Budapesti Értektozsde : Quarterly Report - 2025 Q1

About this update from Budapest Stock Exchange Plc

BUDAPEST STOCK EXCHANGE PLC. QUARTERLY REPORT FOR THE PERIOD ENDING WITH 31 TH MARCH 2025. MANAGEMENT REPORT AND FINANCIAL STATEMENTS CONTENTS MANAGEMENT REPORT 2 FINANCIAL STATEMENTS 6 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) Description 2025 Q1 2024 Q1 CHANGE Revenues 1 109 912 +21,6% of which Revenues from trading fees 439 279 +57,3% of which Revenues from listing fees 331 318 +4,0% of which Revenues from sale of information 324 307 +5,7% Operating expenses without depreciation -676 -574 +17,8% of which Expenses for material costs -1 -1 0% of which Expenses for services used -217 -198 +9,6% of which Personnel costs -396 -340 +16,5% of which Expenses arising from miscellaneous other costs -44 -35 +25,7% of which Other expenses -18 0 Impairments and reversals -2 -2 0,0% EBITDA 431 336 +28,3% EBITDA/Revenues 39,15% 36,92% Depreciation, amortisation -69 -90 -23,3% EBIT 362 246 +47,2% KELER Group results attributable to BSE 1 048 1 249 -16,1% Profit or loss of financial transactions 56 81 -30,9% Income tax, business tax, innovation contribution -156 -165 -5,5% Net profit or loss 1 310 1 411 -7,2% No valuation was performed for the KELER Group during the period; therefore, no impairment or reversal was recorde DESCRIPTION 2025 Q1 2024 Q1 CHANGE Free cash flow excluding grants (adjusted) 662 573 +15,5% 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 INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 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 IFRS REPORTING - INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS SEPARATE STATEMENT OF FINANCIAL POSITION Description Notes 31.03.2025 31.12.2024 ASSETS Property, plant and equipment 11 314 332 Intangible assets 11 214 235 Right of use assets 12 782 790 Investments in associates measured using the equity method and investments in subsidiaries 13 19 400 18 363 Investments measured at fair value through other comprehensive income 13 4 3 Loans at amortised cost 14 22 22 Non-current assets 20 736 19 745 Inventories 14 2 2 Trade and other receivables 14 618 502 Prepaid expenses 14 142 36 Accrued revenues 14 113 560 Cash and cash equivalents 14 9 259 8 655 Current assets 10 134 9 755 TOTAL ASSETS 30 870 29 500 EQUITY AND LIABILITIES Subscribed capital (par value: HUF 100/share) 15 541 541 Retained earnings 15 27 197 25 887 Revaluation reserve originating from associates 15 -1 9 Total shareholders' equity 27 737 26 437 Employee benefit liabilities (non-current) 16 10 10 Non-current lease liability 12 784 813 Deferred tax liabilities 10 1 287 1 193 Non-current liabilities 2 081 2 016 Trade payables and other short-term liabilities 17 95 675 Current tax liabilities 10 14 9 Current lease liability 12 119 117 Prepaid revenues 17 545 56 Accrued expenses 17 277 189 Employee benefit liabilities (current) 16 2 1 Current liabilities 1 052 1 047 Liabilities 3 133 3 063 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 30 870 29 500 Budapest, 23 June 2025 Tibor Tóth Katalin Sámel Chief Executive Officer Financial Director NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 5 IFRS REPORTING - INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS Description Notes 01.01.2025- 31.03.2025 01.01.2024- 31.03.2024 Revenue 6 1 101 910 Other income 6 8 2 Expenses for material costs 7 -1 -1 Expenses for services used 7 -217 -198 Personnel costs 7, 8 -396 -340 Depreciation and amortisation 11, 12 -69 -90 Expenses arising from miscellaneous other costs 7 -44 -35 Other expenses 7 -18 0 Share in the profit or loss of associates 13 1 048 1 249 Interest income 9 97 62 Other financial income 9 0 27 Finance expenses 9 -41 -8 Expenses from expected credit losses 14 -2 -2 Profit/loss before taxation 1 466 1 576 Income tax expense/income 10 -156 -165 Net profit or loss 1 310 1 411 Other comprehensive income Of which items to be subsequently reclassified to profit or loss Share of other comprehensive income of associates 13 -10 -7 Other comprehensive income -10 -7 Total comprehensive income 1 300 1 404 Net profit/loss (HUF thousand) 1 310 682 1 410 811 Net profit/loss (HUF million) 1 310 1 411 Average number of shares 5 413 481 5 413 481 Earnings per share (EPS) (Ft/share) 242 261 Diluted Earnings per share (Ft/share) 242 261 SEPARATE STATEMENT OF COMPREHENSIVE INCOME Budapest, 23 June 2025 Tibor Tóth Sámel Katalin Chief Executive Officer Financial Director NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 6 IFRS REPORTING - INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS SEPARATE STATEMENT OF CHANGES IN EQUITY Description Subscribed CAPITAL Retained EARNINGS Revaluation RESERVE ORIGINATING FROM ASSOCIATES Total SHAREHOLDERS ' EQUITY Balance at 1 January 2025 541 25 887 9 26 437 Net profit or loss/other comprehensive income for the period 01.01.2025-31.03.2025 0 1 310 -10 1 300 Dividends from retained earnings 541 27 197 -1 27 737 Balance at 31 March 2025 541 25 887 9 26 437 Balance at 1 January 2024 541 20 651 12 21 207 Net profit or loss/other comprehensive income for the period 01.01.2024-30.09.2024 0 1 411 -7 1 404 Balance at 31 March 2024 541 22 065 5 22 611 Net profit or loss/other comprehensive income for the period 01.04.2024-31.12.2024 0 4 427 5 4 432 Dividends from retained earnings 0 -606 0 -606 Balance at 31 December 2024 541 25 887 9 26 437 Notes 15 15 15 15 Budapest, 23 June 2025 Tibor Tóth Sámel Katalin Chief Executive Officer Financial Director NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 7 IFRS REPORTING - INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS SEPARATE STATEMENT OF CASH FLOWS Description Notes 01.01.2025- 31.03.2025 01.01.2024- 31.03.2024 Cash flows from operating activities Profit before taxation 1 466 1 576 Adjustments to reconcile net profit to operating cash flows Depreciation and amortisation 11, 12 69 90 Share of associated companies profit before taxation 13 -1 048 -1 248 Adjustment for interest expenses on leases 12 8 9 Reclassification to investing cash flows 9 -97 -62 Non-cash adjustment (unrealised fx gains/losses) 9 24 22 Impairments and reversals 14 2 2 Employee benefits (non-cash item) 14 1 4 Working capital adjustments Net (increase)/decrease in trade and other receivables 14 220 427 Net (increase)/decrease in inventories 14 0 1 Net change in advances received on government grants 6 -470 -92 Net increase/(decrease) in trade and other creditors 17 441 398 Income tax paid 10 -30 -68 Net Cash from Operating Activities 586 1 059 Continuation on the next page. NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 8 IFRS REPORTING - INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS SEPARATE STATEMENT OF CASH FLOWS (CONTINUED ON) Description Notes 01.01.2025- 31.03.2025 01.01.2024- 31.03.2024 Cash flows from investing activities Interest received 9 97 62 Purchase of intangibles, property, plant and equipment 11 -1 -8 Acquisition of shares, additional payment 13 -1 0 Employee loans 14 0 -10 Repayment of employee loans 14 1 1 Dividend received 13 0 0 Income from the sale of intangibles, property, plant and equipment 11 0 0 Net cash flow from investing activities 96 45 Cash flows from financing activities IFRS 16 Leases - principal and interest payments 12 -38 -33 Net cash flow from financing activities -38 -33 Net increase / (decrease) in cash and cash equivalents 644 1 071 Cash and Cash Equivalents at Beginning of Year 14 8 655 4 164 Unrealised exchange differences on cash and cash equivalents at period-end -40 11 Cash and Cash Equivalents at End of the Period 14 9 259 5 246 Budapest, 23 June 2025 Tibor Tóth Katalin Sámel Chief Executive Officer Financial Director NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 9 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 10 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS BASIS OF PREPARATION 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. 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. 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 11 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS 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. CHANGES IN ACCOUNTING POLICIES AND ERRORS (IAS 8) 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 12 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. 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 13 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS FINANCIAL INSTRUMENTS: DISCLOSURES 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 14 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 15 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 Description 01.01.2024- 30.09.2024 01.01.2023- 30.09.2023 Revenue from government grants from the above: Grants received (reimbursed grants) 0 0 from the above: Grants received (reimbursed BSE expenses) 0 0 Other income 8 2 Total Other Income 8 2 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 16 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: EDIOP advance 0 0 CHR advance 0 470 Total project advances received (Within other short-term liabilities) 0 470 NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 17 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS ‌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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 18 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS 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. 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 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 19 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS TAXATION Description 01.01.2025- 31.03.2025 01.01.2024- 31.03.2024 Current income tax expense Corporate tax 35 28 Corporate tax - previous years 0 0 Local business tax 23 18 Innovation contribution 3 3 61 49 Deferred tax expense/reversal Origination of temporary differences 95 116 Income tax expense 156 165 The reconciliation of actual income tax expense and tax bases and accounting profit is the following: Description 01.01.2025- 31.03.2025 01.01.2024- 31.03.2024 Profit before tax (accounting profit) 1 466 1 576 Income tax expense 156 165 Effective tax rate -10,6% -10,5% Corporate income tax reconciliation Corrections (local business tax, innovation contribution) -26 -21 Profit/loss before taxation incl. corrections 1 440 1 555 Items increasing the tax base 43 65 from the above: Depreciation and amortisation acc. to IFRS 41 63 Items decreasing the tax base -1 096 -1 310 from the above: Share in profit/loss from associate -1 048 -1 249 from the above: Depreciation acc. to Income tax law -48 -61 Corporate income tax base 387 310 Corporate income tax (9%) 35 28 Continued on the next page. NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 20 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS Continued from the previous page. Description 01.01.2025- 31.03.2025 01.01.2024- 31.03.2024 Local business tax and innovation contribution reconciliation Base for local business tax and innovation contribution 1 129 933 Local business tax (2%) 23 18 Difference between Tax base and Accounting profit -337 -643 from the above: Profit and loss items excluding revenues -365 -666 other taxable income e.g. other income, nettings in revenues 28 39 other deductible expenses, e.g. material expenses, mediated services 0 -16 Innovation contribution (0,3%) 3 3 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: DESCRIPTION 01.01.2025- 31.03.2025 01.01.2024- 31.12.2024 At the beginning of the period 1 193 1 058 Debited/(Credited) in net profit 94 135 At the end of the period 1 287 1 193 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. NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 21 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS The derivation and source of the deferred tax is as follows: Description Carrying AMOUNT 31.03.2025 Tax value 31.03.2025 Difference Property, plant and equipment 314 288 26 Intangible assets 214 186 27 Right of use assets 782 782 0 Investments in associates measured using the equity method and investments in subsidiaries 19 400 5 115 14 285 Investments measured at fair value through other comprehensive income 4 4 0 Loans at amortised cost 22 22 0 Inventories 2 2 0 Trade and other receivables 618 648 -30 Prepaid expenses 142 142 0 Accrued revenues 113 113 0 Cash and cash equivalents 9 259 9 259 0 Employee benefit liabilities 12 0 -12 Non-current lease liability 784 784 0 Trade payables and other short-term liabilities 95 95 0 Current tax liabilities 14 14 0 Current lease liability 119 119 0 Prepaid revenues 545 545 0 Accrued expenses 278 278 0 Total 14 297 Total deductible difference -42 Total taxable difference 14 338 Total deferred tax assets 0 Total deferred tax liabilities 1 287 NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 22 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS Description Carrying amount 31.12.2024 Tax value 31.12.2024 DIFFERENCE Property, plant and equipment 332 315 17 Intangible assets 235 207 28 Right of use assets 790 790 0 Investments in associates measured using the equity method and investments in subsidiaries 18 363 5 115 13 248 Investments measured at fair value through other comprehensive income 3 3 0 Loans at amortised cost 22 22 0 Inventories 2 2 0 Trade and other receivables 502 530 -28 Prepaid expenses 36 36 0 Accrued revenues 560 560 0 Cash and cash equivalents 8 655 8 655 0 Employee benefit liabilities 11 0 -11 Non-current lease liability 813 813 0 Trade payables and other short-term liabilities 675 675 0 Current tax liabilities 9 9 0 Current lease liability 117 117 0 Prepaid revenues 56 56 0 Accrued expenses 189 189 0 Total 13 255 Total deductible difference -39 Total taxable difference 13 294 Total deferred tax assets 0 Total deferred tax liabilities 1 193 NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 23 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS 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 NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 24 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. 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 NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 25 IFRS REPORT - NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025; DATA IN MILLION FORINTS 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. SUBSIDIARIES There are no subsidiaries currently owned by BSE. 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. NOTES TO THE FINANCIAL STATEMENTS ON PAGES 10 TO 35 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 26 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. OTHER LONG-TERM INVESTMENTS 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

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