Quarterly Report - 2025 Q1

BUDAPEST STOCK EXCHANGE PLC.

FOR THE PERIOD ENDING WITH 31THMARCH 2025.

MANAGEMENT REPORT AND FINANCIAL STATEMENTS

CONTENTS

2

MANAGEMENT REPORT

The net profit of the Budapest Stock Exchange (BSE) for the first quarter of 2025, which includes the BSE's share of the KELER Group's results, is 1,31 billion HUF

The EBITDA value in the first quarter of 2025. was 431 million HUF, which is 28% higher than the value achieved in the same period 2024.

The revenues of the Budapest Stock Exchange amounted to 1 109 million HUF in the first quarter of 2025, which is 22% higher than the revenue generated in the same period of the previous year.

In 2025. trading revenues grew 57% compared to the same period of last year. Issuer fee revenues are 4% higher than in 2024 Q1, while information services revenues grew 5 %.

The average equity market turnover in the first quarter of 2025, amounting to HUF 18.7 billion, exceeded the full-year average of HUF 11.8 billion in 2024. Compared to the same period in 2024, the turnover in the first quarter of this year is nearly 62% higher than the HUF 11.6 billion recorded a year earlier.

As of the end of March 2025, the Budapest Stock Exchange lists the securities of 155 issuer companies. In the first quarter, the shares of one new issuer, Glia Nova, were listed on the Xtend market, while Goodwill Pharma transitioned from the Xtend market to the Standard category of the regulated market.

In the debt section listed corporate bonds grew by 270 billion and mortgage bonds grew with 9 billion HUF.

The business line generated revenues of HUF 331 million in the first quarter, representing a 4% increase compared to the first quarter of 2024

The information services business line generated HUF 324 million in revenue during the period, which is 5,5 % higher compared to the first quarter of the previous year.

The result of financial operations amounted to HUF 56 million during the reporting period. This represents a decrease of HUF 25 million compared to the previous year, primarily due to the impact of unrealized exchange rate difference

In the first quarter, adjusted expenses amounted to HUF 676 million, which is HUF 102 million higher compared to the same period of the previous year.

In the first quarter of 2025, the KELER Group achieved a pre-tax profit of HUF 2,56 billion, supported by better-than-expected fee income and interest revenue, as well as savings in operating expenses.

Revenue from core activities amounted to 5,281 billion HUF, with a significant portion of HUF 3,498 billion coming from fees and commission income which overall was in line with the revenue level achieved in the same period of the previous year.

The interest rate differential amounted to HUF 1,785,2 billion, falling short of the base figure by HUF 175,2 million, primarily due to the decrease in the benchmark interest rat

The costs of the securities depository and clearing house amounted to HUF 2,788 billion in the first quarter of 2025, exceeding the operating expenses of the same period in the previous year by HUF 299,4 million.

3

PROFIT/LOSS CUMULATED BREAKDOWN* (MILLION HUF)

No valuation was performed for the KELER Group during the period; therefore, no impairment or reversal was recorde

The total revenue of the Budapest Stock Exchange in the first quarter of 2025 amounted to HUF 1,11 billion, representing an increase of 21,6% compared to the revenues of the corresponding period

Operating expenses also increased by 17,8 %. The net profit of the Budapest Stock Exchange exceeded 1,3 H billio HUF n, representing a decrease of 7,2 % compared to the result achieved in the first quarter of 2024.

The Budapest Stock Exchange's adjusted free cash flow amounted to 662 million HUF in the first quarter of this year, which is15,5 % higher than the HUF 573 million recorded in Q1 2024. The free cash flow calculation is presented on page 31 of the financial statements

The calculation of the adjusted free cash flow is consistent with the methodology published in the Budapest Stock Exchange's 2024 Annual Report, which is presented on page 80 of the report.

5

The results presented in this report are unaudited; the statements and disclosed figures are based on the internal accounting records of the Budapest Stock Exchange and the KELER Group. This document constitutes an informational update on the BSE's operations in the first quarter of 2025 and does not qualify as a regular disclosure or regulated information. As such, it does not contain several values and disclosures that are included in reports subject to regular disclosure requirements, such as our Annual Report or Semi-Annual Report.

5

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL

REPORTING STANDARDS (IAS 34) AS ADOPTED BY THE EUROPEAN UNION

TRANSLATION

TABLE OF CONTENTS

SEPARATE INTERIM FINANCIAL STATEMENTS

• Separate statement of financial position

  as at 31 March 2025 5

• Separate statement of comprehensive income

  for the period ended 31 March 2025 6

• Separate statement of changes in equity

  for the period ended 31 March 2025 7

• Separate statement of cash flows

  for the period ended 31 March 2025 8

  NOTES

• Selected notes to the interim financial statements

for the period ended 31 March 2025 10

5

SEPARATE STATEMENT OF FINANCIAL POSITION

Budapest, 23 June 2025

Tibor Tóth Katalin Sámel Chief Executive Officer Financial Director

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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SEPARATE STATEMENT OF COMPREHENSIVE INCOME

Budapest, 23 June 2025

Tibor Tóth Sámel Katalin Chief Executive Officer Financial Director

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SEPARATE STATEMENT OF CHANGES IN EQUITY

Budapest, 23 June 2025

Tibor Tóth Sámel Katalin Chief Executive Officer Financial Director

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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SEPARATE STATEMENT OF CASH FLOWS

Continuation on the next page.

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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SEPARATE STATEMENT OF CASH FLOWS (CONTINUED ON)

Budapest, 23 June 2025

Tibor Tóth Katalin Sámel Chief Executive Officer Financial Director

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SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. REPORTING ENTITY

   Name of Company:	Budapesti Értéktőzsde Nyilvánosan Működő Részvénytársaság (Budapest Stock Exchange Public Limited Company)
   Legal form:	Public Limited Company
   Registered office and address of the company:	H-1013 Budapest, Krisztina körút 55., Hungary VI. emelet
   Company registration number:	01-10-044764
   Country of registration and operation (applicable law):	Hungary
   Par value and number of shares issued:	5,413,481 shares with a par value of HUF 100 each
   Data of persons authorised to sign the report on behalf of the Company:	Tibor Tóth, Chief Executive Officer address: H-1124 Budapest, Vas Gereben u. 1.
   	Katalin Sámel, Chief Financial Officer address: H-1135 Budapest, Lehel utca 60. 6/1

   Budapest Stock Exchange Plc. (hereinafter referred as: BSE or Company) was founded on 21 June 1990.

   A key player on the Hungarian money and capital markets, Budapest Stock Exchange Plc. (BSE) provides economic operators with access to financial resources and offers investors a broad range of investment instruments. BSE's mission is to create a Hungarian economy based on stable and independent funding and to continuously develop the financial culture of the Hungarian population and corporate sector.

   THE FOUR MAIN ACTIVITIES OF THE COMPANY

   • Listing services,

   • trading services,

   • dissemination of market information, and

   • product development.

     The Company is operating under the relevant Capital Market Act. The Company's registered office: H-1013 Budapest, Krisztina körút 55., Hungary VI. emelet. The ownership structure of the Company is presented in Note 16.

     The Company's controlling shareholder is Magyar Nemzeti Bank (MNB, the Hungarian National Bank; address: H-1054 Budapest, Szabadság tér 8-9).

     All of the ordinary shares of BSE were introduced to the Standard category of the Budapest Stock Exchange on June 7, 2023.

     Number of shares: 5 413 481

     Par value: HUF 100

     Initial price of share: HUF 2.906

     ISIN: HU0000063078

     The first day of trading was 21 June 2023. (Resolution of BSE no. 177/2023.)

     NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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     IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

1. BASIS OF PREPARATION

   1. STATEMENT OF COMPLIANCE

      These interim financial statements were prepared in accordance with the IAS 34 Interim Financial Statements standard, so they do not contain all the information presented in the year-end financial statements - in accordance with the IAS 1 Presentation of Financial Statements standard. This interim financial statement must be read in conjunction with the financial statements for the business year ending 31 December, 2024 (hereinafter the full financial statement). In the following, the additional comments necessary to assess the significant changes in the financial position and performance of the BSE since the last annual financial statements are presented.

   2. BASIS OF MEASUREMENT

      During the preparation of the current interim financial statements, the judgments and estimates used by BSE's management, which are applied by BSE's accounting policies, have an impact on the displayed assets, liabilities, income and expenses. There have been no changes in the accounting policies applied by BSE, as well as in the main estimation uncertainties, since the preparation of the last annual financial statements.

   3. FUNCTIONAL AND PRESENTATION CURRENCY

   These financial statements have been prepared in Hungarian forint (HUF) (the presentation currency), which is also the functional currency of BSE. All financial information presented in HUF has been rounded to the nearest million ("HUF million").

   NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

1. MATERIAL ACCOUNTING POLICY INFORMATION AND CHANGES THEREIN

   The accounting policies and standards applied in the preparation of the interim financial statements of BSE are the same as those applied in the preparation of its financial statements as at 31 December 2024.

2. CHANGES IN ACCOUNTING POLICIES AND ERRORS (IAS 8)

   1. CHANGES IN ACCOUNTING POLICIES

      IMPACT OF CHANGES OF IFRSS EFFECTIVE FROM 1 JANUARY 2025 AND THE INTRODUCTION OF NEW STANDARDS ON FINANCIAL STATEMENTS

      New and amended standards and interpretations issued by the IASB and adopted by the EU that are effective from the current reporting period:

      • Amendments to IAS 21 (The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability)

        According to the evaluation of the Company, the adoption of the above standards and amendments to existing standards does not have a material impact on the Company's financial statements.

        There are currently no new and revised standards and Interpretations issued by IASB and adopted by the EU but not yet effective.

        Standards and interpretations issued by the IASB and not adopted by the EU:

        IFRSs adopted by the EU currently do not differ significantly from regulations adopted by the International Accounting Standards Board (IASB), except for the following new standards, amendments to existing standards and new interpretations that have not yet been adopted in the EU as at the date of disclosure of the financial statements:

      • IFRS 18: Presentation and Disclosure in Financial Statements

      • IFRS 19: Subsidiaries without Public Accountability: Disclosures

      • Amendments to IFRS 7 and IFRS 9: Amendments to the Classification and Measurement of Financial Instruments

      • Amendments to IFRS 7 and IFRS 9: Contracts Referencing Nature-dependent Electricity

      • Annual Improvements Volume 11

        The Company is currently in the process of evaluation of the effect of above standards and their modifications.

        NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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        IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

CHANGES IN ACCOUNTING POLICY DUE TO BSE DECISION

There were no accounting policy changes in the period.

Share capital and EPS ratios are not affected by the reclassification.

1. PRIOR YEAR ERRORS

There are no Restatements due to Prior year errors in the present Financial Statements.

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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1. FINANCIAL INSTRUMENTS: DISCLOSURES

   1. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES

      IAS 34 requires BSE to publish information on fair value of its assets and liabilities. BÉT currently does not have any significant assets that are to be valued at fair value in the statement of financial position.

      CLASSIFICATION OF FINANCIAL INSTRUMENTS

      The Company measures its financial instruments at amortised cost:

      • Trade and other receivables

      • Cash and cash equivalents

      • Employee benefit liabilities

      • Non-current and current lease liabilities

      • Trade payables and other short-term liabilities

   PRESENTATION OF ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE BY CLASSIFICATION INTO THE APPROPRIATE LEVEL OF THE FAIR VALUE HIERARCHY

   All instruments are included in Level 3 of Fair value measurement, except cash and cash equivalents, which are included in Level 2. Carrying amount is a reasonable approximation of fair value.

   NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

1. REVENUES AND OTHER INCOME

   REVENUES FROM STOCK EXCHANGE ACTIVITIES

   Description	01.01.2025- 31.03.2025	01.01.2024- 31.03.2024
   Revenues from trading fees	439	279
   Annual admission fees	37	36
   Fees of trading (monthly) and auctions	401	242
   Other revenue related to trading	1	1
   Revenues from listing fees	331	318
   Listing (one-off) fee	34	20
   Quarterly fee	294	296
   Other related revenue	2	2
   Revenues from sale of information	324	308
   Annual vendor fees	160	146
   Monthly vendor fees	165	164
   Other information services	0	-2
   Revenues from other services	7	5
   Connection fees, licenses	7	5
   Total Revenues	1 101	910

   Trading revenues change primarily as a result of the daily turnover, especially the share section turnover.

   The revenues from listed entities are partly related to one-off fees invoiced at the time of listing, and partly related to the listed assets in a given quarter.

   Vendor fees are typically invoiced in EUR, so the recorded HUF revenues are partly affected by the exchange rate movements, and partly by the change in quantities.

   All income is recognised within the year, or, if the Company recognises income over a given period, on a simple pro rata basis.

   SEASONALITY

   According to long-term historical experience, trading revenues bear seasonality, as the summer months (June - August) - mostly in line with holiday periods - generally produce a more restrained turnover on the stock markets compared to other months of the year.

   In the case of listing fees from issuers and revenues from the sale of information, BSE did not identify any clear seasonality or any circumstances that would justify seasonality.

   Since BSE is not a seasonal business operator, we do not present separate financial information related to seasonality.

   NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

OPERATING SEGMENTS

The management of BSE has reviewed the entity's activities and operations and, on that basis, has concluded that there are no identifiable separable operating segments whose operating results would be reviewed by the chief operating decision maker of BSE in order to make a decision about resources to be allocated to the segment, since the following criteria are not met:

• Most of the operating expenses cannot be allocated to a specific business activity or specific business contract. Direct and indirect allocation of most expenses to cost centers is not possible. Therefore, no discrete financial information is available.

OTHER INCOME

GOVERNMENT GRANTS

Total amount of non-repayable grants available under the EDIOP-1.1.7-2017-00001 programme: it was HUF 1,307 million after a budget increase in 2022, with the aim of implementing training and mentoring programmes and providing stock exchange preparation for IPOs for companies identified in the context of the call. The programme and related payments by BSE ended in 2023. The Grantor approved the last settlement in January 2024 and transferred HUF 497 million to BSE.

The mirror project of EDIOP, the "BSE Mentoring Programme in the Central Hungary Region" ("CHR") project targets the same stock exchange development elements by focusing on the central regions. After the budget increase in 2022, the total amount HUF 846,75 million was available for this aim. In 2023, the CHR program also expired, BSE paid all relevant amounts to eligible partners, and the final approval also arrived in March 2025.

There are no unfulfilled conditions and other contingencies attaching to government assistance recognised.

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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QUARTERLY REPORT - 2025 Q1

IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

A significant part of trade payables and other current liabilities is composed of advances received for the project:

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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1. ‌OPERATING EXPENSES

   Description	Notes	01.01.2025- 31.03.2025	01.01.2024- 31.03.2024
   Expenses for material costs		1	1
   Expenses for services used		217	198
   Expert fees		52	47
   PR, marketing and sales costs		23	16
   License fees		81	72
   Operating costs of leased office		27	31
   Other services		34	32
   Personnel costs		396	340
   Wages and salaries		330	284
   Contributions on wages and salaries		47	41
   Other personnel type expenses		19	15
   Depreciation and amortisation	11, 12	69	90
   Depreciation charge of right-of-use asset		28	27
   Amortisation of intangible assets, depreciation charge of tangible fixed assets		41	63
   Expenses arising from miscellaneous other costs		44	35
   Non-deductible VAT		40	32
   Other costs		4	3
   Other expenses		18	0
   Total operating expenses		745	664

   In 2025, some expenses have already been realised in the first quarter, compared to 2024, whereas the same recurring expenses were only realised in the second quarter.

   The license fees include minor and/or short-term (maximum 1 year) software and device leases. A significant amount of these arise in EUR, thus the rise of the exchange rate has an effect on the higher level of expenses.

   Other services include service costs incurred in the ordinary course of business.

   Some Other personnel type expenses arose in the first quarter of 2025, whereas they did not occur until the second quarter of 2024.

   NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

1. EMPLOYEE INFORMATION

   Description	01.01.2025- 31.03.2025	01.01.2024- 31.03.2024
   Wages and salaries	330	284
   Contributions on wages and salaries	47	41
   Other personnel type expenses	19	15
   Total	396	340

   The average number of employees during the period was 61 (in 2024: 61). The above presented Employee costs are part of Operating expenses (Note 7). A significant part of other personal expenses includes employee Cafeteria and other benefits.

2. FINANCE INCOME AND EXPENSES

   Description	01.01.2025- 31.03.2025	01.01.2024- 31.03.2024
   Interest income from banks and other sources	97	62
   Total interest income	97	62
   Realised gains on exchange rates	0	9
   Unrealised gains on exchange rates	0	18
   Total other finance income	0	27

   Description	01.01.2025- 31.03.2025	01.01.2024- 31.03.2024
   Unrealised losses on exchange rates	24	0
   Realised loss on exchange rates	9	0
   Interest on lease liabilities (effective interest)	8	8
   Total finance expense	41	8

   Interest income increased significantly due to the change in the yield environment.

   NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

1. TAXATION

The reconciliation of actual income tax expense and tax bases and accounting profit is the following:

Continued on the next page.

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Continued from the previous page.

The corporate tax base must be calculated from the pre-tax profit as defined in the IFRS, and certain items must be added or deducted during the calculation.

The provision for deferred taxation (liability) for the year is analyzed as follows:

Deferred income taxes are calculated on all temporary differences under the balance sheet liability method using a tax rate of 9%. The balance as at the end of the period mainly represents the untaxed gain of investments in associated companies.

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The derivation and source of the deferred tax is as follows:

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

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1. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS

   Description	Intangible assets	Property, plant and equipment					Total
   		Investments IMPLEMENTED ON LEASED PROPERTY	IT EQUIPMENT	OFFICE FURNITURE, EQUIPMENT AND INSTALLATIONS	MOTOR VEHICLES	Total Property, plant and equipment
   Quarter I of 2025
   Gross amount
   as at 1 January 2025	2 042	166	704	74	37	981	3 023
   Procurement, capitalisation	0	0	0	1	0	1	1
   Scrapping, sale	0	0	-3	0	0	-3	-3
   as at 31 March 2025	2 042	166	701	75	37	979	3 021
   Depreciation and amortisation
   as at 1 January 2025	1 807	50	525	67	7	649	2 456
   Charge for the year	21	4	13	1	1	19	40
   Decrease due to de-recognition	0	0	-3	0	0	-3	-3
   as at 31 March 2025	1 828	54	535	68	8	665	2 493
   Carrying amount
   as at 1 January 2025	235	116	179	7	30	332	567
   as at 31 March 2025	214	112	166	7	29	314	528
   Year 2024
   Gross amount
   as at 1 January 2024	1 986	166	589	71	37	863	2 849
   Procurement, capitalisation	56	0	116	5	0	121	177
   Scrapping, sale	0	0	-1	-2	0	-3	-3
   as at 31 December 2024	2 042	166	704	74	37	981	3 023
   Depreciation and amortisation
   as at 1 January 2024	1 682	34	473	65	3	575	2 257
   Charge for the year	125	16	53	4	4	77	202
   Decrease due to de-recognition	0	0	-1	-2	0	-3	-3
   as at 31 December 2024	1 807	50	525	67	7	649	2 456
   Carrying amount
   as at 1 January 2024	304	132	116	6	34	288	592
   as at 31 December 2024	235	116	179	7	30	332	567

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

Intangible assets comprise of the following:

• trademarks,

• software licences,

• softwares developed by BSE.

1. LEASES UNDER IFRS 16

   The right-of-use asset was capitalised on the basis of the contract for the office leased by BSE.

   The right-of-use asset of the lease of the office in Krisztina körút 55. was included in the books in February 2022, together with the related lease liabilities. The right-of-use asset is depreciated using the straight-line method until February 2032.

   Description	01.01.2025- 31.03.2025	01.01.2024- 31.12.2024
   Gross amount
   as of the first day of the period	1 090	1 045
   Correction due to indexation	20	45
   as of the last day of the period	1 110	1 090
   Depreciation
   as of the first day of the period	300	191
   Depreciation charged (Krisztina krt. 55.)	28	109
   as of the last day of the period	328	300
   Carrying amount
   as of the first day of the period	790	854
   as of the last day of the period	782	790

   The evolution of the related lease liability can be derived as follows:

   Description	01.01.2025- 31.03.2025	01.01.2024- 31.12.2024
   Opening balance	930	926
   Correction due to indexation	20	45
   Payment to lessor (K55)	-38	-142
   Interest incurred (K55)	8	33
   Year-end foreign exchange revaluation difference	-17	68
   Lease balance on the last day of the period	903	930
   Current lease liabilities	119	117
   Non-current lease liabilities	784	813

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   IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

1. INVESTMENTS (INTERESTS IN OTHER ENTITIES)

   BSE has no consolidated or unconsolidated interests in which control is not based on voting rights or where the voting rights are not used to direct the relevant activities leading to control (structured entities).

   Neither BSE, nor BSE's associates are investment companies or have an interest in one. All companies publish their separate financial statements in accordance with the law that applies to them.

   1. SUBSIDIARIES

      There are no subsidiaries currently owned by BSE.

   2. ASSOCIATES

      Name of the entity	Place of business	Ownership interest held by BSE (%)		Principal activities	Type of relationship
      		31.03.2025	31.12.2024
      KELER Zrt.	Hungary	46,67	46,67	depository services	associate
      KELER KSZF Zrt.	Hungary	0,07	0,07	clearing service	associate

      KELER CCP is 99.85% owned by KELER.

      The value of the investment in the KELER Group changed in the standalone IFRS financial statements as follows:

      Description	01.01.2025- 31.03.2025	01.01.2024- 31.12.2024
      Opening balance (gross)	22 317	20 843
      Share of current year net income	1 048	4 747
      Share of other comprehensive income	-11	-3
      Dividends received	0	-3 270
      Closing balance (gross)	23 354	22 317
      Opening balance of impairment	-3 953	-3 953
      Impairment in current year	0	0
      Reversal of impairment	0	0
      Closing balance of impairment	-3 953	-3 953
      Opening balance (net of impairment)	18 363	16 890
      Closing balance (net of impairment)	19 400	18 363

      According to IAS 36, BSE has to ensure that its assets are carried at no more than their recoverable amount.

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      IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS

The standard addresses the indications on the basis of which an impairment loss may arise. If any of these indications exist, the operator should prepare a formal estimate of the recoverable amount. BÉT's management identified the following fundamental factors, on the basis of which it became necessary to estimate the value of the share owned in the KELER Group as of December 31, 2024:

• unfavorable macroeconomic environment,

• effect of securities transaction tax introduced in 2022

• due to the high risk premium the evaluation of Hungarian assets generally lower (since 2022 and 2023, market interest rates have decreased)

• KELER Group performed above business plans

For the reasons detailed above, BSE deemed it necessary to examine the value of it share in KELER Group on 31 December, 2024. BÉT performed the company valuation based on the discounted cash flow method (DCF). The investment value was determined by forecasting the future cash flows of the KELER group and discounting them to their present value. Based on this, taking into account BSE's ownership share, the value of BSE's shares in the associates was approximately the same as the book value. BSE's management reviewed the assessment and did not identify such differences that would have required the accounting of impairment or the reversal of previous impairment as of December 31, 2024.

BSE also examined the presence of signals on 31 March, 2025, which still existed, there were no changes in them. Since no significant period of time has elapsed, and KELER Group's results for the first quarter of 2025 differ in a positive direction from the plans used as the basis for the DCF calculation, further impairment accounting is not justified with a high degree of certainty as of 31 March. BSE plans to update the company assessment of the KELER Group as of December 31, 2025.

Along with 14 other stock exchanges, BSE founded EuroCTP B.V. in 2023. BÉT's share in the company is 0.05%. BSE values the share at fair value through other comprehensive income.

NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35

FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 27