Annual Report 2024

Firing on All Cylinders

2024

ANNUAL REPORT

1. Introduction

   1. Vision, Mission, and Values 6

   2. GB Corp at a Glance 8

   3. Highlights of 2024 9

   4. Timeline 18

   5. Message from Our CEO 26

   6. Our Business Model & Strategy 28

      2Group Overview

      1. Our Business 36

      2. Our Performance 60

      3. Share Performance & Information 68

      and Governance

      3Environmental, Social,

      1. Environmental Sustainability

      2. Corporate Social Responsibility

      3. Corporate Governance

      4. Our People

      4Financial Statements

      1. Independent Auditors Report

      2. Consolidated Financial Statements

      3. Notes to Consolidated Financial Statements

      74

      78

      90

      98

      122

      124

      130

2. GB CORP Annual Report 2024 GB CORP Annual Report 2024 3

6 Vision, Mission, and Values

8 GB Corp at a Glance

9 Highlights of 2024

18 Timeline

26 Message from Our CEO

28 Our Business Model & Strategy

Vision, Mission, and Values

Vision

The world is constantly moving, transforming, and evolving. Change is inevitable and accelerating. At GB Corp, we aspire to make mobility in all its forms accessible for everyone.

Mission

GB Corp provides integrated mobility solutions. Whether you are moving from point A to B, planning for a better opportunity, or aspiring for a better quality of life, we make the next step easier. With GB Corp, you will always be moving forward.

Core Values

As a large group with numerous subsidiaries, our internal core values cohesively connect and align all of our sub-brands while maintaining our essence and identity.

We Are Ambitious Achievers

We are a result-driven organization that sets challenging and ambitious targets, which we aspire to achieve consistently in the best interest of the communities we serve.

We Don't Compromise Quality

We are driven by excellence, constantly searching for innovative solutions that ensure the quality we offer always meets the required standard.

We Act with Dignity and Respect

We believe that acting and treating everyone with fairness and respect should form the foundation of our culture.

We Operate as One Team

We work within a culture of mutual trust and integrity, common objectives, and accountability, with our people representing the backbone of our success.

We Are Resilient

We embrace everyday challenges with open hearts and minds, accepting them as opportunities for improvement and development.

6 GB CORP Annual Report 2024 GB CORP Annual Report 2024 7

Introduction

GB Corp at a Glance

GB Corp boasts a diversified business portfolio spanning automotive manufacturing and distribution, non-bank financial services (NBFS), and fintech.

Highlights of 2024

53,969.5

In 2024, GB Corp leveraged its exceptional track record and unparalleled capabilities to deliver impressive growth across both the auto and capital fronts.

GB Corp (GBCO.CA on the Egyptian Exchange), is a leading automotive company in the Middle East and Africa (MEA region) and an NBFS provider in Egypt. The organization operates through two distinct segments: GB Auto, managing the core automotive business, and GB Capital,

+70k

which oversees the NBFS providers within the group. GB Corp has a legacy of over eight decades in the automotive industry and has positioned itself as a major player in the NBFS scene through a strong track record of product launches in the sector.

42,043

EGP

Group Revenue (90.6% y-o-y)

mn EGP

2,928.1

mn

Group Net Profit 5.4% Net Profit Margin

Customers Financed Through GB Capital in 2024

Number of Cars Sold in 2024

EGP 10,514.6 mn

12.5%

1940

Year Established

+25

Number of Brands in Portfolio

Group Gross Profit 19.5% Gross Profit Margin

GB Auto EBITDA Margin

18.6

EGP bn

Market Cap

GBCO.CA

(2007) IPO

8 GB CORP Annual Report 2024 GB CORP Annual Report 2024 9

1.9%

5.6%

6.4%

0.9%

44.7%

7.1%

12.8%

20.7%

Group Revenue Contribution

Egypt Commercial Vehicles & Construction 6.4%

Equipment

As part of its commitment to constantly expanding its product suite to serve to the rising demand for alternative financial solutions in the Egyptian market, GB Corp established GB Capital, its NBFS arm. The establishment of GB Capital falls in line with GB Corp's overreaching strategy of expanding and diversifying its service offering and providing customers with essential NBFS support.

As a comprehensive NBFS provider, GB Capital offers a diverse array of solutions, such as leasing, factoring, consumer finance, auto fleet operational leasing, securitization, and SME financing, provided under several brands, including GB Lease and Factoring, Drive Finance, Forsa, GB Auto Rental, Capital for Securitization, Kredit, GB Bus Rental, and GB Capital Sukuk.

After-Sales Service

Trading Business

Commercial Vehicles & Construction Equipment

Two, Three, & Four-Wheelers

Passenger Cars

Egypt, Jordan, & Iraq

T hr ough its aut omotiv e segment, GB Auto, GB Corp has established itself as a full-fledged automotive provider off ering c ompr ehensiv e servic es spanning the automotive sector 's entire spectrum. The company is active in automotive assembly, manufacturing, sales and distribution, financing, and after-sales services through its six distinct lines of business: E g ypt , Jor dan , and I r aq passenger cars; two, three, and four-wheelers; commercial vehicles and construction equipment; trading business; and after-sales services.

GB Corp manages an extensive portfolio comprising renowned global brands, enabling it to cater to a wide range of customer needs and expectations. The company's portfolio includes names such as Hyundai, Mazda, Chery, Genesis, Changan, Haval, Shacman, UD Trucks, Eicher, Higer, Rising, JAC, Foton, Bajaj, Volvo Truck and Volvo Bus, Volvo Construction Equipment, Mitsubishi Fuso, SDLG, Higer, Shacman, Lassa, Yokohama, Double C oin, Goody ear, Thunderer, MRF, Sunfull, and MG, demonstrating its dedication to meeting a broad spectrum of customer preferences.

In addition to its various NBFS brands, GB Capital has conducted a number of strategic investments in affiliates specializing in micro-finance; nano-finance; buy now, pay later (BNPL) services; collection; peer-to-peer transfers; bill payments; mortgage finance; and insurance. These affiliates, namely MNT-Halan, Bedaya, and Kaf, fit in seamlessly with GB Capital's core services, enhancing its ecosystem and improving its ability to comprehensively serve clients.

10 GB CORP Annual Report 2024 GB CORP Annual Report 2024 11

CONTINUOUS GROWTH AND EXPANSION

Enhanced Product Mix

Throughout 2024, an enhanced product mix enabled GB Auto to navigate challenging market conditions. On that front, a shift to CKD models in Egypt, coupled with a more refined pricing strategy, allowed the company to successfully mitigate the impact of the devaluation of the Egyptian Pound (EGP) and the slowdown in LC issuances for CBU models.

› GB Auto launched the Hyundai Elantra AD CKD model in the Egyptian market, as the company continues to leverage its unmatched CKD capacity to mitigate the impacts of the slowdown in LC issuances for CBU units.

› A new light vehicle under the name of "Qute" is being soft-launched, as GB Auto recently signed a partnership with "Bajaj Auto Limited" for its assembly in cooperation with the Ministry of Military Production.

› GB Auto launched the new Chery Tiggo 4 Pro, and the car is now available in the Egyptian market.

› Haval announced the launch of its two new cars, the Hybrid H6 HEV and Jolion Pro 2025, in line with GB Corp's strategy to provide the latest and most advanced vehicles and stay ahead of the rapid advancements in the automotive industry.

› In addition, GB Auto announced the unveiling of the new, luxurious Hyundai Santa Fe in Egypt, strengthening the company's portfolio, and reinforcing its dedication to providing the best vehicles to the market.

› GB Auto has also launched a partnership with UD Trucks, marking a significant step forward in the company's commitment to providing innovative solutions that meet the evolving needs of the market.

Regional Expansion

During the year, GB Auto continued to take significant steps in growing its regional footprint by expanding its operations in Iraq through securing the exclusive representation of the JAC and Foton brands, as well as the continued growth of the MG brand within the country. Additionally, GB Auto launched its operations in Jordan in 2024 through an exclusive distribution agreement with MG.

› GB Auto recently launched its distribution of the MG Motor brand in Jordan through a joint venture (JV) with MG's former distributor in the Jordanian market.

› GB Auto secured the exclusive distributorship of the JAC passenger cars and Foton commercial vehicles in Iraq.

Driving Sustainability

By capitalizing on Egypt's presidential initiative to convert vehicles to compressed natural gas (CNG), GB Auto was able to expand successfully into a new vertical, which is aligned with the company's portfolio expansion strategy and its sustainability agenda. Additionally, GB Auto continues to work on introducing new electric vehicles to the Egyptian market.

› This year, GB Auto unveiled its newest electric SUV, the Chery EQ7. This comes as the company continues to play its role in promoting environmental sustainability by introducing new electric vehicles.

› During the year, GB Auto also delivered its first Shacman electric truck to Unilever, marking a significant milestone in GB Corp's journey toward sustainable transformation.

12 GB CORP Annual Report 2024 GB CORP Annual Report 2024 13

Portfolio Growth and Diversification

GB Capital continued to take large strides with regards to its overarching strategy of expanding its product selection and diversifying its revenue streams through penetrating various NBFS verticals.

Specialized Technology Venture Capital

GB Ventures is a specialized technology Venture Capital that was founded for the purpose of identifying high-potential startups across a wide range

› GB Capital received its Sukuk issuance license

from the Financial Regulatory Authority (FRA) and launched GB Capital Sukuk in 1Q24.

› MNT-Halan launched the new "Halan" card, which gained significant traction in the market and is a game changer for the financial digital product expansion.

› GB Corp recently established GB Bus Rental, which began operating in 4Q24 and offers a full range of bus rental solutions, catering for group, corporate, and cargo bus transport requests.

Continued Bond Securitizations

GB Capital completed a number of bond Securitizations across its segments, expanding the company's capacity to capture the rising demand for its product offerings.

› MNT-Halan acquired "Tam Finans", the leading

commercial finance company in Turkey, as well as a microfinance bank in Pakistan which has been rebranded to Halan Microfinance Bank, and launched in the UAE; expanding its presence into four markets and solidifying its position as the leading fintech player in the regions.

› GB Capital obtained a Promoting and Underwriting license from the FRA to expand its service offering into debt capital markets.

› Drive Finance, alongside GB Capital Marketing Teams, have launched Drive's very first B2C auto financing campaign, targeting a wide range of customers.

› Drive Finance issued securitization bonds worth EGP 1.4 billion with the offering being 2X oversubscribed, showcasing the company's ability to successfully execute transactions.

of sectors and effectively supporting the next generation of innovators and entrepreneurs to become scalable market leaders. GB Ventures is primarily focused on seed investments within the mobility space, and the company's acceleration program supports startups with the needed funding, expertise, mentorship, resources, and networks to develop their strategies and expand their businesses.

Cutting-Edge Logistics Solutions

GB Logistics is an Integrated Service Provider (ISP) that aims to provide comprehensive, full-service logistic solutions that add value to its partners. GB Logistics is specialized in offering high-quality logistics services to customers in Egypt and

worldwide. The company achieves this by utilizing the latest operational solutions and advanced technologies to manage an integrated supply chain on behalf of GB Corp's partners.

14 GB CORP Annual Report 2024 GB CORP Annual Report 2024 15

Premium Quality Trainings

Outfitted with state-of-the art workshops and classrooms equipped to provide professional technical training, GB Academy offers technical training in fields ranging from mechanical, electrical, and paint work to soft skills trainings and numerous industry-specific skills that are tailored to customer needs. By utilizing accessible theoretical courses,

coupled with practical training modules, GB Academy provides its rich educational services and technical simulations to all types of interested individuals, starting from companies, universities, public and governmental institutions, all the way to students, employees, and professionals.

Ghabbour Foundation for Development

The Ghabbour Foundation for Development is devoted to driving positive social and economic impacts across the communities where it operates through developing and operating vocational schools.

Giving Back to Our Communities

GB Academy

Established with a vision of setting the pace in a world of lifelong learning, GB Academy has built a track record of over 10 years of practical training and customized programs delivered in accordance with internationally recognized standards. GB Academy is managed by the German SIS-Middle East GmbH (Saxony International School), and it has achieved various successes in pioneering, cutting-edge instruction, equipping thousands of engineers and trainees with specialized skills and forming valuable partnerships.

Cumulative Foundation Funding Since 2017

EGP 195 mn

Schools and Vocational Training Centers Developed Since 2017

5

Male and Female Students Currently Enrolled in Ghabbour 1 and 2 Schools

850

Ghabbour Foundation School Graduates Since 2020

900

60

Trainers

40

Theoretical Teachers

In 2024, GB Academy provided a number of training programs to GB Corp's employees, covering various topics that included management, leadership, communication, and soft skills. A total of 92,665 hours of training were delivered to more than 18,533 attendees, with the majority of training hours delivered to blue and white collar workers. Additionally, GB Academy delivers training sessions to other external clients, not just GB Corp and its authorized dealers network.

16 GB CORP Annual Report 2024 GB CORP Annual Report 2024 17

A Non-Stop Journey of Growth, Expansion, and Diversification

GB Corp delivered a strong performance in 2024 on the back of its solid fundamentals, dynamic strategies, and unmatched expertise, which enabled the company to navigate challenging operating conditions. During the year, the company successfully leveraged its diverse product offering and strong brand loyalty to deliver impressive growth across the majority of its verticals. Looking forward, GB Corp is well-positioned to capitalize on the anticipated market recovery and capture future growth through its dynamic strategies.

2007

2009

2012 2013

› GB Corp completes an IPO, raising EGP 1.2 billion, and starts trading on the Egyptian Exchange (EGX)

2008

› GB Lease and Factoring, formerly known as GB Lease, is established as a financial leasing company specialized in financing commercial vehicle sales and passenger cars for fleets

› GB Corp enters a JV with Brazil-based global bus manufacturer, Marcopolo, to construct a production facility in Suez for domestic bus and export sales production

› GB Corp establishes a JV trailer distributorship in Algeria

› GB Corp launches its GDR program, allowing global investors to trade GB Corp shares in London and New York

› GB Corp participates in the government-sponsored taxi replacement program

› Establishment of Mashro-ey as a majority-owned micr opa yments JV t o finance the purchase of Bajaj-branded motorcycles and three-wheelers

2010

› GB Corp enters into an exclusive agreement to import and distribute Mazda vehicles in Egypt

› GB Corp enters a JV with the Al-Kasid group, which holds exclusive rights to distribute Hyundai vehicles in Iraq

› GB Corp signs an agreement t o be the e x clusiv e distributor of Yokohama tires in Egypt

› GB Corp launches a new after-sales service center in Hurghada with 22 working bays

2011

› Soft launch of the GB Academy, which provides premium-quality technical and business training to GB Corp members, its partners, and external clients

› GB Corp opens its inaugural after-sales facility in Iraq with 70 working bays

› GB Corp partners with Geely for CKD assembly, distribution, and after-sales in Egypt

› GB Corp signs a contract with Iveco Irisbus, a Fiat industrial company, to be the exclusive distributor of Iveco bus chassis in Egypt

› GB Corp launches two new after-sales facilities in Egypt, one in Assiut and one on the Cairo-Ismailia desert road

› GB Corp acquires the exclusive right to distribute ZC Rubber's Westlake passenger car, as well as TBR and OTR tires, in Egypt

› GB Corp's consumer finance venture, Drive, starts operating and financing the purchase of passenger cars

› GB Corp expands its regional footprint in Algeria and Libya with key brand representation

› GB Corp signs a contract with General Motors East Africa for the export of over 200 buses

› GB Corp acquires exclusive rights to distribute Goodyear tires in Algeria

2014

› GB Corp wins Geely's best distributor award

› GB Corp is honored for its excellent after-sales services by Hyundai

› GB Corp enters an exclusive strategic alliance to distribute Gazprom Neft-Lubricants

18 GB CORP Annual Report 2024 GB CORP Annual Report 2024 19

2015

2017 2019

2020 2021

› GB Corp wins the Best NV Fleet Volume award by FUSO and the Volvo bus award

› GB Corp supplies 150 buses to the public transport authority in Alexandria

› GB Corp adds Chery to its expanding brand portfolio

› GB Corp wins the Hyundai after-sales service best technical skill performance award

2016

› GB Corp inks technical agreement with Bajaj in Iraq

› GB Lease and Factoring is ranked in second place by Egypt's FRA

› GB Corp's tires division acquires the distribution rights for Westlake Heavy Truck Tires in Egypt

› GB Corp launches a 360 Network of premium express service centers serving high-end consumers

› GB Corp wins the Volvo Bus Award of Excellence

› GB Corp wins the Service Advisor gold medal and the service award in after-sales service by Hyundai

› GB Corp begins to report separately on GB Auto and Auto-Related and GB Capital

› GB Corp wins the technical silver medal and the Hyundai Service Award in after-sales service

2018

› GB Corp wins Global Banking and Finance Awards for Best Automotive Manufacturing Company

› Private equity firm Development Partners invests in two GB Capital subsidiaries (Mashroey and Tasaheel)

› GB Corp launches Hyundai's first IONIQ hybrid car in Egypt

› GB Corp wins several awards, including the Volvo Bus Award for excellent performance, outstanding after-sales performance for Chery, and Customer experience CXC1 Opinion Leader Special for Hyundai

› GB Corp celebrates the local production of the new Chery Arrizo 5

› GB Corp and EFG Hermes acquire majority stake in life insurance company Tokio Marine Egypt Family Takaful, named "Kaf"

› GB Capital, Talaat Moustafa Group, and EFG Hermes Finance enter an agreement to create Bedaya, a mortgage finance JV

› GB Corp wins Global Banking and Finance Awards for Best Automotive Manufacturing Company and Best Investors Relations in Egypt

› GB Corp and El Ghalban Auto Market Group form commercial vehicle distributor JV for JMC-branded cars in Egypt, and the JV has also later gone on to include Foton microbuses in Egypt

› Shareholders approve a resolution that allows GB Corp to merge with R.G. Investments (RGI), the subsidiary that owns GB Capital, during an Extraordinary General Assembly

› G B C a p i t a l o b t a i n s a securitization license from Egypt's FRA and subsequently launches Capital f or Securitization

› GB C orp announc es a partnership with Higer Bus Company Limited for exclusive representation in Egypt and local assembly of buses

› Goodyear Middle East and Africa partners with GB Corp, making it an Authorized Distributor of Goodyear Tires in Egypt

› GB Corp launches the locally assembled new Chery Tiggo 7

1.5 Turbo 2020

› GB C orp and German International Cooperation (GIZ) sign an agreement to create an incubator that supports innovative startups in the automotive and fintech sectors

› GB Corp announces its new partnership with SAIC Motor Middle East FZE to add the MG brand to its Iraq portfolio

› GB Lease finalizes its fourth securitized bond offering worth EGP 2.41 billion

› GB Corp acquires 20% of New City Housing and Development company for EGP 73 million

› GB Auto Rental, formerly known as Haram Tourism Transport, and Coca Cola Egypt successfully conclude Egypt's largest quasi-opera-tional lease contract for 636 passenger cars

› Ghabbour F ounda tion celebrates the graduation of the first class of Imbaba School vocational trainees, an important milestone for Ghabbour Foundation and GB Corp

› G B C o rp an no u nc es partnership with Great Wall Motors and launches Wingle 5 in Egypt

› G B C o r p p r o u d l y announces COVID-19 mass vaccination program for its GB Corp family

› GB Corp proudly receives the IDC Excellence Award for "Excellence in Digital Innovation", recognizing it as one of the region's top 10 leaders in technology

› Drive Finance receives final approval for its consumer f i n a n c i n g l i c e n s e f r o m Egypt's FRA

› GB Corp officially acquires Changan's sole distributorship and introduces four new models: New Alsvin, EADO DT, CS15, and CS55

› GB C orp launches the Haval 2022 with innovative technology and superior capabilities

› MNT-Halan, Egypt's leading fintech ecosystem, announces a c. USD 120 million investment by major regional and global growth investors: Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners

› GB L ease closes tw o securitization issues valued at EGP 4.3 billion, making it Egypt's largest leasing company securitization

20 GB CORP Annual Report 2024 GB CORP Annual Report 2024 21

2022

› GB Corp introduces the latest Volvo FH, Volvo FM, and Volvo FMX Trucks to support Egypt's heavy-duty truck market

› Drive Finance successfully completes its third securitized bond offering, totaling EGP 649 million and consisting of three tranches with tenors of 13, 36, and 48 months

› Drive Finance concludes its first bond offering for EGP 700 million, marking it as the first consumer finance company to issue bonds in the market

› Tasaheel achieves a major miles t one b y closing Egypt's largest microfinance securitization, amounting to EGP 2.7 billion, through securitized bonds issuance- the securitization was 2x oversubscribed

› GB Corp is recognized by HMC during the Hyundai Asia Pacific Middle East conference, receiving awards for best "VOC Management" and "Excellent Technical Hot-Line Operations"

› GB Corp launches Changan's new models, CS35 Plus and CS55 Plus, and Chery's Tiggo 8 Pro

› GB Corp supplies the 2021-2022 African Cup of Nation buses, with 24 high-quality, reliable, and comfortable buses with intricate designs

› GB Corp supplies 30 best-in-class Higer Electric Buses to the government for COP27, promoting sustainable and green transportation solutions

› GB Capital successfully sells a 7.5% stake in MNT Investments

B.V. in a transaction valuing the company at USD 800 million. The deal includes an earnout component that could potentially increase the total valuation to USD 950 million

› GB Lease and Factoring successfully completes its seventh securitized bond offering, raising EGP 1.7 billion. The offering consists of three tranches with tenors of 13, 36, and 56 months, further strengthening its position in the market

› Chimera Investment LLC, an Abu Dhabi-based private investment firm, acquires a 45.0% stake in GB Lease

2023

› GB Corp introduces Chery app - redefine your ride with seamless experiences

› GB Auto introduces the Hyundai IONIQ 5 as a part of GB Auto's portfolio expansion strategy and sustainability agenda

› GB Lease and Factoring receives its factoring license from the Egyptian FRA and signs its first factoring ticket

› KAF receives its commercial life insurance license from the Egyptian FRA

› GB Capital launches Kredit, an FRA-regulated SME lender, with the aim of empowering SMEs and driving economic growth

› Drive Finance successfully completes an EGP 1.4 billion securitized bond issuance, marking a significant milestone in its EGP-5-billion, three-year securitization program

› GB Auto launches the new Chery Tiggo 8 CKD, for both five- and seven-seaters, as a part of its strategy to increase volumes on the CKD front

› GB Auto receives the Hyundai Dealer of the Year Award, reflecting the company's operational excellence

› GB is awarded the Global Outstanding Distributor award for its MG operation in Iraq on the back of a significantly expanded market share

› GB Auto introduces a new tricycle product to the Egyptian market, which gained significant traction in the market

› GB Corp announces that the two- and three-wheeler's manufacturing team were selected out of 12 participating countries to receive the 1st and 4th ranks in the Kaizen award organized by Bajaj Auto Limited India for their international distributors

› MNT-Halan, in collaboration with Azimut (AZ Halan fund), introduces a savings product that allows clients to earn daily interest on their deposits

› GB Corp proudly participates in the UITP convention under the distinguished banner of Volvo Bus Egypt

› GB Logistics participates in the Supply Chain Innovation Conference, with a focus on meeting the logistical needs of their global clientele, and offers a comprehensive range of products and services to ensure an efficient supply chain

› GB Corp partners with Shell Marketing Corporation (Middle

East) to distribute Shell oils in central and southern Iraq

› GB Corp is proudly recognized by Forbes as one of the Top 50 companies of the year

› GB Corp proudly organizes the "First Line Managers" event, with the engagement of over 350 employees, focusing on integrating GB Corp values

› GB Auto's "Makn Team" ranks second among 92 teams competing in the prestigious Volvo International Service Training Award (VISTA), the world's largest competition for service market personnel

› GB Corp is proud to be recognized as the "Most Innovative Auto Finance Company" in Egypt in 2023 by International Finance Awards

› GB Lease and Factoring signs its first factoring ticket and completes its eighth securitization worth EGP 1.6 billion

› GB Auto celebrates the launch of the new Changan UNI-T

› GB Auto, represented by MG Iraq through GK Auto, celebrates the launch of the new MG One SUV in Iraq

22 GB CORP Annual Report 2024 GB CORP Annual Report 2024 23

› GB Lease and Factoring announces a securitization initiative to fuel growth and expand its leasing and factoring portfolio

› GB Corp's investee company, MNT-Halan, issues the Halan Card

› Drive Finance issues securitization bonds worth EGP 1.4 billion

› GB Corp expands its Iraqi market operations through the GQ venture to distribute the leading JAC and Foton brands

› GB Logistics inaugurates a 350,000 m 2

bonded warehouse in Sadat

› Military Production and GB Corp announce the assembling and manufacturing of "Qute" in Egypt

› GB Corp's investee company, MNT-Halan, acquires Tam Finans, a leading fintech player in Turkey

› GB Capital ac quir es pr omoting and underwriting license from the Egyptian FRA

› GB Auto Rental acquires approval to license the rental of transportation vehicles

› GB Corp's Data Team receives the Bronze Award for "Best Use of Data and Customer Insights" at the CX Asia Excellence Award 2024

› GB Corp unveils the Chery EQ7, its latest electric SUV

› GB Corp launches the new Chery Tiggo 4 Pro, Haval h6 HEV, and Hyundai Santa Fe

› GB launches the GB Logistics website and 24/7 hotline, providing easy access to service information, real-time shipment tracking, and 24/7 contact with the GB Logistics team

› Drive Finance launches its very first B2C auto financing campaign, targeting a wide range of customers

› GB Capital received FRA approval to issue sukuk through GB Capital Sukuk

› GB Corp successfully launches its robotic process automation and virtual reality solutions that enhance efficiency and accuracy across the company's operations

› GB Auto and MG Motor Jordan launch JV to take over the management of MG in Jordan

› GQ Auto, GB Corp's Iraqi subsidiary, sets to expand its portfolio in the country through a strategic collaboration with FOTON Motors

› GB Corp announces the launch of its partnership with UD Trucks

› GB Auto introduces the Genesis brand to the Egyptian market

› GB Auto delivers its first Shacman electric truck to Unilever

› GB Corp is recognized during the Amwal Al Ghad and Top 50 Annual Awards Ceremony for 2024, held under the patronage of Prime Minister Mostafa Madbouly

24 GB CORP Annual Report 2024 GB CORP Annual Report 2024 25

Dear shareholders,

I am pleased to report that GB Corp achieved an impressive set of results this year across all segments. During the year, we successfully delivered on our strategic objectives, achieving double-digit organic revenue growth, enhanced profitability margins, improved EPS, and high levels of cash generation. GB Corp's consolidated top line expanded by 90.6% y-o-y, while our net profit increased by 54.8% y-o-y, and delivered an associated margin of 5.4%.

Our strong results for the year were achieved in the midst of challenging economic conditions affecting both the Auto and Capital sides of the business, characterized by unprecedented high interest and inflation rates, currency devaluation and limited FX availability, import restrictions, and a shifting macroeconomic landscape. During the year, we successfully managed to sustain our position at the forefront of the automotive market while simultaneously diversifying and expanding our NBFS portfolio-a testament to the strength of our growth and mitigation strategies.

At GB Auto, our distinguished product mix and proactive approach in managing supply allowed us to deliver solid growth across all LoBs, with the segment's revenues nearly doubling year-on-year to reach EGP 47,065.0 million. Additionally, during the second half of the year, we started

A NOTE FROM OUR CEO

seeing signs of gradual market recovery, with challenging operating conditions, including the effect of the flotation of the Egyptian Pound, import restrictions, and limited FX availability all beginning to ease. As market conditions start to improve, we are confident that GB Auto is well-positioned to capitalize on the new opportunities that are expected to arise.

Taking a more in-depth look, all our Auto LoBs delivered solid year-on-year growth, driven by an improved product mix. At the Passenger Car LoB, GB Auto maintained its leading position in the Egyptian passenger car market, as the LoB's performance in Egypt continues to benefit from GB Auto's unmatched CKD capacity, which has helped offset the slowdown in LC issuances for CBU units. On the regional front, we continued our growth trajectory in Iraq with the introduction of JAC and Foton, building on GB Auto's success with the MG brand. In parallel, and as part of our regional expansion strategy, we have also launched GB Auto's Jordan operations through the distribution of the MG brand, in partnership with its previous distributor in the market. At the Commercial Vehicles and Construction Equipment LoB, strong results were driven by improved FX availability, the easing of import restrictions, and the ramp up of large-scale projects across Egypt. Meanwhile at the Two-, Three-, and Four-Wheelers LoB, our improved pricing strategies and higher volumes supported the LoB's performance. I am also pleased to announce that during the year, we have successfully introduced "Qute", a four-wheeler vehicle aimed at replacing the Tuk Tuk.

On the Capital front, revenues increased by 49.1% y-o-y in 2024 on the back of a significant increase in disbursements and an expansion in the segment's offerings. At GB Lease and Factoring, the company was able to deliver strong year-on-year growth on the back of a significant ramp up in our newly introduced factoring operations. Similarly, Kredit is also progressing well following its launch in 2023, with the company's portfolio

growing by 34.8% q-o-q in 4Q24, fueled by its expanded operations and comprehensive product offering. Meanwhile at MNT-Halan, the company continued to expand its ecosystem by ramping up the Halan app, with the app's growth driven by its expansive digital offering, which has enhanced customer retention rates and created valuable cross-selling opportunities. Additionally, MNT-Halan expanded into both Pakistan and Turkey during the year, following the acquisitions of a microfinance bank in Pakistan and of "Tam Finans", Turkey's leading SME lender. MNT-Halan also successfully launched its operations in the UAE during the year, with more than 100,000 active borrowers. In terms of securitizations, GB Capital for Securitization has completed 13 securitization deals in 2024, with a total bond size amounting to EGP 28.8 billion. The securitizations represent a continued demonstration of our ability to successfully conclude transactions with prime credit ratings and efficiently manage GB Capital's liquidity requirements regardless of the underlying market conditions.

Recognizing our role in promoting environmental and social sustainability, at GB Corp, we remain steadfast in our commitment to minimizing the company's carbon emissions and adopting sustainable practices across our footprint. Our efforts on that front have involved enhancing industrial efficiency, introducing green transportation options, and driving social development through the Ghabbour Foundation for Development. During the year, we continued to spearhead Egypt's presidential initiative to transition vehicles to CNG. On that front, GB Corp successfully delivered several CNG vehicles, as well as gasoline vehicles equipped with gas components, to the market during 2024. Additionally, we continue to actively work on expanding our presence in the EV market through the introduction of new models, with a number of new EV and HEV cars provided in 2024. Our strong progress on both the CNG and EV fronts is a testament to our dedication toward advocating for sustainable and green transportation solutions.

In parallel, we regularly work on incorporating environmental best practices across our industrial footprint through the adoption of renewable and alternative energy sources, with a target of having 75% of energy consumption across all our plants come from renewable energy sources by 2030. Meanwhile at the Ghabbour Foundation for

Development, we are supporting and facilitating social sustainability by providing young individuals with quality vocational education.

Looking ahead, we will continue to leverage our comprehensive product portfolio and operational excellence to overcome challenging market conditions and capitalize on emerging opportunities to drive growth across both the Auto and Capital fronts. As the business environment begins to improve, we plan to capitalize on the ongoing economic reforms and improved market sentiment to achieve sustainable growth across our diverse business segments. At GB Auto, we are committed to expanding our regional footprint by accelerating the growth of the JAC and Foton brands in Iraq and the MG brand in Jordan while also working on consolidating our position at the forefront of the Egyptian auto market. At GB Capital, we will continue to diversify our product offerings to meet the growing demand for alternative financing solutions, as well as introduce innovative solutions to the market. Overall, we remain focused on creating long-term and sustainable value for our stakeholders.

With 2024 coming to an end, I would like to extend my sincerest gratitude to our dedicated team, who have time and again allowed us to deliver on our goals and accelerated our growth, in addition to our loyal shareholders, who continue believing in our mission and desired trajectory. I would also like to thank our valued customers whose loyalty and trust have enabled us to achieve and maintain our leading market position.

Nader Ghabbour

Chief Executive Officer

26 GB CORP Annual Report 2024 GB CORP Annual Report 2024 27

OUR BUSINESS MODEL & STRATEGY

GB Corp continued to deliver consistently strong results in the face of macroeconomic challenges owing to its dynamic strategies and resilient business model.

In line with GB Corp's strategy, the company has built up a comprehensive portfolio of aut omot iv e pr o ducts, complemented by an expansive financial service offering, enabling the company to take advantage of synergistic opportunities between both segments. As part of GB Corp's strategy, the company works toward achieving a balanced portfolio comprising various revenue streams while, simultaneously, leveraging synergies between its diverse

Digital Transformation

business l ines. Through its portfolio, GB Corp is able to provide the market with a comprehensive range of top-quality products and services to capture the growing demand across both the automotive s e c t o r a n d t h e f i n a n c i a l services space. On that front, GB Corp adheres to three main strategic pillars that guide all facets of its operations: digital transformation, sustainable development, and female empowerment.

Sustainable Development

Female Empowerment

28 GB CORP Annual Report 2024 GB CORP Annual Report 2024 29

Digital Transformation

An important catalyst for GB Corp's success over

capabilities across various functions within the

HR Department: AI-Driven Medical Assessment and an Accelerated Onboarding Process

the past years has been the company's continuous digital transformation. In 2024, GB Corp's Digital Transformation Business Unit started taking significant strides in enhancing the company's digital capabilities. On that front, the digital transformation and automation initiatives implemented during the year have driven efficiency, accuracy, and scalability across a number of departments.

organization. The Company has also successfully developed and implemented artificial intelligence (AI) and machine learning (ML) solutions tailored to meet GB Corp's unique business requirements, ensuring seamless alignment with the company's strategic objectives. Moving forward, as GB Corp continues to enhance its AI and RPA capabilities with the aim of reaching intelligent automations, the company remains committed to pioneering digital

As part of GB Corp's digital transformation efforts, the company developed an AI-powered medical evaluation system to support the HR Department in assessing the physical fitness capabilities of candidates based on medical conditions. This has streamlined the bulk-hiring process by significantly reducing processing times while maintaining a high level of accuracy.

Additionally, the HR Department started utilizing RPA, front-end engines, and optical character recognition (OCR) to automate candidate data validation, enabling the department to automatically verify and inject a candidate's data into the company's HR systems, enhancing accuracy and accelerating the onboarding process.

A key focus during the year was the extensive integration of robotic process automation (RPA)

innovation to support sustainable business growth.

Finance Department: Automating the Three-Way Matching Process

30 GB CORP Annual Report 2024

With regards to the Finance Department, GB Corp's digital transformation strategy has facilitated the successful automation of the department's three-way matching process, a

critical function in financial operations. On that front, the process is now being handled by RPA solutions with greater efficiency and precision, reducing manual workload and minimizing errors.

Data Department: Enhancing Customer Data Validation

In the Data Department, the implementation and utilization of robotics for customer data validation has yielded remarkable efficiency gains, as the update and validation of customer data

is now done through automated systems. This ensures a more accurate and scalable approach to managing individual customer data while significantly reducing processing times.

Central Marketing Department: Automating Customer Satisfaction Indices

During the year, GB Corp's customer satisfaction indices (CSI) process was fully automated through robotics, ensuring that data collection, analysis, reporting, and communication is handled efficiently and with minimal human intervention.

Moving forward, the company is working on further enhancing the CSI process by expanding automation across additional tracking metrics, ensuring error-free reporting with near-zero human involvement.

Manufacturing Facilities: Robotics-Driven Parts Validation

GB Corp has also utilized digitalization and automation across the company's manufacturing operations, with robotics being deployed to enhance the validation of manufacturing parts against local and international invoices.

Furthermore, additional developments to support planning, production, and delivery processes are underway, as the company continues to work on further implementing automation across the vehicle manufacturing division.

GB CORP Annual Report 2024 31

Sustainable Development Female Empowerment

GB Corp remains steadfast in its commitment to minimizing its carbon footprint and promoting sustainable practices across its wide footprint. As such, GB Corp's sustainability strategy is predicated on enhancing industrial efficiency and introducing green options throughout its portfolio. On the Auto front, the company has built up an extensive portfolio of electric and CNG vehicles that is constantly expanding through the addition of new and more carbon-efficient vehicles. As a result, GB Auto continues to work on delivering new CNG vehicles to the Egyptian market, with 146 CNG vehicles, as well as 572 gasoline vehicles equipped with gas components, sold during 2024. In parallel, GB Auto introduced the Chery EQ7 electric SUV to the Egyptian market and delivered its first Shacman electric truck to Unilever-a significant milestone in the company's sustainable transformation journey.

GB Corp is actively implementing best practices with regards to its industrial and manufacturing operations across its plants and facilities to preserve the environment. Those efforts include the increased adoption of renewable and alternative energy sources, with a target of 75.0% renewable energy across all plants by 2030. Additionally, GB Corp is also focused on reducing energy consumption, improving water and wastewater treatment, and enhancing resource utilization and recycling methods.

In parallel, GB Corp continues to drive social sustainability through the Ghabbour Foundation for Development, which provides youth with access to quality education, as well as supporting the industry ecosystem through the GB Academy. Additionally, GB Corp was recognized by Rotary International for its life-changing impact on underserved

communities in Egypt through its 2016 initiative, through which the company set up freshwater connections to 247 families across five villages in Beni Suef.

Another prominent pillar of GB Corp's strategy is pushing forward female empowerment across its various business lines. The company is unwavering in its commitment to gender diversity through female empowerment initiatives aimed at enhancing the gender diversity of the group's work force. GB Corp's strategic focus is empowering women through its subsidiary brands that directly impact consumers, employees, and communities. Additionally, the Ghabbour Foundation for Development holds numerous social initiatives that empower women in the automotive industry. As a result of the company's efforts, over 25.0% of GB Corp's BOD is women, and the company is looking to increase the percentage of women in its executive team to 20.0% by 2027.

To achieve this objective, GB Corp has implemented numerous programs aimed at empowering women and driving gender diversity over the past period, such as #GBforShe and tailored training programs at the GB Academy. In parallel, GB Corp has also taken significant strides in pushing for gender equality across the communities in which it operates through signing the Women's Empowerment Principle (WEP) agreement with the UN. As such, GB Corp could have a measurable impact on gender equality in the workplace, marketplace, and community. Meanwhile, the Ghabbour Foundation for Development, under the banner of Ghalya by Ghabbour, leads an initiative designed to empower and support female students in vocational schools,

Women's Month Dedication

In March, GB Corp once again celebrated Women's Month, which recognizes, values, and empowers the GB Corp ladies who play an important role in nurturing an inclusive and diverse company culture, in line with GB Corp's new strategic direction that focuses on female empowerment. On that front,

focusing specifically on those studying car maintenance.

The company has also showcased its dedication to female empowerment by implementing a variety of initiatives, including supporting education, promoting professional development, and providing physical and mental health support, such as breast cancer awareness campaigns. On that front, GB Corp, in partnership with Goodyear, supported women's education by covering the cost of education for three female students for a period of three years. Additionally, the company partnered with Baheya to host a breast cancer awareness session for women that focused on providing valuable information and education. Furthermore, GB Corp, in collaboration with Volvo Trucks, introduced an initiative called Iron Women, a heavy-duty truck driving school for women, and Volvo Trucks has also partnered up with Shell to hold a campaign featuring an Egyptian woman truck-driver. Moreover, GB Ventures and Fawry Academy partnered up to introduce a fintech education program for women and offered special discounts to female business owners. In parallel, El Mikaneeky has built for itself a reputation as a safe, convenient, and fast service place for women. This was achieved by partnering with the Kattemia Ladies event to offer physical and mental health support, motherhood mentorship, and female empowerment with small businesses through small events, digital campaigns, and talks.

GB Corp celebrated Women's Month in 2024 by hosting its "Be Yourself" workshop, led by Cherine Kallal and Sherine Ezzat, two of GB Corp's esteemed female leaders. The event marked a day of inspiration, activities, and insightful discussions that was enjoyed by all.

32 GB CORP Annual Report 2024 GB CORP Annual Report 2024 33

36 Our Business

60 Our Performance

68 Share Performance & Information

GB CORP Annual Report 2024 35

34 GB CORP Annual Report 2024

OUR

BUSINESS

GB Corp has operations spanning both the automotive and non-bank financial sectors through its two separate business segments: GB Auto and GB Capital. Despite being distinct, both segments complement each other nicely, enabling the company to deliver exceptional and comprehensive services to its clients.

36 GB CORP Annual Report 2024 GB CORP Annual Report 2024 37

GB Auto oversees the group's core automotive business activities across Egypt, Iraq, and Jordan. The segment offers a diversified selection of products and services spanning the entire transportation needs spectrum, including passenger cars, two, three, and four-wheelers, commercial vehicles, construction equipment, after-sales services, and tires.

EGP billion

47.1

Revenue

+25

(97.3% y-o-y)

Auto Brands

K

5

80

Production Capacity

Manufacturing Facilities

Egypt, Iraq, and Jordan Passenger Cars and After-Sales Services

2.9%

1.8%

8.1%

8.5%

1.1%

Auto Segment Revenue Breakdown 2024

Two-, Three-, & Four-Wheelers (Light Mobility)

77.6%

Egypt Commercial Vehicles & Construction Equipment

Trading Business

38 GB CORP Annual Report 2024 GB CORP Annual Report 2024 39

36.5

EGP bn

Revenue

(120.8% y-o-y)

GB Auto is the largest player in the Egyptian passenger car market in terms of sales revenue, market share, and production capacity. The company holds the exclusive license to assemble and distribute Hyundai and Chery passenger cars. The company also imports and distributes Hyundai, Chery, Mazda, Changan, and Haval passenger cars, as well as spare parts for all five brands. Through Hyundai, Chery, Mazda, Changan, and Haval, GB Auto is able to market a variety of products with a diverse range of sizes and prices.

Despite the persistence of challenging conditions in the Egyptian passenger car market during the first half of the year, characterized by import restrictions, unplanned supply chain disruptions, high inflationary pressures, and limited FX availability, GB Auto was able to leverage its diversified portfolio and dynamic strategy to deliver solid performance. Additionally, GB Auto was also able to successfully capitalize on the gradual market recovery witnessed during the second half of 2024, further supporting the company's performance for the year.

Throughout the year, GB Auto continued expanding its product suite despite the ongoing operational challenges impacting the industry. On that front, GB Auto recently launched the Hyundai Elantra AD CKD model in the Egyptian market, as the company continues to leverage its unmatched CKD capacity to mitigate the impacts of the slowdown in LC issuances for CBU units. The company also introduced the Hyundai Santa Fe and the Chery Tiggo Pro 4, as well as the Chery EQ7 EV, to the Egyptian market, further diversifying its portfolio and playing its role in supporting environmental sustainability.

At its Prima plant, GB Corp's state-of-the-art production facility, the company engages in the assembly of passenger cars using both imported CKD kits and locally sourced components. Originally established in 1994, the Prima plant underwent an extensive revamp in September 2012 through significant investments focused on expanding its production line capacity, incorporating advanced techniques, and

Sales Volume

42,043

(55.7% y-o-y)

CBU 20,248 vs. CKD 21,795

modernizing the assembly process with the latest technologies. Today, the plant covers approximately 58,000 m2 and has an unmatched capacity of 80,000 units per year. Additionally, the facility is equipped with the latest technology, including fully automated conveyor systems, wielding robots, and an ED coating paint shop, enabling GB Auto to deliver exceptional quality to its clients.

On the regional front, GB Auto continued to solidify its position as a leading automotive player in the Iraqi market, recently securing the fourth largest market share position in the Iraqi market. The company recently secured the exclusive representation of the JAC and Foton brands in the Iraqi market, a step that is expected to mitigate the ban on the import of two- and three-wheelers in the country. Additionally, GB Auto recently launched its distribution of the MG Motor brand in Jordan through a JV with MG's former distributor in the Jordanian market, as the company continues to look for opportunities to expand its regional operations.

Market Review

Overall, the market is rebounding on the back of improved macroeconomic conditions, coupled with more favorable supply levels.

Market demand, which was negatively affected by the challenging economic conditions between 2022 and 2024, is accelerating on the back of rising income levels and stability in market pricing, leading to more favorable purchasing conditions across the different market segments, in line with expectations. Looking ahead, 2025 is expected to report strong growth rates versus 2024, subject to currency stability, forex availability, and improved regional political stability.

GB Auto's brands are well-positioned to capitalize on the improved market demand, given its diverse product portfolio, consistent marketing activities, and growing distribution network, in addition to the company's consistent new product launches.

GB CORP Annual Report 2024 41

Egypt, Iraq, and Jordan

Passenger Cars and After Sales

Revenue Contribution to Group 2024

Egypt, Iraq, and Jordan Passenger Cars

and After Sales 67.7%

67.7%

40 GB CORP Annual Report 2024

Two-, Three-, Four-Wheelers (Light Mobility)

Revenue Contribution to Group 2024

Two-, Three-, & Four-Wheelers 2.6%

2.6%

EGP bn

1.4

Revenue

(61.3% y-o-y)

GB Auto is Egypt's exclusive assembler and distributor of motorcycles and three-wheelers from Bajaj, a world-renowned motorcycle manufacturer and the world's largest producer of three-wheelers. GB Auto imports CKD units from the Indian manufacturer and undertakes the assembly process at its Badr manufacturing plant located in the Sixth of October City Industrial zone. It is worth highlighting that in 2022, the Badr assembling facility was certified by the IATF International Automotive Standard through a collaboration with Near East Services, a major accomplishment for both the facility and GB Corp.

Since it first began importing and selling three-wheelers in Egypt in 1999, the company has been the country's market leader for the popular vehicles. However, due to regulatory changes that limited the import of three-wheelers, the company completely phased out its three-wheeler inventory and started working with the government on introducing a suitable replacement in this segment. On that front, the company has introduced a new light vehicle under the name "Qute", which is being produced in partnership with Bajaj Auto Limited and in cooperation with the Ministry of Military

Sales Volume

20,189

(48.3% y-o-y)

Production. In parallel, the recently introduced new Lifan-branded tricycle product continues to gain significant traction in the market.

Bajaj's motorcycles models continue to capture significant demand in the Egyptian market as a result of the brand's quality, reliability, and fuel efficiency, positioning it as one of the market's leading motorcycle brands. Recently, GB Corp announced that the two- and three-wheeler's manufacturing team was selected out of 12 participating countries to receive the 1st and 4th ranks in the Kaizen award, organized by Bajaj Auto Limited India for their international distributors.

Market Review

The prevailing market conditions remain difficult due to the continued restriction on the import of three-wheelers, in addition to limited FX availability and the slowdown in LC issuances during the first half of the year, which have impacted motorcycle inventories. However, improved pricing strategies and higher volumes have enabled the company to mitigate those difficulties. Additionally, the gradual recovery witnessed during the later part of 2024 has supported the LoBs' performance for the year.

42 GB CORP Annual Report 2024 GB CORP Annual Report 2024 43

4.0

EGP bn

Revenue

(71.5% y-o-y)

17

Bus sales volume

800

(13.2% y-o-y)

Truck sales volume

1,260

(-16.6% y-o-y)

19

Trailer Sales Volume

(88.9% y-o-y)

Construction Equipment Sales Volume

(-59.6% y-o-y)

GB Auto's Commercial Vehicles and Construction Equipment (CV&CE) LoB distributes imported and locally assembled buses, trucks, trailers, and construction equipment in Egypt and the Middle East. The division assembles Fuso Minibuses and Volvo buses, as well as Fuso trucks, at plants in Sadat and Suez, where the company's GB Bus factory is located. It also distributes Volvo heavy trucks and Volvo Construction Equipment in Egypt.

The bus division offers the full spectrum of transportation solutions, ranging from seven-seat microbuses to maxi buses boasting a capacity of 55 seats. Moreover, the segment is involved in bus manufacturing through GB Bus, 100% owned by GB Corp since 2023, which operates a 285,000 m2 bus-body manufacturing facility targeting local and export markets, with an unmatched capacity of 5,000 units per year. On that front, after launching the export operations of Fuso and Volvo buses to the Middle East and Africa, the company is exploring export opportunities to expand its presence across the region.

GB Auto offers a diverse portfolio and unmatched manufacturing capabilities when it comes to its commercial vehicle line, which encompasses light, medium, and heavy-duty trucks tailored for contractors, fleet operators, large industrial entities, and government agencies in Egypt. It is worth highlighting that GB Corp is the exclusive agent for all Volvo products in Egypt. Through this exclusive agency, in March 2022, GB Corp introduced three new models, namely Volvo FH,

Volvo FM, and Volvo FMX, which are characterized by their fuel efficiency, cutting-edge technical features, and their contribution to bolstering the heavy-duty truck market in Egypt. Additionally, GB Auto delivered its first Shacman electric light truck to Unilever in 2024, marking a significant milestone in the company's journey toward sustainable transportation.

Meanwhile, GB Auto's Construction Equipment business unit includes earth moving equipment, road machinery, and power generators distributed in Egypt under distribution agreements with Volvo Construction, SDLG, and AKSA. The company markets its heavy-duty equipment line to public and governmental customers, as well as to private sector companies. Additionally, GB Auto continues to explore options for expanding this segment into other key regional markets.

Market Review

The prevailing market conditions remain difficult due to the continued restriction on the import of trucks and construction equipment, in addition to limited FX availability and the slowdown in LC issuances during the first half of the year, which have impacted truck and bus inventories. However, improved pricing strategies and additional export volumes have enabled the company to mitigate those difficulties. Additionally, the gradual recovery witnessed during the later part of 2024 has supported the LoBs' performance for the year.

GB CORP Annual Report 2024 45

Egypt Commercial Vehicles &

Construction Equipment

7.4%

Revenue Contribution to Group 2024

Egypt Commercial Vehicles & Construction Equipment

7.4%

44 GB CORP Annual Report 2024

Trading Business

7.1%

Revenue Contribution to Group 2024

Trading Business 7.1%

3.8

EGP bn

Revenue

(52.2% y-o-y)

GB Auto has been among Egypt's leading tire distributors for over 50 years, and the company continues to successfully consolidate its position at the forefront of the Egyptian market. On that front, GB Auto distributes a range of leading tire brands for cars, vans, construction equipment, light trucks, and buses, including Yokohama, Lassa, Double Coin, Verde, Techking, Goodyear, Thunderer, Magna, MRF, and Sunfull.

Market Review

The Tires business unit is an increasingly important contributor to GB Auto's revenue and profitability streams through increased sales volume, as well as sustained foreign currency sales. During the year, the segment witnessed strong results on the back of the improved supply conditions in Egypt, in addition to the healthy demand for GB Auto's range of brands.

46 GB CORP Annual Report 2024 GB CORP Annual Report 2024 47

Startups

As part of GB Corp's overarching strategy of continuously expanding its product suite in the automotive sector, the company has conducted strategic investments across a number of startups that complement its diversified portfolio.

Some of the startups that GB Corp has invested in include:

GB Ventures is an entity that brings together the automotive and financial know-how of GB Corp to empower Egyptian startups.

48 GB CORP Annual Report 2024 GB CORP Annual Report 2024 49

Established as GB Corp's full-fledged financial arm that serves its core business while competing with other NBFS providers, GB Capital is driven by a concrete vision and mission of establishing a well-diversified and synergistic portfolio of non-banking financial services that align with GB Corp's strategic objectives. With six majority owned and three minority owned subsidiaries, GB Capital has built up an extensive

diverse LoBs. Additionally, the introduction of GB Capital's SME-lending arm, Kredit, came as part of GB Corp's overarching strategy of diversifying its portfolio and expanding its product offering in the NBFS sector.

GB Capital achieved robust growth in 2024, driven by the company's diverse portfolio that caters to a wide customer base, and was further supported by

EGP bn

7.4

Revenue

(49.1% y-o-y)

12.8%

EGP bn

13.2

16.3

Loan Portfolio

EGP bn

Equity Value

%

15.9

ROAE

product portfolio that caters to the growing demand for alternative financing solutions.

Today, GB Capital provides corporate and individual clients with a diverse range of innovative lending solutions tailored to their specific needs through its

the gradual market recovery witnessed during the second half of the year. Looking ahead, GB Capital remains steadfast in its commitment to taking advantage of the rising demand for alternative financing solutions to further expand its product suite and drive sustainable growth.

87.2%

Revenue Contribution to Group 2024

Auto 87.2%

Capital 12.8%

Leasing & Factoring

Consumer Finance

Fintech

Mortgage

Insurance

SME Lending

Fleet Leasing & Auto Rental

Securitization

50 GB CORP Annual Report 2024 GB CORP Annual Report 2024 51

2.2

EGP bn

Revenue

(82..9% y-o-y)

EGP bn

5.3

On-Book Portfolio

(21.5% y-o-y)

The establishment of GB Lease and Factoring in 2008 marked the group's initial venture into the NBFI space, an important milestone for GB Capital. After an initial focus on providing finance for GB Auto's commercial vehicles and corporate fleet clients, the company has since expanded its services and, today, it caters to a wide range of clients, including both local corporates and multinationals.

GB Auto Rental serves as GB Capital's auto rental and operational lease arm. Despite the high level of market competition, GB Auto Rental was able to successfully maintain its growth trajectory and secure considerable market share, solidifying its position as the leading fleet leasing company in Egypt with a fleet of over 2,000 owned vehicles.

The company offers a wide selection of services, such as acquisition, registration, vehicle maintenance, and insurance covering third-party damage and passengers. This all-encompassing service offering has empowered GB Auto Rental to establish a large client base, including multinationals, financial institutions, and various private sector companies.

During the year, GB Auto Rental continued to grow its fleet by securing new vehicle contracts, resulting

As part of GB Capital's overarching strategy to broaden its product offering and diversify revenue streams, GB Lease and Factoring obtained its factoring license from the Egyptian FRA in 2023 and started its factoring operations. Additionally, this year, GB Lease and Factoring has taken significant strides in streamlining its operations with the aim of establishing a solid base for growth over the coming period.

in a total of around 434 units delivered and generating strong revenue growth in 2024. Looking ahead, the company is well-positioned to deliver impressive growth over the coming period on the back of its solid pipeline currently in the works. In 4Q24, GB Auto Rental launched its new online booking engine, marking a significant milestone for the company. This digital platform enhances customer experience by offering a seamless and efficient booking process. Additionally, the company recently received official approval from the Ministry of Transport and subsequently established GB Bus Rental to offer leasing services for buses, trucks of various sizes, and industrial equipment. In its first year of operation, GB Bus Rental secured contracts for a total of 165 buses, representing a significant expansion beyond its existing business activities.

GB CORP Annual Report 2024 53

Leasing

Revenue Contribution to GB Capital Group 2024

29.6%

Leasing

29.6%

52 GB CORP Annual Report 2024

5.1

EGP bn

Revenue

(35.4% y-o-y)

EGP bn

6.5

Portfolio

(73.7% y-o-y)

Drive Finance provides wide-ranging factoring and car loan services, in addition to a diverse selection of financial solutions catering to both individuals and institutions. Drive has achieved significant market penetration since its inception, establishing a solid presence in the highly competitive automotive financing sector. Through its comprehensive product offerings, large client base, and strategic partnerships with renowned brands, the Company focuses on providing medium-term tenors with an emphasis on risk diversification.

Drive achieved strong year-on-year growth driven by higher car prices and enhanced penetration in the car segment market, allowing the company's portfolio to expand despite lower car volumes in the market. The continued diversification of drive's revenue streams through improved market penetration in the used cars segment and an expanded presence in the new passenger cars space has enabled Drive to successfully increase its market share in 2024. Additionally, and in

Forsa, Drive's digital mobile app, reported impressive growth during the period as the company continued to expand its merchant network, which has now reached more than 1,450 merchants across over 7,000 stores. Forsa's strong growth was further supported by its collaboration with new brands and the expansion of its product offering. The introduction of new financing options for large ticket items, such as club memberships, tuition fees, and home finishing products in 2023 was a main driver for the company's continued success over the past period.

line with the company's diversification efforts, in 2024 Drive Finance, alongside GB Capital Marketing, launched Drive's very first B2C auto financing campaign targeting a wide range of customers. The campaign positions Drive Finance as the go-to brand for a variety of car financing options, including used and new cars, motorcycles, trucks, and luxury vehicles. As a result, while the passenger car market contracted by 18% y-o-y during the year, Drive's 2024 sales volumes rose by +70% which contributed to +20% of the Auto loan market share as per FRA Consumer Finance activities annual report. In parallel, during the year Drive completed its fifth bond securitized offering worth EGP 1.4 billion, showcasing the company's ability to successfully execute transactions. It is worth highlighting that in addition to financing GB Corp's passenger cars, as well as the agreements with key independent dealers within the Company's network, the company's FRA-regulated financial solutions are offered to a variety of SMEs and consumers that are unrelated to GB Corp.

The enhancement of its asset quality by shifting towards large ticket items and by upgrading its credit scoring algorithm continues to be a main priority for Forsa in order to maximize client satisfaction. Additionally, the company recently launched the Forsa Elite program with the aim of expanding its portfolio while maintaining its quality and minimizing its NPLs.

GB CORP Annual Report 2024 55

Consumer

Finance

Revenue Contribution to GB Capital Group 2024

Consumer Finance

68.7%

68.7%

54 GB CORP Annual Report 2024

EGP 102.4mn EGP 473mn EGP 0.5bn

Revenue

(1,078.8% y-o-y)

Disbursements

(220% y-o-y)

Loan Portfolio

(292.9% y-o-y)

Kredit is an innovative SME-lending institution, authorized by the Egyptian FRA, launched in 2023 with a focus on addressing tailored financial requirements of SMEs in Egypt. Kredit delivers tailored loan solutions coupled with a simplified approval procedure to empower its clients, prioritizing accessibility, dependability and transparency. Kredit ended its first full year of operation with strong results as it continued to ramp up operations. On that front, the company's portfolio expanded by 33% q-o-q and 289% y-o-y in 4Q24 as disbursements rose and credit facilities increased.

Throughout the year, Kredit was able to secure EGP 575 million in credit facilities with EGP 473 million disbursed and an additional EGP 250 million in the pipeline, as the company continued to gain significant traction in the market. Worth highlighting that the company has embraced a transformational approach through automating its internal operations, allowing it to efficiently process requests.

GB CORP Annual Report 2024 57

SME Lending

1.4%

Revenue Contribution to GB Capital Group 2024

SME-Lending

1.4%

56 GB CORP Annual Report 2024

Fintech Mortgage & Insurance

8mn

+USD1.1bn +USD100mn

Clients Served

Total Loans Disbursed Since Inception

Average Monthly Throughput

Bedaya is a mortgage finance provider formed as a JV between GB Capital, Talaat Moustafa Group, and EFG Hermes. Bedaya provides longterm and competitive financial solutions for new move-in homes, with the aim of enhancing home affordability for Egypt's growing population. Bedaya witnessed impressive growth in 2024 and was ranked third in its market segment

Bedaya focuses on creating tailored mortgage solutions, ensuring that individual customer needs are met. The company also prioritizes the continuous enhancement of the efficiency of its loan process to deliver prompt turnaround times and exceptional customer service. To that end, Bedaya invests in empowering its workforce with the necessary tools, knowledge,

MNT-Halan has established itself as Egypt's largest and fastest-growing non-bank lender targeting the country's unbanked population. By leveraging its cutting-edge technology and data-driven solutions, the company is spearheading the digitalization of traditional banking services. MNT-Halan continued its strong growth trajectory across all its digital products, with its loan book exceeding the USD 1.1 billion by end of FY2024. The company's regional operations also performed strongly, with monthly disbursements in Turkey reaching an all-time high in USD terms and continued its expansion in Pakistan. MNT-Halan has successfully launched its operations in the UAE in 2H24 with more than 100k active borrowers. By utilizing a comprehensive platform covering digital lending, payments, e-commerce, and

consumer finance services, MNT-Halan facilitates the customer's everyday financial needs in one app. Over the past year, MNT-Halan achieved solid growth in its loan book size and disbursements on the back of its strategic focus on delivering diverse financial services, further solidifying its leading position in the market. Additionally, the company is exploring additional securitizations and sukuk offerings to fuel future growth.

during the year. Additionally, Bedaya offers support to individuals looking to acquiring residential, commercial, and administrative properties in Egypt.

Kaf is a life insurance company that was acquired by GB Corp and EFG Hermes to capitalize on the rising demand for insurance services in Egypt, and it is licensed to offer life, savings, and health insurance products. Through innovative life and medical insurance solutions, the company is able to provide customers with a comprehensive product suite.

and support that enables them to provide an unmatched service quality.

Over the previous year, Kaf continuously worked on securing partnerships with leading asset managers to introduce numerous innovative solutions and fill clear market gaps. This has been pivotal in supporting the company's performance during 2024, as Kaf has started penetrating the largely untapped retail and savings insurance space.

58 GB CORP Annual Report 2024 GB CORP Annual Report 2024 59