CONSOLIDATED

REPORT AND ACCOUNTS

First Semester 2024

TÍTULO DA APRESENTAÇÃO | 25.05.2015

MESSAGE FROM CEO Luís Palha da Silva "In the first half of 2024, as its main successes, Pharol presents a significant reduction in operating costs and an PHAROL, SGPS S.A. – FIRST SEMESTER 2024 ■ PHAROL's net profit in the first half of 2024 was negative by Euros 230 thousand, a 77% decrease in losses compared to the same period in 2023. The 30% reduction in operating costs, which amounted to Euros 930 thousand, and the valuation and profitability of investment portfolios and deposits, with a gain of Euros 726 thousand, representing a growth of 116% compared to 2023 contributed to this result; ■ PHAROL's equity in the semester stabilized at Euros 68.0 million – a reduction of Euros 168 thousand compared to December 2023 -, reflecting (1) the negative result of Euros 230 thousand in the semester, and (2) the Net gain from the sale of Oi Shares in the amount of Euros 72.4 thousand; ■ The book value of Rio Forte's debt instruments, in bankruptcy proceedings, remained unchanged at Euros 51.9 million.
interesting positive contribution of treasury management to net results. In line with the defined objectives, it was possible to keep costs controlled in practically all lines of the Income Statement, namely in the personnel areas. However, legal

Highlights

to net results.	Highlights
In line with the defined objectives, it was possible to keep	PHAROL
costs controlled in practically all lines of the Income Statement, namely in the personnel areas. However, legal	(Euro million)	1H24	1H23
costs could not follow the same trend, due to the strong concentration of procedural steps in different judicial	Recurrent EBITDA	(0.9)	(1.3)
spheres, in particular in Luxembourg.	Net Income	(0.2)	(1.0)
The more flexible management of treasury investments – with a reduction in the weight of bank deposits – seeking	(Euro million)	Jun24	2023
higher returns but maintaining adequate risk and	Assets	94.6	95.4
diversification standards, led to a positive financial result within expectations, which contributed to an overall loss	Liabilities	26.7	27.3
considerably lower than that obtained in the previous semesters.	Equity	68.0	68.1
The recovery of the amounts relating to Rio Forte's debt instruments has not shown tangible progress and this is a reality that, unfortunately, should remain in the short term, with no greater procedural speed expected in this chapter. And, of course, given the size of the amounts at stake, in the longer term it is to be expected that any judicial decisions will be followed by appeals filed by any of the parties involved."	Contactos Luís Sousa de Macedo Investor Relations Tel: +351 212 697 698 - 212 697 949 E-mail: [email protected]	Fax: +351

Contactos

CONSOLIDATED REPORT AND ACCOUNTS

FIRST HALF OF 2024

INDEX

01.	ANALYSIS OF CONSOLIDATED RESULTS	3
02.	MAIN EVENTS	7
03.	KEY RISKS AND UNCERTAINTIES	10
04.	QUALIFYING HOLDINGS	12
05.	STRATEGIC PROFILE AND FUTURE PROSPECTS	14
06.	STATEMENT BY THE BOARD OF DIRECTORS	16
07.	FINANCIAL STATEMENTS AND NOTES ATTACHED	18

The designations "PHAROL", "PHAROL Group", "Group" and "Company" refer to all the companies that make up PHAROL, SGPS S.A. or to any of them, depending on the context.

01. ANALYSIS OF CONSOLIDATED RESULTS

CONSOLIDATED RESULTS

As of June 30, 2024, PHAROL held as its main assets (1) the debt instruments of Rio Forte Investments S.A. ("Rio Forte") with a nominal value of 897 million Euros and currently valued at 51.9 million Euros, (2) the investment in the portfolios of shares and bonds in the amount of 26.26 million Euros and (3) 59,258 common shares of Oi S.A. ("Oi"), representing 0.10% of the respective share capital (without treasury shares), with a value of 54 thousand Euros.

The debt instruments of Rio Forte, whose bankruptcy proceedings initiated in December 2014 are still pending before the Luxembourg courts, remain valued at a recovery value of 5.79% of it nominal value and amount to 51.9 million euros. During the first half of 2024, there was no relevant occurrence that would justify a review of its recovery value. There are also, following the investment made in Rio Forte, other lawsuits opened against the former Directors and the former External Auditor that are ongoing in the Portuguese instances.

The investment portfolios that Pharol subscribed in August 2022 (€10 million) and reinforced in August 2023 (€15 million) are composed of investments in financial assets that mostly include asset groups of Bonds and Shares of listed companies. On June 30, 2024, the overall value of these portfolios amounts to 26.26 million Euros, an increase of 0.46 thousand Euros compared to the value on December 31, 2023.

On December 31, 2014, after Oi's capital increase on May 5, 2014, PHAROL held an effective interest of 39.7% in Oi, including a participation that was classified as a non-current asset held for sale, following the exchange agreement ("Exchange") entered into with Oi on September 8, 2014 and executed on March 30, 2015, and the remaining interest of 22.8% that was classified as an investment in joint ventures and associates and consequently recognized according to the equity method. After the execution of the Exchange, PHAROL had an effective stake of 27.48% in Oi, corresponding to the 22.8% stake referred to above, plus 4.7% resulting from the reduction in the number of outstanding shares of Oi.

On October 8, 2015, following the approval of the voluntary conversion of preferred shares into common shares issued by Oi, PHAROL began to hold, directly and indirectly through 100% owned subsidiaries, 183,662,204 common shares of Oi, representing 27.18% of Oi's total share capital (excluding treasury shares). PHAROL's voting rights in Oi were limited to 15% of the total common shares.

On June 20, 2016, Oi entered into a Judicial Recovery process, and in December 2017 a Judicial Recovery Plan for Oi was approved.

On July 20, 2018, after the approval of the capital increase through the conversion of debt into shares, foreseen in the Judicial Recovery Plan, Oi went from 825,760,902 shares to a total of 2,340,060,505 shares representing the share capital, with a consequent dilution of PHAROL's stake in Oi to less than 8%.

On January 9, 2019, as part of the capital increase due to the Entry of New Resources, Oi went from 2,340,060,505 shares to a total of 5,954,205,001 shares representing its share capital, with a dilution of

PHAROL's stake in Oi to less than 4%, even though it partially accompanied the aforementioned capital increase.

On April 2, 2019, with the ratification of an agreement between PHAROL and Oi S.A. on January 8, 2019, in which Oi undertook to reimburse PHAROL for the losses for damages suffered through Oi's shares and financial resources for the acquisition of Oi's shares subscribed in the capital increase, PHAROL held a 5.51% stake in Oi's share capital.

During 2020, PHAROL promoted the sale of all of Oi's preferred shares and a small portion of common shares, resulting in a final stake of 5.37% of Oi's share capital. In 2021, after reselling a part of Oi's common shares, PHAROL held a 5.38% position in Oi (without treasury shares).

In 2022, PHAROL began to implement its asset rotation strategy, having sold part of its Oi shares and reduced its stake to 2.2% of Oi (without treasury shares).

Also in early 2023, PHAROL sold another part of Oi's stake, culminating in December 2023 in a final stake of 0.18% of Oi (without treasury shares), which led to an increase in the net cash available amount of 2.6 million Euros.

In the first half of 2024, PHAROL sold another part of Oi's stake, culminating in a final 0.10% stake in Oi (without treasury shares).

The consolidated net profit in the first half of 2024 represents a loss of 231 thousand Euros and essentially reflects the operating costs evolution.

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT
		Euro million
	1H24	1H23
Wages and salaries	0.35	0.47
Supplies, external services and other expenses	0.51	0.74
Indirect taxes	0.07	0.11
Loss before financial results and taxes	(0.93)	(1.33)
Depreciations	0.01	0.02
Earnings before interest and taxes	(0.93)	(1.35)
Net other gains	0.02	0.08
Loss before financial results and taxes	(0.95)	(1.43)
Net interest income	(0.22)	(0.05)
Net losses on financial assets and other investments	(0.51)	(0.28)
Net other financial losses (gains)	(0.00)	(0.08)
Loss before taxes	(0.22)	(1.01)
Income taxes	0.01	0.01
Attributable to equity holders of PHAROL, SGPS S.A.	(0.23)	(1.02)

Consolidated operating costs decreased to 0.93 million Euros in the first half of 2024 compared to 1.33 million Euros in the first half of 2023, due to cost containment with personnel and the provision of external services.

Also in the first half of 2024, net interest was 0.22 million Euros and gains on financial assets amounted to 0.51 million Euros.

The net result attributable to PHAROL's shareholders in the first half of 2024 was negative by 231 thousand Euros, compared to the loss of 1.02 million Euros in the same period of 2023.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Consolidated Statement of Financial Position

		Euro million
	jun/24	31 dec 23

ASSETS
Cash and cash equivalents	15.97	17.20
Accounts receivable	0.36	0.27
Tangible assets	0.03	0.04
Taxes receivable	0.05	0.06
Financials assets	26.31	25.95
Other non-current assets	51.91	51.91
Total assets	94.64	95.42
LIABILITIES
Short-term debt	0.03	0.05
Accounts payable	0.04	0.12
Accrued expenses	0.16	0.27
Taxes payable	0.01	0.13
Provisions	0.08	0.08
Other liabilities	26.34	26.64
Total liabilities	26.66	27.29
Total equity	67.98	68.14
Total liabilities and shareholders' equity	94.64	95.42

The financial assets comprise a portfolio of investments in shares and bonds in the amount of 26.26 million Euros on June 30, 2024 and 25.82 million Euros on December 31, 2023, and PHAROL's effective investment in Oi, of 0.10% (54 thousand Euros) and 0.18% (130 thousand Euros), respectively, on June 30, 2024 and December 31, 2023. The financial assets are all accounted for at market value.

The "Other non-current assets", in the amount of 51.91 million Euros, correspond essentially to the best estimate of the fair receivables related to the debt instruments issued by Rio Forte, whose nominal value amounts to 897 million Euros, possibly plus compensation amounts.

The balance sheet, following the classification recorded in previous years, shows an amount of 26 million Euros of "Other Liabilities". However, almost all this value has been scrutinized in order to consider different technical-legal analyses that, eventually, may lead in the future to another type of qualification.

Equity amounts to 67.98 million Euros as of June 30, 2024, compared to 68.14 million Euros on December 31, 2023, a decrease of 0.16 million Euros, essentially reflecting (1) the negative result generated in the first half of 2024 in the amount of 0.23 million Euros, and (2) gain of 72 thousand Euros from the sale of Oi shares above the final value of December 2023.

02. MAIN EVENTS

Below we list the events that occurred between January 1 and July 24, 2024, which can be analyzed in more detail and are published in full on the PHAROL website (www.pharol.pt).

PHAROL'S CORPORATE EVENTS

Below we list PHAROL's main corporate events:

Mar 22, 2024 | PHAROL informed that the General Meeting of PHAROL was held where it was decided by the Shareholders to approve:

Item One: The management report, the balance sheet and the individual accounts, for the financial year 2023;
Item Two: The management report, the balance sheet and the consolidated accounts, for the financial year 2023;
Point Three: The proposal for the application of results;
Item Four: The general assessment of the management and supervision of the COMPANY;
Item Five: The ratification of the co-optation of a member of the Board of Directors to complete the term corresponding to the 2021-2023 triennium;
Item Six: The Internal Policy for the Selection of Members of the Company's Management and Supervisory Bodies;
Item Seven: The acquisition and sale of own shares;
Item Eight: The election of the members of the Corporate Bodies for the proposed 2024-2026 triennium:
- o Board of the General Meeting

President: Tito Arantes Fontes

Secretary: Maria de Lourdes Vasconcelos Pimentel da Cunha Trigoso

o Board of Directors

President: Luís Maria Viana Palha da Silva

Administrators:

Diogo Filipe Gil Castanheira Pereira

Rafaela Andrade Reis Figueira

o Fiscal Council

President: José Eduardo Bettencourt

Vowels:

Isabel Maria Beja Gonçalves Novo

João Manuel Pisco de Castro

Alternate Member: Francisco José Porfírio Vieira

Item Nine: The election of the effective and alternate Statutory Auditor for the proposed 2024-2026 triennium.
- o Statutory Auditor

Effective Auditor: MAZARS & ASSOCIADOS, Sociedade de Revisores Oficiais de Contas, SA, represented by Luis Filipe Soares Gaspar

Alternate ROC: Paulo Jorge Damião Pereira

26/Mar/24 | PHAROL informed that at a meeting held on March 25, 2024, its Board of Directors decided to appoint as Secretary of the Company, for the term of office corresponding to the 2024-2026 triennium:

Effective: Luís Manuel da Costa de Sousa de Macedo
Alternate: Maria de Lourdes Vasconcelos Pimentel da Cunha Trigoso

OTHER RELEVANT EVENTS OF PHAROL

Below we list other relevant events of PHAROL:

Feb 16, 2024 | PHAROL informed about the disclosure of the Report of the Judicial Administrators in the insolvency proceedings of Rio Forte (Rapport nº26 des Curateurs), for December 31, 2023, available at www.espiritosantoinsolvencies.lu37T .

Feb 21, 2024 | PHAROL informed that it was notified to appear at the Commercial Court of the Grand Duchy of Luxembourg on April 19, 2024 – that session determines the start of the process, and until that date Pharol does not have to take any position on the process. This is a request qualified by RFI's own liquidators as subsidiary in relation to the already requested "non-recognition of the claim claimed by Pharol" in RFI's insolvency, in the amount of €918,146,770.80, to declare null and void the payment of €199,631,000 made by RFI on 15 April 2014 directly to Pharol. The liquidators themselves recall in this Notification that the insolvency administrators contested PHAROL's credit statement as an unsecured credit in the amount of €918,146,770.80, for an alleged mere "matter of prudence". The reading of the Notification received does not result in any new arguments that call into question, in the understanding of Pharol and supported by the Opinion of its Lawyers, the regularity of the Company's claim on the insolvency of RFI in the amount of €918,146,770.80.

Jun 19, 2024 | PHAROL informed about the disclosure of the Report of the Judicial Administrators in the insolvency proceedings of Rio Forte (Rapport nº27 des Curateurs), for April 30, 2024, available at www.espiritosantoinsolvencies.lu

03. KEY RISKS AND UNCERTAINTIES

The risk factors and events described below may adversely or significantly affect PHAROL's financial position and, as a result, cause a decrease or increase in the market price of common shares.

Macro Risk	Sub-Risk	Description
Economic Risk	Information Security	PHAROL is exposed to security risks on a daily basis, including the availability, integrity and confidentiality of information.
	Foreign exchange	Exchange rate risks are essentially related to the operations of the investee companies, to investments in financial instruments in foreign currency that are part of the equity and bond investment portfolios, and to PHAROL's investments in Brazil, which had a substantial reduction in 2023 and 2024. Any exchange rate variations in foreign currency against the euro affect the valuation of the shares held by PHAROL and the subsidiary's operation in that country, thus reflecting on PHAROL's results and equity situation. The Society does not have a policy of covering the value of the financial investment.
Financial Risks	Interest rates	Interest rate risks are essentially related to the costs incurred and obtained with debt and financial investments at variable interest rates. PHAROL may be indirectly exposed to these risks in the investments made. It should be noted that PHAROL has no bank debt as of June 30, 2024.As market interest rates also affect the discount rates used for the purposes of impairment tests on the entity's various assets.
	Treasury Applications - Credit and Liquidity	PHAROL is essentially subject to credit risk in its cash investments. In order to mitigate risks, the Board of Directors defined, in July 2014, a policy for treasury investments, and this policy was already reviewed in 2019, and subsequently in 2022 and 2023. As of the second half of 2022, PHAROL is also became exposed to other price risks, that is, the risk of fluctuation in the fair value of the financial instruments that make up the contracted investment portfolios, due to changes in market prices.
	Possibility of Rio Forte's failure to repay the instruments held by PHAROL following the execution of the Exchange	The Rio Forte Instruments currently held by PHAROL are not secured by assets. Therefore, even if there are amounts available for reimbursement by Rio Forte's creditors, PHAROL's right to reimbursement will be shared pro rata with Rio Forte's other unsecured creditors and only after the repayment of all debts to any secured creditors and confirmation of the validation of the credits. PHAROL evaluates this instrument every six months, with monitoring by the Fiscal Council, External Audit and ROC.
Legal and Legal Risks	Lawsuits	The Board of Directors subcontracts the risk analysis of the legal proceedings to external lawyers and consultants, to know, for each one, what is their assessment of PHAROL's liability (probable, possible or remote occurrence), the status of the process, the amounts involved, provisioned and paid and what steps to take in the defense of PHAROL's interests.

Litigation or investigations initiated under the Rio Forte Instruments or the Business Combination	PHAROL may incur liability in connection with future litigation or other proceedings and related defense costs. Any liability incurred may adversely affect PHAROL's financial situation.
Possibility of non compliance with tax contingency commitments	According to the contracts entered into with Oi, it is incumbent on Oi to pay the liabilities resulting from the tax contingencies originated until May 5, 2014, despite the fact that PHAROL is also jointly and severally liable.

04. QUALIFYING HOLDINGS

QUALIFYING SHARES

As of June 30, 2024, the stakes of qualified shareholders represented 19.56% of PHAROL's share capital, as follows:

DATE OF REPORTING	SHAREHOLDERS			No. OF SHARES % OF CAPITAL % VOTING RIGHTS


31/05/2012	Oi S.A. *	89.651.205	10,00%	10,00%

	* Oi incorporated Telemar S.A. on May 3, 2021.

	Total attributable	89.651.205	10,00%	10,00%


20/04/2023	Burlington Loan Management DAC	85.665.125	9,56%	9,56%



	Total attributable	85.665.125	9,56%	9,56%

THE BOARD MEMBERS AND SUPERVISORY BODIES SHAREHOLDINGS

Pursuant to and for the purposes of Article 9(1)(a) of CMVM Regulation No. 5/2008, the following information is provided regarding the securities issued by PHAROL and by companies in a control or group relationship with PHAROL held by the members of PHAROL's management and supervisory bodies on June 30, 2024:

Board of Directors

Luís Maria Viana Palha da Silva hold 200,000 shares in PHAROL. He was appointed director of PHAROL on May 29, 2015.
Diogo Filipe Gil Castanheira Pereira does not hold any securities of PHAROL or other companies that are in a control or group relationship with it. He was appointed director of PHAROL on November 16, 2023. He is a representative of Burlington Loan Management DAC.
Rafaela Andrade Reis Figueira does not hold any securities of PHAROL or other companies that are in a control or group relationship with it. She was appointed director of PHAROL on March 22, 2024.

Fiscal Council

The members of the Fiscal Council, identified below, do not hold shares in PHAROL.

José Eduardo Fragoso Tavares de Bettencourt
Isabel Maria Beja Gonçalves Novo
João Manuel Pisco de Castro
Francisco José Porfírio Vieira

Managing Director

The Managing Director, Luís Maria Viana Palha da Silva, is also a member of the Board of Directors.

Statutory Auditor

MAZARS & ASSOCIADOS, Sociedade de Revisores Oficiais de Contas, SA, represented by Luis Filipe Soares Gaspar, who personally holds 145 shares in PHAROL.
Paulo Jorge Damião Pereira

05. STRATEGIC PROFILE AND FUTURE PERSPECTIVES

From the beginning of 2024, once a stake of a merely symbolic dimension in Oi has been stabilized, Pharol has been focusing on its short and medium-term priorities: (a) defending the creditor position in Rio Forte's bankruptcy process, (b) optimizing treasury management, (c) executing its operating cost reduction program and (d) eliminating risks and passive contingencies.

About Rio Forte, efforts to recognize the claim with the bankruptcy estate continued during the 1st half of the year, which involved different judicial procedures in Luxembourg and may culminate in an assessment by the competent Court in the second half of the year. In Portugal, also at a slow pace, new procedural steps have been taken regarding compensation claims filed against former Directors and former external auditor, and in the latter case, the dragging of an expert opinion decided in the judicial instances should be noted. The complexity and consequent slowness seen in both jurisdictions meant that the costs of legal services occupied, once again, a more prominent place in the company's income statement. It should be noted that the trustees are already requesting that, if Pharol's credit over Rio Forte is accepted, at least one payment of R\$199,631,000.00 made by Rio Forte in April 2014, be considered invalid as it is made during a suspicious period and Pharol allegedly also had privileged knowledge of Rio Forte's insolvency situation, even though, according to our Lawyers, they did not present any evidence to support such an allegation.

The treasury, benefiting from favorable market conditions, evolved from exclusively conservative management, concentrated on bank deposits, and saw its profitability increase. Although it is recognized that non-intermediate investments may present greater volatility, reality, in the 1st half of the year, proved that, when surplus cash is long-lasting and as long as criteria of prudence and broad diversification are maintained, as has been the case at Pharol, it is possible to obtain an interesting contribution to the income statement.

Throughout the semester, efforts to reduce costs continued successfully, both with suppliers (even considering the increase in costs with legal services), as well as in personnel costs, as a result of the changes determined at the General Assembly in March 2024. The decision taken by Shareholders to reduce the number and size of the company's Governing Bodies will continue to contribute positively in this context. Also positive were the changes adopted in insurance and communication management, particularly in the management of the company's website, in which a relatively modest investment will bring significant savings.

Pharol is confronted, however, with some risks and contingencies. The biggest one concerns the possible demand for the return of 750 M € to ESI, a process that after 7 years continues without visible developments. Although it is the opinion of the company's lawyers that the chances of conviction are almost non-existent, the dimension of the case justifies permanent and careful attention.

Also important are tax proceedings prior to 2014, whose responsibility in the event of an unfavorable outcome was transferred to Oi. In recent years, the total size of cases has decreased considerably and the 1st semester was no exception. During this period, the value of possible or probable cases reduced by R\$10 million, with payments made by Oi to the Federal Revenue Service, and the global amount of tax

contingencies fell and at the end of the semester were by 137 million Euros. Although Pharol, for reasons of high prudence, has been recording in its current liabilities amounts corresponding to the reimbursements it obtained from the State in processes with a favorable outcome, these amounts are being scrutinized in order to weigh up different technical-legal analyses, which are not yet complete. and absolutely resolved, notably regarding the ownership of these values, which justifies that, also this semester, the same accounting classification as in previous years is maintained.

In the longer term, Pharol's management faces two major strategic challenges. Both conditioned by a clear conviction that the different cases in which the company is involved, given the reality of the judicial systems in Portugal and Luxembourg, will have a relatively distant resolution horizon. The first challenge is to find and define the minimum level of capital necessary to resolve the processes, given that the availability it maintains today reasonably exceeds future needs. The second challenge is to decide whether this cash surplus will be used to diversify the balance sheet or to return it to shareholders.

06. STATEMENT BY THE BOARD OF DIRECTORS

For the purposes of Articleº 29-J (1)(c) of the Securities Code, the members of the Board of Directors of PHAROL, SGPS, SA, identified below, declare, in their capacity and within the scope of their duties as referred to therein, that, to the best of their knowledge and based on the information to which they had access within the Board of Directors, as applicable, in the performance of their duties:

The financial statements for the first half of 2024 were prepared in accordance with the law in compliance with the minimum elements provided for in IAS 34 – Interim Financial Reporting, giving a true and fair view of the assets and liabilities, financial situation and results of PHAROL, SGPS, SA and the companies included in the respective consolidation perimeter;
The interim management report accurately sets out in indicative terms the important events that occurred in the first half of 2024 and their impact on the respective financial statements, containing a correct description of the main risks and uncertainties for the second half of this year.

Lisbon, July 25, 2024

Luís Maria Viana Palha da Silva, Chairman of the Board of Directors and Managing Director

Diogo Filipe Gil Castanheira Pereira, Non-executive director

Rafaela Andrade Reis Figueira, Non-Executive Director

FINANCIAL STATEMENTS AND NOTES ATTACHED

07. CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS JUNE 30, 202458T

CONSOLIDATED INCOME STATEMENT PERIODS ENDED JUNE 30, 2024 AND 2023

			Euro
	Notes	1H24	1H23
CONTINUING OPERATIONS
COSTS, LOSSES AND (INCOME)
Wages and salaries	5	349,194	470,073
Supplies, external services and other expenses	6	510,807	740,677
Indirect taxes	7	67,135	114,564
Provisions and adjustments		-	-
Depreciation		6,528	20,290
Losses (gains) on disposal of fixed assets, net		-	-
Net other losses (gains)		14,513	80,153
		948,177	1,425,758

Income (loss) before financial results and taxes		(948,177)	(1,425,758)

FINANCIAL LOSSES AND (GAINS) Net interest income	8	(215,826)	(53,922)

Net foreign currency exchange losses		(440)	(89,771)
Net losses on other non-current assets	11	(510,670)	(282,203)
Net other financial expenses		388	7,824
		(726,548)	(418,072)
Income (loss) before taxes		(221,629)	(1,007,686)
Income taxes	9	9,108	11,562

NET INCOME		(230,737)	(1,019,247)
Attributable to equity holders of the parent		(230,737)	(1,019,247)
Earnings per share
Basic and Diluted	10	(0.00)	(0.00)

PHAROL, SGPS S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME PERIODS ENDED JUNE 30, 2024 AND 2023
		Euro
	1H24	1H23
Net Income recognised in the income statement	(230,737)	(1,019,247)
Income (expenses) recognised directly in shareholders' equity
Items that may be reclassified subsequently to the income statement
Foreign currency translation adjustments		1,523
Items that will not be reclassified to the income statement
Gains (losses) on financial assets at fair value Total earnings recognised directly in shareholders' equity	72,436 72,436	(516,207) (514,684)
Total comprehensive income	(158,301)	(1,533,931)
Attributable to shareholders of PHAROL SGPS	(158,301)	(1,533,931)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION PERIODS ENDED DECEMBER 31, 2023 AND 2022

			Euro
	Notes	30 jun 24	31 dec 23

ASSETS
Current Assets
Cash and cash equivalents	15	15,971,722	17,196,818
Accounts receivable		284,421	261,895
Taxes receivable		51,618	61,485
Prepaid expenses		75,823	8,533
Total current assets		16,383,583	17,528,731

Non-Current Assets
Tangible assets		34,487	35,502
Financials assets	11	26,312,825	25,953,255
Other non-current assets	12	51,906,470	51,906,470
Total non-current assets		78,253,782	77,895,227
Total assets		94,637,365	95,423,958

LIABILITIES
Current Liabilities
Accounts payable	13	42,345	116,302
Accrued expenses	14	156,364	269,167
Taxes payable		8,769	131,035
Other current liabilities	16	26,342,880	26,644,990
Total current liabilities		26,550,357	27,161,495

Non-Current Liabilities
Medium and long-term debt		26,971	49,871
Provisions		81,522	75,775
Total non-current liabilities		108,492	125,646
Total liabilities		26,658,849	27,287,141

SHAREHOLDERS' EQUITY
Share capital		26,895,375	26,895,375
Treasury shares		(164,809,193)	(164,809,193)
Legal reserve		6,773,139	6,773,139
Reserve for treasury shares		171,779,820	171,779,820
Other reserves and accumulated earnings		27,339,374	27,497,676
Total equity		67,978,515	68,136,817
Total liabilities and shareholders' equity		94,637,365	95,423,958

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY PERIODS ENDED JUNE 30, 2024 AND DECEMBER 31, 2023

							Eu ro
					Ot he r r es er ve s	uit Eq y
				Re e f se rv or	d an	clu din ex g n on
	Sh ar e	Tr ea su ry	Le l ga	tre as ur y	lat ed ac cu mu	llin nt co ro g	To l ta
	ita l ca p	sh ar es	re se rv e	sh ar es	ing ea rn s	int ts er es	uit eq y

Ba lan at D be r 3 1, 20 22 ce as ec em	26 89 5, 37 5 ,	( 3) 16 4, 80 9, 19	6, 77 3, 13 9	17 1, 77 9, 82 0	29 08 9, 83 6 ,	69 72 8, 97 7 ,	69 72 8, 97 7 ,
Inc e ( s) niz ed di tly in uit om ex pe nse rec og rec eq y	-	-	-	-	( 62 4, 96 9)	( 9) 62 4, 96	( 9) 62 4, 96
Inc ize d i n t he in st ate nt om e r eco gn co me me	-	-	-	-	( 96 7, 19 2)	( 2) 96 7, 19	( 2) 96 7, 19
Ba lan D be r 3 1, 20 23 at ce as ec em	26 89 5, 37 5 ,	( 3) 16 4, 80 9, 19	6, 77 3, 13 9	17 1, 77 9, 82 0	27 49 7, 67 6 ,	68 13 6, 81 7 ,	68 13 6, 81 7 ,
e ( s) ed di tly Inc niz in uit om ex pe nse rec og rec eq y	-	-	-	-	72 43 6 ,	72 43 6 ,	72 43 6 ,
Inc ize d i he in n t st ate nt om e r eco gn co me me	-	-	-	-	( 23 0, 73 7)	( 7) 23 0, 73	( 7) 23 0, 73
lan Ba at Ju 30 20 24 ce as ne ,	26 89 5, 37 5 ,	( 3) 16 4, 80 9, 19	6, 77 3, 13 9	17 1, 77 9, 82 0	27 33 9, 37 4 ,	67 97 8, 51 6 ,	67 97 8, 51 5 ,

CONSOLIDATED STATEMENT OF CASH FLOWS PERIODS ENDED JUNE 30, 2024 AND 2023

			Euro
	Notes	1H24	1H23

OPERATING ACTIVITIES
Payments to suppliers	15.a	(753,198)	(602,553)
Payments to employees		(406,548)	(413,644)
Payments relating to income taxes		(27,881)	(42,639)
Other cash receipts, net	15.b	221,048	625,065
Cash flows from operating activities (1)		(966,579)	(433,771)

INVESTING ACTIVITIES
C ash receipts resulting from:
Tangible and intangible assets		6,110	-
Interest and related income		113,699	52,856
Capital gains and other equity instruments		135,070	3,195,334
		254,880	3,248,190
Payments resulting from:
Financial investments		(482,116)	(279,257)
Tangible and intangible assets		(17,100)	(4,465)
		(499,216)	(283,722)
Cash flows from investing activities (2)		(244,336)	2,964,468

FINANCING ACTIVITIES
Payments resulting from:
Interest and related expenses		(1,094)	(961)
Cash flows from financing activities (3)		(1,094)	(961)


C ash and cash equivalents at the beginning of the period		17,196,818	20,955,489
Change in cash and cash equivalents (4)=(1)+(2)+(3)		(1,212,009)	2,529,737
Effect of exchange differences		(13,087)	48,667
Cash and cash equivalents at the end of the period	15.c	15,971,722	23,533,893

(amounts expressed in Euros unless otherwise stated)

1. Introduction

As of June 30, 2024, PHAROL holds (1) the debt instruments of Rio Forte Investments S.A. ("Rio Forte") with a nominal value of 897 million Euros and currently valued at 51.9 million Euros, (2) the investment in the shares and bond portfolios in the amount of 26.26 million Euros and (3) indirectly through 100% owned subsidiaries, 59,258 common shares, representing 0.1% of Oi's total share capital (excluding treasury shares), with a value of 54 thousand Euros.

2. Presentation bases

These interim consolidated financial statements have been presented in accordance with IAS 34 Interim Financial Reporting ("IAS 34"). Consequently, these financial statements do not include all the information required by the International Financial Reporting Standards ("IFRS") as adopted by the European Union, and should therefore be read together with the consolidated financial statements for the year ended December 31, 2023. In addition, additional explanations on the main variations in income and costs are disclosed in the interim management report, so these interim consolidated financial statements should be read together with that management report. The interim financial information now disclosed has not been subject to external audit or limited review.

3. Changes in accounting policies

The interim financial statements follow the same accounting policies and calculation methods applied in the most recent annual financial statements.

4. Exchange rates used in the conversion of financial statements expressed in foreign currency

On June 30, 2024 and December 31,2023, the assets and liabilities expressed in the main foreign currencies were converted into Euros on the basis of the following exchange rates for the Euro:

Currency	30 jun 24	31 dez 23
Real	5.8915	5.3618
USD	1.0705	1.1050

As of June 30, 2024 and 2023, the income statements and cash flows of subsidiaries and jointly controlled companies expressed in foreign currency were converted into Euros based on the following average exchange rates:

Currency	1H24	1H23
Real	5.7884	5.4827
USD	1.0759	1.0807