Leptos Calypso Hotels Public LTD

Interim / Quarterly Report • Sep 22, 2025

ANNOUNCEMENT FOR CYPRUS STOCK EXCHANGE DATED 19.09.2025

The Company's Board of Directors at a meeting on 19/09/2025 approved the unaudited results for the first six months of the year 2025, which are herewith attached.

It has been further decided to publicize the accounts of the results in "Alithia" newspaper on 23/9/2025.

The full report of the said results will be available to the offices of the Company, 111 Ap. Pavlou Avenue, Kato Paphos, without any financial burden and at the website of the Company www.leptoscalypso.com

Stavros Leptos Secretary

LEPTOS CALYPSO HOTELS PUBLIC LIMITED

Unaudited interim condensed consolidated financial statements for the six month period ended 30 June 2025

Unaudited interim condensed consolidated financial statements for the six month period ended 30 June 2025

Page

Contents

Board of Directors and other officers	1
Declaration of the members of the Board of Directors and the Financial Controller of the Company for the preparation of the interim condensed consolidated financial statements	2
Interim management report	3 - 5
Interim condensed consolidated statement of profit or loss and other comprehensive income	6
Interim condensed statement of comprehensive income	7
Interim condensed statement of financial position	8 - 9
Interim condensed statement of changes in equity	10
Interim condensed statement of cash flows	11
Notes to the interim condensed consolidated financial statements	12 - 21

Board of Directors and other officers

Board of Directors

Pantelis M. Leptos (Chairman and Managing Director) George M. Leptos (Substitute Chairman and Non-Executive Director) Ioannis Pantazis (Executive Director) Andreas Demetriades (Non-Executive Director) Andreas Iacovides (Non-Executive Director) Paris Gavriel (Non-Executive Director) Savvas Michael (Non-Executive Director) Aggelos Loizou (Non-Executive Director) Michalis Spyrou (Non-Executive Director) Giorgos Kiagias (Non-Executive Director) (Appointed on 11 June 2025)

Company Secretary

Stavros N. Leptos 91 Aggelou Terzaki Street, 2402 Egkomi Cyprus

Registered office

111 Apostolou Pavlou Avenue P.O.Box 60146 8046 Paphos Cyprus

Legal Advisors

Stavros N. Leptos

Registration number

HE 18806

Declaration of the members of the Board of Directors and the Financial Controller of the Company for the preparation of the interim condensed consolidated financial statements

In accordance with Article 10 sections (3)(c) and (7) of the Transparency Requirements (Securities for Trading on Requlated Markets) Law of 2007 until 2016 ("Law"), we the members of the Board of Directors and the Financial Controller of Leptos Calypso Hotels Public Limited, responsible for the consolidated financial statements of Leptos Calypso Hotels Public Limited for the six months ended 30 June 2025 confirm that, based on our knowledge:

• the unaudited interim condensed consolidated financial statements which are presented (a) on pages 6 to 21:
  • (i) have been prepared in accordance with the IAS 34 "Interim Financial Reporting" as adopted by the European Union and in accordance with the provisions of Article 10, section (4) of the Law, and
  • (ii) give a true and fair view of the assets and liabilities, the financial position and the profit or loss of the Group and the Company and the businesses that are included in the consolidated financial statements as a total, and
• the interim management report of the Board of Directors provide fair review of the information required by (b) the Article 10, section (6) of the Law.

Name and surname	Capacity	Signature
Pantelis M. Leptos	Chairman and Managing Director
George M. Leptos	Substitute Chairman and Non-Executive Director
loannis Pantazis	Executive Director	T over Sic
Andreas Demetriades	Non-Executive Director
Andreas lacovides	Non-Executive Director	A J. Tecnantily,
Aggelos Loizou	Non-Executive Director
Paris Gavriel	Non-Executive Director
Savvas Michael	Non-Executive Director
Michalis Spyrou	Non-Executive Director
Giorgos Kiagias	Non-Executive Director

Members of the Board of Directors:

Financial Controller

Name and surname	Capacity	Signature
Longginos Christodoulou	Financial Controller

Paphos, 19 September 2025

Interim management report

On 19 September 2025, the Board of Directors of the Company examined and approved the results of the Group Leptos Calypso Hotels Public Limited for the six month period ended 30 June 2025, which will be published on 22 September 2025.

The interim condensed consolidated financial statements, which have been prepared in accordance with the provisions of IAS 34 "Interim Financial Reporting", have not been audited by the external auditors of the Company.

Analysis of the Group's results for the six month period ended 30 June 2025

The results of the Group are shown in the interim condensed consolidated statement of profit or loss and other comprehensive income on page 6.

The turnover of the Group for the first half of 2025 amounted to €11,76 million during the corresponding period of 2024. This increase is due to the better occupancy of the Group's hotels as well as the improved pricing policy.

The Group's profit from operations for the first half of 2025 amounted to €300,49 thousand compared to a profit of €3,60 thousand in the corresponding period last year is a positive development. However, the cost of sales remains high.

During the first half of 2025, the loss after tax amounted to €1,26 million compared to a loss of €1,67 million in the corresponding period of last year. The Group showed a loss after tax corresponding to the shareholders of the Company amounting to €1,28 million against a loss of €1,65 million during the corresponding period of 2024. The decrease in loss is mainly due to the increase in financial expenses. During the period, repayments of interest-bearing bank loans (principal and interest) amounting to €3.7 million were made. The reduction in borrowings as at 31 December 2024 amounted to €2.4 million (Note 15).

The results of the Group for the first six months period of 2025 for the Group are not representative for the entire year. The largest volume of hotel business is conducted during the main tourist season which falls in the second half of the Group's accounting year.

The net asset value of the Group, i.e. total equity (after deducting the interest of the non-controlling interest), amounts to €67,2 million (2024: €68,5 million) which on the total of 128.989.389 of issued shares, corresponds to 52, 12 cents per share2024: 53, 12 cents) (net position/fotal of shares issued). Par value is 34 cents per share (2024: 34 cents)

		30 June 2025 - 30 June 2024
	e
Operating profit	300.492	3.602
Depreciation	1.346.004 - - - -	1.173.439
EBITDA	1.646.496	1.177.041

Principal risks and uncertainties

The principal risk and uncertainties faced by the Group are disclosed in Notes 4 and 5 of the interim condensed consolidated financial statements. The Cypriot economy and especially the tourism sector continues to be tested due to the Russian-Ukrainian and Israeli conflict. Total tourist arrivals to the first half of 2025 are up 11.5% compared to last year but with most visitors using non-hotel accommodation. Unfortunately, cost increases remained at high levels such as energy, food chain, and personnel costs. It should be noted that the latest interest rate reductions are positively affecting the Group's results. Management has adjusted the accommodation prices in the Group's hotels upwards to reflect the increased costs, and has taken successful actions to improve prices and hotel occupancy.

The future impact of these factors is difficult to predict, and Management's current projections and estimates could differ from actual results. Although Management cannot accurately predict the results for the year due to the uncertainties and factors mentioned, the results to date in terms of operating profit are expected to be improved compared to 2024.

Interim management report (continued)

Definitions and use of Alternative Performance Measures (APMs)

Gross profit:

Includes operating income less cost of sales of the group. Depreciation of property, plant and equipment as well as depreciation of right of use-assets are included in the cost of sales.

Operating profit:

Includes the gross profit after deducting the following expenses: selling and marketing expenses, administrative expenses, impairment of trade receivables and non-operating other income.

Loss before income tax:

Includes the operating profit less any financing costs.

Loss after tax attributable to equity holders

It is the loss after tax.

The use of the above alternative performance measurement indicators is done with the aim of adequate justification in the Management Report of the configuration of the results during the period as well as the changes of the results in relation to the corresponding previous period.

Use of financial instruments by the Group

The Group's activities expose it to a variety of financial risk (including fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The Group's risk management program focuses on the unpredictability of financial markets and seeks to minimise any potential adverse effects on the Group's financial performance. The Risk management is carried out by the Board of Directors. The Board of Directors identifies, evaluates and hedges financial risks in close co-operation with the Group's operating units.

It must be noted that the interim condensed consolidated financial statements do not include all the financial information and disclosures as required in the annual financial statements regarding the "risk management" and "related party transactions" and therefore these should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2024. There were no changes to the risk management department on any risk management policies from the end of the year onwards.

Disclosures of Related Parties

As specified by IAS 24 "Related Party Disclosures", for the purposes of those interim condensed consolidated financial statements, the parties are considered to be related if one party has the ability to control the other party or to exercise significant influence over the financial or operational decisions of the other party. Further details are set out in Note 18.

Issue of new shares

The Company has not issued shares with special control rights. Analytical information in relation to the share capital of the Company is presented in Note 14 of the interim condensed consolidated financial statements.

Contracts with Directors and connected persons

As at 30 June 2025 there was no significant contract between the Group and other Directors or related parties who had a material interest.

Events after the balance sheet date

Evente after the battlifed oncerred after the reporting period are described in Note 19 of the interim condensed consolidated financial statements.

Interim management report (continued)

By order of the Board of Directors

Pantelis M. Leptos Chairman and Managing Director Paphos, 19 September 2025

Interim condensed consolidated statement of profit or loss and other comprehensive income for the six month period ended 30 June 2025

	Note	30 June 2025 30 June 2024 e	ਵ
Revenue	7	14.279.219	11.761.086
Cost of sales	8	(12.003.798)	(10.127.946)
Gross profit		2.275.421	1.633.140
Selling and marketing costs Administrative expenses Impairment loss on trade receivables Other income	13	(475.073) (1.544.144) (25.050) 69.338	(337.806) (1.372.498) (40.350) 121.116
Operating profit		300.492	3.602
Finance expenses	9	(1.535.322)	(1.654.642)
Loss before income tax		(1,234.830)	(1.651.040)
Income tax		(23.650)	(22.180)
Loss after tax for the period		(1.258.480)	(1.673.220)
Attributable to:
Equity holders of the Company Non-controlling interest		(1.282.197) 23.717	(1.654.789) (18.431)
Loss after tax for the period		(1.258.480)	(1.673.220)
Loss per share attributable to equity holders of the Company
- Basic and diluted (cents)	10	(0.99)	(1.28)

Interim condensed statement of comprehensive income for the six month period ended 30 June 2025

	30 June 2025 - 30 June 2024 ਵ	ಕ
Loss after tax for the period	(1.258.480)	(1.673.220
Other comprehensive income
ltems that will not be reclassified to profit or loss:
Total comprehensive loss for the period	(1.258.480)	(1.673.220
Attributable to:
Equity holders of the Company Non-controlling interest	(1.282.197) 23.717	(1.654.789) (18.431)
	(1.258.480)	(1.673.220)

Interim condensed statement of financial position as at 30 June 2025

30 June 31 December
Note	ਵ	2024 ਵ
11	120.393.054 119.851.389
12	2.649.216	3.028.054
	14.997.409	14.997.409
	8.713.927	8.713.927
13	5.317.621	5.871.329
	775.000	775.000
	786.683	428.664
13	4.555.365	2.512.657
	30.000	30.000
		516.515
	1.832.978	4.316.606
		7.804.442
		43.856.392
		2.870.968
		49.764.453
	67.233.523	68.515.720
	4.496.667	4.472.950
		72.988.670
	44 14	2025 152.846.227 153.237.108 7.205.026 160.051.253 161.041.550 43.856.392 2.870.968 49.764.453 (29.258.290) (27.976.093) 71.730.190

Interim condensed statement of financial position as at 30 June 2025 (continued)

		30 June 31 December
		2025	2024
	Note	ਵ	€
Non-current liabilities
Borrowings	15	44.979.623	47.108.665
Lease liabilities	16	1.641.596	2.060.084
Deferred tax liabilities		19.455.416	19.431.775
Trade and other payables	17	426.413	446.133
		66,503,048	69.046.657
Current liabilities
Trade and other payables	17	13.605.614	9 944.927
Current tax liabilities		208.828	249.586
Borrowings	15	5.771.855	6.046.601
Lease liabilities	16	2.231.718	2.765.109
		21.818.015	19.006.223
Total liabilities		88.321.063	88.052.880
Total equity and liabilities			160.051.253 161.041.550

On 19 September 2025 the Board of Directors of Leptos Calypso Hotels Public Limited authorised these interim condensed consolidated financial statements for issue.

Pantelis M. Leptos Chairman and Managing Director

George M. Leptos Substitute Chairman and Non-Executive Director

Interim condensed statement of changes in equity for the six month period ended 30 June 2025

			Attributable to equity holders of the Company
		Share	Other	Accumulated		Non-controlling
	Share capital	premium	reserves ਦੇ	క osses	e ola 1	interest (1)	equity புர ેટીક
At 1 January 2024	(1) 43.856.392	ેક્ટર્ક புர 870. N	74 .721 49.	9 1 0.624. ರು	8 9 6 ধ 82 ು 9	433 .948. రా	ﻣﺮ રેકે .773. ರಿ 9
Net loss for the six months Comprehensive income				6 78 દર્વ 9 1	654.789 1.	431 (18.	.673.220 1.
At 30 June 2024	43.856.392	2.870.968	49.721.774	್ತು 32.278.96	64.170.169	930.002 ತೆ	68.100.171
Net profit for the six months until 31 December 2024			ర్ 67 42.	72 8 4.302.	55 345. র্য	542.948	6 ਕਰੇ .888. す
Balance at 1 January 2025	43.856.392	રેક 6 70. 8 ਟ	49.764.453	27.976.093)	720 ಗ್ರಾ ಗು 8 9	.472.950 র্য	72.988.670
Net loss for the six months Comprehensive income				1 .6 .282.	1 ర్ .282.	23	480) .258. 1
At 30 June 2025	ರಿನ ಕ 43.856.	ેક્ટર્ક 0 87 ਟ	453 49.764.	29.258.290)	523 67.233.	œ 4.496.66	71.730.190

Interim condensed statement of cash flows for the six month period ended 30 June 2025

		30 June 2025	30 June 2024
	Note	€	€
Cash flows from operating activities
Loss before income tax		(1.234.830)	(1.651.040)
Adjustments for:
Depreciation of property, plant and equipment and right of use assets	11,12	1.346.004	1.173.439
Impairment loss on trade receivables		25.050	40.350
Interest expense	9	1.535.322	1.587.973
		1.671.546	1.150.722
Changes in working capital:
Inventories		(358.019)	(364,413) (2.886.674)
Trade and other receivables		(1.514.050) 3.704.374	3.357.293
Trade and other payables
Cash generated from operations		3-503-851	1.256.928
Tax paid		(130.658)	(75.999)
Net cash generated from operating activities		3.373.193	1.180.929
Cash flows from investing activities Payment for purchase of property, plant and equipment	11	(1.508.831)	(1.847.947)
Net cash used in investing activities		(1.508,831)	(1.847.947)
Cash flows from financing activities
Repayments of borrowings		(2.634.415)	(374.314)
Payments of leases liabilities		(1.092.640)	(792.983)
Proceeds from borrowings			1.935.706
Proceeds from credit facilities with related companies			1.000.000
Interest paid		(1.072.294)	(1,460.625)
Restricted cash		516.515
Net cash (used in)/generated from financing activities		(4.282.834)	307.784
Net decrease in cash and cash equivalents		(2.418.472)	(359,234)
Cash and cash equivalents at beginning of the period		3.106.804	1.572.985
Cash and cash equivalents at end of the period		688.332	1.213.751

Notes to the interim condensed consolidated financial statements

1. Interim condensed consolidated financial statements

The interim condensed consolidated financial statements have not been audited by the external auditors of the Company.

On 19 September 2025, the Board of Directors of the Company examined and approved the results of the Group Leptos Calypso Hotels Public Limited for the six month period ended 30 June.

General information 2.

Country of incorporation

Leptos Calypso Hotels Public Limited (the 'Company') was incorporated in Cyprus on 29 December 1982, as a private limited liability company in accordance with the provisions of the Cyprus Companies Law, Cap. 113 and changed legal form to that of a public company. On 29 March 1996 the Company's shares were listed on the Cyprus Stock Exchange.

The Company's registered office is at 111 Apostolou Pavlou Avenue, CY 8046 Paphos, Cyprus. The Company and its subsidiaries together are referred to as "Group".

Principal activities

The principal activities of the Group, which are unchanged from last year, are the ownership and management of hotels and tourist resorts in Cyprus and Greece.

Operating environment of the Group

There were no significant changes on 30 June 2025 regarding the disclosed operating environment in the Group's consolidated financial statements for the year ended 31 December 2024.

3. Summary of significant accounting policies

The accounting policies that have been used in preparing these interim condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements for the year ended 31 December 2024.

Basis of preparation

The interim condensed consolidated financial statements for the six month period ended 30 June 2025 have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as adopted by the European Union (EU). The interim condensed consolidated financial statements must be read in conjunction with the consolidated financial statements for the year ended 31 December 2024 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (EU - IFRS) and the requirements of the Cyprus Companies Law, Cap. 113. This set of financial statements represents an English translation of the original which have been prepared in Greek. In the event of any inconsistency between the Greek text and the English translation, the Greek text shall prevail.

Adoption of new and revised IFRSs

After issuance of the annual consolidated financial statements for the year ended 31 December 2024 until today there were no new issued standards and modifications that could bring significant changes in the accounting policies of the Group.

4. Financial risk management

The interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements and they should be read in conjunction with the Group's annual financial statements as at 31 December 2024. There have been no changes in risk management department or in any risk management policies since the year end.

4. Financial risk management (continued)

(i) Financial risk factors

The Group's activities expose it to a variety of financial risks. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance. Risk management is carried out by the Board of Directors.

(ii) Fair value estimation

The table below analyses financial instruments carried at fair value by valuation method. The different levels have been identified as follows:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following table presents the Group's assets that are measured at 30 June 2025 and 31 December 2024.

	30 June 2025 Level 3 ਵ	31 December 2024 Level 3 e
Assets Financial assets at fair value through profit or loss
Equity securities -	30.000	30.000
Total assets measured at fair value	30.000	30.000

There were no transfers between Levels 1, 2 and 3 during the period.

Note that all of the resulting fair value estimates are included in Level 3.

(a) Financial instruments in level 3

The fair value of Level 3 investments which relate to equity securities is determined based on the sales comparable method with regards to the properties held by the investments. The higher the selling price, the higher the fair value.

The carrying amount less provision for trade receivables approximates their fair value. The fair value of financial liabilities is calculated based on the discounted future cash flows using the existing market interest rate which is available to the Group for similar financial instruments.

(b) Offsetting financial assets and liabilities

The Group does not have any financial liabilities that are subject to offsetting, enforceable master netting arrangements or any similar agreements.

(iii) Classification and measurement of financial liabilities measured at amortised cost

The fair value of the following financial assets and liabilities approximate their carrying amount:

• Trade and other receivables
• Cash and cash equivalents
• Trade and other payables
• Bank overdrafts
• Secured bank and other loans

5. Critical accounting estimates and judgements

The accounting estimates and judgements are assessed on a continuous basis and are based on historical experience and other factors, including expectations that relate to future events that are considered to be reasonable under the circumstances.

5. Critical accounting estimates and judgements (continued)

The Group makes estimates and assumptions concerning the future. As a result, the accounting estimates rarely equal to the actual results.

In preparing these interim condensed consolidated financial statements, the significant estimates made by the Management of the Group for the implementation of the Group's accounting policies and significant estimates and assumptions were applied as in the consolidated financial statements for the year ended 31 December 2024.

Nature of operations 6.

On February 24, 2022, the Rssian-Jkrainian and then the Israeli conflict began, which continue to this day and On I Colludy 2 i, Lozz, the Tourism and as personnel, energy and raw material purchases. The Management has adjusted the accommodation prices upwards to increase hotel income to reflect the increased costs, and has taken successful actions to improve the occupancy of the Hotels.

The Management is not able to predict all the developments that could have an impact on the economy of Cyprus and consequently, what effect, if any, could have on the future financial performance, cash flows and financial position of the Group

Based on the evaluation made, the Management estimates that it takes all the necessary measures to maintain the Dability of the Group and the corresponding conduct of its operations in the current business and financial environment.

Segmental reporting 7.

The operating segments are presented on the basis of internal information that is being provided to the Group's Board of Directors (the highest level where operating decisions are taken). The Group's Board of Directors is responsible for the distribution of resources in the reported segments and the evaluation of their performance.

The Group has prepared the analysis of reporting segments in accordance with IFRS 8 "Operating Segments".

Description of the main segments and their operations

According to Management's approach regarding IFRS 8, the operating segments are presented on the basis of internal information that is being provided to the Board of Directors (the highest level where operating decisions are taken), which is responsible for the distribution of resources in the reported segments and the evaluation of their performance. All operating segments used by the Group meet the definition of reporting segment in accordance with IFRS 8

The Board of Directors identified the following three main operating segments, considering both the principal activities of the Group and the country in which they operate:

• Hotel operations Cyprus: The hotel operations in Cyprus comprise of the Company's hotel units, Coral Beach Hotel & Resort and Thalassa Coral Bay, both located in Paphos and the activities of the subsidiary, Vesta Tourist Management Limited, which is renting and managing tourist resorts in Paphos.
• Hotel operations Greece: The hotel operations in Greece comprise of the indirect subsidiary, Karkavatsos & Co Touristikes Epichirisis S.A, "Panorama Hotel" located in Chania, Crete.
• Ownership of land: This operating segment comprises of investment property.

The main segments of the Group for which a segmental analysis is provided are the hotel operations and the ownership of land. All the operating segments of the Group are based in Cyprus and Greece (through indirect subsidiary companies of the Group).

The Management of the Group, assesses the performance of the operating segments based on profit(((oss) before interest, tax, depreciation, amortisation and impairment (EBITDA).

This measurement excludes the effects of non-recurring expenditure from the operating segments, such as provisions for restructuring costs, legal expenses and impairment is the result of an isolated, non-recurring event. Interest income and expenditure are not included in the result for each operating segment. Other information provided, except as noted below, are accounted for in accordance with the consolidated financial statements.

7. Segmental reporting (continued)

Results per segment

The segment results for the six months ended 30 June 2025 and 2024 are as follows:

Revenuel per segment 14.279.218 1.644.148 12.635.070 Profit before interest, tax, depreciation, amortisation and 1.645.098 331.548 1.313.550 impairment/ per segment Depreciation of property, plant and equipment and right of use assets (1.344.606) (137.144) (1.207.462) (Note 11) (1.535.322) (121.291) (1.414.031) Finance expenses 73.113 (1.234.830) (1.307.943) Loss before income tax (23.650) (23.650) ncome tax (1.258.480) 49.463 (1.307.943) Loss after tax for the period Hotel 30 June 2024 Total hotel Ownership of operations - Hotel operations operations and - Greece Cyprus € € € € Revenuel per segment 11.761.086 1.347.675 10.413.411 Profit before interest, tax, depreciation, amortisation and 1.177.042 281.894 895.148 impairment/ per segment Depreciation of property, plant and equipment and right of use assets (1.173.440) (1.044.474) (128.966) {Note 11) (1.654.642) 147.495) 1.507.147) Finance expenses 5.433 (1,651.040) (1.656.473) Loss before income tax 1 (22.180) (22.180) Income tax (1.673.220) (16.747)	30 June 2025	Hotel operations - Cyprus €	Hotel operations - Greece €	Total hotel operations €	Ownership of land the	Total €
						14.279.218
						1.645.098
						(1.344.606)
						(1.535.322)
						(1.234.830)
						(23.650)
						(1.258.480)
						Tota €
						11.761.086
						1.177.042
						(1.173.440) (1.654.642
						(1.651.040)
						122.180
	Loss after tax for the period	(1.656.473)				(1.673.220

The turnover for hotel facilities in Cyprus through the companies Leptos Calypso Hotels Public Limited and Vesta Tourist Management Limited amounts to €12.635.070 (2024: €10.413.411).

Of the Group's total revenue for the period 2025, approximately 54% ( 2024: 40%) relates to income derived from of the Group of than formal for operators, which individually exceeded 5% of total revenue .

Assets and liabilities per segment at 30 June 2025 for the six months then ended are as follows:

	Hotel operations - Cyprus ਵ	Hotel operations - Greece ਵ	operations に	Total hotel Ownership of and ਵ	Total
Assets	116.234.370			19.300.549 135.534.919 14.997.409 150.532.328
Liabilities	62.298.445	6.358.374	68.656.819		68.656.819

7. Segmental reporting (continued)

Results per segment (continued)

The assets and liabilities per segment at 31 December 2024 and the capital expenditure per segment for the six months ended at this date are as follows:

	Hotel operations - Cyprus =	Hotel operations - Greece 栏	operations に	Total hotel Ownership of land ਵ	Total
Assets			120.162.175
Liabilities	66.638.986	6.685.127	73.324.113		73.324.113

Assets per segment differ from the total assets as per the consolidated balance sheet as follows:

		31 December
	30 June 2025	2024
	ਵ
Total assets from reportable operating segments	150.532.328	154.294.957
Deferred tax assets	775.000	775.000
Financial assets at FVTPL	30.000	30.000
Investment in joint venture	8.713.925	8.118.032
Total assets as per consolidated statement of financial position		160.051.253

Liabilities per segment differ from the total liabilities as per the consolidated balance sheet as follows:

		31 December
	30 June 2025	2024
	を
Total liabilities from reportable operating segments	68.656.819	73.324.113
Deferred income tax liabilities	19.455.416	19.431.775
Current tax liabilities	208.828	249.586
Total liabilities as per consolidated statement of financial position	88.321.063	88.052.880

8. Cost of sales

		30 June 2025 - 30 June 2024
	€	を
Changes in inventories of finished goods and work in progress	2.380.536	2.073.965
Staff costs	5.818.014	4.874.923
Electricity, fuel, water, sewage and municipality taxes	1.138.239	1.078.088
Cleaning expenses	360.810	285.655
Repairs and maintenance	451.451	475.481
Other expenses	394.015	64.002
Consumption expenses	114.729	102.392
Depreciation on property, plant and equipment and right of use assets (Note 11,12)	1.346.004	1.173.440
	42 003 798	10 127 946

9. Finance costs

	30 June 2025 - 30 June 2024 ਵ
Interest expense: Bank and other borrowings Interest expense on lease liabilities Bank overdrafts	1.365.512 139.822 29.988	1.462.284 127.348 65.010
	1.535.322	1.654.642

10. Loss per share

The basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of shares in issue during the year.

(1.282.197)	30 June 2025 30 June 2024 (1.654.789)
128.989.389	128.989.389
(0,99)	(1.28
	Property, plant
	and equipment ਵ
	118.848.642
	1.847.947
	(778.525)
	119.918.064
	119.851.389
	1.508.831 CON ROO!
	Weighted average number of ordinary shares in issue during the six months and

Depreciation charge Closing net book amount

12. Right-of-use assets

The Group has leased a beach in Coral Bay which is within the Administrative boundaries of the Municipality of The Group has leased a bead in 'objan bay think to think valid for a period of 4 years until the year 2027.

120.393.054

During 2023, the Company and the owners of the Thalassa Coral Bay hotel proceeded to renew the lease until October 31, 2029.

The Group has a lease on real estate (apartments) through its direct subsidiary Vesta Tourist Management Limited. The complex maintains various contracts with third parties (the legal owners of the apartments) with the right to use The oumplex maintaine variods will the parked (1) to specific period as agreed upon and there is no option to renew without reviewing all terms upon their expiration.

(i) Right of use

	Buildings ਵ	Land ਵ	Motor Vehicles હ	Total
2025 Balance 1 January 2025 Amortisation charge	2 869 768 (355.066)	134.242 (22.374)	24.044 (1.398)	3.028.054 (378.838)
Net book value at the end of of the period	2.514.702		22.646	2.649.216

12. Right-of-use assets (continued)

	Buildings ਵ	Land 는	Motor Vehicles 在	Total
2024 Balance 1 January 2024 Amortisation charge	2.782.817 (372.539)	178.991 (22.375)		2.961.808 (394.914)
Net book value at the end of of the period		156.616 2.410.278		2.566.894

(ii) Amounts recognisited in the statement of profit or loss

	Ruildings	Land ﺍ ﺍﻟﻤﺎﻧﻴﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟ ಲ್ಲ
2025 - Right of use under IFRS 16 Interest from fease liabilities	(136.337)
2024 - Right of use under IFRS 16 Interest from lease liabilities	(122.296)	(5.052) (5.052) (127.348)

(iii) Amounts recognised in the statement of cash flows

	Buildings Land ਵ	Total ಲು ਵ
2025 Cash outflows from leases	1.091.701	-
2024 Cash outflows from leases	741.783

13. Trade and other receivables

		31 December
	30 June 2025	2024
	ਵ
Trade receivables	4.037.014	2.022.665
Less: Impairment loss on trade receivables	(785.204)	(770.263)
Trade receivables - net	3.251.810	1.252.402
Receivables from related parties	6.706.611	7.204.732
Less: Credit loss on receivables from related parties	(555.814)	(555.814
Receivables from related parties - net (Note 18 (iii))	6.150.797	6.648.918
Prepayments and other receivables	470.379	482.666
	9.872.986	8.383.986
Less non-current receivables	(5,317.621)	(5.871.329)
Current portion	4.555.365	2.512.657

As of 31 December 2025, approximately 54% of the Company's total unimpaired receivables relate to balances As of OF December 2024: Sphoninately of Art Stoup the percentage is 57% (2024: 37%).

At 30 June 2025, trade receivables for the Group amounting to €785.204 (2024: €770.263) and for the Company €70.705 (2024: €57.655) were impaired and provided for.

14. Share capital and share premium (continued)

14. Share capital and share premium

	Fully paid ordinary and preference shares に	=	Share capital Share premium を	Total を
At 1 January 2024/30 June 2025	128.989.389	43.856.392	2.870.968	46.727.360

Authorised share capital

The authorised share capital is 1.000.000 shares (2024: 1.000.000.000 shares) with par value of €0,34 per share.

Issued share capital

The issued share capital is 101.683.294 ordinary shares and 27.306.095 preference shares with par value of € 0,34 per share.

Shares' rights

The preference shares have the same rights with the ordinary shares and they have priority against the ordinary shares in the distribution.

15. Borrowings

	30 June 2025 ਵ	31 December 2024 ਵ
Current Bank overdrafts Bank borrowings (i) Borrowings from third parties	1.144.646 4.087.614 539.595	1.209.802 4.297.204 539.595
	5.771.855	6.046.601
Non-current Bank borrowings (i) Borrowings from third parties Credit facilities with related parties (ii)	39.614.679 1.112.915 4.252.029	41.860.813 1.079.190 4.168.662
	44.979.623	47.108.665
Total borrowings	50.751.478	53.155.266

Maturity of non-current borrowings (excluding finance lease liabilities)

		31 December
	30 June 2025	2024
	ਵ
Between 1 and 2 years	5.974.512	4.707.797
Between 2 and 5 years	13.579.336	10.401.743
Over 5 years	25.425.775	31.999.125
		44.979.623 47.108.665

(i) Out of the total bank loan, an amount of €0,4 million and an amount of €4,1 million, come from short-term and (1) Out of the total bank four and rect subsidiary Karkavatsos & Co. Tourist Enterprises SA.

15. Borrowings (continued)

(ii) Credit facilities from related parties concern a loan facility that the Company concluded together with the related (if) Sreall radilites inon realist bandon a Ran Alantania (in years (erm of 10 years (experies in 2033), bears, company Orchord Octporation Ltd on November hyper end, principal is payable at maturity and Thirest is payable an annual mierest rate of 4% on the backled been and repay it at the end of the loan. The Company also annitally. The Company has the ngin to capitalia that be your charge or to request that the loan be reduced through any future dividends due from the affiliated company.

16. Lease liabilities

			The present value of minimum
	Minimum lease payments		lease payments
	31 December		31 December
	30 June 2025	2024	30 June 2025	2024
	€	€	ਵ	ਵ
Not later than 1 year	3.086.781	3.228.535	2.231.718	2.765.109
Later than 1 year and not later than 5 years	1.999.640	2.821.786	1.641.596	2.060.084
	5.086.421	6.050.321	3.873.314	4.825.193
Future finance charges	(1.213.107)	(1.225.128)
Present value of finance lease liabilities	3.873.314	4.825.193	3.873.314	4.825.193

All lease obligations are denominated in Euro.

17. Trade and other payables

		31 December
	30 June 2025	2024
	ਵ	e
Trade payables	4.455.083	4.183.189
Payables to related companies (Note 18 (iii))	444.182	222 845
Accrued expenses	5.445.793	3.714.240
Contract liabilities received from tour operators	3.686.969	2.182.255
Defence tax on deemed distribution		88.531
	14.032.027	10.391.060
Less: Non current trade and other payables	(426.413)	(446.133)
	13.605.614	9.944.927

The fair value of current and non current trade and other payables approximates their carrying amount at the balance sheet date.

18. Related party transactions

The Company is controlled by the Chairman and Managing Director, Mr Pandelis M. Leptos and Substitute The Company is Sonardian by the Onlinean by or indirectly 74,94% of the Company's shares and are also the ultimate controlling parties of the Group.

The ultimate parent entity is Armonia Estates Limited. The registered office is at 9 Dimitsani Street, Galeria Court, 1st floor, Apartment 101, Nicosia, Cyprus.

The following transactions were carried out with related parties.

(i) Sales of goods and services	30 June 2025 - 30 June 2024 =
Accommodation and other hotel services and goods: Parent entity Companies under common control	304.541 820-265	325.162 933.563
	1.124.806	1.258.725

18. Related party transactions (continued)

(ii) Purchase of services	30 June 2025 30 June 2024 ਵ
Management and other services and charges: Parent entity Companies under common control	292.739 166.191	66.465 192.917
	458.930	259.382

(iii) Year end balances with related parties arising from sales/purchases of services and goods and financing facilities

	30 June 2025 હ	31 December 2024 ਵ
Receivables from related parties (Note 13)::
Receivables from fellow subsidiaries	6.240.764	6.265.375
Receivables from parent	465.847	939.357
Credit loss on receivables from related parties	(555.814)	(555.814)
	6.150.797	6.648.918
Payables to related parties (Note 17):
Payables to Jointly controlled entitites	446.798	222.845
	446.798	222.845

(1) Receivables from companies under common control include dividends amounting to €5.643.329, due from the company Rosethorn Limited which are subject to a credit loss provision of €555.814.

The balances with related companies are not secured, are payable on first demand and bear no interest, as they are balances arising from commercial activities between related companies.

19. Events after the balance sheet date

There were no other significant events after the balance sheet date, which have a bearing on the understanding of the consolidated financial statements.