Orascom Investment E : Consolidated Financial Statements December 31st, 2024

About this update from Orascom Investment Holding Sae

Orascom Investment Holding S.A.E. Consolidated Financial Statements As at and for the year ended December 31, 2024 (IFRS) Together with the auditor's report US$ KPMG Audit S.à r.l. 39, Avenue John F. Kennedy L-1855 Luxembourg Tel.: +352 22 51 51 1 Fax: +352 22 51 71 E-mail: [email protected] Internet: https://www.kpmg.lu To the Board of Directors of Orascom Investment Holding S.a.e. 2005A Nile City Towers Cornish El Nile Ramlet Beaulac N/A Cairo Egypt REPORT OF THE REVISEUR D'ENTREPRISE AGREE Qualified Opinion We have audited the consolidated financial statements of Orascom Investment Holding S.a.e. and its subsidiaries (the "Group"), which comprise the consolidated statement of financial position as at 31 December 2024, and the consolidated statement of profit and loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements including a summary of significant accounting policies. In our opinion, except for the possible effects of the matters described in the "Basis for Qualified Opinion" section of our report, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the International Accounting Standards Board ("IASB"). Basis for qualified opinion Investment in equity accounted investee and cash held in North Korea The Group's investment in CHEO Technology JV ("Koryolink"), a foreign associate is carried at $12 million as at 31 December 2024 under "Equity-accounted investees". For the year, a $9 million share of profit was recognized but was fully impaired due to the fact that Koryolink is operating under an international ban and financial restrictions imposed by the international community on North Korea, which lead to difficulties in transferring profits abroad and repatriation of funds outside of North Korea. The Board of Directors consider the recognized profit and related impairment as the best estimate of the recoverable amount. We were unable to obtain sufficient appropriate audit evidence to support the recoverable amount of this investment, the share of profit, or the corresponding impairment. Consequently, we could not determine whether adjustments were required to the opening and closing balances of "Equity-accounted investees" in the consolidated statement of financial position, the captions "Share of profit from equity accounted investee" and "Impairment of share of profit from equity accounted investee" in the consolidated income statement and other comprehensive income and related disclosures. On 10 November 2025, we issued a qualified opinion on the consolidated financial statements of the Group for the financial year ended 31 December 2023 for this same reason. © 2025 KPMG Audit S.à r.l., a Luxembourg entity and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. R.C.S Luxembourg B 149133 Cash held in North Korea In addition, the Group holds restricted cash of $114 million in North Korea, comprising $106 million with the Foreign Trade Bank of DPR Korea and $8 million of cash in hand. The Board of Directors recorded a 50% expected credit loss (ECL), booking for the year ended 31 December 2024 an additional $13 million in the caption "Impairment of current and non-current assets". We were unable to obtain sufficient appropriate audit evidence regarding the recoverability of these balances, the adequacy of the ECL and the existence of the cash in hand. As a result, we could not determine whether further adjustments to the captions "current financial assets at amortized cost" in the consolidated statement of financial position and "Impairment loss of other financial assets" in the consolidated statement of profit or loss and other comprehensive income or related disclosures were necessary. On 10 November 2025, we issued a qualified opinion on the consolidated financial statements of the Group for the financial year ended 31 December 2023 for the recoverability of the restricted cash held with the Foreign Trade Bank of DPR Korea. Investment in Orascom Telecom Lebanon S.A.L ("OTL") Orascom Telecom Lebanon S.A.L ("OTL"), a Lebanese subsidiary, has elected Lebanese Pound as its functional and presentation currency. Lebanon is classified as a hyperinflationary economy. As at 31 December 2024, OTL represented $6.6 million of the Group's total assets and $1.3 of total liabilities and $(0.47) million operating results. The Board of Directors did not provide an assessment of the impact of IAS 29 Financial Reporting in Hyperinflationary Economies . Accordingly, we could not obtain sufficient appropriate audit evidence regarding the effects of inflation on OTL's assets, liabilities, or results from operations. There were no other procedures that could have been performed to satisfy ourselves as to the appropriateness of OTL's total assets, total liabilities and results from operations. As a result, we were unable to determine whether any adjustments were necessary. On 10 November 2025, we issued a qualified opinion on the consolidated financial statements of the Group for the financial year ended 31 December 2023 for the above-mentioned reason. We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession ("Law of 23 July 2016") and with International Standards on Auditing ("ISAs") as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier ("CSSF"). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of "réviseur d'entreprises agréé" for the audit of the consolidated financial statements » section of our report. We are also independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants ("IESBA Code") as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of the audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Except for the matters described in the "Basis for Qualified Opinion" section, we have determined that there are no other key audit matters to communicate in our report. Responsibilities of the Board of Directors and those charged with governance for the consolidated financial statements The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as adopted by IASB, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group's financial reporting process. Responsibilities of the réviseur d'entreprises agréé for the audit of the consolidated financial statements The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the "réviseur d'entreprises agréé" that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the "réviseur d'entreprises agréé" to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the "réviseur d'entreprises agréé". However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied . From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Luxembourg, 23 December 2025 KPMG Audit S.à r.l. Cabinet de révision agréé Fabrice Leonardi ORASCOM INVESTMENT HOLDING S.A.E. CCiNSO1.1 nATED STAYEM F.NT OF FINANCIAL POSITION AS OF (In thousands of US$) Note December3l,2024 December3l,2023 Assets Property and equipment 14 22.632 3 1,558 Intangible assets 15 Investment property 16 Equity-accounted investees 12 12,071 19,858 Financial assets at amortized cost 17 13 47,975 Financial assets at FVTPL 17 28,522 24,332 Total non-current assets 63,238 123,723 Inventories 365 35 Trade receivables 19 4,302 5,208 Financial assets at amortized cost 17 56,954 Other assets 20 12,869 2,057 Cash and cash equivalents 21 45,714 73,583 Total current assets 120,204 80,883 Total assets 183,442 204,606 Equity Share capital 22 95,890 95,890 Reserved (62,267) (56,507) Retained earnings 20,821 27,532 Equity attributable to equity holders of the Company 54,444 66,915 Non-controlling interests (87) (301) Total equity 54,357 66,614 Liabilities Borrowings 23 104,727 100,009 Deferred tax liabilities 18-1 9,595 9,396 Total non-current liabilities 114,322 109,405 Borrowings 23 3,163 3,386 Trade payables and other liabilities 25 4,903 15,593 Income tax liabilities 996 2,328 Provisions 24 5,701 7,280 Total current liabilities 14,763 28,587 Total liabilities 129,085 137,992 Total equity and liabilities 183,442 204,606 * The accompanying notes from page (5) to page (47) are an integral part of these consolidated financial statements. Marwan Hussien Board Member Manal Abdel Hamid Board Member ORASCOM INVESTMENT HOLDING S.A.E. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED (In thousands of US$, except per share amounts) Note Continuing operations Revenues 6 Other Income Total Income Purchases and services 7 Other expenses 9 Increase in provisions 24 Personnel cost 8 Depreciation and amortization 10 Impairment loss of other financial assets Operating (loss) Finance income 11 Gain/losses on financial assets at FVTPL 11 Finance expense 11 Net gain from foreign currencies translation differences 11 Share of profit from Equity-accounted investees 12 Impairment of share of profit from Equity-accounted investees 12 (Loss) before income tax Income tax expense 13 (loss) for the year from continued operations Discontinued operations Gain /(Loss) from discontinuing operation (net of income tax) 28 (Loss) for the year Other comprehensive income: Items that may subsequently reclassified to profit or loss net of tax Foreign operations- Foreign currencies translation differences Total other comprehensive Loss for the year Total other comprehensive Loss for the year Profit / (loss) for the year attributable to: Owners of the Company from continuing operations 26 Owners of the Company from discontinuing operations 28 Non-controlling interests Total Total other comprehensive income for the year attributable to: Owners of the Company Non-controlling interests Total (losses) per share from continuing operation - basic & diluted 26 December 31 ,2024 December 31 ,2023 7,873 2,728 5,754 115 10,601 5,869 (9,132) (4,761) (484) (225) (1,670) (1,487) (6,446) (9,081) (1,085) (1,627) (14,000) (49,448) (22,216) (60,760) 17,537 4,241 5,943 (3,956) (6,918) (9,611) 1,944 19,783 8,868 18,103 (8,868) (18,103) (3,710) (50,303) (3,126) 1,567 (6,836) (48,736) -- 9,434 (6,836) (39,302) (6,021) (19,834) (6,021) (19,834) (12,857) (59,136) (6,711) (48,711) -- 9,434 (125) (25) (6,836) (39,302) (12,871) (59,197) 14 61 (12,857) (59,136) (0.001) (0.0093) * The accompanying notes from page (5) to page (47) are an integral part of these consolidated financial statements. ORASCOM INVESTMENT HOLDING S.A.E. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2024 (In thousands of US$) Note Share capital Legal reserve Translation reserve Treasury Share Other reserves Total reserves Retained earnings Equity attributable to owners of the parent company Non-controlling interests Total equity As of January 1, 2023 22 95,890 26,150 (56,525) -- 8,075 (22,300) 42,055 115,645 (462) 115,183 Restatements -- -- (6,650) -- (8,075) (14,725) 24,754 10,029 -- 10,029 As of January 1, 2023, restated 95,890 26,150 (63,175) -- -- (37,025) 66,809 125,674 (462) 125,212 Foreign operations- Currencies translation -- -- (19,920) -- -- (19,920) -- (19,920) 86 (19,834) Profit for the year -- -- -- -- - - (39,277) (39,277) (25) (39,302) Total comprehensive (loss) for the year -- -- (19,920) -- -- (19,920) (39,277) (59,197) 61 (59,136) Transactions with owners of the company NCI Share in investment in Subs -- -- -- -- -- -- -- -- 100 100 Gain from Sale of Treasury Share -- -- -- 449 (11) 438 -- 438 -- 438 Total transactions with owners of the compa -- -- -- 449 (11) 438 -- 438 100 538 As of December 31, 2023 95,890 26,150 (83,095) 449 (11) (56,507) 27,532 66,915 (301) 66,614 Share capital Legal reserve Translation reserves Treasury Share Other reserves Total reserves Retain ed earnin gs Equity attributable to owners of the parent company Non-controlling interests Total equity 95,890 26,150 (83,095) 449 (11) (56,507) 27,532 66,915 (301) 66,614 -- 400 -- -- -- 400 -- 400 -- 400 -- -- -- -- -- -- -- -- 200 200 -- -- (6,160) -- -- (6,160) -- (6,160) 139 (6.021) -- -- -- -- -- -- (6,711) (6,711) (125) (6,836) -- -- (6,160) -- -- (6,160) (6,711) (12,871) 14 (12,857) 95,890 26,550 (89,255) 449 (11) (62,267) 20,821 54,444 (87) 54,357 (In thousands of US$) As of January 1, 2024 22 Reserve Equity-settled share-based payment 27 Foreign operations- Foreign currencies (Loss) for the year Total comprehensive (loss) for the year As of December 31, 2024 The accompanying notes from page (5) to page (47) are an integral part of these consolidated financial statements. ORASCOM INVESTMENT HOLDING S.A.E. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED December 31,2024 December 31,2023 (3,710) (50,303) 1,085 1,627 (17,537) (4,241) 6,918 9,611 (1,944) (19,783) 14,000 49,448 200 -- (5,943) 3,956 (2,728) -- 1,670 1,185 (10,236) 2,533 (17,632) (2,353) (35,857) (8,320) (1,700) (3,484) 3,907 4,021 (33,650) (7,783) (5,731) (6,042) (11,182) -- -- 18,075 5,281 4,651 (2,552) (3,799) (6,942) -- (21,126) 12,885 (1,916) (3,238) -- 4,854 34,854 906 (4,125) (91) -- 100 -- 435 (980) -- 27,833 2,966 (26,943) 8,068 -- 352 -- -- -- 352 (26,943) 8,420 73,583 66,880 (926) (1,717) 45,714 73,583 113,909 95,911 159,623 169,494 (In thousands of US$) Notes (Loss) for the year before tax Adjustments for: Depreciation and amortization 10 Finance income 11 Finance expense 11 Foreign exchange (gain) /loss 11 Impairment loss of other financial assets Equity-settled share-based payment 31 Gain from valuation financial assets at fair market value 11 Gain (Loss) from sale of Investments at fair market value Change in provisions 24 Changes in current assets Changes in current liabilities Cash flows (used in) by operating activities Income tax paid Interest received Net cash flows (used in) operating activities Cash flows from investing activities Cash out flow for investments in: Acquisition of Property and equipment Acquisition of financial assets Cash collected from sales of investment property Proceeds from Investments Held for Trading Cash Paid Investments Held for Trading Repayment to related party 17 Cash flows (used in) generated by investing activities Cash flows from financing activities Interest paid 23 Proceeds from Sale & lease back Proceeds from loan and bank facilities 23 Payments of loans 23 Cash from NCI related to their share in subsidiary Cash from Sale Treasury share Payments of operating lease 23 Cash flows generated by financing activities Net change in cash and cash equivalents from continuing operations Discontinuing operations Net cash flows (used in) / generated by operating activities Net cash flows (used in) financing activities Net cash generated by / (used in) discontinued operations Net change in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of exchange rates on cash and cash equivalents continued Cash and cash equivalents at the end of the year 21 Cash Held in North Korea classified as financial assets 17 Total cash and financial assets at the end of the year 21 * The accompanying notes from page (5 to page 47) are an integral part of these consolidated financial statements. General information Orascom Investment Holding S.A.E. ("OIH" or the "Company") is an Egyptian Joint Stock Company pursuant to the provisions of the Capital Market Law No. 95 of 1992, and its executive regulations. The Company was registered at Commercial Register under No 394061. The Company's Head Office located at Nile City Towers, Armlet Boulak-Cairo-Egypt. The Company was established on November 29, 2011 (the "inception") and until this date the businesses of the Company were performed under various entities which were controlled by Orascom Telecom Holding, S.A.E. ("OTH"). As part of a larger transaction pursuant to which VimpelCom Ltd had acquired OTH dated April 14, 2011, its shareholders agreed to affect the demerger, whereby, OTH was split into two companies, OTH and the Company ("Demerger"). The Demerger resulted in the transfer of certain telecom, cable and media and technology assets (the "OIH Assets") to the Company. The Company and its subsidiaries (the "Group") is a mobile telecommunications business operating in high growth emerging markets in the Middle East, Africa and Asia. The Company is a subsidiary of Orascom TMT investments S.à.r.l. The Company's shares are listed on the Egyptian Stock Exchange under ISIN number EGS693V1C014 and has Global Depositary Receipts (GDRs) which are listed on the London Stock Exchange under ISIN number US68555D2062, and Egyptian stock exchange under number 2349649 The information presented in this document for the 12 months ended 31 December 2024 has been presented in thousands of United States Dollar ("US$"), except earnings per share and unless otherwise stated. Material accounting policies Basis of accounting The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards. They were approved and authorized for issue by the Company's board of directors on 23 December 2025 The Consolidated Financial Statements have been prepared on a going concern basis, as Management have verified the absence of financial, management or other indicators that could indicate critical issues regarding the Group's ability to meet its obligations in the foreseeable future, and during 12 months following the date of authorization. The description of the methods through which the Group manages financial risks is contained in the following note 4 relating to "Financial risk management". For presentational purposes, the current/non-current distinction has been used for the statement of financial position. The statement of comprehensive income is presented using the one-statement approach. Expenses are analyzed in the statement of profit or loss using a classification based on their nature. The indirect method has been selected to present the cash flows statement. Application of new and revised International Financial Reporting Standards ("IFRSs") New currently effective requirements Effective date New standards or amendments January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) Non-current Liabilities with Covenants (Amendments to IAS 1) Supplier Finance Arrangements (Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures) Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) In the current year, the group has applied a number of amendments to IFRS Accounting Standards that are effective for an accounting period that begins on or after 1 January 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Forthcoming requirements Effective date New standards or amendments 1 January 2025 Lack of Exchangeability - Amendments to IAS 21 1 January 2026 Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 1 January 2026 Annual Improvements to IFRS Accounting Standards - Volume 11 1 January 2027 IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures The directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the group in future periods, except if indicated below." Summary of material accounting principles and policies The main accounting principles and policies adopted in preparing these consolidated financial statements are set out below. These policies have been applied consistently by the Group entities. Basis of consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include the financial statements of the Company and the financial statements of those entities over which the Company has control, both directly and indirectly, from the date on which control is transferred to the Group until the date such control ceases. The financial statements used in the consolidation process are those prepared by the individual Group entities in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) Consolidation procedures used are as follows: The assets and liabilities and income and expenses of subsidiaries are included on a line-by-line basis, allocating to non-controlling interests, where applicable, the share of equity and profit or loss for the year that is attributable to them. The resulting balances are presented separately in equity and the consolidated income statement; the acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of acquiree's identifiable net assets. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in consolidated profit or loss. Goodwill represents the excess of the cost of an acquisition over the interest acquired in the net fair value at the acquisition date of the assets and liabilities of the entity or business acquired. Goodwill relating to investments accounted for using the equity method is included in the carrying amount of the investment. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair values of non-controlling interest over the net identifiable assets acquired and the liabilities assumed. If the consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in the consolidated profit or loss. Acquisition costs on business combinations are expensed as incurred, except if they relate to issue debt or equity securities. The purchase of equity holdings from non-controlling holders are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration received and the relevant share of the carrying value of net assets of the subsidiary is recorded in equity. Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interests in associates and a joint venture . Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases. The equity method is as follows: The Group's share of the profit or loss of an investee is recognized in the consolidated profit or loss from the date when significant influence begins up to the date when that significant influence ceases or when the investment is classified as held for sale. Investments in associates with negative shareholders' equity are recorded till the Group's interest is reduced to zero and a provision for its losses is accrued only if the Group has a legal or constructive obligation to cover such losses. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it's carrying value. If the ownership interest in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in the consolidated other comprehensive income is reclassified to consolidated profit or loss. Unrealized gains and losses generated from transactions between the Company, or its subsidiaries and its investees accounted for using the equity method are eliminated on consolidation for the portion pertaining to the Group; unrealized losses are eliminated unless they represent impairment. Management fees received from associates are included within revenue. Appendix A includes a list of the entities included in the scope of consolidation. Non-controlling interests Non-controlling interests of consolidated subsidiaries are presented separately from the Group's equity" therein". Non-controlling interests that represent current equity interests and entitle their holders to a proportionate share of the net assets of the entity in liquidation, they may be measured at initial recognition either at fair value or in the Proportionate share of the non-controlling interests in the recognized values of the net assets acquired - The Measurement basis for each acquisition transaction is selected separately. The non-controlling interest in an acquire is initially measured at the non-controlling interest proportionate share in the fair value of the assets, liabilities and contingent consideration recognized on acquisition date. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency of the Company is Egyptian pound. The Consolidated Financial Statements are presented in 'US Dollars' (US$), which is the Group's presentation currency. The numbers disclosed according to the presentation currency "US$" represent the translation of the group financial results recognized in its functional currency "EGP "converted to US$ using the appropriate exchange rates Transactions and balances Transactions in foreign currencies are translated into the functional currency of the relevant entity at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated, at the reporting date, into the prevailing exchange rates at that date. Foreign currency exchange differences arising on the settlement of transactions and the translation of the statement of financial position are recognized in the income statement. Gains and losses on long-term financing provided to Group subsidiaries by the parent company, for which settlement is neither planned nor likely to occur, are initially recognized in. other comprehensive income and reclassified to the income statement on disposal of the relevant entity, transaction in foreign currency for non-monetary assets and liabilities carried at historical cost are initially recorded using closing rate at the date of the transaction while items carried at fair value should be reported at the rate that existed when fair values were determined. If a gain or loss on a non-monetary item is recognized in other comprehensive income, any foreign exchange component of that gain or loss is also recognized in other comprehensive income. Group companies The financial statements of the Group entities are translated into the presentation currency as follows: Assets and liabilities are translated at the closing exchange rate. Income and expenses are translated at the average exchange rate for the year. All resulting exchange differences are recognized as a separate component of equity in the "translation reserve" until the group loses control of the relevant subsidiary. When the group disposes of a foreign operation the translation reserve, previously recognized in equity, is transferred to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate; and In the preparation of the consolidated cash flow statement, the cash flows of foreign subsidiaries are translated at the average exchange rate for the year, except for the opening and closing cash balances. Average for the year ended December 31, 2024 Closing rate as of December 31, 2024 Average for the year ended December 31, 2023 Closing rate as of December 31, 2023 0.0220 0.0196 0.0326 0.0324 1.0817 1.0353 1.0815 1.1038 0.1854 0.1620 0.2003 0.2061 0.00001 0.00001 0.00007 0.00007 The exchange rates applied in relation to the US$ are as follows: Egyptian Pound (EGP) Euro (EUR) Brazilian Real (BRL) LBP Lebanese Pounds (LBP) Property and equipment Property and equipment are stated at purchase cost or production cost, net of accumulated depreciation and any impairment losses. Cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for use and any dismantling and removal costs which may be incurred because of contractual obligations, which require the asset to be returned to its original state and condition. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Each asset is treated separately if it has an autonomously determinable useful life and value. Depreciation is charged at rates calculated to write off the costs over their estimated useful lives on a straight-line basis from the date the asset is available and ready for use. The useful lives of property and equipment and their residual values are reviewed and updated, where necessary, at least at each year-end. Land is not depreciated. When a depreciable asset is composed of identifiable separate components whose useful lives vary significantly from those of other components of the asset, depreciation is calculated for each component separately, applying the "component approach". The useful lives estimated by the Group for the various categories of property and equipment are as follows. Number of years Buildings 50 Leasehold improvements and renovations 3-8 Machinery 5-10 Computer equipment 3-5 Furniture and fixtures 5-10 Vehicles 3-6 Gains or (losses) arising from the sale or retirement of assets are determined as the difference between the net disposal proceeds and the net carrying amount of the asset sold or retired and are recognized in the income statement in the period incurred. Leases With the adoption of IFRS 16, the Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged to the income statement over the lease period using the effective interest rate method. As A leasee , right-of-use assets are initially measured at cost comprising the following: (i) the amount of the initial measurement of lease liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial direct costs and, if applicable, (iv) restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized as an expense in the income statement on a straight-line basis. Lease liabilities are initially measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease payment that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option. Lease liabilities do not include any non-lease components that may be included in the related contracts. Lease payments are subsequently measured at amortized cost and discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group's incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The right-of-use asset is subsequently depreciated on a straight-line basis over the entire term of the contract, unless the contract provides for the transfer of ownership at the end of the lease term or the cost of the lease reflects the fact that the lessee will exercise the purchase option. In this case, the depreciation must be the shorter of the useful life of the asset and the duration of the contract. The estimated useful lives for right-of-use assets are calculated according to the same criterion applied to owned tangible assets. In addition, the right-of-use asset is decreased by any impairment losses and adjusted to reflect any remeasurement of the associated lease liability. In the statement of financial position, the Group presents right-of-use assets within property and equipment and lease liabilities within current and non-current borrowings. In the income statement, interest expense on lease liabilities constitutes a component of financial expenses and is shown separately from the depreciation of right-of-use assets. Sale and leaseback An entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) and leases that asset back from the buyer-lessor, both the seller-lessee and the buyer-lessor shall account for the transfer contract and the lease. Assessing whether the transfer of the asset is a sale An entity shall apply the requirements for determining when a performance obligation is satisfied in IFRS 15 to determine whether the transfer of an asset is accounted for as a sale of that asset. Transfer of the asset is a sale. If the transfer of an asset by the seller-lessee satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset: The seller-lessee shall measure the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the seller-lessee. Accordingly, the seller-lessee shall recognise only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the lease are not at market rates, an entity shall make the following adjustments to measure the sale proceeds at fair value: Any below-market terms shall be accounted for as a prepayment of lease payments; and Any above-market terms shall be accounted for as additional financing provided by the buyer-lessor to the seller-lessee. Transfer of the asset is not a sale : If the transfer of an asset by the seller-lessee does not satisfy the requirements of IFRS 15 to be accounted for as a sale of the asset, the seller-lessee shall continue to recognise the transferred asset and shall recognise a financial liability equal to the transfer proceeds. It shall account for the financial liability applying IFRS 9. Impairment of non-financial assets Assets that have an indefinite useful life - for example, goodwill- are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. In determining an asset's value in use, the estimated future cash flows are discounted using a pre-tax rate that reflects the market's current assessment of the cost of money for the investment period and the specific risk profile of the asset. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units, "CGU"). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed. Investment property Investment properties are property (land or a building or part of a building or both) held by the Group to earn rental income or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in supply of goods or services or for administrative purposes. Investment properties are initially measured at cost. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure. Directly attributable expenditure includes, for example, professional fees for legal services, property transfer taxes and other transaction costs. Subsequent to initial recognition, the Group has elected to measure investment properties at cost less accumulated depreciation and accumulated impairment losses, if any. Investment property is derecognized upon disposal, when it is permanently withdrawn from use and no future economic benefits expected from its disposal. Gains or losses arising from the retirement or disposal of investment property are determined as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated profit or loss in the period of the retirement or disposal. Reclassifications to / from investment property are made when, and only when, there is a change of use. Revenue from operating lease rentals is recognized on a straight-line basis over the relevant term of the lease. The rental income generated by investment properties is recognized within revenues in the consolidated income statement. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each component of the investment properties. The estimated useful lives of leased units are estimated at 50 years. Financial assets Recognition and measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Subsequent Measurement The Group classifies non-derivative financial assets into the following categories: Amortized cost FVOCI - debt investment FVOCI - equity investment or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as FVTPL: It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets - Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management. The information considered includes: The stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management's strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities, or expected cash outflows or realizing cash flows through the sale of the assets. How the performance of the portfolio is evaluated and reported to the Group's management. the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed. How managers of the business are compensated - e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and The frequency, volume, and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group's continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period and for other basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: Contingent events that would change the amount or timing of cash flows. terms that may adjust the contractual coupon rate, including variable-rate features. prepayment and extension features; and terms that limit the Group's claim to cash flows from specified assets (e.g., non-recourse features). Financial assets - Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairments losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss derecognition is recognized in profit or loss. Financial liabilities - Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial assets are derecognized when one of the following conditions is met: The contractual right to receive the cash flows from the asset has expired. The Group has substantially transferred all of the risks and rewards related to the asset, transferring its rights to receive the cash flows from the asset or assuming a contractual obligation to pass the cash flows received to one or more beneficiaries by virtue of an agreement that meets the requirements set out in IFRS 9 (pass through test) The Group has not transferred nor substantially maintained all the risks and rewards related to the financial asset but has transferred control. Impairment of financial assets The Group recognizes loss allowances for expected credit losses ("ECL") on : Trade receivables related to fees and commission under the scope of IFRS 15 ("Revenues from Contracts with Customers") Financial assets measured at amortized cost or at FVOCI. The Group applies a simplified approach to measure some of these assets. For further information, please, refer to the section 3. Use of estimates and critical judgments-Impairment of financial assets. Impairment losses on financial assets are recognized in the consolidated statement of profit or loss under "Impairment loss of other financial assets". Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). For trade receivables related to fees and commission, the Group measures loss allowances at an amount equal to 12-month ECLs. For financial assets measured at amortized cost or at FVOCI, the Group measures loss allowances at an amount equal to 12-month ECLs. However, a lifetime ECLs is elected if the credit risk on the financial instruments has increased significantly since initial recognition. Significant increase in credit risk and default When determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when: There is a breach of financial covenants by the counterparty; or the information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without considering any collateral held by the Group); or The financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets are credit impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: Significant financial difficulty of the borrower or issuer. A breach of contract such as a default or being more than 90 days past due. The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise. It is probable that the borrower will enter bankruptcy or another financial reorganization; or The disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECL ECL for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For financial instruments at FVOCI, the ECL is charged to consolidated profit or loss and is recognized in OCI. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities to comply with the Group's procedures for recovery of amounts due. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in the consolidated statement of profit or loss when the recovery occurs. Financial liabilities Financial liabilities consisting of borrowings, trade payables and other obligations are recognized when the Group becomes a party to the related contractual clauses and are initially recognized at fair value, adjusted by any directly attributable transaction costs. Financial liabilities and trade payables, with the exception of derivative financial instruments, are subsequently measured at amortized cost using the effective interest rate method Derecognition of financial liabilities The financial liabilities are derecognized when they are extinguished, namely when the contractual obligation has been met, cancelled, or prescribed. An exchange of debt instruments with substantially different contractual terms, must be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the contractual terms of an existing financial liability must be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Finance income and finance costs The Group's finance income and finance costs include: Interest income. Interest expense. Dividend income. Net gain or loss on financial assets at FVTPL. Foreign currency gain or loss on financial assets and financial liabilities; impairment losses (and reversals). Interest income or expense is recognised under the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group's right to receive payment is established. The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset, or the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired after initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. Interest income is recognized using the effective interest method. When a receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash-flow discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loans is recognized using the original effective interest rate. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. In the consolidated statement of financial position, bank overdrafts are shown within borrowings in current liabilities. The group recognize loss allowances for ECL on the cash closing balance. The group measures loss allowances at an amount equal to 12-month ECLs. Current and deferred income tax The tax expense for the year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group's subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred income tax is not accounted for if it arises from initial recognition of goodwill or the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates, and joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the near future. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. Provisions Provisions are only recognized when the Group has a present legal or constructive obligation arising from past events that will probably result in a future outflow of resources, and the amount has been reliably estimated. Provisions are not recognized for future operating losses. The amount provided represents the best estimate of the present value of the outlay required to meet the obligation. The interest rate used in determining the present value of the liability reflects current market rates and considers the specific risk of each liability. Earnings per share Basic Earnings Per Share: Basic earnings per share are calculated by dividing the profit for the year attributable to equity holders of the Company, both from continuing and discontinued operations, by the weighted average number of ordinary shares in issue during the year excluding ordinary shares purchased by the Company and held as treasury shares. Diluted Earnings Per Share: Diluted earnings per share are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares of the Company outstanding during the year where, compared to basic earnings per share, the weighted average number of shares outstanding is modified to include the conversion of all dilutive potential shares, while the profit for the year is modified to include the effects of such conversion net of taxation. Diluted earnings per share are not calculated when there are losses as any dilutive effect would improve earnings per share. Employee benefits Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Share-based payment arrangements The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally known as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. The fair value of the amount payable to employees in respect of SARs, which are settled in cash, is recognised as an expense with a corresponding increase in liabilities, over the period during which the employees become unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the SARs. Any changes in the liability are recognised in profit or loss. Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. Business Combination The acquisition method of accounting is used to account for all business combination, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises: Fair values of the assets transferred. Liabilities incurred to the former owners of the acquired business. Equity interests issued by the group. Fair value of any asset or liability resulting from a contingent consideration arrangement and. Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the : Consideration transferred. Amount of any non-controlling interest in the acquired entity, and Acquisition date fair value of any previous equity interest in the acquired entity Over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognized directly on profit or loss as a bargain purchase. Where the settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as the date of exchange. The discount rate used is the entity's incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in the consolidated profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquire is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the consolidated profit or loss. In case that initial treatment of business combination is not complete at the end of financial period consolidated, the group recognizes temporary amounts for accounts and during the measurement period not to exceed one year from the date of acquisition. The adjustment is performed retrospectively for completion of new information (Intangible assets, deferred taxes/provisions, and others). Segment reporting Operating segments are reported in a manner which is consistent with the internal reporting information provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors of the Company. Discontinued operations A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earliest of disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative period. Revenue from contracts with customers The company recognizes revenue based on the following five steps: Determination of the contract with the client. Determination of the contractual obligation to transport goods and/or services (known as performance obligations). Determination of the price of the transaction. Allocation of the transaction price to performance obligations determined based on the independent selling price for each good or service. Recognition of income upon fulfilment of the relevant performance obligation. The Group does not recognize any assets associated with the incremental costs of obtaining a contract with a customer that are expected to be not recovered. The majority of revenue is recognized over a period of time and the Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that would otherwise be recognized is one year or less. Specifically, the Group mainly recognizes revenue from entertainment and Other trading activities. The following is a statement of the group revenues and how to define each revenue : Revenue from Entertainment Segment Revenue from entertainment segment is predominantly generated by Orascom pyramids entertainment ("OPE") and Orascom sound and light "OSL" which includes Sound and light shows and entertainment activities and the pyramids site. Orascom pyramids entertainment ("OPE") Rental income: Rental income is recognized according to the accrual basis and in the straight-line manner according to the essence of the lease agreement. Sponsorship Revenue: Care income is recognized by the distribution of sponsorship consideration on a straight-line basis over the duration of the sponsorship contract. Events revenue: Events revenue is recognized when performing event for customers and no revenue is recognized in case of uncertainty of refund for this revenue or associated costs. A-2 Orascom sound and light "OSL Revenues of sound and light shows: - It is represented in the revenues resulting from sound light shows presented within the archaeological pyramids area. Revenue from investment property Segment Revenue from investment property is recognized according to the accrual basis and in the straight-line manner according to the rental contract duration. Revenue from other trading activities Revenue from other trading activities is predominantly generated by O-Trade and Blue EV recognized according to the accrual basis based on agreement and revenue recognition criteria. EBITDA Definition (Alternative performance measure) Adjusted earnings before interest, tax, depreciation, and amortisation (adjusted EBITDA). A management has presented the performance measure adjusted EBITDA because it monitors this performance measure at a consolidated level, and it believes that this measure is relevant to an understanding of the Group's financial performance. Adjusted EBITDA is calculated by adjusting profit from continuing operations to exclude the impact of taxation, net finance costs, depreciation, amortisation, impairment losses/reversals related to goodwill, intangible assets, and other financial assets. Adjusted EBITDA is not a defined performance measure in IFRS Accounting Standards. The Group's definition of adjusted EBITDA may not be comparable with similarly titled performance measures and disclosures by other entities. Repurchase and reissue of ordinary shares (treasury shares) When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium. Use of estimates and critical judgements The preparation of the Consolidated Financial Statements requires that the directors apply accounting policies and methodologies that, in some circumstances, are based upon complex and subjective judgments and estimates that are based on historical experience and assumptions that are considered reasonable and realistic at the time, considering the relevant circumstances for example the assessment of control over subsidiaries and associates as well as the impairment of goodwill amount. The application of such estimates and assumptions affects the amounts recorded in the consolidated statement of financial position, the consolidated income statement, the consolidated statement of comprehensive income and cash flows, as well as in the notes. Actual results might differ from such estimates due to the uncertainty surrounding the assumptions and conditions upon which estimates are based. The accounting estimates that require the more subjective judgment of management in making assumptions or estimates regarding the effects of matters that are inherently uncertain and for which changes in conditions may significantly affect the results reported in these Consolidated Financial Statements are summarised below. Valuation of financial instruments - Note (17) 'Fair value' is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as 'active' if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would consider in pricing a transaction. If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and long positions at a bid price and liabilities and short positions at an ask price. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price - i.e., the fair value of the consideration given or received. If the Group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data, or the transaction is closed out. Fair value hierarchy For fair value measurement recognized in the statement of financial position, IFRS 13 requires an entity to classify fair value measurements based on a fair value hierarchy, with the following levels, by reference to the significance of the inputs used in making measurement: Level 1 inputs are unadjusted quoted prices in active markets for items identical to the asset being measured. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are directly or indirectly observable. Level 3 inputs are unobservable inputs that are usually determined based on management's assumptions. However, Level 3 inputs must reflect the assumptions that market participants would use when determining an appropriate price for the asset. Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the funds the Group invest into have their own assumptions that are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by various funds in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement. When determining fair value, the funds use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques used by the funds to determine fair value are consistent with the market or income approaches. The market approach includes valuation techniques that use prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities, or a group of assets and liabilities. The funds generally use the market approach to value exchange-traded securities. The funds value equity securities that are traded on a national securities exchange at their last reported sales price. The funds generally value equity securities traded in the over the counter (OTC) markets and listed securities for which no sale was reported on that date at their last reported bid price if held long, and last reported ask price if sold short. To the extent that equity securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 of the fair value hierarchy. The Group has not disclosed the fair values of financial instruments such as short-term trade receivables, trade payables, other receivables, and other payables, because their carrying amounts are a reasonable approximation of fair value. Impairment of non-current assets Non-current assets are reviewed to determine whether there are any indications that the net carrying amount of these assets may not be recoverable and that they have suffered an impairment loss that needs to be recognized. In order to determine whether any such elements exist, it is necessary to make subjective measurements, based on information obtained within the Group, in the market and on past experience. When indicators are identified that an asset may have become impaired, the Group estimates the impairment loss using suitable valuation techniques. The identification of elements indicating that a potential impairment exists and estimates of the amount of the impairment, depend on factors that may vary in time, affecting management's assessments and estimates. Impairment of financial assets The Group applies a simplified approach to measure expected credit losses of trade receivables related to fees and commission and financial assets measured at amortized cost and FVOCI. In a simplified approach expected credit losses are measured on the basis of a lifetime or 12-month expected loss allowance. The expected credit losses are based on historical information on actual credit losses on receivables. The model considers other information on the future economic conditions available at the time of the measurement. Discontinued operation A discontinued operation is a component of the Group's business, the operations, and cash flows of which can be clearly distinguished from the rest of the Group and which: Represents a separate major line of business or geographic area of operations. Is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or Is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comparative statement of profit or loss and OCI is re-presented as if the operation had been discontinued from the start of the comparative year. Intangibles Intangible assets constitute a significant part of the Group's total assets and the scheduled amortisation charges from a significant part of the annual operation expenses. The useful economic lives arrived at, on the basis of management's estimates and assumptions, have a major impact on the valuation of intangible assets. At the end of each reporting period, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, the recoverable amount of the intangible asset is estimated, in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, intangible assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Significant influence in North Korea The Company's investment in North Korea relates primarily to the 60% voting rights in the local telecom operator Koryolink. The accounting treatment has been modified during 2015 through recognizing it as an investment in associates instead of subsidiaries, as the OIH (Egypt) Group management believes in the existence of significant influence instead of control. In the light of international sanctions that the United States administration has decided to impose on the North Korean government and its various departments, the OIH (Egypt) Group's management closely monitors ongoing activities to make sure that the sanctions are not violated, and the two sides reached some understanding of the organizational and commercial frameworks focused on organizing the work of telecommunications market in North Korea. The accounting treatment has been modified during period ended September 30, 2015, though recognizing it as an investment in associates instead of investment in subsidiaries, as the Group management believes that the existence of significant influence instead of control The accounting treatment has been modified during period ended September 30, 2015, though recognizing it as an investment in associates instead of investment in subsidiaries, as the Group's management believes that the existence of significant influence instead of control due to the increase of the restrictions, financial and operating difficulties facing Koryolink due to the international sanction imposed by the international community including the United States of America, the European Union, and the United Nations." These sanctions have the effect of restricting financial transactions and the import and export of goods and services, including goods and services required to operate, maintain, and develop mobile networks. In addition, the restrictions implemented affect the ability of its associate to transfer profits to the parent (return of funds to its native). On September 11, 2017, the United Nations Security Council issued a resolution obliging member state of the United Nations to pass laws prohibiting joint ventures and existing partnerships with the North Korean Republic unless approval is obtained to continue such joint ventures. The Group's management submitted an official request through Ministry of the foreign affairs of the Government of the Arab Republic of Egypt in order to be excluded from adhering to the said resolution. On December 26, 2018, the request to the Security Council Committee established to follow up the implementation of sanctions on North Korea was approved, with the exception of Koryolink, to ban foreign investment in North Korea and to allow Orascom Investment Holding to continue its activities in North Korea. And consider the company as a telecommunications infrastructure company offering a public service. Share capital % Euro* 60,000,000 60% 40,000,000 40% 100,000,000 100% During the third quarter of 2022, Koryolink announced an increase in the company's capital by about 20 million euros, and KPTC, the shareholder of Koryolink by 25% at that time, subscribed to the entire shares of the capital increase, with Orascom Investment Holding refraining from subscribing to it. This increase led to a Dilution of Orascom Investment Holding's shareholding in Koryolink from 75% to 60%. Orascom Investment Holding SAE Post office Co.at North Korea Total *The functional currency for Koryolink is Euro. Depreciation of non-current assets The cost of property and equipment is depreciated on a straight-line basis throughout the useful economic life of the relevant asset. The useful economic life is determined by management at the time the asset is acquired and is based upon historical experience for similar assets, market conditions, and forecasts regarding future events that could have an impact on useful life, including changes in technology. Therefore, the actual useful economic life may differ from the estimated useful life. The Group periodically evaluates sector and technology changes in order to update the remaining useful life. Such periodic updates could result in a change during the depreciation period, and therefore also in the depreciation in future periods. Taxes Income taxes (both current income tax and deferred taxes) are determined in each country whereby the Group operates in accordance with a prudent interpretation of the applicable tax regulations. This process results in complex estimates in determining taxable and deductible income and taxable temporary differences between accounting and tax values. In particular, deferred tax assets are recognized when it is probable that there will be future taxable income against which the temporary differences can be utilised. The assessment of the recoverability of deferred tax assets, in relation to tax losses that can be used in future periods and deductible temporary differences, considers the estimated future taxable income on the basis of a prudent tax planning. Provisions and contingent liabilities Management assesses events and circumstances indicating that the Group may have an obligation resulting in the ordinary course of business, Management applies its judgment in determining whether the recognition criteria have been met through assessing the probability of the obligation, making assumptions about timing and amounts of future cash outflows expected to settle the obligation. Financial Risk Management Financial risk factors The Group is exposed to a variety of financial risks: market risk (including foreign exchange risk and cash flow and fair value interest rate risk), credit risk and liquidity risk. In particular, the Group is exposed to risks from movements in exchange rates, interest rates and market prices. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's performance through ongoing operational and finance activities. The management has overall responsibility for the establishment and oversight of the Group's risk management framework . Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposure with acceptable parameters, while optimizing the returns. The Group's strategy is aimed wherever possible at eliminating currency risk and managing derivatives in compliance with the policies and strategies defined within the Group, taking into consideration the different effects that these instruments could have on the profit or loss and the statement of financial position as a function of their classification and accounting treatment. Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising when its business transactions are in currencies other than its functional currency. The main currencies to which the Group is exposed are the US dollar ("US$"), the Euro ("EUR"), DPRK Won ("KPW") , Brazilian Real ("BRL") , Lebanese Pound( LBP) and the Egyptian Pound ("EGP"). The Group is exposed to foreign currency risk arising in two separate ways: Foreign exchange operations risk The Group entities predominantly execute their operating activities in their respective functional currencies. Some Group subsidiaries are, however, exposed to foreign currency risks in connection with scheduled payments in currencies that are not their functional currencies. In general, this relates to foreign currency denominated supplier payables due to capital expenditures and receivables. The Group monitors the exposure to foreign currency risk on a group basis. Management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. In addition, the Group manages foreign currency risk by matching its principal cash outflows to the currency in which the principal cash inflows are denominated. This is generally achieved by obtaining loan financing in the relevant currency At year end, major net assets / (net liabilities) foreign currencies positions presented in 'US Dollars' (US$), were as follows: December 31, 2023 December 31, 2023 December 31, 2023 December 31, 2023 Assets (Liabilities) Net assets/(liabilities) Net assets/(liabilities) in currency in currency in currency in US$ US$ 101,083 (2,780) 98,303 98,303 LBP 76,064,187 (42,202,771) 33,861,416 2,257 Euro 84,052 (65,713) 18,339 20,242 GBP 1 -- 1 2 BRL 11,310 (1,781) 9,529 1,964 December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024 Assets (Liabilities) Net assets/(liabilities) Net assets/(liabilities) in currency in currency in currency in US$ US$ 81,537 1,397 80,141 80,141 LBP 645,116,211 - 110,603,558 755,719,769 5,971 Euro 110,043 87,413 22,630 23,429 GBP 108 - 108 2 BRL 8,149 2,012 6,137 994 As of December 31, 2024, if the functional currencies had increased/(decreased) by 10% against the US$, Euro, BRL, and GBP with all other variables held constant, the translation of foreign currency would have resulted in an increase / (decrease) of US$ $ 7,539 thousand and LBP 493 and Euro of 16,895 as well as BRL 136 of net profit (2023: US$ $ (8,981) thousand and Euro of (349) and LBP 226 as well as BRL 7,565 of net profit. Foreign exchange translation risk Due to its international presence, the Group's Consolidated Financial Statements are exposed to foreign exchange fluctuations, as these affect the translation of subsidiaries' assets and liabilities denominated in foreign currencies to the US$ (the Group's presentational currency). The currencies concerned are mainly the Egyptian pound, and the Euro. This represents a translational risk rather than a financial risk given that these movements are posted directly to equity in the cumulative translation reserve Price risk The Group has no exposure to equity instruments of other entities that are publicly traded. Cash flow and fair value interest rate risk The Groups interest rate risk arises from borrowings. Borrowings received at variable interest rates expose the Group to cash flow interest rate risk. The Group has not entered into any derivative financial instruments to hedge its exposure to cash flow interest rate risk. All borrowings from banks outstanding as of December 31, 2024, US$ 17,391thousand (December 31, 2023 US$ 32,490 thousand) note 23 are at a fixed interest rate, at a variable interest rate and interest rate free. The Group analyses its interest rate exposure on a dynamic basis. The Group calculates the impact on the consolidated profit or loss of a defined interest rate shift. The same interest rate shift is used for all currencies. The impact of a 1% interest rate shift would be a maximum increase/decrease in 2024 finance costs of US$ 0.251 million. (2023: US$ 0.93 million). Fair value hierarchy The following tables analyze financial instruments carried at fair value, by level, on 31 December 2024 and 2023: (Millions of US$ ) Level 1 At 31 December 2024 Level 2 Level 3 Total Financial instruments FVTPL -- -- 28,522 28,522 Total assets -- -- 28,522 28,522 At 31 December 2023 (Millions of US$ ) Level 1 Level 2 Level 3 Total Financial instruments FVTPL -- -- 24,332 24,332 Total assets -- -- 24,332 24,332 The investment in Lighthouse Energy Fund SCSp fund has been classified as Level 3. Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include private equity securities. As observable prices are not available for these securities, there were various techniques applied to derive the fair value. These techniques include comparable trading multiples, comparable transaction multiples and discounted cash flow analysis. The following table provides quantitative information related to the significant unobservable inputs for Level 3 fair value measurements as at 31 December 2024 of the Lighthouse Energy fund (Millions of US$ ) Valuation Technique Unobservable inputs Range of estimates (weighted average) Sensitivity Range Sensitivity Unlisted private equity investments Discounted cash flow PPA prices Market following with EUR 2/MWh discount Discount of EUR 1/MWh/ Discount of EUR 3/MWh The estimated FV would increase, if the PPA prices were higher. Discount rates 8% to 14% +0.5% /-0.5% The estimated FV would increase if the discount rates were lower. Merchant power prices EUR 51/MWh declining to EUR 30/MWh +10% / -10% The estimated FV would increase if the merchant power prices were higher. CAPEX Solar EUR 0.5mn to 0.85mn/MW +10% / -10% The estimated FV would increase if the CAPEX prices were lower. Wind EUR 1.3mn/MW Data Center Sale Prices (Non-Iridium): Granted: EUR 300k/MW Requested: EUR 250k/MW +10% / -10% The estimated FV would increase if prices were higher. Borrowing costs Wind EUR 1.3 /MW 4.0% to ...

View stock analysis, news, and events for Orascom Investment Holding Sae