Dear Friends and Partners,

Welcome to this edition of BALFIN Times.

Over the past six months, BALFIN Group has continued investing in progress across its businesses, markets, and communities. This edition captures a selection of the key developments that have shaped this period, reflecting the Group’s continued growth, operational progress, and commitment to long-term value creation, with a particular focus on expansion into new markets, the strengthening of internal governance, and our ongoing impact on communities and shared values.

This edition brings together BALFIN Group’s key milestones across strategic growth projects, performance and scale, governance and investment developments, people and culture, and our continued contribution to sustainability, communities, and shared values.

Together, these stories offer a broader perspective on BALFIN Group’s progress and direction. They highlight not only what we have achieved, but also the values, partnerships, and people that make this progress possible.

Thank you for being part of our journey. I invite you to read this edition of BALFIN Times and welcome your thoughts and reflections.

MANE Foundation supports the Albanian Pavilion at the Venice Biennale, one of the world’s most prestigious cultural platforms, where Albania is represented this year through A Place Under the Sun by artist Gent Korini.

The support reflects MANE Foundation’s commitment to promoting culture, creativity, and Albania’s international representation. Through this contribution, the Foundation reinforces its mission to support projects that create long-term value for society, while helping strengthen Albania’s voice and artistic identity in a global cultural dialogue.

Tirana Bank has joined IFC’s Global Trade Finance Program (GTFP), on April 27, 2026, reinforcing both institutions’ shared commitment to fostering sustainable economic growth and private sector development in Albania. The GTFP helps local banks expand financing for cross-border trade by offering payment risk guarantees and managing payment risks. As part of this partnership, IFC will provide a $5 million trade finance guarantee facility to Tirana Bank, enabling the bank to finance more imports and exports, increase partnerships with international banks, and support Albanian businesses in reaching new global markets.

The agreement was signed by Mrs. Edlira Muka, Chief Executive Officer of BALFIN Group, the investment group that owns Tirana Bank, and on behalf of IFC by Wiebke Schloemer, IFC Director for the Western Balkans and South Caucasus. Through this collaboration, Tirana Bank will be able to offer enhanced trade finance facilities to its corporate and small business clients, helping them become more competitive and better integrated into regional and international supply chains.

The new facility will enable Tirana Bank to issue trade finance instruments such as letters of credit, guarantees, and other trade-related products, mitigating risk and facilitating smoother transactions for Albanian businesses engaged in cross-border trade.

BALFIN Group, an investment group present in 12 countries and operating in several industries, and Jumbo S.A., the leading retailer of toys, baby items, seasonal goods, decoration and stationery in Southeast Europe, today announced the signing of a strategic agreement that significantly expands their long-standing partnership. Under the new agreement, BALFIN secures the exclusive rights to operate and develop the Jumbo brand across a new geographic footprint spanning Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan.

The agreement extends BALFIN’s exclusivity to six additional markets: Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan, and establishes a central logistics hub in China to serve the expanded network. This builds on the partnership’s existing footprint in Albania, Kosovo, Bosnia and Herzegovina, Montenegro and Moldova (opening this year).

Building on over a decade of experience in premium real estate development, BALFIN Group is bringing another ambitious tourism and residential project to date to the Albanian coast. Valamar Tale, located along the Adriatic shoreline between the Mat River delta and the sea, is set to redefine the standards of coastal living and tourism in Albania.

The project’s strategic location makes it one of the most accessible premium destinations in the country. Its connectivity to Albania, Kosovo, and the wider region positions Valamar Tale as a key node in the country’s growing tourism landscape.

What sets the project apart is its distinctive multi-centric concept, designed in full harmony with the natural environment. Spanning seven interconnected islands, six are dedicated to residential villas and apartments, while the seventh will host a five-star hotel. The entire development sits just 70 meters from the sea, on a site known for its unique black therapeutic sand, a natural feature that adds a rare dimension to the guest and resident experience.

The project has been masterfully conceived by Toyo Ito & Associates, Architects, the acclaimed Japanese architecture firm known globally for their philosophy of integrating built spaces with the natural world. Under their vision, each island is designed as a green, low-density living space featuring relaxation areas, entertainment facilities, and services seamlessly woven into the surrounding landscape.

Sustainability and low-density development are central to the project’s philosophy, prioritizing space, privacy, and harmony with nature. Valamar Tale is expected to become a landmark investment destination, with early-phase buyers well positioned to benefit from progressive property value growth as the project matures into a premium coastal landmark.

Flying Tiger Copenhagen officially entered the BALFIN Group portfolio in October 2025 with the opening of the first store in Albania. In less than seven months, the brand expanded across four countries in the Western Balkans — Albania, Kosovo, North Macedonia and Serbia — reaching a network of 10 stores.

The speed of the expansion and the market response have exceeded initial expectations, positioning Flying Tiger Copenhagen among the fastest-growing international retail brands currently operating in the region.

One of the strongest milestones so far has been Serbia, where store openings generated exceptionally high customer interest, long queues and strong engagement from the very first day. The positive response across all markets has reinforced the brand’s potential in Southeast Europe and validated the regional development strategy behind the project.

The initial long-term vision focused on expanding Flying Tiger Copenhagen across all WB6 countries, with Montenegro and Bosnia & Herzegovina planned as part of the next expansion phase. The current objective is to close 2026 with 21 stores across the Western Balkans.

At the same time, the strong operational execution, regional know-how and rapid scaling capabilities demonstrated throughout the expansion have opened the door to an even larger strategic development phase.

BALFIN Group has already signed agreements for the expansion of Flying Tiger Copenhagen operations into Romania and Bulgaria, while Croatia represents another important market within the group’s broader expansion plans. This marks an important step not only for the partnership, but also for BALFIN Group’s growing role in developing international retail brands across both Southeast European and European Union markets.

With current operations already spanning multiple countries and expansion now extending further into European Union markets, Flying Tiger Copenhagen under BALFIN Group is entering a new phase of regional growth and scale, strengthening the group’s position as an increasingly important retail operator in the region.

The success of Flying Tiger Copenhagen under BALFIN Group reflects a combination of regional expertise, operational agility and a strong understanding of local consumer behavior — elements that continue to support the group’s ambitious retail expansion strategy.

Established in 2020 as part of BALFIN Group (initially operating as ON Solutions), Happy Pay has undergone a significant transformation over the past years, evolving from a customer loyalty-focused company into a modern fintech and smart commerce platform in Albania.

Today, Happy manages one of the country’s largest loyalty ecosystems, with around 500,000 members and more than 160,000 active app users. Building on this strong community and an expanding partner network, the company is developing an integrated ecosystem of digital payments and financial services for both individuals and businesses.

One of the most important milestones in this transformation was obtaining the license from the Bank of Albania to issue electronic money and provide digital payment services. This achievement enabled Happy Pay to offer a fully regulated and certified digital wallet, while ensuring high standards of security, compliance, and user experience.

As BALFIN Group continues to expand across sectors and geographies, the need for disciplined, forward-looking investment decisions becomes increasingly critical. In this context, the establishment of the Group Investment Board (GIB) represents a key step in reinforcing the Group’s strategic governance and supporting its long-term growth ambitions.

GIB serves as the central authority for evaluating, endorsing, and approving all major investment proposals, ensuring that each opportunity is assessed through a consistent, rigorous, and strategically aligned framework. By consolidating decision-making at Group level, the Board strengthens capital allocation discipline and ensures that every investment contributes meaningfully to BALFIN’s expansion vision and value creation objectives.

A defining characteristic of GIB is its role as a constructive challenger. The Board rigorously tests assumptions, validates financial and strategic logic, and ensures that risks are clearly identified and appropriately mitigated. This approach reinforces a culture of objectivity, accountability, and high-quality decision-making across the Group.

The Board is chaired by Mr. Samir Mane, President of BALFIN Group, with Ms. Edlira Muka, Chief Executive Officer, serving as Vice Chairperson. The Board further includes Mr. Steven Grunerud, Vice President Strategy Development, contributing strategic perspective and market positioning, and Mr. Leons Tuda, Chief Financial Officer of BALFIN Group, ensuring financial rigor and funding discipline. A representative of the Shareholder’s family participates on a case-by-case basis, ensuring alignment with long-term priorities.

From early-stage opportunity assessment through to post-investment monitoring, GIB remains actively involved throughout the full investment life cycle. This continuous oversight ensures disciplined execution and sustained alignment with the original investment rationale.

The establishment of the Group Investment Board marks an important milestone in BALFIN Group’s institutional evolution, strengthening governance, enhancing strategic clarity, and enabling the Group to pursue its expansion with confidence, discipline, and long-term focus.

As part of BALFIN Group’s strategic vision for organising operations more effectively at regional and broader level, Neptun has entered a new phase of development. This evolution reflects the Group’s ambition to further strengthen Neptun’s position as the largest consumer electronics retailer in the Western Balkans.
In this context, Alexandros Kosenas, recently appointed CEO of Neptun International, has been entrusted with leading and implementing this new chapter. In the interview below, he shares his perspective on the priorities for the period ahead, the opportunities this development creates, and what it means for customers, employees, and partners.

Many young people today dream of startups or remote jobs for foreign companies. Why should a Gen-Z individual choose a group like BALFIN? What is that “vibe” that makes you unique in the market?

Since its early days, BALFIN Group has built its success on young people. The Group’s President, Samir Mane, developed BALFIN by bringing in young individuals with the right ambition to learn and grow professionally.

Often when I speak with young people, they say: “I want something dynamic, not a traditional corporation.” And I tell them: BALFIN is probably the biggest “startup” you can find in this region.

Iliri started 10 years ago as a specialist at our NEPTUN branch in Lushnjë, and today he is a manager at one of NEPTUN’s branches in Skopje. International experience came to him — not the other way around.

I believe this is where we offer something more than other groups. At BALFIN, young people find the stability of a consolidated group, but also the adrenaline of new projects and markets every year. By joining BALFIN Group, you become part of a network of companies present in 12 countries, constantly evolving. For Gen-Z, this has special value: you never feel “stuck in one place.”

Curiosity, ambition, and a desire to learn were at the heart of “Start with BALFIN”, an initiative designed to give employees’ children a firsthand introduction to the professional world.

Across BALFIN Group companies, participants explored a range of functions including Management, Human Resources, Finance, IT, Customer Service, and Technical Teams. Through direct interaction with professionals, they gained practical insight into daily business operations and the diverse career paths within the Group.

At BALFIN Construction, two participants with an interest in Architecture were introduced to both the operational and technical dimensions of the business through dedicated meetings and collaborative sessions with the team. At Elektro-Servis, participant Majna Ceka spent time with the Finance and Customer Service teams, learning about key processes and company operations. Meanwhile, Jumbo Kosovo welcomed seven participants across departments such as Management, HR, Finance, and IT.

By creating opportunities for young people to engage with real working environments, “Start with BALFIN” reflects BALFIN Group’s ongoing commitment to fostering learning, encouraging curiosity, and supporting the development of future talent.

On April 23rd, JUMBO brought together around 100 colleagues, partners, and leaders for the JUMBO Recognition Event 2025,  a dynamic gathering dedicated to celebrating achievements, sharing strategic insights, and shaping the path forward.

The event opened with welcoming remarks from Elona Stroka and CEO Ani Xhetani, who emphasized the importance of recognizing the people behind the company’s success. Looking toward the future, Ani presented Strategy 2026, outlining the priorities and ambitions that will guide JUMBO’s next phase of growth.

Reflecting on the company’s strong performance, Isida Peku shared key achievements from 2025, followed by Gersi Shani, who presented an overview of the company’s financial results. Adding further perspective to the discussion, guest speaker Erald Pashaj contributed valuable insights on innovation, growth, and future opportunities.

This 8 March, teams across BALFIN Group came together to celebrate the women who inspire, support, and strengthen our community every day.

From BALFIN Construction, Tirana Bank, and Fuego International to colleagues at Neptun Macedonia and the Neptun Sarajevo Store in Bosnia and Herzegovina, the day was marked by moments of appreciation, reflection, and shared celebration.

As part of the initiative, women across the Group received a symbolic gift — a mirror carrying the message: “Look closer. See strength.” A simple yet meaningful reminder to recognize the resilience, confidence, and impact that every woman carries within herself.

We also invited colleagues to reflect on an important question: “Who is the woman who inspires you?” The responses brought forward heartfelt stories about mothers, mentors, colleagues, and leaders whose guidance and support have shaped personal and professional journeys. These stories were later shared internally, creating a moment of connection and inspiration across the Group.

At BALFIN Group, 8 March was not only a celebration, but also an opportunity to recognize the everyday contributions of women and the positive impact they continue to make within our workplaces and communities.

What started as a simple idea — connecting beyond emails and meetings — has evolved into a creative new initiative within BALFIN Group. The newly launched Art & Crafts Club, founded by Anisa Klefti, Megi Hadushi, Albina Ballaxhia, Joana Islam, and Anxhela Hodaj, brings colleagues together in a more human, relaxed, and inspiring way.

Driven by the desire to create meaningful connections outside the usual work environment, the club offers a space where colleagues can unwind, express themselves creatively, and build stronger relationships through shared experiences.

As the founders explain, the initiative was inspired by a simple question: What if there was a space where colleagues could connect creatively outside of meetings and daily routines? From this idea, the Art & Crafts Club was born, a community designed to encourage creativity, collaboration, and personal expression.

Beyond artistic activities, the club also highlights the importance of discovering hidden talents and fostering a sense of belonging across teams and companies within the Group.

The initiative is part of the broader BALFIN Social Clubs program, which encourages colleagues across BALFIN Group to build communities around shared interests, strengthen connections, and create meaningful experiences beyond the workplace.

Mane Foundation has successfully completed its nationwide initiative to provide 1,000 wheelchairs for paraplegic and tetraplegic individuals across Albania, fulfilling a clear commitment to address a concrete and long-standing social need.

This initiative was designed with a simple but meaningful objective: to ensure that no individual in need of a wheelchair is left without access to one. Through coordinated efforts and cooperation with partners, Mane Foundation has contributed to closing this gap at a national level, delivering practical support that directly improves mobility, independence, and quality of life.

Beyond the donation itself, the completion of this initiative reflects Mane Foundation’s approach to addressing real community issues — identifying concrete challenges, mobilizing resources, and delivering measurable impact. It stands as an important milestone in the Foundation’s continued commitment to inclusion, dignity, and equal participation in society.

JUMBO, in partnership with Mane Foundation, has renovated the “Ardhmëria Jonë” kindergarten in Ferizaj by creating a safer and more functional play area for over 300 children.

The initiative includes new interactive and educational play spaces designed to support creativity, motor skills, and social interaction.

This project reflects the shared commitment of JUMBO and Mane Foundation to improving early childhood development and supporting local communities through meaningful social responsibility initiatives.

JUMBO, in partnership with MANE Foundation, has completed the renovation of kindergarten playgrounds in Zenica and Doboj, creating safer and more engaging outdoor spaces for more than 245 children in Bosnia and Herzegovina.

Through upgraded play areas designed to encourage movement, creativity, and social interaction, the project contributes to healthier childhood development and stronger local communities.

The initiative is part of the long-term commitment of both organizations to improving educational and recreational environments for children and supporting community well-being.

Mane Foundation, in partnership with Neptun, has renovated the Programming and Computational Physics Laboratory at the Faculty of Natural Sciences, University of Tirana, supporting around 100 students in Physics, Physics & Computer Science, Data Science, and Computer Engineering.

The upgraded laboratory strengthens practical learning, scientific research, and collaboration between academia and business through modern technological infrastructure connected to the faculty’s high-performance computing cluster.

This initiative reflects Mane Foundation’s continued commitment to education and student development, while opening new opportunities for future cooperation, including internships and professional growth.

During Down Syndrome Awareness Month, BALFIN Group companies engaged in meaningful initiatives aligned with Mane Foundation’s vision for a more inclusive and equal society.

Kiabi joined the global colorful socks campaign, helping raise awareness while contributing to the funding of essential therapies for children with Down syndrome.

Meanwhile, QTU marked World Down Syndrome Day with the activity “Together Against Loneliness,” engaging its staff in a symbolic initiative that promoted inclusion, solidarity, and the importance of building a community where no one feels left behind. Through its continued commitment to this cause, QTU has supported therapy services for dozens of children.

At the same time, through the Happy App, BALFIN colleagues, their family members, and all users have the opportunity to contribute in a simple and meaningful way by donating their benefit points. These points are then converted into financial support, directly contributing to therapeutic services and development programs for children with Down syndrome.

These initiatives build on the ongoing commitment of Mane Foundation, which recently supported the inauguration of the PRO PAK services center, providing therapy, education, and care for children with disabilities, many of whom benefit free of charge.

Mane Foundation supported the “Pyet” Journalism Festival, a platform that brings together journalists, students, academics, and media professionals to discuss the challenges shaping modern journalism.

With a strong focus on students and young people aspiring to enter the field of journalism, the festival addressed critical issues such as misinformation, media literacy, technological change, and the evolving role of journalists in today’s information landscape.

Through this initiative, Mane Foundation reinforces its commitment to education, youth empowerment, and the development of responsible public dialogue.