Shuaa Capital (p.s.c)DFM: SHUAA

FY 2025 Financials English

· Issued by Shuaa Capital (p.s.c)

SHUAA CAPITAL PSC

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Consolidated Financial Statements for the year ended 31 December 2025

Contents

Board of D irectors‘ Report

Independ ent auditor's report

Consolidated statem ent of profit or loss

Consolidated statem ent of comprehensive income

Consolidated statem ent of financia I position

Consolidated statem ent of changes in equity

Consolidated statem ent of cash flows

Notes to the consolidated financial statements

Pages

1 - 3

4- 7

8

9

10

11

12 - 13

14 - 75

BOARD OF DIR ECTOR S’ REPORT

Financial Performance Overview

Business Updates

Completion of Bond Restructuring

•

•

•

•

BOARD OF DIR ECTOR S’ REPORT

Business Updates (continued)

Senior Lender Enqaqement

Asset Manaqement

Investment Bankinq

Capital Optimisation and Balance Sheet

Corporote Governance and Risk Management

2

SHUAA CAPITAL PSC

BOARDOFDIRECTORS'REPORT

2026 Outlook

As the Group enters 2026, it does so from a position of considerably improved financial health and strategic clarity. With the capltal optlmisatlon plan now complete, the Board's prlmary focus wiil be on translating the strengthened balance sheet into sustainable, organically driven revenue and earnings growth. The Group's core businesses are well positioned to capitalise on the structural opportunities presented by the continued development of regional capital markets, growing demand for sophlsticated asset management solutions, and the robust deal environment across the UAE and broader Arab region.

Management will continue to execute on the cost rationalisation programme, directing resources towards the Group‘s highest-return activities and away from legacy non-core exposures. The Group's leaner operating structure, combined wltfi the elimination of bond-related finance costs, provides a meaningful platform for margin expansion. The Board expects the Group to build on the return to profitability achieved in 202S and to make further progress towards Its longer-term objective of delivering consistent, sustainable value for shareholders.

The Board would also like to take this opportunity to thank all existing and future shareholders, investors, and stakeholders for thelr continued support, patience, and confidence in the Company throughout what has been a period of significant challenge and transformation. The Board and management team remaln fully committed to the execution of the Group's strategic objectives and to delivering long-term value for all stakeholders.

Directors

Badr AI-OIama Hamda AlMheiri Darwfsh Alketbi Asad Hussaini lssa Khoory

Auditors

Chalrman

Vice chairman Director Director Dlrector

Crowe Mak were appointed as external auditors and conducted an audit of the consolidated financial statements for the year ended 31 December 2025. The Board of Directors has recommended Crowe Mak as the auditors for 2026 for approval by the shareholders at the forthcoming annual general meeting.

n beha of the Board

eadr Al-OIama Chairman

24 Mareh 20Z6

Crowe Mak

”2........E 9xz

2104 & 2105, Level 21, The Prism Business Bay, Sheikh Zayed Road P O Box 6747, Dubai, UAE

T: +971 4 447 3951uae@crowe.ae www.crowe.ae

Ref: BN/B3171/March 2026

To,

The Shareholders SHUAA Capital P.S.C

Independent Auditor’s ReportReport on the audit of the consolidated financial statements Qualified Opinion

We have audited the consolidated financial statements of SHUAA Capital P.S.C. (the “Parent”) and its subsidiaries (together the “Group”) which comprise the consolidated statement of financial position as at December 31, 2025, and the consolidated statement of profit or 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 material accounting policy information and other explanatory information.

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2025, and its financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

Basis for Qualified Opinion

As disclosed in Note 12 to the consolidated financial statements, the Group’s investment in associates includes an investment in Eshraq Investments PJSC amounting to AED 349 million (31 December 2024 (restated): AED 368.2 million). The associate holds an investment in an open-ended fund (the “Fund”) measured at fair value, amounting to AED 817 million as at 31 December 2025. The auditors of the associate issued a qualified opinion, as they were unable to obtain sufficient and appropriate audit evidence regarding the fair value of the underlying investments in the Fund and the related fair value gain as at and for the year ended 31 December 2025 and were also unable to determine whether the valuation methodology and inputs used in determining the fair value of the Fund were appropriate. Consequently they were unable to determine whether any adjustments were necessary in respect of those amounts. As part of our group audit procedures, we reviewed the work performed by the associate’s auditors, including the basis for their qualification.

Due to the significance of the matter and because we were unable to obtain sufficient appropriate audit evidence by alternative means in relation to the valuation of the Fund’s underlying investments, we were unable to determine whether any adjustments were necessary to the Group’s share of profit or loss of the associate for the year ended 31 December 2025 and to the carrying amount of the investment in Eshraq Investments PJSC as at that date. ,

We have conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in United Arab Emirates. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. 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 year. These matters were addressed in the context of our 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. In addition to the matter described in the Basis for Qualified Opinion section we have determined the matters described below to be the key audit matters to be communicated in our report

4

Registered as Crowe Mak with the Department of Economic Development, Dubai (#101627) as a Civil Company

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Key audit Matters

How our audit addressed the key audit matter

Impairment of goodwill

Our audit procedures includes the following:

The Group consolidated financial statements includes goodwill of AED 516 million as at 31 December 2025 (2024: AED 516 million) representing 45% of total assets. The goodwill is allocated to Cash Generating Units (CGUs) in accordance with IAS 36, Impairment of Assets which has been tested for annual impairment.

(Refer Note 4 and 15 to the Consolidated Financial Statements).

Impairment assessment of goodwill requires significant management judgement and estimates such as projected cash flows, discount rates, growth rates over the projection period and terminal growth rates.

Given the significance of judgement, subjectivity and sensitivity of the estimates used in the assessment of testing the estimates and the materiality of the amount to the overall financial position, we have considered

the matter to be key audit matter.

  • Assessing the principles and methods used for determining the recoverable amounts of the CGU to which the goodwill is allocated and assessing that the methods used are in accordance with the requirements of IAS 36;

  • Assessed the reasonableness of the cashflow projections by testing the key management assumptions and estimates used in the impairment analysis and evaluated the consistency of the cashflow projections with the budgets approved by the Board of Directors.

  • Evaluated the sensitivity analysis performed by management on the growth rates and discount rates to determine whether reasonable changes in these key assumptions would result in the carrying amounts of individual CGUs to exceed their recoverable amounts.

  • Assessed the adequacy of the disclosures in the Consolidated Financial Statements related to goodwill in line with requirement of IFRS.

Assessment of Going Concern and Impact of Mandatory Convertible Bond Issuance and Bank Term Loan

(Refer Note 2.2 and 29 to the consolidated financial statements)

As disclosed in Note 17 to the consolidated financial statements, At 31 December 2025, the Group was in breach of the waiver agreement obtained in December 2024 relating to its bilateral facility (“Term Loan”) of AED 213 million. The loan had been classified as repayable within twelve months as at 31 December 2024 due to breaches of financial covenants. Although a waiver for certain default events under this facility was obtained in 2025, it remained valid only until 21 December 2025. Subsequent to year-end, the Group obtained an extension of the waiver until 31 March 2026, while discussions with its senior lender regarding a restructuring agreement continue.

As disclosed in note 2.2 to the consolidated financials statements, the group successfully issued Mandatory Convertible Bond (MCBs) amounting to AED 274.4 million to its existing noteholders and the remaining noteholders will be settled in cash at 80% discount. Furthermore, the group has raised AED 85 million through the issuance of MCB to new investors, with a portion of these proceeds designated to facilitate the settlement of the non-converting noteholders.

We identified the assessment of the Group’s going concern status and the impact of the mandatory convertible bond issuance as a key audit matter due to the significant transactions involved during the year.

Our audit procedures performed in relation to the mandatory convertible bond included:

  • Evaluating management's assessment of going concern, including the reasonableness of key assumptions in cash flow forecasts, such as revenue growth, cost management.

  • We have also reviewed the breach of covenant on its bilateral facility and reviewed the waiver agreement of the bank

  • As part of our audit procedures, we requested all communications, waiver extensions, settlement agreements, or restructuring agreements relating to this bank facility

  • Evaluating the adequacy of disclosures in the consolidated financial statements concerning the Group's going concern assessment and the mitigating impact of the outstanding bilateral facility.

  • Reviewed the documentation related to the issuance process of the Mandatory Convertible Bond (MCB), including Board of Directors approvals and respective agreements with the investors.

  • We have reviewed and traced the receipts of the subscription amount from the new investors in relation to the MCB.

  • We have reviewed the number of equity shares converted to each bondholder with the rate specified in General meeting resolution who have opted for conversion.

  • Evaluating the adequacy of disclosures in the consolidated financial statements concerning the Group's going concern assessment and the mitigating impact of the mandatory convertible

bond issuance.

5

Other Information

The Directors are responsible for the other information. The other information comprises the Board of Directors’ Report but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of consolidated financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and their preparation in compliance with the applicable provisions of the U.A.E. Federal Decree Law No. 32 of 2021, and for such internal control as management 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, management 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 management 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.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs 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 ISAs, we exercise professional judgment and maintain professional scepticism 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 management.

  • Conclude on the appropriateness of management’s 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 auditor’s report 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 auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and the 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.

    6

    Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements (continued)

  • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes 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, related safeguards.

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 auditor’s report unless law and regulations preclude 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.

Report on other legal and regulatory requirements

Further, as required by the U.A.E. Federal Decree Law No. 32 of 2025, we report that:

  1. We have obtained all the information we considered necessary for the purposes of our audit,

  2. The consolidated financial statements have been prepared and comply, in all material respects, with the applicable provisions of the U.A.E. Federal Decree Law No. 32 of 2025,

  3. The Group maintained proper books of account,

  4. The financial information included in the report of the Board of Directors is consistent with the books of account of the Group,

  5. As disclosed in note 22.1 to the consolidated financial statements the Group has not purchased or invested in shares during the year ended 31 December 2025,

  6. Note 21 of the consolidated financial statements discloses material related party transactions, and the terms under which they were concluded,

  7. Based on the information that has been made available to us, nothing has come to our attention which causes us to believe that the Group has contravened during the year ended 31 December, 2025 any of the applicable provisions of the U.A.E. Federal Decree Law No. 32 of 2021, or in respect of the company, its Articles of Association which would materially affects its activities or its consolidated financial position as at 31 December, 2025, And

  8. Note 6 to the consolidated financial statements discloses the social contribution made during the year ended 31 December 2025.

For Crowe Mak

Basil Naser Partner

Registration Auditor No. 5507 Dubai, United Arab Emirates 24 March 2026

7

Consolidated statement of profit or loss for the year ended 51 December 2025

Revenues

31 December 5! Devenbe 2025 2024

Audited Aedited

Toto I revenues

Expenses

GenmaI a nd a dm nmlaLve expenses

Total expenses

Operating loss

ntmer mome Other imom e

Pre-tax profit / (loss)

Income tax (loss) / credit for the yeor Net profit / (loss)

60,045

17,248

4,607

51

—————

81,951

—————

6 (91,422)

131 (9,563)

(6,848)

—————

(107,833)

—————

(25,882)

(32,441

(897)

t/2,141) 214,776

106

45,957

22.1 t17,894)

12 14,141

—————

165,725

2 (13,359)

—————

152,366

80,899

380

0,722

8*3

88,850

(122,953) (3*,1037

0*0

*2,0P7 (55,*92)

(118,*59)

12,105

(295,28*)

═══════ ═══════

156,481

(4,115)

—————

152,366

(275,598)

(295,28*)

═══════ ═══════

Eornings / (losses) per shore attributable to Owners (in AED) 20

0.04

(0.11)

═══════ ═══════

Res ouoe28*orchouge o hereeloUouoMheconoIIdo edsoemeu o*pot o ox

Consolidated statement of comprehensive income for the year ended 51 December 2025

31 December 5! Devenbe

2025 2024

Audited Aedited

Profit / (loss) for the yeor Other comprehensive income

19

- 19

- 12

Other comprehensive income / (loss) for the yeor

Total comprehensive income / (loss) for the yeor

152,366

836

856

153,202

(295,28*)

(11,*07)

6,316

Attributable to:

161.230 t8,O28)

153,202

══════ ══════

SHUAA CAPITAL PSC

Consolidated statement of financial position as at 31 December 2025

(Currency - Thousands of U.A.E. Dirhams)

BZ December 20ZS

31 0ecem6er

2024

Audited

Audited

{PestotedJ*

Cash and cash equivalents

5O,T04

43,176

Receivables and other debit balances

94,819

112,381

loans, advances and finance leases

83,600

Flnancial assets at fair value

22.1

41,359

Investments in associates

12

368,415

Property and equipment

13

1O,O52

t0,S48

Goodwill and other intangible assets

14

536,060

537.775

Total assets

1,197,254

Llabllltles

Payables and other credit balances

15

157,163

Other financial liabilities

16

86,g36

144,687

Borrowings

17

8F4,£26

Total IlabTlltles

565,t46

T,1S6,376

Equity

Share capital

y8

2,535,720

Share premium

52,579

52,579

Statutory reserve

49,621

49,631

Other reserves

19

{2,21463

(1,475,534)

Accumulated losses

{945,707)

(1,102,188)

Equlty attributable to Owners

Non-controlling Interests (NCI)

26

60,208

{L9,330)

Net equlty

553,537

40,878

Total equity and liabllitias

1,197,254

The comparative information has been restated as a result of a prior period error discussed in Note 28.

T lldated financial statements were approved by the Board of Directors and authorized or issue on 24 March 2026.

Badr Al-O|ama Chairman

Nabll AI Ra si

Group Chief Executive Officer

The accompanying notes form an integral part of these consolidated financial statements.

SHUAA CAPITAL PSC

Consolidated statement of changes in equity for the year ended 31 December 2025

Shore premium

Statutory reserve

Other reserves

Accumulate d losses

Equity

ottribut obl e to owners of the Parent

Non -controlling interests

Net Equity

Shore capital

BaIone e at andary 202* 3**,20*

Lox'oiheyeo

Other coiprehenive loss*o›‹he yeor

*O IO I C O T D FOR PNSIVP I OSS *O F I P BPO F

(299,402/

(299,/62)

(22,029 (2?180/

Balance at 31 D ec ember 202* And›ted/ *9,631

Restatement of prior period error (Note

28)

25,564

25,5é4

343

25,9 07

Balance at 31 December 2024- As Restated

2,535,720

52,579

49,631

(1,475,534)

(1,102,188)

60,208

(19,330)

40,878

Profit for the yeor

156.481

156,481

(4,115)

152/66

Other comprehensive income for the

year

4,749

4,749

],913)

836

Total comprehensive income for the year

4,749

156.481

161/30

(8,028)

153,202

ondoory Coxe:be Bondcowr:on

1,123,ZO3

(763,846)

359,457

359,457

Bolonce at 31 December 2025

3,659,023

52,579

49,631

(2,234,631)

(945,707}

580,895

(27,358)

553,537

11

Consolidated statement of cash flows for the year ended 51 December 2025

Cosh flows from operating activities

31 December 3l Devenber 2025 2024

Audited Acdi ted

Operating cosh flows before movements in working capital

DPC FAO SP IN D R @ OSII P I d W I fh DO k

IN CFR 0 SP I N FT CA IVO & IUS 0 N& OLh R r & R & II & 0 10 N CMS

Decrea se n oans and adna does

Net cosh (used in) / generated from operations

T D I O/O 0 S 0 NQ 0* SP FV ICT Q 0 N 0*I I @ 0 I Q

Net cosh (used in) / generated from operating activities Cosh flows from investing activities

Net cosh generated from investing activities

12

13,1

12

165,725

897

(214,776)

(37,839)

32,441

(106)

19,077 t14,141) 1,689

32,141

9,565

t4,575)

t .904)

t .922)

11,339

(716)

(25,666)

Q4,869)

(9W) t/5,792)

5,699

32.752

106

36,557

(307,387)

/*0)

9,8*8

20,878)

2*,372

28 8*2)

55,585

(4,920)

50,*79

2,%0

Consolidated statement of cash flows

for the year ended 51 December 2025 (continued)

Cosh flows from financing activities

31 December SI Devenbed

2025 2024

Audited Aedited

85,000

Net cosh generated from tused in) financing activities

t47,5O1) (8,158) t23,178)

6,163

(7,25*)

,P8*)

8 9, 686)

Net increase in cosh and cosh equivo lents

6,928

15,835

4t926

20,095

Cosh and cosh equivo lents at end of the yeor

48,854

═════

*1,926

═════

Notes to consolidated financia I statements for the year ended 51 December 2025

// U FFP NC/ h OUSO D S O* H.A.L. DI Fh 0 T S/

1. LEGAL STATUS AND ACTIVITIES

Group structure

Nome of the entity

Material subsidio ries

Place of incorporation

Principo I octivitv

EffectiveE**ertiveownership cw nersh interest % nt+rest %

31 SJ

DecemL›er Oecember 2025 2024

B.V.I

B.V.I

100.0%

10 0.0%

10 0.0%

100.0%

10 0.0%

10 0.0%

100.0%

10 0.0%

10 0.0%

10 0.0%

10 0.0%

100.0%

9500%

94.30%

8720%

8080%

85.0 0%

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

100.0°/

9+30%

8/20’/

8 0.8 0%

Notes to consolidated financia I statements for the year ended 51 December 2025

// U FFP NC/ h OUSO D S O* H.A.L. DI Fh 0 T S/

  1. LEGAL STATUS AND ACTIVITIES (continued)

    Group structure (continued)

    Material subsidiory (continued)

    Nome of the entity

    Place of Principo I incorporation activity

    Effective E**ec‹›ve

    ownership cw Marsh

    interest % nteros‹ %

    31 SJ

    DecemL›er Oecember 2025 2024

    83.90% 83 90%

    LogIe*2

    BV!

    33.0 0%

    33.0 0%

    10 0.0 0%

    10 0.0 0%

    3500°/,

    3500°/,

    00.00"/

    00.00"/

    Effective E**ec‹/ve

    Place of Principo I

    ownership

    cw nersh

    Nome of the entity

    incorporation activity

    interest % nt r st %

    31 SJ

    December December

    2025 2024

    ADCOR*ii:ed’

    21.37%

    2480%

    2*59%

    3310%

    2*80%

    15

    Notes to consolidated financia I statements for the year ended 51 December 2025

    // U FFP NC/ h OUSO D S O* H.A.L. DI Fh 0 T S/

  2. BASIS OF PREPARATION

    1. Basis of preporation

    2. Going concern

      16

      Notes to consolidated financia I statements for the year ended 51 December 2025

      // U FFP NC/ h OUSO D S O* H.A.L. DI Fh 0 T S/

  3. MATERIAL ACCOUNTING POLICY INFORMATION

    1. New and revised IFRS adopted in the consolidated finoncio I statements

      Title Key requirements

      I#RL18 LCSONfQUOP IS NOVVSQPLQ% COPfQlPS FOQUI%TCNfS OLQ@ POlPCS QTY LISCOSULC lN QOO IPQI#RL OFfhO OLCSOPfQfIOP QTY /lSCOSUFO O

      hnonooI

      Aiendieni oI RS Cos:hconon ondveo even o* Inonoollv rem 9d I*RS7Qnd IA8E

      Effective Dote

      la nla ry 202E

      IAS21

      Locko*ExchOngeObiIity

      D›scIOsu es

      Standards and interpretations issued but not yet effective

      Aiendieni oI RS Cos:hconon ondveo even o* Inonoollv rem 9d I*RS7Qnd IA8E

      ATOSOTCFfSfO URL /OSfFQCfS RO CFOPClPQ QfULO 0OOOS6CPfKlOCfICi

      9S I*RS7

      a ua ry

      2026

      la nla ry 2026

      Notes to consolidated financia I statements for the year ended 51 December 2025

      // U FFP NC/ h OUSO D S O* H.A.L. DI Fh 0 T S/

      3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

    2. Basis of consolidation

18

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