AKKO Invest : 2025. First half-year consolidated IFRS report

About this update from Akko Invest Nyrt.

Consolidated Financial Statements AKKO INVEST Public Limited Company for the semester ending on 30 June 2025, prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union (unaudited) Abbreviations used in the consolidated financial statements: IAS International Accounting Standards IFRS International Financial Reporting Standards IFRIC/SIC International Financial Reporting Interpretation Committee/Standing Interpretation Committee FVTOCI Measured at fair value through other comprehensive income FVTPL Measured at fair value through profit or loss CODM Chief Operating Decision Maker EPS Earnings per share AC Audit Committee ECL Expected credit loss ROU Right-of-use assets Figures in brackets indicate negative values in the financial statements! Contents Interim comprehensive income statement 5 Interim consolidated balance sheet 6 Interim consolidated statement of changes in equity 8 Interim consolidated cash flow statement 9 General information 10 The basis of preparation of financial statements 11 Evolution of the structure of the Group 11 Presentation of financial statements in interim financial statements, seasonality, disclosures related to fair value and other priority disclosures 12 Main elements of the accounting policy, changing standards 13 Supplementary notes to the Interim Comprehensive Income Statement 14 Composition of the revenue of the Group 14 Direct administrative and sales expenditures 15 Evolution of earnings from other activities and financial activities 17 Evolution of the EPS and EBITDA indicators of the Group 19 Supplementary notes to the interim balance sheet 21 Value of customer relations 21 Right-of-use assets and lease liability 21 Other intangible assets 23 Investment properties 24 Properties 26 Plant, fixtures and equipment 27 Other receivables and prepayments and accrued income 28 Equity 28 Bank loans 29 Received loans 30 Provisions 30 Deferred purchase price of the acquisition 31 Trade accounts payable 31 Other short-term liabilities and accruals 32 General disclosures related to financial assets and liabilities and fair value hierarchy 33 Other disclosures 36 Operating segments 36 Transactions with related parties 41 Events after the Interim Period 42 Disclosures related to Auditor 42 Accountancy service provider 42 Authorisation of the disclosure of the interim financial statements, statements made by the issuer 43 I. Business and Management Report of AKKO Invest Plc and AKKO Group 45 The Consolidated Financial Statements comprise 43 pages. ‌Interim comprehensive income statement COMPREHENSIVE INCOME STATEMENT 30/06/2025 unaudited 30/06/2024 unaudited Revenue (1) 19 274 19 574 Direct expenditures (2) (18 691) (18 051) Gross profit or loss 583 1 523 Administrative and sales expenditures (2) (750) (687) Other expenditures, net (3) 26 122 Financial expenditures, net (3) (263) 80 Income from the sale of subsidiaries - - Negative goodwill - - Profit or loss before tax (404) 1 038 Income tax expenditure (119) (130) Profit after tax (523) 908 Part attributable to the owners of the parent company Part attributable to non-controlling interests (523) 908 - - Exchange difference 3 - Other comprehensive income (after income tax) 3 - Total comprehensive income from continuing operations (520) 908 Part attributable to the owners of the parent company (520) 908 Part attributable to non-controlling interests - - Earnings per share in HUF (4) (13,26) 27,22 Diluted earnings per share in HUF (4) (10,80) 27,22 EBITDA (4) 1 421 1 542 The Statement of Comprehensive Income contains the items with regard to sign! References in brackets refer to Sections VI-VII of the Financial Statements. Certain comparative figures are presented again in these statements. ‌Interim consolidated balance sheet Assets Notes 30/06/2025 unaudited 31/12/2024 audited Non-current assets 26 459 25 072 Value of customes' relationships (5) 10 268 10 557 Goodwill 5 645 5 645 Right-of-use-assets (6) 645 948 Intangible asset (7) 21 27 Investment properties (8) 8 309 7 056 Real estates (9) 1 478 756 Plant, fixtures and equipment (10) 93 83 Current assets 14 854 18 172 Investment property held for sale (8) 1 241 - Trade accounts receivable Other receivables and prepayments and accrued income (11) 7 976 4 308 13 571 2 503 Income tax assets 46 - Restricted cash 564 486 Cash and cash equivalents 719 1 612 Total assets 41 313 43 244 References in brackets refer to Sections VI-VII of the Financial Statements. (Continued on next page) (Continued from previous page) EQUITY AND LIABILITIES Notes 30/06/2025 unaudited 31/12/2024 audited Equity 19 103 9 593 Subscribed capital (the nominal value of the shares is HUF 25/piece) (12) 1 647 834 Share premium (12) 14 697 5 480 Retained earnings 2 977 3 500 Proprietary transactions (207) (207) Accumulated exchange difference (11) (14) Equity attributable to owners of the parent company 19 103 9 593 Non-controlling interest - - Long-term liabilities 11 519 15 066 Long-term bank loans (13) 9 190 9 198 Long-term borrowings (14) 374 363 Provisions (15) 273 605 Deferred tax liabilities and subsequently payable tax 1 258 1 361 Long-term lease liabilities (6) 424 605 Deferred payment of acquisiton (16) - 2 934 Short-term liabilities 10 691 18 585 Short term loans (13) 396 791 Trade accounts payable (17) 1 997 9 399 Other short-term liabilities and accruals (18) 8 031 7 990 Income tax liabilities - 12 Short term lease liabilities (6) 267 393 Equity and liabilities 41 313 43 244 References in brackets refer to Sections VI-VII of the Financial Statements. ‌Interim consolidated statement of changes in equity Designation Subscribed capital Share premium Accumulated Retained earnings Proprietary exchange transactions difference Equity attributable to owners of the parent company Non- controlling interest Total Notes (12) (12) 31/12/2023 834 5 480 2 344 (207) (9) 8 442 - 8 442 Comprehensive income for the first half year - - 908 - - 908 - 908 30/06/2024 834 5 480 3 252 (207) (9) 9 350 - 9 350 Comprehensive income for the second half year - - 248 - (5) 243 - 243 31/12/2024 834 5 480 3 500 (207) (14) 9 593 - 9 593 Capital raising (19.03.2025) 813 9 217 - - - 10 030 - 10 030 Comprehensive income for the first half year - - (523) - 3 (520) - (520) 30/06/2025 1 647 14 697 2 977 (207) (11) 19 103 - 19 103 The Statement of Changes in Equity contains the items with regard to sign. ‌Interim consolidated cash flow statement Designation Notes 30/06/2025 30/06/2024 unaudited unaudited Profit/loss before tax + Profit/loss from discontinued operations - (404) 1 038 Net interest expenditure (3) 181 194 Interest income (3) (6) (18) Non-cash items (3) Depreciation and impairment - 691 584 Profit/loss impact of exchange loss (6-10) 22 12 Profit/loss impact of expected credit loss (3) 59 (46) Change of provisions (15) (332) (156) Change in restricted cash - (78) (861) Result of the sale of tangible assets (3) (23) (1) Difference between deferred acquisition purchase price and fair value - - (167) Total non-cash items Changes in working capital - - - 1 210 (635) Change in trade accounts receivable - 5 536 6 754 Change in current assets and accruals (11) (1 805) (3 584) Change in trade accounts payable - (7 403) (3 814) Change in current liabilities and accruals (17) 41 1 236 Total changes in working capital - (3 631) 592 Interest paid - (3) (170) (180) Income tax paid (281) (353) Net cash flow from operating activities (3 101) 638 Acquisition of tangible assets (6-10) (4 347) (64) Interest received - 6 18 Repayment of purchase price of acquisitiom (16) (2 934) - Net cash flow from investment activities (7 275) (46) Proceeds from share issue 10 030 - Loan refund (13) (395) (383) Lease payments (6) (152) (113) Net cash flow from financing activities 9 483 (496) Change in liquid assets (893) 97 Currency translation on cash and cash equivalents - (1) Change in cash and cash equivalents (893) 96 Cash and cash equivalents at the beginning of the year 1 612 1 367 Cash and cash equivalents at the end of the year 719 1 463 Change in cash and cash equivalents (893) 96 The cash flow statement contains the items with regard to sign. In the first semester of 2025, the revaluation of foreign currency assets recognised for cash and cash equivalents is lower than HUF 1 million. ‌General information The Group's Parent Company is AKKO Invest Plc., which is a public limited company registered in Hungary by the Metropolitan Court as Company Court. AKKO Invest Plc. and its legal predecessor have been listed by the Budapest Stock Exchange since 15 February 2011; in the premium category since 2020. The Company's core activity is asset management. AKKO Invest Plc. is a holding company, i.e. a company with equity stake in several undertakings, the economic objective of which is to realise long-term increase in value through efficient cooperation between the holding and the subsidiaries. AKKO Invest Plc. invests its own assets, without performing external asset management. Its fundamental objective is to achieve asset accumulation and increase in value in the subsidiaries (and thus also in the parent company). The subsidiaries are entities operating primarily in the property market. AKKO Invest Plc. is a public limited company established under the laws of Hungary. Registered office of the Company: 1118 Budapest, Dayka Gábor u. 5. On 07 April 2025, the subscribed capital of the Company increased from 834 MHUF to 1 647 MHUF. The number of series "C" and "D" ordinary shares increased from 33 355 200 to 46 487 614. The issued new shares were taken over by MEVINVEST Vagyonkezelő Kft. Ownership structure of the parent company for the shares admitted to trading to the Budapest Stock Exchange (series "C"): Name 30/06/2025 31/12/2024 Nominal value of business share in HUF millions Equity stake % Nominal value of business share in HUF millions Equity stake % Free Float 434 43,38% 381 45,69% MEVINVEST Vagyonkezelő Kft. 443 44,25% 276 33,10% B + N Referencia Zrt. 66 6,56% 119 14,24% DAYTON-Invest Kft. 58 5,81% 58 6,97% Share series "C" 1001 100% 834 100% Ownership structure of the parent company for the totality of the issued shares (series "C" and "D"): 30/06/2025 Name Nominal value of business share in HUF millions Ownership percentage in Series "C" listed ordinary shares Ownership percentage in Series "D" unlisted convertible ordinary shares Free Float 434 26,36% - MEVINVEST Vagyonkezelő Kft. 1089 26,88% 39,24% B + N Referencia Zrt. 66 3,99% - DAYTON-Invest Kft. 58 3,53% - Share series 1 647 100% The Company's owner directly controlling the Company is MEVINVEST Vagyonkezelő Kft. which is wholly owned by Wingholding Zrt. Wingholding Zrt. is wholly owned by DAYTON-Invest Kft. which is the ultimate parent company of the Group. The Company's shares are admitted to trading on the Budapest Stock Exchange, therefore the Company prepares its own consolidated financial statements in accordance with the applicable accounting legislation and the International Financial Reporting Standards adopted by the European Union. Wingholding Zrt. is also obliged to prepare consolidated financial statements in accordance with the IFRS Standards and the Company is fully consolidated in those financial statements. Date of inclusion in the scope of consolidation: 07 April 2025 ‌The basis of preparation of financial statements These interim financial statements were drawn up in accordance with IAS 34 Interim Financial Statements, thus they do not contain every information presented in the end-of-year financial statements in accordance with IAS 1 Presentation of Financial Statements. The present interim financial statement must be interpreted in conjunction with the financial statements for the financial year ending on 31 December 2024 (hereinafter: 'complete financial statement'). ‌Evolution of the structure of the Group In the first semester of 2025, the structure of the Group remained unchanged ‌Presentation of financial statements in interim financial statements, seasonality, disclosures related to fair value and other priority disclosures The Group presents the numerical sections of the financial statements in the same structure as in the end-of-year complete financial statement, no consolidation takes place. The Group publishes other additional notes only in case it considers that a significant event or the IAS 34 Interim Financial Statements so require. IAS 34 provides that the Group has to disclose its information related to fair value. Currently, the Group does not possess any significant asset element which must be recorded at fair value in the balance sheet and the determination of fair value has remained unchanged compared to the previous period. The classification of financial instruments according to their fair value hierarchy can be found in section 19. The revenue of the Group is generated evenly during the financial year, it has not a seasonal character arising from its activities. ‌Main elements of the accounting policy, changing standards The Group has not changed the applied accounting policy between 2024 and 2025. An exception is the application of accounting policies related to the introduction of the new standards and to activities that did not exist earlier. Changing standards New and modified standards and interpretations entering into force from this reporting period, announced by IASB and adopted by the EU: Amendment to IAS 21 - The Effects of Changes in Foreign Exchange Rates: No possibility for exchange rate conversion The amendments have not had any impact on the financial statements of the Group. New and amended standards and interpretations issued and adopted by the EU until the disclosure of the financial statements of the Group, but not yet in force, are as follows: Annual improvements to IFRS accounting standards - Volume 11 (entry into force on 1 January 2026 and in the reporting periods commencing thereafter), IFRS 9 and IFRS 7 - Amendment: Nature-dependent electricity contracts (entry into force on 1 January 2026 and in the reporting periods commencing thereafter) IFRS 9 IFRS 9 - Amendments: Classification and valuation of financial instruments (entry into force on 1 January 2026 and in the reporting periods commencing thereafter) The Group believes that the approve of these standards and the amendment of existing standards will not have a significant impact on the Group's financial statements in the period of initial application. Standards and interpretations issued by the IASB and not approved by the European Union IFRS 19 - Subsidiaries without Public Accountability: Disclosures Entry into force at the IASB : 01 January 2027 IFRS 18 - Presentation and Disclosure in Financial Statements Entry into force at the IASB : 01 January 2027 The implementation of IFRS 18 is expected to have an impact on the Group's comprehensive income statement and certain notes. The detailed analysis of the expected impact is currently underway. The Group does not apply these new standards and amendments to existing standards before their effective dates. ‌Supplementary notes to the Interim Comprehensive Income Statement ‌Composition of the revenue of the Group Designation 30/06/2025 30/06/2024 Real estate operation 17 043 14 649 Property development 2 099 4 808 Revenue from property lease 101 112 Disposal of investment property 31 - Other revenues - 5 Total 19 274 19 574 The majority of the Group's sales revenue is still attributable to the activity of NEO Property Services Zrt. The contribution of smaller member companies mainly takes the form of leasing and individual sales items. In the first semester of 2025, the consolidated sales revenue decreased slightly, by 1.53% as a result of the moderate decline in NEO's income. The revenue of AKKO Invest Plc. significantly increased compared to the reference period, which is mainly due to the fact that on 9 April 2025, the Company acquired the entire percentage of ownership (1/1) of the property located in Szerémi út. The property was leased, therefore AKKO Invest Plc. became the holder of leasehold rights, resulting in a substantive increase in leasehold income. As a result of this interim acquisition, the growth in leasehold income is expected to be stronger in the second half of the year. As regards revenues, the revenue from development had to be recognised as a service performed during the relevant period. The stage of completion is established by the Group as the proportion of planned and actual costs. The stage of completion of ongoing projects, to be stated in the income generated in the relevant period, is the following on 30 June 2025: Project Name Recognised Revenue Stage of Completion Roman Park general construction 933 11% Liberty II. AutoWallis leasehold fit-out 1 129 70% Heating system separation in Almásfüzitő 204 36% Building renovation in Százhalombatta 75 24% Oktán laboratory - Phase 2 34 15% MPK PEGY energy efficiency improvement 73 28% Total 2 448 - Stage of completion on 31 December 2024: Project Name Recognised Revenue Stage of Completion Renovation of Szerémi Office Building 573 94% Injection works at Kontakt Plant 19 78% Interior works at HÁGA Training Workshop 754 89% Renovation of TIFO Kitchen 95 48% Construction of PEGY Laboratory 401 59% Construction works in Csepel 268 98% Total 2 111 - In addition, property operation provides revenue realised in the relevant period, but in this case, the realised income can be determined with a simple pro rata temporis method. The other revenues were realised at a specific time, in which case the revenues could be recognised after the transfer of control. ‌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 Listing and maintenance fees, fees paid directly to securities, brokers (3) (2) Total (3) (2) These items mainly include the listing and maintenance fees and the fees paid directly to securities brokers. The overall value is not significant, and there has been no major change compared to the previous year. ‌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 MHUF 275 were used of the provisions in connection with penalties from contracting, and MHUF 57 for guarantee liabilities were unblocked. The building tax increased as a result of the inclusion of the Szerémi út property in the Group. The highest item in the "Fines, penalties and default interests" line is constituted by the recognised penalties amounting to MHUF282. Financial activities Designation 30/06/2025 30/06/2024 Interest income from the banks 6 18 Interest expenses (181) (194) Revaluation of foreign currency assets and liabilities (not realized) (25) 6 (38) 8 Revaluation of foreign currency assets and liabilities (realized) Expected Credit Loss (ECL) (59) 46 Sconto 12 29 Decrease due to derecognition of a lease contract 22 - Difference between deferred acquisition purchase price and fair value - 167 Total (263) 80 On 30 June 2025, the earnings of financial operations represented a loss of MHUF 263 (on 30 June 2024: a profit of MHUF 80). The change was brought about by the loss resulting from the revaluation of foreign currency assets, the expenses related to the expected credit loss (ECL) and the fair value difference of the deferred purchase price, recognised as a one-off item in 2024. The deferred purchase price of the acquisition of NEO Property Services Zrt. and Elitur Invest Zrt. was settled in the first semester of 2025 as a result of the capital increase. ‌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 Designation Number of voting Number of voting rights 30/06/2025 rights 30/06/2024 Series "C" ordinary shares 40 026 239 33 355 200 Series "D" ordinary shares (unlisted series) 25 845 500 - Total 65 871 739 33 355 200 Each of the series "C" ordinary shares gives an entitlement to 1 vote, whereas each of the series "D" ordinary shares gives an entitlement to 4 votes. Holders of series "D" shares are entitled to request the conversion of 1 series "D" share to 4 series "C" shares, based on the decision of the Governing Board. Designation 30/06/2025 30/06/2024 Annual profit or loss attributable to the Group's shareholders (523) 908 Parent company's profit or loss attributable to shareholders after deduction of fixed dividends (523) 908 Annual profit or loss attributable to ordinary shares (523) 908 Weighted arithmetic mean of outstanding ordinary shares 39 449 801 33 355 200 Earnings per share from the continuing operations (in HUF) (13,26) 27,22 Parent company's profit or loss attributable to holders of ordinary shares upon dilution (523) 908 Weighted arithmetic mean of diluted ordinary shares 48 445 748 33 355 200 Diluted earnings per share from continuing operations (in HUF) (10,08) 27,22 As a result of equity issuance on 7 April 2025, the earnings per share on 30 June 2025 were calculated using a higher weighted average of ordinary shares than previously. The convertibility of series "D" shares had a diluting effect on the weighted arithmetic mean of ordinary shares, therefore the earnings per share are also lower than the value of the basic EPS: EBITDA Reconciliation of the EBITDA: 30/06/2025 30/06/2024 Profit or loss before tax (404) 1 038 Depreciation, amortization and impairment 1 562 584 Elimination of financial income and expenses 263 (80) EBITDA 1 421 1 542 ‌Supplementary notes to the interim balance sheet ‌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 31/12/2024 12 794 Movement in balance - Balance at 30/06/2025 12 794 Depreciation Value of customer relations Balance at 31/12/2024 (2 237) Depreciation recognised (289) Balance at 30/06/2025 (2 526) Net value Value of customer relations Balance at 31/12/2024 10 557 Balance at 30/06/2025 10 268 The recoverable value of intangible assets was last tested by the Group by 31 December 2024. In that period, it did not identify any circumstance which would suggest depreciation. ‌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 ‌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 ‌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 ‌Properties The own-use property part in Szerémi út is an area used by NEO Property Services Zrt., which was reclassified to this position from the investment properties on 31 December 2024. Furthermore, among the real estates, the Group keeps record of transformations and refurbishments performed and activated on rented properties, and of office containers used by the Group itself. Those real estates are not investment properties and are recognised in the books of NEO Property Services Zrt. Gross value Properties Balance at 31/12/2024 794 Purchase/ renovation 748 Balance at 30/06/2025 1 542 Depreciation Properties Balance at 31/12/2024 (38) Depreciation recognised (26) Balance at 30/06/2025 (64) Net value Properties Balance at 31/12/2024 756 Balance at 30/06/2025 1 478 ‌10. Plant, fixtures and equipment Evolution of the assets classified in this category in the first semester of 2025: Gross value Plant, fixtures and equipment Total Balance at 31/12/2024 750 750 Purchase 44 44 Balance at 30/06/2025 794 794 Depreciation Plant, fixtures and equipment Total Balance at 31/12/2024 (667) (667) Depreciation recognised (34) (34) Balance at 30/06/2025 (701) (701) Net value Plant, fixtures and equipment Total Balance at 31/12/2024 83 83 Balance at 30/06/2025 93 93 ‌Other receivables and prepayments and accrued income The Group had the following other receivables and prepayments and accrued income: Designation 30/06/2025 31/12/2024 Other non-income tax receivables 42 101 Advances granted 253 312 Accrual of sales revenue, other interest income, other revenue 3 568 1 000 Contract asset 215 995 Prepaid costs, other interest paid, other expenditures 181 33 Overpaid suppliers 8 7 Fees 3 2 Collateral 38 53 Total 4 308 2 503 Advances granted are composed of advances granted to suppliers and personnel for subsequent recognition. The amount of advances granted to suppliers is Million HUF 244 in the records of the Group. Contractual assets include recognised revenue from contracts performed during the relevant period, which had already been executed by the Group in economic sense but which could not be invoiced by the Group under the contract. Revenue accruals include the amount of revenue due for the first half of 2025, but not yet invoiced, mainly coming from the property operation line of business. The Group states the costs and expenditures charged to profit or loss, incurred until 30 June 2025 but partially belonging to the year after the balance sheet date in the prepaid costs, other interest paid, other expenditures line. Bails, security deposits and collaterals are related to complex property operation services. ‌Equity Subscribed capital In the course of the capital increase recorded on 07 April 2025, the subscribed capital of the Parent Company increased by MHUF 813. The following table shows the par value of the Parent Company's outstanding shares: Designation 30/06/2025 30/06/2024 Nominal value of shares outstanding on 1 834 834 January Change during the year 813 - Total 1 647 834 The table below shows the quantity of the Parent Company's outstanding shares: Designation 30/06/2025 (pcs) 30/06/2024 (pcs) Series "C" ordinary shares (HUF 25 each) 40 026 239 33 355 200 Series "D" ordinary shares (unlisted series - HUF 100 each) 6 461 375 - Total 46 487 614 33 355 200 Each of the series "C" ordinary shares gives an entitlement to 1 vote, whereas each of the series "D" ordinary shares gives an entitlement to 4 votes. Holders of series "D" shares are entitled to request the conversion of 1 series "D" share to 4 series "C" shares, based on the decision of the Governing Board. Share premium The share premium comprises the amount received over the par value when issuing the shares. The value of the share premium has changed in 2025, for the first time since 2022, as a result of the issuance of new shares. The issue value of series "C" ordinary shares is HUF 308.4584 per piece, the issue value of series "D" shares is HUF 1 233.8336 per piece As a result of the high issue value, the share premium increased by MHUF 9 217. ‌Bank loans On 30 June 2025, the Group's outstanding bank loans amounted to MHUF 9 586 (MHUF 9 989 on 31 December 2024), distributed according to the following maturity structure: Debtor Expiry date Interest rate 30/06/2025 Due within 1 year Due within 5 year Due over 5 years AKKO Invest 2036.03.31 2,5% 9 069 369 2 722 5 978 4 Stripe Zrt. 2032.02.29 1,9% 343 23 320 - Plc. Deniro Zrt. 2034.12.31 1 month BUBOR+1,8% 174 4 46 124 Total 9 586 396 3 088 6 102 Debtor Expiry date Interest Due rate 31/12/2024 within 1 year Due within 5 year Due over 5 years AKKO Invest Plc. 31 March 2,5% 9 434 734 2 941 5 759 31 December 1-month Deniro Zrt. 2034 BUBOR + 179 9 170 - 4 Stripe Zrt. 29 February (fixed 376 48 233 95 Total 9 989 791 3 344 5 854 2036 1.8% 2032 1.9%) The carrying amount of bank loans essentially corresponds to their fair value. The changes in outstanding loans are shown in the table below: Designation Long term loans Short term loans Opening balance 9 198 791 Principal instalment - (394) Interest payment up to 30 June 2025 - 128 Revaluation (7) (1) Closing 9 191 395 ‌14. Received loans In addition to bank loans, the Company also has received loans from other undertakings. In the course of 2019, Elitur Invest Zrt. received a long-term loan from WING Zrt., its former parent company. The maturity date of the loan is 31.12.2026, the interest rate is 2% higher than the actual basic interest rate of the central bank. Compared to 31.12.2024, the loan amount increased by the interest accumulated during the financial year. ‌15. Provisions Designation Opening Creation of Utilisation provisions of provision Reversal of provisions Closing balance Provisions were created and used in relation to the following grounds: Penalties and claims from contracting 412 - (275) - 137 Guarantee liabilities 193 - - (57) 136 Total 605 - (275) (57) 273 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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