.9.1 of the Company's Articles of Association, amendments to the Company's
Articles of Association fall within the competence of the General Meeting.
In accordance with Section 4.5 of the Articles of Association, the General Meeting may adopt valid
resolutions if more than half of all votes are represented at the General Meeting and the applicable
legal acts do not provide for a majority of votes.
If an insufficient number of shareholders attend the General Meeting to ensure a majority of votes,
in accordance with Section 4.5, the Company's Management Board shall convene a new General
Meeting with the same agenda within three weeks, but not earlier than seven days thereafter. In
this way, the General Meeting is competent to adopt resolutions regardless of the number of votes
represented. Resolutions of the General Meeting are adopted when more than half of all votes
represented at the General Meeting support the resolution and when there is no other
requirement under applicable legal acts.
Information on average headcount
In the financial year from 01/07/2025 to 30/06/2026 and in the previous financial year from
01/07/2024 to 30/06/2025, the Company did not employ any staff.
Selected indicators of Investment Friends SE:
INDICATOR
30/06/2026
30/06/2025
ROA
-0.045
0.024
ROE
-0.045
0.025
ROA – Return on Assets is the ratio of the company's net profit to the value of its assets
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
9
(profit /assets)
ROE – return on equity, i.e., the ratio of the Company's net profit to the value of its equity (profit
/equity)
IV. CORPORATE GOVERNANCE REPORT
The Company's statement regarding the application of the Best Practices for WSE Listed
Companies 2021 and the Corporate Governance Principles is published on the Company's website
at www.ifsa.pl under the "Regulations" tab, within the "Best Practices" section related to
corporate governance.
During the reporting period, Investment Friends SE was subject to the corporate governance
principles contained in the document "Best Practices for WSE Listed Companies 2021", which
were adopted by Resolution No. 13/1834/2021 of the Stock Exchange Council of 29 March 2021
for companies listed on the WSE Main Market – "Best Practices for WSE Listed Companies 2021"
(Best Practices 2021, DPSN2021).
In fulfilling its disclosure obligations regarding the application of corporate governance
standards, Investment Friends SE is guided by the principles of an effective and transparent
information policy and communication with the market and investors. In Current Report No.
1/2021 of 30 July 2021, The Company provided information on the scope of application of the
corporate governance principles arising from the applicable "Best Practices for WSE Listed
Companies 2021".
The extent to which the company has departed from the adopted set of
Corporate Governance Principles
The Company has undertaken to apply all the corporate governance principles contained in the
"Best Practices for WSE Listed Companies 2021", with the exception of:
INFORMATION POLICY AND COMMUNICATION WITH INVESTORS
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. In its business strategy, the Company also takes into account ESG issues, in particular
covering:
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
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
10
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
strategy, the Company publishes information on its website about the assumptions of its strategy,
measurable objectives, including, in particular, the long-term objectives of planned actions and
progress in their implementation, as determined by financial and non-financial metrics.
Information on the ESG strategy should, 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 indicates 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
environment, as indicated in point 1.3.1. above, the Company does not publish additional
explanations in this regard.
1.4.2. present the value of the equal pay indicator 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 present information on the measures taken
to eliminate any inequalities in this regard, together with a presentation of the risks involved 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 formalized, 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 statement of these expenses.
Company's comment: The Company does not engage in charitable or sponsorship activities.
MANAGEMENT BOARD AND SUPERVISORY BOARD
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 bodies is a minority representation in a
given body 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. Guided by the competencies and trust in
individual candidates, the shareholders appoint the members of the Supervisory Board.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
11
Depending on the decision of the General Meeting, the Company may periodically meet or not
meet this criterion, depending on the chosen composition of the Supervisory Board. Currently, the
Supervisory Board does not meet the independence criteria, as only one of its Members is
independent, and the assessment of the resulting risks in this regard falls within the competence
of the General Meeting.
INTERNAL SYSTEMS AND FUNCTIONS
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 functioning of these systems and functions, in
accordance with Principle 2.11.3. Where 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 carry out an annual assessment of the effectiveness
of the operation 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.
GENERAL MEETINGS AND SHAREHOLDER RELATIONS
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.
Company's comment: The Company considers that the costs of enabling shareholders to
participate in the General Meeting using electronic means of communication (e-General Meeting)
are 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 by means of
electronic communication.
4.3. The Company provides 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 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 submitted 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 that the justification for the proposed resolution be provided, 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
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
12
Company's shareholders have not expressed any interest in further discussion of the matters on
the agenda of the General Meetings.
Shareholders holding large blocks of shares
The table below presents the shareholders holding 10% or more of the votes at the General
Meeting of Shareholders as at 30.06.2026, based on the statements received by the Company
pursuant to applicable law.
As of 30/06/2026
No.
Shareholder
Number of
shares
% of shares
% of votes
1.
PATRO INVEST OÜ
25 029 046
50.06
50.06
Total
50,000,000
100
100
Damian Patrowicz holds 100% of Patro Invest OÜ
The table below presents the shareholders holding 10% or more of the votes at the General
Meeting of Shareholders as of 30/06/2025, based on the statements received by the Company
pursuant to applicable law – in accordance with the data presented in the annual report for the
financial year 2024/2025.
As of 30/06/2025
No.
Shareholder
Number of
shares
% of shares
% of votes
1.
PATRO INVEST OÜ
43 929 950
63.8054
63.8054
Total
68 850 000
100
100
Damian Patrowicz held 100% of Patro Invest OÜ
Holders of securities that confer special control rights and a description of these
rights
The shares of Investment Friends SE 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
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
13
In accordance with the Articles of Association of Investment Friends SE, there are no
restrictions on the transfer of ownership of the Company's shares.
Rules for the appointment and dismissal of members
Management and its powers
The listed company Investment Friends SE is managed by the Management Board, whose
Members act in the interests of the Company and are responsible for its operations. The
Management Board is responsible, in particular, for providing leadership to the Company, being
involved in setting its strategic goals and implementing them, and 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 performance in achieving strategic
goals, and monitors the Company's results.
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. (Company Articles of Association, Section IV.
Rules for amending the Company's Articles of Association
Amendments to the Articles of Association require a resolution of the General Meeting and
an entry in the register. The notice convening the General Meeting, the agenda of which includes
amendments to the Company's Articles of Association, should contain the current provisions of
the Articles of Association and the content of the proposed amendments. If the significant scope
of the intended amendments so justifies, the notice may include a draft of the new consolidated
text of the Articles of Association, together with a list of new or amended provisions.
The text of the Articles of Association is available on the Company's website at:
http://www.ifsa.pl/statut.php.
Proceedings of the General Meeting and its powers
The General Meetings of the Company are held in accordance with the principles set out in
the Commercial Companies Code, the Articles of Association of Investment Friends SE and apply
the applicable provisions of capital market law.
Composition of the Management Board and description
functioning of the management and supervisory bodies
of Investment Friends SE,
in 2025/2026
Management Board:
Agnieszka Gujgo
Supervisory Board:
Wojciech Hetkowski
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
14
Jacek Koralewski
Małgorzata Patrowicz
Anna Kajkowska
The main task of the Management Board is to manage the Company's affairs and to represent it,
but it is also responsible for designing, implementing and ensuring adequate and effective
measures to achieve the objective. The Supervisory Board exercises ongoing supervision over the
Company's operations in all areas of its activities. The primary responsibilities of the Members of
the Supervisory Board also include the appointment, dismissal and suspension of Members of the
Company's Management Board, as well as the delegation of Members of the Supervisory Board to
perform tasks in place of Members of the Management Board. Thanks to the Company's simple
structure, there are no problems with the timely exchange of information between the
Management Board and the Supervisory Board.
Description of the main features of the Company's control and risk management systems
in relation to the process of preparing financial statements
Due to the simplified structure and the relatively limited number of financial risks, the Company's
Management Board has not developed and implemented a written procedure for the internal
control and risk management system in the area of financial reporting; however, the Company
approaches the issue of financial reporting with the utmost diligence.
The Company's Management Board is responsible for the Company's internal control system and
its effectiveness in ensuring the correctness of financial statements and interim reports. Financial
statements and interim reports are prepared based on financial data from the financial and
accounting system, where they are recorded in accordance with the principles of the adopted
accounting policy, pursuant to the Accounting Act.
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 utilizing 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.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
15
V. REMUNERATION REPORT
This Remuneration Report has been prepared in accordance with the principles governing the
remuneration of a Member of the Company's Management Board.
The Company's Management Board consists of one member. Ms. Agnieszka Gujgo was appointed
by the Supervisory Board to serve on the Management Board on 18 June 2018 for a three-year
term. Subsequently, this term of office was extended by a resolution of the Supervisory Board. The
current term of office lasts until 18 June 2027.
The Members of the Management Board are appointed by the Company's Supervisory Board
based on their professional expertise in the industry in which the Company operates.
The 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.
Investment Friends SE does not belong to a capital group, therefore it is not subject to the
obligation to disclose remuneration received from entities belonging to the same capital group.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
16
VI. FINANCIAL STATEMENTS
1. STATEMENT OF FINANCIAL POSITION AND BALANCE SHEET
STATEMENT OF FINANCIAL POSITION
Note
30 June 2026
(in EUR
thousand)
30 June
2025
(in thousands of
EUR)
A s s e t s
Current assets
290
1 522
Short-term receivables
4
275
1 491
Cash and cash equivalents
5
13
28
Short-term accruals
2
3
Total assets
290
1 522
L i a b i l i t i e s
Equity
288
1 459
Share capital
6
5 000
6 885
Differences from conversion to EURO
837
110
Supplementary capital
161
161
Other reserve capital
0
0
Retained earnings / Retained financial result
-5 710
-5 697
II. Current liabilities
2
63
Trade liabilities
2
1
Other provisions
0
62
Total equity and liabilities
290
1 522
Book value
7
288
1 459
Number of shares
7
50 000 000
68 850 000
Book value per share (in EUR)
7
0.01
0.02
Diluted number of shares
7
50 000 000
68 850 000
Diluted book value per share (in EUR)
7
0.01
0.02
2.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
17
PROFIT AND LOSS STATEMENT
Note
Period ended
30/06/2026
(in thousands of
EUR)
Period ended
30/06/2025
(in EUR thousand)
Net interest income
8
36
35
Gross profit (loss) from sales
36
35
General administrative expenses
29
34
Other operating income
48
0
Other operating expenses
0
16
Profit (loss) from operating activities
55
-15
Financial income
0
52
Financial expenses
68
0
Profit (loss) before tax
-13
37
Net profit (loss)
-13
37
Weighted average number of ordinary shares
67 042 465.75
Profit (loss) per ordinary share (in EUR)
0.00
0.00
Weighted average diluted number of ordinary shares (in
units)
67 042 465.75
68,850,000.00
Diluted earnings (loss) per ordinary share (in EUR)
0.00
0.00
STATEMENT OF COMPREHENSIVE INCOME
Period
ended
30/06/2026
(in EUR thousand)
Period
ended
30/06/2025
(in thousands of
EUR)
Profit/loss for the period
-13
37
Other comprehensive income, including:
727
0
- differences from conversion to EUR - will not be reclassified to
profit and loss account
727
0
Total comprehensive income for the period
714
37
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
18
STATEMENT OF CHANGES IN EQUITY
Note
Period ended
30/06/2026
(in thousands of EUR)
Period ended
30/06/2025
(in thousands of
EUR)
Equity at the beginning of the period (OB)
1 459
1 422
Share capital at the beginning of the period
6
6 885
6 885
Changes in share capital
6
-1 885
0
a) increases (due to) decreases in the nominal
value
nominal value of shares
0
0
b) decrease (due to) reduction in the value of
of capital
1 885
0
- capital reduction
1 885
0
Share capital at the end of the period
6
5 000
6 885
Supplementary capital at the beginning of the period
161
161
Changes in supplementary capital
0
0
a) increases (due to) the result of the nominal
value of shares
0
0
b) decrease (due to) reduction in the nominal
value of shares
0
0
Supplementary capital at the end of the period
161
161
Other reserve capital at the beginning of the period
0
0
Changes in other reserve capital
0
0
a) increases (due to) reduction of share capital
0
0
b) decrease (due to) increase in share
capital
0
0
Other reserve capital at the end of the period
0
0
Retained earnings
-5 697
-5 734
increase (due to)
-13
37
a) profit/loss for the period
-13
37
decrease (due to)
0
0
b) coverage of the loss from supplementary
capital
0
0
Retained earnings
-5 710
-5 697
Exchange rate differences at the beginning of the
period
110
110
Changes in exchange rate differences
727
0
increases
727
0
decreases
0
0
Exchange rate differences at the end of the period
837
110
Equity at the end of the period (closing balance)
288
1 459
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
19
CASH FLOW STATEMENT
(indirect method)
Period ended
30.06.2026
(in thousands of EUR)
Period ended
30/06/2025
(in thousands of EUR)
Operating activities
A.I. Gross profit (loss)
-13
37
A.II. Total adjustments
-2
-31
Difference between accrued and received interest
27
36
Loans granted
0
-23
Loan repayments received
1 232
0
Change in provisions
-62
9
Change in receivables and prepayments
0
1
Change in liabilities
2
0
Change in accrued expenses and deferred income
0
-1
Other adjustments
-1 201
-53
A.III. Net cash flows from operating activities
-15
6
B. Exchange rate differences
0
0
Net cash flows, total (A.III+/-B)
-15
6
Balance sheet change in cash and cash equivalents
-15
6
Cash at the beginning of the period
28
22
Cash at the end of the period
13
28
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
20
Notes to the financial statements
Note 1.
Accounting policies
1.1 General Information
Investment Friends SE (hereinafter referred to as the "Company" or "Investment Friends"), 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 Investment Friends SE on 30 September 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 2025/2026 have been prepared in accordance
with International Financial Reporting Standards as 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 believes that the assumptions underlying the preparation of the
annual financial statements for 2025/2026 are 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 version, the English version shall prevail.
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 account and in the cash flow statement are translated at the exchange
rate representing the arithmetic average of the exchange rates announced by the European
Central Bank for the given financial year.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
21
1 .4. Accounting policies, changes in accounting estimates and errors (IAS 8)
If an IFRS (EU) specifically addresses a transaction, other event or condition, the accounting policy
or policies applied to that item are determined by applying the IFRS (EU). In the absence of an
IFRS (EU) that specifically addresses a transaction, other event or condition, management should
use its own judgment in developing and applying accounting policies that result in information
that is relevant to the economic decision-making needs of users and is reliable.
The Company selects and applies its 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 to
each category.
The Company changes its accounting policies only if the change is required by IFRS (EU) or if it
results in the financial statements providing reliable and more relevant information about the
effects of transactions, other events or conditions on the entity's financial position, financial
performance or cash flows. If a change in accounting policies is applied retrospectively, the
Company adjusts the opening balance of each component of equity affected by the change for the
earliest period presented and other comparative amounts disclosed for each of the prior periods
presented as if the new accounting policy had always been applied.
The effect of a change in an accounting estimate is recognized prospectively by including it in the
profit and loss account in the period in which the change occurred, if the change affects only that
period, or in the period of the change and future periods, if the change affects both periods.
The Company retrospectively adjusts material errors of prior periods in the first set of financial
statements authorized for issue when they are discovered by restating the comparative
information for the prior 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.
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 an entity's right to defer the repayment of a liability for 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.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
22
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.
Effective date: Periods beginning on or after 1 January 2025.
Expected impact: The Company does not expect these amendments to have a material
impact on its financial statements when they are initially 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 (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 income statement.
The main categories of income (interest and commission income) and financing costs will
be classified in accordance with the specifics 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.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
23
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 derecognized from the balance sheet when the rights to receive cash flows from the
asset have expired or have been transferred, and the Company has substantially transferred all
the risks and rewards of ownership of the assets.
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.
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 2025/2026 period, the Company's financial
assets were classified as measured at amortized cost.
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. 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)
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
24
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 low credit
risk assessment 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 expected credit losses over 12 months, 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 effective interest 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. Indicators 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 impairment provision.
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 Information on financial
instruments in the profit and loss account.
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 as part 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.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
25
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 a 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 a 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.
Upon recognition of the repayment of financial assets previously classified as defaulted, 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.
Information on financial instruments
30 June 2026
Classes of financial instruments
Amortized cost
Total
Total financial assets
290
290
Loans granted
275
275
-including interest
67
67
Cash and cash equivalents
13
13
Short-term accruals
2
2
Total financial liabilities
2
2
Trade liabilities and other liabilities
2
2
Short-term provisions
0
0
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
26
30 June 2025
Classes of financial instruments
Amortized cost
Total
Total financial assets
1 522
1 522
Loans granted
1 491
1 491
-including interest
91
91
Cash and cash equivalents
28
28
Short-term accruals
3
3
Total financial liabilities
63
63
Trade liabilities and other liabilities
1
1
Short-term provisions
62
62
Professional judgment
Ifa transaction is not governed by any standard or interpretation, the Management Board, guided
by its subjective judgment, shall determine and apply accounting policies that will ensure that the
financial statements contain true and fair information and will:
- correctly, clearly and fairly present the financial position of the Company,
the results of its operations and its cash flows,
- reflect the economic substance of the transaction,
- objective,
- preparedin accordance with the principleof prudent valuation,
- complete in all material respects.
When valuing loans, the solvency of the borrower is taken into account. We take into account the
risk of non-repayment. In the absence of repayment risk, loans are valued at nominal value.
Appropriate analyses are carried out.
The Management Board makes decisions taking intoaccount all potential consequences of its
decisions. Therefore, the decision-making process is based on a multi-stage analysis, including an
analysis of borrowers ' collateral.
Uncertaintyof estimates
In applying the accounting policies in force at the Company, the Management Board is required to
make estimates, judgments and assumptions regarding the measurement amounts of individual
assets and liabilities. Estimates and related assumptions are based on historical experience and
other factors considered 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 2025/2026, the Management Board assesses that there are no other significant
areas for which there is a risk related to the uncertainty of estimates.
Areas where disclosure may be required depending on specific facts and circumstances:
• recognition and measurement of provisions if there is uncertainty about 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 regard.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
27
• 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.
• Valuation of liabilities for long-term employee benefits - As of the balance sheet date, the
Company does not employ any employees, therefore there is no need to value 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
following financial year.
1.7. Cash and cash equivalents, cash flows (IAS 7)
Cash and cash equivalents are cash at bank and in hand, short-term investments with very high
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 during the period, classified by operating,
investing and financing activities. The Company presents cash flows from operating activities
using the indirect method, whereby net profit or loss is adjusted for the effects of non-cash
transactions, for accruals and deferrals relating to past or future operating cash inflows or
outflows, and for 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 saleof 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 event of a share buyback, 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 to the amount of the excess of the issue
value over the nominal value of the shares, and the remaining part is recognised as financial costs.
1.10. Statutory reserve capital (IAS 1)
The reserve capital is created in order to complywith the requirements of the Commercial Code
of the Republic of Estonia. During each financial year, at least 5% of the net profit is transferred
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 statutory reserve. 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
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
28
year attributable 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, increased by 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. Financialliabilities (IFRS 9, IAS 32)
All financial liabilities (trade liabilities, other short-term and long-term liabilities, loans, etc.) are
initially recognised at fair value, less transaction costs. They are then recognised atamortised cost
using the effective interest 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
amortized cost. 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 interest costs are accrued on the liability in subsequent periods using the effective interest
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 from 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 current if the lender had a contractual right at the balance sheet date 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 recognised when the Company has a present obligation (legal or constructive) as a
result of past events, it is probable that the Company will be requiredto settle that obligation, and
a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision represents 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. Ifa provision is measured using cash flows estimated
to settle the present obligation, its carrying amount is the present value of those cash flows (when
the effect of the time value of money is material).
Ifitis expected that some or all of the economic benefits required to settle the provision will be
recovered from a third party, the receivable is recognised as an asset if it is virtually certain that
reimbursement will be received.
Contingent liabilities
Contingent liabilities are liabilities for which settlement is less probable than non-settlement or
for which the amount 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, an indication of the uncertainty
as to the amount or timing of the outflow of funds andthe possibility of reimbursement, unless the
possibility of an outflow of funds in settlement is remote.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
29
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 life
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. At the time of recognising the impairment of a financial instrument
measured at amortised cost and measured at fair value through other comprehensive income,
interest income is recognised in the profit and loss account, but is calculated based on the newly
determined carrying amount of the financial instrument (i.e. the amount less the impairment
loss).
1.15. Operating segments (IFRS 8)
A segment is a distinguishable component of the Company that generates revenues and incurs
costs. Segmentreporting is presented in relation to operating and geographical segments. The
Company operates in only one business area.
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, the
Company's profits are not subject to taxation, but rather the net dividends paid. Income tax is paid
on dividends, additional benefits, gifts, donations, hospitality expenses, payments not related to
business activities 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 the payment of dividends, which
amounts to the average dividend payment for the three preceding years, which was taxed at the
rate of 20/80.
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 the related party, regardless of whether a price is charged. Such transactions
may have an impact on 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.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
30
The Company discloses relationships with a related party when control exists, regardless of
whether transactions between related parties have taken place.
The Company considers key management personnel (supervisory board and management board),
their close relatives and entities under their control or significant influence, as well as associated
entities, to be related parties.
1.18. Events after the reporting period (IAS 10)
Events afterthe reporting period are those events, both favorable and unfavorable, that occur
between the end of the reporting period and the date when the financial statements are
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).
Note 2.
Description of significant risk factors and threats
The main types of risk arising from the Company's financial instruments are interest rate risk,
liquidity risk and credit risk. The Company's Management Board is responsible for establishing
risk management policies and overseeing their compliance. The risk management policies aim to
identify and analyze the risks to which the Company is exposed.
Interest rate risk
When determining the loan terms for each borrower, the Company individually negotiates the
interest rate of the agreement. The interest rates presented below result from the date the loan
was taken out and the interest rate level at that time.
As at the balance sheet date, the interest rate structure of the Company's interest-bearing financial
instruments was as follows:
Interest rate
Fixed/variable interest
rate
Damar Patro UÜ
2.5%
Fixed
Damar Patro UÜ
7%
Fixed
The Company has no liabilities arising from loans received.
As at 30 June 2025, the interest rate structure of the Company's financial instruments was as
follows:
Interest rate
Fixed/variable interest
rate
Damar Patro UÜ
2.5%
Fixed
Damar Patro UÜ
7%
Fixed
The Company had no liabilities arising from loans received.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
31
Credit risk
a) Credit risk assessment – Credit risk refers to the potential loss that may arise if the Company's
counterparty in a transaction is unable to fulfill its contractual obligations and provide cash flows.
Credit risk is mainly associated with loans granted by the Company, cash and cash equivalents,
and deposits. The Company's credit risk exposure is most affected by specific circumstances. At
the same time, the Company's management is guided by general circumstances such as the legal
status of the customer (private or public company), the geographical location of the customer,
areas of activity, the state of the economy and future economic forecasts. To reduce credit risk,
customers' payment discipline and their ability to meet their obligations should be monitored on
a daily basis.
(b) Credit quality of financial assets - The Company applies a simplified approach to measuring
expected credit losses in accordance with IFRS 9, using lifetime expected credit losses. Historical
loss rates are adjusted to take into account current and future information on macroeconomic
factors that may affect customers' ability to repay their receivables. Based on the principles
described above, the impact of impairment losses on the Company's cash flows was immaterial.
The Company is exposed to the risk arising from changes in exchange rates, and therefore a
sensitivity analysis of the change in the exchange rate and its impact on net profit and equity has
been added. However, the Company is not exposed to the risk arising from changes in interest
rates, as it has not granted or received any variable-rate loans.
Information on financial assets, together with a description of the collateral held, is disclosed in
Note 4.
Liquidity risk
The liquidity risk management process is based on monitoring estimated cash flows and adjusting
the final maturity of assets and liabilities, analyzing working capital, and maintaining access to
various sources of financing. The Company's objective is to maintain a balance between continuity
and flexibility of financing by using financing sources such as loans and overdraft facilities.
Maturity dates of liabilities as at 30/06/2026
30/06/2026
in thousands EUR
Total
Repayment term
< 1 year
1-2 years
2-3 years
over 3
years
Trade liabilities
2
2
0
0
0
Other liabilities
0
0
0
0
0
Other liabilities
0
0
0
0
0
Total
2
2
0
0
0
Maturity dates of liabilities as of 30/06/2025
06/30/2025
in thousands EUR
Total
Repayment term
< 1 year
1-2 years
2-3 years
over 3
years
Trade liabilities
1
1
0
0
0
Other liabilities
0
0
0
0
0
Other liabilities
62
62
0
0
0
Total
63
63
0
0
0
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
32
The current financial liquidity ratio as of 30/06/2025 indicates that for every euro of short-term
liabilities, there were 24.16 euros of current assets, while as of 30/06/2026, there were 145 euros.
This means that the company's financial liquidity position has improved.
Maturity of assets as of 30/06/2026
30/06/2026
in
thousands
EUR
Total
Repayment term
< 1 year
1-2 years
2-3 years
over 3 years
Cash
13
13
0
0
0
Loans
granted
275
275
0
0
0
- including
interest
67
67
0
0
0
Other
receivables
2
2
0
0
0
Total
290
290
0
0
0
Maturity date of assets as of 30/06/2025
30/06/2025
in thousands
EUR
Total
Repayment term
< 1 year
1-2 years
2-3 years
over 3 years
Cash
28
28
0
0
0
Loans granted
1 491
1 491
0
0
0
- including
interest
91
91
0
0
0
Other
receivables
3
3
0
0
0
Total
1 522
1 522
0
0
0
The entities to which the Company provides financing are related entities, therefore there is no
specific type of control. Related entities received loans for investments in the capital market or
for granting further loans. The strategy of the main borrower is conservative, which means that
the borrower invests the borrowed money in value companies. The loans are to be repaid, among
other things, from funds received in the form of dividends paid by companies in the borrower's
portfolio.
Risk of share price fluctuations and limited liquidity
An inherent feature of market trading is fluctuations in share prices and short-term fluctuations
in turnover. This may result in the sale or acquisition of a significant block of the Company's
shares, which will entail the need to accept a significantly less favorable price than the reference
price. The Company cannot also rule out significant, temporary liquidity constraints that may
significantly impede the sale or purchase of the Company's shares.
Currency risk
Loans granted in PLN are associated with currency risk. The risk associated with the possibility
of fluctuations in the exchange rate of one currency against another may lead both to a
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
33
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
36
5
5
-4
+ 5%
4.4650
36
4
4
-2
- 5%
4.0398
36
-1
-1
1
- 10%
3.8272
36
-4
-4
-5
Risks related to related entities
There are interpretations indicating the possibility of risks arising from the negative impact of
relationships between members of the Company's governing bodies on their decisions. This
concerns the impact of these relationships on the Company's Supervisory Board in terms of
ongoing supervision of 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 the control of another body
– the General Meeting, and it is in the interest of the members of the Supervisory Board to perform
their duties efficiently, reliably and lawfully.
Risks associated with the shareholding structure
As of the balance sheet date, 50.06% of the share capital and 25 029 046 votes at the Company's
General Meeting are directly held by Patro Invest OÜ, as a result of which the aforementioned
Shareholder has a significant 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 has a significant impact on the financial results achieved by all
entities, including the Company, as the successful development of companies investing in financial
instruments and providing financial services largely depends on the business environment.
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.
Note 3.
Capital management
The Management Board's policy is to maintain a solid capital base in order to retain investor
confidence and ensure the future development of business operations.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
34
The Company manages its capital in order to maintain its ability to continue as a going concern,
taking into account the implementation of planned investments, so that it can generate returns
for shareholders.
In line with market practice, the Company monitors capital, among other things, on the basis of
the equity ratio and the ratio of loans, borrowings and other sources of financing to EBITDA.
The equity ratio is calculated as the ratio of net asset value (equity less intangible assets) to total
assets.
In order to maintain financial liquidity and creditworthiness that allows for obtaining external
financing at a reasonable level of costs.
Selected data
30/06/2026
(in thousands of EUR)
06/30/2025
(in thousands of EUR)
Equity
288
1 459
Balance sheet total
290
1 522
Equity ratio*
0.99
0.96
Net profit/loss
-13
37
EBITDA
-13
37
*Equity ratio = equity / assets
EXPLANATORY NOTES
Note 4
Financial assets
As at 30.06.2026
Borrower
12-
month
period -
principal
12-
month
period
-
interest
1–5
years
interest
Currency
Maturity date
Collateral
Damar
Patro UÜ
185
65
0
2.5%
EUR
30/06/2027
Investment Friends SE has
the right to complete the
promissory note for each of
these loans in an amount
representing the Borrower's
obligation under the
concluded loan agreement,
less any payments made by
the Borrower towards this
obligation and plus the
amount of unpaid interest,
as well as default interest
and other ancillary costs in
the event of failure to repay
the full amount of the loan
together with the ancillary
obligations within the
required time frame.
Damar
Patro UÜ
23
2
0
7%
PLN
31/12/2026
Total
208
67
0
As at 30 June 2026, all loans had been granted to related parties
and were disclosed in Note 9.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
35
As at 30/06/2025
Borrower
12-
month
period -
principal
12-
month
period
-
interest
1–5
years
interest
Currency
Repayment
date
collateral
Damar
Patro UÜ
1 376
90
0
2.5%
EUR
30/06/2027
Investment Friends SE has
the right to complete the
promissory note for each of
these loans in an amount
representing the Borrower's
obligation under the
concluded loan agreement,
less any payments made by
the Borrower towards this
obligation and plus the
amount of unpaid interest,
as well as default interest
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 frame.
Damar
Patro UÜ
24
1
0
7%
PLN
31/12/2025
Total
1 400
91
0
As at 30 June 2025, all loans had been granted to related parties
and were disclosed in Note 9.
Note 5
Cash and cash equivalents
CASH AND CASH EQUIVALENTS
30 June
2026
in
thousands
EUR
30 June
2025
in thousands
EUR
Cash in bank accounts
13
28
Cash and other cash equivalents, total
13
28
Pursuant to an agreement concluded with IFSE UÜ, based in Tallinn (Estonia), the Company shares
two bank accounts with this company, denominated in PLN and EUR.
Note 6
Share capital
As at the balance sheet date, i.e. 30/06/2026, and as at the date of publication of the report, the
Company's share capital amounted to EUR 5,000,000.
At the end of the previous financial year, i.e., as of 30/06/2025, the Company's share capital
amounted to EUR 6,885,000.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
36
In the 2025/2026 financial year, the Company's share capital decreased by EUR 1 885 thousand.
SHARE CAPITAL
30 June
2026
in thousands
EUR
30 June
2025
in
thousands
EUR
Opening balance of share capital
6 885
6 885
Increase in share capital
0
0
Reduction of share capital
1 885
0
Closing balance of share capital
5 000
6 885
SUPPLEMENTARY CAPITAL
30 June
2026
in thousands
EUR
30 June
2025
in
thousands
EUR
Opening balance of supplementary capital
161
161
Increase in supplementary capital due to the result of the nominal
value of shares
0
0
Reduction of supplementary capital due to a decrease in the
nominal value of shares
0
0
Closing balance of supplementary capital
161
161
In the event that equity is less than 50% of the share capital, in order to comply with § 301 of the
Estonian Commercial Code, the Management Board proposes to the General Meeting that
measures be taken to further reduce the Company's share capital. The Company shall convene an
appropriate General Meeting at which the share capital will be reduced.
In this way, the requirement of § 301 of the Estonian Commercial Code is met.
Share capital as at
30/06/2026
Type of shares
Number of shares
Share capital
Registered shares
50 000 000
EUR 5,000,000
TOTAL
50 000 000
EUR 5,000,000
As of 30/06/2026, the number of shares without nominal value is 50,000,000. As of 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.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
37
Share capital as at
30/06/2025
Type of shares
Number of shares
Share capital
Registered shares
68 850 000
EUR 6,885,000
TOTAL
68 850 000
EUR 6 885 000
As of 30 June 2025, the number of shares without nominal value was 68,850,000. As at the balance
sheet date, there were no rights and restrictions associated with each class of shares, nor were
there any shares reserved for issue under options or other contracts.
Note 7
Book value per share
Book value of equity as at 30.06.2026
288 thousand EUR
Number of shares as at 30/06/2026
50 000 000
Book value per share (in EUR)
EUR 0.006
Diluted number of shares
50 000 000
Diluted book value per share
(in EUR)
EUR 0.006
Book value of equity as at 30/06/2025
1 459 thousand EUR
Number of shares as at 30/06/2025
68 850 000
Book value per share (in EUR)
EUR 0.02
Diluted number of shares
68 850 000
Diluted book value per share (in EUR)
Earnings per share
Earnings per share as at 30.06.2026
Weighted average number of shares 67 042 465,75
Profit/loss for 12 months -13 thousand EUR
Profit/Loss per ordinary share EUR 0.00
Earnings per share as at 30.06.2025
Weighted average number of shares 68 850 000
Profit/loss for 12 months 37 thousand EUR
Profit/Loss per ordinary share EUR 0.00
EUR 0.02
Note 8
In accordance with the requirements of IFRS 8, operating segments should be identified on the
basis of internal reports relating to those components of the Company that are regularly reviewed
by the persons responsible for allocating resources to a given segment and assessing its financial
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
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Registry code: 14617862
Email: info@ifsa.pl
38
performance. The Company conducts a single line of business consisting of the provision of other
financial services.
The Company's main activity is lending; it has no other activities.
Interest income
NET REVENUES FROM THE SALE OF PRODUCTS
(MATERIAL STRUCTURE – TYPES OF ACTIVITIES)
30 June
2026
in thousands of
EUR
30 June
2025
in thousands
EUR
interest income
36
35
- including: from related entities
36
35
Data on revenues from related entities can be found in Note 9
Geographical information
Below, we present revenues broken down by operating areas:
GEOGRAPHICAL AREA FOR
FINANCIAL ACTIVITIES
01/07/2025 – 06/30/2026
(in thousands of EUR)
07/01/2024 – 06/30/2025
(in thousands of EUR)
Estonia
36
35
Total for financial activities
36
35
Information about key customers.
In the period from 01/07/2025 to 30/06/2026, the Company generated revenue from
transactions with a single customer exceeding 10% of the entity's total revenue:
Customer No. 1 –100% of total revenue
In the period from 01/07/2024 to 30/06/2025, the Company generated revenue from
transactions with a single customer exceeding 10% of the entity's total revenue:
Customer No. 1 – 100% of total revenue
The Company's core business is lending; the Company does not engage in any other activities.
Breakdown into reporting segments
Reporting segments
01/07/2025 – 30/06/2026
(in thousands of EUR)
ESTONIA
POLAND
Assets
277
13
Liabilities
0
2
Profit/loss
-10
-3
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
39
Reporting segments
07/01/2024 – 06/30/2025
(in thousands of EUR)
ESTONIA
POLAND
Assets
1 519
3
Liabilities
16
47
Profit/loss
19
18
Note 9
Transactions with related entities
Parent company: Patro Invest OÜ in Tallinn (100% shareholder of Patro Invest OÜ is a natural
person, Damian Patrowicz).
The parent company is also the main shareholder of Fon SE, Atlantis SE, and Investment Friends
Capital SE.
Pursuant to an agreement concluded with IFSE UÜ, based in Tallinn (Estonia), the Company shares
two bank accounts with this company, denominated in PLN and EUR.
Transactions with
related entities for the
period ending
30/06/2026
Interest
income
Loans granted
Loans repaid
Receivables from
loans and
interest
Parent company:
Patro Invest OÜ
0
0
0
0
Key members of the management board and all companies directly or indirectly owned by them:
Damar Patro UÜ
36
0
1 232
275
total (grades 4 and 8)
36
0
1 232
275
Transactions with
related entities for the
period ending
06/30/2025
Interest
income
Loans
granted
Loans repaid
Receivables from
loans and interest
Parent company:
Patro Invest OÜ
0
0
0
0
Key members of the management board and all companies directly or indirectly owned by them:
Damar Patro UÜ
35
23
0
1 491
total (grades 4 and 8)
35
23
0
1 491
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
40
Remuneration of the Supervisory Board and the Management Board:
The Company did not pay remuneration to the Members of the Management Board and the
Supervisory Board for the financial year and the previous year.
The Company did not employ any staff in the financial year or in the previous year.
Note 10
Contingent assets and liabilities
The tax authorities have the right to inspect the Company's tax records for a period of up to 5
years from the filing of the tax return and, in the event of errors, to impose additional taxes,
interest and penalties.
The tax authorities did not conduct any tax audits at the Company in 2025-2026.
Note 11
Significant events after the balance sheet date
In assessing all available information corresponding to the twelve months following the end of the
reporting period, the Company's Management Board prepared a report for the period from
01/07/2025 to 30/06/2026, assuming the Company's going concern.
Due to the fact that, as of the balance sheet date, the Company's equity amounts to less than 50%
of the share capital, i.e., it does not meet the requirements of § 301 of the Commercial Code of
Estonia, the Issuer's Management Board will propose to the Shareholders at the next General
Meeting to adopt an appropriate resolution to reduce the share capital.
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 authorized 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 no impact on the Company's situation. Investment Friends SE
does not anticipate that the military operations in Ukraine will have a negative impact on the
Company's operations.
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
41
VII. STATEMENT OF COMPLIANCE
The Management Board confirms that the Report on Operations, the Corporate Governance
Report and the Remuneration Report presented on pages 5 to 15 give a true and fair view of the
key events that occurred during the reporting period, and that their impact on the financial
statements includes a description of the key risks and uncertainties and reflects significant
transactions with related parties.
The Management Board confirms the correctness and completeness of the financial statements of
Investment Friends SE for the year 2025/2026 in accordance with the information on pages 16 to
39 and that:
• the accounting policies used in the preparation of the financial statements comply with the
International Financial Reporting Standards as endorsed by the European Union;
• the financial statements give a true and fair view of the Company's financial position, financial
performance and cash flows;
• Investment Friends SE continues as a going concern.
Signature
Member of the Issuer's Management Board
Agnieszka Gujgo
Investment Friends SE
Harju maakond, Tallinn, Kesklinna
linnaosa, Tornimäe tn 5, 10145, Estonia
Registry code: 14617862
Email: info@ifsa.pl
42
VIII. MANAGEMENT BOARD'S PROPOSAL FOR COVERING THE LOSS
Pursuant to § 332 of the Estonian Commercial Code, the Management Board hereby resolves to
propose to the General Meeting of Shareholders that the Company's loss after tax for the financial
year 2025/2026 amounting to EUR 13 thousand, disclosed in the Company's annual separate
financial statements for the financial year ended 06/30/2026, be covered as follows:
- the amount of EUR 13,000 (thirteen thousand euros) to be covered by profits from future years.
The Management Board resolves to request the Supervisory Board to assess this proposal to cover
the Company's net loss 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 Issuer's Management Board
Agnieszka Gujgo