# **Condensed interim financial report for the six month period ended 30 June 2025**
**MKB Nedsense N.V.**
#### **Contents**
| 1. | Condensed Statement of Financial Position | 2 |
|-----|--------------------------------------------------------|---|
| 2. | Condensed Income Statement for the first half year | 3 |
| 3. | Condensed Statement of Changes in Equity | 4 |
| 4. | Condensed Cash Flow Statement for the first half year | 5 |
| 5. | Basis for the financial reporting of MKB Nedsense N.V. | 6 |
| 6. | Estimates | 6 |
| 7. | Private equity investments | 6 |
| 8. | Overview of private equity investments | 8 |
| 9. | Loans from related parties | 8 |
| 10. | Equity | 8 |
| 11. | Income taxes | 8 |
| 12. | Related Party Transactions | 9 |
| 13. | Events after the balance date | 9 |
| 14. | Liabilities not shown on the balance sheet | 9 |
| 15. | Board statement | 9 |
<span id="page-2-0"></span>
| 1.<br>Condensed<br>Statement of Financial Position<br>(x € 1,000) (after profit appropriation) | | |
|------------------------------------------------------------------------------------------------|--------------|---------------------|
| | 30 June 2025 | 31 December<br>2024 |
| Fixed assets | | |
| Private equity investments | 1,745 | 2,322 |
| Loans u/g private equity investments | 2,227 | 2,973 |
| Total fixed assets | 3,972 | 5,295 |
| Current assets | | |
| Listed investments | 2,057 | 2,012 |
| Loans granted to related parties | 3,098 | 2,333 |
| Receivables & accruals | 1 | 3 |
| Liquid assets | 3 | 3 |
| Total current assets | 5,159 | 4,351 |
| Total assets | 9,131 | 9,646 |
| Liabilities | | |
| Equity | | |
| Issued capital | 1,000 | 1,000 |
| Share premium | 46,823 | 46,823 |
| Other reserves | -<br>38,556 | -<br>38,620 |
| Result | -<br>553 | 64 |
| Total equity attributable to shareholders<br>of the company | 8,714 | 9,267 |
| Current liabilities | | |
| Trade payables and other payables | 417 | 379 |
| Total current liabilities | 417 | 379 |
| Total equity and liabilities | 9,131 | 9,646 |
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| 2.<br>Condensed<br>Income Statement for the first half year<br>(x € 1,000) | | |
|----------------------------------------------------------------------------|-----------|---------|
| | 2025 | 2024 |
| Operating income | | |
| Fair value changes in private equity investments | -<br>577 | - |
| Fair value change<br>listed investments | -<br>59 | -<br>33 |
| Interest loans granted to private equity investments | 54 | 85 |
| Dividend income | 104. | -. |
| Total operating income | -<br>478 | 52 |
| Operational costs | | |
| Wages, salaries and social security charges | 13 | 19 |
| Other operating expenses | 130 | 40 |
| Total operating costs | 143 | 59 |
| Finance income (expenses) | | |
| Financial income | 69 | 72 |
| Financial charges | -1 | - |
| Net finance income (expenses) | 68 | 72 |
| Result<br>befor tax | -<br>553 | 65 |
| Income taxes | - | - |
| Result after tax | -<br>553 | 65 |
| Attributable to shareholders of the company | -<br>553 | 65 |
| Result for the reporting period | -<br>553 | 65 |
| Earnings per share attributable to shareholders | | |
| Earnings per share attributable to shareholders | -<br>0.01 | 0.00 |
| Overview total result | | |
| Result over the reporting period | -<br>553 | 65 |
| | ____ | ____ |
| Total realized and unrealized net results<br>over the reporting period | -<br>553 | 65 |
| Attributable to shareholders of the company | -<br>553 | 65 |
# <span id="page-4-0"></span>**3. Condensed Statement of Changes in Equity**
(x € 1,000)
| | Share<br>capital | Agio | Other<br>reserves | Result | Total |
|---------------------------------|------------------|--------|-------------------|----------|----------|
| Balance as of<br>1<br>Jan 2024 | 1,000 | 46,823 | -<br>38,778 | 158 | 9,203 |
| Mutations | | | | | |
| Profit appropriation 2023 | - | - | 158 | -<br>158 | - |
| Realized result 2024 | - | - | - | 64 | 64 |
| Balance as of<br>31<br>Dec 2024 | 1,000 | 46,823 | -<br>38,620 | 64 | 9,267 |
| Mutations | | | | | |
| Profit appropriation 2024 | - | - | 64 | -<br>64 | - |
| Result 2025 | - | - | - | -<br>553 | -<br>553 |
| Balance as of<br>30 June 2025 | 1,000 | 46,823 | -<br>38,556 | -<br>553 | 8,714 |
# <span id="page-5-0"></span>**4. Condensed Cash Flow Statement for the first half year**
(x € 1,000)
| | 2025 | 2024 |
|----------------------------------------------------------|----------|---------|
| Result after tax | -<br>553 | 65 |
| Amortization | - | - |
| | -<br>553 | 65 |
| Adjustments for: | | |
| Fair value movements private equity investments | 577 | - |
| Fair value movements listed investments | 59 | 33 |
| Interest loans u/g private equity investments | -<br>54 | -<br>85 |
| Interest loans u/g related parties | -<br>69 | -<br>72 |
| Dividend | -<br>104 | - |
| Changes in receivables and accrued income | 2 | - |
| Changes in trade payables and other payables | 38 | 16 |
| Loans granted to related parties | -<br>800 | - |
| Repayment loans granted to<br>private equity investments | 800 | - |
| Repayment loans granted to related parties | 104 | 33 |
| Cash flow from investing activities | - | -<br>10 |
| | | |
| Net change in cash | - | -<br>10 |
| Cash and cash equivalents at January 1, | 3 | 17 |
| Cash at June 30 | 3 | 7 |
| Presented as follows in the justification | | |
| Cash and cash equivalents | 3 | 7 |
## <span id="page-6-0"></span>**5. Basis for the financial reporting of MKB Nedsense N.V.**
# **General**
MKB Nedsense NV is located in the Netherlands in Bussum (office address: Brediusweg 33).
The current financial year of MKB Nedsense NV runs from 1 January 2025 to 31 December 2025. This report relates to the first half of the calendar year 2025. The Board of Directors prepared this half year report on 13 August 2025.
MKB Nedsense qualifies under IFRS as an investment company. The main activities of the company are participating in, financing and lending money to natural and/or legal persons and providing guarantees and/or other securities with third parties for its own obligations and/or for obligations for companies in the investment portfolio. The shares of MKB Nedsense NV are listed on the official market of Euronext Amsterdam.
The interim financial statements have not been audited.
## **Significant accounting policies**
## **International Financial Reporting Standards**
The interim financial statements for the period of 1 January to 30 June 30 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting" and do not contain all of the information and disclosures required in annual financial reporting. The interim financial statements have been prepared on the same basis as those stated in the financial statements for the period 1 January until including 31 December 2024 (published 8 May 2025).
The interim financial statements for the period 1 January through 30 June 2025 should be read in conjunction with the 2024 financial statements published 8 May 2025.
The principles have not changed compared to the previous half-year report 2024.
IFRS standards and interpretations effective from 1 January 2025 have no material impact on the accounting policies of MKB Nedsense NV.
# <span id="page-6-1"></span>**6. Estimates**
The interim financial statements for the period 1 January through 30 June 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting" which requires management to make estimates, assumptions and assumptions that affect the application of accounting policies reporting and the reported amounts of assets, liabilities, income and expenses. Realized amounts may differ from these estimates.
## <span id="page-6-2"></span>**7. Private equity investments**
MKB Nedsense finances companies in the investment portfolio with a loan where appropriate. MKB Nedsense monitors the fair value of the private equity investments based on the total asset value of the underlying private equity investment.
| | Equity<br>Investments | Loans | Total<br>30 June 2025 | IFRS<br>Level | Total<br>31 Dec<br>2024 | IFRS<br>Level |
|-------------------------------------|-----------------------|-------|-----------------------|---------------|-------------------------|---------------|
| Axess Group | 436 | 1,339 | 1,775 | 3 | 1,570 | 3 |
| GNS Brinkman | 2,653 | 333 | 2,986 | 3 | 3,628 | 3 |
| Other private equity<br>investments | -<br>1,344 | 555 | -<br>789 | 3 | 97 | 3 |
| | 1,745 | 2,227 | 3,972 | | 5,295 | |
| | | | 30 June 2025 | | 31 December 2024 | |
| Presented as non-current assets | | | 3,972 | | 5,295 | |
| | | | 3,972 | | 5,295 | |
Private equity investments in the company's investment portfolio include unlisted associates as well as unlisted investments (available for sale). With these investments, the intention is to dispose of the interest after a medium term. Because these investments relate to unlisted companies (therefore not liquid), these interests are classified as a non-current asset. Private equity investments are accounted for on the basis of fair value with fair value movements recognized through profit or loss. Given the underlying characteristics of the private equity investments in the investment portfolio (unlisted large, medium-sized and small MKBs), the fair value is determined on the basis of the price of a recent transaction (IFRS Level 1) or on the basis of a DCF calculation (IFRS Level 3). In exceptional cases, the multiplier method (IFRS Level 3) is used, incidentally only if the underlying characteristic of the investment
justifies applying a multiplier method. The fair value of investments in which no future cash flows are expected, except for the settlement of the company to be liquidated, is determined using the net assets method (IFRS Level 3).
With regard to the enterprise value of the private equity investments as at 30 June 2025, the principles used in the 2024 financial statements are in principle followed. In the event that the company's prospects on the publication date of the 2025 half-yearly report deviate substantially from the prospects on the publication date of the 2024 financial statements, the enterprise value is re-determined by means of a DCF calculation. The management boards of the investments report monthly on the financial and operational performance of the company, on the basis of which MKB Nedsense is able to monitor the fair value development of the investments.
### <span id="page-8-0"></span>**8. Overview of private equity investments**
| | | Participation in % | |
|-----------------------------------------------------|----------------------------|--------------------|-------------|
| | City / Country | 30 June 2025 | 31 Dec 2024 |
| | | | |
| GNS Brinkman BV | Amsterdam, the Netherlands | 100% | 100% |
| Axess Group BV | Amsterdam, the Netherlands | 100% | 100% |
| | | | |
| Other interests > 20%: | | | |
| Value8 Tech Group NV<br>(excluding participations). | Amsterdam, Netherlands | 100% | 100% |
| Value8 Tech Services BV | Amsterdam, Netherlands | 100% | 100% |
The above interests are held by MKB Nedsense through Value8 Tech Group NV
#### <span id="page-8-1"></span>**9. Loans granted to related parties**
| | 30 June 2025 | 31 Dec<br>2024 |
|-------------------------------|--------------|----------------|
| Loans<br>granted to Value8 NV | 3,098 | 2,333 |
#### <span id="page-8-2"></span>**10. Equity**
On 25 June 2019, the authorized capital was changed from 70 million ordinary shares and 35 million preference shares to 100 million ordinary shares with a nominal value of 1 eurocent and 69 million A shares (unlisted shares) with a nominal value of 1 eurocent.
At the end of June 2025, the issued capital amounted to € 1,000, consisting of 59.4 million A shares and 40.6 million B shares, both with a nominal value of 1 eurocent.
#### **Profit per share**
The calculation of earnings per share for the period 1 January through 30 June 2025 is based on the result attributable to shareholders of € - 553 and the average number of outstanding shares.
Earnings per share for the period of 1 January until 30 June 2025 amount to € - 0.01 (€ 0.00 over the period of 1 January until 30 June 2024).
#### <span id="page-8-3"></span>**11. Income taxes**
Corporate income tax is accounted for on the basis of the prevailing corporate income tax rate. The group's result can be offset to a significant extent by results that fall under the participation exemption for tax purposes (deelnemingsvrijstelling).
# <span id="page-9-0"></span>**12. Related Party Transactions**
Transactions with subsidiaries are conducted on an arm's length basis on terms similar to transactions with third parties.
## <span id="page-9-1"></span>**13. Events after the balance date**
There are no events after the balance sheet date.
## <span id="page-9-2"></span>**14. Liabilities not shown on the balance sheet**
There are no relevant off-balance sheet liabilities as at the balance sheet date.
#### <span id="page-9-3"></span>**15. Board statement**
The Board of Directors declares that, to the best of their knowledge,
1. the 2025 half yearly report gives a true and fair view of the company's assets, liabilities, financial position and result; and that
2. the interim financial report gives a fair overview of the important events that occurred in the first six months of the relevant financial year and their effect on the semi-annual financial statements, as well as a description of the main risks and uncertainties for the other six months of the relevant financial year financial year.
Bussum, 13 August 2025
P.F. de Vries, CEO