Asbis Enterprises PLC

Interim Report • Aug 7, 2025

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025

ﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟ

11

Limassol, 6 August 2025

CONTENT

	DIRECTORS' REPORT ON THE COMPANY'S AND GROUP'S OPERATIONS
	PART I INTERIM MANAGEMENT REPORT
	1. OVERVIEW
	2. EXECUTIVE SUMMARY FOR THE THREE-AND SIX-MONTH PERIODS ENDED JUNE 30™ , 2025
	3. SUMMARY OF HISTORICAL FINANCIAL DATA
4.	ORGANIZATION OF ASBIS GROUP
5.	CHANGES IN THE STRUCTURE OF THE COMPANY
6.	DISCUSSION OF THE DIFFERENCE OF THE COMPANY'S RESULTS AND PUBLISHED FORECASTS 12
7.	INFORMATION ON DIVIDEND PAYMENT
	8. SHAREHOLDERS POSSESSING MORE THAN 5% OF THE COMPANY'S SHARES AS OF THE DATE
	OF THE PUBLICATION OF THE INTERIM REPORT.

DIRECTORS' REPORT ON THE COMPANY'S AND GROUP'S OPERATIONS

We have prepared this report as required by Paragraph 60 section 2 of the Regulation of the Ministry of Finance dated 29 March 2018 on current and periodic information to be published by issuers of securities and conditions of recognition of information required by the law of non-member country as equal.

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

In this six-month report, all references to the Company apply to ASBISc Enterprises Plc and all references to the Group apply to ASBISc Enterprises Plc and its consolidated subsidiaries. Expressions such as "we", "our" and similar apply generally to the Group (including its particular subsidiaries, depending on the country discussed) unless from the context it is clear that they apply to the Company alone.

FINANCIAL AND OPERATING DATA

This six-month report contains financial statements of, and financial information relating to the Group. In particular, this sixmonth report contains our interim consolidated financial statements for the six months ending 30 June 2025. The financial statements appended to this six-month report are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard ("IAS") 34.

The functional currency of the Company is U.S. dollars. Accordingly, transactions in currencies other than our functional currency are translated into U.S. dollars at the exchange rates prevailing on the applicable transaction dates.

Certain arithmetical data contained in this six-month report, including financial and operating information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this six-month report may not conform exactly to the total figure given for that column or row.

CURRENCY PRESENTATION

Unless otherwise indicated, all references in this six month report to "U.S. \$" or "U.S. dollars" are to the lawful currency of the United States; all references to "e" or the lawful currency of the member states of the European Union that adopt the single currency in accordance with the EC Treaty, which means the Treaty establishing the European Community (signed in Rome on 25 March 1957), as amended by the Treaty on European Union (signed in Maastricht on 7 February 1992) and as amended by the Treaty of Amsterdam (signed in Amsterdam on 2 October 1997) and includes, for this purpose, Council Regulations (EC) No. 1103/97 and all references to "PLN" or "Polish Zloty" are to the lawful currency of the Republic of Poland.

All references to U.S. dollars, Polish Zloty, Euro and other currencies are in thousands, except share and per share data, unless otherwise stated.

FORWARD-LOOKING STATEMENTS

This six-month report contains forward-looking statements relating to our business, financial condition and results of operations. You can find many of these statements by looking for words such as "may", "will", "expect", "anticipate", "believe", "estimate" and similar words used in this six-month report. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties. Accordingly, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you not to place undue reliance on such statements, which speak only as of the date of this six-month report.

The cautionary statements set out above should be considered in connection with any subsequent written or oral forwardlooking statements that we or people acting on our behalf may issue. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this six-month report.

PART I INTERIM MANAGEMENT REPORT

1. OVERVIEW

ASBISc Enterprises Plc is a leading Value Add Distributor, developer and provider of ICT, IoT products, solutions, and services to the markets of Europe, the Middle East, and Africa (EMEA) with local operations in Central and Eastern Europe, the Battic republics, the Commonwealth of Independent States, the Middle East and North Africa, combining a broad geographical reach with a wide range of products distributed on a "one-stop-shop" basis. Our focus is on the following countries: Kazakhstan, Ukraine, Slovakia, Poland, Czech Republic, Romania, Bulgaria, Serbia, Hungary, Middle East countries (i.e., United Arab Emirates, Qatar and other Gulf states) South Africa, and Latvia.

The Group distributes IT components (to assemblers, system integrators, local brands and retail) as well as A-branded finished products like smartphones, desktop PCs, laptops, servers, and networking to SMB and retail. Our IT product portfolio encompasses a wide range of TT components, blocks and mobile IT systems. We currently purchase most of our products from leading international manufacturers, including Apple, Intel, Advanced Micro Devices ("AMD"), Seagate, Western Digital, Samsung, Microsoft, Toshiba, Dell, Acer, Lenovo and Hitachi. In addition, a part of our revenues is comprised of sales of IT and CE products under our private labels: Prestigio Solutions, Canyon, AENO, AROS and LORGAR.

ASBISc commenced business in 1990 and in 1995 incorporated the parent Company in Cyprus and moved our headquarters to Limassol. Our Cypriot headquarters support, through two master distribution centers (located in the Czech Republic and the United Arab Emirates), our network of 31 warehouses located in 34 countries. This network supplies products to the Group's in-country operations and directly to its customers in approximately 60 countries.

The Company's registered and principal administrative office is at 1, lapetou Street, 4101, Agios Athanasios, Limassol, Cyprus.

2. EXECUTIVE SUMMARY FOR THE THREE- AND SIX-MONTH PERIODS ENDED JUNE 30TH, 2025.

The Company has completed Q2 2025 and the management team considers it a very successful one, given that it was the best second quarter in our entire history. In Q2 2025, despite the seasonal slow-down and continuation of challenges in our major markets like Kazakhstan and Ukraine (mainly related to unauthorized and illegal imports and ongoing full-scale war) as well as the significant escalation of the broader Middle East crisis, we were able to generate super strong results. It is worth underlying that in each month of Q2 2025 our sales exploded marking new records.

This is a huge success for the whole ASBIS Group and confirms that we are able to operate in an adaptive and flexible way. Our determination and drive allow us to deliver to the market that are needed and proves our ability to turn challenges into opportunities.

In Q2 2025 the main driver behind such tremendous revenue growth was due to sustained and high demand for servers and server components following the Al-driven and datacentric infrastructure boom around the globe. We are engaged with multiple customers in multiple layers of the supply value chain in a growing number of countries for projects that are continuously upgrading the data centers. This enables customers to process more and more information and store more and more data. We expect that the large-scale investment in both cloud and Al infrastructure will remain a defining driver of the growth in 2025 and onwards.

Talking about our major markets, in Kazakhstan came into life new regulations as regards the IMEI registration system, as we mentioned in our interim report for Q1 2025. Starting from this year all smartphones that were imported illegally or fraudulently registered after April 2025 are supposed to be blocked. This gives us huge hope hope hope the illicit trading will improve substantially soon as there will be no way to bypass this system.

In Ukraine, the situation has remained difficult following the continuation of the hostilities in the country, causing a worse than we expected sentiment of Ukrainian consumers. Despite all difficulties, our approach to this market remains unchanged. We continue to invest and remain strong and positive that should the war will finish, we will be significantly gaining from this market.

Analyzing the results of Q2 2025, revenues were USD 949.3 million (up 47.0% compared to Q2 2024). The gross profit margin decreased to 6.69% from 7.97%, as expected given a different product mix in Q2 2024. Operating profit (EBT) increased by 53.4% and reached USD 23.5 million, compared to USD 15.3 million in Q2 2024. The net profit amounted to USD 12.1 million, almost doubled, as compared to the USD 6.1 million in Q2 2024.

In H1 2025, ASBIS generated revenues of USD 1,685.7 million (up 24.0%, compared to H1 2024) and delivered a net profit after tax of USD 19.4 million, as compared to USD 20.1 million in the same period of last year.

The quarter-over-quarter increase in net sales reflected a strong growth in all the Company's geographic reportable segments. The Commonwealth of Independent States region and Central & Eastern Europe regions traditionally had the largest share of the Group's revenues.

As regards the product, in Q2 2025 multiple product lines have recorded strong growth on a year-on-year basis. The leader of the Company's sales remained the smartphones followed by servers and server blocks and CPUs.

A country-by-country analysis confirms the excellent growth rates the Group was able to achieve in all main markets of our operation including Kazakhstan.

The important countries with the highest sales growth in Q2 2025 were:

• South Africa a growth of 337%
• Netherlands a growth of 181%
• Slovakia a growth of 65% .
• · Kazakhstan a growth of 59%
• · United Arab Emirates a growth of 50%

As regards our own brands, we are constantly developing and pushing to generate higher revenues and gross profit.

• · AENO AENO in the second quarter launched a new category of toasters. Also, in this quarter AENO launched its first ODM product Al ProDryer featuring 11 proprietary patents. Distribution and partner networks have expanded, and the brand has increased its offline presence among partners with the fast-growing Beauty category in Hungary, Czech Republic, Ukraine, Bulgaria and Slovakia.
• · Canyon -during Q2 2025, the Canyon team carried out extensive work to launch the Hexagon series project across all countries where the brand is present. One of the series received the prestigious Red Dot design award, which supports the entire product line and boosts brand popularity. Canyon also placed special emphasis on Hero Products, which include categories like Power and Personal Audio.
• · Prestigio solutions In Q2 2025, Prestigio Solutions showed consistent growth in gross profit as compared to Q2 2024. This reflects the sustained demand for the products, especially Tablets and PC for Multiboards. Prestigio Solutions has signed a partnership with the number 1 exporter of LED displays in China - ABSEN. They are an internationally acknowledged multi-award-winning supplier. Thanks to this agreement, Prestigio Solutions will now offer a broader range of LED video wall solutions, which will be tailored to the unique needs of customers in various industries. Moreover, to attract more clients, during the last quarter Prestigio Solutions finished a Demo Zone at Cyprus Headquarters. It is the ideal spot to see Prestigio Solutions products up close - solutions for business and education which combine Multiboards, Video Conferencing Systems, Digital Media Players, and Tablets. To be more reliable and bring more value to our customers, we expanded our optional extended warranty coverage for existing and future Multiboard models. The customers can now choose to extend their warranty by 1 or 2 years, on top of our standard 3-year warranty. This means they can enjoy up to 5 years of coverage, ensuring long-term support and maximizing their return on investment
• · Lorgar in Q2 2025 Lorgar has shown a strong growth in revenues and gross profit as compared to the corresponding period of 2024. Q2 2025 has become for Lorgar the most successful Q2 of its short history meaning all the novelties became available in its warehouses, successful sales campaign and Baltics countries have shown excellent results and became the most performing entities.

In Q2 2025 and in the period between 1st of April 2025 and the date of this report the Company experienced other important business events:

• · ASBIS has enhanced its partnership with Midea, a renowned global manufacturer of intelligent home appliances, by introducing two cutting-edge climate solutions: the Washable Aroma Tower Fan and the 3-in-1 Evaporative Air Cooler. This strategic move aims to make these innovative products available across European markets.
• · ASBIS has signed a distribution agreement with Royal Kludge, a company specializing in the production of highquality mechanical gaming keyboards. As part of this cooperation, ASBIS will distribute Royal Kludge products, including mechanical gaming keyboards and gaming mice on 11 markets: Czech Republic, Slovakia, Hungary, Romania, Bulgaria, Slovenia, Cyprus, Ukraine, Azerbaijan, Armenia. In the longer term, distribution of these products is also planned for 10 African markets, including South Africa.
• · ASBIS has officially launched its first Bang & Olufsen flagship store in Milan. This is the in Southern Europe and the seventh Bang & Olufsen store overall. This store marks a significant milestone in ASBIS's expanding partnership with the iconic Bang & Olufsen audio brand.
• · ASBIS has signed a distribution agreement with Logitech in South Africa, expanding its product portfolio in this country. This partnership designates ASBIS as an authorized distributor for Logitech's consumer product range in South Africa, further strengthening both companies' presence in the African market. ASBIS has been cooperating with Logitech for over 10 years, distributing the Company's products in over 40 markets.
• · ASBIS has signed a distribution agreement with Klipsch, a leading global manufacturer of premium sound solutions for the consumer and professional markets. Under this partnership agreement, ASBIS will distribute a comprehensive assortment of consumer electronics, including active speakers, portable speakers, party speakers, and soundbars across 28 countries in the EMEA region.
• · ASBIS Africa, a subsidiary of ASBIS Group, has been recognized as an Authorized Economic Operator (AEO) by national customs authorities in Africa. This designation enhances ASBIS's reputation as a leader in compliance and excellence in cross-border trade throughout the region.
• · Breezy, a subsidiary of the ASBIS specializing in refurbishment and remarketing of used digital devices, has signed a cooperation agreement with Nedbank, one of Africa's largest financial services groups. Under this agreement, the company will provide Trade-In solutions to Avo Super Shop, owned by Nedbank and currently serving nearly 3 million customers.
• · Breezy has partnered with Fairown, the leading provider of monthly product subscriptions and automatic upgrades through built-in financing, operating in the Polish, German, and Scandinavian markets.
• · ASBIS Poland, a subsidiary of the ASBIS Group, has signed an open-ended distribution agreement with D-Link, a global leader in advanced networking equipment manufacturing. With this agreement, ASBIS Poland has enhanced its portfolio with network products designed for business, individual, and enterprise clients. The agreement covers the entire range of D-Link products intended for the Polish market.
• · Breezy, a subsidiary of the ASBIS Group, has integrated Apple's automatic diagnostic tool for MacBooks into its Trade-In system. This follows Breezy's successful rollout of Apple's iPhone diagnostic tool last year - making it the first company in Europe to bring this innovation to market.

In summary, taking into consideration overall geopolitical uncertainties, we assess the Group's results for Q2 202 5 and H1 2025 as very successful.

We are very positive for the second half of 2025. We believe that the upward trend in sales will continue following the boom for AI and Data Center infrastructure and we shall be able to deliver very good results. We plan to further expand our presence in Africa, and Western Europe, while strengthening our positions in Central and Eastern Europe. We also very much count on Breezy - trade-in business, which have already been developing very nicely.

The principal events of the three-month period ended June 30th, 2025, were as follows:

• In Q2 2025 revenues increased by 47.0% to U.S.\$ 949,339 from U.S.\$ 645,922 in Q2 2024.
• In Q2 2025 gross profit increased by 23.4% to U.S.\$ 63,557 from U.S.\$ 51,487 in Q2 2024.
• In Q2 2025 gross profit margin decreased and reached 6.69% from 7.97% in Q2 2024.
• In Q2 2025 selling expenses increased by 11.0% to U.S.\$ 23,418 from U.S.\$ 21,104 in Q2 2024. These expenses include a redundancy compensation of approximately USD 500K.
• In Q2 2025 administrative expenses increased by 10.4% to U.S.\$ 16,615 from U.S.\$ 15,044 in Q2 2024.
• In Q2 2025 EBITDA was positive and reached U.S.\$ 25,956 as compared to U.S.\$ 17,525 in Q2 2024.
• The Group finished Q2 2025 with a style, delivering an impressive, one of the highest net profits after tax for the second quarter, amounting to U.S. \$ 12,118 as compared to U.S.\$ 6,129 in Q2 2024. The following table presents revenues breakdown by regions in the three-month period ended June 30th, 2025, and 2024 respectively (in U.S.\$ thousand).

Region	022025	072024	Change %
Commonwealth of Independent States (CIS)	321,735	243,140	32.3%
Central and Eastern Europe	258,691	185.034	39.8%
Middle East and Africa	180.846	113,470	59.4%
Western Europe	158,883	89.878	76.8%
Other	29,184	14.401	102.7%
Total	949,339	645,923	47.0%

The principal events of the six-month period ended June 30th, 2025, were as follows:

• Revenues increased by 24.0% to U.S.\$ 1,685,702 from U.S.\$ 1,359,135 in H1 2024.
• Gross profit increased by 4.1% to U.S.\$ 115,117 from U.S.\$ 110,569 in H1 2024.
• Gross profit margin dropped to 6.83% from 8.14% in H1 2024.
• Selling expenses increased by 7.6% to U.S.\$ 43,968 from U.S.\$ 40,865 in H1 2024
• Administrative expenses increased by 4.4.% to U.S.\$ 31,258 from U.S.\$ 29,929 in H1 2024.
• EBITDA was positive and reached U.S.\$ 44,395 as compared to U.S.\$ 44,082 in H1 2024.
• The Group finished H1 2025 with a net profitafter tax amounting to U.S. \$ 19,433 as compared to U.S.\$ 20,132 in H1 2024.

The following table presents revenues breakdown by regions in the six-month periods ended June 30", 2025, and 2024 respectively (in U.S.\$ thousand):

Region	H1 2025	H1 2024	Change %
Commonwealth of Independent States (CIS)	544,675	573,007	-4.9%
Central and Eastern Europe	480,552	372.210	29.1%
Middle East and Africa	368,769	234.828	57.0%
Western Europe	249,628	158.089	57.9%
Other	42,078	21.001	100.4%
Total	1,685,702	1,359,135	24.0%

DEFINITIONS AND USE OF ALTERNATIVE PERFORMANCE MEASURES

Gross profit

Gross profit is the residual profit made after deducting the cost of sales from revenue.

DEFINITIONS AND USE OF ALTERNATIVE PERFORMANCE MEASURES

Gross profit

Gross profit is the residual profit made after deducting the cost of sales from revenue.

Gross profit margin

Gross profit margin is calculated as the gross profit divided by revenue, presented as a percentage.

EBIT (Earnings Before Interest and Tax)

is calculated as the Profit before Tax, Net financial expenses, other incomelloss and share of profit/loss of equity-accounted investees, all of which are directly identifiable in financial statements.

EBITDA

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is calculated as the Profit before Tax, Net financial expenses, other incomelloss, share of profitloss of equity-accounted investees, Depreciation, All of which are directly identifiable in financial statements.

The use of the above Alternative Performance Measures ("APM") is made for the purpose of providing a more detailed analysis of the financial results.

3. SUMMARY OF HISTORICAL FINANCIAL DATA

The following data sets out our summary historical consolidated financial information for the periods presented. You should read the information in conjunction with the interim condensed consolidated financial statements and results of operations contained elsewhere in this interim report.

For your convenience, certain U.S. \$ amounts as of and for the three and six months ended 30 June 2025 and 2024, have been converted into Euro and PLN as follows:

• Individual items of the statement of financial position based at average exchange rates quoted by the National Bank of Poland for a given balance sheet dated December 31st, 2024, that is: 1 US\$ = 4.1012 PLN and 1 EUR = 4.2730 PLN and June 30th, 2025, that is: 1 US\$ = 3.6164 PLN and 1 EUR = 4.2419 PLN.
• Individual items in the income statement of cash flows based at exchange rates representing the arithmetic averages of the exchange rates quoted by the National Bank of Poland for the last day of each month in a given period 1 January to 30 June 2024, that is: 1 US\$ = 4. 0097 PLN and 1 EUR = 4.3195 PLN and 1 January to 30 June 2025, that is: 1 US\$ = 3.8422 PLN and 1 EUR = 4.2208 PLN.
• Individual items in the income statement of cash flows for separate Q2 2025 and Q2 2024 based at exchange rates representing the arithmetic averages of the exchange rates quoted by the National Bank of Poland for the last day of each month in a given period 1 April to 30 June 2024, that is: 1 US\$ = 4.0331 PLN and 1 EUR = 4.3172 PLN and 1 April to 30 June 2025, that is: 1 US\$ = 3.7106 PLN and 1 EUR = 4.2568 PLN.

(In thousands of US\$)	Period from 1 January to 30 June 2025			Period from 1 January to 30 June 2024
	USD	PLN	EUR	usd	PLN	EUR
Revenue	1,685,702	6,476,748	1,534,484	1,359,135	5,449,724	1,261,650
Cost of sales	(1,570,585)	(6,034,449)	(1,429,693)	(1,248,566)	(5,006,375)	(1,159,012)
Gross profit	115,117	442,299	104,791	110,569	443,349	102,638
Gross profit margin	6.83%			8.14%
Selling expenses	(43,968)	(168,932)	(40,024)	(40,865)	(163,856)	(37,934)
Administrative expenses	(31,258)	(120,098)	(28,454)	(29,929)	(120,006)	(27,782)
Profit from operations	39,891	153,269	36,313	39,775	159,487	36,922
Financial expenses	(17,093)	(65,676)	(15,560)	(16,054)	(64,372)	(14,902)
Financial income	1,145	4,399	1,042	972	3,897	902
Other gains and losses	529	2,033	482	351	1,406	326
Share of loss equity-accounted investees	(194)	(745)	(177)	(151)	(605)	(140)
Profit before taxation	24,278	93,280	22,100	24,893	99,813	23,108
Taxation	(4,845)	(18,615)	(4,410)	(4,761)	(19,090)	(4,420)
Profit after taxation	19,433	74,665	17,690	20,132	80,723	18,688
Attributable to:
Non-controlling interest	(75)	(288)	(68)	(113)	(453)	(105)
Equity holders of the parent	19,508	74,953	17,758	20,245	81,176	18,793
EBIT and EBITDA calculation	usD	PLN	EUR	usb	PLN	EUR
Profit before tax	24,278	93,280	22,100	24,893	99,813	23,108
Add back:
Financial expenses/net	15,948	61,275	14,517	15,082	60,474	14,000
Other gains and losses	(529)	(2,033)	(482)	(351)	(1,407)	(326)
Share of loss of equity-accounted investees	194	745	177	151	605	140
EBIT for the period	39,891	153,267	36,312	39,775	159,486	36,922
Depreciation	4,277	16,433	3,893	4,086	16,384	3,793
Amortization	227	872	207	221	886	205
EBITDA for the period	44,395	170,573	40,412	44,082	176,715	40,911
	usd (cents)	PEN (grosz)	EUR (cents)	usp (cents)	PEN (grosz)	EUR (cents)
Basic and diluted earnings per share	35.15	135.05	32.00	36.48	146.27	33.86
from continuing operations	USD	BLN	EUR	USD	PLN	EUR
Net cash outflows from operating activities	(58,788)	(225,873)	(53,514)	(66,118)	(265,113)	(61,376)
Net cash outflows from investing activities	(10,690)	(41,073)	(9,731)	(9,307)	(37,318)	(8,639)
Net cash inflows/(outflows) from financing activities	1,429	5,494	1,302	(31,587)	(126,654)	(29,321)
Net decrease in cash and cash equivalents	(68,049)	(261,452)	(61,943)	(107,012)	(429,086)	(99,337)
Cash at the beginning of the year	105,400	404,964	95,945	108,306	434,275	100,538
Cash at the end of the period	37,351	143,512	34,002	1,294	5,189	1,201
	As at 30 June 2025			As at 31 December 2024
	PLN USD		EUR	USD	PEN	ਿੰਗ ਕਿ
Current assets	1,067,995	3,862,297	910,511	1,112,656	4,563,225	1,067,921
Non-current assets	99,739	360,696	85,032	88,155	361,541	84,611
Total assets	1,167,734	4,222,993	995,543	1,200,811	4,924,766	1,152,531
Liabilities	860,748	3,112,809	733,824	902,496	3,701,317	866,210
Equity	306,986	1,110,184	261,719	298,315	1,223,449	286,321

(In thousands of US\$)	Period from 1 April to 30 June 2025			Period from 1 April to 30 June 2024
	USD	PLN	EUR	USD	PLN	EUR
Revenue	949,339	3,522,617	827,527	645,922	2,605,036	603,416
Cost of sales	(885,782)	(3,286,782)	(772,125)	(594,435)	(2,397,386)	(555,317)
Gross profit	63,557	235,835	55,402	51,487	207,650	48,099
Gross profit margin	6.69%			7.97%
Selling expenses	(23,418)	(86,895)	(20,413)	(21,104)	(85,113)	(19,715)
Administrative expenses	(16,615)	(61,652)	(14,483)	(15,044)	(60,673)	(14,054)
Profit from operations	23,524	87,288	20,506	15,339	61,863	14,330
Financial expenses	(9.250)	(34,342)	(8,067)	(7,779)	(31,373)	(7,267)
Financial income	626	2,323	546	213	859	199
Other gains and losses	282	1,065	249	165	665	154
Share of loss of equity-accounted investees	(73)	(271)	(64)	(36)	(145)	(34)
Profit before taxation	15,109	56,063	13,170	7,902	31,869	7,382
Taxation	(2,991)	(11,098)	(2,607)	(1,773)	(7,151)	(1,656)
Profit after taxation	12,118	44,965	10,563	6,129	24,719	5,726
Attributable to: Non-controlling interests	(6)	(22)	(5)	(43)	(173)	(40)
Equity holders of the parent	12,124	44,987	10,568	6,172	24,892	5,766
EBIT and EBITDA calculation	USD	PLN	EUR	USD	PLN	EUR
Profit before tax	15,109	56,063	13,170	7,902	31,869	7,382
Add back:
Financial expenses/net	8,629	32,019	7,522	7,566	30,514	7,068
Other gains and losses	(282)	(1,039)	(244)	(165)	(665)	(154)
Share of loss of equity-accounted investees	73	271	64	રૂક	145	34
EBIT for the period	23,524	87,288	20,506	15,339	61,863	14,330
Depreciation	2.316	8.594	2,019	2.062	8,316	1,926
Amortization	116	427	100	124	500	116
EBITDA for the period	25,956	96,312	22,626	17,525	70,679	16,372
	usd (cents)	PLN (grosz)	EUR (cents)	USD (cents)	PLN (grosz)	EUR (cents)
Basic and diluted earnings per share from continuing operations	21.85	81.08	19.05	11.12	44.85	10.39

	USD	PLN	EUR	USD	PLN	EUR
Net cash outflows from operating activities	(92)	(341)	(80)	(24,603)	(99,225)	(23,984)
Net cash outflows from investing activities	(5,655)	(20,983)	(4,929)	(5,804)	(23,408)	(5,422)
Net cash inflows/(outflows) from financing activities	15,507	57,540	13,517	(44,263)	(178,515)	(41,350)
Net increase/(decrease) in cash and cash equivalents	9.760	36,216	8,508	(74,670)	(301,148)	(69,756)
Cash at the beginning of the period	27,591	102.379	24.051	75.964	306,367	70,965
Cash at the end of the period	37,351	138,595	32,559	1,294	5,219	1,209

4. ORGANIZATION OF ASBIS GROUP

The following table presents our corporate structure as of 30 June 2025:

	Company	Consolidation Method
ASBISC Enterprises PLC		Mother company
Asbis Ukraine Limited (Kyiv, Ukraine)		Full (100%)
Asbis Poland Sp. z o.o. (Warsaw, Poland)		Full (100%)
Asbis Romania S.R.L (Bucharest, Romania)		Full (100%)
Asbis Cr d.o.o (Zagreb, Croatia)		Full (100%)
Asbis d.o.o Beograd (Belgrade, Serbia)		Full (100%)
Asbis Hungary Commercial Limited (Budapest, Hungary)		Full (100%)
Asbis Bulgaria Limited (Sofia, Bulgaria)		Full (100%)
Asbis CZ,spol.s.r.o (Prague, Czech Republic)		Full (100%)
Asbis Slovenia d.o.o (Trzin, Slovenia)		Full (100%)
Asbis Middle East FZE (Dubai, U.A.E)		Full (100%)
Asbis SK sp.l sr.o (Bratislava, Slovakia)		Full (100%)
E.M. Euro-Mall Ltd (Limassol, Cyprus)		Full (100%)
Prestigio Plaza Ltd (Limassol, Cyprus)		Full (100%)
Perenio loT spol. s.r.o. (Prague, Czech Republic)		Full (100%)
Asbis Kypros Ltd (Limassol, Cyprus)		Full (100%)
ASBIS BALTICS SIA (Riga, Latvia)		Full (100%)
Asbis d.o.o. (Sarajevo, Bosnia Herzegovina)		Full (90%)
ASBIS Kazakhstan LLP (Almaty, Kazakhstan)		Full (100%)
Euro-Mall SRO (Bratislava, Slovakia)		Full (100%)
Asbis China Corp. (former Prestigio China Corp.) (Shenzhen, China)		Full (100%)
iSupport Ltd (Kiev, Ukraine)		Full (100%)
I ON LLC (Kiev, Ukraine)		Full (100%)
ASBC MMC LLC (Baku, Azerbaijan)		Full (65.85%)
ASBC KAZAKHSTAN LLP (Almaty, Kazakhstan)		Full (100%)
Atlantech Ltd (Ras Al Khaimah, U.A.E)		Full (100%)
ASBC LLC (Tbilisi, Georgia)		Full (100%)
Real Scientists Limited (London, United Kingdom)		Full (55%)
i-Care LLC (Almaty, Kazakhstan)		Full (100%)
ASBIS IT Solutions Hungary Kft. (Budapest, Hungary)		Full (100%)
Breezy Kazakhstan TOO (Almaty, Kazakhstan)		Full (100%)
Breezy LLC (Kyiv, Ukraine)		Full (100%)
I.O.N. Clinical Trading Ltd (Limassol, Cyprus)		Full (100%)
R.SC. Real Scientists Cyprus Ltd (Limassol, Cyprus)		Full (85%)
ASBIS CA LLC (Tashkent, Uzbekistan)		Full (100%)
Breezy Service LLC (Kyiv, Ukraine)		Full (100%)
Breezy Trade-In Ltd (Limassol, Cyprus)		Full (82.30%)
ASBC LLC (Yerevan, Armenia)		Full (100%)
Breezy Georgia LLC (Tbilisi, Georgia)		Full (100%)
ASBC Entity OOO (Tashkent, Uzbekistan)		Full (100%)
ASBC POLAND Sp. z o.o (former ACEAN.PL Sp. z o.o) (Warsaw, Poland)		Full (100%)
Entoliva Ltd (Limassol, Cyprus)		Full (100%)
ASBIS HELLAS SINGLE MEMBER S.A. (Athens, Greece)		Full (100%)
ASBC SRL (Chisinau, Moldova)		Full (100%)
Breezy-M SRL (Chisinau, Moldova)		Full (100%)

	Company	Consolidation Method
Breezy Poland Sp. z o.o. (Warsaw, Poland)		Full (100%)
ASBIS AM LLC (Yerevan, Armenia)		Full (100%)
ASBIS Georgia LLC (Tbilisi, Georgia)		Full (100%)
ASBIS AZ LLC (Baku, Azerbaijan)		Full (100%)
ASBIS s.r.l. (Chisinau, Moldova)		Full (100%)
Asbis Africa (Pty) Ltd (Johannesburg, South Africa)		Full (100%)
ASBC Morocco s.a.r.l. (Morocco, Casablanca)		Full (100%)
Sarovita Ltd (Limassol, Cyprus)		Full (100%)
ASBC South Africa (Pty) Ltd (Johannesburg, South Africa)		Full (100%)
Breezy Azerbaijan MMC (Baku, Azerbaijan)		Full (100%)
AROS ENGINEERING SINGLE MEMBER S.A. (Athens, Greece)		Full (100%)
ASBC ITALIA S.R.L. (Rome, Italy)		Full (100%)
ASBC INC. (Delaware, U.S.A.)		Full (100%)
E-VISION UKRAINE LLC (Kiev, Ukraine)		Full (100%)
ASBIS Lietuva UAB (Vilnius, Lithuania)		Full (100%)

5. CHANGES IN THE STRUCTURE OF THE COMPANY

During the six months ended June 30th, 2025, there have been the following change in the Group's structure:

• On March 28th, 2025, ASBISC Enterprises Plc has liquidated the company SIA Joule Production (Riga, Latvia).
• On May 30th, 2025, the Issuer has acquired the 100% shares of the company ASBIS Lietuva UAB (Vilnius, Lithuania). The Issuer holds 100% in this subsidiary, being equal to share capital of EUR 1,000 (USD 1,134). We acquired this entity to distribute IT products.
• On May 22nd, 2025, the Issuer has disposed the 8.85% shares of the company Breezy Trade-In Ltd (Limassol, Cyprus) for the consideration of USD 88,483. The Issuer holds 82.30% in this subsidiary.

A number of dormant and zero business subsidiaries have been excluded from the Group structure due to the absence of business activity and their dormant status.

6. DISCUSSION OF THE DIFFERENCE OF THE COMPANY'S RESULTS AND PUBLISHED FORECASTS

Due to global uncertainty, the Company decided not to publish its official financial forecast for 2025.

7. INFORMATION ON DIVIDEND PAYMENT

On May 29th, 2025, following the resolution of the Annual General Meeting of Shareholders, a final dividend of USD 0.30 per share was paid out. The dividend date was set for May 19th, 2025.

Thus, the grand total for dividends paid from the Company's 2024 profits (including the interim dividend paid in December 2024) amounted to USD 0.50 per share, equaling the highest dividend in the Company's history.

8. SHAREHOLDERS POSSESSING MORE THAN 5% OF THE COMPANY'S SHARES AS OF THE DATE OF THE PUBLICATION OF THE INTERIM REPORT.

The following table presents shareholders possessing more than 5% of the Company's shares as of the publication of this report, according to our best knowledge.

The information included in the table is based on the information received from the shareholders pursuant to Art. 69, sec. 1, point 2 of the Act on Public Offering, conditions governing the introduction of financial instruments to organized trading and public companies.

There were no changes in the number of shares possessed by major shareholders during the period between May 8th, 2025 (the date of the interim report for Q1 2025) and the date of this report.

CHANGES IN THE NUMBER OF SHARES OWNED BY THE MEMBERS OF THE BOARD OF DIRECTORS

During the period between May 7th, 2025 (the date of the interim report for Q1 2025) and August 6th, 2025 (date of this report) there were no changes in the number of shares possessed by the members of the Board of Directors.

The table below presents the number of shares held by the members of the Board of the date of this report. The information included in the table below is based on information received from members of our Management Board :

Name	Number of Shares	% of the share capital
Siarhei Kostevitch (directly and indirectly) *	20,448,127	36.84%
Constantinos Tziamalis	406,600	0.73%
Marios Christou	330,761	0.60%
Julia Prihodko	2,000	0%
Hanna Kaplan	500	0%
Maria Petridou	0	0%
Tasos A. Panteli	0	0%
Constantinos Petrides	0	0%
Total	21,187,988	38.18%

*Siarhei Kostevitch holds ASBIS shares as a shareholder of KS Holdings Ltd.

The members of the Board of Directors do not have any rights to the Company's shares.

CHANGES IN THE MEMBERS OF MANAGING BODIES.

During the six-month period ended June 30th, 2024, there were the following changes in the members of the Companys Board of Directors:

On May 7th, 2025, the Company's Annual GeneralMeeting of Shareholders has re-elected Mr. Siarhei Kostevitat, Mr. Constantinos Tziamalis and Mrs. Julia Prihodko (Executive Directors) to the Board of Directors.

There were no other changes in the members of the Company's Board of Directors during the period between May 7th, 2025 (the date of the interim report for Q1 2025) and August 6th, 2025 (date of this report).

SIGNIFICANT ADMINISTRATIVE AND COURT PROCEEDINGS AGAINST THE COMPANY

Neither the Company nor any of the members of our Group are involved in any significant proceedings before a court, competent body or a body of public administration concerning payables or debt of the Company or its subsidiaries .

RELATED PARTY TRANSACTIONS

During the six months ended June 30th, 2025, neither the Company nor any of the members of our Group have concluded any material related party transaction, other than with market conditions.

INFORMATION ON GUARANTEES GRANTED TO THIRD PARTIES.

The total corporate guarantees the Company has issued, as of June 30th, 2025, to support its subsidiaries' local financing, amounted to U.S.\$ 307,322. The total bank guarantees and letters of credit raised by the Group suppliers) as of June 30th, 2025, was U.S. \$ 49,073 - as per note number 17 to the financial statements.

RELATED PARTY TRANSACTIONS

During the six months ended June 30th, 2025, neither the Company nor any of the members of our Group have concluded any material related party transaction, other than with market conditions.

INFORMATION ON GUARANTEES GRANTED TO THIRD PARTIES.

The total corporate guarantees the Company has issued, as of June 30th, 2025, to support its subsidiaries' local financing, amounted to U.S.\$ 307,322. The total bank guarantees and letters of credit raised by the Group suppliers) as of June 30th, 2025, was U.S. \$ 49,073 - as per note number 17 to the financial statements.

INFORMATION ON CHANGES IN CONDITIONAL COMMITMENTS OR CONDITIONAL ASSETS OCCURRED SINCE THE END OF THE LAST FISCAL YEAR

No changes in conditional commitments or conditional assets have occurred since the end of the last fiscal year.

OTHER INFORMATION IMPORTANT FOR THE ASSESSMENT OF OUR PERSONNEL, ECONOMIC AND FINANCIAL POSITION, AS WELL AS OUR FINANCIAL RESULTS

In the three and six month periods ended June 30th, 2025, the Company's results of operations have been affected and are expected to continue to be affected by a number of factors. These factors are presented in brief below:

THE WAR IN UKRAINE

The war in Ukraine is considered by the major negative development which still affects our operations not only in Ukraine but in the regions around. The Group to totally divest from Russia was the correct one, despite the significant losses we needed to swallow during 2023. The ongoing conflict in the country does not allow us to properly develop the country and the unsecured business environment makes it extremely difficult to plan and execute to our strategy. Despite all difficulties, we are continuing to deliver very good results, however the key to our success in the country does not only depend on our performance but also on an extremely volatile market environment.

The Group being fully compliant with the directions given by the EU and its suppliers, has undertaken all necessary actions to prevent sales of sanctioned products to sanctioned entities and/or individuals.

UNFAIR COMPETITION FROM UN-AUTHORIZED CHANNELS

The illicit trading in our main markets is considered by the management as another major negative factor which has adversely affected our business. The problem of un-authorized and illegal imports of the leading product categories in our portfolio is playing a significant negative role in our performance. Through unofficial channels, devices reach the markets without proper registration, which deprives the budgets of these countries of significant revenue and profits.

While authorized distributors like ASBIS obey the law and pay taxes. Illicit traders avoid fiscal control, breach the law and deprive countries of billions of tax income.

The Group is closely working with its suppliers and authorities to overcome this issue. Several actions have already been implemented, and we believe that the situation will somewhat improve going forward, but this is not in our capacity to manage

THE IN-COUNTRY CRISIS AFFECTING OUR MAJOR MARKETS, GROSS PROFIT AND GROSS PROFIT MARGIN.

Throughout the years of operation, the Company has from time suffered from specific in-country problems, emanating from the deterioration of specific countries' financial situation, due to a number of issues including but not limited to political instability. The recent example of Kazakhstan is showing that a crisis emanated in a single large country of our operation might have a significant adverse effect on our results. We need to monitor any developments, react fast and weather every risk showing up in a specific market to secure our results.

The Company needs to keep in mind that different in-country problems might arise at any time and affect our operations. Even though we have improved our procedures, we cannot be certain that all risks are mitigated.

CURRENCY FLUCTUATIONS

The Company's reporting currency is the U.S. dollar. In Q2 2025 a good portion of our revenues was denominated in U.S. dollars, while the balance is denominated in Euro, UAH, KZT and other currencies, certain of which are linked to the Euro. Our trade payable balances are principally (about 90%) denominated in U.S. dollars. In addition, approximately half of our operating expenses are denominated in U.S. dollars and the other currencies, certain of which are linked to the Euro.

Therefore, reported results are affected by movements in exchange rates, particularly in the exchange rate of the U.S. dollar against the Euro and other currencies of the countries in which we operate, the Ukrainian Hryvnia, the Czech Koruna, the Polish Zloty, the Croatian Kuna, the Kazakhstani Tenge and the Hungarian Forint.

In particular, a strengthening of the U.S. dollar against the Euro and other currencies of the countries in which we operate may result in a decrease in revenues and gross profit, as reported in U.S. dollars, and foreign exchange loss relating to trade receivables and payables, which would have a negative impact on our operating and net profit despite a positive impact on our operating expenses.

On the other hand, a devaluation of the U.S. dollar against the Euro and other currencies of the countries in which we operate may have a positive impact on our revenues and gross profit, but a negative one on our operating expenses. In addition, foreign exchange fluctuation between the U.S. dollar and the Euro or other currencies of the countries in which we operate may result in translation gains or losses affecting foreign exchange reserve. Furthermore, a major devaluation or depreciation of any such currencies may result in the international currency markets and may limit the ability to transfer or to convert such currencies into U.S. dollars and other currencies.

Despite all efforts of the Company, there can be no assurance that fluctuations in the exchange rates of the Euro and/or other currencies of the countries in which we operate against the U.S. dollar will not have a material adverse effect on our business, financial condition and results of operations. Therefore, careful observation of the currency environment remains a crucial factor for our success.

COMPETITION AND PRICE PRESSURE

The IT distribution industry is a highly competitive market, particularly with regards to products selection and quality, inventory, price, customer services and credit availability and hence is open to margin pressure from competitors and new entrants.

The Company competes at the international level with a wide variety of varying sizes, covering different product categories and geographic markets. In particular, in each of the Company operates it faces competition from:

• International IT and CE distributors with presence in all major markets we operate
• Regional IT and CE distributors who cover mostly a region but are quite strong
• Local distributors who focus mostly on a single market but are very strong
• International IT and mobile phone brokers, who sell opportunistically in any region and/or country

Competition and price pressures from market competitors and new market entrants may lead to significant reductions in the Company's sales prices.

Such pressures may also lead to a loss of market share in certain of the Group's markets. Price pressures can have a material adverse effect on the Company's profit margins and its overally since its gross profit margins, like those of most of its competitors, are low and sensitive to sales price fluctuations.

LOWER GROSS PROFIT MARGINS

The Company's business is comprised of both a traditional distribution of third-party products and own brands. This allows the Company to deliver healthier gross profit margins when conditions are favourable.

In the traditional distribution business, the Company's gross profit margins, like those of other distributors of IT products, are low and the Company expects that in the distribution arm of its business, they will remain low in the foreseeable future. Increased competition arising from industry consolidation and low demand for certain IT products may hinder the Company's ability to maintain or improve its gross margins.

A portion of the Company's operating expenses is relatively fixed, and planned expenditures are based in part on anticipated orders that are forecasted with limited visibility of future demand.

As a result, the Company may not be able to reduce its operating expenses as a percentage of revenue to mitigate any reductions in gross margins in the future. The recent gross profit margins showed a decline, following still fierce competition from the grey market in Kazakhstan, lower pricing pressure from suppliers and higher share of big projects with lower margin. The Group undertakes all efforts to raise and stabilize them at a higher level.

INVENTORY OBSOLESCENCE AND PRICE EROSION

The Company is often required to buy components and finished products according to forecasted requirements and orders of its customers and in anticipation of market for IT finished products and components is characterized by rapid changes in technology and short product shelf life, and, consequently, inventory may rapidly become obsolete. Due to the fast pace of technological changes, the industry may sometimes face a shortage or, at other times, an oversupply of IT products.

As the Company increases the scope of its business and of inventory management for its customers, there is an increasing need to hold inventory to serve as a buffer in anticipation of the Company's customers. This increases the risk of inventory becoming devalued or obsolete and could affect the Company's profits either because prices for obsolete products tend to decline quickly, or because of the need to make provisions or even write-offs.

In an oversupply situation, other distributors may elect to proceed with price reductions to dispose of their existing inventories, forcing the Company to lower its prices to stay competitive. The Company's ability to manage its inventory and protect its business against price erosion is critical to its success.

Several of the Company's most significant contracts with its major suppliers contain advantageous contract terms that protect the Company against exposure to price fluctuations, defective products and stock obsolescence.

CREDIT RISK

The Company buys components and finished products from its own account and resells them to its customers. The Company extends credit to some of its customers at terms ranging from 7 to 90 days or, in a few cases, to 120 days.

The Company's payment obligations towards its suppliers under such agreements are separate and distinct from its customers' obligations to pay for their purchases, except in limited cases where the Company's arrangements with its suppliers require the Company to resellers or distributors. Thus, the Company is liable to pay its suppliers regardless of whether its customers pay for their respective purchases.

As the Company's profit margin is relatively low compared to the products sold, in the event where the Company is not able to recover payments from its customers, it is exposed to financial liquidity risk. The Company has in place credit insurance which covers such an eventuality for most of its revenue.

Despite all efforts to secure our revenues, certain countries remained non-insured (Ukraine), therefore it is very important for us to ensure that we find other sources of securities which help us minimize our credit risk. The Board of Directors decided to enhance the Company's risk management procedures.

These do not guarantee that all issues will be avoided, however, they have granted the Company with confidence that is able to weather any possible major credit issue that may arise.

WORLDWIDE FINANCIAL ENVIRONMENT

The overall financial environment and the economic landscape of each country we operate in, always play a significant role in our performance. The revised strategy and adaptation to the new environment, i.e., by rebuilding our product portfolio, has paid off in terms of profitability and sales in the last three-four years.

We believe that the Company is much more flexible and better prepared to weather any obstacles that may arise due to the worldwide financial environment, however, we can see that a full-scale war in our territories may bring unprecedented consequences.

In addition to the above, it has been noticed that the illicit trading in Kazakhstan significantly impacted our revenues in recent months. We are closely monitoring the situation, which is extremely tough for us. We see better market conditions after implementation of a new legislation by the Kazakh government regarding the changes to the IMEI registration system.

SEASONALITY

Traditionally the IT distribution industry in which the Company operates experiences high demand during the months prior to and leading up to the Christmas and New Year holiday period. In particular, IT distributors' demand tends to increase in the period starting from September till the end of the year.

DEVELOPMENT OF OWN-BRAND BUSINESS

The Company's strategy is to focus more on profitability than on revenues, thus we continue to develop the own-brand business that allows for higher gross profit margins.

This includes the development of innovative products, ranging from home appliances and gaming products and accessories.

In order to keep quality under control and achieve the maximum possible gross profit margins, the Company's Directors have decided to operate under a "back-to-back scheme". This implies that orders are placed with ODMs, only if they are in advance confirmed by customers.

The Company is undertaking several quality control measures to mitigate this risk but given the volumes and many factories used to produce these products, these controls might not be sufficient. Moreover, competition has already been intensified, and the Company may not be able to sustain its profitability levels.

Despite the Company's efforts, there can be no assurance of a similar development pace in the own-brand business in future periods. This is because there may be a significant change in market trends, customer preferences or technology changes that may affect the development of own-brand business and, therefore, its results.

HIGH COST OF DEBT

The distribution business entails a higher need for cash available to support growth. The Group has managed to raise cash from various financial institutions, however, in certain cases, the cost of this financing is expensive.

The Company has already negotiated improved terms with most of its financiers and is currently undertaking certain extra steps to further lower its cost of financing. Base rates (US Libor and its successor rates, Euribor, and other local base rates) have been at a high level and this negatively affects the Company's WACC.

In the course of the first six months of 2025, we were able to reduce the Weighted Average Cost of Debt to 8.3% (from 9.9% in 2024), as base rates (especially Euribor) have shown a steady decrease.

ENVIRONMENTAL AND CLIMATE CHANGES

In terms of transition risks that arise from the transition to a low-carbon and climate-resilient economy, we may face the following risks: policy and legal risks (there may be laws or policies put in place that may require a more environmentally cautious approach to raw materials and land use), technology risks (changes in technology used to produce IT equipment) - these both may lead to growing prices in terms of IT equipment and solutions.

We may also face market risk with consumers switching to more energy-efficient appliances or making more savvy purchases to limit their own impact on the environment. We will monitor these trends and introduce the latest hardware for our customers.

We may also face reputational risks with difficulties in attracting customers, business partners and employees if we do not take strong enough action against climate change. In terms of physical risks resulting from climate changes, we may face both acute and chronic risks.

Acute physical risks may arise from weather-related events in the form of floods, fires or droughts that may damage factories in certain regions, cause factories to limit or temporarily stop their production or disrupt our supply chain in other ways. These may result in temporary limitations in our product offering or rising prices of hardware and components. Chronic physical risks (i.e., risks that may result from long-term changes in the climate) may also affect ASBIS. Growing temperatures worldwide may cause a need for more temperature-resilient hardware and may also result in more hardware malfunctions that may increase warranty claims.

RESULTS OF OPERATIONS

THREE - AND SIX-MONTH PERIODS ENDED 30 JUNE 2025 COMPARED TO THE THREE- AND SIX-MONTH PERIODS ENDED 30 JUNE 2024

Revenues:

In Q2 2025 revenues increased by 47.0% to U.S.\$ 949,339 from U.S.\$ 645,922 in Q2 2024.

In H1 2025 revenues increased by 24.0% to U.S.\$ 1,685,702 from U.S.\$ 1,359,135 in H1 2024.

Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025

Gross profit:

In Q2 2025 gross profit increased by 23.4% reaching U.S.\$ 63,557 from U.S.\$ 51,487 in Q2 2024. In H1 2025 gross profit decreased by 4.1% to U.S.\$ 115,117 from U.S.\$ 110,569 in H1 2024.

Gross profit margin

Decreased both in Q2 2025 and H1 2025, as compared to the corresponding periods of 2024.

In Q2 2025 the gross profit margin decreased to 6.69% as compared to 7.97% in Q2 2024.

In H1 2025 the gross profit margin decreased to 6.83% from 8.14% in H1 2024.

Both in Q2 2025 and H1 2025 gross profit margin remained under a serious pressure emanating from the illicit trading mainly in Kazakhstan but also pricing pressure from our major supplier, and much increased project sales (mainly Al-driven servers and servers' components) with lower margin.

Selling expenses

Largely comprise of salaries and benefits paid to sales employees (sales, marketing and logistics departments), marketing and advertising fees, commissions, and travelling expenses usually grow together (but not in-line) with growing sales and, most importantly, gross profit. In Q2 2025 an increase in SG&A costs were driven by FX effects, performance-based bonuses, redundancy compensation (USD 500K), and the new investments in Africa, Italy and the United States ..

In Q2 2025 selling expenses increased by 11.0% to U.S.\$ 23,418from U.S.\$ 21,104 in Q2 2024.

In H1 2025 selling expenses increased by 7.6% to U.S.\$ 43,968 from U.S.\$ 40,865 in H1 2024.

Administrative expenses

Largely comprised of salaries and wages of administration personnel.

In Q2 2025 administrative expenses increased by 10.4% to U.S.\$ 16,615 from U.S.\$ 15,044 in Q2 2024.

In H1 2025 administrative expenses increased by 4.4% to U.S.\$ 31,258 from U.S.\$ 29,929 in H1 2024.

Administrative and selling expenses between Q2 2023 and Q2 2025 (in U.S.\$ thousand)

EBITDA:

In Q2 2025 EBITDA was positive, reaching U.S.\$ 25,956, as compared to U.S.\$ 17,525 in Q2 2024, which reflects 48% growth as compared to Q2 2024.

In H1 2025 EBITDA reached 44,395 U.S.\$ as compared to U.S.\$ 44,082 in H1 2024.

Net profit:

The Company recorded both in Q2 2025 and H1 2025 a net profit, which is considered to be very good for the Group given all the setbacks we have faced in our major markets.

In Q2 2025 net profit after tax much increased, reaching U.S.\$ 12,118, as compared to U.S.\$ 6,129 in Q2 2024.

In H1 2025 net profit after tax amounted to U.S.\$ 19,433, as compared to U.S.\$ 20,132 in H1 2024.

SALES BY REGIONS AND COUNTRIES

Traditionally and throughout the Company's operations, the CIS and the CEE regions contribute most of our revenues. This has not changed in Q2 2025 and H1 2025.

In H1 2025 revenues derived in the CIS region decreased by 4.9% but much increased by 32.3% in Q2 2025 as compared to the corresponding periods of 2024. This is the result of the Company to diversify its revenues in these markets by adding significant projects in the pipeline.

At the same time, sales emanating from Central and Eastern Europe, Middle East and Africa, Western Europe and other regions have significantly increased.

As a result of the above-mentioned facts, the contribution of certain regions - like CIS region, in total revenues of the Company for Q2 2025 and H1 2025 has changed compared to corresponding periods of 2024. The CIS region's contribution decreased both in Q2 2025 and H1 2025 to 33.89% (from 37.64% in Q2 2024) and 32.31% (from 42.16% in H1 2024).

Middle East and Africa contribution has grown both in Q2 2025 and H1 2025 to 19.05% (from 17.57% in Q2 2024) and 21.88% (from 17.28% in H1 2024) respectively. Western Europe contribution has also increased to 16.74% (from 13.91% in Q2 2024) and 14.81% (from 11.63% in H1 2024).

Country-by-country analysis confirms the excellent growth rates the Group was able to achieve in all major countries of operations in Q2 2025. Substantial growth in the CIS region has arisen mainly from a strong improvement in Kazakhstan (+59% in Q2 2025) and Azerbaijan (+36.7% in Q2 2025). The increase of sales in the CIS region was mostly driven by the execution of large server contracts within the Al domain but also the rebound of smartphone sales.

Despite the further intensification of the hostilities in the second quarter of 2025, we managed to generate a growth of 11.3% compared to the previous year.

United Arab Emirates has remained our biggest market of our operations delivering revenues of USD 246.9 million in H1 2025, which represents an increase of 46.6% year-on-year.

Poland has been growing strong, doubling its business month by month, year by year. Both in Q2 2025 and H1 2025 Poland has delivered a substantial increase (+31.0%) and (+36.1%) respectively, as compared to the corresponding periods of 2024. The best-selling product categories in Poland were processors, networking products and Hard Disk Drives.

The tables below provide a geographical breakdown of sales for the three- and six-month periods ended June 30th, 2025, and 2024.

	02 2025		02 2024
	U.S. S thousand	% Of total revenues	U.S. S thousand	% Of total revenues
Commonwealth of Independent States	321,735	33.89%	243,140	37.64%
Central and Eastern Europe	258.691	27.25%	185.034	28.65%
Middle East and Africa	180.846	19.05%	113,470	17.57%
Western Europe	158,883	16.74%	89,878	13.91%
Other	29.184	3.07%	14.401	2.23%
Total	949,339	100%	645,923	100%

		H1 2025		H1 2024
	U.S. \$ thousand	% Of total revenues	U.S. S thousand	% Of total revenues
Commonwealth of Independent States	544,675	32.31%	573.007	42.16%
Central and Eastern Europe	480,552	28.51%	372,210	27.39%
Middle East and Africa	368,769	21.88%	234,828	17.28%
Western Europe	249,628	14.81%	158.089	11.63%
Other	42.078	2.50%	21.001	1.55%
Total	1,685,702	100%	1,359,135	100%

Revenue breakdown - Top 10 countries in Q2 2025 and Q2 2024 (in U.S. Dollar thousand)

Q2 2025			Q2 2024
	Country	Sales	Country	Sales
1.	Kazakhstan	131,276	Kazakhstan	82.564
2.	United Arab Emirates	123,554	United Arab Emirates	82,096
3.	Slovakia	93,208	Ukraine	81,769
4.	Ukraine	91,049	Slovakia	56,335
5.	Netherlands	64,628	Germany	40,937
6.	Germany	56,750	Poland	33.110
7.	Poland	43,384	Azerbaijan	28,832
8.	Azerbaijan	39,421	Czech Republic	23,615
ல்	Czech Republic	28,788	Netherlands	22,969
10	South Africa	26,644	Georgia	19.573
	TOTAL	949,339	TOTAL	645,923

	H1 2025		H1 2024
	Country	Sales	Country	Sales
1.	United Arab Emirates	246,941	Kazakhstan	246,988
2.	Kazakhstan	220,646	United Arab Emirates	168,484
3.	Ukraine	157,669	Ukraine	162,406
4.	Slovakia	153,472	Slovakia	104,743
5.	Germany	102,051	Germany	68,654
6.	Poland	83,863	Poland	61,635
7.	Netherlands	83,801	Azerbaijan	61,153
8.	Azerbaijan	66,204	Czech Republic	51,466
9.	Czech Republic	55,710	Netherlands	45,289
10.	South Africa	52,384	Georgia	43,246
	TOTAL	1,685,702	TOTAL	1,359,135

Revenue breakdown - Top 10 countries in H1 2025 and H1 2024 (in U.S. Dollar thousand)

SALES BY PRODUCT LINES

The first half of this year has shown that ASBIS has the ability to significantly raise its revenues despite challenges in our major markets. During the first half of this year, we have signed several large business projects and expanded our portfolio of IT products and services. To our extensive portfolio of vendors including: Apple, AMD Intel, Micron, Logitech, Dell, Lenovo, Seagate, HP, Microsoft, IBM, Bang & Olufsen and ASUS we have recently added other international suppliers such as Midea (global manufacturer of intelligent home appliances), Royal Kludge, (a company specializing in the production of high-quality mechanical gaming keyboards) and Klipsch (a leading global manufacturer of premium sound solutions for the consumer and professional markets).

Having more than 110,000 products in our portfolio from more than 250 vendors, sales in approximately 60 countries and facilities in 34 countries, ASBIS remains the distributor of first choice for many worldwide suppliers of IT components and finished products.

The chart below indicates the trends in sales per product line:

In Q2 2025 and H1 2025, sales were mainly driven by smartphones, servers & server blocks and CPUs.

Revenues from CPUs increased by 24.9% in Q2 2025 and 15.1% in H1 2025. The business of laptops increased both in Q2 2025 and H1 2025 by 34.8% and 33.3% respectively. Sales from HDDs increased by 66.1% in Q2 2025 and 46.8% in H1 2025 while sales from SSDs decreased both in Q2 2025 and H1 2025 by 4.7% and 19.7% respectively. Revenues from software grew by 48.7% in Q2 2025 and 29.2% in H1 2025, on a year-on-year basis.

From "Other" product lines, the Company has noticed a positive trend in H1 2025 in networking products (+63.8%) and video cards and GPUs (+114.6%), on a year-on-year basis.

The chart below indicates the trends in smartphones sales:

Changes in smartphones' revenues

Both in Q2 2025 and H1 2025 sales of smartphones, which contribute to the majority of our revenues, increased by 34.5% and 1.3%, as compared to the corresponding periods of 2024, despite pressure from grey-market competition. The best selling models were iPhone 16 series. We expect to keep this momentum in H2 2025 as well with the expected launch of Apple's new product series, newly import regulations in Kazakhstan and the dynamic growth of the global refurbished and used smartphone market.

	02 2025		02 2024
	U.S. S thousand	% Of total revenues	U.S. S thousand	% Of total revenues
Smartphones	388,145	40.89%	288,567	44.68%
Servers & server blocks	188,043	19.81%	47,946	7 42%
Central processing units (CPUs)	77,743	8.19%	62,247	9.64%
PC mobile (laptops)	66,504	7.01%	49,339	7.64%
Peripherals	26,757	2.82%	27,882	4.32%
Networking products	26,714	2.81%	15,065	2.33%
PC desktop	17,498	1.84%	15,088	2.34%
Audio devices	17,445	1.84%	22,326	3.46%
Hard disk drives (HDDs)	17,025	1.79%	10.247	1.59%
Display products	16,389	1.73%	14,057	2.18%
Video cards and GPUs	15,334	1.62%	5,700	0.88%
Tablets	13,886	1.46%	10,176	1.58%
Accessories	12,185	1.28%	12,159	1.88%
Software	10,226	1.08%	6,875	1.06%
Solid-state drives (SSDs)	10,172	1.07%	10,672	1.65%
Multimedia	10,043	1.06%	20,664	3.20%
Smart devices	7,703	0.81%	6,218	0.96%
Other	27,527	2.90%	20,695	3.20%
Total revenue	949,339	100%	645,923	100%

The table below sets a breakdown of revenues, by product lines, for Q2 2025 and Q2 2024:

* Memory and CPU products that were sold in conjunction with servers have been reclassified under the category "Servers & Server Blocks".

	H1 2025		H1 2024
	U.S. S thousand	% Of total revenues	U.S. S thousand	% Of total revenues
Smartphones	615,645	36.52%	607,714	44.71%
Servers & server blocks	310.573	18.42%	86,668	6.38%
Central processing units (CPUs)	165,334	9.81%	143,631	10.57%
PC mobile (laptops)	127,649	7.57%	95.792	7.05%
Peripherals	58,704	3.48%	59,054	4.34%
Networking products	47,901	2.84%	29,249	2.15%
Audio devices	40,171	2.38%	45,204	3.33%
PC desktop	35.507	2.11%	29,477	2.17%
Display products	34,455	2.04%	30,260	2.23%
Hard disk drives (HDDs)	30,264	1.80%	20,618	1.52%
Multimedia	28,983	1.72%	38,174	2.81%
Tablets	27,117	1.61%	21,137	1.56%
Video cards and GPUs	26,279	1.56%	12,246	0.90%
Accessories	24,763	1.47%	26,100	1.92%
Solid-state drives (SSDs)	21,070	1.25%	26,255	1.93%
Smart devices	17,866	1.06%	21,029	1.55%
Software	17,751	1.05%	13.738	1.01%
Other	55,670	3.30%	52,788	3.88%
Total revenue	1,685,702	100%	1,359,135	100%

The table below sets a breakdown of revenues, by product lines, for H1 2025 and H1 2024:

* Memory and CPU products that were sold in conjunction with servers have been reclassified under the category "Severs & Sever Blocks".

LIQUIDITY AND CAPITAL RESOURCES

The Company has in the past funded its liquiding ongoing operating expenses, capital expenditure and investments, for the most part, through operating cash flows, debt financing and equity financing. Cash flow in Q2 2025 and H1 2025 has been impacted by strong revenue growth resulting in the need to involve more cash into working capital. It is worth mentioning that in Q2 2025 we were able to improve the cash flow from operating activities of USD 24.5 million as compared to last year. We do expect cash flow from operations for the full year to be positive.

The following table presents a summary of cash flows for the six months ended June 30th, 2025, and 2024:

Six months ended June 30th U.S. \$	2025	2024
Net cash outflows from operating activities	(58,788)	(66,118)
Net cash outflows from investing activities	(10,690)	(9,307)
Net cash inflows/(outflows) from financing activities	1.429	(31,587)
Net decrease in cash and cash equivalents	(68,049)	(107,012)

Net cash outflows from operations

Net cash outflows from operations amounted to U.S. \$ 58,788 for the six months ended June 30th, 2025, as compared to outflows of U.S. \$ 66,118 in the corresponding period of 2024. The Company expects cash from operations to turn positive for the year 2025 and improve its cash position at year-end.

Net cash outflows from investing activities

Net cash outflows from investing activities were U.S. \$ 10,690 for the six months ended June 30th, 2025, as compared to outflows of U.S. \$ 9,307 in the corresponding period of 2024.

Net cash inflows from financing activities

Net cash inflows from financing activities were U.S. \$ 1,429 for the six months ended June 30th, 2025, as compared to outflows of U.S.\$ 31,587 for the corresponding period of 2024.

Net decrease in cash and cash equivalents

As a result of improved working capital utilization, cash and cash equivalents have decreased by US\$ 68,049 as compared to decrease of US\$ 107,012 in the corresponding period of 2024.

FACTORS WHICH MAY AFFECT OUR RESULTS IN THE FUTURE

WAR IN UKRAINE

The war between Russia and Ukraine (the two major markets for ASBIS before the war) is a key factor which has affected our results. Despite the widespread geographical presence of the Group, it would not be possible to totally weather the impact of this war. In October 2023, ASBIS disposed of its second and last subsidiary in Russia, which marked ASBIS's total exit from the country. However, the Company considers the current situation critical and difficult to assess as to how it will evolve. We are strictly abiding with all sanctions that the EU imposed and making the utmost to support our Ukrainian colleagues and operations.

POLITICAL AND ECONOMIC STABILITY IN EUROPE AND OUR REGIONS AND TRADE WARS ACROSS THE GLOBE

The markets our Group operates in have traditionally shown vulnerability in the political and economic environment. The volatile economies in the CIS region and certain politically driven events in all markets are considered by the management as a crucial external factor, which might adversely affect our results, in the short term.

This is exactly what has been happening in Kazakhstan for almost a year now. The illicit trading from unauthorized companies has created serious problems in our ability to generate revenues. The price difference we have faced reached an enormous 30%, which makes it impossible to develop the business properly. In addition to the above, decisions undertaken by local government to limit consumer credit, have also created a negative impact on our revenues.

Moreover, to this we need to mention that the ongoing trade war between US and China, following tariffs imposed by the US administration may disrupt global supply chains and lead to market volatility. Price and tariff disruptions may also contribute to the intensification of the grey market (especially in Kazakhstan and Ukraine) as a result of redistribution of our main product categories from China to other regions (including Central Asia).

On the other hand, we are currently developing more markets in our regions with new product lines and our revenues and profitability have already shown positive results. We will continue this strategy and focus more on our core regions and strengths, to maximize profits and take advantage of market changes. It is of high importance to follow all developments and swiftly adapt to any significant changes arising. Growing inflation and decreased purchasing power of consumers are of extreme importance and the Company is working hard to find mechanisms to overcome the obstacles currently faced.

THE GROUP'S ABILITY TO INCREASE REVENUES AND MARKET SHARE WHILE FOCUSING ON PROFITS.

The very diversified geographic coverage of the Group's revenues ensures that we do mitigate the risk of lower sales in a particular country with the possibility of higher sales in a few other countries. Since the CIS and CEE regions are the biggest contributors to the Company's revenues, it is very important to any market changes that might arise in these geographies. This is especially important while facing the grey market in Kazakhstan, ongoing war in Ukraine also affecting nearby countries and tensions observed in the Middle East region negatively affecting the overall consumer sentiment. Therefore, our decision to invest more in countries in Africa, the Caucasus region and Western Europe has proven correct. We are also expanding our product portfolio by launching new products under our private labels and engaging with various other vendors to increase our revenues. Despite all measures undertaken by the Company, the possibility of a decrease in demand and sales in a particular country or region remains quite high. Such a situation may limit overall growth. It is of extreme importance for the Company to best prepare its structure to remedy such a situation with higher sales in other markets.

This means both a constant upgrade of the product portfolio and close relations with customers to gain an increased market share from weaker competitors and weather any unforeseen issues that may arise in the future.

THE GROUP'S ABILITY TO INCREASE GROSS PROFIT MARGINS.

The Group's ability to increase its gross profit margin is of significant importance. The decrease observed in 02 2025 as compared to the corresponding period of 2024 was a result of the increased contribution of lower margin products in our overall revenues. as well as pressurized margins come and severe competition from the grey and illicit market in Kazakhstan and other Central Asian markets. The pace of development in gross profit margins is hard to estimate, as the margins may remain under pressure. It is of extreme importance for the Group to manage its stock level and refine its product portfolio to achieve optimum gross profit margins. The Directors believe that the Group will be able to increase its gross profit margin level for 2025.

CURRENCY VOLATILITIES

The multi-currency environment that the Group operates in exposes its financial results to steep currency fluctuations. We have been successfully shielded by our hedging policy in 02 2025. Therefore, the hedging strategy should be followed and further improved without any exception in the course of 2025 and going forward. Recent issues and devaluations in Ukraine and Kazakhstan should be closely monitored and extra caution must be applied should we see continuation of the issues.

ABILITY OF THE GROUP TO CONTROL EXPENSES.

Selling and administrative expenses increased both in 02 2025 and H1 2025 by 10.7% and 6.3% respectively, as· compared to the conresponding periods of 2024. This was mostly due to Investments made by the Company in the development of Breezy, new Bang & Olufsen flagship stores launches In Italy and USA. workforce reductions and further geographical expansion in Africa.

We consider cost control to be a significant factor in delivering improved results going forward and it is very important that the Group undertakes all necessary actions to scale down its expenses should there be a decrease in revenues and gross profit.

ABILITY TO FURTHER DEVELOP THE GROUP'S PRODUCT PORTFOLIO, BOTH THIRD PARTY AND OWN BRANDS

Because of its size, geographical coverage and good relationship with vendors, the Company has managed to build an extensive product portfolio. It is crucial for the Company to continue refining its product mix by adding new product lines with higher gross (and net) profit margins to boost profitability. Such additions as VAD products and Electronic Distribution (ESD) give a new stream of income with improved gross margin for the Group.

INFORMATION ABOUT IMPORTANT EVENTS THAT OCCURRED AFTER THE PERIO JUNE 30TH, 2026, AND BEFORE THIS REPORT RELEASE

According to our best knowledge. in the period between May 7th, 2025, and August 61 that could affect either the Company's operations or its financial stability.

Slartiel Kostev)tc Chairman. Chief Executive Officer

Member of the Board of Directors _

Chief Financial Officer Member of the irectors

Ha Member oft

Limassol, 6 th of August 2025

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONTENTS	PAGE
Board of Directors representations	1
Declaration by the members of the Board of Directors and the Company officials responsible for the drafting of the condensed consolidated interim financial statements	2
Independent Auditors' review report	3
Condensed consolidated interim statement of profit or loss and other comprehensive income	ব
Condensed consolidated interim statement of financial position	5
Condensed consolidated interim statement of changes in equity	6
Condensed consolidated interim statement of cash flows	7
Notes to the condensed consolidated interim financial statements.

BOARD OF DIRECTORS REPRESENTATIONS

In accordance with the requirements of the Ordinance of the Minister of Finance dated March 29th, 2018 on current and periodical information published by issuers of securities and on the conditions of recognizing as equivalent the information required by the laws of non-EU Member States, the Board of ASBISC ENTERPRISES PLC hereby represents that:

• to its best knowledge, the semi-annual condensed consolidated financial statements and the comparative data have been prepared in accordance with the applicable accounting policies and that they give a true, fair and clear reflection of the group's financial position and its financial result, and that the semi-annual Director's Report on operations gives a true view of the group's development, achievements, and position, including description of basic risks and threats.

Limassol, August 6th, 2025

DECLARATION BY THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE DRAFTING OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(In accordance with the provisions of Law 190(I)/2007 on Transparency Requirements)

In accordance with Article 10, sections (3c) and (7), of the Transparency Requirements (Traded Securities In Regulated Markets) Law 190 (1) / 2007 we, the members of the Board of Directors and the company officials responsible for the drafting of the condensed consolidated interim financial statements of ASBISC Enterprises Plc (the "Company") and its subsidiaries (the "Group") for the six months period ended 30 June 2025, confirm to the best of our knowledge that:

a) the condensed consolidated interim financial statements for the six months period ended 30 June 2025 which are presented on pages 4 to 26:

• have been prepared in accordance with the International Accounting Standard 34 "Interim (1) financial reporting" as adopted by the European Union and the provisions of subsection (4) of Article 10 of the Law, and
• give a true and fair view of the assets, liabilities, financial position and profit or loss of the (ii) Group and the Company, and

b) the interim management report includes a fair review of the development and performance of the information required by subsection (6) of Article 10 of the Law.

Members of the Board of Directors:

Starhei Kostevitch Chairman and Chief Executive Officer

Marios Christou Executive Director

Constantinos Tziamalis Executive Director

Julia Prihodko Executive Director

Hanna Kaplan Executive Director

Tasos A.Panteli Non-Executive Director

Maria Petridou Non-Executive Director

Constantinos Petrides Non-Executive Director

Financial Controller

Loizos Papavassiliou

Limassol, 6th August 2025

KPMG Limited Chartered Accountants 11, June 16th 1943 Street, 3022 Limassol, Cyprus P.O.Box 50161, 3601 Limassol, Cyprus T: +357 25 869000, F: +357 25 363842 INDEPENDENT AUDITORS' REPORT ON THE REVIEW OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF ASBISC ENTERPRISES PLC

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Asbisc Enterprises PLC as at 30 June 2025, the condensed consolidated interim statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six month period then ended, and notes to the condensed consolidated interim financial information ("the condensed consolidated interim financial information"). Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting of making inquines, primanly of poand other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at that the acompany in all material respects, in accordance with IAS 34, "Interim Financial Reporting'.

KPMG- Limited

Certified Public Accountants and Registered Auditors KPMG Center, 11, June 16th 1943 Street

3022 Limassol Cyprus

Limassol, 6 August 2025

3

P-0 135 166014 8330

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E 13-B. €

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

	Note	For the six US\$	For the six months ended months ended 30 June 2025 30 June 2024 US\$
Revenue Cost of sales	4,23	1,685,702 (1,570,585)	1,359,135 (1,248,566)
Gross profit Selling expenses Administrative expenses		115,117 (43,968) (31,258)	110,569 (40,865) (29,929)
Profit from operations		39,891	39,775
Financial income Financial expenses Net finance costs	7 7	1,145 (17,093) (15,948)	962 (16,044) (15,082)
Other gains and losses Share of loss from equity-accounted investees	5	529 (194)	351 (151)
Profit before tax	6	24,278	24,893
Taxation	8	(4,845)	(4,761)
Profit for the period		19,433	20.132
Attributable to: Equity holders of the parent Non-controlling interests		19,508 (15) 19.433	20,245 (113) 20.132
Earnings per share
Basic and diluted from continuing operations (expressed in US\$)		0.35	0.36
Other comprehensive profit/(loss) Exchange difference on translating foreign operations Reclassification adjustments relating to foreign operations liquidated		5,754	(4,157)
and disposed in the period		5	10
Other comprehensive profit/(loss) for the period		5,759	(4,147)
Total comprehensive income for the period		25,192	15,985
Total comprehensive income attributable to: Equity holders of the parent Non-controlling interests		25,216 (24)	16,144 (159)
		25.192	15.985

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025

(in thousands of US\$)

	Notes	As at 30 June 2025 US\$	As at 31 December 2024 uss
ASSETS
Non-current assets
Property, plant and equipment	த	83,897	72,628
Intangible assets	10	3,089	2,838
Investment property	11	3,509	3,527
Equity-accounted investees	12	4,861	5,055
Goodwill	27	639	582
Financial assets at fair value through other comprehensive income	29	2,376	2,376
Financial assets at fair value through profit and loss	29 20	1,099	928
Deferred tax assets		269	221
Total non-current assets		99,739	88,155
Current assets
Inventories	13	494,423	516,788
Trade receivables	14	441,084	396,930
Other current assets	15	37,647	41,206
Derivative financial assets	25	172	1,575
Current taxation	8 26	1,527	1,123 155,034
Cash at bank and in hand		93,142
Total current assets		1,067,995 1,167,734	1,112,656 1.200.811
Total assets
EQUITY AND LIABILITIES
Equity
Share capital	16	11,100	11,100
Share premium		23,906	23,906
Retained earnings and other components of equity		271,897	263,192
Equity attributable to owners of the parent		306,903	298,198
Non-controlling interests		83	117
Total equity		306,986	298,315
Non-current liabilities
Long-term borrowings	18	29,723	26,123
Other long-term liabilities		989	936
Deferred tax liabilities	20	159	159
Total non-current liabilities		30,871	27,218
Current liabilities
Trade payables and contract liabilities	22	435,588	510,166
Trade payables factoring facilities		58,032	52,660
Other current liabilities	21	98,673	86,602
Short term borrowings	17	229,384	222,342
Derivative financial liabilities	24	2,478	100
Current taxation	8	5,722	3,408
Total current liabilities		829,877	875,278
Total liabilities		860,748	902,496
Total equity and liabilities		1,167,134	1,200,811

The financial statements were approved by the Board of Directors on 6th of August 2025.

........ Siarhei Kostevitch Director

Marios Christou Director

SBISC ENTERPRISES PLC

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 June 2025 (in thousands of US\$)

Attributable to the owners of the parent

		Share	Treasury	Translation of foreign	Retained		controlling Non-
	Share capital US\$	premium US\$	stock US\$	operations US\$	earnings uss	Trotal US\$	interests US\$	Total US\$
Balance at 1 January 2024	11,100	23,872		(7,994)	253,790	280.768	444	281,212
30 Profit/(loss) for the period 1 January 2024 to June 2024					20,245	20,245	(113)	20,132
Other comprehensive loss for the period 1 January 2024 to 30 June 2024				(4,101)		(4,101)	(46)	(4,147)
Payment of final dividend Treasury shares sold		34			(16,650)	34 (16,650)		- 34 (16,650)
Balance at 30 June 2024	11.100	23,906		(12,095)	257,385	280,296	285	280,581
Profit/(loss) for the period 1 July 2024 to 31 December 2024					34,196	34,196	(155)	34,041
Other comprehensive loss for the period 1 July 2024 Payment of interim dividend to 31 December 2024				(5,199)	11.095)	(5,199) (11,095)	(13)	(5,212) 11.095
Balance at 31 December 2024	11.100	23.906		(17,294)	280,486	298,198	117	298,315
Profit/(loss) for the period 1 January 2025 to 30 June 2025					19.508	19.508	(75)	19.433
Other comprehensive profit for the period 1 January 2025 to 30 June 2025				5.708		5,708	51	5,759
Disposal of non-controlling interest without a change in control					139	139		139
Increase of share capital with non-controlling interest							177	177
Acquisition of non-controlling interest without a							(187)	(187
Payment of final dividend change in control					(16,650)	(16,650)		(16.650)
Balance at 30 June 2025		23,906		586)	283,483	306.903	83	306.986

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 June 2025

(in thousands of US\$)

	Note	For the six 30 June 20225 પારિક	For the six months ended months ended 30 June 2024 USE
Profit for the period before tax and minority interest Adjustments for:		24,278	24,893
Exchange difference arising on consolidation Depreciation of property, plant and equipment and right-of-use assets Amortization of intangible assets Depreciation of investment property Profit from the sale of property, plant and equipment and intangible assets Provision for bad debts and receivables written off	9 10 11 5	4,423 4,277 209 18 (16) 654	(2,856) 4,086 203 18 (20) 509
Provision for slow moving and obsolete stock Share of loss of equity-accounted investees Interest received Interest paid	12 7	85 194 (422) 7,828	(682) 151 (242) 7,637
Operating profit before working capital changes Decrease/(increase) in inventories (Increase)/decrease in trade receivables Decrease in other current assets Decrease in trade payables and contract liabilities Increase in trade payables factoring facilities Increase/(decrease) in other current liabilities Increase in other non-current liabilities Decrease in factoring creditors Cash outflows from operations		41,528 22,280 (44,808) 5,603 (74,578) 5,372 14,449 53 (17,680) (47,781)	33,697 (28,006) 74,952 1,786 (108,330) 10,001 (20,446) 55 (16,981) (53,212)
Interest paid Taxation paid, net	7 8	(7,235) (3,772)	(7,010) (5,836)
Net cash outflows from operating activities		(58,788)	(66,118)
Cash flows from investing activities Purchase of intangible assets Purchase of property, plant and equipment (Payments)/proceeds from sale of property, plant and equipment and intangible assets	10	(651) (9,758) (344)	(847) (6,651) 194
Net payment from acquisition of investments in fair value through profit and loss Payments of loans made to associates Payments for purchase of investments in associates Interest received	7	(171) (188) 422	(2,223) (22) 242
Net cash outflows from investing activities		(10,690)	(9,307)
Cash flows from financing activities Proceeds from disposal of treasury shares Payment of final dividend Proceeds of long-term loans and non-current lease liabilities Proceeds/(repayments) of short-term borrowings and current lease liabilities		(16,650) 329 17,750	34 (16,650) 11,224 (26,195)
Net cash inflows/(outflows) from financing activities		1,429	(31,587)
Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year		(68,049) 105,400	(107,012) 108,306
Cash and cash equivalents at end of the period	26	37,351	1,294

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

1. Incorporation and principal activities

Asbisc Enterprises Plc (the "Company or "the parent Company") was incorporated in Cyprus on 9 November 1995 with limited liability. The Group's and the Company's principal activity is the trading and distribution of computer hardware and software in a number of geographical regions as disclosed in note 23. The main shareholder of the Company is K.S. Holdings Limited, a Company incorporated in Cyprus.

The Company is listed on the Warsaw Stock Exchange since the 30th of October 2007.

2. Basis of preparation

Statement of compliance (a)

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS financial statements and they should be read in conjunction with the audited consolidated financial statements for the year ended 31 December 2024. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended 31 December 2024.

These condensed consolidated interim financial statements were authorized for issue by the Company's Board of Directors on the 6th of August 2025.

Use of the judgments and estimates (b)

Preparing the interim financial statements requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by Management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2024.

3. Significant accounting policies

The accounting policies adopted for the preparation of the condensed consolidated interim financial statements for the six months ended 30 June 2025 are consistent with those followed for the annual consolidated financial statements for the year 2024 except for the Group of all the new and revised standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are relevant to its operations and effective for annual periods beginning on 1 January 2025. The Group has not early adopted any of the forthcoming new or amended standards in preparing these condensed consolidated interim financial statements.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

1. Revenue

	For the six 30 June 20225 US\$	For the six months ended months ended 30 June 2024 પાકિસ્
Sales of goods	1,670,898	1,350,187
Sales of licenses	8,275	6,065
Rendering of services	6,228	2,445
Sales of optional warranty	301	438
	1,685,702	1.359.135

Effect of seasonality

The Group's revenue and consequently its profitability are significantly lower during the first half of the year. The seasonality is driven by increased household expenditure during the Christmas period as well as the commencement of the academic period during the second half of the year resulting in a positive effect on demand for the Group's products.

5. Other gains and losses

	For the six 30 June 2025 ાંડક	For the six months ended months ended 30 June 2024 પાટફ
Profit on disposal of property, plant and equipment	16	20
Other net income	378	212
Rental income	135	119
	529	351

6. Profit before tax

	For the six	For the six
	months ended months ended
	30 June	30 June
	2025	2024
	uss	uss
Profit before tax is stated after charging:
(a) Amortization of intangible assets (Note 10)	209	203
(b) Depreciation of property, plant and equipment (Note 9)	4,277	4,086
(c) Depreciation of investment property (Note 11)	18	18
(d) Auditors' remuneration	788	355
(e) Directors' remuneration - executive (Note 28)	711	848
(f) Directors' remuneration - non-executive (Note 28)		og

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

7. Financial expense, net

	For the six months ended months ended 30 June 2025 US\$	For the six 30 June 2024 uss
Financial income
Interest income	422	242
Other financial income	723	494
Net exchange gain		226
	1,145	962
Financial expense
Bank interest	7,235	7,010
Bank charges	3,090	3,034
Derivative charges	196	205
Factoring interest	2,118	3,439
Factoring charges	345	141
Other financial expenses	21	49
Interest on lease liabilities	593	627
Other interest	1,872	1,539
Net exchange loss	1,623
	17,093	16,044
Net	(15,948)	(15,082)

8. Tax

	AS dL 30 June 20225 US\$	AND OL 31 December 2024 US\$
Payable balance 1 January	2,285	3,631
Provision for the period/year
- Corporate income tax	3,935	8,665
- Global minimum top-up tax	913	1,838
Under provision of prior periods/year	15	64
Exchange difference on retranslation	819	37
Amounts paid, net	(3.772)	(11,950)
Net payable balance 30 June/31 December	4.195	2.285

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

8. Tax (continued)

	As at 30 June 2025 us\$	As at 31 December 2024 uss
Tax receivable	(1,527) 5,722	(1,123) 3,408
Tax payable Net	4.195	2.285

The consolidated taxation charge for the period consists of the following:

	For the six months ended months ended 30 June 20025 US\$	For the six 30 June 2024 પાકિ
Provisions and withholding tax for the period:
Corporate income tax	3,935	3,806
Global minimum top-up tax	dis	993
Under provision of prior periods	15	19
Deferred tax credit (Note 20)	(18)	(57)
Charge for the period	4,845	4.761

The taxation charge of the Group comprises corporation tax charge in Cyprus on the taxable profits of the Company and those of its subsidiaries which are subject to tax in Cyprus and corporation tax in other jurisdictions on the results of the foreign subsidiary companies.

OECD Pillar Two model rules

The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Cyprus, the jurisdiction in which the Company is incorporated and has come into effect from 1 January 2024.

Under the legislation, the Group is liable to pay a top-up tax for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. Based on available information, the Group anticipates that its effective tax rate exceeds 15% in most jurisdictions in which it operates, except for Georgia, Kazakhstan, Latvia, South Africa, Ukraine, and the United Arab Emirates. This assessment may be subject to change as further jurisdictional data for the current year becomes available.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 (in thousands of US\$)

9. Property, plant and equipment

10 00 00 00 00 00 00
	buildings Land and	Assets under construction	computer hardware	Warehouse machinery	vehicles Motor	Furniture and fittings	equipment Office	Total
	પાટક	પાડક	US\$	પાક	US\$	પાડફ	US\$	US\$
Cost
At 1 January 2024	60,866	984	7,891	1,089	5,126	5,394	8,279	89.629
Additions	8.342	7,234	1,717	233	827	927	1,844	21,124
Disposals/write-offs	(7,695)		(788)	(୧.	(398)	(187)	(296)	(9,370)
Foreign exchange difference on retranslation	.968) E		386)		204	510	578	3,646)
At 31 December 2024	59,545	8 8,21	8.434	1,316	5,351	5.624	9,249	97,737
Additions	11,581	14	497	27	457	453	1,272	14.287
Disposals/write-offs	(98)	-	(359)	്ഥ	(529)	(348)	(938)	(2,277)
Foreign exchange difference on retranslation	,539		408	41	140	385	399	2,912
At 30 June 2025	72,567	8,218	8,980	1,379	5,419	6,114	9,982	112,659
Accumulated depreciation
At 1 January 2024	9,901		4,075	662	2,757	2,214	3,087	22,696
Charge for the year	3,937		1,439	120	776	676	1,211	8,159
Disposals/write-offs	(3,520)		(562)	9)	(353)	(130)	292	(4.863)
Foreign exchange difference on retranslation	(275)		181	10	(58)	205	174)	(883)
At 31 December 2024	10,043		4,771	786	3,122	2,555	3,832	25,109
Charge for the period	2,098		731	રક	374	316	693	4,277
Disposals/write-offs	(44)		(254)	ਟ	(441)	(342)	(636)	(1,719)
Foreign exchange difference on retranslation	146		266	9	75	288	314	1,095
At 30 June 2025	12,243	-	5,514	855	3,130	2,817	4,203	28,762
Net book value
At 30 June 2025	60,324	8,218	3,466	524	2,289	3,297	5,779	83.897
At 31 December 2024	49.502	218 8	3.663	530	,229 7	3,069	417 S	72,628

12

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 (in thousands of US\$)

9. Property, plant and equipment (continued)

Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:

	Land and buildings US\$	Warehouse machinery US\$	Motor vehicles US\$	Total uss
Balance at 1 January 2024	18,385		809	19,194
Depreciation charge for the year	(3,061)	(1)	(396)	(3,458)
Additions to right of use assets	4,498	8	575	5,081
Derecognition of right of use assets	(1,173)		(2)	(1,175)
Foreign exchange difference on retranslation	(916)		(87)	(1.003)
Balance at 31 December 2024	17,733		899	18,639
Depreciation charge for the period	(1,691)	(1)	(205)	(1,897)
Additions to right of use assets	4,611		219	4,830
Derecognition of right of use assets	(286)		(16)	(302)
Foreign exchange difference on retranslation	2.004		gg	2,104
Balance at 30 June 2025	22,371		996	23,374

The Group leases offices, warehouses and stores in various locations throughout the countries of operation. In addition, the Group leases motor vehicles for business use and employee commuting, as well as some warehouse machinery for warehouse operations.

The total cash outflows for the leases related to the above right-of-use assets were US\$ 1,204 (2024: US\$ 4,480).

10. Intangible assets

	Computer software US\$	Clemento licenses 1135	Total US\$
Cost
At 1 January 2024	9,321	2,581	11,902
Additions	427	1,238	1,665
Disposals/write-offs	(36)	(314)	(350)
Foreign exchange difference on retranslation	(80)	(10)	(90)
At 31 December 2024	9,632	3,495	13,127
Additions	188	463	651
Disposals/write-offs	(184)	(91)	(275)
Foreign exchange difference on retranslation	138	18	156
At 30 June 2025	9,774	3,885	13,659
Accumulated amortization
At 1 January 2024	9,006	1,196	10,202
Charge for the year	222	196	418
Disposals/write-offs	(35)	(305)	(340)
Foreign exchange difference on retranslation	22	(13)	ರಿ
At 31 December 2024	9,215	1,074	10,289
Charge for the period	84	125	209
Disposals/write-offs	(99)	(28)	(157)
Foreign exchange difference on retranslation	224	5	229
At 30 June 2025	9,424	1,146	10,570
Net book value
At 30 June 2025	350	2,739	3,089
At 31 December 2024	417	2,421	2,838

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

11. Investment property

	Land and buildings uss
Cost
At 1 January 2024 Disposals	4,191 (8)
At 31 December 2024	4,183
At 30 June 2025	4,183
Accumulated amortization At 1 January 2024 Charge for the year	620 36
At 31 December 2024	656
Charge for the period At 30 June 2025	18 674
Net book value
At 30 June 2025	3,509
At 31 December 2024	3,527

The properties are leased to third parties under operating leases with rentals payable monthly.

12. Equity-accounted investees

30 June 2025 us\$	As at 31 December 2024 પાટફ
	5,515 340
5,855	5,855
	(440)
	(360)
(994)	(800)
4.861	5.055
	As at 5,855 (800) (194)

(i) In November 2024, the Company acquired additional 0.95% shareholding in SK Embio Diagnostics Ltd (Cyprus), for the consideration of US\$ 318.

(ii) In March 2024, the Company acquired 40% shareholding in Clevetura Ltd (Cyprus), for the consideration of US\$ 22.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

13. Inventories	As at 30 June 2025 પાટફ	As at 31 December 2024 us\$
Trading goods (i)	490,772	514,810
Land development (ii)	3.651	1,978
	494,423	516,788

(i) Trading goods

	As at 30 June 2025 us\$	As at Becember 2024 US\$
Goods held for resale	447,973	432,068
Goods in transit	51,568	91,259
Provision for slow moving and obsolete stock	(8,769)	(8,517)
	490.772	514.810

As at 30 June 2025, inventories pledged as security for financing purposes amounted to US\$ 106,168 (2024: US\$ 94,046).

Movement in provision for slow moving and obsolete stock:

	For the six months ended 30 June 2075 US\$	For the year ended 31 December 2024 ાટક
On 1 January	8,517	9,605
Provisions for the period/year	249	428
Provided stock written off	(164)	(1,277)
Foreign exchange difference on retranslation	167	(239)
On 30 June/31 December	8.769	8.517

(ii) Land development	As at 30 June 20225 પાડક	As at 31 December 2024 uss
Land - not under development yet	1,699	1,509
Land - work in progress
Buildings - work in progress	1.951	468
	3,651	1.978

The Group owns three plots of land in Cyprus for a housing complex development. As at 30 June 2025, the project is in progress.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

14. Trade receivables

	As at 30 June 2025 પારફ	As at 31 December 2024 પાટફ
Trade receivables	434,027	395,110
Contract assets	14,913	8,911
Allowance for doubtful debts	(7,856)	(7,091)
	441,084	396,930

Movement in provision for doubtful debts:

	For the six months ended 30 June 2025 પાડક	For the year ended 31 December 2024 પાટિક
On 1 January	7,091	6,064
Provisions for the period/year	889	1,296
Amount written-off as uncollectible	(235)	(132)
Foreign exchange difference	111	(137)
On 30 June/31 December	7.856	7,091

As at 30 June 2025, the receivables of the Group that have been assigned as security for financing purposes amounted to US\$ 103,469 (2024: US\$ 93,868).

15. Other current assets

	As at 30 June 2025 ાટક	As at 31 December 2024 પારફ
VAT and other taxes refundable	17,138	22,970
Other debtors and contract assets	14,337	13,947
Deposits and advances to service providers	872	327
Employee floats	603	379
Loans due from associate companies (Note 30)	4,697	3,583
	37,647	41,206
16. Share capital
	As at 30 June 2025 પાડફ	As at 31 December 2024 પાર્ટફ
Authorized 63,000,000 (2024: 63,000,000) shares of US\$ 0.20 each	12.600	12,600
Issued and fully paid 55,500,000 (2024: 55,500,000) ordinary shares of US\$ 0.20 each	1.1.1.00	11,100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

17. Short-term borrowings

	AS 211 30 June 20725 uss	As at Bi. December 2024 US\$
Bank overdrafts (Note 26) Current portion of long-term loans Bank short-term loans Current lease liabilities (Note 19)	55,791 1,521 130,454 4,429	49,634 287 114,268 3,284
Total short-term debt	192,195	167,473
Factoring creditors	37,189	54,869
	229,384	222,342

Summary of borrowings and overdraft arrangements

As at 30 June 2025 the Group had factoring facilities of US\$ 118,456 (2024: US\$ 119,103).

In addition, the Group as at 30 June 2025 had the following financing facilities with banks in the countries that the Company and its subsidiaries operate:

• · overdraft lines of US\$ 126,667 (2024: US\$ 107,699)
• short-term loans/revolving facilities of US\$ 151,762 (2024: US\$ 137,590) .
• · bank guarantee and letters of credit lines of US\$ 49,073 (2024: US\$ 48,073)

The Group had for the period ended 30 June 2025 cash lines (overdrafts, loans and revolving facilities) and factoring lines.

The Weighted Average Cost of Debt (cash lines and factoring lines) for the period is 8.3% (2024: 9,9%).

The factoring, overdraft and revolving facilities as well as the Company and its subsidiaries by their bankers are secured by:

• · Floating charges over all assets of the Company is US\$ 61,241 (2024: US\$ 58,726)
• Mortgage on land and buildings that the Group owns in Cyprus, Slovakia and Ukraine
• Charge over receivables and inventories .
• . Corporate guarantees
• Assignment of insurance policies .
• · Pledged deposits of US\$ 22,321 (2024: US\$ 20,338).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

18. Long-term borrowings

	ASTOL 30 June 2075 US\$	FS OL 31 December 2024 us\$
Bank loans Non-current lease liabilities (Note 19)	11,866 17,857	12,573 13,550
	29,723	26,123
19. Lease liabilities	As at 30 June 2025 us\$	As at 31 December 2024 US\$
Current lease liabilities (Note 17) Non-current lease liabilities (Note 18)	4,429 17,857 22,286	3,284 13,550 16.834

20. Deferred tax

	For the six months ended 30 June 2025 us\$	For the year ended 31 December 2024 US\$
Debit balance on 1 January Deferred tax (charge)/credit for the period/year (Note 8) Exchange difference on retranslation	(62) (18) (30)	(354) 272 20
At 30 June/31 December	(110)	(62)
	As at 30 June 2075 US\$	As at 31 December 2024 US\$
Deferred tax assets Deferred tax liabilities	(269) 159	(221) 159
Not doforran tav accorc	(110)	(62)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

21. Other current liabilities

	AS GL 30 June 2025 US\$	AS die 31 December 2024 પક્ષ્
Salaries payable and related costs	5,497	4,888
VAT payable	7,722	14,162
Provision for warranties	5,960	5,696
Accruals, deferred income and other provisions	61,183	43,441
Provision for marketing	11,509	11,103
Non-trade accounts payable	6,802	7,312
	98.673	86,602

22. Trade payables and contract liabilities

	As at 30 June 20225 પાર્ટફ	As at 31 December 2024 પાટફ
Trade payables Contract liabilities from customers	417,983 17,605	501,067 9,099
	435.588	510.166

23. Operating segments

1.1 Reportable segments

The Group mainly operates in a single industry segment as a distributor of IT products. The Group's operating segments are based on geographic location, and the measure of segment profit is profit from operations. The Group operates in four principal geographical areas - Former Soviet Union, Central Eastern Europe and Middle East & Africa.

In presenting the geographic information of capital expenditure (1.4) and depreciation and amortization (1.5), Cyprus segment has been added due to its significant value representation compared to Group's total amounts.

1.2 Segment revenues

	For the six months ended months ended 30 June 2095 US\$	For the six 30 June 2024 ાડક
Former Soviet Union	544,675	573,007
Central Eastern Europe	480,552	372,210
Middle East & Africa	368,769	234,828
Western Europe	249,628	158,089
Other	42,078	21,001
	1.685.702	1.359,135

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

23. Operating segments (continued)

1.3 Segment results

	For the six 30 June 2025 US\$	For the six months ended months ended 30 June 2024 US\$
Former Soviet Union	12,279	14,638
Central Eastern Europe	10,932	11,515
Middle East & Africa	9,939	8,419
Western Europe	5,726	4,773
Other	1,015	430
Profit from operations	39,891	39,775
Net financial expenses	(15,948)	(15,082)
Other gains and losses	529	351
Share of loss from associates	(194)	(151)
Profit before taxation	24.278	24,893

1.4 Segment capital expenditure (CAPEX)

	AS ac 30 June 20225 US\$	AS at 31 December 2024 US\$
Cyprus	28,653	28,704
Former Soviet Union	29,013	22,344
Central Eastern Europe	19,913	18,138
Middle East & Africa	9.100	9,622
Western Europe	4,067
Unallocated	388	767
	91 134	79 575

1.5 Segment depreciation and amortization

	For the six months ended months ended 30 June 2025 US\$	For the six 30 June 2024 US\$
Cyprus	1,455	1,423
Former Soviet Union	1,199	1,411
Central Eastern Europe	1,156	1,074
Middle East & Africa	372	342
Western Europe	313	50
Other
	4.504	4.307

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

23. Operating segments (continued)

1.6 Segment assets

30 June 2025 us\$	As at 31 December 2024 US\$
252,012	476,724
445,143	276,535
101,515	184,874
249,735	140,119
1,048,405	1,078,252
91,134	79,575
28,195	42,984
1,167.734	1.200.811
	AS at

For the purposes of monitoring segment performance and allocating resources between segments only assets were allocated to the reportable segments. As the Group liabilities are mainly used jointly by the reportable segments, these were not allocated to each segment.

1.7 Geographical information

Since the Group's operating segments are based on and this information has been provided above (1.2-1.6) no further analysis is included.

24. Derivative financial liability

	As at 30 June 2025 US\$	AS at 31 December 2024 US\$
Derivative financial liabilities carried at fair value through profit or loss
Foreign currency derivative contracts	2.478	100
25. Derivative financial asset
	As at 30 June 2025 uss	As at 31 December 2024 uss
Derivative financial assets carried at fair value through profit or loss
Foreign currency derivative contracts	172	1.575
26. Cash and cash equivalents	As at 30 June 2025 us\$	As at 31 December 2024 us\$
Cash at bank and in hand Bank overdrafts (Note 17)	93,142 (55,791)	155,034 (49,634)
	37,351	105,400

The cash at bank and in hand balance includes an amount of US\$ 22,321 (2024: US\$ 20,338) which represents pledged deposits against financial facilities granted and margin accounts for foreign exchange hedging.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

27. Goodwill

1.1. Acquired assets and liabilities

The net carrying value of underlying separately identifiable assets and liabilities transferred to the date of acquisition was as follows:

	As at 30 June 2025 પાકિ	As at 31 December 2024 પાટક
Tangible and intangible assets
Inventories
Receivables
Other receivables
Short-term loans
Payables
Other payables and accruals
Cash and cash equivalents
Net identifiable assets
Group's interest in net assets acquired
Total purchase consideration		(5)
Net loss		(5)
Impairment loss on Goodwill
Goodwill capitalized in statement of financial position

1.2. Goodwill arising on acquisitions

	As at 30 June 2025 us\$	As at 31 December 20024 પાટફ
At 1 January	582	608
Additions (i)		5
Impairment loss (ii)		(5)
Foreign exchange difference on retranslation	57	(26)
At 30 June/31 December	ਦਿੱਤਰ	582

(i) Inc.

The capitalized goodwill arose from the business combinations of the following subsidiaries:

	As at 30 June 2025 US\$	As at 31 December 2024 US\$
ASBIS d.o.o. (BA)	408	364
ASBIS Africa Proprietary Limited (South Africa)	231	218
	esa	582

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

27. Goodwill (continued)

(ii) The impairment loss on goodwill relates to the following subsidiary:

	AS CIL 30 June 2025 પાડક	AS CL 31 December 2024 us\$
ASBC Inc. (U.S.A.)
28. Transactions and balances of key management	For the six months ended months ended 30 June 2025 US\$	For the six 30 June 2024 પકર્
Directors' remuneration - executive (Note 6) Directors' remuneration - non-executive (Note 6)	711 36 747	848 29 877
29. Other investments	As at 30 June 2025 uss	As at 31 December 2024 us\$
Financial assets at fair value through other comprehensive income (i) Financial assets at fair value through profit and loss (ii)	2,376 1,099 3 475	2,376 928 3 304

(i) Financial assets at fair value through other comprehensive income

Name	Country of incorporation	Participation 0/0	Cost પાટફ	Impairment US\$	As at 30 June 20725 US\$	As at 31 December 2024 us\$
Promed Bioscience Ltd RSL	Cyprus	16%	808		808	808
Revolutionary Labs Ltd Theramir Ltd	Cyprus Cyprus	15.5% 4.5%	707 861 2.376		707 861 2.376	707 861 2.376

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

29. Other investments (continued)

(ii) Financial assets at fair value through profit and loss

Name	Country of incorporation	Participation 0/0	Cost ાટિક	Impairment ારક	As at 30 June 20725 us\$	As at 31 December 2024 પાકિ
KV Kinisis Ventures fund Raif V.V.I.V PLC (i)	Cyprus		edg		699	528
Robotifai Inc. (ii)	Cyprus		400		400	400
			1.099		1.099	928

(i) In June 2025, the Group increased its contribution in KV Kinisis Ventures Fund Raif V.V.I.V PLC for the consideration of US\$ 171.

(ii) In October 2024, the Group contributed to RobotiFal Inc, business operations for the development of a computer software.

30. Loans to associates

	As at 30 June 2025 પાકિ	As at 31 December 2024 US\$
Short-term loans to associates (Note 15)	4.697	3.583

The total loans to associates before provision for doubtful loans are unsecured and analyzed below:

Subsidiary companies	Interest rate 0/0	Source currency	As at 30 June 2025 પાટફ	AS at Bil December 2024 US\$
Clevetura Ltd (Cyprus) (iv),(vii)	ഹ	Euro	1,690	1,465
Clevetura Ltd (Cyprus)	5
(i),(ii),(iii),(viii)		us Dollar	1,724	1,280
Autonomics Tech Ltd (v)	4	Euro	837	419
Displayforce Global Ltd (Cyprus) (vi)	5	Euro	446	419
			4.697	3.583

The total interest received from associates is analyzed below:

	As at 30 June 20225 us\$	As at 31 December 2024 us\$
Clevetura Ltd (Cyprus) (iv),(vii)	38	28
Clevetura Ltd (Cyprus) (i),(ii),(ii),(iii),(viii)	35	65
Autonomics Tech Ltd (v)	12	3
Displayforce Global Ltd (Cyprus) (vi)		8
	05	104

Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 4th of June 2025, with (i) the obligation to settle the loan by 3rd of March 2026. The loan is unsecured.

Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 23d of April 2025, with (ii) the obligation to settle the loan by 1st of November 2025. The loan is unsecured.

Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 12th of February 2025, (iii) with the obligation to settle the loan by 30th of September 2025. The loan is unsecured.

Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 21th of November 2024, (iv) with the obligation to settle the loan by 31th of December 2025. The loan is unsecured.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

30. Loans to associates (continued)

• Autonomics Tech Ltd entered into a loan agreement with the Company on the 14th of October 2024, with (v) the obligation to settle the loan by 31st of December 2025. The loan is unsecured.
• Displayforce Global Ltd (Cyprus) entered into a loan agreement with the Company on the 26th of March (vi) 2024, with the obligation to settle the loan by 31th of December 2025. The loan is unsecured.
• Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 20th of January 2024, with (vii) = the obligation to settle the loan by 31st December 2025. The loan is unsecured.
• Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 3rd of January 2023, with (viii) the obligation to settle the loan by 31st December 2025. The loan is unsecured.

31. Business combinations

1. Incorporations and acquisitions

Incorporations and acquisitions of subsidiaries to 30 June 2025

1.1 Acquisitions of subsidiaries to 30 June 2025

During the period, the Group incorporated the following subsidiary:

Name of entity	Type of operations	Date acquired incorporated owned	70
ASBIS Lietuva UAB (Lithuania)	Information Technology 30 May 2025		100%	100%

OL

0/2

Incorporations and acquisitions of subsidiaries to 31 December 2024

During the year, the Group acquired and incorporated the following subsidiaries:

Name of entity	Type of operations	Date acquired	% acquired	% owned
ASBC Inc. (U.S.A.)	Information Technology	29 August 2024	100%	100%
			0/0
Name of entity	Type of operations	Date incorporated	incorporated % owned
Breezy Azerbaijan (Azerbaijan)	Information Technology	24 January 2024	100%	100%.
AROS ENGINEERING SINGLE MEMBER S.A
(Greece)	Information Technology	07 July 2024	100%	100%
ASBC ITALIA S.R.L (Italy)	Information Technology	15 July 2024	100%	100%
E-VISION UKRAINE (Ukraine)	Information Technology	04 September 2024	100%	100%

2. Liquidations and disposals

Liquidations and disposals of subsidiaries to 30 June 2025

During the period, the following subsidiaries have been disposed with no loss or gain arose on the events:

Name of disposed entity	Type of operations	Date disposed	% disposed
Joule Production SIA (Latvia)	Information Technology	28 March 2025	100%
Breezy Trade-In Ltd (Cyprus)	Information Technology	22 May 2025	8.85%

Liquidations and disposals of subsidiaries to 31 December 2024

During the year, the following subsidiaries have been liquidated and no loss or gain arose on the event:

Name of disposed entity	Type of operations	Date liquidated	% liquidated
ASBIS DE GmbH (Germany)	Information Technology	17 January 2024	100%
ASBIS Vilnius UAB (Lithuania)	Information Technology	7 June 2024	100%

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

(in thousands of US\$)

32. Commitments and contingencies

As at 30 June 2025 the Group was committed in respect of purchases of inventories of a total cost value of US\$ 32,875 (2024: US\$ 55,616) which were in transit at 30 June 2025 and delivered in July 2025. Such inventories and the corresponding liability towards the suppliers have not been included in these financial statements since, according to the terms of purchase, title of the goods has not passed to the Group at the period end.

As at 30 June 2025 the Group was contingently liable to banks in respect of bank guarantees and letters of credit lines of US\$ 49,073 (2024: US\$ 48,073) (note 17) which the Group has extended to its suppliers and other counterparties.

As at the 30 June 2025 the Group had no other capital or legal commitments and contingencies.

33. Fair values

Financial instruments comprise financial liabilities. Financial assets mainly consist of bank balances, receivables, investments and financial assets at fair value through other comprehensive income. Financial liabilities mainly consist of trade payables, factoring balances, bank overdrafts and loans. The Directors consider that the carrying amount of the Group's financial instruments approximate their fair reporting date. Financial assets and financial liabilities carried at fair value through profit or loss represent foreign currency derivative contracts categorized as a Level 2 (inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).