2025. First half-year consolidated IFRS report

1. ‌Direct administrative and sales expenditures

   Direct expenditures

   Direct expenditures are expenditures that can be allocated beyond doubt to the revenue generating item when they are incurred:

   Designation	30/06/2025	30/06/2024
   Material costs	(776)	(331)
   Rental fees	(59)	(84)
   Electricity, water and sewage charges	(805)	(1 080)
   Depreciation, amortization and impairment	(1 562)	(585)
   General construction works	(833)	-
   Maintenance costs	(4 103)	(3 426)
   Plant maintenance	(681)	(571)
   Personnel expenses	(3 164)	(2 696)
   Cleaning services	(1 145)	(852)
   Security services costs	(801)	(714)
   Project management	(4 131)	(7 199)
   Other expenses	(631)	(514)
   Total	(18 691)	(18 052)

   The "Miscellaneous expenses" line includes the cumulated amount of minor cost items, such as operation of heating and air conditioning equipment, IT services, shipment of waste, lawyer's and legal fees.

   On 30 June 2025, the Group's direct expenditures amounted to MHUF 18 691 (MHUF 18 052 on 30 June 2024), representing a decrease of 3,54% compared to the same period of the previous year.

   The change is primarily attributable to the 42.6% decline in project management costs, while maintenance fees, material costs, personnel expenses, cleaning, and depreciation increased.

   Personnel expenses increased by almost 17.36%, partly due to the increase in the number of employees and partly due to wage increases.

   The depreciation cost increased due to the property located in Szerémi utca.

   The recognized impairment loss is related to the Cyrano Hotel and was determined in connection with the reclassification to assets held for sale following the change in concept. As the property functioned as a directly revenue-generating asset, the impairment loss was presented as an expense related to the revenue-generating element under the line item "Depreciation, amortization and impairment.

   Maintenance costs have increased proportionally to the increase in property operation costs.

   The Group aims to optimise its energy use. Its subsidiary NEO Property Services Zrt. not only monitors on its own energy use, but in the framework of its energy management services, its customers can save significant costs.

   Administrative expenditures

   The administrative expenditures row contains the company's costs related to its governance and

   administration activity.

   Designation	30/06/2025	30/06/2024
   Insurance	(30)	(16)
   IT services	(31)	(54)
   Financial services	(76)	(41)
   Accounting services, financial audit	(83)	(51)
   Personal expenses	(449)	(391)
   Lawyer and legal services	(20)	(6)
   Other administrative expenses	(61)	(128)
   Total	(750)	(687)

   The "Other administrative costs" line includes the cumulated amount of minor cost items, such as

   rental fees, electricity and utility charges, parking and motorway tolls, postage costs, etc.

   On 30 June 2025, the Group's administrative expenses amounted to MHUF 750 (MHUF 687 on 30 June 2024), representing an increase of 9.17% compared to the same period of the previous year.

   This increase is primarily attributable to the +14.8% increase in the personnel costs, the +62.7% increase in the accounting and audit costs, the +85.4% increase in the fees of financial services and the

   +87.5% increase in the insurance premiums.

   The evolution of the average statistical staff number was as follows:

   Average statistical Company name headcount (persons) as of 30 June 2025		Average statistical headcount (persons) as of 30 June 2024
   AKKO Invest Nyrt.	5	5
   NEO Property Services Zrt.	526	431
   Total	531	436

   The average staff number of Group members not included in the table is 0.

   Sales expenditures

   Designation 30/06/2025 30/06/2024

Total (3) (2)

1. ‌Evolution of earnings from other activities and financial activities

   Other revenues and expenditures are items that cannot be linked to the core activity, but they have an impact on profit or loss.

   Other activities
   Designation	30/06/2025	30/06/2024
   Donation, scholarship payments	(3)	(5)
   Fine, penalty and default interest	(294)	(20)
   Building and land tax	(22)	(18)
   Net of gain on fixed asset sales and write off	-	1
   French local tax	(1)	(3)
   Other taxes	(4)	(1)
   Employee cost contributions	1
   Increase/decrease in provision	332	155
   Waived liability / debt waiver	2	-

   Received penalty payment, compensation, received cost reimbursement

   8 15

   Miscellaneous sundry items 7 (2)

   Total 26 122

Total (263) 80

1. ‌Evolution of the EPS and EBITDA indicators of the Group

   Earnings per share (EPS)

   Ownership ratios on 30.06.2025 by share types:

   Designation

   Number of shares

   30/06/2025

   Number of shares

   30/06/2024

   Ownership

   Series "C" ordinary shares 40 026 239 33 355 200 1

   Series "D" ordinary shares

   (unlisted series)

   6 461 375 - 1

   Total 46 487 614 33 355 200 1

Total 65 871 739 33 355 200

Diluted earnings per share from continuing operations (in HUF) (10,08) 27,22

1. ‌Value of customer relations

   Upon the inclusion of NEO Property Services Zrt., the Group identified the previously unstated intangible assets and separated them from the initial difference, in accordance with the rules of IFRS

   3. In this regard, the Group identified the customer relations and determined their value with the involvement of an external expert, by deducting it from its cash-generating capacity.

   Gross value Value of customer relations

Balance at 30/06/2025 12 794

Depreciation Value of customer relations

Balance at 30/06/2025 (2 526)

Net value Value of customer relations

1. ‌Right-of-use assets and lease liability

   Among the right-of-use assets, the Group presents the right-of-use (ROU) assets related to the leased car fleet and the rental rights of office premises, as well as the related depreciation charge.

   Liabilities related to the right-of-use are recorded as lease liabilities in accordance with the rules of IFRS 16.

   Net value of the right-of-use assets on 30.06.2025:
   Gross value	ROU passenger cars	ROU property rental	Total
   Balance at 31/12/2024	1 236	559	1 795
   Conclusion of new contracts	300	-	300
   Modification due to increase in lease payments	25	-	24
   Amendment due to increase in lease fees	33	-	33
   Derecognition	-	(559)	(559)
   Balance at 30/06/2025	1 593	0	1 592

   Depreciation	ROU passenger cars	ROU property	Total
   Balance at 31/12/2024	(801)	(46)	(847)
   Depreciation recognised	(147)	(27)	(174)
   Derecognition	-	73	73
   Balance at 30/06/2025	(948)	-	(948)
   Net value at 31/12/2024	435	513	948
   Net value at 30/06/2025	645	-	645
   Lease liabilities on 30 June 2025

   Designation

   Passenger cars

   Property

   rental

   Total

   Lease debt due within one year 267 - 267

   Lease debt due over a year, but within five years 424 - 424

   Total 691 - 691

   Designation Pas	senger cars Pro	perty rental	Total
   Total opening lease liabilities	468	530	998
   Impact of exchange rate changes	-	(2)	(2)
   Interim contracting	300	-	300
   Amendment due to increase in lease fees	24	-	24
   Lease modification due to indexation	33	-	33
   Payment of lease fees	(133)	(19)	(152)
   Derecognition	-	(509)	(509)
   Outstanding lease liabilities at the end of the year	691	-	691

   The lease liability related to property rental was derecognised, as the Parent Company became the

   sole owner of the Szerémi út property and the lease contract concerned a subsidiary.

   Lease liabilities on 31 December 2024

   Designation	Passenger cars	Property rental	Total
   Lease debt due within one year Lease debt due over a year, but within five years Lease debt due over five years	288 180 -	105 425 -	393 605 -
   Total	468	530	998
   Designation	Passenger cars	Property rental	Total
   Total opening lease liabilities	294	4	298
   Impact of exchange rate changes	-	18	18
   Interim contracting	287	532	819
   Amendment due to increase in lease fees	121	-	121
   Derecognition	-		-
   Payment of lease fees	(234)	(24)	(258)
   Outstanding lease liabilities at the end of the year	468	530	998

2. ‌Other intangible assets

   Intangible assets not highlighted elsewhere are made up of licenses and of software purchased and developed by the Group itself.

   Gross value

   Internally developed

   software

   Other intangible

   assets

   Total

   Other Intangible assets on 30.06.2025:

   Balance at 31/12/2024 102 251 353

   Purchase - 3 3

   Balance at 30/06/2025 102 254 356

   Depreciation

   Internally developed

   software

   Other intangible

   assets

   Total

   Balance at 31/12/2024 (100) (226) (326)

   Depreciation recognised (2) (7) (9)

   Balance at 30/06/2025 (102) (233) (335)

   Net value

   Internally developed

   software

   Other intangible

   assets

   Total

   Balance at 31/12/2024 2 25 27

   Balance at 30/06/2025 - 21 21

3. ‌Investment properties and properties held for sale

   Investment properties

   Net value of the properties on 30.06.2025:

   Industrial property Residential Total Gross value property
   Balance at 31/12/2024	5 476	2 186	7 662
   Impact of exchange rate changes	-	(28)	(28)
   Purchase	3 551	2	3 553
   Reclassification as held for sale	-	(2 161)	(2 161)
   Balance at 30/06/2025	9 027	-	9 027

   Depreciation

   Industrial

   property

   Residential

   property

   Total

   Balance at 31/12/2024	(562)	(44)	(606)
   Depreciation recognised	(156)	(4)	(161)
   Reclassification as held for sale	-	48	48
   Balance at 30/06/2025	(718)	-	(718)

   Net value

   Industrial

   property

   Residential

   property

   Total

   Balance at 31/12/2024	4 914	2 142	7 056
   Balance at 30/06/2025	8 309	-	8 309

   The Group measures investment properties based on the cost model. The changes in value were brought about by the following factors:

   • Recognition of accumulated depreciation

   • Tax levied on the purchase of the property in Szerémi út

   • Fitting out rental properties within the property in Szerémi út

   • Conversion to HUF of the value of Hotel Cyrano recognised in EUR

   • Intention to sell the property in Kárpát utca, Hotel Cyrano and Residential property in Eötvös

     utca in Budapest

     The Group designated the investment property located at Kárpát Street as held for sale based on a sale and purchase agreement concluded on 27 May 2025. Accordingly, the property ceased to fall within the scope of IAS 40 Investment Property and has since been accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The Group presents the asset among properties held for sale. The transfer of ownership took place on 21 July 2025. In the case of two other properties - the Cyrano Hotel and the property located at Eötvös Street - the Group also decided to pursue a sale instead of the previous utilisation concept. The Group is actively seeking potential buyers, and, based on the information currently available, their sale is

     considered highly probable within one year; therefore, these properties have also been reclassified within the scope of IFRS 5 as assets held for sale.

     In connection with the reclassification - also taking into account the change in use - the carrying amount of the Cyrano Hotel had to be reduced by HUF 871 million, which the Group recognised at the time of reclassification as a profit or loss impacting item. The properties are presented in the balance sheet among assets held for sale.

     Designation of the property Initial cost	Amendment of initial cost due to currency exchange	Accumulated Net value depreciation
     Industrial property in Szolnok 587	-	(134)	453
     Industrial property in Budaörs, Kinizsi 1 390	-	(228)	1 162
     Industrial property in Budaörs, Kinizsi 625	-	(104)	521
     Budapest, office building in Szerémi út 6 425	-	(253)	6 173
     Total 9 027	-	(719)	8 309

     The net value of the properties on 30 June 2025 is shown in the table below:

     utca 4-6.

     utca 4.

     *

     * Only the part that qualifies as an investment property.

     Last year the net values of the properties were as follows:

     Amendment of

     Designation of the property

     Initial cost

     initial cost due

     to currency exchange

     Accumulated

     depreciation

     Net value

     Office in Kárpát utca 99	-	(24)	75
     Industrial property in Szolnok 587	-	(124)	463
     Cyrano Hotel, France 1 831	68	-	1 899
     Industrial property in Budaörs, Kinizsi 1 388	-	(209)	1 179
     Residential property in Eötvös utca in 188	-	(21)	167
     Industrial property in Budaörs, Kinizsi 624	-	(87)	537
     Budapest, office building in Szerémi 2 877	-	(141)	2 736
     Total 7 594	68	(630)	7 056

     utca 4-6. Budapest utca 4. út *

     * Only the part that qualifies as an investment property.

     The recoverable amount of investment properties was last tested by the Group as of 30 June 2025. In the case of the Cyrano Hotel affected by the reclassification, an impairment loss had to be recognised based on the revised utilisation concept and the outcome of the market valuation, which reduced its carrying amount by HUF 871 million. With respect to the property located at Eötvös Street, however, the impairment test did not reveal any circumstance that would require the recognition of an impairment loss.

     Fair value of the properties on 30.06.2025:

     Designation	Fair value estimates 30/06/2025
     Industrial property in Szolnok	560
     Industrial property in Budaörs	1 304
     Industrial property in Budaörs, Kinizsi utca	627
     Budapest, office building in Szerémi út	7 239
     Total	9 730

     Properties held for sale

     The carrying amount of the properties reclassified as held for sale is as follows:

     Carrying amount Designation 30/06/2025

     Cyrano Hotel, France 1 002 Residential property in Eötvös utca in Budapest 166 Office in Kárpát utca 73

     Total 1 241

4. ‌Properties

Total 9 586 396 3 088 6 102