Consolidated financial statements as of June 30, 2025

Unaudited

Consolidated financial statements

Consolidated income statements and consolidated statements of comprehensive income

Consolidated Statement of financial position

Statement of changes in consolidated shareholders' equity Consolidated statements of cash flows

3

4

5

6

Consolidated financial statements

In euros Note June 2025

June 2024 Restated

June 2025 June 2024 Restated

In euros Total

of which Group

share

of which non controlling

interests Total

of which Group

share

of which non controlling interests

In euros Note June 2025 December 2024

Number of

Additional

Consolidated

Translation

Shareholders'

Non

In euros

Shares Share capital paid in capital reserves and net

income

adjustments

equity,

Group share

controlling

interests

Total

-

-

-

(2 340 529)

-

(2 340 529)

(2 340 529)

Capital increase

Transactions between shareholders & Business

Other changes

-

-

-

(13 847 192)

(426 107)

(14 273 299)

Capital increase

Transactions between shareholders & Business combinations

- (36 108 843)

36 108 843

-

-

-

(35 780 556)

-

-

5 417

-

5 417

(14 592)

(9 175)

Equity at June 2024

restated

Net income

8 807 035

361 088 435

(1 944 986)

- (33 186 414)

(33 186 414)

(649 156)

(33 835 570)

(47 738)

(33 186 414)

(33 234 152)

(2 546 404)

(6 432 412)

(4 779 577)

(12 661 968)

Other comprehensive

income

(12 212)

(1 558 418)

(1 570 630)

(40 701)

(1 611 331)

Comprehensive income

(12 288 774)

(1 897 248)

(6 432 412)

(6 432 412)

1 652 835

-

-

-

4 470 236

2 817 401

Capital increase/decrease

Transactions between shareholders & Business

Other changes

1 652 835

(385 406)

-

-

-

-

-

-

(602)

(602)

Other changes

(1 558 418)

-

(81 917 219)

(96 533 044)

182 638 172

29 419 323

212 057 495

(12 276 562)

-

(12 276 562)

42 484

(94 433 125)

(98 091 455)

168 563 855

28 846 398

197 410 253

Net income

Other comprehensive income

Comprehensive income

Dividends distributed in cash

-

-

1 652 835

(47 738)

-

Equity at June 2025

8 807 035 324 979 592

36 108 843

(92 655 026)

(104 523 867)

163 909 542

31 443 357

195 352 899

(82 780)

36 108 843

(6 570 074)

(2 099 838)

-

-

-

-

-

-

-

-

-

-

(227 132)

7

(227 125)

(146 216)

(373 341)

Equity at December 2024

8 807 035

324 979 592

-

-

-

-

-

-

125 264

-

125 264

(1 870)

-

-

-

-

-

-

(103 289)

-

(103 289)

101 419

-

(47 738)

250 189 625

31 878 900

218 310 725

(63 346 630)

(79 431 080)

8 807 035 361 088 435

Equity at December 2023

Restated

Net income

Other comprehensive income

Comprehensive income

Spread of Sunny Properties Turnover: Income statement

-

(137 662)

2 679 739

-

-

-

-

-

-

-

-

-

In euros June 2025

June 2024 Restated

Notes on the consolidated financial statements

1. Accounting principles and methods 9

   1. Preatoni Group presentation 9

   2. Accounting basis 9

   3. Application of IAS 8 for error correction 10

   4. Basis of measurement and preparation of the consolidated financial statements 10

   5. Use of estimates and judgment 11

   6. Accounting policies 11

2. Highlights of the period 13

3. Scope of consolidation 14

4. Segments information 16

5. Notes to the consolidated statements of financial position 20

   1. Goodwills 20

   2. Intangible fixed assets 21

   3. Tangibles assets 22

   4. Investment property at fair value 23

   5. Investments in associates 24

   6. Financial assets 24

   7. Inventories 26

   8. Trade receivables 27

   9. Other current assets 28

   10. Cash and cash equivalents 29

   11. Shareholders' equity 29

   12. Provisions 29

   13. Current and non-current financial liabilities 30

   14. Other non-current liabilities 32

   15. Operating liabilities 32

   16. Contract assets and liabilities 32

   17. Lease agreements 33

6. Notes to the statements of net income 35

   1. Revenues 35

   2. Operating expenses 36

   3. Impairment losses, amortization and provisions 36

   4. Income from operating activities 36

   5. Net financial income/loss 37

7. Income tax 38

   1. Income taxes 38

   2. Deferred taxes 39

1. Employee compensation and benefits

   1. Pension and similar commitments

   2. Personnel costs and workforce

40

40

41

1. Financial risk management

   1. Market risk

   2. Counterparty risk

   3. Liquidity risk

42

42

42

44

10 Guarantees given

45

1. Additional information

   1. Share ownership

   2. Compensation of Supervisory Board and Executive Board members

   3. Transactions with related parties

   4. Atypical and/or unusual operations

   5. Subsequent events

46

46

46

46

47

47

1. Accounting principles and methods
   1. Preatoni Group presentation

      PREATONI Group has been registered in the Paris Trade Register since July 13, 2022, as a public limited company and is domiciled at 7, avenue Victor Hugo, 75116 Paris. The company is a financial holding that has been in operation since July 1, 2022,

      It is the parent company of the PREATONI Group, which is mainly located:

      • In Egypt and Italy, operating its own hotels and resorts, and

      • In the Baltic States and Dubai, developing real estate.

      PREATONI Group shares were admitted to trading on the Euronext Access+ Paris market on February 12, 2025.

      PREATONI Group's consolidated financial statements as of June 30, 2025, were approved by the Board on September 25, 2025.

   2. Accounting basis

      • Accounting standards

        The consolidated financial statements as of June 30,2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB), as adopted by the European Union and applicable on that date.

      • Changes in accounting standards

      Texts applicable as of January 1, 2025

      The accounting principles applied by the Group are identical to those used in the consolidated financial statements as of December 31, 2024, with the exception of new standards and amendments that are mandatory as of January 1, 2025, and which had not been applied in advance by the Group.

      The amendment below, which is mandatory as of January 1, 2025, had no impact on the Group's consolidated financial statements as of June 30, 2025:

      • Amendment to "IAS 21 - The Effects of Changes in Foreign Exchange Rates - Non-convertible Currencies."

        Texts applicable from January 1, 2026

        The following standards, amendments, or interpretations applicable as of January 1, 2026, have not been early adopted by the Group:

      • Amendments to IFRS 9 and IFRS 7 - Classification and measurement of financial instruments

        Texts applicable from January 1, 2027

        The following two standards will be mandatory from January 1, 2027, subject to their adoption by the European Union:

      • IFRS 19 - Subsidiaries not subject to public disclosure requirements: Disclosures

      • IFRS 18 - Presentation and disclosures in financial statements

      IFRS 18 is intended to replace IAS 1 on the presentation of financial statements and to amend, primarily, IAS 7 -Statement of Cash Flows and IAS 8 - Accounting Policies, Changes in Accounting Estimates, and Errors. If adopted, this standard will have to be applied retrospectively.

      Annual improvements to IFRS are limited to changes that clarify certain wording in the accounting standards or remedy omissions or inconsistencies between the provisions of the standards.

   3. Application of IAS 8 for error correction

      In accordance with the provisions of IAS 8, the following error corrections were recorded on the financial statements as of June 30, 2024:

      • Spreading of revenues from the sale of Time-share in Egypt

      In Egypt, time-shares are sold by Sunny Properties in the form of a right to usufruct for a period of one or more weeks essentially over a period of 5 or 30 years. The customer has the right to use the property as soon as a deposit of 30% of the contract value has been paid. The balance, i.e. 70%, is paid over a maximum of 18 months. The average sale price for 5-year contracts is around €5,000, and for 30-year contracts around €11,000.

      The customer must notify the resort operator annually, with six months' notice, of their intention to use their period. They then undertake to pay the resort operator a sum corresponding to the hotel services that will be provided to them under the contract.

      According to IFRS 15, revenue from ordinary activities is recognized when the goods or services promised to customers are provided. In the case of Sunny Properties, the time-share contract is treated as a contract for the provision of hotel services, with the obligations being fulfilled over the total term of the contract.

      Sunny Properties recognized the full amount of revenue when the contract was signed and the 30% deposit was paid. In accordance with IFRS 15, its revenue has been adjusted to recognize 1/5 of 5-year contracts and 1/30 of 30-year contracts in the annual or interim results.

      This adjustment was applied retrospectively:

      • In equity as of December 31, 2023, for an amount of -7,423,365 euros; this impact is presented in the consolidated financial statements published by the group as of December 31, 2024.

      • In the consolidated statement of financial position as of June 30, 2024, for an amount of -2,340,529 euros. The impact of the correction on the income statement as of June 30, 2024, is as follows:

      In euros	June 2024 published	Spread of Sunny Properties Turnover	June 2024 restated
      Turnover	29 128 299	(2 271 529)	26 856 770
      Consumed purchases and other external services	(19 362 417)	-	(19 362 417)
      Personal costs and charges	(6 897 183)	-	(6 897 183)
      Amortizations, impairment and provisions	(2 746 878)	(69 000)	(2 815 878)
      Current revenues	487 770	-	487 770
      Current expenses	(501 958)	-	(501 958)
      Current operating income	107 633	(2 340 529)	(2 232 896)
      Change in value of investment properties	-	-	-
      Income from the disposals of assets	(32 110)	-	(32 110)
      Scope effects	(6 750)	-	(6 750)
      Other non-recurring revenues and expenses	(39 835)	-	(39 835)
      Goodw ill impairment	(129 761)	-	(129 761)
      Share of net income (loss) of equity-accounted entities	(227 617)	-	(227 617)
      Income from operating activities	(328 440)	(2 340 529)	(2 668 969)
      Cost of net debt	(3 115 308)	-	(3 115 308)
      Other f inancial income and expenses	1 744 662	-	1 744 662
      Financial income (Loss)	(1 370 646)	-	(1 370 646)
      Profit before tax	(1 699 086)	(2 340 529)	(4 039 615)
      Tax expenses	(245 900)	-	(245 900)
      Consolidated net income	(1 944 986)	(2 340 529)	(4 285 515)
      Of w hich
      Attributable to the Group	(47 738)	(2 340 529)	(2 388 267)
      Attributable to non-controlling interests	(1 897 248)	-	(1 897 248)

   4. Basis of measurement and preparation of the consolidated financial statements

      The consolidated financial statements have been prepared under the historical cost convention, except for investment property, which is measured at fair value.

   5. Use of estimates and judgment

      In accordance with the IFRS conceptual framework, the preparation of financial statements requires the use of estimates and assumptions that affect the amounts reported in the financial statements.

      Estimates are based on historical experience and other factors. Estimates are revised periodically, and the effects of any changes are reflected in the consolidated financial statements for the year in which the change occurs. Final outcomes could differ from those estimates.

      The main items concerned are as follows:

      • Pension commitments

        The valuation of pension commitments is based on actuarial calculations. The Group considers that the assumptions used are appropriate and justified, and that any change in assumptions would not have a material impact.

      • Measurement of the fair value of assets and liabilities

        The main assumptions and estimates used to determine the fair value of assets and liabilities include the expected market outlook required to measure future cash flows, and the discount rates to be applied. The values used reflect management's best estimates.

      • Deferred tax assets

        Deferred tax assets are recognized on tax loss carry-forwards when it is probable that future taxable profit will be available to the Group against which the tax loss carry-forwards can be utilized. The likelihood of future taxable profits is estimated taking into account the existence of temporary taxable differences from the same tax entity and is passed on to the same deadlines towards the tax authority as well as the estimates of future taxable profits.

      • Inventory valuation

      Inventories are periodically assessed and written down if their net realizable value is lower than their book value. Net realizable values are determined on the basis of assumptions made by management based on experience and historical observations.

      In addition to relying on estimates, the Group's management may use judgments to determine the appropriate accounting treatment for certain activities and transactions, particularly when the IFRS standards and interpretations in force do not precisely address the accounting issues concerned.

   6. Accounting policies

      1. Foreign currency translation methods (IAS 21)

         • Presentation currency of the consolidated financial statements

           The consolidated financial statements are presented in euros (€), which is PREATONI Group's functional and presentation currency.

         • Functional currency

           Functional currency is the currency of the primary economic environment in which an entity operates. In most cases, the functional currency is the local currency. However, for some entities, a functional currency other than the local currency may be used, provided it better reflects the currency of the entity's main transactions and economic environment.

         • Translation of foreign currency transactions

           Transactions in foreign currencies are recorded in the functional currency at the exchange rate on the transaction date. At each reporting date :

           • Monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates. The resulting exchange gains and losses are recognized in the income statement for the period;

           • Non-monetary assets and liabilities denominated in foreign currencies are recognized at the historical exchange rate prevailing at the transaction date.

         • Conversion of the financial statements of consolidated companies whose functional currency is not the euro

           The statement of financial position is translated into euros at the year-end exchange rate. Income and cash flow statements are translated at average exchange rates. Differences arising from the translation of the financial statements of these consolidated companies are recorded under "Translation adjustments" within "Other comprehensive income".

           The exchange rates of non-euro zone currencies used to prepare the consolidated financial statements are as follows:

           2025
           2024
           
           

           Currency

           Average rate Closing rate Average rate Closing rate

           CHF	Sw iss franc	1,062362	1,069991	1,049388	1,062877
           EGP	Egyptian pound	0,018126	0,017108	0,020381	0,018931
           AED	United Arab Emirates Dirham	0,248944	0,231046	0,251566	0,262087

2. Highlights of the period

   • Listing of PREATONI Group on Euronext Access+ Paris

     On February 10, 2025, PREATONI Group announced the listing of its securities on the Euronext Access+ Paris compartment by way of technical admission. The shares were first listed on February 12, 2025.

   • Withdrawal of Domina Vacanze Holding AS from the commercial register

     On February 19, 2025, Domina Vacanze Holding AS was removed from the Commercial Register (Tartu County Court Registration) for failure to file its certified 2023 annual accounts. Given this situation, the company is no longer able to perform legal or management acts. Domina Vacanze Holding AS may be reinstated in the Commercial Register on condition that it files its certified 2023 and 2024 accounts.

     The process of certifying and filing the 2023 and 2024 financial statements with the Commercial Register is currently underway.

   • Egyptian pound exchange rate

   In the first half of 2025, the average exchange rate between the euro and the Egyptian pound was 1 euro to 58.27 EGP, compared with 1 euro to 49.043 025 in fiscal year 2024.

   The exchange rate between the euro and the Egyptian pound stood at €33 before the devaluation in March 2024.

3. Scope of consolidation

   ACCOUNTING PRINCIPLES

   The consolidated financial statements include all controlled entities and investments in associates and joint ventures.

   Controlled entities

   The financial statements of entities over which the Group exercises exclusive control, directly or indirectly, are consolidated using the full consolidation method. Control is assessed by reference to the Group's exposure to the entity's returns and its ability to influence those returns, by virtue of the power exercised over the entity.

   The Preatoni Group controls an entity if it meets the following three cumulative conditions:

   1. It has power over this entity, i.e. it holds substantive rights that give it the practical ability to direct its key activities.

   2. It is exposed to or entitled to variable cash flows associated with its interest in the entity;

   3. He has the ability to exercise his power over the entity, to optimize the cash flows from which he benefits.

   Control is presumed to exist when PREATONI Group directly or indirectly holds more than half of the company's voting rights.

   A subsidiary is consolidated in the Group's financial statements from the date on which the Group takes control, and ceases to be consolidated on the date on which the Group loses control of the entity.

   All intra-group balances, income and expenses, as well as unrealized gains or losses arising from internal transactions between controlled entities, are eliminated in full.

   Investments in associates and joint ventures

   The equity method is used to consolidate associates and joint ventures.

   An associate is an entity over which the Group exercises significant influence, i.e. the power to participate in decisions relating to the entity's financial and operating policies, without controlling or jointly controlling these policies.

   A joint venture is a partnership in which the parties exercising joint control have rights over its net assets. Joint control refers to the contractually agreed sharing of control over an entity, which exists only where decisions concerning the relevant activities require the unanimous consent of the parties sharing control.

   The results, assets and liabilities of investments in associates and joint ventures are included in the Group's consolidated financial statements using the equity method.

   When a Group entity enters into a transaction with a Group joint venture or associate, the profits and losses arising from the transaction with the joint venture or associate are recognized in the Group's consolidated financial statements only to the extent of the interests held by third parties in the joint venture or associate.

   The Group's consolidation includes 43 companies as of December 31, 2024.

   AS Pro Kapital Grupp has been listed on Nasdaq Tallinn (Baltic Main List segment) since November 23, 2012. It is fully consolidated with a 49.62% controlling interest.

   PREATONI Group - with its subsidiary Svalbork - is the majority shareholder and has substantive rights that give it the effective ability to manage key activities that significantly affect AS Pro Kapital Grupp's profitability.

   The changes in the scope of consolidation during the first half of 2025 are as follows:

   • BM Kliversala Sia and Pro Kapital Latvia Engineering SIA, both Latvian subsidiaries of AS Pro Kapital Grupp, were included in the scope of consolidation; SIA Pro Kapital Engineering will be responsible for managing construction projects in Latvia and BM Kliversala SIA will be responsible for developing Blue Marine project in Riga.

   • Reduction of the 21% interest in Preatoni Real Estate DMCC following an increase fully subscribed by the external shareholder; the entity remains under equity accounting with a 29% interest.

   The entities included in the scope of consolidation are listed below:

   June 2025 December 2024

   Entity	Country	% interest	% control	Consolidation method (a)	% interest	% control	Consolidation method (a)
   Preatori Group	France	100,00%	100,00%	Holding	100,00%	100,00%	Holding
   Prea Swiss Holding SA	Switzerland	100,00%	100,00%	FC	100,00%	100,00%	FC
   Preatoni Real Estate DMCC	Dubai	29,00%	29,00%	EM	50,00%	50,00%	EM
   Suny Properties UAE	United Arab Emirates	100,00%	100,00%	FC	100,00%	100,00%	FC
   Domina International SA	Switzerland	100,00%	100,00%	FC	100,00%	100,00%	FC
   Domina Vacanze Holding	Estonia	67,99%	67,99%	FC	67,99%	67,99%	FC
   Svalbork	Estonia	100,00%	100,00%	FC	100,00%	100,00%	FC
   Sinai Co. For touristic development	Egypt	96,72%	96,72%	FC	96,72%	96,72%	FC
   Mayra misr	Egypt	100,00%	100,00%	FC	100,00%	100,00%	FC
   Domina Health and Beauty	Egypt	90,00%	90,00%	FC	90,00%	90,00%	FC
   Sheikh Coast Diving	Egypt	96,80%	96,80%	FC	96,80%	96,80%	FC
   Nile Company for Hotels & Resorts Management	Egypt	96,00%	96,00%	FC	96,00%	96,00%	FC
   Domina International Management srl	Italy	100,00%	100,00%	FC	100,00%	100,00%	FC
   Unopuntotre Srl	Italy	51,00%	51,00%	FC	51,00%	51,00%	FC
   Domina VIP TRAVEL Srl	Italy	100,00%	100,00%	FC	100,00%	100,00%	FC
   Domina SRL	Italy	100,00%	100,00%	FC	100,00%	100,00%	FC
   PK Sicily Spa	Italy	67,99%	100,00%	FC	67,99%	100,00%	FC
   Immobiliare Novate	Italy	67,06%	98,64%	FC	67,02%	98,57%	FC
   A.F.I American Financial Investment Limited	Liechtenstein	100,00%	100,00%	FC	100,00%	100,00%	FC
   Zenith Holding AG	Liechtenstein	100,00%	100,00%	FC	100,00%	100,00%	FC
   AS Pro Kapital Grupp	Estonia	49,62%	49,62%	FC	49,62%	49,62%	FC
   Pro Kapital Eesti AS	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Pro kapital Vilnius Real Estate UAB	Lithuania	49,62%	100,00%	FC	49,62%	100,00%	FC
   Pro Kapital Latvia JSC	Latvia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Pro Kapital Germany Holdings OÜ	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Pro Kapital Germany GMBH	Germany	49,62%	100,00%	FC	49,62%	100,00%	FC
   OÜ PKE Treasury (ex OU Ilmarise Kvartal)	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   AS Tondi Kvartal	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Pro Halduse OÜ	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   OÛ Kalaranna Kvartal	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   OÜ Marsi Elu	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   OÜ Kindrali Majad (OÜ Dunde Arendus)	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Oû Pro Kapital Engineering	Estonia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Preatoni Nuda proprieta Srl	Italy	33,49%	67,50%	FC	67,50%	67,50%	FC
   Preatoni Intermediazioni Immobiliari Srl	Italy	33,49%	100,00%	FC	67,50%	100,00%	FC
   PK Invest UAB	Lithuania	49,62%	100,00%	FC	49,62%	100,00%	FC
   In Vitam UAB	Lithuania	49,62%	100,00%	FC	49,62%	100,00%	FC
   Kliversala SIA	Latvia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Talina Nekustamie Ipasumi SIA	Latvia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Nekustamo Ipasumu sabiedriba Zvaigznes Centrs SIA	Latvia	49,62%	100,00%	FC	49,62%	100,00%	FC
   Pro Kapital Latvia Engineering SIA	Latvia	49,62%	100,00%	FC	-	-	-
   BM Kliversala Sia	Latvia	49,62%	100,00%	FC	-	-	-

   PK Hotel Management Services GMBH	Germany	49,62%	100,00%	FC	49,62%	100,00%	FC
   (a) FC : full consolidation EQ: Equity method

4. Segments information

   ACCOUNTING POLICIES (IFRS 8)

   IFRS 8 requires disclosure of information on operating segments.

   For management purposes, the Group is organized into operating segments. These segments are as follows: Real estate development, Hotels & Tourism including time-share and Holdings.

   The Group also presents analyses by geographical area: Italy, Baltic States, Egypt, Dubai, Others

   Each entity is allocated to its country of origin and to an operating segment; the information is presented according to this allocation, with the following two exceptions:

   • Financial liabilities are reallocated to the operating segment and country benefiting from the financing;

   • Sunny Properties, the entity responsible for the Sharm El Sheik Time-share activity, is attached to Egypt.

   The following information is presented by operating segment and geographical area: income statement, EBITDA, fixed assets, cash and financial liabilities.

• Statement of net income and EBITDA

  Operating segments
  June 2025 (in euros)	Real Estate	Hospitality & Tourism	Holding	Total
  Turnover	28 226 861	22 672 411	-	50 899 272
  Consumed purchases and other external services	(17 665 656)	(15 989 092)	(288 921)	(33 943 669)
  Personal costs and charges	(2 758 711)	(3 920 333)	(1 443)	(6 680 487)
  Amortizations, impairment and provisions	(311 865)	(3 541 950)	(137 307)	(3 991 122)
  Current revenues	26 966	618 994	62 051	708 011
  Current expenses	(108 564)	(783 863)	(2 000)	(894 427)
  Current operating income	7 409 031	(943 833)	(367 620)	6 097 578
  Fair value investment properties	754 149	-	-	754 149
  Goodwill impairment	-	(109 037)	0	(109 037)
  Result from entities in equity method	(196 029)	-	-	(196 029)
  Other	-	307	308 407	308 714
  Result from operational activities	7 967 151	(1 052 563)	(59 213)	6 855 375
  Financial result	(1 554 472)	(492 497)	(185 087)	(2 232 056)
  Result before tax	6 412 679	(1 545 060)	(244 300)	4 623 319
  Income tax expense	(924)	276 457	(428 616)	(153 083)
  Net result	6 411 755	(1 268 603)	(672 916)	4 470 236
  EBITDA	8 279 016	2 598 424	78 094	10 955 534

  June 2024 restated (in euros) Real Estate Hospitality & Tourism Holding Total

  Turnover	6 896 217	19 960 553	-	26 856 770
  Consumed purchases and other external services	(4 957 263)	(14 408 811)	3 657	(19 362 417)
  Personal costs and charges	(2 438 447)	(4 457 930)	(806)	(6 897 183)
  Amortizations, impairment and provisions	(302 337)	(2 397 481)	(116 060)	(2 815 878)
  Current revenues	72 540	415 230	-	487 770
  Current expenses	(13 153)	(471 014)	(17 791)	(501 958)
  Current operating income	(742 443)	(1 359 453)	(131 000)	(2 232 896)
  Fair value investment properties	-	-	-	-
  Goodwill impairment	-	(129 761)	0	(129 761)
  Result from entities in equity method	(227 617)	-	-	(227 617)
  Other	(30 190)	(27 765)	(20 740)	(78 695)
  Result from operational activities	(1 000 250)	(1 516 979)	(151 740)	(2 668 969)
  Financial result	(2 238 875)	1 311 264	(443 035)	(1 370 646)
  Result before tax	(3 239 125)	(205 715)	(594 775)	(4 039 615)
  Income tax expense	(2 414)	(188 602)	(54 884)	(245 900)
  Net result	(3 241 539)	(394 317)	(649 659)	(4 285 515)
  EBITDA	(697 913)	1 010 263	(35 680)	276 670

  Geographical areas

  Italy Baltic countries Egypt Other

  June 2025 (in euros)					Total
  Turnover	9 386 472	28 226 861	13 237 726	48 213	50 899 272
  Consumed purchases and other external services	(7 699 148)	(17 699 976)	(8 740 250)	195 705	(33 943 669)
  Personal costs and charges	(1 529 836)	(2 758 711)	(2 145 554)	(246 386)	(6 680 487)
  Amortizations, impairment and provisions	(1 633 468)	(311 865)	(1 908 482)	(137 307)	(3 991 122)
  Current revenues	79 936	26 966	539 055	62 054	708 011
  Current expenses	(41 284)	(108 564)	(742 579)	(2 000)	(894 427)
  Current operating income	(1 437 328)	7 374 711	239 916	(79 721)	6 097 578
  Fair value investment properties	-	754 149	-	-	754 149
  Goodwill impairment	(17 036)	0	(92 001)	0	(109 037)
  Result from entities in equity method	-	-	-	(196 029)	(196 029)
  Other	307	(16 268)	-	324 675	308 714
  Result from operational activities	(1 454 057)	8 112 592	147 915	48 925	6 855 375
  Financial result	(758 423)	(1 639 252)	303 619	(138 000)	(2 232 056)
  Result before tax	(2 212 480)	6 473 340	451 534	(89 075)	4 623 319
  Income tax expense	(30 151)	(924)	334 600	(456 608)	(153 083)
  Net result	(2 242 631)	6 472 416	786 134	(545 683)	4 470 236
  EBITDA	196 447	8 424 457	2 148 398	186 232	10 955 534
  June 2024 restated (in euros)	Italy B	altic countries	Egypt	Other	Total
  Turnover	7 675 030	6 896 217	12 285 523	-	26 856 770
  Consumed purchases and other external services	(6 424 246)	(4 994 774)	(8 427 943)	484 546	(19 362 417)
  Personal costs and charges	(1 562 318)	(2 438 447)	(2 594 784)	(301 634)	(6 897 183)
  Amortizations, impairment and provisions	(1 447 255)	(302 337)	(950 226)	(116 060)	(2 815 878)
  Current revenues	414 185	72 540	-	1 045	487 770
  Current expenses	(44 480)	(13 153)	(427 669)	(16 656)	(501 958)
  Current operating income	(1 389 084)	(779 954)	(115 099)	51 241	(2 232 896)
  Fair value investment properties	-	-	-	-	-
  Goodwill impairment	(17 036)	0	(112 725)	0	(129 761)
  Result from entities in equity method	-	-	-	(227 617)	(227 617)
  Other	(28 045)	(36 940)	(13 992)	282	(78 695)
  Result from operational activities	(1 434 165)	(816 894)	(241 816)	(176 094)	(2 668 969)
  Financial result	(850 925)	(2 306 448)	2 286 247	(499 520)	(1 370 646)
  Result before tax	(2 285 090)	(3 123 342)	2 044 431	(675 614)	(4 039 615)
  Income tax expense	167 090	(2 414)	(186 383)	(224 193)	(245 900)
  Net result	(2 118 000)	(3 125 756)	1 858 048	(899 807)	(4 285 515)
  EBITDA	30 126	(514 557)	821 135	(60 034)	276 670

• Non-current assets

  Operating segments

  Real Estate Hospitality & Tourism Holding

  June 2025 (in euros) Total

  Goodwill	69 134 591	32 824 736	-	101 959 327
  Intangible assets	93 064	5 897 910	324 831	6 315 805
  Tangible assets	7 462 262	104 689 394	32 373	112 184 029
  Investments properties at fair value	42 505 198	271 725	-	42 776 923
  Rights of use	384 401	574 183	364 105	1 322 689

  December 2024 (in euros) Real Estate Hospitality & Tourism Holding Total

  Goodwill	69 134 591	35 460 543	-	104 595 133
  Intangible assets	98 277	5 933 070	430 161	6 461 508
  Tangible assets	7 594 744	111 490 188	33 790	119 118 722
  Investments properties at fair value	44 210 000	300 686	-	44 510 686
  Rights of use	513 397	599 787	392 125	1 505 309

  Geographical areas

  June 2025 (in euros)

  Italy Baltic countries Egypt Other

  Total

  Goodwill	9 156	164	69 071	888	23	668	573	62	702	101 959 327
  Intangible assets	79	677	93	064	2	064	614	4 078	450	6 315 805
  Tangible assets	57 330	478	7 462	262	47	358	916	32	373	112 184 029
  Investments properties at fair value		-	42 505	198		271	725		-	42 776 923
  Rights of use	574	183	384	401			-	364	105	1 322 689

  December 2024 (in euros) Italy Baltic countries Egypt Other Total

  Goodwill	9	173	200	69 071	888	26	287	342	62	702	104 595 133
  Intangible assets		126	221	98	277	2	078	397	4 158	613	6 461 508
  Tangible assets	58	566	021	7 594	744	52	924	167	33	790	119 118 722
  Investments properties at fair value			-	44 210	000		300	686		-	44 510 686
  Rights of use		599	787	513	397			-	392	125	1 505 309

• Cash and cash equivalents

  Operating segments

  June 2025 (in euros)	Real Estate	Hospitality & Tourism	Holding	Total
  Banking and postal deposit accounts	3 553 426	8 004 683	183 609	11 741 718
  Cash on hand	18 260	290 414	514	309 188
  Total	3 571 686	8 295 097	184 123	12 050 906
  December 2024 (in euros)	Real Estate	Hospitality & Tourism	Holding	Total

  Banking and postal deposit accounts	4 329 782	5 330 415	286 470	9 946 667
  Cash on hand	13 990	290 729	289	305 008
  Total	4 343 772	5 621 144	286 759	10 251 675

  Geographical areas

  June 2025 (in euros)	Italy	Baltic countries	Egypt	Other	Total
  Banking and postal deposit accounts	5 604 445	3 557 578	2 055 869	523 826	11 741 718
  Cash on hand	27 628	18 260	263 230	70	309 188
  Total	5 632 073	3 575 838	2 319 099	523 896	12 050 906

  December 2024 (in euros) Italy Baltic countries Egypt Other Total

  Banking and postal deposit accounts	3 259 824	4 329 841	1 872 324	484 678	9 946 667
  Cash on hand	11 447	13 990	279 502	69	305 008
  Total	3 271 271	4 343 831	2 151 826	484 747	10 251 675

• Financial liabilities

Operating segments

Real Estate Hospitality & Tourism Holding

June 2025 (in euros) Total

December 2024 (in euros) Real Estate Hospitality & Tourism Holding Total

Geographical areas

1. Notes to the consolidated statements of financial position
   1. Goodwills

      ACCOUNTING PRINCIPLES (IFRS 3 and IAS 36)

      Business combinations are accounted for using the purchase method as defined in IFRS 3 (revised).

      Under this method, the identifiable assets acquired and liabilities and contingent liabilities assumed must be recognized at their fair value at the acquisition date.

      Goodwill represents the difference between (1) the consideration transferred and the amount of any non-controlling interest in the acquired company, and (2) the fair value of identifiable assets, liabilities and contingent liabilities acquired. Where this results in a negative difference (negative goodwill), it is recognized immediately in the income statement.

      The Group applies the partial goodwill method.

      For each business combination, the amount of any non-controlling interests in the acquired company (minority interests) may initially be measured either on the basis of their fair value, or on the basis of their proportionate share of revalued net assets.

      The Group may adjust the values initially assigned in the initial and provisional accounting of a business combination within 12 months of the acquisition date.

      Goodwill is allocated to cash-generating units (CGUs) or groups of CGUs.

      In accordance with IAS 36, the Group performs impairment tests whenever there is an indication that goodwill may be impaired, and at least once a year. The annual test is mandatory for assets with indefinite useful lives and goodwill only.

      Goodwill is tested at the level of Cash-Generating Units (CGUs), which are homogeneous entities generating cash flows that are largely independent of the cash flows generated by other CGUs.

      PREATONI Group's CGUs are :

      • Hotel business: "the hotel", which may be run by a single entity (Domina Milano Fiera at Novate, Zagarella Domina Sicily at PK Sicily) or several entities (Sharm El Sheikh at Nile and Sicot).

      • Real estate development: the Pro Kapital group.

        These valuations are based on the discounted cash flow (DCF) method. The method consists of three stages:

      • Stage 1: estimation of cash flows likely to be generated in the future by operations. These cash flows are estimated on the basis of business plans drawn up in each country where the Group has management activities, on its own behalf.

      • Stage 2: discounting of cash flow forecasts, together with the estimated value of activities at the end of the forecast period (terminal value) at an appropriate rate.

      • Stage 3: obtain a value for the entity equal to the value of the business, plus any gain resulting from the difference between the effective tax payable on sale via a disposal of shares and the deferred tax recognized in the balance sheet under IAS 12

        Impairment testing consists of comparing the net book value with the recoverable value, as explained above, and recognizing an impairment loss in the income statement when the net book value of the assets tested exceeds the recoverable value.

        In the event of impairment of a CGU to which goodwill is allocated, the impairment loss is recognized:

      • First, by reducing the carrying amount of goodwill allocated to the CGU; then

      • Where appropriate, by reducing the carrying amount of the CGU's other assets.

        Impairment losses recognized on goodwill are definitive and cannot be reversed.

        • Change in carrying amount

          In euros Gross amount Accumulated

          impairment Carrying Amount

          December 2024	168 361 497	(63 766 364)	104 595 133
          Changes in scope of consolidation	-	-	-
          Impairment loss	-	(109 037)	(109 037)
          Translation adjustments	(3 370 421)	843 652	(2 526 769)
          Other	-	-	-
          June 2025	164 991 076	(63 031 749)	101 959 327

          In

          June 2025 December 2024

          En euros

          Real Estate Hospitality & Tourism

          Total Real Estate Hospitality &

          Tourism Total

          Egypt resort	-	13 954 148	13 954 148	-	15 441 432	15 441 432
          Egypt time share	-	-	0	-	-	0
          Italy	-	5 711 174	5 711 174	-	5 711 174	5 711 174
          Baltic countries	69 071 888	-	69 071 888	69 071 888	-	69 071 888
          Dubai	-	-	0	-	-	0
          Other	62 703	-	62 703	62 703	-	62 703
          Goodwill on operating companies	69 134 591	19 665 322	88 799 913	69 134 591	21 152 606	90 287 197
          Egypt	-	9 714 424	9 714 424	-	10 845 909	10 845 909
          Italy	-	3 444 990	3 444 990	-	3 462 026	3 462 026
          Goodwills from deferred taxes	0	13 159 414	13 159 414	0	14 307 935	14 307 935

          Total 69 134 591 32 824 736 101 959 327 69 134 591 35 460 542 104 595 133

          In the first half of 2025, the change in this item is the result of translation differences on the Egyptian currency.

        • Impairment

      No impairment loss was recognized as of June 30, 2025.

   2. Intangible fixed assets

      ACCOUNTING PRINCIPLES (IAS 38)

      Intangible assets are non-monetary assets with no physical substance. They must be identifiable (i.e. separable from the acquired entity or resulting from legal or contractual rights), controlled by the company as a result of past events, and give rise to future economic benefits.

      IAS 38 states that intangible assets should only be amortized if they have a finite useful life. Intangible assets with no finite useful life are not amortized but are tested for impairment annually (IAS 36), or whenever there is an indication that they may be impaired.

      Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives.

      The useful life of the Domina brand is indefinite; an impairment test is carried out annually, comparing the net book value with the royalty income received.

      Usufruct rights relate to the Time-share park acquired by Sunny Properties, with a useful life of 75 years. The annual amortization rate is 1.2%.

      Other intangible assets include licenses, software and websites. These assets are amortized over 3 to 5 years. Amortization of intangible assets is included in "Amortization, depreciation and provisions" in recurring operating income.

In euros Trademarks Commercial

goodwill

Other intangible assets

Total

Plant,

Other fixtures,

Tangible

In euros Lands Buildings

equipment and furniture,

fixed assets

Total

machinery

transport, office

equipment

in progress

The net change in this item is mainly explained by depreciation for the period and the impact of exchange rate fluctuations.

In euros

June 2025

December

2024

The buildings are land intended for real estate development. They are valued annually (December 31, 2024) by an independent expert, and this valuation is carried forward to June 30, 2025. The change in fair value recorded on June 30, 2025 relates to the "Blue Marina" land in Riga. It was carried out in order to separate the latter from the Kiversala project and transfer it to inventory for an amount of 2,600,000 euros.

The breakdown of the fair value by property is as follows:

Property (In thousands of euros)

June 2025

December

2024

Variation

Assets measured at amortized cost

Financial assets are measured at amortized cost when recovery is assured by the collection of contractual cash flows (repayment of principal and interest on the principal outstanding).

These assets correspond to receivables from associates, operating financial assets, other loans and receivables and trade receivables. They are initially recognized at fair value, then at amortized cost calculated using the effective interest rate method. In accordance with IFRS 9, these assets are written down by an amount corresponding to expected credit losses. Depending on the nature of the asset, the impairment loss is recognized either in recurring operating income or in net financial income/expense.

Assets measured at fair value through profit or loss

This category includes :

• Financial assets whose holding objective does not correspond either to the collection of contractual cash flows, or to a disposal of these assets, and for which the expected cash flows do not correspond solely to principal repayments and interest payments;

• Assets designated at fair value by option. This mainly concerns the treasury mutual fund portfolio, whose management and performance are based on fair value.

  Changes in the value of these assets are recorded under "Other financial income and expenses ".

  The Group does not hold any financial assets measured at fair value through other comprehensive income. The Group's financial assets comprise :

• Investments in non-consolidated entities (equity instruments)

  These investments are classified as equity instruments measured at fair value through profit or loss.

  In accordance with IFRS 9, equity instruments are recognized at initial cost when measured at fair value through profit or loss. Transaction costs are then recognized in the income statement at the acquisition date.

  At each closing date, the Group's investments in non-consolidated companies are measured and recognized at fair value. Fair value is determined on the basis of net book value.

• Other non-current financial assets.

They comprise receivables and loans from associates and non-consolidated investments, loans and advances to third parties (related parties) and guarantee deposits.

Other financial assets are measured at amortized cost.

Impairment losses are calculated on the basis of expected losses on individual assets as follows:

• Assets whose credit risk has not deteriorated significantly are written down to the amount of expected losses over a 12-month horizon.

• Assets whose credit risk has increased significantly are written down to the extent of expected losses over their entire useful life.

  Fair value

  IFRS 13 establishes a three-level fair value classification for inputs to fair value measurement techniques for all financial assets and liabilities. Fair value is determined either :

• Based on prices quoted on an active market (level 1);

• Based on internal valuation techniques using standard mathematical calculation methods incorporating observable market data (forward prices, yield curves, etc.), the valuations derived from these models are adjusted to take account of a reasonable change in the Group's or counterparty's credit risk (level 2);

• Using internal valuation techniques incorporating parameters estimated by the Group in the absence of observable data (level 3). The fair value of financial instruments held by the Group measured at amortized cost generally approximates their carrying amount.

In euros June 2025 December

2024

"Trade receivables" item breaks down as follows by activity:

June 2025 December 2024

In euros Gross Impairment Net Gross Impairment Net

Real estate customers are private individuals. Sales are secured by advance payments. The sold property remains the property of Pro Kapital until the debt has been paid in full by the customer.

The Hotels & Tourism business breaks down as follows between Hotels and Time-share, and by country:

June 2025 December 2024

In euros Gross Impairment Net Gross Impairment Net

NB: for the above presentation, the entities PK Sicily, Unupuntotre and Domina Srl are included in the line "Italy - Time share".

• Egypt Time-share

  Time-share customers in Egypt are private individuals. Upon signing the contract, the customer pays a deposit of 30%; the remaining 70% is collected within a contractually agreed period of up to 18 months

  The gross outstanding amount consists of receivables prior to July 1, 2022 (706,058 euros) and invoices to be issued.

• Egypt Hospitality

  The "Egypt Hospitality" line includes in gross receivables:

  • 1,834,571 euros receivables that have been fully written off for Sicot;

  • 5,412,695 euros receivables for Nile.

    As at December 31, 2024, Nile's customers are:

    • 35% of the balance is owed by tour operators, whose average payment term is 30 days;

    • 61% are property owners (individuals or companies) in Sharm El Sheik (villas, shops, apartments) to whom the entity bills for various services: electricity, maintenance, etc. Billing varies depending on the service sold (annual, biannual, etc.).

• Italy Time-share

  The time-share business in Italy has two categories of customers:

  • Time-share "buyers", mainly private individuals, whose receivables are registered with PK Sicily Zagarella and Unopuntotre. Contracts may be settled immediately or over one or two financial years, depending on the terms agreed with the customer

  • Time-share owners whose properties are placed through an agent (in this case Domina Srl) and who are charged a commission for this service. These owners are private individuals and companies.

• Italy Hospitality

Hospitality customers are mainly tour operators. The payment terms granted to them are based on the final customer's payment (30% on reservation and 70% generally 30 days before the event).

Information on the age of receivables is provided in Note 9.2 "Counterparty risk".

Cash and cash equivalents consist of the following:

In euros June 2025 December 2024

Bank accounts are mainly denominated in euros, Swiss francs, US dollars and Egyptian pounds.

As of June 30, 2025, total provisions amounted to 1,580,081 euros, including 957,870 euros for Egyptian entities.

in euros December 2024 Allowances Reversals

Changes in scope of consolidation

Translation adjustments

Reclassific Other June 2025 ations

Current

Non-current 2 072 902 1 580 081

Over the period, the change in this item is explained by:

• A reversal of the provision for risks of 198,657 euros on the equity investment in Preatoni Real Estate DMCC;

• A reversal of provisions for litigation in Egypt of 134,850 euros, following payments in three cases in the first half of 2025;

• A currency effect of -109,137 euros.

The bonds issuers are AS Pro KapitaL for the financing of the real estate development activity and Domina Vacanze Holding for the financing of the Milan hotel and the Zagarella resort.