ARCTIC PAPER CAPITAL GROUP Consolidated semi-annual report for 6 months ended on 30 June 2026

The Management Board of Arctic Paper S.A. (hereinafter “Company”) herewith

publishes the Arctic Paper SA Capital Group consolidated quarterly report for 1H 2026.

Selected consolidated financial data

	Period from 01.01.2026 to 30.06.2026	Period from 01.01.2025 to 30.06.2025	Period from 01.01.2026 to 30.06.2026	Period from 01.01.2025 to 30.06.2025
	PLN’000	PLN’000	EUR’000	EUR’000

Continuing operations
Sales revenues	1 564 818	1 656 225	368 002	392 396
Profit/(loss) on operations	(65 858)	(98 321)	(15 488)	(23 294)
Gross profit/(loss)	(71 264)	(116 632)	(16 759)	(27 633)
Net profit/(loss) for the period	(70 395)	(98 845)	(16 555)	(23 419)
Net profit/(loss) attributable to the shareholders of the Parent Entity	(55 798)	(58 846)	(13 122)	(13 942)
Net cash flows from operating activities	(41 040)	(1 448)	(9 651)	(343)
Net cash flows from investing activities	(64 377)	(157 517)	(15 140)	(37 319)
Net cash flows from financing activities	77 361	103 629	18 193	24 552
Change in cash and cash equivalents	(28 056)	(55 336)	(6 598)	(13 110)
Weighted average number of ordinary shares	69 287 783	69 287 783	69 287 783	69 287 783
Diluted weighted average number of ordinary shares	69 287 783	69 287 783	69 287 783	69 287 783
EPS (in PLN/EUR)	(0,81)	(0,85)	(0,19)	(0,20)
Mean PLN/EUR exchange rate*			4,2522	4,2208
	As at 30 June 2026	As at 31 December 2025	As at 30 June 2026	As at 31 December 2025
	PLN’000	PLN’000	EUR’000	EUR’000

Assets	2 652 381	2 676 405	617 364	655 677
Long-term liabilities	293 412	202 827	68 294	81 649
Short-term liabilities	719 929	776 136	167 570	174 168
Equity	1 639 040	1 697 441	381 500	399 860
Share capital	69 288	69 288	16 127	16 334
Number of ordinary shares	69 287 783	69 287 783	69 287 783	69 287 783
Diluted number of ordinary shares	69 287 783	69 287 783	69 287 783	69 287 783
Book value per share (in PLN/EUR)	23,66	24,50	5,51	5,77
Diluted book value per share (in PLN/EUR)	23,66	24,50	5,51	5,77
Declared or paid dividend (in PLN/EUR)	-	-	-	-
Declared or paid dividend per share (in PLN/EUR)	-	-	-	-
PLN/EUR exchange rate at the end of the period**	-	-	4,2963	4,2267

	Selected standalone financial data
		Period from 01.01.2026 to 30.06.2026	Period from 01.01.2025 to 30.06.2025	Period from 01.01.2026 to 30.06.2026	Period from 01.01.2025 to 30.06.2025
		PLN’000	PLN’000	EUR’000	EUR’000

Sales revenues		32 625	52 913	7 672	12 536
Profit/(loss on operations		17 955	35 754	4 223	8 471
Gross profit/(loss		13 028	35 711	3 064	8 461
Net profit/(loss from continuing operations		13 028	35 711	3 064	8 461
Net profit/(loss for the financial year		13 028	35 711	3 064	8 461
Net cash flows from operating activities		(75 191)	(97 316)	(17 683)	(23 056)
Net cash flows from investing activities		(738)	(2 400)	(174)	(569)
Net cash flows from financing activities		73 531	13 236	17 292	3 136
Change in cash and cash equivalents		(2 398)	(86 480)	(564)	(20 489)
Weighted average number of ordinary shares		69 287 783	69 287 783	69 287 783	69 287 783
Diluted weighted average number of ordinary shares		69 287 783	69 287 783	69 287 783	69 287 783
EPS (in PLN/EUR		0,19	0,52	0,04	0,12
Diluted EPS (in PLN/EUR		0,19	0,52	0,04	0,12
Mean PLN/EUR exchange rate*				4,2522	4,2208
		As at 30 June 2026	As at 31 December 2025	As at 30 June 2026	As at 31 December 2025
		PLN’000	PLN’000	EUR’000	EUR’000

Assets		1 285 191	1 261 022	299 139	298 347
Long-term liabilities		52 012	34 055	12 106	8 057
Short-term liabilities		240 809	247 698	56 050	58 603
Equity		992 370	979 269	230 982	231 686
Share capital		69 288	69 288	16 127	16 393
Number of ordinary shares		69 287 783	69 287 783	69 287 783	69 287 783
Diluted number of ordinary shares		69 287 783	69 287 783	69 287 783	69 287 783
Book value per share (in PLN/EUR		14,32	14,13	3,33	3,34

Declared or paid dividend (in PLN/EUR		-	-	-	-
Declared or paid dividend per share (in PLN/EUR		-	-	-	-
PLN/EUR exchange rate at the end of the period**		-	-	4,2963	4,2267

* Items of the income and cash flow statement are converted at the exchange rate which is the arithmetic mean of average rates announced by the NBP in the given reporting period.

** Items of balance sheet and book value per share were converted at the average exchange rate announced by the NBP and prevailing at the balance sheet date.