BIF 2025 Half-Year Report

2025 Half-Year Report

• Consolidated, non-audited Financial Statements of Budapesti Ingatlan Hasznosítási és Fejlesztési nyilvánosan működő Részvénytársaság prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union for the period ending on 30 June 2025 - Interim Consolidated Financial Statements for H1 2025

• Consolidated Business (management) Report to the Consolidated, non-audited Financial Statements of Budapesti Ingatlan Hasznosítási és Fejlesztési nyilvánosan működő Részvénytársaság prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union for the period ending on 30 June 2025

• Declaration of liability

Table of Contents

Consolidated Interim Financial Statements 3

Consolidated Interim Statement of Comprehensive Income 4

Consolidated Statement of Interim Changes in Equity 5

Consolidated Interim Cash-Flow Statement 6

Notes to the Statements - General corporate information, Key elements of the accounting policy, Additional explanations and Other additional information 7

1. General corporate information 7

   1. Company profile 7

   2. Officers and controlled companies 7

      1. Officers in H1 2025 7

      2. Change in senior executives, employees in strategic positions in H1 2025 8

      3. Remuneration of senior executives in H1 2025 8

      4. Persons authorized to sign the Interim Consolidated Financial Statements 8

      5. Ownership structure 9

      6. Information on the consolidated subsidiary 9

2. Key elements of the accounting policy 10

   1. Approval and statement on compliance with the International Financial Reporting Standards 10

   2. Basis of preparing the report 10

   3. Valuation basis 10

   4. Details of the business combination and the consolidated companies 11

3. Additional explanations 11

   1. Investment property 11

   2. Intangible and tangible assets 12

   3. Investments in related companies 13

   4. Financial assets 13

   5. Deferred tax assets 13

   6. Inventories 13

   7. Trade receivables 14

   8. Other short-term receivables and prepaid expenses and accrued income 14

   9. Cash and cash equivalents 14

   10. Subscribed capital and capital reserve 14

   11. Revaluation reserve 15

   12. Repurchased treasury shares 15

   13. Retained earnings and profit for the year 16

   14. Non-current financial liabilities 16

   15. Provisions 16

   16. Deferred tax liabilities 16

   17. Other long-term liabilities 17

       
       
       

   18. Short-term financial liabilities 17

   19. Trade payables 17

   20. Other short-term liabilities, and accrued expenses and deferred income 17

   21. Net sales revenue 18

   22. Other operating income 18

   23. Own performance capitalized 19

   24. Raw materials, consumables and other external charges 19

   25. Staff costs 19

   26. Depreciation and impairment 20

   27. Other operating expenditure 20

   28. Income from and expenses of financial operations 21

   29. Actual tax expenditure 21

   30. Deferred tax expense 22

   31. Earnings per share 22

   32. Information on business lines 22

   33. P/L from fair valuation 24

   34. Financial instruments 24

   35. Remuneration of the Board of Directors and the Supervisory Board 24

       1

4. Other additional information 25

   1. Off-balance sheet items, litigation and other legal proceedings 25

      1. Off-balance sheet items that may affect the Company's future liabilities 25

      2. Litigation and other legal proceedings 27

   2. Significant events after the end of the interim period (30 June 2025) 28

   3. Special and other regulated disclosures in 2025 28

   4. Authorization to publish financial statements 28

Declaration of Liability 28

2

3

4

Consolidated Interim Statement of Comprehensive Income

Interim Consolidated Financial Statements for H1 2025 (non-audited)

Consolidated Statement of Interim Changes in Equity

Explanations* 10 12 10 11 13 13

P/L for the

Equity

Non-

HUF '000'

Subscribed capital

Equity shares repurchased

Capital reserve

Revaluation reserve

Retained earnings

reporting year

allocated to the parent company, total

controlling participation

Equity, total

5

31/12/2023 2,870,244 -2,304,224 6,048,215 731,904 44,360,298 10,567,736 62,274,173 62,274,173

6

Notes to the Statements - General corporate information, Key elements of the accounting policy, Additional explanations and Other additional information

1. General corporate information

   1. Company profile

      Budapesti Ingatlan Hasznosítási és Fejlesztési nyilvánosan működő Részvénytársaság (hereinafter: the "Company" or "BIF") was established on 31 January 1995 by transformation. Its legal predecessor is Budapesti Ingatlanhasznosítási és Fejlesztési Kft., which was founded on 1 January 1994 by the State Property Agency with a share capital of HUF 1 million.

      The subscribed capital of the Company is HUF 2,870,244,400, which consists of 287,024,440 ordinary registered shares, each with a nominal value of HUF 10, produced in a dematerialized form.

      Since 20 October 2017, the Company has been active as a regulated real estate investment pre-company (hereinafter: "SZIE"/"Pre-REIT") under Act CII of 2011 on regulated real estate investment companies (hereinafter: "SZIT"/"REIT Act"), and since 31 December 2018, it has been active as a regulated real estate investment company (hereinafter: "SZIT"/"REIT"). The Company is engaged in real estate development and utilization for its own properties (offices and other buildings and parking garages) by leasing out, further development and the sale of construction sites in its ownership, the implementation of real estate developments on them, and the utilization and sale of completed properties.

      The operational management of the Company is performed by the Board of Directors.

      The Company's shares are traded in the "PREMIUM" category of the Budapest Stock Exchange.

      The Company's notices are published on: the BSE (https://www.bet.hu) website, the MNB website (https://www.kozzetetelek.mnb.hu) and the Company's own website (https://www.bif.hu).

      The chartered IFRS accountant responsible for the preparation of this IFRS Interim Consolidated Financial Statements for H1 2025 is Dr Katalin Horváth Kalácska (H-1082 Budapest, Hock János u. 4-6.; chartered accountant registration number: 123362).

      The Company's auditor is Quercus Audit Könyvvizsgáló és Gazdasági Tanácsadó Kft. (registered office: H-8200 Veszprém, Radnóti tér 2/C, person responsible for the audit: Tölgyes András József).

   2. Officers and controlled companies

      1. Officers in H1 2025

         
         
         

         Members of the Company's Board of Directors

         Name	Position	Beginning of assignment	End of assignment
         Dr Anna Ungár	President	30/04/2022	30/04/2027
         Kristóf Berecz	Vice-President	30/04/2022	30/04/2027
         Dr Frigyes Hárshegyi	member	30/04/2022	30/04/2027
         Julian Tzvetkov	member	30/04/2022	30/04/2027
         Miklós Vaszily	member	30/04/2022	30/04/2027

         Members of the Company's Audit Committee

         Name	Position	Beginning of assignment	End of assignment
         Dr Frigyes Hárshegyi	member	30/04/2022	30/04/2027
         Julian Tzvetkov	member	30/04/2022	30/04/2027
         Miklós Vaszily	member	30/04/2022	30/04/2027

         7

         Ownership interest of executives, employees in strategic positions in the Company (30 June 2025)

         Nature	Name	Position	Beginning of assignment	End of assignment	Direct shareholding (number of shares)	Percentage of BIF shares with indirect influence
         BOD	Dr Anna Ungár	President of the BOD* and as from 4 May, 2022, also Chief Executive Officer	30/04/2022	30/04/2027	0	74.87%
         BOD	Kristóf Berecz	Vice-President and as from 1 December, 2018, Chief Executive Officer	30/04/2022	30/04/2027	0	74.87%
         BOD	Dr Frigyes Hárshegyi	Member of the BOD and the AC**	30/04/2022	30/04/2027	0	0
         BOD	Julian Tzvetkov	member of the BOD and the AC	30/04/2022	30/04/2027	0	0
         BOD	Miklós Vaszily	member of the BOD and the AC	30/04/2022	30/04/2027	0	0
         SP	Róbert Hrabovszki	Deputy CEO, CFO	19/03/2018	Open-ended***	0	0

         *Board of Directors

         **Audit Committee

         ***Nature of employment

      2. Change in senior executives, employees in strategic positions in H1 2025

         There was no change in the composition of the Board of Directors or the Audit Committee in the period between 1 January 2025 and 30 June 2025.

         None took place in the management of the Company in H1 2025.

         
         
         

      3. Remuneration of senior executives in H1 2025

         By its resolution adopted on 30 April, 2025, the General Meeting of the Company decided that in the business year 2025, the members of the Board of Directors should perform their duties without remuneration, and the members of the Audit Committee should perform their duties for a gross monthly remuneration of HUF 400,000 per member in the business year of 2025.

      4. Persons authorized to sign the Interim Consolidated Financial Statements

         According to Article 15.2 of the Articles of Association, the following persons are authorized to sign for the Company:

         1. The President of the Board of Directors jointly with another member of the Board of Directors or with an employee authorized to represent the Company,

         2. The Vice-President of the Board of Directors, jointly with another member of the Board of Directors or an employee authorized to represent the Company.

            The Board of Directors is authorized to decide on the employees authorized to represent the Company.

            8

      5. Ownership structure

         Company owners holding more than 5% of the shares based on the shareholders' register and on the owners' individual declarations

         Shareholder	31 December 2024		30 June 2025
         	Number of shares	Equity interest (%)	Number of shares	Equity interest (%)
         PIÓ-21 Kft.	214,889,885	74.87*	214,889,885	74.87*
         Equity shares**
         Assets managed by Mónika Káldi, trusted asset manager	16,101,240	5.61	15,731,240	5.48
         Other shareholders	56,033,315	19.52	56,403,315	19.65
         Total	287,024,440	100.00	287,024,440	100.00

         * Of which an indirect share of 0.57% through the Company's subsidiary, BFIN Asset Management AG

         ** The Company may not exercise shareholder rights by the BIF ordinary shares in its ownership. The number of ordinary shares of BIF owned by the Company does not exceed 5%.

      6. Information on the consolidated subsidiary

         Vote and ownership shares

         Subsidiary Registered office 30 June 2025 31 December 2024

         Harsánylejtő Kft. 1065 Budapest, Bajcsy-Zsilinszky út 57. 100.00% 100.00%

         The equity data of Harsánylejtő Kft. (as of 30 June 2025), '000':

         Equity	704,796
         Subscribed capital	3,000
         Committed reserve	792,500
         Retained earnings	-227,900
         P/L after tax	137,196

         The managing director of Harsánylejtő Ingatlanforgalmazó és -kezelő Kft. (hereinafter: "Harsánylejtő Kft." or "Subsidiary") is Dr. Anna Ungár, holding full power signatory rights with effect from 1 September 2024.

         The P/L of Harsánylejtő Ltd. for the reporting period is mainly derived from the rental started by the Company in the base year and from the activities of a building construction project, previously performed as a consultant and advisor, and then in the reporting year as a general contractor.

         Vote and ownership shares*

         
         
         

         "Sub-subsidiary" Registered office 30 June 2025 31 December 2024

         Marischka Kft. 1012 Budapest Logodi u. 42. 100.00% 100.00%

         *indirect ownership through the Subsidiary

         The equity data of Marischka Kft. (as of 30 June 2025), '000':

         Equity	-57,083
         Subscribed capital	3,000
         Committed reserve	106,000
         Retained earnings	-99,064
         P/L after tax	-67,019

         With the acquisition of 100% of the shares of Marischka Kft. by Harsánylejtő Kft. on 9 May 2024, this company was also included in the scope of consolidation. The managing director of the limited liability company is János Bokor, who has full power signatory rights, with effect from 1 January 2021.

         9

         Marischka Kft. has been operating restaurants under the name "Marischka" on the ground floor of the property located at 99 Attila Street and 42 Logodi Street (residential property), in District I of Budapest, H-1012, since 1 August 2021, as well as under the name "Babutzi Breakfast, Brunch & Lunch" on the ground floor of the Major Udvar (Városmajor u. 12) office building (located at 12-14 Városmajor Street in District XII of Budapest) since 17 October 2022. In addition, the restaurant in the Flórián Udvar Office Building has also been operated by Marischka Kft. since 1 August 2024.

         On 14 August 2025, Harsánylejtő Kft. settled the equity position of Marischka Kft. by paying an additional

         contribution of HUF 61 million, as ordered by the founders' resolution.

2. Key elements of the accounting policy

   In these Consolidated Interim Financial Statements, the Company has applied the same accounting policies and the same method of computation as in the last annual financial statements.

   There is no cyclicality or seasonality in the operation of the Company.

   These interim consolidated financial statements have not been audited by an independent auditor.

   1. Approval and statement on compliance with the International Financial Reporting Standards

      The Board of Directors has approved the Interim Consolidated Financial Statements. These Interim Consolidated Financial Statements have been compiled on the basis of the Financial Reporting Standards promulgated and filed in the form of a regulation in the Official Journal of the European Union (EU). IFRS comprises standards and interpretations worded by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC).

      Unless otherwise indicated, the Interim Consolidated Financial Statements are presented in Hungarian forint, rounded to the thousand.

   2. Basis of preparing the report

      The interim consolidated financial statements have been prepared in accordance with the standards and IFRIC interpretations published and effective as of 1 January 2025, as adopted by the European Union (hereinafter referred to as "IFRS"). The Interim Consolidated Financial Statements have been compiled on the basis of the direct cost principle, with the exception of the cases where IFRS requires the application of a different method of measurement, as described in the accounting policy.

   3. Valuation basis

      
      
      

      For the Interim Consolidated Financial Statements, the measurement basis is the original cost, except for the following assets and liabilities, which are stated at fair value: derivative financial instruments, financial instruments at fair value through profit or loss and investment property.

      During the compilation of the financial statements compliant with the IFRS standards the management needs to apply professional judgment, estimates and assumptions that have an impact on the applied accounting policy and on the sum total of the assets and liabilities, revenues and costs recognized in the report. The estimates and related assumptions are based on past experiences and numerous other factors, which can be considered as reasonable under the given conditions, and which have a result that lays the ground for the estimate of the book value of the assets and liabilities that cannot otherwise be clearly specified from other sources. The actual results may differ from these estimates.

      Estimates and basic assumptions are regularly reviewed. Modifications of the accounting estimates are disclosed in the period when a particular estimate is modified if the modification only affects the given year, and in the period of modification as well as in future periods if the modification affects both the current and the future years.

      10

   4. Details of the business combination and the consolidated companies

      Vote and ownership shares

      Subsidiary Registered office 30 June 2025 31 December 2024

      Harsánylejtő Kft. 1065 Budapest, Bajcsy-Zsilinszky út 57. 100.00% 100.00%

      Vote and ownership shares*

      Sub-subsidiary Registered office 30 June 2025 31 December 2024

      Marischka Kft. 1012 Budapest Logodi u. 42. 100.00% 100.00%

      *indirect ownership through the Subsidiary

3. Additional explanations

   1. Investment property

      HUF '000'

      as at 31 December 2024	84,300,782
      Change in fair value	-548,222
      Change in assets in the course of construction	241,985
      Capitalization	307,714
      Sales	0
      as at 30 June 2025	84,302,259
      as at 31 December 2024	84,300,782
      as at 30 June 2025	84,302,259

      Investment properties are valued by an independent valuer based on the following criteria:

      According to Article 11 (1) of Act CII of 2011 on regulated real estate investment companies, the valuation of properties in the portfolio of a regulated real estate investment company may be performed by

      1. the market sales comparison appraisal method,

      2. the income appraisal method, or

      3. the method based on cost appraisal

      with the proviso that the choice of the appraisal method must be justified in detail and subsequently, the same method must be used for each property in each period.

      The value of the investment property changed in H1 2025 as a result of the following:

      • Change to the fair value of investment properties (see also paragraphs 22 and 27);

        
        
        

      • Change in assets in the course of construction arises from the ongoing developments of the existing properties;

      • Investments realized in the course of the year on the existing properties, completion of developments in progress.

      • There were no sales in the six months under review.

      The Volosko1 property is measured at cost in accordance with paragraph 53 of IAS40.

      ‌1Property located at 320170 Volosko, parcel number 132/9 (Volosko), in Croatia

      11

      Profit from income-generating investment property

      HUF '000'	H1 2025	H1 2024
      Net sales revenue	6,032,661	4,964,963
      Other operating income	69,817	9,804
      Capitalized value of internally generated assets	0	0
      Changes in internally generated inventories	0	0
      Raw materials, consumables and other external
      charges	-1,725,495	-1,036,704
      Staff costs	-165	0
      Depreciation and impairment	-16,869	-11,414
      Other operating expenditure	-697,059	-750,389
      Revenues from financial operations	30,602	7,541
      Expenses on financial operations	-199,228	-199,861
      P/L before tax	3,494,264	2,983,940

      The increase of approximately 22% in net sales of investment properties compared to the base period was mainly due to the enforcement of rent and operating fee increases (indexations) under the lease agreements and the proceeds from office fit-out works carried out in line with the tenant's requirements related to the lease of BIF Tower (the 13-storey category "A" office building located at 114-116 Üllői Street, District X of Budapest).

      Other operating income increased by 7 times the base period due to a significant compensation received by the Company in the period for the early termination of a fixed-term contract.

      Of other operating expenses, HUF 149 million is accounted for by building taxes settled with various local governments, and also includes the adverse effect on the fair value measurement of investment properties (approximately HUF 548 million, see also Section 27).

   2. Intangible and tangible assets

      HUF '000'	Intangible assets	Other properties	Machinery and equipment	Assets in the course of construction and advances	Total
      Gross book value
      31 December 2024	18,522	101,342	2,917,832	265,089	3,302,785
      Increase Decrease	2,123 0	0 0	31,103 0	0 -39,036	33,226 -39,036
      30 June 2025	20,645	101,342	2,948,935	226,053	3,296,975
      31 December 2024	14,462	19,263	285,258	0	318,983
      Annual write-off	1,646	1,005	71,077	0	73,728
      30 June 2025	16,108	20,268	356,335	0	392,711
      Net book value
      31 December 2024	4,060	82,079	2,632,574	265,089	2,983,802
      30 June 2025	4,537	81,074	2,592,600	226,053	2,904,264

      
      
      

      Increase in the gross value of technical machinery and equipment was due to the acquisition of office administrative and computer equipment.

      Increase in intangible assets resulted from the acquisition of various software tools. There were no changes in the other real property category in H1 2025.

      Decrease in the work in progress is due to the activation of completed projects.

      12

      Goodwill appears as a new element in the Company's consolidated balance sheet in the base year, valued as the difference between the purchase price of the Marischka Kft. share and its net asset value at the time of acquisition, but with a value of zero due to the 100% impairment recognized.

      HUF '000'	Goodwill
      Description	Opening	Increase	Decrease	Closing
      Goodwill	67,908	0	0	67,908
      Impairment of goodwill	-67,908	0	0	-67,908
      Total	0	0	0	0

   3. Investments in related companies

      The H1 2025 balance sheet does not include any amounts under Investments in associated companies, similarly to the year 2024. Although Marischka Kft. included in the company group on 9 May, 2024 as a 100% subsidiary of Harsánylejtő Kft., the Company fully incorporates both Harsánylejtő Kft. and Marischka Kft. into the consolidation process, thus the value of these investments is eliminated during consolidation.

   4. Financial assets

      In the consolidated balance sheet of the Company, a new line item appears under Financial Assets, which relates to a long-term leased property managed by Harsánylejtő Kft. and subleased on a long-term basis. This line item represents the portion of the receivable treated as a long-term lease in accordance with IFRS standards that extends beyond one year.

      HUF '000'	30/06/2025	31/12/2024
      Financial assets	379,017	927,339
      Total	379,017	927,339

   5. Deferred tax assets

      Due to its REIC status, the Company has no deferred tax assets.

      
      
      

   6. Inventories

      HUF '000'	30/06/2025	31/12/2024
      Raw materials	14,398	18,892
      Work in progress	26,376	26,376
      Finished product	0	0
      Goods	33,977	33,977
      Prepayments on inventories	0	0
      Total	74,751	79,245

      The overwhelming majority (81%) of the Inventories is made up of the cost of the Company's building plots and the value of the property developments booked on these plots. There were no changes in either inventories or work in progress in H1 2025.

      With the acquisition of Marischka Kft., performed in 2024, raw materials (restaurant) have been added to the inventory, accounting for 19% of the total inventory.

      13

   7. Trade receivables

      HUF '000'	30/06/2025	31/12/2024
      Trade receivables	-15,889	-61,941
      Impairment	-202,030	-202,030
      Credit loss	-16,645	-16,645
      Adjustment due to trade debtors with a credit balance	475,583	625,947
      Total	241,019	345,331

      The "accounts receivable" line shows a significant increase of approximately HUF 104 million (-30%) compared to the year-end, primarily resulting from two opposing changes: (i) HUF 46 million increase in accounts receivable and (ii) a HUF 150 million decrease in rent and operational fees that have been prepaid by tenants but only relate to the following period (reflected under the correction line for customers with outstanding balances). However, the amount of impairment losses recognized and the amount of credit losses recognized in accordance with IFRS 9 remained unchanged in H1 2025.

   8. Other short-term receivables and prepaid expenses and accrued income

      HUF '000'	30/06/2025	31/12/2024
      Receivables from leases	749,140	752,607
      Other receivables	483,729	483,072
      Accruals	165,356	109,204
      Suppliers with a debit balance, and taxes	49,332	3,829
      Total	1,447,557	1,348,712

      Reasons for the change in the current period:

      • Lease receivables appeared as a new item in 2024 under "Other short-term receivables". This pertains to a long-term leased property managed by Harsánylejtő Kft. and subleased on a long-term basis, and represents the portion of the receivable treated as a long-term lease in accordance with IFRS standards that is due within one year.

      • Other receivables include VAT on advances received from tenants, VAT that affects H1 2025 on rental and operating fee invoices due in H2 2025, and the deductible VAT amounts that will appear in the next period's VAT return.

      • Accrued income and prepaid expenses increased by HUF 56 million (51%), partly due to the accrual of pro-rata fees and costs paid to suppliers in H1 2025 but to be recognized in the second half of the year (HUF 53 million) and partly due to the accrual of revenues relating to H1 2025 but only due in H2 2025 (HUF 112 million).

        
        
        

      • The balance due between suppliers and taxes in the amount of HUF 13 million results from VAT receivables, while HUF 36 million arises from reclassification of advance payments to suppliers.

   9. Cash and cash equivalents

      HUF '000'	30/06/2025	31/12/2024
      Cash on hand	8,629	6,848
      Bank	12,867,913	13,936,797
      Total	12,876,542	13,943,645

      The main reason for the approximately HUF 1,067 million decrease (-8%) in cash and cash equivalents in H1 2025 was the dividend payment performed in June 2025.

   10. Subscribed capital and capital reserve

       The share capital of the Company is HUF 2,870,244 thousand, consisting of 287,024,440 ordinary shares of HUF 10 each in dematerialized form as of 30 June 2025. The share capital according to IFRS is the same as the share capital registered by the Companies Court.

       14

       The amount of the Company's subscribed capital did not change in H1 2025.

       Subscribed capital

       HUF '000'	30/06/2025	31/12/2024
       Opening	2,870,244	2,870,244
       Increase	0	0
       Decrease	0	0
       Closing	2,870,244	2,870,244

       Capital reserve

       HUF '000'	30/06/2025	31/12/2024
       Opening	6,048,215	6,048,215
       Increase	0	0
       Decrease	0	0
       Closing	6,048,215	6,048,215

       The capital reserve includes the amount of the difference between the nominal value and the consideration of the shares at the time of the share issue, and the value of the funds and assets placed in the capital reserve, however, there was no such share transaction performed in H1 2025.

   11. Revaluation reserve

       HUF '000'	30/06/2025	31/12/2024
       Opening	731,904	731,904
       Increase	0	0
       Decrease	0	0
       Closing	731,904	731,904

       In the balance sheets of 2024 and H1 2025, the Company recognizes in the valuation reserve the previous revaluation of the Aranykéz Street Parking Garages (the property at 4-6 Aranykéz Street, District V of Budapest), recognized in accordance with the fair value model under IAS16 (and adjusted for deferred tax).

   12. Repurchased treasury shares

       The Company recognizes its equity shares in the balance sheet at cost as repurchased treasury shares reducing the equity.

       
       
       

       The number of treasury shares owned by the Company decreased from 22,514,206 to 11,778,639 by the end of the base year, as 10,735,567 treasury shares were sold in September 2024, with a derecognized carrying amount of HUF 622,663 thousand.

       During the reporting period, the number of treasury shares held by the Company remained at 11,778,639, as there were no transactions involving treasury shares in H1 2025.

       HUF '000'	30/06/2025	31/12/2024
       Opening	-1,681,561	-2,304,224
       Increase	0	0
       Decrease	0	622,663
       Closing	-1,681,561	-1,681,561

       15

   13. Retained earnings and profit for the year

       HUF	'000'			30/06/2025	31/12/2024
       Retained earnings
       Opening				70,107,844	54,928,034
       Increase				0	4,377,337
       Decrease				-2,752,458	0
       Closing				67,355,386	59,305,371
       P/L year	for	the	reporting	3,061,034	10,802,473
       Closing				70,416,420	70,107,844

       The opening amount of retained earnings shows an increase due to the transfer of the profit of HUF 10,802,473 thousand for the year 2024, while the decrease for the reporting period was due to the dividend amount voted by the General Meeting, which is payable on the profit for the year 2024, with payments starting on 6 June 2025.

   14. Non-current financial liabilities

       HUF '000'	30/06/2025	31/12/2024
       Lease liabilities	259,511	415,801
       Long-term loans	16,729,354	17,479,802
       Total	16,988,865	17,895,603

       Lease liabilities have appeared as a new item in 2024 under "Long-term financial liabilities", and pertain to a long-term leased property managed by Harsánylejtő Kft. This represents the portion of the obligation treated as a lease in accordance with IFRS standards that extends beyond one year.

       Long-term loans include the full amount of long-term bank loans. The main figures for each bank loan are given in Section IV.1.1.

       The instalments of these bank loans due in H2 2025 and H1 2026 are included in short-term borrowings (see: Section 18).

   15. Provisions

       HUF '000'	30/06/2025	31/12/2024
       Provisions for contingent liabilities	38,763	26,733
       Total	38,763	26,733

       
       
       

       In H1 2025, in its accounts the Company only recognized a provision for untaken holidays of approximately HUF 25.4 million, with a further provision of approximately HUF 13.4 million arising from the provision for expected liabilities recognized by the Subsidiary in previous years.

   16. Deferred tax liabilities

       Due to transformation into Pre-REIT, the Company has eliminated the previously recognized deferred tax liability, as in the future its tax liability is not expected to arise in the normal course of business. However, due to the differing acquisition costs of high-value tangible assets purchased by the Subsidiary in the reporting year according to HAS and IFRS, as well as the differences in depreciation recognized by accounting and corporation tax laws, the subsidiary incurred a deferred tax liability of HUF 14 million, which increased by an additional HUF 13 million in the reporting period.

       HUF '000'	30/06/2025	31/12/2024
       Deferred tax liabilities	27,421	14,157
       Total	27,421	14,157

       16

   17. Other long-term liabilities

       HUF '000'	30/06/2025	31/12/2024
       Other long-term liabilities	1,292,287	898,676
       Lease-related liabilities	584,621	965,045
       Total	1,876,908	1,863,721

       31% of the "other long-term liabilities" arise from the present value of the differences between those amounts treated as lease liabilities and lease receivables regarding a property leased long-term by Harsánylejtő Kft. This amounts to the portion extending beyond one year, which is 69%, and results from the transfer of deposits related to the Company's long-term lease agreements (those due beyond 12 months after the reporting period), which is 44% higher than the previous year.

   18. Short-term financial liabilities

       HUF '000'	30/06/2025	31/12/2024
       Short-term portion of loans	1,500,899	1,500,899
       Other financial liabilities	273,359	274,657
       Total	1,774,258	1,775,556

       85% of the current financial liabilities consist of the amounts due within one year (in H2 2025 and H1 2026) from the Company's long-term bank loans (see also Section 14 above), while 15% relates to the portion of the lease liabilities of Harsánylejtő Kft. calculated according to IFRS that is due within the year.

   19. Trade payables

       HUF '000'	30/06/2025	31/12/2024
       Trade payables	694,332	846,381
       Total	694,332	846,381

       Suppliers decreased by HUF 152 million (18%) compared to the previous year-end.

       At the end of the reporting period, 65% of the accounts payable is from the books of the Company, 33% from the books of the Subsidiary and 2% from the books of the Sub-Subsidiary.

       
       
       

   20. Other short-term liabilities, and accrued expenses and deferred income

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