Columbus Energy S.A.

Coal Energy S.A. - 259400VF6AY177MI0R48 - 2025 259400VF6AY177MI0R48 2024-07-01 2025-06-30 259400VF6AY177MI0R48 2023-07-01 2024-06-30 259400VF6AY177MI0R48 2023-07-01 2024-06-30 ifrs-full:NoncontrollingInterestsMember 259400VF6AY177MI0R48 2023-07-01 2024-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember 259400VF6AY177MI0R48 2023-07-01 2024-06-30 ifrs-full:RetainedEarningsMember 259400VF6AY177MI0R48 2023-07-01 2024-06-30 cle:CurrencyTranslationReserveRelatedToOperationsHeldForSaleMember 259400VF6AY177MI0R48 2023-07-01 2024-06-30 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 259400VF6AY177MI0R48 2023-07-01 2024-06-30 ifrs-full:SharePremiumMember 259400VF6AY177MI0R48 2023-07-01 2024-06-30 ifrs-full:IssuedCapitalMember 259400VF6AY177MI0R48 2023-06-30 259400VF6AY177MI0R48 2023-06-30 ifrs-full:NoncontrollingInterestsMember 259400VF6AY177MI0R48 2023-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember 259400VF6AY177MI0R48 2023-06-30 ifrs-full:RetainedEarningsMember 259400VF6AY177MI0R48 2023-06-30 cle:CurrencyTranslationReserveRelatedToOperationsHeldForSaleMember 259400VF6AY177MI0R48 2023-06-30 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 259400VF6AY177MI0R48 2023-06-30 ifrs-full:SharePremiumMember 259400VF6AY177MI0R48 2023-06-30 ifrs-full:IssuedCapitalMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 ifrs-full:NoncontrollingInterestsMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 ifrs-full:RetainedEarningsMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 cle:CurrencyTranslationReserveRelatedToOperationsHeldForSaleMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 ifrs-full:SharePremiumMember 259400VF6AY177MI0R48 2024-07-01 2025-06-30 ifrs-full:IssuedCapitalMember 259400VF6AY177MI0R48 2025-06-30 ifrs-full:IssuedCapitalMember 259400VF6AY177MI0R48 2025-06-30 ifrs-full:SharePremiumMember 259400VF6AY177MI0R48 2025-06-30 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 259400VF6AY177MI0R48 2025-06-30 cle:CurrencyTranslationReserveRelatedToOperationsHeldForSaleMember 259400VF6AY177MI0R48 2025-06-30 ifrs-full:RetainedEarningsMember 259400VF6AY177MI0R48 2025-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember 259400VF6AY177MI0R48 2025-06-30 ifrs-full:NoncontrollingInterestsMember 259400VF6AY177MI0R48 2025-06-30 259400VF6AY177MI0R48 2024-06-30 259400VF6AY177MI0R48 2024-06-30 ifrs-full:NoncontrollingInterestsMember 259400VF6AY177MI0R48 2024-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember 259400VF6AY177MI0R48 2024-06-30 ifrs-full:RetainedEarningsMember 259400VF6AY177MI0R48 2024-06-30 cle:CurrencyTranslationReserveRelatedToOperationsHeldForSaleMember 259400VF6AY177MI0R48 2024-06-30 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 259400VF6AY177MI0R48 2024-06-30 ifrs-full:SharePremiumMember 259400VF6AY177MI0R48 2024-06-30 ifrs-full:IssuedCapitalMemberxbrli:shares iso4217:USD iso4217:USDxbrli:shares 2025FY Coal Energy S.A. 2025FY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 2 CONTENTS PAGE Statement of the board of director’s responsibilities 3 Management report 4 Corporate governance statement 5 Consolidated statement of profit or loss and other comprehensive income 7 Consolidated statement of financial position 8 Consolidated statement of changes in equity 9 Consolidated statement of cash flows 10 Notes to the consolidated financial statements 11 Independent Auditor’s Report 32 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 3 STATEMENT OF THE BOARD OF DIRECTOR’S RESPONSIBILITIES To the best of our knowledge, the consolidated financial statements as of 30 June 2025 of Coal Energy S.A.(the “Group”) which have been prepared in accordance with the International financial reporting standards (IFRS), give a true and fair view of the assets, liabilities, financial position and profit or loss of both Coal Energy S.A. and its subsidiaries included into the Group, and the management report includes a fair review of the development and performance of the business and the position of both Coal Energy S.A. and its subsidiaries included into the Group together with a description of the principal risks and uncertainties they faced for the year ended 30 June 2025 as required under article 3(2)c) of the Transparency Law. While preparing the consolidated financial statements, the Board of Directors bears responsibility for the following issues: - selection of the appropriate accounting policies and their consistent application; - making judgments and estimates that are reasonable and prudent; - adherence to IFRS principals, with disclosure of all material departures from IFRS in the consolidated financial statements; - preparation of the consolidated financial statements on the going concern basis. The Board of Directors confirms that it has complied with the above mentioned principles in preparing the consolidated financial statements of the Group. The Board of Directors is also responsible for: - keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Group; - taking reasonable steps to safeguard the assets of the Group and to prevent and detect fraud and other irregularities; - establishing for such internal controls is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error. On behalf of the Board of Directors: Directors A: Directors B: _signed_ Chairman of the Board of Directors Viktor Vyshnevetskyy _signed___ Independent Non-executive Director Diyar Yakubov __signed___ Business Development Director Oleksandr Reznyk __signed___ Independent Non-executive Director Arthur David Johnson Luxembourg, 19 December 2025 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 4 MANAGEMENT REPORT Management of the Group hereby presents the consolidated financial statements for the year ended 30 June 2025. 1. Results and developments during the year ended 30 June 2025 For the year ended 30 June 2025, the Group’s recorded EBITDA loss amounted USD 911 thousand (EBITDA loss for the year ended 30 June 2024 – USD 559 thousand). After depreciation, amortization, finance costs, finance income and taxation, net profit for the year ended 30 June 2025 was USD 4,124 thousand (net loss for the year ended 30 June 2024 – USD 2,130 thousand). The Group completed disposal of its Ukrainian mining operations, as well as Nertera Investments Limited, which resulted USD 5,488 thousand of gain on disposals of subsidiaries. 2. Future developments of the Group The Group continues and develops its service activities in Poland related to land reclamations and processing and potential coal mining. 3. Activity in the field of research and development Coal Energy S.A. has decided to initiate the process of obtaining a hard coal mining license in the territory of the Republic of Poland. The strategic project focuses on the "Bobrek-Miechowice" deposit, particularly its western part, which contains previously unexploited resources from the 400-seam series. These resources are currently not covered by any valid mining license and are estimated to exceed 9 million tons. These deposits are stratigraphically located above layers mined by other entities operating in the region, which, on the one hand, ensures their technological accessibility and, on the other, emphasizes the independent nature of the planned project. This project represents a significant step towards diversifying the Company's raw material base and building a solid foundation for operations in the domestic market. 4. Own shares During the year ended 30 June 2025, the Group and its affiliates have not repurchased shares of Coal Energy S.A. 5. Group’s internal control Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that: - pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; - provide reasonable assurance that transactions are recorded, as necessary, to permit preparation of financial statements in accordance with IFRS; - provide reasonable assurance that receipts and expenditures of the Group are made in accordance with authorizations of Group’s management and directors; and - provide reasonable assurance that unauthorized acquisition, use or disposition of Group’s assets that could have a material effect on the financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or p rocedures may deteriorate. 6. Risk Management The Group has implemented policies and procedures to manage and monitor financial market risks. Financial market activities are overseen by the Group Management Board. All financial market risks are managed in accordance with the treasury and financial risk management policies described in Note 24 as well as exposure to each category of risks. The Group does not use hedging derivatives accounting. 7. Branches During the year ended 30 June 2025, the Group operated no branches. 8. Subsequent events Significant events that occurred after the end of the reporting period are described in Note 28 to the consolidated financial statements. This consolidated management report covers both the consolidated financial statements of the Group and the statutory annual accounts of Coal Energy S. A. On behalf of management: Directors A: Directors B: __signed___ Chairman of the Board of Directors Viktor Vyshnevetskyy __signed___ Independent Non-executive Director Diyar Yakubov __signed___ Business Development Director Oleksandr Reznyk __signed___ Independent Non-executive Director Arthur David Johnson Luxembourg, 19 December 2025 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 5 Coal Energy S.A. Société anonyme Registered address: 33 rue du Puits Romain, L-8070 Bertrange, Luxembourg, the Grand Duchy of Luxembourg R.C.S. Luxembourg: B 154144 (the “Company”) CORPORATE GOVERNANCE STATEMENT Directors: Name Date of Appointment Date of Resignation Viktor Vyshnevetskyy – Director A 17 May 2011 - Oleksandr Reznyk – Director A 17 May 2011 - Arthur David Johnson – Director A 10 June 2011 - Diyar Yakubov - Director B 1 August 2016 - Audit Committee: Name Date of Appointment Date of Resignation Arthur David Johnson – Director A 10 June 2023 - Viktor Vyshnevetskyy – Director A 10 June 2023 - Oleksandr Reznyk – Director A 10 June 2023 - The Board of Directors (the "Board") states its application of Warsaw Stock Exchange corporate governance rules included in the ”Code of Best Practice for WSE Listed Companies” to the form and extent determined by the Resolution No. 13/1834/2021 dated 29 March 2021. The code of Best Practice for WSE Listed Companies is available at the official website of the Warsaw Stock Exchange: gpw.pl/best-practice2021. The Board is responsible for establishing and maintaining adequate internal and risk management systems for the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company's financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board has established processes regarding internal control and risk management systems to ensure the effective oversight of the financial reporting process. These include appointing an independent administrator (the “Administrator") to maintain the accounting records of th e Company independent of Coal Energy S.A. The Administrator has a duty of care to maintain proper books and records and prepare for review and approval by the Board the financial statements intended to give a true and fair view. The Board has appointed Wetrust Luxembourg S.A. as Administrator. The Board is responsible for assessing the risk of irregularities caused by fraud or error in financial reporting and ensuring that the processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board has also put in place processes to identify changes in accounting rules and recommendations and to ensure that these changes are accurately reflected in the Company's financial statements. The Board maintains control structures designed and aimed at managing the risks, which are significant for internal control over financial reporting. These control structures include segregation of responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements and the related notes in the Company's annual report. The Group’s policies and the Board's instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as e-mail, correspondence and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner. The Board has an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors. There are no restrictions on voting rights. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 6 The Group’s internal control over financial reporting includes those policies and procedures that pertain to the maintenance of financial records that, in reasonable detail, accurately and fairly reflect the transactions and disposals of the assets of the Company; provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with Luxembourg legal and regulatory requirements, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposals of the Company’s assets that could have a material effect on the financial statements. In order to ensure, that established controls over financial reporting system worked effectively during the year ended 30 Jun e 2025, a summary of the work performed by the internal audit department was reviewed by the Audit Committee. No person has any special rights of control over the Company's share capital. Appointment and replacement of Directors and amendments to the Articles of Association Regarding the appointment and replacement of Directors, the Company is governed by its Articles of Association (hereafter referred as the “Articles of Association”) and Luxembourg Companies Law 1915. The Articles of Associations may be amended from time to time by a general meeting of the shareholders under the quorum and majority requirement provided for by the law of 10 August 1915 on commercial companies in L uxembourg, as amended. Powers of Directors The Board is responsible for managing the business affairs of the Company within the clauses of the Articles of Association. The Directors may only act at duly convened meetings of the Board of Directors or by written consent in accordance with article 9 of Articles of Association. Rights of the shareholders The operation of the shareholders meetings and their key powers, description of their rights is governed by Articles of Association and national laws and regulation. Transfer of shares Transfer of shares is governed by Articles of Association of the Company. Environmental, social and governance As part of the annual report, the Company prepares and discloses information on corporate governance. This includes review of compliance with the Code of Best Practice for WSE Listed Companies 2021, covering board structure, shareholder rights, transparency, and ethical standards. Listed SMEs (small and medium-sized enterprises) will only be required to prepare ESG reports starting with financial year 2026. Since the Company qualifies as an SME (meeting the thresholds for small/medium enterprise), it is not yet legally obliged to prepare full social and environmental sustainability reports. The Company recognizes the importance of ESG factors and strives to ensure corporate governance transparency in line with the expectations of the WSE. While the Group's activities do not have a significant environmental impact, we monitor EU and Polish regulatory requirements regarding sustainable development and are gradually developing non-financial reporting. Currently, the Company monitors key ESG aspects, including corporate governance, employment compliance, business ethics, and risk management. As the regulatory environment evolves, sustainability-related disclosures will expand. Renumeration policy Compensation for members of the Board of Directors and management is based on the principles of transparency, proportionality, and market alignment. The Group uses an exclusively fixed compensation system, the amount of which is determined by the level of responsibility, competencies, and nature of the functions performed. The remuneration of management board members (both in the Luxembourg and the Polish subsidiary) consists exclusively of a fixed component or is absent entirely. Variable payments, bonuses, stock option programs, and long-term incentive plans are not used. Currently, a separate, formalized remuneration policy has not been approved. Once developed and adopted, it will be disclosed on the Group's official resources or on the corporate website. On behalf of management: Directors A: Director B: __signed___ Chairman of the Board of Directors Viktor Vyshnevetskyy __signed___ Independent Non-executive Director Diyar Yakubov __signed___ Business Development Director Oleksandr Reznyk __signed_______ Independent Non-executive Director Arthur David Johnson Luxembourg, 19 December 2025 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 7 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Basic profit/(loss) per ordinary share is equal to diluted profit/(loss) per ordinary share. Notes on pages 11 to 31 are an integral part of these consolidated financial statements. Note Year ended Year ended 30 June 2025 30 June 2024 CONTINUING OPERATIONS Revenue 6 3,759 2,466 Cost of sales 7 (3,290) (1,678) GROSS PROFIT/(LOSS) 469 788 General and administrative expenses 8 (1,055) (520) Other operating income/(expenses), net 9 20 (562) Impairment of financial assets (348) (265) OPERATING PROFIT/(LOSS) (914) (559) Other non-operating income/(expenses), net 10 (254) 10 Finance income 11 60 173 Finance expenses 12 (137) (665) Acquisitions of subsidiaries 26 - 53 PROFIT/(LOSS) BEFORE TAX (1,245) (999) Income tax benefit/(expenses), net 13 105 (988) PROFIT/(LOSS) FROM CONTINUING OPERATIONS (1,235) (1,987) DISCONTINUED OPERATIONS Profit/(loss) from discontinued operation, net of tax 14 (129) (143) Gain on disposals of subsidiaries 27 5,488 - NET PROFIT/(LOSS) 4,124 (2,130) NET PROFIT/(LOSS) ATTRIBUTABLE TO: Equity holders of the parent 4,128 (2,136) Non-controlling interests 14 6 OTHER COMPREHENSIVE INCOME/(LOSS) Other comprehensive income that may be reclassified to profit or loss in subsequent periods when specific conditions are met Effect of currency translation (77) 236 TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) FROM CONTINUING OPERATIONS (77) 236 DISCONTINUED OPERATIONS Effect of currency translation from discontinued operation 1,240 TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) 28 1,476 TOTAL COMPREHENSIVE INCOME/(LOSS) 4,152 (654) TOTAL COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO: Equity holders of the parent 4,154 (682) Non-controlling interests 28 EARNINGS PER SHARE Weighted average number of ordinary shares 15 45,011,120 45,011,120 BASIC PROFIT/(LOSS) PER ORDINARY SHARE (USD cents) 15 9.16 (4.73) BASIC PROFIT/(LOSS) PER ORDINARY SHARE FROM CONTINUING OPERATIONS (USD cents) 15 (2.74) (4.41) (1) (4) (2) COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 8 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Notes on pages 11 to 31 are an integral part of these consolidated financial statements. Note 30 June 2025 30 June 2024 ASSETS Non-current assets Property, plant and equipment 25 18 Right-of-use assets 20 83 - Financial assets 20 13 Investment in joint venture 14 - 142 31 Current assets Inventories - 2 Trade and other receivables 16 549 562 Prepayments 8 32 Other taxes receivables 45 10 Cash and cash equivalents 17 4 525 606 1,131 TOTAL ASSETS 748 1,162 EQUITY Share capital 18 450 450 Share premium 77,578 77,578 Currency translation reserve 18 77 (663) Currency translation reserve related to operations held for sale 18 - (5,604) Retained earnings (80,658) (84,786) Equity attributable to equity holders of the parent (2,553) (13,025) Non-controlling interest - (201) TOTAL EQUITY (2,553) (13,226) LIABILITIES Non-current liabilities Lease liabilities 20 60 - 60 - Current liabilities Loans and borrowings 19 1,144 529 Lease liabilities 20 23 - Trade and other payables 21 1,804 640 Income tax payables 13 - 5,178 Other tax payables 22 270 341 Liabilities directly associated with the assets held for sale 14 - 7,700 3,241 14,388 TOTAL LIABILITIES 3,301 14,388 TOTAL EQUITY AND LIABILITIES 748 1,162 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of the parent Share capital Share premium Currency translation reserve Currency translation reserve related to operations held for sale Retained earnings Total Non- controlling interest Total equity 2023 (restated) 450 77,578 (899) (6,822) (82,650) (12,343) (229) (12,572) - - - - (2,136) (2,136) 6 (2,130) Other comprehensive income/(loss) - - 236 - - 236 - 236 - - - 1,218 - 1,218 22 1,240 450 77,578 (663) (5,604) (84,786) (13,025) (201) (13,226) - - - - 4,128 4,128 450 4,124 Other comprehensive income/(loss) - - 77 - - 77,578 - (77) - - - 103 - 103 2 105 - 817 5,501 - 6,318 203 6,521 (77) - (80,658) (2,553) (2,553) Position at 30 June Profit/(loss) for the year Effect of currency translation from discontinued operation Position at 30 June 2024 Profit/(loss) for the year (4) (77) Effect of currency translation from discontinued operation Disposal of subsidiaries--Position at 30 June 2025 Notes on pages 11 to 31 are an integral part of these consolidated financial statements. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 10 CONSOLIDATED STATEMENT OF CASH FLOWS Notes on pages 11 to 31 are an integral part of these consolidated financial statements. Note Year ended Year ended 30 June 2025 30 June 2024 OPERATING ACTIVITIES Profit/(loss) before tax from continuing operations (1,245) (999) Profit/(loss) before tax from discontinued operations 14 5,359 (143) Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortization expenses 3 - Finance income 11 (60) (173) Finance expenses 12 137 665 Impairment/(recovery) of financial assets 348 265 Impairment loss recognised on the remeasurement to fair value less costs to sell - 98 Loss/(gain) from operational exchange differences 9 (19) 562 Development costs 10 245 - Payables to disposed subsidiaries 1,136 - Acquisitions of subsidiaries 26 - (53) Disposals of subsidiaries 27 (5,488) - 416 222 Working capital adjustments: Changes in trade and other receivables 13 231 Changes in prepayments made and prepaid expenses 24 (44) Change in inventories 2 - Changes in trade and other payables (1,164) (189) Changes in tax balances (106) (49) Changes in working capital due to currency translation (251) - (1,066) 171 Income tax paid 13 (28) (99) Net cash flow from operating activity (1,094) 72 INVESTING ACTIVITIES Acquisition of property, plant and equipment (7) (18) Issuing of loans 5 (13) Net cash acquired with subsidiaries 26 - 494 Net cash flow from investing activity (12) 463 FINANCING ACTIVITIES Obtaining loans and borrowings 572 - Repayment of interests (2) - Net cash flow from financial activity 570 - NET CASH FLOWS (536) 535 Cash and cash equivalents at the beginning of the period 17 525 (5) Foreign exchange differences on cash - (6) Effect of translation into presentation currency 15 (9) Cash and cash equivalents at the end of the period 17 4 525 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 11 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 GENERAL INFORMATION 1.1. Information about the Group For the purposes of these consolidated financial statements, Coal Energy S.A. (“Parent company”) and its subsidiaries have been presented as the Group as follows: Parent company and its subsidiaries Country of incorporation Group shareholding, % as of 30 June 2025 30 June 2024 Coal Energy S.A. Luxembourg Parent Parent Nertera Investments Limited * Cyprus - 100.00 CwAL LE “Mine St.Matrona” * Ukraine - 99.00 Perspective resources LLC * Ukraine - 100.00 Ukrmineral Trading LLC * Ukraine - 100.00 Advanced Industrial Technologies Sp. z.o.o.** Poland 100.00 100.00 Greentech Solutions Sp. z.o.o. *** Poland 50.00 50.00 The parent company, Coal Energy S.A., was incorporated in Luxembourg as a joint stock company on 17 June 2010 and is listed on the Warsaw Stock Exchange. The registered office is located at 33 rue du Puits Romain, L-8070 Bertrange, Luxembourg and the Company number with the Registre de Commerce is B 154144. The principal activities of the Group are coal mining, coal beneficiation, waste dumps processing, and sales of marketable coal.The major production facilities are located in Poland. * During the year ended 30 June 2025, the Group disposed four of its subsidiaries – Ukrmineral Trading LLC, CwAL LE “Mine St.Matrona”, Nertera Investments Limited and Perspective resources LLC that led to deconsolidation of the following subsidiaries with loss of full interest in subsidiaries and recognition of gain on disposal of subsidiaries in amount of USD 5,488 thousand and is presented in profit or loss statem ent. Detailed description of the disposals is presented in Note 27. ** As of 21 December 2023, the Group has acquired a new subsidiary – Advanced Industrial Technologies Sp. z.o.o. with the main purpose of providing underground mining services to coal mines in Poland. *** As of 25 January 2024, the Group jointly has incorporated a new entity – Greentech Solutions Sp. z.o.o, with the main purpose of reclamation and processing of industrial rock dumps and mine waste dumps, as well as the reclamation of lands disturbed by man-made activities. The Company did not start any activities at the date of these financial statements. The Group has a significant influence but not a control over Greentech Solutions Sp. z.o.o., so it accounts as an investment into associate and is not consolidated. The reporting date of both Advanced Industrial Technologies Sp. z.o.o. and Greentech Solutions Sp. z.o.o. is 31 December as p er national Polish reporting standards and accounting legislation. During the preparation of these consolidated financial statements, interim data as of 30 June 2025 and 30 June 2024 was used to comply with the requirement of the same reporting date.1.2. Operating environment The Group’s operations are located in Poland. As of 24 February 2022, the Russian Federation launched a large-scale military invasion of Ukraine. Russian missiles began to hit locations across Ukraine. Russian ground forces entered the country. Ongoing military actions caused significant destruction of infrastructure, migration of the population and disruption of economic activity in Ukraine. Finally, it led to closing of all the Group’s operations in Ukraine. The Polish economy has weathered global and regional external shocks thanks to a well-diversified economic structure, integration into regional value chains, a commitment to macroeconomic stability, a sound financial sector, and domestic labor markets that have supported significant wage growth and private consumption, feeding into long-term poverty reduction and median income growth. The crises have weakened the fiscal stance, and the energy crisis resulting from the invasion of Ukraine has led to a sharp increase in inflation which reduced the purchase power of households and has started to weigh down on growth. 2 BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 2.1 Basis of preparation The preparation of the consolidated financial statements in accordance with International Financial Accounting Standards (IFRS) as adopted by the European Union requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying of the Groups accounting policies. The areas involving a higher degree of judgment or complexity, or areas wh ere assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. These consolidated financial statements are presented in thousands of USD, unless otherwise stated. 2.2 Statement of compliance The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU). COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 12 2 BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.3 Going concern These consolidated financial statements are prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. During the year ended 30 June 2025, the Group recorded USD 1,235 thousand of net loss from continuing operations (during the year ended 30 June 2024, the Group recorded a net loss of USD 1,987 thousand). The Group has a net liability position of USD 2,553 thousand as of 30 June 2025 (net liability position as of 30 June 2024 – USD 13,226 thousand). The Group disposed its assets in Ukraine due to suspended operational activities of CwAL LE “Mine St.Matrona” since the full-scale war actions in Ukraine. Additionally, the Group disposed Nertera Investments Limited due to absence of operations in Cyprus. The above-mentioned factors may cast significant doubts on the Group’s ability to continue as a going concern. The Group provides its activity in Poland and accounted negative financial results for the year ended 30 June 2025 due to faced overdue from one state customer, as well as started occurring costs on development of Siltech project, which is focusing on plans of starting of min ing activity in Poland. The Group plans to continue to expand its activity through other acquisitions and developments in Poland. The Group entered into a conditional agreement concerning the issuance and subscription of convertible bonds into new shares of the Group that will satisfy the Group’s need in working capital and development plans. For details of the agreement and its current stage, please refer to Note 28. 2.4 Basis of consolidation (a) Subsidiaries Subsidiaries are entities over which the parent company has the power to govern the financial and operating policies. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the parent company. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the parent company. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities, contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the statement of comprehensive income. Costs incurred in connection with the purchase of subsidiaries are recognized as expenses. Intragroup transactions, balances and unrealized gains on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction. Subsequent to the loss of control of a subsidiary the value of the remaining shares are revalued at fair value that influences the amount of income/loss from the disposal. Before 30 June 2010, the Parent company did not have direct or indirect ownership interest in consolidated entities included in the consolidated financial statements. The pooling of interest method was applied for business combinations under common control for the earlier periods . Financial statements of Parent company and its Subsidiaries, which are used while preparing the consolidated financial statem ents, should be prepared as at the same date on the basis of consistent application of accounting policy for all companies of the Group. (b) Transactions with non-controlling interests The Group applies a policy of treating transactions with non-controlling interests as transactions with parties external to the Group. The result of disposals of a non-controlling interests being the difference between any consideration paid and the relevant share acquired of the carrying value of the subsidiary’s net asset is reflected in the statements of changes in equity. Losses are attributed to the non-controlling interests even if that results in a deficit balance. Non-controlling interests are derecognized when a subsidiary is sold or liquidated and profit or loss on derecognition is recorded in the consolidated statements of changes in equity. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 13 2 BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.5 Changes in accounting policy and disclosures The Group’s accounting policies are consistent with those applied in the prior reporting year. Some new standards and interpretations have become mandatory for adoption in the reporting period beginning on or after 1 July 2024. Applying of these standards and interpretations had not material impact on the financial statements: Amendments to IAS 1 "Presentation of Financial Statements" - "Classification of Liabilities as Current or Non-Current"; Amendments to IAS 1 "Presentation of Financial Statements" - "Non-Current Liabilities with Covenants"; Amendments to IFRS 16 "Leases" - "Lease Liability in a Sale and Leaseback Transactions"; Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures" - "Disclosure of Supplier Finance Arrangements". The Group has not applied the following standards and interpretations, and amendments to them that have been issued but are n ot yet effective: IFRS 18 "Presentation and Disclosures in Financial Statements"; IFRS 19 " Subsidiaries without Public Accountability: Disclosures"; Amendments to IAS 21 "Effect of Changes in Exchange Rates" - "Lack of Exchangeability"; Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; Annual Improvements to IFRS Accounting Standards — Volume 11. The Group anticipates that the adoption of these standards and amendments in future periods will have no material impact on its financial statements. The Group currently does not plan early application of the above standards and interpretations. 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES 3.1 Currency translation (a) Functional and presentation currency All items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entities operate (the "functional currency"). The functional currency of the Parent (Luxembourg) and disposed Cyprus subsidiaries is US dollar ("USD"), and for the entities that operate in Poland the functional currency is Polish zloty (PLN). The functional currency of the disposed Ukrainian subsidiaries is Ukrainian Hryvnia ("UAH"). These consolidated financial statements are presented in thousands of US dollars, unless otherwise stated. Management selected USD as a presentation currency to satisfy expectations and needs of the Group’s owners, as well as it is the common currency used for the valuation of the same businesses in Ukraine at both previous and current conditions. (b) Foreign currency transactions UAH to USD exchange rates used in the preparation of these consolidated financial statements were as follows: Date/period UAH/USD As of: - 30 June 2025 41.6409 - 30 June 2024 40.5374 Average for the: - three months ended 30 June 2025 41.5078 - three months ended 31 March 2025 41.7563 - three months ended 31 December 2024 41.4493 - three months ended 30 September 2024 41.1412 - three months ended 30 June 2024 39.8478 - three months ended 31 March 2024 38.1727 - three months ended 31 December 2023 36.5942 - three months ended 30 September 2023 36.5686 PLN to USD exchange rates used in the preparation of these consolidated financial statements were as follows: Date/period PLN/USD As of: - 30 June 2025 3.6164 - 30 June 2024 4.0320 Average for the: - three months ended 30 June 2025 3.7594 - three months ended 31 March 2025 3.9931 - three months ended 31 December 2024 4.0349 - three months ended 30 September 2024 3.9010 - three months ended 30 June 2024 3.9952 - three months ended 31 March 2024 3.9922 - three months ended 31 December 2023 3.9214 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 14 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) (c) Translation into presentation currency - all assets and liabilities, both monetary and non-monetary, are converted at closing exchange rates at the dates of each statement of financial position presented; - income and expense items are converted at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of transactions are used; - all equity items are converted at the historical exchange rates; - all resulting exchange differences are recognized as a separate component in other comprehensive income; - in the consolidated statements of cash flows, cash balances at the beginning and end of each period presented are converted at exchange rates at the respective dates. All cash flows are converted at the average exchange rates for the periods presented. Resulting exchange differences are presented as the effect of conversion to the presentation currency. 3.2 Revenue from contracts with customers Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group determines that its contracts with customers do not contain a significant financing component. The Group does not incur costs to obtain or fulfil a contract with a customer. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). The Group has no contract assets. A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. The Group's contract liabilities are represented by advances received. Revenue from rendering services is recognized based on the stage of work completion under each contract. When financial results can be measured reliably, revenue is recognized only to the extent of the amount of incurred charges, that can be recovered. Information of disaggregated revenue is presented as follows: Category Information Type of good or service Services of reconstruction of existing third-party coal mines, installation of appropriate repair kits, works on strengthening of inclined planes, excavation of new lines and other mining works related to maintenance of coal mines Geographic region Poland Market or type of customer Government and non-government customers Type of contract Fixed-price per unit of measurement of performed work (length or square of repaired area) Contract duration Short-term contracts Timing of transfer of goods or services Over time (usually each month) Sales channels Directly to consumers The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies: Type of product/service Nature and timing of satisfaction of performance obligations, including significant payment terms Revenue recognition policies Services to coal mines The Group provides repair and maintenance services on coal mines for customers on their land. Each contract applies to a length or an area of performed works with an agreed price per unit. Duration fully depends on the length or area size and usually does not extend beyond six months. Works are usually invoiced each month with a standard repayment term of 30-60 days. Revenue is recognised over time (each month) based on the cost-to-cost method. The related costs are recognised in profit or loss when they are incurred. 3.3 Income tax expense Income tax expense represents the sum of the tax currently payable and deferred tax. Income tax is recognized as an expense or income in profit and loss in the consolidated statements of comprehensive income, except when it relates to items recognized directly in other comprehensive income, or where they arise from the initial accounting for a business combination. (a) Current tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to estimate the amount are those that are enacted or s ubstantively enacted, by the reporting date, in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 15 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) 3.3 Income tax expense (continued) (b) Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: - where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; - in respect of taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not revers e in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized except: - where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; - in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax ass et to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying trans action either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. 3.4 Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if an y. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced p art is derecognized. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred. Major renewals and improvements are capitalized, and the assets replaced are retired. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the item 'Other non-operating income (expenses)' in the statement of comprehensive income. Depreciation is calculated using the straight-line method over their estimated useful lives, as follows: Underground mining 15 - 50 years Buildings and constructions 5 - 50 years Machinery, equipment and vehicles 2 - 30 years Other 2 - 25 years The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each financial year end. Mine development costs are capitalized and classified as capital construction-in-progress. Mine development costs are transferred to mining assets when a new mine reaches commercial production quantities. Capital construction-in-progress comprises costs directly related to construction of buildings, infrastructure, machinery and equipment. Cost also includes finance charges capitalized during the construction period where such costs are financed by borrowings. Depreciation of these assets commences when the assets are put into operation. 3.5 Lease The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at inception date of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group’s incremental borrowing rate at commencement of the lease is used. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 16 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) 3.5 Lease (continued) Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: – Amounts expected to be payable under any residual value guarantee; – The exercise price of any purchase option granted in favor of the Group if it is reasonable certain to assess that option; – Any penalties payable for terminating the lease, if the term of the lease has been estimated based on termination option bein g exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: – Lease payments made at or before commencement of the lease; – Initial direct costs incurred; – The amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to be make over the revised term, which are discounted at the same discount rate that applied at lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortized over the remaining (revised) lease term. 3.6 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a sub stantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Investment income earned on the temporary investment on specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. 3.7 Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is measured at its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit or loss in the period in which the expenditure is incurred. Research costs are recognized as an expense as incurred. Costs incurred on development (relating to the design, construction and testing of new or improved devices, products, processes or systems) are recognized as intangible assets only when the Group can demonstrate the technical feasibility of completing the intangible as set so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of adequate resources to complete the development, and the ability to measure reliably the expenditure during the develop ment. Other development expenditures are recognized as an expense as incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortization is charged on a straight-line basis over the following economic useful lives of these assets: Licenses, special permissions and patent rights 5 - 20 years Other intangible assets 5 - 10 years Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, individually or at the cash generating unit level. 3.8 Impairment of non-current assets The carrying amounts of the Group's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash -generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value-in-use. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statements of comprehensive income. Where an impairment loss subsequently reversed, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the original carrying amount that would have been determined had no impairment loss been recognized in prior periods. A reversal of an impairment loss is recognized in the con solidated statements of comprehensive income. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 17 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) 3.9 Financial instruments Financial assets and financial liability are recognized in the Group’s consolidated statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified into the following categories financial assets at amortized cost or at fair value through pro fit or loss (FVTPL). The classification depends on the business model and contractual cash flow characteristics of the financial as sets or financial liabilities and is determined at the time of initial recognition. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables and trade payab les that do not have a significant financing component which are measured at transaction price. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. All financial liabilities are measured subsequently at amortized cost using the effective interest method. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from th e fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Amortized cost and effective interest method The Group measures financial assets at amortized cost if both of the following conditions are met: – the financial asset is held within a business model with the objective of holding financial assets in order to collect contractual cash flows; and – the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairmen t. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The effective interest method calculates the amortized cost of a debt instrument and allocates interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrum ent, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Interest income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at fair value through profit or loss. The effect of initial recognition of financial assets and liabilities obtained/incurred at terms below the market is recognized net of the tax effect as an income or expense, except for financial assets and liabilities with shareholders or entities under control of the Beneficial Owner, whereby the effect is recognized through equity. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it tran sfers the financial asset and all the risks and rewards to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes collateralized borrowing for the proceeds received. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the Group retains control), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes based on of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in the Consolidated Statement of Profit or Loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized based on the relative fair values of those parts. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses (“ECL”) on a financial asset, other than those at FVTPL, at the end of each reporting period. The amount of ECL and other current assets is updated at each reporting date to reflect changes in credit risk since the initial recognition of the respective financial instrument. The Group applies a simplified approach permitted by IFRS Accounting Standards to measuring ECL which uses a lifetime expected loss allowance for trade receivables. The ECL on trade receivables and other current assets is estimated using a provision matrix, based on historical credit loss experience and credit rating of customers, adjusted on observable and reasonable information. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life o f a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12-months after the reporting date. The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered bankruptcy proceedings, or in the case of trade accounts receivable, when the amounts are over three years past due, whichever occurs sooner. Financial assets written off may still b e subject to enforcement activities under the Group’s recovery procedures, considering legal advice where appropriate. Any recoveries made are recognized in profit or loss. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 18 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) 3.9 Financial instruments (continued) Definition of default The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: – when there is a breach of financial covenants by the debtor; or – information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors , including the Group, in full (without taking into account any collateral held by the Group). Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 180 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Financial liabilities measured subsequently at amortized cost Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method. Financial liabilities include balances of loans and borrowings. Derecognition of financial liabilities The Group recognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in p rofit or loss. 3.10 Inventories Inventories are recorded at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The cost of inventory is assigned by using the FIFO cost formula. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the invento ries to their present location and condition. The cost of work in progress and finished goods includes costs of raw materials, direct labor and other direct production costs and related production overheads (based on normal operating capacity). The Group periodically analyses inventories to determine whether they are damaged, obsolete or slow-moving or if their net realizable value has declined and makes an allowance for such inventories. If such situation occurred, the sum reducing the cost of inventories should be reflected in statements of comprehensive income. If the circumstances that caused the write-down no longer exist, the amount of the write-down is reversed. At the date of financial statements preparation, the Group estimates the balances of finished products to determine whether there is any evidence of impairment. The amount of impairment is measured based on the analysis of prices in the market of such inventories, existed at the reporting date and issued in official sources. 3.11 Value added tax Value added tax (VAT) output equals the total amount of VAT collected within a reporting period and arises on the date of invoices services to a customer. VAT input is the amount that a taxpayer is entitled to offset against his VAT liability in a reporting period. Revenue, expenses and assets are recognized less VAT amount, except cases, when VAT arising on purchases of assets or services, is not recoverable by tax rules; in this case VAT is recognized as part of purchase costs or part of item of expenses respectively. Net amount of VAT, recoverable by tax authority or paid to tax authorities, is included into accounts receivable and payable, reflected in consolidated statements of financial position. 3.12 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of six months or less. For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash and short-term deposits as defined above, net of outstanding bank overdrafts. 3.13 Share capital Ordinary shares are classified as equity. Nominal value of share capital of Parent company is specified in Note 18. 3.14 Legal reserve Luxembourg companies are required to allocate to a legal reserve a minimum of 5% of the annual net income, until this reserve equals 10% of the subscribed share capital. This reserve may not be distributed. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 19 3 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) 3.15 Discontinued operations The Group classifies a non‑current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The Group measures a non‑current asset (or disposal group) classified as held for sale at the lower of its carrying amount and fair value less costs to sell. On subsequent remeasurement of a disposal group, the carrying amounts of any assets and liabilities that are not within the scope of the measurement requirements of this IFRS, but are included in a disposal group classified as held for sale, shall be remeasured in accordance with applicable IFRSs before the fair value less costs to sell of the disposal group is remeasured. The Group recognises an impairment loss for any initial or subsequent write ‑down of the asset (or disposal group) to fair value less costs to sell. 3.16 Investments in an associates or joint venture The Group accounts its investments in an associates or joint venture using equity method. Under the equity method, on initial recognition the investment in an associate or a joint venture is recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition. Distributions received from an investee reduce the carrying amount of the investment. Adjustments to the carrying amount may also be necessary for changes in the investor’s proportionate interest in the investee arising from changes in the investee’s other comprehensive income. 4 SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES The preparation of the Group's consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require material adjustment to the carrying amount of the asset or liability affected in future periods. In the process of applying the Group's accounting policies, management has made the following judgments, estimates and assump tions, which have the most significant effect on the amounts recognized in these consolidated financial statements: Expected credit losses measurement The Group accrues allowances expected credit losses on financial assets and for irrecoverable amounts and doubtful debts on o ther assets in order to cover potential risks which may arise if customers will be unable to fulfill their financial obligations due to the Group. In order to accrue reasonable allowances the Management takes into account current economic situation at the market generally, ageing analysis, previous experience of debts repayment by debtor, solvency analysis. Changes in market conditions, situation in sector or financial position of separate debtor may lead to significant adjustments on those allowances and the amount of loss recognised. Contingent liabilities Contingent liabilities are determined by the occurrence or non-occurrence of one or more future events. Measurement of contingent liabilities is tightly connected with the development of significant judgments and estimates relating to the consequences of such future events. The Group recognizes provision for unused vacations in accordance with the national legislation of its subsidiaries. 5 INFORMATION ON OPERATING SEGMENTS The group defines the following business segments that include goods and services distinguished by the level of risk and term s of income: - service activities - includes income from services rendered for coal mines; - other activities - includes income from the rendering of other works and services; - mineral resource and processing industry – includes income from the sale of its own coal products and income from coal beneficiation (relevant for the year ended 30 June 2024 only). Management controls the results of operating segments separately for the purpose of decision-making about the allocation of resources and performance measurement. The results of segments are estimated based on profit/(loss) before tax. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 20 5 INFORMATION ON OPERATING SEGMENTS (continued) Information about the segments of business for the year ended 30 June 2025: Mineral resource and processing industry (Ukraine) Service activity (Poland) Other activity (Luxembourg) Total Revenue Sales to external customers - 3,759 - 3,759 Profit/(loss) before tax of the segment (750) (495) (1,245) Operational assets - 659 89 748 Operational liabilities - 757 2,544 3,301 Disclosure of other information Capital expenditure - (8) - (8) Depreciation charge - (3) - (3) Information about the segments of business for the year ended 30 June 2024: Mineral resource and processing industry (Ukraine) Service activity (Poland) Other activity (Luxembourg, Ukraine) Total Revenue Sales to external customers - 2,466 - 2,466 Profit/(loss) before tax of the segment - 515 (1,514) (999) Operational assets - 1,117 45 1,162 Operational liabilities 7,700 606 6,082 14,388 Disclosure of other information Capital expenditure - (18) - (18) Depreciation charge - - - - The Group does not have assets and liabilities that are not included in the above-mentioned business segments. The Group does not engage in any inter-segment operations. All non-current assets of the Group are located in Poland. During the year ended 30 June 2025, revenue from two significant counterparties of the Group amounted USD 3,759 thousand (year ended 30 June 2024: USD 2,466 thousand) arising from the services rendered and are presented in the Service activity segment. 6 REVENUE Year ended 30 June 2025 Year ended 30 June 2024 Revenue from services rendered 3,759 2,466 3,759 2,466 Services rendered are represented by mining works related to the reconstruction of existing third-party coal mines, installation of appropriate repair kits, works on strengthening of inclined planes, excavation of new lines and other mining works related to maintenance of coal mines. Revenue is recognized when the Company satisfies a performance obligation under the contracts with customers. In accordance with the signed contracts, the Company performs mining works over time and agrees on the performed results with the customers mostly on a monthly basis in terms of the general scope of works agreed. The standard payment term of the signed contracts with customers is 30 days from the date of the issuing of the invoice. Geographical disaggregation of revenue was presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 Poland 3,759 2,466 3,759 2,466 The following table provides information about balances resulting from contracts with customers: 30 June 2025 (aging of receivables 30-60 Days) 30 June 2024 (aging of receivables 30-60 Days) Trade receivables, gross 605 536 Advances received (contract liabilities) - - COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 21 7 COST OF SALES Year ended 30 June 2025 Year ended 30 June 2024 Raw materials (48) (21) Wages and salaries of operating personnel (2,767) (1,400) Depreciation and amortization expenses (3) - Subcontractors’ services (429) (256) Other expenses (43) (1) (3,290) (1,678) 8 GENERAL AND ADMINISTRATIVE EXPENSES Year ended 30 June 2025 Year ended 30 June 2024 Subcontractors’ services (450) (239) Wages and salaries of administrative personnel (502) (219) Taxes (17) (44) Other expenses (86) (18) (1,055) (520) Fees accrued for the year ended 30 June 2025 with respect to auditors PKF Audit & Conseil comprise of USD 57 thousand for the Luxembourg statutory and Group audit and USD nil for other services. Fees accrued for the year ended 30 June 2025 with respect to auditors PKF Poland comprise USD 13 thousand for the statutory audit in Poland and USD nil for other services. Fees accrued for the year ended 30 June 2024 with respect to auditors PKF Audit & Conseil comprise USD 60 thousand for the Luxembourg statutory and Group audit and USD nil for other services. Fees accrued for the year ended 30 June 2024 with respect to auditors Baker Tilly Ukraine comprise USD 17 thousand for the statutory audit in Ukraine and USD nil for other services. 9 OTHER OPERATING INCOME/(EXPENSES), NET Year ended 30 June 2025 Year ended 30 June 2024 Gain/(loss) from operational exchange differences 19 (562) Other operating income 1 - 20 (562) 10 OTHER NON-OPERATING INCOME/(EXPENSES), NET Year ended 30 June 2025 Year ended 30 June 2024 Development costs of Siltech project (245) - Other non-operating expenses (9) (1) (254) (1) 11 FINANCE INCOME Year ended 30 June 2025 Year ended 30 June 2024 Gain from non-operational exchange differences 54 173 Interest income 6 - 60 173 12 FINANCE EXPENSES Year ended 30 June 2025 Year ended 30 June 2024 Loss from non-operational exchange differences (96) (26) Interest expenses (2) - Expenses from measurement of financial instruments at amortized cost - (3) Other finance expenses on loans restructure (39) (636) (137) (665) The Group recognized USD 636 thousand of other finance expenses as part of the overdue fee on borrowing disclosed in Note 19. 13 INCOME TAX Year ended 30 June 2025 Year ended 30 June 2024 Current income tax 10 (988) Deferred tax - - Income tax benefit/(expenses) 10 (988) Reconciliation of tax expense and the accounting profit: Profit/(loss) before tax from continuing operations (1,245) (999) Profit/(loss) before tax in Poland (877) 515 Profit/(loss) before tax in Cyprus 14 (857) Profit/(loss) before tax in Luxembourg (257) (787) Profit/(loss) before tax in Ukraine (125) 130 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 22 13 INCOME TAX (continued) Year ended 30 June 2025 Year ended 30 June 2024 Theoretical income tax in Poland (19%) 167 (98) Tax effect of permanent differences in Poland (157) (17) Theoretical income tax in Cyprus (12,5%) (2) 107 Tax effect of permanent differences in Cyprus 2 (980) Theoretical income tax in Ukraine (18%) 23 (23) Tax effect of permanent differences in Ukraine (23) 23 Income tax benefit/(expenses) 10 (988) The following corporate income taxes rates are applied to the Group’s subsidiaries in respective jurisdictions: Poland – 19%, Cyprus – 12.5%, Luxembourg – is not a subject of income tax applied due to significant accumulated losses and is a subject of net wealth tax only. Changes in income tax payables are presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 At the beginning of the year 5,178 4,294 Current income tax charge 22 988 Repayment (28) (99) Disposal of subsidiaries (5,172) - Effect of translation to presentation currency - (5) At the end of the year - 5,178 Income tax payable in amount of USD 5,172 thousand is owned by Nertera Investments Limited, which disposed out of the Group o n 9 June 2025, so this payable was disposed to the new owner and has not been repaid. The Group has not any obligations in terms of this payable. Deferred tax assets and liabilities are measured at the income tax rates, which are expected to be applied in the periods when an asset is realized, or liability is calculated in accordance with the tax rates provided by the Tax Code. 14 DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALE Events and conditions of military invasion, as disclosed in the Note 2 to these consolidated financial statements, forced the suspension of operating activity of the last Ukrainian coal mine – CwAL LE “Mine St.Matrona”. Since then, Management assessed the inability to restore any kinds of activity and disposal of this operation unit. As of 30 June 2024, Management determined that the criteria of IFRS 5 were met and therefore the assets and liabilities are measured at their fair value less cost of sales and classified CwAL LE “Mine St.Matrona” as disposal group held for sale. Its operations were accordingly reclassified as discontinued operations in these consolidated financial statements. During the year ended 30 June 2024, management committed a plan to sell CwAL LE “Mine St.Matrona”. Accordingly, net liabilities of the subsidiary were presented as a disposal group held for sale. Management expects to complete disposal of coal mine during the year ended 30 June 2025. Details of the disposal of CwAL LE “Mine St.Matrona” are disclosed in Note 27. During the years ended 30 June 2025 and 30 June 2024, total comprehensive income/(loss) from discontinued operation was presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 Revenue from sales - 3 General and administrative expenses - (3) Other operating income/(expenses), net 61 - Recovery/(impairment) of financial assets 30 82 Idle capacity expenses - (23) Other non-operating income/(expenses), net - (20) Impairment loss recognised on the remeasurement to fair value less costs to sell - (43) Finance income - 6 Finance expenses (220) (145) Profit/(loss) from discontinued operation before tax (129) (143) Income tax benefit/(expenses), net - - Profit/(loss) from discontinued operation, net of tax (129) (143) Effect of currency translation from discontinued operation 105 1,240 Total other comprehensive income from discontinued operation 105 1,240 Total comprehensive income/(loss) from discontinued operation (24) 1,097 During the years ended 30 June 2025 and 30 June 2024, net cash flows from discontinued operation were presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 Net cash flow from operating activity from discontinued operation - - Net cash flow from investing activity from discontinued operation - - Net cash flow from financial activity from discontinued operation - - Net cash flow from discontinued operation - - COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 23 14 DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALE (continued) As of 30 June 2025 and 30 June 2024, net liabilities directly associated with the disposal group held for sale were presented as follows: 30 June 2025 30 June 2024 Property, plant and equipment - - Right-of-use assets - - Inventories - - Total assets - - Lease liabilities - 2,125 Defined benefit obligation - 1,288 Provisions - 918 Trade and other payables - 1,941 Other tax payables - 1,428 Total liabilities - 7,700 Net liabilities directly associated with the disposal group held for sale - 7,700 As of 30 June 2025, the Group does not hold cumulative losses in form of currency translation reserve due to its disposal (30 June 2024: USD 6,267 thousand). 15 EARNINGS PER SHARE The calculation of basic earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding: Year ended 30 June 2025 Year ended 30 June 2024 Continuing operations Discontinued operation Total Continuing operations Discontinued operation Total Profit/(loss) attributable to ordinary equity holders of the parent: (1,235) 5,359 4,124 (1,987) (149) (2,136) Weighted average number of ordinary shares 45,011,120 45,011,120 45,011,120 45,011,120 45,011,120 45,011,120 Basic profit/(loss) per share attributable to ordinary equity holders of the parent: (2.74) 11.90 9.16 (4.41) (0.33) (4.74) Basic profit/(loss) per ordinary share is equal to diluted profit/(loss) per ordinary share. There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements. 16 TRADE AND OTHER RECEIVABLES 30 June 2025 30 June 2024 Trade receivables 605 536 ECL allowance for trade receivables (260) - Loans issued to employees 124 ECL allowance for loans issued to employees (5) Other receivables 85 26 ECL allowance for other receivables - - 549 562 As of 30 June 2025 and 30 June 2024, loans were not secured by trade and other receivables. Changes in allowance for trade and other receivable are presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 Balance as of the beginning of the year - - (Accrual)/reverse (255) - Effect of currency translation (10) - Balance as of the end of the year (265) - COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 24 16 TRADE AND OTHER RECEIVABLES (continued) As of 30 June 2025, breakdown (ageing) of trade receivables estimated total gross amount at default (equal to gross carrying amount), probability of default and loss allowance (lifetime ECL) is presented as follows: Overdue less than 180 days Overdue more than 180 days Total Trade receivables 360 245 605 Weighted average ECL rate 4.259% 100% - ECL allowance for trade receivables (15) (245) (260) As of 30 June 2024, breakdown (ageing) of trade receivables estimated total gross amount at default (equal to gross carrying amount), probability of default and loss allowance (lifetime ECL) is presented as follows: Overdue less than 180 days Overdue more than 180 days Total Trade receivables 536 - 536 Weighted average ECL rate - 100% - ECL allowance for trade receivables - - - The credit risk arising from trade and other receivables to which the Group is exposed is described in Note 24. 17 CASH AND CASH EQUIVALENTS 30 June 2025 30 June 2024 Cash in bank 4 455 Cash in hand - 41 Other cash - 29 4 525 As of 30 June 2025 and 30 June 2024, loans were not secured by cash and cash equivalents. As of 30 June 2025 and 30 June 2024, there were no cash and cash equivalents restricted in use. 18 EQUITY Ownership of the Parent company’s share capital is presented as follows: 30 June 2025 30 June 2024 % Amount % Amount Lycaste Holding Limited 60.15 271 60.15 271 Management of subsidiaries 14.85 67 14.85 67 Free float 25.00 112 25.00 112 100.00 450 100.00 450 During the years ending 30 June 2025 and 30 June 2024, the number of shares has remained unchanged. Currency translation reserve Foreign currency translation reserve is an equity account that accumulates the exchange differences from translating the financial statements of a foreign subsidiary from its functional currency into the presentation currency. This reserve accounts for the cumulative gains and losses arising from the consolidation process of foreign operations. When the foreign operation is sold or disposed of, the amount accumulated in the currency translation reserve is reclassified to profit or loss. Currency translation reserve related to operations held for sale Currency translation reserve related to operations held for sale is an equity accounts that separately accumulates the exchange differences from translating the financial statements of a foreign subsidiary from its functional currency into the presentation currency after the management’s decisions of disposal of such foreign operations. 19 LOANS AND BORROWINGS 30 June 2025 30 June 2024 Current loan 644 - Current borrowing 500 529 1,144 529 As of 30 June 2025, non-current loan is received from Lynx Overseas Consulting CY LTD in amount of EUR 550 thousand (USD 644 thousand) at 1% per annum basis and repayable at 30 June 2026. As of 30 June 2025 and 30 June 2024, current borrowing consists of interest-free loans from «Financial Company Altares Finance» LLC, repayable on demand. These borrowings originated from the restructuring of a previously received loan from EBRD, which was restructured during the year ended 30 June 2021, transferring the claim rights for the residual debt to «Financial Company Altares Finance» LLC. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 25 20 LEASES The Group recognises its right-of-use assets and lease liabilities as of 30 June 2025. The Group leases 2 vehicles and office area. Vehicle lease agreements contain agreed repayment schedules and interest rates, while office lease agreement has an original maturity of 1 year, but the Group has a right to prolong it on demand. Based on it, Management assessed that lease of office will be exercised for at least 5 years starting from 30 June 2025. Lease liabilities 30 June 2025 30 June 2024 Carrying amount Minimum lease payments Carrying amount Minimum lease payments One year 23 27 - - From two to five years 60 66 - - 83 93 - - Changes in lease liabilities are presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 Balance as of the beginning of the year - - Recognition 83 - Balance as of the end of the year 83 - Right-of-use assets 30 June 2025 30 June 2024 Office area 57 - Vehicles (2) 26 - 83 - Changes in right-of-use assets are presented as follows: Year ended 30 June 2025 Year ended 30 June 2024 Balance as of the beginning of the year - - Recognition 83 - Balance as of the end of the year 83 - The Group had no interest expenses as well as depreciation charges due to recognition of lease as of 30 June 2025. The Group had no cash flows related to leases except short-term and low-value assets lease. During the year ended 30 June 2025, the Group recognizes lease expenses (short-term and low-value assets lease) as part of operational costs in amount of USD 24 thousand (year ended 30 June 2024: USD 20 thousand). The Group has a right to acquire one vehicle amounting to USD 9 thousand after full lease repaying. Management does not plan to exercise this right. 21 TRADE AND OTHER PAYABLES 30 June 2025 30 June 2024 Financial payables Trade payables 303 154 Other payables 1,198 338 1,501 492 Non-financial payables Payables for wages and salaries 131 148 Unused vacations provision 172 - 303 148 1,804 640 22 OTHER TAX PAYABLES 30 June 2025 30 June 2024 VAT payable 68 62 Payable for wages and salaries related taxes 191 275 Payables for other taxes 11 4 270 341 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 26 23 TRANSACTIONS WITH RELATED PARTIES According to existing criteria of determination of related parties, the related parties of the Group are divided into the following categories: - Entities - related parties under common control with the Companies of the Group; - Entities - related parties, which have joint key management personnel with the Companies of the Group. Ultimate controlling party is Mr. Vyshnevetskyy V. The sales of finished goods, merchandises and rendering of the services to related parties are made at terms equivalent to th ose that prevail in arm's length transactions on market price basis. Provision of loans are made at terms different from the transactions with independent parties. Transactions between related parties attributable to the second category are occasional. There were no such transactions with related parties in reporting periods. Details of balances with related parties under common control with the Group are presented as follows: 30 June 2025 30 June 2024 Loans issued 20 13 Loans issued to employees 46 - Other payables 46 225 Trade payables 97 104 Total (77) (316) Remuneration of key management personnel Year ended 30 June 2025 Year ended 30 June 2024 Wages and salaries 142 78 Contribution to Pension Fund and other social taxes 28 16 170 94 The average number of key management personnel, persons 5 6 During the years ended 30 June 2025 and 30 June 2024, there were no other benefits to key management personnel except above listed. Remuneration of personnel Year ended 30 June 2025 Year ended 30 June 2024 Wages and salaries of operating personnel 2,767 1,400 Wages and salaries of administrative personnel 502 222 Wages and salaries of personnel for discontinued operation - 22 Wages and salaries of personnel of Siltech project (non-operating expenses) 178 - 3,447 1,644 The average number of employees, persons 96 100 24 FINANCIAL RISKS MANAGEMENT Operating environment The operations and earnings of the Group are affected by political, legislative, fiscal and regulatory developments. It is not possible to predict the nature and frequency of these developments, or to assess their potential impact on the Group’s future operations and financial performance. The Group carries out its main activities in Poland, where certain environmental and compliance risks may arise. Management m aintains ongoing communication with tax, legal and accounting advisors to ensure full compliance with the applicable laws and regulations in Poland. Financial risk factors The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management focuses on the unpredictability of financial markets and seeks to reduce potential adverse effects on the financial performance of the Group. Risks are managed centrally. This note presents information about the Group's exposure to each type of risks, objectives of risk management, policies and procedures of assessment and management, as well as approaches to capital management. Additional qualitative and quantitative information are disclosed through the overall consolidated financial statements. Credit risk Credit risk is a risk of financial loss to the Group, which results from the failure of a buyer or a contractor under the financial instrument to fulfill its contractual obligations. Credit risk arises from cash and cash equivalents, deposits in banks as well as credit exposures to customers, including outstanding receivables. Financial assets are subject to the credit risk of the Group. Management of the Group assesses the credit risk as for financial assets on an annual basis considering counterparties’ financial position, credit reputation, background cooperation and other factors. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 27 24 FINANCIAL RISKS MANAGEMENT (continued) Financial assets are subject to the credit risk of the Group. Management of the Group assesses the credit risk as for financial assets on an annual basis considering counterparties’ financial position, credit reputation, background cooperation and other factors. The Group recognizes an allowance for receivables to secure trade and other receivables. The Group’s Management performs monitoring of the payback period. In case of delay in payment, the reasons are clarified, and the decision whether to implement a sanction or provide a short time delay of payment is made. It should be noted that the average delay period in payment for the main debtors is 30-60 days. The maximum exposure to credit risk at the reporting date is limited to the carrying amount of financial assets. The Group co nsiders the concentration of risk on trade and other receivables to be high. The Group’s activity implies that most trade receivables are from wholesale customers. The gross amount of financial assets representing the Group's maximum exposure to credit risk is as follows: 30 June 2025 30 June 2024 Trade receivables 605 536 Loans issued to employees 124 - Other receivables 85 26 Loans issued 20 13 Cash in bank and other cash 4 484 838 1,059 As of 30 June 2025, trade accounts receivable amounted to USD 605 thousand, being 100% of the net trade receivables, are concentrated in 5 customers (as of 30 June 2024: 2 customers amounted to USD 526 thousand, being 98%). For general evaluation of potential customers, the Group assesses the ratings of companies based on public information (if any) from all available sources of information, as well previous experience of business partnership with counterparties is taken for evaluation purposes. Apart from the general evaluation made by management, there is an approval procedure which each potential customer must follow. Customer reliability is evaluated and approved by the following departments: sales department, financial department and legal department. As a result of evaluation procedures, the approval sheet is completed with signoffs and comments if any of all stated above departments. After Management’s approval and clarifications of all responsible departments’ comments, the approval sheet is completed. Following the completion of the approval sheet, the department which initiated cooperation with the counterparty is entitled to sign an agreement. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to liquidity management lies in providing, as much as possible, permanent availability of liquid funds, sufficient for the repayment of liabilities on time, not allowing losses and not exposing Group to risk. Liquidity risk management implies maintaining the availability of funding through an adequate amount of committed credit facilities. Management regularly analyzes the terms of settlement of obligations and receipts from financial assets, and monitors the expected cash flows from operating activities. Contractual cash flows of the Group’s financial liabilities by maturity as of 30 June 2025 are presented as follows: Carrying amount Up to 1 year From 2 to 5 years Total Loans and borrowings 1,144 1,150 - 1,150 Lease liabilities 83 27 66 93 Trade and other payables 1,501 1,501 - 1,501 2,728 2,678 66 2,744 Contractual cash flows of the Group’s financial liabilities by maturity as of 30 June 2024 are presented as follows: Carrying amount Up to 1 year From 2 to 5 years Total Loans and borrowings 529 529 - 529 Lease liabilities - - - - Trade and other payables 492 492 - 492 1,021 1,021 - 1,021 Market risk Market risk represents the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables. The Group is mainly exposed to foreign currency risk and interest rate risk. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 28 24 FINANCIAL RISKS MANAGEMENT (continued) Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to the Group's operating and financing activities (when transactions are denominated in a different currency from the Group's functional currency). The carrying amounts of the Group’s financial assets and liabilities as of 30 June 2025 are presented as follows: USD EUR PLN UAH Total Financial assets Loans issued - - 20 - 20 Trade and other receivables - 77 472 - 549 Cash and cash equivalents 3 - 1 - 4 3 77 493 - 573 Financial liabilities Loans and borrowings 500 644 - - 1,144 Lease liabilities - - 83 - 83 Trade and other payables 23 237 105 1,136 1,501 523 881 188 1,136 2,728 Net position (520) (804) 305 (1,136) (2,155) The carrying amounts of the Group’s financial assets and liabilities as of 30 June 2024 are presented as follows: USD EUR PLN UAH Total Financial assets Loans issued - - 13 - 13 Trade and other receivables - - 557 5 562 Cash and cash equivalents - 1 523 1 525 - 1 1,093 6 1,100 Financial liabilities Loans and borrowings 500 - 29 - 529 Lease liabilities - - - - - Trade and other payables 15 365 78 34 492 515 365 107 34 1,021 Net position (515) (364) 986 (28) 79 Sensitivity to a reasonably possible change in exchange rates is presented as follows: Increase /(decrease) Effect on profit in exchange rates before tax EUR 30 June 2025 +10%/(5%) (80)/40 30 June 2024 +10%/(5%) (36)/18 PLN 30 June 2025 +10%/(5%) 31/(15) 30 June 2024 +10%/(5%) 99/(49) Interest rate risk The Group is not exposed to interest rate risk, as it does not have floating-rate borrowings and lease floating rates are immaterial. Financial instruments by categories As of 30 June 2025, the following accounting policies have been applied to the financial instruments: Financial instruments at fair value through other comprehensive income Financial instruments at fair value through profit loss Financial instruments at amortized cost Total Financial assets Loans issued - - 20 20 Trade and other receivables - - 549 549 Cash and cash equivalents - - 4 4 Financial liabilities Loans and borrowings - - 1,144 1,144 Lease liabilities 83 83 Trade and other payables - - 1,501 1,501 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 29 24 FINANCIAL RISKS MANAGEMENT (continued) As of 30 June 2024, the following accounting policies have been applied to the financial instruments: Financial assets at fair Financial assets at Financial assets value through other fair value through at amortized Total comprehensive income profit loss cost Financial assets Loans issued - - 13 13 Trade and other receivables - - 562 562 Cash and cash equivalents - - 525 525 Financial liabilities Loans and borrowings - - 529 529 Lease liabilities - - - - Trade and other payables - - 492 492 Set out below is a comparison by category of carrying amounts and fair values of financial instruments: Carrying amount Fair value 30 June 2025 30 June 2024 30 June 2025 30 June 2024 Financial assets Loans issued 20 13 20 13 Trade and other receivables 549 562 549 562 Cash and cash equivalents 4 525 4 525 Financial liabilities Loans and borrowings 1,144 529 1,144 529 Lease liabilities 83 - 83 - Trade and other payables 1,501 492 1,501 492 Cash and cash equivalents, trade receivables, and trade payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Receivables are evaluated by the Group based on individual creditworthiness. Based on this evaluation, allowances are taken into account for the expected losses of these receivables. As of each reporting date, the carrying amounts of such receivables, net of allowances, are not materially different from their calculated fair values. The fair value of unquoted instruments, loans from banks, obligations under finance leases, as well as other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms , credit risk, and remaining maturities. 25 CONTINGENT ASSETS AND LIABILITIES As of the date of the presentation of the financial statements, the Group is not involved in any legal processes that could have a material impact on its financial position. 26 ACQUISITIONS OF SUBSIDIARIES As of 15 December 2023, the Group acquired a new subsidiary – Ukrmineral Trading LLC with the primary purpose of obtaining licenses for the mining of mineral resources in Ukraine. As of 21 December 2023, the Group acquired a new subsidiary – Advanced Industrial Technologies Sp. z.o.o. with the primary purpose of providing underground mining services to coal mines in Poland. Details of the above-mentioned acquisitions that took place in 2023 are presented as follows. Ukrmineral Trading LLC Advanced Industrial Technologies LLC Total Inventories - 2 2 Trade and other receivables - 358 358 Other tax receivables - 8 8 Cash and cash equivalents 1 494 495 Loans and borrowings - (37) (37) Trade and other payables - (64) (64) Other tax payables - (389) (389) Net assets at the date of acquisition 1 372 373 Effective ownership ratio, % 100.00 100.00 100.00 Non-controlling interests - - - Fair value of consideration 1 319 (320) Profit/(loss) from acquisition - 53 53 Cash paid as consideration (1) - (1) Total cash flow from acquisition - 494 494 COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 30 27 DISPOSALS OF SUBSIDIARIES On 18 March 2025, the Group disposed of its entire interest in Ukrmineral Trading LLC (100%) and CwAL LE "Mine St. Matrona" (99%) for a total consideration of USD 1 thousand. As part of the transaction, the acquirer assumed all liabilities associated with these two entities. Detailed description of the following disposal is presented as follows: Ukrmineral CwAL LE "Mine Trading LLC St. Matrona" Total Trade and other receivables 6 17 23 Trade and other payables (5) (4,787) (4,792) Provisions - (1,202) (1,202) Loans and borrowings - (9,402) (9,402) Lease obligations - (2,230) (2,230) Defined benefit obligations - (1,259) (1,259) Other tax payables - (1,396) (1,396) Net assets at the date of disposal 1 (20,259) (20,258) Effective ownership ratio, % 100% 99% n/a Non-controlling interests - 203 203 Receivables to disposed subsidiaries - 12,390 12,390 Fair value of consideration received 1 - 1 Reclassification of currency translation reserve of disposed subsidiaries - 5,501 5,501 Profit/(loss) from disposal - 2,165 2,16 On 9 June 2025, the Group disposed of its entire interest in Nertera Investments Limited (100%) and Perspective resources LLC (100%) for a total consideration of USD 114. As part of the transaction, the acquirer assumed all liabilities associated with these two entities. Detailed description of the following disposal is presented as follows: Nertera Investments Perspective Limited resources LLC Total Trade and other receivables 1,140 - 1,140 Trade and other payables (79) (29) (108) Income tax payable (5,172) - (5,172) Net assets at the date of disposal (4,111) (29) (4,140) Effective ownership ratio, % 100% 100% n/a Non-controlling interests - - - Fair value of consideration received - - - Reclassification of currency translation reserve of disposed subsidiaries 831 (14) 817 Profit/(loss) from disposal 3,280 43 3,323 As of 30 June 2024, CwAL LE "Mine St. Matrona" was classified as held for sale with respective classification of its net liabilities as directly associated with the assets held for sale. Disposal of CwAL LE "Mine St. Matrona" was completed to the 30 June 2025 and respective gain on disposal was recognised in profit or loss. Ukrmineral Trading LLC, Nertera Investments Limited and Perspective resources LLC were not clas sified as held for sale as of 30 June 2024 due to absence of plans to sell the disposal groups. As of 4 July 2023, Coal Energy Trading Limited was dissolved. Net assets and results from disposals are presented as follows: Coal Energy Trading Limited Total Non-current financial assets 7,959 7,959 Trade and other receivables 6,179 6,179 Net assets at the date of disposal 14,138 14,138 Effective ownership ratio, % 100.00 100.00 Non-controlling interests - - Payables to disposed subsidiaries 14,138 14,138 Fair value of consideration received - - Profit/(loss) from disposal - - In accordance with IAS 21, the cumulative amount of currency translation reserve related to disposals of foreign operations p reviously recognised in other comprehensive income shall be reclassified to profit or loss (as a reclassification adjustment) when the gain or loss on disposal is recognised. The Group reduces its gain on disposal of subsidiaries by the amount of currency translation reserve of each subsidiary individually accumulated on the date of disposal. COAL ENERGY S.A. Consolidated Financial Statements for the year ended 30 June 2025 (all amounts in USD thousand, unless otherwise stated) 31 28 SUBSEQUENT EVENTS On 5 September 2025, the Extraordinary General meeting of shareholders decided to renew of an authorized share capital up to 90 000 000 shares (with the nominal value up to USD 900 000, USD 0,01 by share), limited for a five-year period. On 12 September 2025, the Parent Company entered into a Conditional Agreement with Global Tech Opportunities 31 (the «Investor»), concerning the issuance and subscription of convertible bonds into new shares of the Parent Company and subscription warrants for shares of the Parent Company (the «Agreement»). The Agreement is conditional and depends on the fulfilment of conditions including the undertaking of corp orate actions enabling the issuance of convertible bonds into new shares of the Parent Company as well as the issuance of subscription warrants. Pursuant to the Agreement, the Investor has undertaken to provide financing to the Parent Company in a total amount of PLN 14,500,000 through the subscription of convertible bonds into new shares of the Parent Company (the «Bonds»). The Bonds will be non-interest-bearing and will mature 24 months from the date of issuance of the relevant series. The Board of Directors of the Parent Company announces that on 17 November 2025, 500 registered bonds of series A1 with a nominal value of PLN 5,000 each (hereinafter: the A1 Series Bonds, the Bonds) were allotted. All A1 Series Bonds were allotted to the Investor. Th e Investor fully paid the issue price for the acquisition of the A1 Series Bonds. The A1 Series Bonds are non-interest-bearing. Claims arising from the Bonds are unsecured. The Board of Directors of the Parent Company announces that the Parent Company has received a statement from the Investor regarding the conversion of 500 Series A1 bonds of the Issuer into shares of the Parent Company. Pursuant to the said statement, the Bondholder subscribes for 1,079,447 new ordinary bearer shares with a nominal value of USD 0.01 each, at a conversion price of PLN 2.316 per share, corresponding to a total amount of PLN 2,500,000. Based on the resolution of the Extraordinary General Meeting dated 5 September 2025 on the conditional increase of the share capital by way of issuance of shares and the full exclusion of pre-emptive rights of the existing shareholders with respect to such shares, the Board of Directors of the Parent Company, on 19 November 2025, adopted a resolution to increase the Parent Company’s share capital by USD 10,794.47, in accordance with Articles 5.3 and 5.4 of the Articles of Association, in order to raise it from USD 450,111.20 to USD 460,905.67 through the issuance of 1,079,447 new ordinary bearer shares with a nominal value of USD 0.01 each. The shares have been fully subscribed and paid by way of set-off (compensation) of certain due and undisputed liabilities of the Parent Company arising from the converted bonds, in the total amount of PLN 2,500,000, owed by the Parent Company to the subscriber, against the subscriber’s obligation to pay the issue price. The Board of Directors of the Parent Company announces that on 21 November 2025, 200 Series A2 registered bonds with a nominal value of PLN 5,000 each and 200 Series A3 registered bonds with a nominal value of PLN 5,000 each were allocated. All Series A2 and Series A3 bonds were allocated to the Investor The Investor fully paid the issue price for the acquisition of the Series A2 and A3 Bonds. The Series A2 and Series A3 Bonds are non- interest-bearing. According to the management’s opinion, there have been no events after the closing date, except for those disclosed above and known to the management that would substantially influence the financial standing of the Group. PKF Audit & Conseil Sàrl Cabinet de révision agréé - RC B222994 76, avenue de la Liberté L-1930 Luxembourg +352 28 80 12 PKF Audit & Conseil is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a s eparate and independent legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). INDEPENDENT AUDITOR’S REPORT To the Shareholders of Coal Energy S.A. 33 Rue du Puits Romain L-8070 Bertrange Report on the Audit of the Consolidated Financial Statements Disclaimer of Opinion We were engaged to audit the consolidated financial statements of Coal Energy S.A. (the “Group”) and its subsidiaries which comprise the consolidated statement of financial position as at 30 June 2025 and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. We do not express an opinion on the accompanying consolidated financial statements of the Group. Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial statements. Basis for Disclaimer of Opinion On 18 March 2025, the Group disposed of its entire interest in Ukrmineral Trading LLC (100%) and CwAL LE "Mine St. Matrona" (99%) for a total consideration of USD 1 thousand as disclosed in note 27. As part of this transaction, the acquirer assumed all liabilities associated with these two entities. The disposal resulted in a gain of USD 2,165 thousand, which has been recognised in the consolidated statement of profit or loss. The gain primarily relates to the derecognition of debts and other liabilities recognized in the consolidated financial statements as at 30 June 2024 for which a disclaimer of opinion was previously issued, and an adjustment for the realisation of currency translation reserves. Consequently, we were unable to obtain sufficient appropriate audit evidence regarding the accuracy of this gain presented in the consolidated financial statements. The consolidated financial statements disclose a loan payable on demand in Note 19 amounting to USD 500 thousand, which relates to an agreement with a credit institution in Ukraine. We obtained a copy of the loan agreement; however, we were unable to obtain direct confirmation from the credit institution regarding the existence, terms, and outstanding balance of this liability. Consequently, we were unable to determine whether the loan payable is appropriately stated in the consolidated financial statements 33 as at 30 June 2025, or whether any adjustments to the carrying amount, related interest expense, disclosures, or assessment of potential breach of contract terms are required. As at 30 June 2024, because the consolidated financial statements for the year ended 30 June 2023 were not audited, we were unable to obtain sufficient appropriate audit evidence regarding the opening balances as of 1 July 2023 and the corresponding figures presented in the consolidated financial statements. Consequently, we have issued a Disclaimer of Opinion on the consolidated financial statements for the year ended 30 June 2024. Our opinion on the current year’s consolidated financial statements is also modified due to the possible effects of these matters on the comparability of the current period’s figures and the corresponding figures. Material Uncertainty Related to Going Concern We draw your attention to Note 2.3 to the consolidated financial statements, which indicate that the Group incurred a net loss of USD 1,235 thousand from continuing operations during the year ended 30 June 2025. Furthermore, the Group has negative equity of USD 2,553 thousand attributable to shareholders of the parent as of 30 June 2025. As stated in Note 2.3, these conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of the audit of the consolidated financial statements as a whole. As mentioned in the Basis for Disclaimer of Opinion section of our report, through our procedures we did not obtain sufficient appropriate evidence to provide a basis for an audit opinion on these consolidated financial statements. Responsibilities of the Board of Directors and those charged with governance for the Consolidated Financial Statements The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRSs as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern 34 and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charges with governance are responsible for overseeing the Group’s financial reporting process. The Board of Directors is responsible for presenting and marking up the consolidated financial statements in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (”ESEF Regulation”). Responsibilities of the “Réviseur d’Entreprises Agréé” for the audit of the consolidated financial statements Our responsibility is to conduct an audit of the Groups consolidated financial statements in accordance with the EU regulation N°537/2014, the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISA) as adopted for Luxembourg by the “ Commission de Surveillance du Secteur Financier” (CSSF) and to issue an auditor’s report. However, because of the matters described in the Basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial statements. We are also independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. Our responsibility is also to assess whether the consolidated financial statements have been prepared in all material respects with the requirements laid down in the ESEF Regulation. Report on Other Legal and Regulatory Requirements We have been appointed as “Réviseur d’Entreprises Agréé” by the General Meeting of Shareholders on 29 August 2025 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is two years. Because of the matter described in the Basis for disclaimer of opinion section of our report, we do not report on whether the consolidated management report is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements. The Corporate Governance Statement, included in the consolidated management report, is the responsibility of the Board. Because of the significance of the matters described in the Basis of disclaimer 35 of opinion section of our report, we do not report on whether the information required by Article 68ter paragraph (1) letters c) and d) of the law of 19 December 2002 on the commercial and companies register and on the accounting records and annual accounts of undertakings, as amended, is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements. We confirm that our disclaimer of opinion is consistent with the additional report to those charged with governance. We have checked the compliance of the consolidated financial statements of the Group as at 30 June 2025 with relevant requirements set out in the ESEF Regulation that are applicable to the consolidated financial statements. For the Group, it relates to: o The consolidated financial statements are prepared in a valid XHTML format; o The XBRL markup of the consolidated financial statements uses the core taxonomy and the common rules on markups specified in the ESEF Regulation. In our opinion, the consolidated financial statements of the Group as at 30 June 2025, identified as “259400VF6AY177MI0R48-2025-06-30-1-en” have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation. We confirm that the prohibited non-audit services referred to in the EU Regulation No 537/2014 were not provided and that we remained independent of the Group in conducting the audit. Luxembourg, 19 December 2025 PKF Audit & Conseil Sàrl Cabinet de révision agréé Jean Medernach

AI Terminal

More from Columbus Energy S.A.

Talk to a Data Expert