Echo Investment S.a.GPW: ECH

Standalone annual report of Echo Investment SA for 2025

Mar 25, 2026 at 6:38 AM UTC · Issued by Echo Investment S.A.

Standalone Annual Report of Echo Investment S.A.

2025

Wita Student Dormitory, Kraków

Content

Standalone financial statements of Echo Investment S.A. in 2025 4

About Echo Investment S.A. 5

Information on the financial statement 5

Standalone profit and loss account 8
Standalone statement of financial result and other comprehensive income 9
Standalone statement of financial position 10
Standalone statement of changes in equity 12
Standalone cash flow statement 13

Explanatory notes 15

Explanatory notes to standalone profit and loss account 16
Explanatory notes to the statement of financial position 28
Explanatory notes to cash flow statement 76

Information on financial statement of the Company 80

New standards and interpretations that are effective from January 2025 81
Published standards and interpretations which are not effective yet and have not been adopted 82
Main accounting principles 84
Methods of determining the financial result 93
Estimates of the Company's management board 95
Financial risk management 97
Capital risk management 103
Significant contracts concluded with related entities 104
Significant events after the balance sheet day 106
Remuneration of the Management Board and Supervisory Board 108
Agreements concluded with an auditor 111

Statement of the Management Board 112

Contact 114

‌Standalone financial statements of Echo Investment S.A. in 2025

‌About Echo Investment S.A.

Echo Investment S.A.'s core activity consists in the construction, lease and sale of office and retail buildings, construction and sale of residential buildings as well as trade in real estate. Echo Investment S.A. (later referred to as "Echo " or the "Company "), with its registered office in Kielce, al. Solidarności 36, was registered in Kielce on 23 July 1992. Echo is a Joint Stock Company entered into the National Court Reg ister under no. 0000007025 by

the District Court in Kielce, 10th Economic Department of the National Court Register. Since 5 March 1996, the Company's shares are quoted at the Warsaw Stock Exchange on the regulated market. They are included into Warsaw Stock Exchange Index WIG, sWIG80 subindex, as well as sector index WIG-Real Estate. The

Company was established for an indefinite period of time.

Information on the financial statement

The statements of the Echo Investment S.A. present financial data for the 12-month period ending on 31 December 2025 and comparative data for the 12-month period ending on 31 December 2024.

The financial statements have been drawn up in accordance with the historical cost principle with the exception of investment property, which was measured at fair value. Items included in the Company's financial statements are measured in the currency of the primary economic environment in which the operations are conducted ("functional currency"). Financial data are presented in Polish zlotys, which is the functional and presentation currency of the Company, rounded up to the nearest PLN thous., unless specified otherwise in specific situations.

Declaration of conformity

The statements have been prepared in compliance with the International Financial Reporting Standards (IFRS), as adopted by the European Commission. To fully understand the financial situation and business results of the Company as the parent company of the Echo Investment Capital Group, these financial statements should be read together with the full consolidated financial statements for the 12-month period ending

on 31 December 2025. The consolidated financial statements are available at the Company's website en.echo.com.pl.

Assumption of continuity in operations

The statements have been drawn up according to the going concern principle as there are no circumstances indicating a threat to continued activity.

The surplus of short-term liabilities over current assets is PLN 315,856 million. However, the Company's Management Board does not see a threat to the

continuation of its business, as the Company's stability should be considered taking into account the situation in the Echo Investment Group, i.e. together with its subsidiaries, through which a significant part of the

business is carried out, and also taking into consideration the possible distribution of profits from the subsidiaries to Echo Investment S.A.

Approval of financial statements

The Company drew up the Separate Financial Statement for the year ended 31 December 2025, which was approved for publication on 25 March 2026. The Management Board of the Company has used its best judgment regarding the application of standards and interpretations, as well as the methods and principles of measurement of individual items of separate financial statements.

Brain Park, Kraków

‌Standalone profit and loss account [PLN '000]
		1.01.2025-	1.01.2024-
	note	31.12.2025	31.12.2024
Revenue	1	771 487	148 592
Cost of sales	2	(505 333)	(102 292)
Gross profit		266 154	46 300

Administrative costs associated with project implementation		(15 172)	(17 066)
Selling expenses	2	(13 549)	(16 315)
General and administrative expenses	2	(60 863)	(84 797)
Other operating income	3	244 143	201 596
- including interests and amortised costs (SCN) from borrowings and bond		31 546	48 713
Other operating expenses	3	(111 998)	(40 336)
Share of profits/losses of jointly controlled entities - using the equity method		(3 203)	89 989
Operating profit		305 512	179 371

Financial income	4	505	689
Financial cost	4	(159 165)	(164 914)
Profit/(loss) from derivative instruments	5	-	244
Profit/(loss) from exchange rate differences	5	3 026	5 811
Profit before tax		149 878	21 201

Income tax	6	(20 822)	(19 116)
Net profit		129 056	2 085

Net profit		129 056	2 085
Weighted average number of ordinary shares		412 690 582	412 690 582
Profit per one ordinary share (PLN)		0,31	0,01
Diluted weighted average number of ordinary shares		412 690 582	412 690 582
Diluted profit per one ordinary share (PLN)		0,31	0,01

1.1 Standalone profit and loss account ‌1.2 Standalone statement of financial result and other comprehensive income

Standalone statement of financial result and other comprehensive income [PLN '000]
		1.01.2025-	1.01.2024-
	note	31.12.2025	31.12.2024
Net profit		129 056	2 085

Other comprehensive income:
Other comprehensive income for the year, net of tax		(1 301)	(219)
Other comprehensive income, net of tax		(1 301)	(219)

Total comprehensive income		127 755	1 866

‌Standalone statement of financial position [PLN '000]			↕
	note	31.12.2025	31.12.2024
Assets
Non-current assets
Intangible assets	8	7	14
Tangible non-current assets	9	21 915	24 662
Investment property		445	445
Investments in subsidiaries	10	1 752 226	1 745 169
Investments in jointly controlled entities valued using the equity method	10	736 504	733 920
Long-term financial assets	11	4 808	5 825
Loans granted	12	280 625	420 456
Receivables from leasing	13	20 754	25 057
		2 817 284	2 955 548
Current assets
Inventory	14	146 254	275 808
Other taxes receivable	15	19 518	3 981
Trade and other receivables	15	74 739	64 859
Short-term financial assets	11	1 088	-
Loans granted	12	15 022	53 881
Other financial assets	16	18 267	28 330
Cash and cash equivalents	16	75 594	67 149
		350 482	494 008

Total assets		3 167 766	3 449 556

1.3 Standalone statement of financial position

Standalone statement of financial position [PLN '000]			↕
	note	31.12.2025	31.12.2024
Equity and liabilities
Equity
Share capital	17	20 635	20 635
Supplementary capital	17	706 380	704 295
Dividend fund	17	212 633	305 843
Capital from conversion of foreign units		(1 520)	(219)
Advance payment on account of dividend		(42 000)	-
Retained earnings		-	194 942
Net profit		129 056	2 085
		1 025 184	1 227 581
Long-term liabilities
Loans, borrowings and bonds	18	1 353 751	1 384 869
- including from subsidiaries		252 261	153 559
Long-term provisions		-	-
Deffered income tax provison	19	67 982	68 979
Deposits and advances received	20	3 098	3 481
Lease liabilities	18	39 725	46 997
Other liabilities	21	11 690	19 586
		1 476 246	1 523 912
Short-term liabilities
Loans, borrowings and bonds	18	548 380	355 131
- including from subsidiaries		196 478	14 191
Income tax payable	20	4 620	421
Other taxes liabilities	20	1 079	1 179
Trade payable	20	34 529	41 707
Deposits and advances received	20	12 129	206 055
Lease liabilities	18	12 237	23 441
Short-term provision	21	15 825	10 821
Other liabilities	20	37 537	59 308
		666 336	698 063

Total equity and liabilities		3 167 766	3 449 556

Off-balance sheet items [PLN '000]
	note	31.12.2025	31.12.2024
Off-balance sheet liabilities	22	2 633 341	2 639 630
Total equity and liabilities		2 633 341	2 639 630

1.4 Standalone statement of changes in equity

‌Standalone statement

of changes in equity [PLN '000]

Supple-

Advance Capital from payment on

Profit for

	Note	Share capital	mentary capital	Dividend fund	conversion of foreign units	account of dividend	the current year	Equity total
As at 1 January 2025		20 635	704 295	305 843	(219)	-	197 027	1 227 581
Changes during the period:
Distribution of the result from previo-	13	-	2 085	194 942	-	-	(197 027)	-
us years
Dividend paid	13	-	-	(288 152)	-	-	(42 000)	(330 152)
Exchange differences on translation		-	-	-	(1 301))	-	-	(1 301)
of foreign entities
Net profit for the period		-	-	-	-	-	129 056	129 056
Total changes		-	2 085	(93 210)	(1 301)	-	(109 971)	(202 397)
Balance at the end of the period 31 December 2025		20 635	706 380	212 633	(1 520)	-	87 056	1 025 184

As at 1 January 2024		20 635	704 295	305 589	-	(50 000)	245 197	1 225 716
Changes during the period:
Distribution of the result from previo-		-	-	254	-	50 000	(50 255)	-
us years
Exchange differences on translation		-	-	-	(219)	-	-	(219)
of foreign entities
Net profit for the period		-	-	-	-	-	2 085	2 085
Changes in total		-	-	254	(219)	50 000	(48 170)	1 865
As at 31 December 2024		20 635	704 295	305 843	(219)	-	197 027	1 227 581

‌Standalone cash fiow statement [PLN '000]		↕
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Operating cash fiow - indirect method
I. Profit before tax	149 878	21 201
II. Adjustments	62 494	(80 901)
Depreciation	5 753	5 885
Foreign exchange gains/(losses)	(2 636)	(2 413)
Interest and profit sharing (dividends)	(37 640)	(18 417)
Profit/(loss) on revaluation of assets and liabilities	106 492	25 830
Profit/(loss) from the net share of jointly controlled entities	(14 045)	(89 989)
Profit (loss) on sale of fixed assets and investment properties	30	714
Profit/(loss) from the settlement of financial instruments	4 540	(2 511)
III. Changes in working capital:	(119 485)	62 642
Change in provisions	5 004	1 548
Change in inventory	115 298	(136 604)
Change in receivables	(23 429)	5 686
Change in short-term liabilities, except for loans and borrowings	(226 421)	216 808
Change in restricted cash	10 063	(24 796)
IV. Net cash generated from operating activities (I +/- II +/- III)	92 887	2 942
V. Income tax paid	(17 621)	4 459
VI. Net cash generated from operating activities (IV+/-V)	75 266	7 401
Cash fiows from investing activities
I. Infiows	558 589	950 531
Disposal of intangible assets and PP&E	473	50
From financial assets, including:	558 116	950 481
a) in affiliated entities	558 116	950 481
- disposal of financial assets	-	190 747
- dividends and profit sharing	167 958	148 048
- repayment of loans granted	329 600	546 557
- interest	60 558	65 129
II. Outfiows	(290 849)	(793 710)
Purchase of intangible assets and PP&E	(25)	(112)
On financial assets, including:	(209 873)	(446 268)
a) in affiliated entities	(209 873)	(446 268)
- acquisition of financial assets	-	-
- loans granted	(209 873)	(446 268)

1.5 Standalone cash fiow statement

Standalone cash fiow statement [PLN '000]		↕
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Other investment outflows	(80 951)	(347 330)
Net cash fiow from investment activities	267 740	156 821
Net cash fiow from financing activities (I - II)
I. Infiows	389 485	563 105
Loans and borrowings	389 485	53 469
Issue of debt securities	-	500 000
Other investment inflows	-	9 636
II. Outfiows	(724 046)	(761 730)
Dividends and other payments to equity holders	(330 152)	-
Repayment of loans and borrowings	(173 892)	(21 002)
Redemption of debt securities	(50 000)	(562 187)
Payments of liabilities under lease contracts	(12 885)	(12 675)
Interests	(155 838)	(157 257)
Other investment outflows	(1 279)	(8 609)
Net cash fiow from financing activities	(334 561)	(198 625)

Total net cash fiows	8 445	(34 403)
Balance sheet change in cash, including:	8 445	(34 403)
- change in cash due to foreign exchange gains/losses
Cash and cash equivalents at the beginning of the period	67 149	101 552
Cash and cash equivalents at the end of the period	75 594	67 149

‌Explanatory notes

15 STANDALONE ANNUAL REPORT OF ECHO INVESTMENT S.A. | 2025

Primary School at Konstruktorska Street, Warszawa

‌2.1 Explanatory notes to standalone profit and loss account

NOTE 1A
Operating income material structure - types of activity [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Revenues due to contracts with clients	762 707	139 697
Sale of residential and commercial space	510 618	-
- including from related entities	5 816	-
from key personnel	5 816	-
Development services	168 805	92 198
- including from related entities	168 675	92 197
from subsidiaries	109 946	44 519
from joint-ventures	58 729	47 678
Legal, accounting, consulting and IT services	749	1 017
- including from related entities	738	1 009
from subsidiaries	503	974
from joint-ventures	235	35
Financial, marketing, security services and other revenue	82 535	46 482
- including from related entities	72 814	42 118
from subsidiaries	54 230	39 148
from joint-ventures	18 584	2 970
Revenues due to lease contracts	8 780	8 895
Lease services	8 780	8 895
- including from related entities	1 383	1 287
from subsidiaries	1 383	1 287
Total operating income	771 487	148 592
- including from related entities	249 426	136 611
from subsidiaries	166 062	85 928
from joint-ventures	77 548	50 683
from key personnel	5 816	-

The Company did not enter into contracts with affiliated entities on terms and conditions other than at arm's length. Contracts relating to significant transactions with

the affiliated entities executed in 2025 are presented by the Company in the additional notes.

NOTA 1B

Below are the disclosures related to the main revenue groups, which will enable users of the financial statements to understand the nature, amounts, timing

of recognition, and uncertainties associated with the revenues and cash flows arising from the contracts.

Revenues related to development activity - sale of residential and commercial units

The company recognizes revenue when the obligation to perform the service is satisfied. The obligation to perform the service is considered fulfilled when the property is delivered to the buyer, which occurs based on the protocol of acceptance signed by the parties, and only after the construction process of the property is completed and the occupancy permit is obtained,

provided that the buyer has made 100% of the payments towards the property purchase price. The contracts concluded within this revenue group do not include

any variable compensation element. Furthermore, in the company's opinion, the concluded contracts do not contain a significant financing component. Due to the nature of these contracts, the company generally does not recognize receivables or other asset balances related to contracts in this revenue group. Liabilities from contracts reflect the short-term deposits made by customers. The table below presents changes in the balance of contract liabilities related to this revenue group.

Received short-term advances [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Short-term advanced payments received - opening balance	168 360	19 888
Increase - payments	346 634	148 472
Presented as revenue in the period	(470 482)	-
- including revenue in the period, recognized in received advanced payments balance at the beginning of the	(141 114)	-

period

Short-term advanced payments received (note 20A) - balance at the end of period 44 512 168 360

The total value of revenues to be recognized in the future related to the obligations to perform the contract for the sale of residential and commercial space under contracts signed as at the balance sheet date, 31 December 2025 is PLN 82,248 thous., of which up to the balance sheet date the Company received advance

payments in the amount of PLN 44,512 thous. These revenues will be recognized when real estate is handed over to buyers, after construction is completed and necessary administrative decisions are obtained, which occurs on average after a period of approx. 1-3 months after the completion of construction.

Revenue related to development services as at 31 December 2025 [PLN '000]
Total value deferred	Total value of revenue to be recognized in the future related to the
revenue related to liabilities resulting from	contractual obliga- tions to perform the	Received advanced
Project Targeted completion concluded agreements	agreement	payments
Nowa Dzielnica, Łódź completed 30 329	-	1 016
Empark,Warszawa under construction 591 669	82 248	43 496
Total 621 998	82 248	44 512

Revenue related to development services as at 31 December 2024 [PLN '000]
Total value deferred	Total value of revenue to be recognized in the future related to the
revenue related to liabilities resulting from	contractual obliga- tions to perform the	Received advanced
Project Targeted completion concluded agreements	agreement	payments
Nowa Dzielnica, Łódź completed 30 434	1 121	112
Empark,Warszawa under construction 590 163	590 163	168 248
Total 620 597	591 284	168 360

Revenues on development services

As part of investment implementation services, the Company provides preparation and organization services for the investment process concerning development projects owned by other entities, mostly subsidiaries. In the scope of its duties, the Company undertakes to perform advisory, managerial, legal, and other activities necessary for managing the execution of investments. This process includes investment preparation, organization and management of tenders for construction works, supervision and coordination

of construction works, as well as customer service. The Company recognizes revenue when the obligation to perform the service is satisfied, i.e., during the service period. The remuneration from the contracts is fixed and payable to the Company on a monthly basis.

Furthermore, in the Company's opinion, the concluded contracts do not contain a significant financing component. Due to the nature of the signed contracts, there are no significant asset or liability balances arising from the contracts, except for trade receivables (note 1).

Other revenues of the company

The Management Board conducted an analysis of other service agreements, including services related to real estate brokerage, accounting, legal, consulting,

IT, financial, marketing, and other services, most of which are provided to related entities within the

holding activities of Echo Investment S.A. The Company recognizes revenue when the obligation to perform

the service is satisfied, i.e., for certain contracts - upon completion of a specific service (e.g., signing a property sales agreement as a result of providing real estate

brokerage services) or during the period of service provision (e.g., during the provision of accounting, marketing, legal, or property management services). In most cases, services are provided on a monthly basis and are settled accordingly, with remuneration being due to the Company. For some contracts (e.g., real estate brokerage), the remuneration under the concluded agreements includes a variable component, but the nature of these contracts indicates that the Company

is entitled to compensation only when the contractual obligation is fulfilled, which means that the variable remuneration is known when the revenue is recognized and its value does not change later. Furthermore, in the Company's opinion, the concluded contracts do not contain a significant financing component. Due to the nature of the signed contracts, from the contracts, except for trade receivables (note1).

NOTE 1C

Operating revenue - territorial structure [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Domestic	771 487	148 592
- icluding from related entities	249 426	136 611
Abroad	-	-
Total net revenue from sale of products	771 487	148 592
- icluding from related entities	249 426	136 611

NOTE 1D
Operating income - subleasing [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Lease services	8 285	8 692
Total	8 285	8 692

NOTE 2
Operating expenses by type [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Depreciation	5 753	5 885
Consumption of materials and energy	7 982	3 748
Outsourced services, including:	414 359	279 712
- construction services	316 156	187 850
- advisory and legal services	6 826	13 237
- aease services	8 780	15 235
- selling costs	25 309	46 208
Taxes and charges	4 862	7 865
Remuneration	34 681	34 205
Social security and other benefits	6 108	6 139
Other costs by type (due to), incluging:	5 803	12 686
- business travel	400	873
- other	5 403	11 813
Total	479 548	350 240

Movement in inventory of products	115 369	(129 770)
Administrative expenses related to projects*	(15 172)	(17 066)
Selling expenses (negative value)*	(13 549)	(16 315)
General administrative expenses (negative value)*	(60 863)	(84 797)
Manufacturing cost of products sold	505 333	102 292
* In selling and general administrative costs, the Company reports employee benefit costs and depreciation.

NOTE 3A
Other operating revenue [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Released provisions	1 912	2 922
- due to receivables	1 912	1 196
- for expected costs	-	1 726

Other, including:	3 133	34
- contractual penalties and compensation	406	34
- other	2 727	-

Interest on borrowings and bonds	31 546	48 713
from related entities, including:	31 546	48 713
- from subsidiaries	15 558	35 331
- from joint-ventures	15 988	13 382

Depreciation - reversal	-	7 654
- on loans and bonds	-	7 654

Other interests	531	2 854
From other entities	531	2 854

Profit from the sale of shares	39 063	2 267

Total	76 185	64 444

NOTE 3B
Other operating income from dividends and profit shares [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
From related entities including	167 958	137 152
- from subsidiaries	167 958	137 152
From other entities	-	-
Total	167 958	137 152

NOTE 3C
Other operating expenses [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Provisions established	5 400	-
- due to expected costs	5 400	-
Other, including:	628	3 116
- donations	289	338
- cost of note proceedings sale	35	714
- other	-	1 252
- compensation due to rent gurantee agreements	304	812
Write-downs on borrowings and bonds	26 778	-
- from related entities	26 778	-
Revaluation of investments, including	79 192	37 220
- shares	79 192	37 220

Other operating expenses in total	111 998	40 336

After reviewing receivables from loans, based on the forecasted and current results and cash flows of the borrowers, the Company has estimated the expected loss amounts for individual loans. In previous periods,

the Company made an impairment write-off as at

31 December 2027 in the amount of PLN 7.7 million, while as at 31 December 2025, the amount is PLN 26.8 million (presented in note 3C).

NOTE 4A
Other financial income [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Other	441	689
Other financial income, total	441	689

NOTE 4B
Financial costs of interest [PLN' 000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Interests and depreciation of loans, borrowings and bonds
- for related entities	15 405	10 126
- for subsidiaries	15 405	10 126
- for other entities	134 180	140 889
	149 585	151 015
Other interest
for other entities	49	59
	49	59
On lease
for other entities	3 899	1 736
	3 899	1 736

Total financial costs on interests	153 533	152 810

The amount of external financing costs capitalized to the value of inventories is PLN 1.832 thous. (capitalization

rate 2.75%) as at 31 December 2025, and PLN 8.377 thous.

(capitalization rate 2.75%) as at 31 December 2024.

NOTE 4C
Other financial costs [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Other, including	5 632	12 104
- commissions	5 624	12 114
- other	8	(10)

Total	5 632	12 104

NOTE 5A
Profit/(loss) on derivative instruments [thous. PLN]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Profit/loss on closing - currency-related derivative instruments	-	9 636
- IRS	-	9 636

Revaluation of derivative instruments, including:	-	(9 392)
- IRS	-	(9 392)

Total profit/(loss) on derivative instruments	-	244

NOTE 5B
Profit/(loss) on foreign exchange differences [thous. PLN]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Foreign exchange losses	3 026	5 811
executed	531	2 542
non-executed	2 495	3 269

Total profit/(loss) on foreign exchange differences	3 026	5 811

NOTE 6A
Income tax - effective tax rate [PLN '000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Profit before tax	149 878	21 201
Income tax according to the national rates 19%	28 477	4 028
Dividends received	(31 912)	(26 059)
Distribution of profit from limited partnerships (sp.k.) + JV	42	-
Tax loss	255	35
Representation costs and other non-deductible costs during the year	5 056	35 389
Provision for expected cost	(504)	140
Measurement of interests of a subsidiary representing a permanent difference	15 039	7 030
Write-downs on loans granted due to which deferred tax was not recognised	4 656	(1 465)
Adjustment from previous years recognized in the result (current year)	(287)	18
Movements in the measurement of other items	-	-
Charges on the financial result due to income tax	20 822	19 116

NOTE 6B

Deferred tax, term of settlement [PLN '000]
	31.12.2025	31.12.2024
Deferred tax liabilities
- to be settled within 12 months	(9 607)	(9 640)
- to be settled after 12 months	(3 584)	(3 150)
Deferred tax assets
- to be settled after 12 months	(54 791)	(56 189)
Total	(67 982)	(68 979)

NOTE 6C
Deferred tax, term of settlement [PLN '000]	31.12.2025	31.12.2024
Deferred tax liabilities (-)
Receivables from loans	(12 651)	(18 221)
Liabilities from loans	(916)	(1 109)
Liabilities from credit and bonds	(4 096)	(3 662)
Shares and stocks	(60 284)	(60 918)
Leasing - asset	(8 175)	(9 850)
Other	(2 130)	(677)
Deferred tax assets (+)
Investment properties	513	513
Tax loss	6 090	10 366
Tax loss	4 144	3 375
Leasing - liability	9 523	11 204
Total	(67 982)	(68 979)
Investment properties	513	513
Receivables from loans	(12 651)	(18 221)
Liabilities from loans	(916)	(1 109)
Liabilities from credit and bonds	(4 096)	(3 662)
Tax loss	6 090	10 366
Inventories	4 144	3 375
Shares and stocks	(60 284)	(60 918)
Leasing - asset	(8 175)	(9 850)
Leasing - liability	9 523	11 204
Other	(2 130)	(677)
Asset +, Provision -

NOTE 6D
Tax burden included in profit or loss [PLN '000]	31.12.2025	31.12.2024
Current income tax
- current tax burden due to income tax	22 010	421
- adjustments relative to current income tax result from previous years	(190)	70
Deffered income tax
- related to arises and changes of temporary differences	(998)	18 625
Total	20 822	19 116

NOTE 7

Profit distribution

The net profit of PLN 2,085 thous. earned by Echo Investment S.A. in 2024 was, by a resolution dated 26 June 2025, allocated for distribution among the Company's shareholders.

The financial statements of Echo Investment S.A. for 2024 were approved by resolution of the General Meeting of Shareholders dated 26 June 2025.

The Management Board of Echo Investment S.A. will make a decision and recommend the distribution of profit for 2025 to the Supervisory Board within the required deadline before convening the Annual General Meeting.

‌2.2 Explanatory notes to the statement of financial position

NOTE 8A
Intangible assets [PLN '000]	31.12.2025	31.12.2024
Acquired concessions, patents, licenses and similar assets, including:	7	14
computer software	-	13
Total intangible assets	7	14

The Company did not make any impairment losses in the "intangible assets" item in the periods covered by these financial statements. The Company has no contractual obligations as at 31 December 2025.

NOTE 8B

Change in intangible assets

- by category groups [PLN '000]

For the period 1.01.2025 - 31.12.2025	Purchased permits, patents, licences and similar assets:	Software	Other	Intangible assets - Total
Gross value of PP&E at the beginning of the period	7 548	7 545	3	7 548
Increases	3	(14)	17	3
- due to purchase	3	-	3	3
- due to liquidation	-	(14)	14	-
Decreases	(5 232)	(5 232)	-	(5 232)
- due to liquidation	-	-	-	-
- due to sale	(5 232)	(5 232)	-	(5 232)
Gross PP&E at the end of the period	2 319	2 299	20	2 319

Accumulated depreciation at the beginning of the period	(7 534)	(7 531)	(3)	(7 534)
Depreciation for the period	5 222	5 232	(10)	5 222
- planned	(10)	-	(10)	(10)
- due to sale	5 232	5 232	-	5 232
Accumulated depreciation at the end of the period	(2 312)	(2 299)	(13)	(2 312)

Net amount of intangible assets at the end of the period	7	-	7	7

All intangible assets held by the entity were acquired.

Depreciation methods applied and useful lives adopted or depreciation rates applied for:

obtained concessions, patents, licences and similar assets: the straight-line method, 50% depreciation booked to general and administrative costs,
other intangible assets: not delivered for use, are not depreciated as at 31 December 2025.

For the period 1.01.2024 - 31.12.2024	Purchased permits, patents, licences and similar assets:	Software	Other	Intangible assets - Total
Gross value of PP&E at the beginning of the period	7 534	7 531	3	7 534
Increases	14	14	-	14
- due to purchase	14	14		14
Gross PP&E at the end of the period	7 548	7 545	3	7 548

Accumulated depreciation at the beginning of the period	(7 352)	(7 352)	(1)	(7 352)
Depreciation for the period	(182)	(180)	(2)	(182)
- planned	(182)	(180)	(2)	(182)
- due to sale	-	-	-	-
Accumulated depreciation at the end of the period	(7 534)	(7 532)	(3)	(7 534)

Net amount of intangible assets at the end of the period	14	13	-	14

NOTE 9A
Property, plant and equipment [PLN '000]	31.12.2025	31.12.2024
PP&E, including:	21 915	24 662
- land	-	-
- buildings, premises, civil and water engineering structures	17 233	20 686
- plant and machinery	9	402
- means of transport	4 490	3 134
- other PP&E	183	440
PP&E under construction	-	-
Advances on PP&E under construction	-	-
Total property, plant and equipment	21 915	24 662

The Company did not make any impairment losses on property, plant and equipment in the periods covered by these financial statements.

The Company has no collateral established on fixed assets.

NOTE 9B

Changes in property, plant, and equipment - by category groups [PLN'000]

Buildings

For the period 1.01.2025- 31.12.2025	Own land	and structures	Technical equipment	Means of transport	Other PP&E	Total
Gross value of PP&E at the beginning of the period	-	36 055	2 130	7 428	3 725	49 338
Increases	-	322	-	3 174	3	3 499
- due to purchase	-	-	-	-	3	3
- due to lease	-	322	-	3 174	-	3 496
Decreases	-	-	(2 086)	(3 164)	(2 696)	(7 946)
- due to inventory	-	-	(5)	-	(2 590)	(2 595)
- due to lease	-	-	-	(3 081)	-	(3 081)
- due to sale	-	-	(2 081)	(83)	(106)	(2 270)
Gross PP&E at the end of the period	-	36 377	44	7 438	1 032	44 891

Accumulated depreciation at the beginning of the period	-	(15 369)	(1 728)	(4 294)	(3 285)	(24 676)
Depreciation for the period	-	(3 775)	(38)	(1 737)	(192)	(5 742)
- due to depreciation	-	(221)	(38)	-	(192)	(451)
- due to lease	-	(3 554)	-	(1 737)	-	(5 291)
Decreases	-	-	1 731	3 083	2 628	7 442
- due to lease	-	-	-	3 000	-	3 000
- due to liquidation	-	-	5		2 522	2 527
- due to contribution in kind	-	-	1 726	83	106	1 915
Accumulated depreciation at the end of the period	-	(19 144)	(35)	(2 948)	(849)	(22 976)

Net value of fixed assets at the end of the period	-	17 233	9	4 490	183	21 915
Including right-of-use assets	-	15 792	-	4 490		20 282

There are no contractual obligations incurred in connection with the purchase of tangible fixed assets.

Changes in property, plant, and equipment - by category groups [PLN'000]

Buildings

For the period 1.01.2024 - 31.12.2024	Own land	and structures	Technical equipment	Means of transport	Other PP&E	Total
Gross value of PP&E at the beginning of the period	-	28 952	2 130	7 731	3 640	42 453
Increases	-	8 499	-	1 891	127	10 517
- due to purchase	-	-	-	-	127	127
- due to lease	-	8 499	-	1 891	-	10 390
Decreases	-	(1 396)	-	(2 194)	(42)	(3 632)
- due to liquidation	-	(1 396)	-	-	-	(1 396)
- due to lease	-	-	-	(1 937)	-	(1 937)
- due to sale	-	-	-	(257)	(42)	(299)
Gross PP&E at the end of the period	-	36 055	2 130	7 428	3 725	49 338

Accumulated depreciation at the beginning of the period	-	(12 339)	(1 677)	(4 723)	(3 123)	(21 862)
Depreciation for the period	-	(3 030)	(51)	(1 508)	(162)	(4 751)
- due to depreciation	-	(256)	(51)	-	(204)	(511)
- due to sale	-	-	-	257	42	299
- due to lease	-	(3 415)	-	(1 765)	-	(5 180)
- due to liquidation	-	641	-	-	-	641
Decreases	-	-	-	1 937	-	1 937
- due to lease	-	-	-	1 937	-	1 937
Accumulated depreciation at the end of the period	-	(15 369)	(1 728)	(4 294)	(3 285)	(24 676)

Net value of fixed assets at the end of the period	-	20 686	402	3 134	440	24 662
Including right-of-use assets	-	19 025	-	3 134	-	22 159

NOTE 10A
Shares and stocks in subsidiaries [PLN'000]	31.12.2025	31.12.2024
Investments in subsidiaries	1 752 226	1 745 169
Total interests and shares	1 752 226	1 745 169

According to IAS 36, the company analyzed external and internal factors and did not identify any indications of asset impairment; therefore, the impairment test as at

31 December 2025 was not performed.

NOTE 10B
Change in the balance of shares and stocks in subsidiaries [PLN'000]
	1.01.2025-	1.01.2024-
	31.12.2025	31.12.2024
Opening balance, including:	1 745 169	1 552 382
- shares and interests	1 745 169	1 552 382
Increases	90 783	417 822
- due to purchase of interests	-	1 769
- due to capital increase	3 500	202 053
- due to advanced payments for capital increas	70 000	214 000
	17 283	-
Decreases	(83 726)	(225 035)
- due to sale of interests	(4 534)	(82 831)
- due to aport	-	(104 984)
- due to write-down on assets	(79 192)	(37 220)
Closing balance, including:	1 752 226	1 745 169
- shares and interests	1 922 895	1 857 069
- shares and interests	(170 669)	(111 900)

Change in the state of shares and stocks in 2025

		Value
Change	Company	[PLN '000]
Acquisition of shares

Sale of shares
	Archicom S.A.	4 444
	Projekt Echo - 143 sp. z o.o.	90

Capital increase

City Space - Management sp. z o.o. 3 500

Write-downs on interests
	Taśmowa - Projekt Echo - 116 sp. z o.o. S.K.A.	5 078
	Echo - Arena sp. z o.o.	37 625
	City Space - Management sp. z o.o.	3 500
	Wołoska Development Capital Prosta S.A.	1 769
	Projekt Echo - 111 sp. z o.o.	721
	Projekt Echo - 144 sp. z o.o.	10
	Gro Nieruchomości sp. z o.o.	10 892
	Elektrownia RE sp. z o.o.	2 169
	Swobodna 139 - Seafora sp. z o.o. sp.k.	17 428

Liquidation
	Gro Nieruchomości sp. z o.o.	12 000
	Echo - Arena sp. z o.o.	33 000
	Swobodna 139 - Seafora sp. z o.o. sp.k.	25 000
Liquidation

Adjusting the value of assets
	Archicom S.A.	17 283

On 10 January 2025, a merger took place under which the assets of the following companies: PPR - Grupa Echo sp. z o.o. S.K.A., Echo - Galaxy sp. z o.o. S.K.A., Galeria Tarnów - Grupa Echo sp. z o.o. S.K.A., Avatar - Projekt Echo - 119 sp. z o.o. S.K.A., Symetris - Projekt Echo - 131 sp. z o.o. sp.k. and Cinema Asset Manager - Grupa Echo sp. z o.o. S.K.A., were fully acquired by Taśmowa - Projekt Echo - 116 sp. z o.o. S.K.A.

On 27 November 2025, a merger took place under which the assets of the following companies: Malta Office Park

- Grupa Echo sp. z o.o., Projekt 16 - Grupa Echo sp. z o.o. S.K.A., Echo - Property Poznań 1 sp. z o.o., Dagnall sp. z o.o., PHS - Grupa Echo sp. z o.o. and RPGZ IX sp. z o.o., were fully acquired by Projekt Echo - 115 sp. z o.o.

Change in the state of shares and stocks in 2024

		Value
Change	Company	[PLN '000]
Acquisition of shares
	Wołoska Development Capital Prosta S.A.	1 769
Sale of shares
	Service Hub sp. z o.o.	49
	Projekt 140 - Grupa Echo sp. z o.o. sp.k.	15 006
	Archicom S.A.	67 725
	Echo Investment ACC-GE sp. z o.o. sp.k.	51
Capital increase
	Service Hub sp. z o.o.	2 053
	Finar Investments sp. z o.o.	93 000
	Strood sp. z o.o.	95 000
	Projekt 17 - Grupa Echo sp. z o.o. S.K.A.	12 000
Write-downs on interests
	PHS - Projekt CS sp. z o.o sp.k.	307
	Echo - Property Poznań 1 sp. z o.o.	61
	Avatar - PE-119 sp. z o.o S.K.A	7 116
	Projekt Echo - 144 sp. z o.o.	40
	Projekt Echo - 145 sp. z o.o.	21
	Projekt Echo - 115 sp. z o.o.	(3 370)
	Malta Office Park - GE sp. z o.o S.K.A	7
	Galeria Tarnów - GE sp. z o.o S.K.A.	29
	Echo - Arena sp. z o.o.	40 375
	Echo - Galaxy sp. z o.o S.K.A.	(7 318)
	Service Hub sp. z o.o.	(48)
Liquidation
	Echo - Arena sp. z o.o.	45 000
	DKR Echo Investment sp. z o.o.	169 000
Liquidation

Adjusting the value of assets
	DKR Echo Investment sp. z o.o.	104 984

NOTE 10C

Pledges on shares

Company whose shares or interests have been

The value of the pledge

Title of pledge	pledged	[mln PLN]	[mln EUR]
Collateral for the loan granted to the subsidiary Echo Arena sp. z o.o. by Bank Pekao S.A.	Echo Arena sp. z o.o.	133	98
Collateral for the loan granted to the subsidiary Dagnall sp. z o.o. by Bank Pekao S.A.	Dagnall sp. z o.o.	-	27
Collateral for the return of the advance payment towards the price to the subsidiary Villea Investments sp. z o.o. by SGE Propco 3 S.A. R.L.	Villea Investments sp. z o.o.	73	-
Collateral for the loan granted by Bank Pekao S.A. to the subsidiary Galeria Libero - Projekt Echo - 120 sp. z o.o. sp.k.	Projekt Echo - 120 sp. z o.o.	-	123
Collateral for the loan granted by Powszechna Kasa Oszczędności Bank Polski S.A. to the subsidiary Swobodna 139 - Seafora sp. z o.o. sp.k.	Seafora sp. z o o.	8	41
Collateral for the loan granted to the subsidiary R4R Poland sp. z o.o. by the European Bank for Reconstruction and Development	R4R Poland sp. z o.o.	-	119

NOTE 10D
Shares or stocks in subsidiaries as at 31 December 2025										↕
			Value of shares/	Revaluation	Revalu-	Revalu-			Share in
			inter ests	adjust-	ation ad-	ation ad-	Carrying		total numer
			according	ments	justments	justments	value of	%	of votes at	Another
Registe-			to the pur-	- opening	-move-	- closing	interests/	Share	the general	basis for
No. Company name and legal form red office Business activity			chase price	balance	ment	balance	shares	capital held	meeting	control
Shares/Equity Interests in Subsidiaries
1 Echo - Aurus sp. z o.o.	Kielce	lease and property management	199 021	-		-	199 021	99,99%	99,99%	none
2 Echo - SPV 7 sp. z o.o.	Kielce	lease and property management	189 018	-		-	189 018	100,00%	100,00%	none
3 Grupa Echo sp. z o.o.	Kielce	business and management consultancy	1 702	(1 702)		(1 702)	-	100,00%	100,00%	none
		activities
4 Echo - Arena sp. z o.o.	Kielce	execution of construction projects related	79 008	(41 383)	(37 625)	(79 008)	-	99,95%	99,95%	none
		to buildings
5 Echo -Advisory Services sp. z o.o.	Kielce	lease and property management	100	(100)		(100)	-	99,00%	99,00%	none
6 Duże Naramowice - Projekt Echo - 111	Kielce	lease and property management	130 909	-		-	130 909	100,00%	100,00%	none
sp. z o.o. S.K.A.
7 Projekt Naramowice - Grupa Echo sp.	Kielce	execution of construction projects related	63 753	-		-	63 753	100,00%	100,00%	none
z o.o. S.K.A.		to buildings
8 Metropolis - Grupa Echo sp. z o.o. S.K.A.	Kielce	lease and property management	18 156	(2 621)		(2 621)	15 535	100,00%	100,00%	none
9 Echo Investment Projekt Management	Brasov	property management	4 129	(4 129)		(4 129)	-	100,00%	100,00%	none
SRL
10 Projekt Echo - 99 sp. z o.o.	Kielce	buying and selling of property on own	97	(97)		(97)	-	99,80%	99,80%	none
		account
11 Taśmowa - Projekt Echo - 116 sp. z o.o.	Kielce	lease and property management	27 079	(8 799)	(5 078)	(13 877)	13 202	100,00%	100,00%	none
S.K.A.
12 Projekt Echo - 108 sp. z o.o.	Kielce	lease and property management	125	(125)		(125)	-	100,00%	100,00%	none
13 Projekt 17 - Grupa Echo sp. z o.o S.K.A.	Kielce	real estate brokerage	58 050	-		-	58 050	100,00%	100,00%	none
14 Face2Face - Grupa Echo sp. z o.o S.K.A.	Kielce	real estate brokerage	50 050	-		-	50 050	100,00%	100,00%	none
15 Midpoint 71-Cornwall Investments sp.	Kielce	real estate brokerage	49 050	-		-	49 050	100,00%	100,00%	none
z o.o S.K.A.
16 Projekt Echo - 111 sp. z o.o.	Kielce	lease and property management	1 101	(101)	(721)	(822)	279	99,95%	99,95%	none
17 Projekt Echo - 115 sp. z o.o.	Kielce	lease and property management	17 533	(11 053)		(11 053)	6 480	99,83%	99,83%	none
18 Projekt Echo - 120 sp. z o.o.	Kielce	lease and property management	424	(424)		(424)	-	100,00%	100,00%	none
19 Projekt Echo - 123 sp. z o.o.	Kielce	lease and property management	5	-		-	5	99,83%	99,83%	none
20 Projekt Echo - 130 sp. z o.o.	Kielce	lease and property management	41	(31)		(31)	10	100,00%	100,00%	none

Shares or stocks in subsidiaries

as at 31 December 2025 ↕

				Value of
				shares/	Revaluation	Revalu-	Revalu-			Share in
				inter ests	adjust-	ation ad-	ation ad-	Carrying		total numer
				according	ments	justments	justments	value of	%	of votes at	Another
		Registe-		to the pur-	- opening	-move-	- closing	interests/	Share	the general	basis for
No.	Company name and legal form	red office	Business activity	chase price	balance	ment	balance	shares	capital held	meeting	control
21	Villea investments sp. z o .o.	Warszawa	lease and property management	5	-		-	5	100,00%	100,00%	none
22	Selmer Investments sp. z o.o.	Warszawa	business and management consultancy activities	162	(162)		(162)	-	100,00%	100,00%	none
23	Selmer Investments sp.k.	Warszawa	business and management consultancy activities	15	(15)		(15)	-	100,00%	100,00%	none
24	Fianar Investments sp. z o.o.	Warszawa	business and management consultancy activities	93 006	(6)		(6)	93 000	100,00%	100,00%	none
25	City Space - GP sp. z o.o.	Warszawa	lease and property management	137	(137)		(137)	-	100,00%	100,00%	none
26	City Space - Management sp. z o.o.	Warszawa	business and management consultancy activities	23 587	(20 087)	(3 500)	(23 587)	-	100,00%	100,00%	none
27	Pudsey sp. z o.o.	Warszawa	business and management consultancy activities	82	-		-	82	100,00%	100,00%	none
28	Seaford sp. z o.o.	Warszawa	business and management consultancy activities	156	(156)		(156)	-	100,00%	100,00%	none
29	Elektrownia RE sp.z o.o.	Kielce	buying and selling of property on own account	36 286	-	(2 169)	(2 169)	34 117	100,00%	100,00%	none
30	Swobodna 139 - Seafora sp. z o.o. sp.k.	Kielce	lease and property management	25 005	-	(17 428)	(17 428)	7 577	99,90%	99,99%	none
31	GRO Nieruchomości sp. z o.o.	Kielce	lease and property management	12 010	-	(10 892)	(10 892)	1 118	100,00%	100,00%	none
32	Swanage sp. z o.o.	Warszawa	lease and property management	10	(10)		(10)	-	100,00%	100,00%	none
33	Strood sp. z o.o.	Warszawa	lease and property management	122 125	-		-	122 125	100,00%	100,00%	none
34	Projekt Beethovena - Grupa Echo sp. z o.o. S.K.A.	Kielce	lease and property management	3 430	-		-	3 430	99,95%	99,95%	none
35	Projekt Echo - 140 sp. z o.o.	Kielce	buying and selling of property on own account	6	(6)		(6)	-	100,00%	100,00%	none
36	Service Hub sp. z o.o.	Kielce	buying and selling of property on own account	2 101	(48)		(48)	2 053	50,00%	100,00%	none
37	Projekt Echo - 142 sp. z o.o.	Kielce	buying and selling of property on own account	96	(57)		(57)	39	100,00%	100,00%	none
38	Projekt Echo - 144 sp. z o.o.	Kielce	buying and selling of property on own account	156	(124)	(10)	(134)	22	100,00%	100,00%	none
39	Projekt Echo - 145 sp. z o.o.	Kielce	buying and selling of property on own account	106	(104)		(104)	2	100,00%	100,00%	none

Shares or stocks in subsidiaries

as at 31 December 2025 ↕

				Value of
				shares/	Revaluation	Revalu-	Revalu-			Share in
				inter ests	adjust-	ation ad-	ation ad-	Carrying		total numer
				according	ments	justments	justments	value of	%	of votes at	Another
		Registe-		to the pur-	- opening	-move-	- closing	interests/	Share	the general	basis for
No.	Company name and legal form	red office	Business activity	chase price	balance	ment	balance	shares	capital held	meeting	control
40	DKR Echo Investment sp. z o.o.	Kielce	activities of central companies and holding companies, excluding financial holding companies	496 970	-		-	496 970	100,00%	100,00%	none
41	Wołoska Development Capital Prosta S.A.	Warszawa	buying and selling of property on own account	1 769	-	(1 769)	(1 769)	-	100,00%	100,00%	none
42	Archicom S.A.	Wrocław	activities of central companies and holding companies, excluding financial holding companies	216 324	-		-	216 324	29,28%	26,47%	none

Shares/equity interests in subsidiaries - total 1 922 895 (91 477) (79 192) (170 669) 1 752 226

In the table, the Company has presented a revaluation write-down of the Company's interests and shares

in subsidiaries, jointly controlled companies and associated entities made during the financial year.

In the event of no write-down, in the Company's opinion, there were no indications at the balance sheet date that adjustments to the write-downs were required.

The change in the value of the revaluation adjustments to the interests was recognised in the result as at

31 December 2022 within the item revaluation of investments in financial income/expenses.

The costs include the amount of the created impairment write-down due to impairment in the amount of PLN 79,192 thous. as at 31 December 2025 (PLN 37,220 thous. as at 31 December 2024).

The Company has control over the listed subsidiaries through direct equity participation or through interests/shares held by other subsidiaries of the Company, with the exception of Rosehill Investments sp. z o.o., Projekt Echo 138 sp. z o.o. and R4R Poland sp. z o.o.

Shares or stocks in subsidiaries

as at 31 December 2024 ↕

			Value of
			shares/	Revaluation	Revalu-	Revalu-			Share in
			inter ests	adjust-	ation ad-	ation ad-	Carrying		total numer
			according	ments	justments	justments	value of	%	of votes at	Another
	Registe-		to the pur-	- opening	-move-	- closing	interests/	Share	the general	basis for
No. Company name and legal form	red office	Business activity	chase price	balance	ment	balance	shares	capital held	meeting	control
Akcje/Udziały w spółkach zależnych
1 Echo - Aurus sp. z o.o.	Kielce	lease and property management	199 021	-		-	199 021	99,99%	99,99%	none
2 PPR - GrupaEcho sp. z o.o. S.K.A.	Kielce	lease and property management	160	(160)		(160)	-	99,95%	99,95%	none
3 Echo - SPV 7 sp. z o.o.	Kielce	lease and property management	189 018	-		-	189 018	100,00%	100,00%	none
4 Grupa Echo sp. z o.o.	Kielce	business and management consultancy activities	1 702	(1 702)		(1 702)	-	100,00%	100,00%	none
5 Malta Office Park - Grupa Echo sp. z o.o. S.K.A.	Kielce	lease and property management	2 469	(2 461)	(7)	(2 468)	1	99,95%	99,95%	none
6 Echo - Arena sp. z o.o.	Kielce	execution of construction projects related to buildings	46 008	(1 008)	(40 375)	(41 383)	4 625	99,95%	99,95%	none
7 Projekt Saska sp. z o.o.	Kielce	real estate brokerage	20 419	(20 419)		(20 419)	-	95,00%	95,00%	none
8 Echo - Advisory Services sp. z o.o.	Kielce	lease and property management	100	(100)		(100)	-	99,00%	99,00%	none
9 Galaxy - Grupa Echo sp. z o.o. S.K.A.	Kielce	lease and property management	8 611	(8 611)	7 318	(1 293)	7 318	99,95%	99,95%	none
10 Galeria Tarnów - Grupa Echo sp. z o.o. S.K.A.	Kielce	lease and property management	576	(154)	(29)	(183)	393	99,95%	99,95%	none
11 Duże Naramowice - Projekt Echo - 111 sp. z o.o. S.K.A.	Kielce	lease and property management	130 909	-		-	130 909	100,00%	100,00%	none
12 Avatar - Grupa Echo sp. z o.o. S.K.A.	Kielce	business and management consultancy activities	17 665	-	(7 116)	(7 116)	10 549	99,95%	99,95%	none
13 Projekt Naramowice - Grupa Echo sp. z o.o. S.K.A.	Kielce	execution of construction projects related to buildings	63 753	-		-	63 753	100,00%	100,00%	none
14 Metropolis - Grupa Echo sp. z o.o. S.K.A.	Kielce	lease and property management	18 156	(2 621)		(2 621)	15 535	100,00%	100,00%	none
15 Echo Investment Projekt Management SRL	Brasov	property management	4 129	(4 129)		(4 129)	-	100,00%	100,00%	none
16 Projekt Echo - 99 sp. z o.o.	Kielce	buying and selling of property on own account	97	(97)		(97)	-	99,80%	99,80%	none
17 Taśmowa - Projekt Echo - 116 sp. z o.o. S.K.A.	Kielce	lease and property management	11	(11)		(11)	-	100,00%	100,00%	none
18 Projekt Echo - 108 sp. z o.o.	Kielce	lease and property management	125	(125)		(125)	-	100,00%	100,00%	none