Standalone Financials 4Q25

Translated from Arabic

"Formerly known as Egypt Kuwait Holding Company"

Separate Financial Statements

For the financial year ended at December 31, 2025 and independent auditor's report

ALLIED FOR ACCOUNTING & AUDITING

P.O. Box 20, Katameya Podium 1, Building No. P4 Cairo Festival City

New Cairo, Arab Republic of Egypt

Tel: +202 2726 0260

Fax: +202 2726 0100

cairo.office@eg.ey.com https://www.ey.com

Translation of Auditor's report Originally issued in Arabic

AUDITOR'S REPORT TO THE SHAREHOLDERS OF

VALMORE HOLDING (S.A.E) (FORMERLY KNOWN AS EGYPT KUWAIT HOLDING) ON THE AUDIT OF THE SEPARATE FINANCIAL STATEMENTS

Introduction

We have audited the accompanying separate financial statements of Valmore Holding - S.A.E -(Formerly known as Egypt Kuwait Holding) ("the Company"), represented in the separate statement of financial position as at 31 December 2025, and the related separate statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management's responsibility for the separate financial statements

These separate financial statements are the responsibility of the Company's management. Management is responsible for preparing and presenting the financial statements fairly and clearly in accordance with Egyptian Accounting Standards and applicable Egyptian Laws. Management's responsibility includes designing, implementing, and maintaining internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error; management responsibility also includes selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on these separate financial statements based on our audit. We conducted our audit in accordance with Egyptian Standards on Auditing and applicable Egyptian laws .Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's professional judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are reasonable in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the separate financial statements.

Translation of Auditor's report Originally issued in Arabic

AUDITOR'S REPORT TO THE SHAREHOLDERS OF

VALMORE HOLDING (S.A.E) (FORMERLY KNOWN AS EGYPT KUWAIT HOLDING) ON THE AUDIT OF THE SEPARATE FINANCIAL STATEMENTS (Continued)

Opinion

In our opinion, the separate financial statements referred to above, give a true and fair view, in all material respects, of the separate financial position of the Company as at 31 December 2025, and of its separate financial performance and its separate cash flows for the year then ended in accordance with Egyptian Accounting Standards and the related applicable Egyptian laws and regulations.

Emphasis of a matter

Without qualifying our opinion, we draw attention to note (14), in the accompanying financial statements. The Company has investments in subsidiaries and prepares consolidated financial statements as at 31 December 2025 in accordance with Egyptian Accounting standards and the related applicable Egyptian laws and regulations, for a better understanding of the Group's consolidated financial position as at 31 December 2025 and its consolidated financial performance and its cash flows for the year's end then ended, the matter necessitates reference to the consolidated financial statements.

Report on Other Legal and Regulatory Requirements

The Company maintains proper accounting records that comply with the laws and The Company's articles of association and the separate financial statements agree with The Company's records.

The financial information included in the Board of Directors' Report, prepared in accordance with Law No. 159 of 1981 and its executive regulation, is in agreement with the books of The Company insofar as such information is recorded their in.

Auditor

Ashraf Mohamed Ismail

FESAA FEST (RAA 9380)

(EFSA 102)

Cairo: 1 March 2026

Group Cnlef Flnanclal Officer Medhot Hsmed Tonyn

*Independent AuHitpr's Report "attached "

Managing Director

Jon RoLL

Vatmore

C.R 114048 '

DINQ

•3•

* The accompanying notes are an integral part of the separate financial statements and to be read therewith.

Valmore Holding

"Formerly known as Egypt Kuwait Holding Company"

(An Egyptian Joint Stock Company)

Separate statement of comprehensive income for the financial year ended December 31, 2025

Translated from Arabic

Total comprehensive income for the year

57 852 247

105 552 591

* The accompanying notes are an integral part of the separate financial statements and to be read therewith.

Valmore Holding Translated from Arabic

"Formerly known as Egypt Kuwait Holding Company"

(An Egyptian Joint Stock Company)

Separate statement of changes in equity for the financial year ended December 31, 2025

All amounts are presented in US Dollars

Issued & paid up

Legal

Fair value

Retained

Treasury

Description

capital

reserve

reserve

earnings

shares

Total

* The accompanying notes are an integral part of the separate financial statements and to be read therewith.

* The accompanying notes are an integral part of the separate financial statements and to be read therewith.

Valmore Holding

"Formerly known as Egypt Kuwait Holding Company

"(An Egyptian Joint Stock Company ) Translated from Arabic

Notes to the separate Financial Statements for the financial year ended December 31, 2025 All amounts are presented in US Dollars unless otherwise indicated

1. Background and activities

   • Valmore Holding Co. "formerly known as - Egypt Kuwait Holding Company "(The Company) was incorporated by virtue of the Chairman of General Investment Authority's resolution No. 197 of 1997, according to the provisions of Investment Law No. 230 of 1989 and according to Law No. 72 of 2017, concerning Investment Incentives & Guarantees and Law No. 95 of 1992 concerning Capital Market. The Company was registered in Giza Governorate Commercial Registry under No. 114 648 on 20/7/1997. The duration of the Company according to the Company's Statute, is 25 years starting from the date of registration in the Commercial Registry.

   • On 6 November 2025, the company's commercial register was annotated to reflect a change in the company's name, whereby the company's name was amended to "Valmore Holding" instead of its former name, "Egypt Kuwait Holding Company."

   • On March 31, 2022, the General Assembly of the shareholders of the Holding Company approved to extend the duration of the Company for additional 25 years.

   • The parent company is listed on the official schedule of the stock exchange in the Arab Republic of Egypt and the State of Kuwait.

   • The registered office of the Company is located at 14 Hassan Mohamed El Razaz St.-Dokki- Egypt. Mr. Loay Jassim Al-Kharafi is the Chairman of the Company.

2. Basis of preparation of separate financial statements

   • The separate financial statements have been prepared in accordance with Egyptian accounting standards and in compliance with Egyptian Laws.

   • The separate financial statements were authorized for issuance by the Board of Directors of the Company on March 1, 2026.

   • The details of the most important accounting policies of the company are included in Note No. 30.

3. Functional and presentation currency

   • The separate financial statements are presented in USD which is the Company's functional currency.

4. Basis of measurement and assumptions

• The preparation of separate financial statements in conformity with the Egyptian Accounting Standards requires management to make judgment, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and disclose about contingent liabilities on each reporting date. However, uncertainty about these assumptions and estimates may lead to results that would require a material adjustment to the carrying amount of the related asset or liability in the future.

• The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

  A- Judgments

  Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements is included in the following notes:

  • Note No. 31-2 - revenue recognition: revenue is recognized as detailed in the accounting policies applied.

  • Note No. 31-8 - equity-accounted investees (associates Companies): whether the company has significant influence over an investee.

B- Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties on December 31, 2025, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes:

• Note No. 31-2 - revenue recognition: estimation of expected revenues.

• Note No. 31-13 - measurement of ECL for cash at banks, due from related parties, debtors and other debit balances.

• Note No. 31-14 - recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.

C- Measurement of fair value

• A certain number of the Co.'s accounting policies and disclosures require measurement of fair values,

  for both financial and non-financial assets and liabilities.

• The Company has established control framework with respect to measurement fair of values. This includes the presence of valuation team that has overall responsibility for reviewing all fair values including fair value up to level (3), and a report of those values and methods of measuring is being issued directly to the CFO.

• Valuation team regularly reviews important non-observable inputs and evaluation adjustments.

• If third party information is used to measure fair values, such as broker quotations or pricing services, the valuation team evaluates the evidence obtained from third parties to support the conclusion that such valuations meet the requirements of accounting standards, including the level in the fair value hierarchy in which the valuations should be classified.

• Material valuation issues are reported to the Company's Audit Committee.

• Accreditation is measured in the fair value of assets and liabilities mainly on available market data, and the data that is relied upon in the evaluation is classified according to the following hierarchy:

  • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

  • Level 2: inputs of the quoted prices included in level (1) that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

  • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

• If the inputs used to measure the fair value of an asset or liability are located at different levels in the fair value hierarchy, the entire fair value measurement will be classified at the same level as the lowest level of the material input for the entire measurement.

• The Company recognizes transfers between levels of the fair value hierarchy at the end of the financial period during which the change has occurred.

1. Income from investments in associates

   2025	2024
   270 348	364 049
   270 348	364 049

   EL - Mohandas Insurance Co.

2. Income from selling investments in subsidiaries

   On 22 October 2025, the Company's Board of Directors unanimously approved the sale of the Company's entire shareholding in Delta Insurance Company at the price offered under the mandatory tender offer submitted by Wafa Insurance Company, amounting to EGP 40 (forty Egyptian pounds) per share, for a total consideration of EGP 3.169 billion (equivalent to USD 67,005,177). The transaction was completed on 30 October 2025, resulting in a gain of USD 46,382,007.

   2025		2024
   2 091 187		1 310 879
   1 074 577		1 721 238
   1 202 729		1 094 764
   1 929 628		5 631 186
   337 569		253 959
   213 305		-
   172 666		267 390
   130 036		90 935
   321 708		114 701
   120 482		209 989
   270 792		283 461
   614 778		1 834 765
   1 436 504		2 019 777
   540 173		748 224
   10 456 134		15 581 268

3. General and administrative expenses

Salaries

Professional & consultants fees Subscriptions

Governmental fees

Travel, accommodations & transportations Project studies

Social solidarity contributions Gifts

Rent and utilities

Maintenance, cleaning, and security Insurance

Training

Withholding tax on dividend distributions Others

1. Other expenses

   2025 2024

   Impairment losses 250 958 033 -

   Provisions formed during the year 7 649 954 178 186

   258 607 987 178 186

2. Income tax

   	2025		2024
   Current income tax expense	-		-
   Deferred income tax benefit	-		-
   	-		-
   Adjustments to calculate effective tax rate	2025		2024
   Net accounting profit before income tax	56 847 144		105 507 535

   22.5%		22.5 %
   12 790 607		23 739 195
   372 707		(818 880)
   (65 057 625)		(22 920 315)

   Tax rate

   Expected income tax on accounting profit

   Impact of provisions	49 284 728		-
   Depreciation effect	(63 648)		-
   Effect of foreign exchange differences	2 673 231		-
   Tax according to separate income statement	-		-
   Effective tax rate	-		-

   Expenses not applicable to tax deduction Tax exemptions

3. Basic / diluted earnings per share

   The calculation of basic / diluted earnings per share on December 31, 2025, was based on the profit attributable to shareholders and weighted average number of outstanding shares as follows:

   Net profit for the year

   2025

   56 847 144

   2024

   105 507 535

   Employees share in profit- estimated / Approved Board member's remuneration share in profit-estimated / Approved

   Shareholders' share in profit for the year

   Weighted average number of outstanding shares at the year end

   Basic / diluted earnings per share (US cent / Share)

   (3 180 174)

   (8 059 119)

   45 607 851

   1 174 962 770

   3.88

   (2 415 402)

   (8 500 000)

   94 592 133

   1 179 817 193

   8.02

   Weighted average number of outstanding shares is calculated as follows:
   2025		2024
   The number of outstanding shares at the beginning of the	1 117 642 474		1 122 887 407
   year
   Effect of Bonus Share Issue (Note 20 - Issued and Paid-up	56 344 264		56 344 264
   Capital) Weighted average of treasury shares sold during the year	3 682 090		8 135 657
   Weighted average of treasury shares purchased during the	(2 706 058)		(7 550 135)
   year

   Weighted average of outstanding shares at year end

   1 174 962 770

   1 179 817 193

   Valmore Holding Translated from Arabic

   "Formerly known as Egypt Kuwait Holding Company"

   (An Egyptian Joint Stock Company)

   Notes to the separate financial statements for the financial year ended December 31, 2025 (Cont.) All amounts are presented in US Dollars

4. Investments in subsidiaries

The balance is represented in the book value of company's share in subsidiaries' capital as follows:

1193 074 366 1333 963 046

Impairment losses ( 251 093 024) ( 134 993)

941 981 342 1333 828 053

* The Company indirectly owns over 50% of these companies' shares through some of its subsidiaries (all these investments under common control).

(a) All shares are pledged to a bank against bank loans granted to the company in US Dollars.

Valmore Holding Translated from Arabic

"Formerly known as Egypt Kuwait Holding Company"

(An Egyptian Joint Stock Company)

Notes to the separate financial statements for the financial year ended December 31, 2025 (Cont.) All amounts are presented in US Dollars

14- (continue)Investments in subsidiaries

Impairment losses "Egyptian Tankers Co." (4 033 475) (5 166 131)

Impairment losses " Building Materials Industries Company " (16 906 707) (18 891 771)

29 865 557 16 913 968

The Company exercises significant influence over the above investee companies based on its meaningful representation of the board of directors and the decision-making process.

16- Financial investments at fair value through other comprehensive income

The following investments are classified as financial investments at fair value through other comprehensive income , as per the company management's intention to keep these investments as long term investments for strategic purposes .

(*) Expected credit losses

Valmore Holding

"Formerly known as Egypt Kuwait Holding Company"

(An Egyptian Joint Stock Company)

Notes to the separate financial statements for the financial year ended December 31, 2025 (Cont.) All amounts are presented in US Dollars

16- Property, plant and equipment and projects under construction

Furniture &

Advance payments for

Translated from Arabic

Headquarter Land

Headquarter Building

office equipment

Furnishing & decorations

Vehicles & transportation

Air Conditions

Computers & software

purchasing fixed assets

Projects under construction

Total

-16-

1. Cash and cash equivalents

   	31/12/2025		31/12/2024
   Banks - current accounts	7 864 750		2 076 387
   Banks - time deposits (less than three months)	795 329		2 729 894
   Cash on hand	54 028		95 664
   	8 714 107		4 901 945
   Expected credit losses- Note No. (9)	(327 039)		(327 039)
   	8 387 068		4 574 906

   For the purpose of preparing the separate statement of cash flows, cash and cash equivalents item is represented as follows:

   	31/12/2025		31/12/2024
   Cash and cash equivalents	8 714 107		4 901 945
   Cash and cash equivalent according to separate cash flow statement	8 714 107		4 901 945

2. Other current assets

   	31/12/2025		31/12/2024
   Accrued revenues	6 416		1 184 520
   Deposits with others	571 474		538 673
   Prepaid expenses	1 095 430		528 019
   Reimbursements & employee's custodies	573 859		609 595
   Tax Authority	20 973		19 670
   Letters of guaranteed insurance	23 929		22 441
   Other debit balances	329 145		548 895
   	2 621 226		3 451 813

3. Share Capital

   • The Company's authorized capital is USD 500 million (Five hundred million USD).

   • The issued capital was initially determined amounted to USD 120 million (One hundred & twenty million USD) distributed over 12 million shares at a par value of USD 10 per share. The Founders and subscribers through methods other than public subscription have subscribed to 9 million shares at a value of USD 90 million (Only ninety million USD) 3 million shares at USD 30 million (Only thirty million USD) were offered for public subscription and they were fully underwritten. The issued capital was fully paid. The issued capital has been increased and the share of the Company was split several times to reach an amount of USD 281 721 321.75 distributed over 1 126 885 287 shares of par value of US Cent 25 each fully paid and has been noted in the commercial register.

   • On April 8, 2025, the shareholders of Egypt Kuwait Holding Company approved the distribution of a stock dividend of 5% of the Company's issued and paid-up capital, equivalent to USD 14 086 066 representing one bonus share for every twenty existing shares. This resulted in an increase in the issued and paid-up capital from USD 281 721 321.75 to USD 295 807 387.75, distributed

     over 56 344 264 bonus shares with a par value of 25 US cents per share. As a result, the issued and paid-up capital becomes $295,807,375 distributed over 1 183 229 551 shares, with a par value of

     $0.25 per share fully paid. This was recorded in the commercial register on June 25, 2025.

4. Legal reserve

   The balance amounting to USD 140 860 661 represents the legal reserve balance as of December 31,2025 (December 31,2024: USD 137 960 942), formed according to the Companies' Law and the Parent Company's article of association, the Company is required to set aside 5% of the annual net profit of the Holding Company to from the legal reserve. The transfer to legal reserve ceases once the reserve reaches 50% of the issued share capital of the Holding Company. The reserve is not distributable. However, it can be used to increase the share capital or offset losses by a decision of extraordinary general assembly of the Company.

5. Fair value reserve

The item represents the cumulative net change in the fair value of financial assets at fair value through other comprehensive income until the investment is derecognized.

The fair value reserve comprises:

• the cumulative net change in the fair value of equity securities designated at FVOCI; and

• the cumulative net change in fair value of debt securities at FVOCI until the assets are derecognized or reclassed. This amount is adjusted by the amount of loss allowance.

1. Loans and bank facilities

   31/12/2025			31/12/2024
   Loans	236 819 062		223 520 906
   Bank facilities	249 991 410		151 148 086
   Accrued interest income	4 699 530		5 102 733
   	491 510 002		379 771 725
   Classified as follows:
   Current 187 124 128			160 169 222
   Non- current 304 385 874			219 602 503
   491 510 002			379 771 725

   1. Loans

      Currency Granted Amount

      Maturity 31/12/2025 31/12/2024

      Loan guaranteed by investment USD portfolio		60 000 000	2025-2026	60 000 000	26 000 000
      Loan guaranteed by investment EGP portfolio		3 015 000 000	2025-2025	63 235 726	45 604 239
      Loan guaranteed by investment USD portfolio		200 000 000	2023-2027	93 583 336	126 916 667
      Loan guaranteed by investment USD portfolio		25 000 000	2025-2029	20 000 000	25 000 000
      Total				236 819 062	223 520 906
      Current	68 235 725				100 937 573
      Non- Current	168 583 337				122 583 333
      236 819 062					223 520 906
      24-2 Bank facilities
      		Currency	Granted		31/12/2025		31/12/2024
      			Amount
      Facility without guarantee		USD & EGP	83 000 000		82 670 622		15 319 288
      Facility guaranteed by investment portfolio for one of the subsidiaries		USD & EGP	50 000 000		-		8 418 318
      facility guaranteed by investment portfolio		USD	136 000 000		135 802 528		90 973 001
      Facility without guarantee		EGP	400 000 000		3 053 387		142 534
      Facility without guarantee		USD & EGP	30 125 208		27 913 666		29 920 567
      Facility guaranteed by investment portfolio for one of the subsidiaries		EGP	30 000 000		-		6 046 169
      Facility without guarantee		USD	1 000 000		551 207		328 209
      Total					249 991 410		151 148 086
      Current					114 188 873		54 128 916
      Non- Current					135 802 537		97 019 170

      249 991 410 151 148 086

      *The above-mentioned secured loans are subject to specific covenants.

2. Suppliers, contractors, notes payable and other creditors

   31/12/2025			31/12/2024
   Notes payables*		1 747 844	2 114 963
   Accrued expenses		1 032 308	3 218 664
   Shareholders dividends payables		1 196 640	1 196 640
   Other credit balances		406 492	217 951
   		4 383 284	6 748 218
   Current		3 206 354	5 108 993
   Non- current		1 176 930	1 639 225
   		4 383 284	6 748 218
   * Notes payables represents	the	remaining unpaid balance of the cost	of Company's new
   headquarter, which is due over quarterly installments ends at September 27, 2028, and the notes payables balance consists of the following:
   			31/12/2025		31/12/2024
   Notes payables			2 077 953		2 657 448
   Less: present value			(330 109)		(542 485)
   			1 747 844		2 114 963

3. Provisions

   Balance at the beginning of the year

   Provisions Formed

   Provisions Used

   Balance at

   year end

   Contingent liabilities Provision *	8 617 961		7 649 954		(2 000 000)		14 267 915
   	8 617 961		7 649 954		(2 000 000)		14 267 915

   * The management believes disclosing certain information related to the provisions recognized would

   negatively impact the Company's negotiations and business position.

4. Transactions with related parties

   Related parties are represented in the Company's shareholders and Companies in which they own directly shares giving them significant influence or controls over the Co. as well as the board members of the Co. companies. The Co.'s companies made several transactions with related parties and these transactions have been done in accordance with the terms determined by the Board of Directors of these companies.

   Executive directors and board members are not granted any amounts for their role in managing the company unless approved by the general assemblies and the company's boards of directors. These amounts were recorded as expenses in the separate income statement during the year for an amount of USD 752 395 in addition to the board members' remuneration, which was recorded under shareholders' equity.

   payments

   and Chemicals payments

   Co.

   payments payments

   NATGAS payments

   Cost allocation

   payments capital payments

   Significant transactions are represented in following: -
   		31/12/2025		31/12/2024
   		Volume of transaction		Volume of transaction
   Party Relationship Transaction nature		Debit (credit)		Debit (credit)
   International Financial Subsidiary Co's share in Investments Co. Dividends		233 447 231		8 699 647
   Net transfers and payments		189 659 808		(429 173 956)
   Fayoum Gas Co. Subsidiary Net transfers and payments		(942 264)		6 337 450
   National Co. For Subsidiary Net transfers and Electricity technology payments		6 017 023		(2 460 756)
   (Kahraba)
   Building Materials Associate Net transfers and Industries Co. payments		4 084 831		(233 690)
   Bawabet Al Kuwait Subsidiary Net transfers and Holding payments		(10 470 737)		(42 831 126)
   Co's share in Dividends		220 700		85 513 015
   Nubaria For Natural Gas Subsidiary Net transfers and payments		4 081 520		2 653 112
   AL Sherouk for Subsidiary Net transfers and Melamine payments		72 416		(500 734)
   Shield Gas Subsidiary Net transfers and		(3 544 200)		(576 705)
   Sprea Misr for Plastics Subsidiary Net transfers and		23 367 218		975 265
   Alexandria for Fertilizers Subsidiary Dividend		296 691		-
   Bedayty for Microfinance Subsidiary Net transfers and		480 405		42 663
   Nat Energy Subsidiary Net transfers and		(1 445 490)		14 599 625
   Dividend		(5 684)		-
   National gas Co. Subsidiary Net transfers and		-		517 511
   Co's Share in Salaries		786 386		614 534
   VHN Co. Subsidiary Net transfers and		162 707 566		22 986 452
   Financing to increase		1 229 347		-
   OGI Capital Limited Subsidiary Net transfers and		(184 468 870)		-

   Party

   Egyptian Advanced Company for Operation and Maintenance

   Bedayti Consumer Finance Company

   Relationship

   Subsidiary

   Transaction nature

   Net transfers and payments

   Net transfers and payments

   31/12/2025

   Volume of transaction

   Debit (credit)

   5 937 423

   2 579 892

   31/12/2024

   Volume of transaction

   Debit (credit)

   8 741 872

   42 663

   Financing to increase capital

   (2 458 694) -

   27-1 Due from subsidiaries, associates, and related parties
   31/12/2025	31/12/2024
   International Financial Investments Co. 41 797 182	-
   VHN Co. 223 931 681	59 994 768
   Fayoum Gas Co. 155 934	1 098 198
   Shield Gas (*) -	3 544 221
   Bedayti for Microfinance 710 735	230 330
   Building Materials industries Co. (*) 5 997 287	1 919 956
   AL Shorouk for Melamine 466 222	393 806
   National Gas Co. " NATGAS " -	583 832
   Delta Insurance Co. 88 353	96 691
   Gas Serve Co. -	3 811
   MAT Trading Co. 9 617	9 020
   Egyptian Kuwaiti advanced Co. For Operation and 19 205 921 Maintenance	13 268 498
   EKHB Co. -	55 527
   Nile Wood Co. 38 700 426	-
   Gas Chill Co. 681 590	-
   EK Microfinance Co. -	666 394
   Alexfert Co. 259 249	-
   Gas Line Co. 1 370 220	-
   333 374 417	81 865 052
   Expected credit loss (*) (1 326 059)	(6 790 236)
   332 048 358	75 074 816

   (*) Expected credit loss

   	31/12/2025		31/12/2024
   Balance at the beginning of the year	6 790 236		1 326 059
   Expected credit loss	-		5 464 177
   Reversal of expected credit loss	(1 998 030)		-
   Bad debts	(3 544 221)		-
   Foreign Exchange differences	78 074		-
   	1 326 059		6 790 236
   27-2 Due to subsidiaries, associates, and related parties

   	31/12/2025		31/12/2024
   Bawabet Al Kuwait Holding	68 293 751		58 043 714
   International financial investments Co. (IFIC)	-		381 309 877
   Sprea Misr for Plastics and Chemicals	-		23 367 218
   Nat Energy	28 870 288		27 419 114
   Nubaria For Natural Gas OGI Capital Investment Holding	- 184 468 789		4 081 520
   MERT Co. EEK Investment Holding	- 1 201 279		3 149 100 -
   Gas Technology Co. "Go Gas"	530 764		500 822
   Globe Telecom	460 096		432 260
   Globe Trading and Agencies Co.	447 155		482 111
   Henosis for Construction and Real Estate Development	201 712		231 747
   Egyptian Petrochemical Co.	187 851		178 773
   Globe for Communications and Information Technology	191 543		179 844
   ECO for Industries Development	28 840		48 532
   Midor El Suez for Oil refinery	253 072		254 935
   Alexandria for Fertilizers Co.	-		37 442
   MEGA ME for Trading	18 406		19 762
   Gas Line Co.	-		31 052 859
   Bedayty for Consumer Finance	1 038		122 236
   National Co. For Electricity Technology (Kahraba) Gas Serve	- 53 614		6 017 023 -
   Gas Chill	-		7 130
   	285 208 362		536 936 019

5. Financial instruments

Accounting classifications and fair values of financial assets

A- The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities that are not measured at fair value if the carrying amount is a reasonable approximation of fair value.

31/12/2025 Note

Carrying

Level

Level

Fair Value Level

Total

Suppliers, contractors, notes payable and other creditors

(25)

Fair Value

31/12/2024 Note

No. Financial assets at fair value

Carrying

amount

Level 1 Level

2

Level 3

Total

B- The following table shows the valuation methods used to measure level 1 and level 3 of the fair value of financial instruments in the separate statement of financial position, in addition to the significant inputs used that cannot be observed.

C- Sensitivity Analysis

There is no impact on the measurement of financial assets as at 31 December 2025 due to the disposal of those investments. However, a 1% increase (decrease) in the prices of listed securities as at 31 December 2024 would have affected the measurement of financial assets as follows.

December 31, 2024 Effect on Equity Effect on income statement

Financial risk management

The Company has exposure to the following risks from its use of financial instruments:

• Credit risk

• Liquidity risk

• Market risk

• Currency risk

• Interest rate risk

• Other market price risk.

This disclosure presents information about the Co.'s exposure to each of the above risks, the Co.'s objectives, policies and processes for measuring and managing risk, and the Parent Company's management of capital. Further quantitative disclosures are included throughout these separate financial statements.

The Board of Directors of the Parent Company has overall responsibility for the establishment and oversight of the Co.'s risk management framework. The Board also is responsible for identifying and analyzing the risks faced by the Co., to set appropriate risk limits and controls, and to monitor risks and adherence to limits.

The Co. management aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Board of Directors of the Parent Company is assisted in its oversight role by the Audit Committee and Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the result of which are reported to the Board of Directors.

Credit risk is the risk of financial loss to the Co. if a counterparty of a financial instrument fails to meet its contractual obligations and arises principally from the Co.'s debtors and other receivables.

The company's exposure to credit risk is mainly affected by the characteristics of each debtor, but most of the company's debtors are related parties' receivables, which do not constitute a significant concentration of credit risk from the transactions made with them during previous years and did not result in any loss from dealing with them.

The Co. limits its exposure to credit risk by only investing in active and liquid securities. Management does not expect any counterparty to fail to meet its obligations.

Liquidity risk is the risk that the Co. will not be able to meet its financial obligations as they fall due.

The Co.'s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Co.'s reputation. Typically, the Co. ensures that it has sufficient cash on demand to meet expected operational expenses for an appropriate period including the servicing of financial obligations, this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Co.'s income or the value of its holdings of financial instruments.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

The Co. is exposed to currency risk on borrowings that are denominated in a currency other than the respective functional currency of the Co., primarily the US Dollar.

Interest on borrowings is denominated in currencies that match the cash flows generated by the underlying operations of the Co. This provides an economic hedge and no derivatives are entered into.

The Company's investments in other subsidiaries are not hedged as those currency positions

are considered to be long-term in nature.

The Co. adopts a policy of ensuring that the exposure to changes in interest rates on borrowings is on fixed rate basis. The Company does not enter into interest rate swap.

Equity price risk arises from equity instruments measured at fair value through other comprehensive income and management of the Co. monitors the equity securities in its investment portfolio based on market indices.

Material investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the Board of Directors of the Company.

The primary goal of the Co.'s investment strategy is to maximize investment returns. Management is assisted by external advisors in this regard.

In accordance with this strategy certain investments are designated as held for trading investments because their performance is actively monitored, and they are managed on a fair value basis.

The Co. policy is to maintain a strong capital base to maintain investors, creditors and market confidence and to sustain future development of the business.

The Board of Directors of the Company monitors the return on capital, which the Company defines as net profit for the period divided by total shareholders' equity, the Board of Directors also monitors the level of dividends to shareholders.

The Board of the Company seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.

There were no changes in the Co.'s approach to capital management during the year; the Company is not subject to externally imposed capital requirements.

Credit risk exposure

The book value of financial assets, represented by financial investments at fair value through profit or loss, financial assets at amortized cost and accrued by related parties, and items of a monetary nature in other current assets represent the maximum exposure to credit risk at the date of the separate financial statements.

The Company limits its exposure to credit risk by investing only in liquid debt securities and only with counterparties that have a good credit rating from S&P

The Group monitors changes in credit risk by tracking published external credit ratings to determine whether published ratings remain up to date and to assess whether there has been a significant increase in credit risk at the reporting date that has not been reflected in published ratings, the Group supplements this by reviewing changes in bond yields, available press and regulatory information about debtors.

12-month and lifetime probabilities of default are based on historical data supplied by S&P for each credit rating and are recalibrated based on current bond yields. Loss given default parameters generally reflect an assumed recovery rate of 55% for sovereign exposures with local and foreign currency and 25% for other exposures with foreign currency except when a security is credit-impaired, in which case the estimate of loss is based on the instrument's current market price and original effective interest rate

The exposure to credit risk for debt securities at amortized cost, FVOCI and FVTPL at the reporting date by geographic region was as follows.

Assessment of expected credit losses of cash and cash equivalents

The Company holds cash and cash equivalents amounting to USD 8 714 106 on December 31, 2025 (2024: USD 4 901 945). Cash and cash equivalents are held by banks and financial institutions, which are classified according to the following table, based on the classifications of Standard & Poor's.

Expected credit losses in cash value and cash equivalents are measured on the basis of the expected loss for 12 months and reflect short maturity periods of exposure. The Company believes that cash and cash equivalents have low credit risk based on the credit ratings of third parties. The Company uses a similar method to assess expected cash and similar credit losses to those used in debt instruments. Expected credit losses amounted to USD 327 039 as of December 31, 2025 (2024: USD 327 039).

The following are the cashflow contractual maturities of financial liabilities:

December 31, 2025

Due date Carrying

Loans and bank facilities

Suppliers, contractors, notes

More than

5 years

-

payable and other creditors and due to subsidiaries and related parties

289 554 955 287 797 111 1 213 505 534 338 -

781 064 955 474 921 242 266 099 40 034 338 -