Integrated Report 2025

1

ANY SECURI T Y PRI NT I N G CO M PANY PL C

Halom utca 5, Budapest 1102, Hungary | 1475 Budapest. Pf.: 116

+36 1 431 1200 | info@any.hu | https://www.any.hu

2

ANY SECURI T Y PRI NT I N G CO M PANY PL C

Halom utca 5, Budapest 1102, Hungary | 1475 Budapest. Pf.: 116

+36 1 431 1200 | info@any.hu | https://www.any.hu

Table of content

Consolidated Financial Statements

TABLE OF CONTENT 10

SUPPLEMENTARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DEC. 31, 2025 16

1. GENERAL 16

2. SIGNIFICANT ACCOUNTING POLICIES 19

3. CASH AND BANK 30

   
   
   

4. ACCOUNTS RECEIVABLES 30

5. INVENTORIES 31
6. OTHER CURRENT ASSETS AND PREPAYMENTS 31
7. PROPERTY, PLANT AND EQUIPMENT 32
8. RIGHT OF USE ASSETS 33
9. GOODWILL 34
10. INTANGIBLES 36
11. CONTRACTED LIABILITIES, OTHER PAYABLES TAX LIABILITIES, GOVERNMENT GRANTS AND ACCRUALS 36
12. SHORT TERM AND LONG TERM LOANS 38
13. SHARE CAPITAL 38
14. TREASURY SHARES 38
15. RETAINED EARNINGS, NON-CONTROLLING INTEREST 38
16. NET SALES 39
17. OTHER EXPENSES, NET 41
18. INTEREST INCOME / EXPENDITURE 41
19. COST OF SALES AND SELLING GENERAL AND ADMINISTRATION COSTS 42
20. TAXATION 43
21. OTHER COMPREHENSIVE INCOME FOR THE YEAR 45
22. EARNINGS PER SHARE 45
23. CONTINGENT LIABILITIES AND PROVISIONS 45
24. SHORT TERM AND LONG TERM PART OF LEASE LIABILITIES 46
25. RELATED PARTY TRANSACTIONS 47
26. REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE BOARD OF DIRECTORS 48
27. RISK MANAGEMENT 49
    
    
28. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD 51

1. Introduction 114
2. Description of the Group's Activities 115
3. Results of the Taxonomy Assessment 115
4. Key performance metrics 116

1. Introduction 120
2. Description of the Group's Activities 121
3. Results of the Taxonomy Assessment 121
4. Key performance metrics 122

1. GENERAL 182
2. SIGNIFICANT ACCOUNTING POLICIES 186

1. ACCOUNTS RECEIVABLES 197
2. INVENTORIES 197
3. OTHER CURRENT ASSETS AND PREPAYMENTS 198
4. PROPERTY, PLANT AND EQUIPMENT 200
5. RIGHT OF USE ASSET 201
6. INVESTMENTS 202
7. INTANGIBLES 203
   
   
8. TRADE ACCOUNTS PAYABLES 203
9. CONTRACTED LIABILITIES, OTHER PAYABLES AND ACCRUALS 204
10. SHORT TERM AND LONG TERM LOANS 205
11. SHARE CAPITAL 205
12. SHAREHOLDERS' EQUITY 206
13. NET SALES 208
14. OTHER EXPENSES, NET 210
15. COST OF SALES AND SELLING GENERAL AND ADMINISTRATION COSTS 211
16. DIVIDEND INCOME 211
17. TAXATION 211
18. CONTINGENT LIABILITIES 213
19. SHORT TERM AND LONG TERM PART OF LEASE LIABILITIES 213
20. RELATED PARTY TRANSACTIONS 215
21. REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE BOARD OF DIRECTORS 216
22. RISK MANAGEMENT 216
23. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD 219

TABLE OF CONTENT 10

SUPPLEMENTARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DEC. 31, 2025 16

1. GENERAL 16

2. SIGNIFICANT ACCOUNTING POLICIES 19

3. CASH AND BANK 30

4. ACCOUNTS RECEIVABLES 30

5. INVENTORIES 31
6. OTHER CURRENT ASSETS AND PREPAYMENTS 31
7. PROPERTY, PLANT AND EQUIPMENT 32
8. RIGHT OF USE ASSETS 33
9. GOODWILL 34
10. INTANGIBLES 36
11. CONTRACTED LIABILITIES, OTHER PAYABLES TAX LIABILITIES, GOVERNMENT GRANTS AND ACCRUALS 36
12. SHORT TERM AND LONG TERM LOANS 38
13. SHARE CAPITAL 38
14. TREASURY SHARES 38
15. RETAINED EARNINGS, NON-CONTROLLING INTEREST 38
16. NET SALES 39
17. OTHER EXPENSES, NET 41
18. INTEREST INCOME / EXPENDITURE 41
19. COST OF SALES AND SELLING GENERAL AND ADMINISTRATION COSTS 42
20. TAXATION 43
21. OTHER COMPREHENSIVE INCOME FOR THE YEAR 45
22. EARNINGS PER SHARE 45
23. CONTINGENT LIABILITIES AND PROVISIONS 45
24. SHORT TERM AND LONG TERM PART OF LEASE LIABILITIES 46
25. RELATED PARTY TRANSACTIONS 47
    
    
26. REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD AND THE BOARD OF DIRECTORS 48
27. RISK MANAGEMENT 49
28. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD 51

* In case of derecognition of a foreign subsidiary the relevant part will be reclassified to profit and loss.

1. ‌General

   ANY Security Printing Company Public Limited Company by Shares (ANY PLC or the Company) is a limited liability company incorporated under the laws of the Republic of Hungary. The Company operated as a State enterprise until 1992 when it was transformed into a limited liability company (Rt.). The Company's registered office is located at Halom u.5, Budapest, District 10. The Company's webpage: https://www.any.hu.

   The persons authorized to represent the Company, and to sign the annual report: Gábor Zsámboki, CEO (Address: 1056 Budapest, Belgrád rakpart 21. IV/1.). The person responsible for the accounting services registered in IFRS: Tamás Karakó, CFO (Address: 1112 Budapest, Őrség u. 9/B). The auditor of the Company Deloitte Könyvvizsgáló és Tanácsadó Kft. (Address: 1068 Budapest, Dózsa György út 84/C.), registered statutory auditor: Tamás Horváth (MKVK: 003449) (Address: 1029 Budapest, Bölény utca 16.). The audit fee in 2025 is HUF 47.1 million (HUF 45.1 million in 2024). Deloitte Könyvvizsgáló és Tanácsadó Kft. provided assurance services to ANY Security Printing Company Plc. regarding Sustainability Statementing. The ESG audit cost concerns the year 2025, the contract value: HUF 26.6 million.

   
   
   

   As of December 31, 2025 and 2024 - based on the Company's share book - the following owners have more than 5% voting right or the following groups of investors own the Company:

   	FY 2025		FY 2024
   Investor	Voting right (%)	Ownership (%)	Voting right (%)	Ownership (%)
   Owners above 5% s hare
   EG CAPITAL LLC(*)	12.12%	11.75%	12.12%	11.75%
   DIGITAL FOREST LLC(**)	7.11%	6.89%	7.11%	6.89%
   AEGON ALFA SZÁRMAZTATOTT ALAP	5.27%	5.11%	5.20%	5.04%
   Owners below 5% s hare
   Domestic Institutional Investors	26.93%	26.11%	27.14%	26.32%
   Foreign Institutional Investors	9.34%	9.05%	9.97%	9.67%
   Foreign Individual Investors	0.11%	0.10%	0.11%	0.11%
   Domestic Individual Investors	36.58%	35.47%	35.51%	34.43%
   Management, employees	1.44%	1.40%	1.48%	1.44%
   Treasury shares	0.00%	3.03%	0.00%	3.03%
   Other	1.10%	1.09%	1.36%	1.32%

   (*) The Chairman of the Board of Directors of ANY Security Printing Company PLC as owner of EG Capital LLC has a further 3.92% indirect ownership through Fortunarum Kft.

   (**) Based on the AGM of March 31, 2014 the Tamás Erdős has been elected as a member of the Board of Directors of ANY Security Printing Company PLC has indirect ownership.

   The Group produces security products and solutions (tax stamps. stickers with security elements), plastic and paper cards (document cards. bank and telephone cards. as well as commercial cards), personalized business and administration forms, as well as conventional printing products.

   The consolidated subsidiaries of the Group at December 31, 2025 and at December 31, 2024 are as follows. The parent company primarily examines ownership when investigating control over subsidiaries based on IFRS 3.

   			FY 2025		FY 2024
   Name of the Company	Place of registration and operation	Share capital	Share of ownership	Voting right 1	Share of ownership	Voting right 1	Classification 2
   Gyomai Kner Nyomda Zrt.	Hungary	HUF 200,000,000	99.48%	99.48%	99.48%	99.48%	L
   Specimen Zrt.	Hungary	HUF 100,000,000	100.00%	100.00%	100.00%	100.00%	L
   Techno-Progress Kft.	Hungary	HUF 5,000,000	100.00%	100.00%	100.00%	100.00%	L
   ANY Ingatlanhasznosító Kft.	Hungary	HUF 3,000,000	100.00%	100.00%	100.00%	100.00%	L
   Zipper Services SRL	Romania	RON 2,060,310	60.00%	60.00%	60.00%	60.00%	L
   Zipper Data SRL	Moldova	5,400 MDL	60.00%	60.00%	60.00%	60.00%	L
   Tipo Direct Serv SRL	Moldova	30,000 MDL	60.00%	60.00%	60.00%	60.00%	L
   ATLAS Trade Distrib. SRL	Romania	RON 1,000	60.00%	60.00%	60.00%	60.00%	L
   Slovak Direct SRO	Slovakia	EUR 63,965	100.00%	100.00%	100.00%	100.00%	L
   Superior ANY Global LLC (**)	Amerikai Egyesült Államok	20,000 USD	51,00%	51,00%	0,00%	0,00%	L

   
   
   

   1 Voting rights that entitle the holder to participate in decision making at the general meeting of the company included in consolidation.

   2 Fully controlled subsidiaries (L); Joint ventures (K); Associated undertakings (T)

   (**) Superior ANY Global LLC, a US-based subsidiary, has been part of the consolidation scope since October 1, 2025.

   ESEF information
   Homepage of parent company:	https://www.any.hu
   LEI code of parent company:	529900YYR637SPJ0JR59
   Name of parent company:	ANY Security Printing Company Plc.
   Domicile of parent company:	Hungary
   Legal form of parent company:	Public Limited Company by Shares
   Country of incorporation:	Hungary
   Address of parent company's registered office:	H-1102, Budapest, Halom street 5., Hungary
   Principal place of business:	H-1102, Budapest, Halom street 5., Hungary
   Description of nature of parent company's operation and principal activities:	The Group produces security products and solutions (tax stamp, stickers with security elements), plastic and paper cards (document cards, bank and telephone cards, as well as commercial cards), personalized business and administration forms, as well as conventional printing products.

   
   
   
2. ‌Significant accounting policies Basis of preparation

   The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (the "EU"). The Parent Company, ANY Security Printing company Plc. prepares its separate financial statements in accordance with International Financial Reporting Standards from January 1, 2017. Its domestic subsidiaries prepare their financial statements in accordance with Hungarian Accounting Law, while foreign subsidiaries prepare their financial statements according to accounting principles generally accepted in their own countries, that are adjusted in accordance with IFRS from the consolidation package through the consolidation process.

   The consolidated financial statements are mainly prepared due to the regulations related to listed companies based on the accounting act, so it contains reclassifications and adjustments through which it complies with IFRS.

   IFRS as adopted by the EU does not significantly differ from IFRS as issued by the International Accounting Standards Board (IASB).

   The reporting currency of the Group is the Hungarian Forint ("HUF"), rounded to nearest thousand forints.

   The reporting period of the Group is equivalent to calendar years. Base period from 1st January 2024 to 31st December 2024, referred as FY 2024 in text and table headings as well, and current period from 1st January 2025 to 31st December 2025, referred as FY 2025 in text and table headings as well.

   The consolidated financial statements have been prepared on the historical cost basis except for real estates and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below.

   
   
   

   Financial Statements are prepared based on the assumption of going concern of the activity of the Group in the foreseeable future.

   Basis of consolidation

   The consolidated financial statements include the financial statements of ANY PLC and its subsidiaries after elimination of all intercompany transactions and balances, including unrealized intercompany profits. Subsidiaries are those companies in which one company of the Group has control over the subsidiary, so the company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to effect those returns through its power over the subsidiary.

   On acquisition, the assets and liabilities of a subsidiary are measured in the consolidated financial statements at their fair values at the date of acquisition. The interest of minority shareholders is stated at the minority's proportion of the fair values of the assets and liabilities recognized. Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable net assets of a subsidiary at the date of acquisition.

   The results of subsidiaries acquired or disposed during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate.

   The transactions between the subsidiaries, including unrealized gains and losses as well as realized intra-group gains, were eliminated during consolidation.

   The equity and net income attributable to minority interests are shown as separate items in the consolidated financial statements.

   Cash and cash equivalents

   Cash and cash equivalents include cash at bank in hand, balances of bank accounts and short-term deposits with an original maturity of three months or less and the risk of their impairment is not significant.

   Consolidated statement of cash flows

   For the cash flow statement the Cash and cash equivalents include cash and the value of bank deposits, as well as other short term (a term of three months or less at the time of their purchase) liquid investments, which may be immediately exchanged for the amount indicated on them, and their conversion does not come with the risk of a change in their value. Statement of cash-flow is prepared based upon the indirect cash-flow method.

   Inventory

   Inventory is stated at the lower of cost or net realizable value after making impairment for any obsolete or slow moving items. Cost is determined at standard cost adjusted to actual purchase price at period end. For purchased inventories cost comprises purchase price, possible additional customs, delivery costs, non-refundable taxes and any other costs related to acquiring the inventory. For finished goods and work in progress, cost comprises direct materials, direct labour and an appropriate allocation of manufacturing fixed and variable overheads.

   
   
   

   Inventory impairment is calculated on obsolete or slow moving stocks item by item after judgement of the inventory item based on its physical status and future usage and selling opportunities. Full impairment is raised on inventories of which future usage and selling opportunities based on the unique debtors related characteristics of the inventories after the expiration of the contract or in lack of further orders are not probable. In case of inventories not connected directly to debtors, impairment on inventory is posted, if there was no consumption or sale in that item for a longer period before balance sheet day, based on individual assessment in this case as well. Furthermore the Group accounts impairment for inventories where cost of inventory is higher than the possible future net realizable value at a level until the net realizable value. Furthermore raises the Group full impairment on inventories that are falling out of production during the different technological processes, checked but proved to be not sufficient quality, and which were moved to scrap inventory location during the year, but have not been scrapped yet.

   Property, plant and equipment (PP&E)

   Property, plant and equipment are stated at cost less accumulated depreciation less accumulated impairment losses. Freehold land is not depreciated. Depreciation is provided using the straight-line method at rates calculated to write off the cost of the asset over its expected economic useful life. The estimated useful life and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The rates used are as follows:

   Buildings, rented property 2% to 5%; 6%

   Machinery and equipment 14.5 to 33%

   Vehicles 20%

   At each balance sheet date, the Group reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication in accordance with internal or external information that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of such an impairment loss (if any). If the recoverable amount

   of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognized as an expense immediately.

   An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of PP&E is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Depreciation of assets directly attributed to operation is posted to cost of sales, depreciation of assets directly not attributed to operation is posted to selling, general and administration costs.

   Right of use as sets

   The Group recognises its assets owned in connection with lease contracts as right of use assets from 1st January 2019 based on the regulations of IFRS 16. Based on these regulations all assets are classified as right of use assets of which use is controlled through lease contracts or long term rental contracts. As there is no guaranteed residual value or lease payments due at the end of the contractual period, in the lease contracts of the Group, initial value of right of use assets are equal to initial value of the lease liabilities. The Group has three different classes of right of use assets. These are real estates, machineries and equipments and vehicles and other equipments. Depreciation is calculated on right of use assets based on IAS 16 through the entire life of the lease contracts and long term rental contracts applying the following rates:

   Real estates	10.0% - 46%
   Machineries and equipments	14.5% - 33%
   Vehicles and other equipments	25.0% - 33%

   Lease liabilities (as Lessee)
   
   

   The Group recognises its lease liabilities based on IFRS 16. In accordance with that, all liabilities are recognised as lease liabilities which are connected to lease contracts or long term rental contracts. The Group measures its lease liabilities based upon the present value of contractual net cash-flows, with incremental borrowing rate available on the market for the Group for similar periods using as a discount rate. The Group has no initial lease obligations, no dismantling or removing costs, variable lease conditions and does not receive any lease incentives. The members of the Group have no option to prolong or terminate the contracts neither in lease contracts nor in long term rental contracts, though not even the lessor has the right to change the lease conditions during the lease period.

   The Group has no small value or short term leases based on IFRS 16, has no sub-lease contracts and has no sale-and-lease-back type transactions.

   Lease interest is calculated on lease liabilities applying the interest rate implicit in the lease or incremental borrowing rate (if the implicit interest rate is not available), which is recognised in the statement of profit or loss and other comprehensive income on the line interest expense.

   Intangible assets

   Intangible assets are considered to be definite useful life by the Group. Intangible assets can be purchesed, self produced or recognised in compliance with IFRS3 business combinations. Intangible assets with definite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with infinite useful lives that are

   acquired separately are carried at cost less accumulated impairment losses. Amortization is provided at rates between 16.7% and 33% per year.

   An item of intangible asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of intangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

   Goodwill

   On acquisition, the assets and liabilities of a subsidiary are measured in the consolidated financial statements at their fair values at the date of acquisition. The interest of minority shareholders is stated at the minority's proportion of the fair values of the assets and liabilities recognized. Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable net assets of a subsidiary at the date of acquisition. Goodwill is included as intangible asset in the statement of financial position, to which impairment loss is calculated, if based on annually performed impairment test it is necessary. For the purpose of impairment test, the value of goodwill is allocated to those Cash Generating Units (hereinafter: CGU) of the Group that probably will have positive effects from the synergies. Those CGU-s, to which goodwill is allocated are subject to goodwill impairment test annually or more often if circumstances indicate any loss in the value of the Unit. If the book value of the goodwill is higher than the fair value of the CGU, impairment loss is accounted on the goodwill. The impairment loss decreases mainly the value of the goodwill allocated on the CGU, then the remaining amount decreases the net book value of the CGU's other assets, in proportion of the book value of the assets. The goodwill impairment loss once accounted cannot be reversed in the future. On disposal of a CGU the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The goodwill impairment calculation is based upon companies' budgets containing more financial years. Present value of earnings before interest, tax and depreciation is calculated to the date of year end, using the companies' expected earnings before interest, tax and depreciation ratio as a discount factor. Thus enterprise values are adjusted by cash balance and net debt balance resulting in final enterprise value. This final enterprise value is compared to the net book value of the goodwill.

   
   
   Financial instruments

   In order to define the category of financial assets, the Group defines whether the financial asset is a debt instrument or an equity instrument. Debt instruments must be measured through fair value to profit and loss statement, though when recognizing, the Group can decide that debt instruments not held for sale can be measured through fair value to other comprehensive income. If the financial asset is a debt instrument, the following has to be considered.

   • Amortised cost - purpose is to have the contractual cash-flows, which contains only and only the principle part of the liability and the interests.

   • Fair value through other comprehensive income (FVTOCI) - purpose is to held, which achieves its goal by having contractual cash-flows and the sale of the financial instrument and the contractual conditions of the financial asset contain in defined periods cash-flows only from principle part of the liability and interests.

   • Fair value through profit and loss statement (FVTPL) - which do not belong into neither of the above mentioned categories, or when recognition were marked as FVTPL financial assets.

     Financial liabilities must be measured at amortised cost, except for those, which must be measured FVTPL or the Group chose to measure at fair value.

     Financial liabilities and derivative products must be measured at FVTPL. When recognizing, the Group can mark a financial liability to be measured at FVTPL irrevocably if:

   • it ceases or significantly decreases a measurement inconsistency, or

   • a group of financial liabilities or a group of financial assets and liabilities are measured at fair value in accordance with a documented risk or investment strategy.

     Subsequent measurement

     Subsequent measurement is based upon the category of the financial instrument.

     Amortised cost

     Financial liabilities are measured at amortized costs, so do lease liabilities as well, and also those parts of financial liabilities which are held by the Group based on the business model for collecting contractual cashflows and contractual cash-flows consist solely payments of principle and interest on the principal amount outstanding. Amortised cost is the original historical cost of the financial asset or liability decreased by the principal payments increased or decreased by the accumulated amortised cost of the difference between the original historical cost and the maturity cost and decreased by the possible impairment costs or loss of value. Effective rate of interest method should be used, interest has to be accounted in P&L.

     Debt instruments measured FVTOCI

     The asset must be measure at fair value. Interest income, impairment and foreign exchange differences must be accounted in P&L (similar to amortised cost assets). Fair value differences must be accounted in OCI. When derecognizing the asset, the previously accounted loss or gain must be reclassified to P&L. When reclassifying or derecognizing the asset, the previously accounted fair value differences accumulated in equity must be reclassified to P&L in a way like the asset would have been measured by amortised cost from initial recognition.

     Equity instrument measured FVTOCI

     Dividend can be recognised, if:

   • the entity is eligible for that,

     
     
     

   • economic benefits will flow to the entity and can be reliably measured.

   Dividend has to be accounted in P&L, except when dividend is obviously partial return for the costs of the investment, in which case it has to be accounted in OCI.

   Fair value differences are accounted in OCI. Fair value differences accounted in OCI cannot be reclassified to P&L later, even if the asset is impaired or sold.

   Debt instruments measured FVTPL

   Assets must be measured at fair value, and fair value differences must be accounted in P&L.

   Fair value measurement

   Based on market prices valid on the date of the statement of financial position without deducting transaction costs. If such cannot be found, then based upon market price of similar assets, or based upon the cashflows deriving from the net assets of the investment.

   Impairment of financial assets

   At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group uses the change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses. To make that assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument

   as at the date of initial recognition and consider reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. The Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. The Group analysed whether how much credit loss on trade receivables should be raised based on expected credit loss of IFRS 9, and found that based on the return of previous years' trade receivables as future expected credit loss on trade receivables will account to Statement on Profit and Loss and Other Comprehensive Income (SPLOCI) 0.31% of gross value of trade receivables. The Group has significant number of trade debtors with governmental background, and the Group also ensures the inflow of trade receivables in the form of advances or other payment guarantees. General credit losses are not significant based on the Group's assessment, although based on individual trade debtors' assessment the necessary impairment on trade receivables is accounted.

   Credit-loss accounted in previous years in proportion of value of gross receivables:

   2019.12.31	2020.12.31	2021.12.31	2022.12.31	2023.12.31	2024.12.31	2025.12.31
   0.09%	0.07%	0.07%	0.15%	0.31%	0.47%	0.67%

   Receivables by due date	Not overdue or 0-90 days overdue	More than 90 days overdue
   Amount of write-off receivable	1.07%	Individually measured

   De-recognition of financial assets
   
   

   The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralis ed borrowing for the proceeds received.

   Taxation

   The amount of company tax is based on the taxation obligation defined according to the law on corporate income tax and dividend taxes, which is modified by the deferred tax. Based on the decision of the Hungarian Parliament, 9% corporate tax rate has to be applied for the Hungarian companies from the calendar year of 2017. In case of the domestic subsidiaries we applied the new 9% corporate tax rate when calculating deferred tax. The tax liability of the foreign companies of the Group is taken into consideration with the effective tax legislation of their country of incorporation.

   Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the balance sheet date, to realize or settle the carrying amount of its assets and liabilities. The conditions of netting deferred tax liabilities and deferred tax assets are met, as deferred tax arises only as deferred tax assets and deferred tax liabilities under the legislation of Hungarian tax authorities.

   Deferred tax assets are recognized only if it is probable that sufficient taxable profits will be available against which the deferred tax assets can be utilized. At each balance sheet date, the Group re-assesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable

   profit will allow the deferred tax asset to be recovered. The Group conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or that entire deferred tax asset to be utilized. The Company classifies the local taxes and innovation contribution to corporate tax in profit and loss statement based on IAS 12 requirement.

   Treasury shares

   Trearury shares repurchased are included in shareholders' equity and are measured at cost. Premiums and discounts arising on sale of treasury shares, and differences on repurchase, are credited or debited to retained earnings.

   Revenue recognition

   IFRS 15 defines a five-step model to recognize revenue coming from the contracts with the clients, which - apart from a few exceptions - irrespectively to the type of the transaction or the industry must be applied in all cases. Rules of the standard must be applied for the sale of some non-financial assets as well, where such sale is out of the standard business activity of the company. (E.g. sale of fixed assets or intangible assets.)

   Revenue is recognized at the time goods are dispatched and services rendered by the Group, as this is the point at which control of the goods and services are transferred to the customer.

   Revenue is measured from contracts with customers at the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

   
   
   

   Revenue is separated into five different product category by the Group. The management considers these product categories strategically important. These categories are monitored and these are the basis of evaluating the performance. However, classification of turnover by product categories do not mean that these products can be produced in a clearly separable way in terms of assets and liabilities.

   Revenue from sale of printing solutions is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment at the customer's location. The normal credit term is 30 days upon delivery.

   The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties, customer loyalty points). In determining the transaction price for the sale of printing solutions, the Group considers the effects of variable consideration, existence of a significant financing component, noncash consideration (if any).

   Variable consideration

   If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

   Rights of return

   The Group uses the expected value method to estimate the variable consideration given the large number of contracts that have similar characteristics. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognised as revenue. A refund liability is recognised for the goods that are expected to be returned (i.e., the amount not included in the transaction price). A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price).

   Volume rebates

   The Group applies either the most likely amount method or the expected value method to estimate the variable consideration in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognised as revenue.

   Significant financing component

   The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less.

   Non-cash consideration

   
   
   

   The fair value of such non-cash consideration received from the customer is included in the transaction price and measured when the Group obtains control of the equipment. The Group estimates the fair value of the non-cash consideration by reference to its market price. If the fair value cannot be reasonably estimated, the non-cash consideration is measured indirectly by reference to the stand-alone selling price of the fire prevention equipment.

   Contract balances Trade receivables

   A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due).

   Contract liabilities

   A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

   Cost to obtain a contract

   The Group pays sales commission to its employees for each contract that they obtain for sales of printing solutions and services. The Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset that would have been recognised is one year or less. As such, sales commissions are immediately recognised as an expense and included as part of employee benefits.

   Interest revenue

   Interest revenue is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

   Provisions

   The Group recognises provision in case when:

   • an entity has a present obligation (legal or constructive) as a result of a past event;

   • it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and

   • a reliable estimate can be made of the amount of the obligation.

   The Group is involved in a low number of ongoing legal disputes. Based upon historical experience and expert reports, the Group assesses the developments in these cases, and the likelihood and the amount of potential financial losses which are appropriately provided for.

   Contingent liabilities acquired in a business combination

   Contingent liabilities acquired in a business combination are initially measured at fair value at the acquisition date. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and the amount initially recognised less cumulative income recognised in accordance with IFRS 15 Revenue.

   
   
   Government grants

   Assistance by the government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to operating activities of the entity. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are mostly used by the Group to purchase assets. In case of purchasing assets the Group accounts government grants based on income approach. Grants connected to asset purchases are accounted to the period and in that proportion, which period and which proportion the depreciation of the asset is also accounted. Grants are accounted in compliance with gross method. Grants related to income should be recognised as deferred income in the statement of profit or loss and other comprehensive income on a systematic basis that matches them with the related costs.

   Segment reporting

   The Group has identified one segment based on IFRS 8 - Segment reporting, but revenue is separated into five different product category. The management of the Group considers these product categories strategically important. These categories are monitored and these are the basis of evaluating the performance. However, classification of turnover by product categories do not mean that these products can be produced in a clearly separable way in terms of assets and liabilities.

   Earnings per share

   Basic earnings per share data is calculated based on the weighted average number of shares outstanding

   during the period excluding treasury held by the Company and employee shares. Fully diluted earnings per share is calculated based on the weighted average number of shares outstanding as calculated for basic earnings per share and as adjusted for giving effect to the assumed issuance of all potentially dilutive securities. Net income is adjusted in the fully diluted earnings per share calculation for any income or expense associated with the potentially dilutive securities.

   Foreign currencies

   In preparing the financial statements of the individual entities, transactions in currencies other than the entity's presentational currency (HUF) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date. Exchange differences are recognised in profit or loss in the period in which they arise.

   From the foreign subsidiaries of the Group Zipper Services S.R.L. prepares its financial statements in Romanian Lei, Tipo Direct SERV S.R.L. in Moldavian Lei, Slovak Direct S.R.O. prepares its financial statement in EURO, while Superior ANY Global LLC prepares its financial statements ins USD (presentational currency, and functional currency as well). The balances of foreign currency assets and liabilities of the foreign subsidiaries of the Group are translated at the relevant year-end MNB (National Bank of Hungary) foreign exchange rate, while incomes and expenditures are translated at the yearly average MNB rates in the consolidated financial statements in the parent company's presentational currency (HUF), which is the functional currency of the Group at the same time. Differences arising from translation are presented in other comprehensive income. The details of the conversion have been presented in table 27 Risk Management.

   The effect of adopting new and revised International Financial Reporting Standards effective from 1 January 2026
   
   The following amendments to the existing standards and new interpretation issued by the International Accounting Standards Board (IASB) and adopted by the EU are effective for the current reporting period:

   • Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 (issued on 30th of May 2024)

   • Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (issued on 18th of December 2024)

   • Annual Improvements Volume 11 (issued on 18th of July 2024)

     The adoption of these amendments to the existing standards has not led to any material changes in the Group's financial statements.

     New and revised Standards and Interpretations issued by IASB and adopted by the EU but not yet effective

   • IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9th of April 2024, effective 1 th January 2027)

     As of the date of approval of the financial statements, the Group's has not yet applied the following IFRS accounting standard amendments issued by the IASB and endorsed by the EU, which are not yet effective.

     Standards and Interpretations issued by IASB but not yet adopted by the EU

   • Amendments to IFRS 19 Subsidiaries without public accountability: Disclosures (issued on 21 th August of 2025)

   • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 th of November 2025)

   • IFRS 14 Regulatory Deferral Accounts (issued on 30 th of January 2014, he European

     Commission decided not to launch the endorsement process for this interim standard and to wait for the final standard instead)

   • Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in

   Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its

   Associate or Joint Venture (the IASB has deferred the effective date indefinitely; early application is permitted).

   The Group anticipates that the adoption of these new standards, amendments to the existing standards and new interpretations will have no material impact on the financial statements of the Group in the period of initial application.

   Critical accounting judgements and estimates by applying the accounting policy

   The process of preparing financial statements in accordance with International Financial Reporting Standards requires the use of estimates and assumptions regarding the carrying amounts of assets and liabilities presented in the consolidated financial statements and the Notes.

   Critical as sumptions by applying the accounting policy

   The Management of the Group had certain assumptions when applying the accounting policy, that can influence the carrying amounts of assets and liabilities presented in the consolidated financial statements (apart from the impact of the estimates. presented at the next point). These assumptions are presented in details in the Notes, but the most important ones are the following:

   • The temporary differences calculated with deferred tax liabilities will reverse in the foreseeable future, and the corporate tax rate is 9%, which is effective from 1st January 2017.

   • The outcome of certain contingent liabilities.

     
     
     

   • Zipper Services Srl, and TipoDirect Moldva Srl are subsidiaries of the Group because the Group owns a 60% ownership interest in these companies since 31st December 2021, while ATLAS Trade Distribution SRL is a subsidiary of the Group since 15th February, 2022, while Supreior ANY Global LLC is a subsidiary of the Group because the Group owns a 51% ownership interest in this company since 1st October 2025. Based on the contractual arrangements between the Group and other investors, the Group also has the power to appoint and remove the majority of the board of management of these companies that has the power to direct the relevant activities of these companies. Therefore, the management of the Company concluded that the Group had and has the practical ability to direct the relevant activities of these companies unilaterally and hence the Group has control over these companies. Since 31st December 2021 the Group has majority ownership as well beside control through arrangements.

     Uncertainties in the estimates

     The process of preparing consolidated financial statements in accordance with International Financial Reporting Standards as adopted by EU requires the use of estimates and assumptions regarding the carrying amounts of assets and liabilities presented in the consolidated financial statements and the Notes. These estimates are based on the best knowledge of the Management, in spite of this actual results may differ from estimated amounts. These estimates are presented in details in the Notes, but the most important ones are the following:

   • Determining the fair value of Financial Instruments

   • Determining the economic useful life of fixed assets

   • Calculating the impairment loss on fixed assets and goodwill

   • Calculating provisions

3. ‌Cash and bank

   	December 31, 2025	December 31, 2024
   Cash and cash equivalents	8,592,677	7,601,559
   Total cash and cash equivalents:	8,592,677	7,601,559

   Balance of cash and cash equivalents at the end of the period is HUF 8.593 million, which is HUF 991 million higher than at the end of year 2024.

4. ‌Accounts receivables

The carrying value of trade receivables is fair value. Balance of trade debtors is HUF 8,532 million, which is HUF 114 million higher than at the end of 2024. From the year-end balance, receivables worth HUF 1,698,729 thousand were individually measured. Of the individually measured amount, HUF 670,042 thousand was received by the time the report was approved by the Board of Directors.

Movement of the allowance in doubtful debts is broken down below:

ANY SECURI TY PRINTING COMPANY PLC Halom utca 5, Budapest 1102, Hungary | 1475 Budapest. Pf.: 116 +36 1 431 1200 | info@any.hu | www.any.hu