SunDell Estate Nyilvánosan Működő Részvénytársaság

Interim / Quarterly Report • Sep 9, 2025

BUDAPEST STOCK EXCHANGE PLC.

SEMI-ANNUAL REPORT FOR THE PERIOD ENDING 30TH JUNE 2025.

MANAGEMENT REPORT AND FINANCIAL STATEMENTS

3

MANAGEMENT REPORT	2
FINANCIAL STATEMENTS	6

MANAGEMENT REPORT

The net profit of the Budapest Stock Exchange (BSE) for the first half-year of 2025, which includes the BSE's share of the KELER Group's results, is HUF 2.67 billion.

The EBITDA value in the first half-year of 2025 was HUF 879 million, which is 31% higher than the value achieved in the same period of 2024.

The revenues of the Budapest Stock Exchange amounted to HUF 2 208 million in the first half-year of 2025, which is 20% higher than the revenue generated in the same period of the previous year.

In 2025 trading revenues grew 51% compared to the same period of last year. Issuer fee revenues are 3% higher than in 2024 H1, while information services revenues grew 8%.

The average equity market turnover in the first half-year of 2025, amounting to HUF 19.3 billion, exceeded the full-year average of HUF 11.8 billion in 2024. Compared to the same period in 2024, the turnover in the first halfyear is nearly 80% higher than the HUF 10.83 billion recorded a year earlier.

As of the end of June 2025, the Budapest Stock Exchange lists the securities of 155 issuer companies. In the first half-year, the shares of one new issuer, Glia Nova, were listed on the Xtend market, while Goodwill Pharma transitioned from the Xtend market to the Standard category of the regulated market.

In the debt section listed corporate bonds grew by HUF 534 billion and mortgage bonds grew with HUF 44 billion. The business line generated revenues of HUF 659 million in the first half-year, representing a 3% increase compared to the first half-year of 2024.

The information services business line generated HUF 668 million in revenue during the period, which is 8% higher compared to the first half-year of the previous year.

In the first half-year, expenses amounted to HUF 1 327 million, which is HUF 151 million (+13%) higher compared to the same period of the previous year.

The result of financial operations amounted to HUF 150 million during the reporting period. The higher amount of interest income was countered by unrealized exchange rate losses.

In the first half-year of 2025, the KELER Group achieved a pre-tax profit of HUF 4,96 billion, supported by betterthan-expected fee income and interest revenue, as well as savings in operating expenses.

Revenue from core activities amounted to 10,526 billion HUF, with a significant portion of HUF 7,114 billion coming from fees and commission income which is HUF 273,7 million higher compared to the same period of the previous year.

The interest rate differential amounted to HUF 3,416 billion, falling short of the base figure by HUF 247,8 million, primarily due to the decrease in the benchmark interest rate.

The costs of the securities depository and clearing house amounted to HUF 5,7 billion in the first half-year of 2025, exceeding the operating expenses of the same period in the previous year by HUF 698,2 million.

PROFIT/LOSS CUMULATED BREAKDOWN* (MILLION HUF)

DESCRIPTION	2025 Q1-Q2	2024 Q1-Q2	CHANGE
Revenues	2 208	1 846	+20%
of which Revenues from trading fees	853	564	+51%
of which Revenues from listing fees	659	642	+3%
of which Revenues from sale of information	668	619	+8%
Operating expenses without depreciation		-1 176	+13%
of which Expenses for material costs	-2	-2	0%
of which Expenses for services used	-408	-402	+1%
of which Personnel costs	-816	-700	+17%
of which Expenses arising from miscellaneous other costs	-83	-72	+15%
of which Other expenses	-18	0
Impairments and reversals	-2	-1	+100%
EBITDA		669	+31%
EBITDA/Revenues	40,0%	36,5%
Depreciation, amortisation	-138	-174	-21%
EBIT	741	495	+50%
KELER Group results attributable to BSE	2 025	2 112	-4%
Profit or loss of financial transactions	150	149	+1%
Income tax, business tax, innovation contribution	-244	2
Net profit or loss	2 672	2 758	-3%

No valuation was performed for the KELER Group during the period; therefore, no impairment or reversal was recorded.

DESCRIPTION	2025 Q1-Q2	2024 Q1-Q2	CHANGE
Adjusted1 operating cash flow*	788	865	-9%
Adjusted1 free cash flow* excluding dividend received	838	809	+4%
Adjusted1 free cash flow*	1 658	4 079	-59,4%

The adjusted free cash flow of the Budapest Stock Exchange amounted to HUF 1 658 million in the first halfyear of 2025, which is 59.4% lower than the HUF 4 079 million recorded in the comparative period, due to the outstanding amount of dividend from KELER last year. Interest income was higher in H1 of 2025, therefore the

¹ Excluding the effects of grants received

* The figures do not include paid dividend

cash flow excluding dividend received was higher as well. The free cash flow calculation is presented on page 29 of the financial statements.

The calculation of the adjusted free cash flow is consistent with the methodology published in the 2024 Annual Report of the Budapest Stock Exchange, which is presented on page 80 of the report.

The results presented in this report are unaudited; the statements and disclosed figures are based on the internal accounting records of the Budapest Stock Exchange and the KELER Group.

PROFIT/LOSS, IN QUARTERLY BREAKDOWN (HUF MILLION)

DESCRIPTION	2024 Q1	2024 Q2	2025 Q1	2025 Q2
Revenues		934	1 109	1 099
of which Revenues from trading fees	279	285	439	414
of which Revenues from listing fees	318	324	331	328
of which Revenues from sale of information	307	312	324	344
Operating expenses without depreciation		-602	-676	-651
Impairments and reversals	-2	1	-2	0
EBITDA	336	333	431	448
EBITDA/Sales revenue	36,92%	36,00%	39,15%	40,91%
Depreciation, amortisation	-90	-84	-69	-69
EBIT	246	249	362	379
KELER Group profitability attributable to BSE	1 249	863	1 048	977
Profit or loss of financial transactions	81	68	56	94
Income tax, business tax, innovation contribution	-165	167	-156	-88
Net profit or loss	1 411	1 347	1 310	1 362

INTERIM FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 30 JUNE 2025

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IAS 34) AS ADOPTED BY THE EUROPEAN UNION

TRANSLATION

5

TABLE OF CONTENTS

SEPARATE INTERIM FINANCIAL STATEMENTS

•	Separate statement of financial position as at 30 June 2025 -----------------------------------------------------------------------5
•	Separate statement of comprehensive income for the period ended 30 June 2025 --------------------------------------------------6
• •	Separate statement of changes in equity for the period ended 30 June 2025 --------------------------------------------------7 Separate statement of cash flows for the period ended 30 June 2025 --------------------------------------------------8
NOTES
•	Selected notes to the interim financial statements for the period ended 30 June 2025 ------------------------------------------------	10

SEPARATE STATEMENT OF FINANCIAL POSITION

DESCRIPTION	NOTES	30.06.2025	31.12.2024
ASSETS
Property, plant and equipment	11	371	332
Intangible assets	11	196	235
Right of use assets	12	754	790
Investments in associates measured using the equity method and investments in subsidiaries	13	19 564	18 363
Investments measured at fair value through other comprehensive income	13	4	3
Loans at amortised cost	14	22	22
Non-current assets		20 911	19 745
Inventories	14	3	2
Trade and other receivables	14	565	502
Prepaid expenses	14	222	36
Accrued revenues	14	86	560
Cash and cash equivalents	14	10 241	8 655
Current assets		11 117	9 755
TOTAL ASSETS		32 028	29 500
EQUITY AND LIABILITIES
Subscribed capital (par value: HUF 100/share)	15	541	541
Retained earnings	15	27 888	25 887
Revaluation reserve originating from associates	15	5	9
Total shareholders' equity		28 434	26 437
Employee benefit liabilities (non-current)	16	12	10
Non-current lease liability	12	749	813
Deferred tax liabilities	10	1 309	1 193
Non-current liabilities		2 070	2 016
Trade payables and other short-term liabilities	17	125	675
Liabilities to shareholders	17	671	0
Current tax liabilities	10	15	9
Current lease liability	12	119	117
Prepaid revenues	17	361	56
Accrued expenses	17	231	189
Employee benefit liabilities (current)	16	2	1
Current liabilities		1 524	1 047
Liabilities		3 594	3 063
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		32 028	29 500

Budapest, 9 September 2025

Tibor Tóth Katalin Sámel Chief Executive Officer Financial Director

SEPARATE STATEMENT OF COMPREHENSIVE INCOME

DESCRIPTION	NOTES	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Revenue	6	2 196	1 835
Other income	6	12	11
Expenses for material costs	7	-2	-2
Expenses for services used	7	-408	-402
Personnel costs	7, 8	-816	-700
Depreciation and amortisation	11, 12	-138	-174
Expenses arising from miscellaneous other costs	7	-83	-72
Other expenses	7	-18	0
Share in the profit or loss of associates	13	2 025	2 112
Interest income	9	207	140
Other financial income	9	0	26
Finance expenses	9	-57	-17
Expenses from expected credit losses	14	-2	-1
Profit/loss before taxation		2 916	2 756
Income tax expense/income	10	-244	2
Net profit or loss		2 672	2 758
Other comprehensive income
Of which items to be subsequently reclassified to profit or loss
Share of other comprehensive income of associates	13	-4	-2
Other comprehensive income		-4	-2
Total comprehensive income		2 668	2 756
Net profit/loss (HUF thousand)		2 672 489	2 758 574
Net profit/loss (HUF million)		2 672	2 758
Average number of shares		5 413 481	5 413 481
Earnings per share (EPS) (Ft/share)		494	510
Diluted Earnings per share (Ft/share)		494	510

Budapest, 9 September 2025

Tibor Tóth Sámel Katalin Chief Executive Officer Financial Director

SEPARATE STATEMENT OF CHANGES IN EQUITY

DESCRIPTION	SUBSCRIBED CAPITAL	RETAINED EARNINGS	REVALUATION RESERVE ORIGINATING FROM ASSOCIATES	TOTAL SHAREHOLDERS' EQUITY
Balance at 1 January 2025	541	25 887	9	26 437
Net profit or loss/other comprehensive income for the period 01.01.2025–30.06.2025	0	2 672	-4	2 668
Dividends from retained earnings		-671		-671
Balance at 30 June 2025	541	27 888	5	28 434
Balance at 1 January 2024	541	20 651	12	21 207
Net profit or loss/other comprehensive income for the period 01.01.2024–30.06.2024	0	2 758	-2	2 756
Dividends from retained earnings		-606		-606
Balance at 30 June 2024	541	22 806	10	23 357
Net profit or loss/other comprehensive income for the period 01.07.2024–31.12.2024	0	3 080	-1	3 080
Balance at 31 December 2024	541	25 887	9	26 437
Notes	15	15	15	15

Budapest, 9 September 2025

Tibor Tóth Sámel Katalin Chief Executive Officer Financial Director

SEPARATE STATEMENT OF CASH FLOWS

		2 756
11, 12	138	174
13	-2 026	-2 112
12	16	17
9	-207	-140
9	30	-14
14	2	1
14	3	1
14	222	742
14	-1	2
6	-470	-188
17	215	228
17	671	0
10	-68	-106
	770	1 361
		2 916

Continuation on the next page.

SEPARATE STATEMENT OF CASH FLOWS (CONTINUED ON)

DESCRIPTION	NOTES	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Cash flows from investing activities
Interest received	9	207	140
Purchase of intangibles, property, plant and equipment	11	-99	-118
Acquisition of shares, additional payment	13	-1	0
Employee loans	14	-10	-10
Repayment of employee loans	14	11	2
Dividend received	13	820	3 270
Income from the sale of intangibles, property, plant and equipment	11	17	0
Net cash flow from investing activities		945	3 284
Cash flows from financing activities
IFRS 16 Leases – principal and interest payments	12	-75	-70
Dividends paid		0	-606
Net cash flow from financing activities		-75	-676
Net increase / (decrease) in cash and cash equivalents		1 640	3 969
Cash and Cash Equivalents at Beginning of Year	14	8 655	4 164
Unrealised exchange differences on cash and cash equivalents at period end		-54	47
Cash and Cash Equivalents at End of the Period	14	10 241	8 180

Budapest, 9 September 2025

Tibor Tóth Katalin Sámel Chief Executive Officer Financial Director

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. REPORTING ENTITY

Name of Company:	Budapesti Értéktőzsde Nyilvánosan Működő Részvénytársaság (Budapest Stock Exchange Public Limited Company)
Legal form:	Public Limited Company
Registered office and address of the company:	H-1013 Budapest, Krisztina körút 55., Hungary VI. emelet
Company registration number:	01-10-044764
Country of registration and operation (applicable law):	Hungary
Par value and number of shares issued:	5,413,481 shares with a par value of HUF 100 each
Data of persons authorised to sign the report on behalf of	Tibor Tóth, Chief Executive Officer address: H-1124 Budapest, Vas Gereben u. 1.
the Company:	Katalin Sámel, Chief Financial Officer address: H-1135 Budapest, Lehel utca 60. 6/1

Budapest Stock Exchange Plc. (hereinafter referred as: BSE or Company) was founded on 21 June 1990.

A key player on the Hungarian money and capital markets, Budapest Stock Exchange Plc. (BSE) provides economic operators with access to financial resources and offers investors a broad range of investment instruments. BSE's mission is to create a Hungarian economy based on stable and independent funding and to continuously develop the financial culture of the Hungarian population and corporate sector.

THE FOUR MAIN ACTIVITIES OF THE COMPANY

• Listing services,
• trading services,
• dissemination of market information, and
• product development.

The Company is operating under the relevant Capital Market Act. The Company's registered office: H-1013 Budapest, Krisztina körút 55., Hungary VI. emelet. The ownership structure of the Company is presented in Note 16.

The Company's controlling shareholder is Magyar Nemzeti Bank (MNB, the Hungarian National Bank; address: H-1054 Budapest, Szabadság tér 8-9).

All of the ordinary shares of BSE were introduced to the Standard category of the Budapest Stock Exchange on June 7, 2023.

Number of shares: 5 413 481 Par value: HUF 100 Initial price of share: HUF 2.906 ISIN: HU0000063078 The first day of trading was 21 June 2023. (Resolution of BSE no. 177/2023.)

2. BASIS OF PREPARATION

A) STATEMENT OF COMPLIANCE

These interim financial statements were prepared in accordance with the IAS 34 Interim Financial Statements standard, so they do not contain all the information presented in the year-end financial statements - in accordance with the IAS 1 Presentation of Financial Statements standard. This interim financial statement must be read in conjunction with the financial statements for the business year ending 31 December, 2024 (hereinafter the full financial statement). In the following, the additional comments necessary to assess the significant changes in the financial position and performance of the BSE since the last annual financial statements are presented.

B) BASIS OF MEASUREMENT

During the preparation of the current interim financial statements, the judgments and estimates used by BSE's management, which are applied by BSE's accounting policies, have an impact on the displayed assets, liabilities, income and expenses. There have been no changes in the accounting policies applied by BSE, as well as in the main estimation uncertainties, since the preparation of the last annual financial statements.

C) FUNCTIONAL AND PRESENTATION CURRENCY

These financial statements have been prepared in Hungarian forint (HUF) (the presentation currency), which is also the functional currency of BSE. All financial information presented in HUF has been rounded to the nearest million ("HUF million").

IFRS REPORT – NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED 30 JUNE2025; DATA IN MILLION FORINTS

3. MATERIAL ACCOUNTING POLICY INFORMATION AND CHANGES THEREIN

The accounting policies and standards applied in the preparation of the interim financial statements of BSE are the same as those applied in the preparation of its financial statements as at 31 December 2024.

4. CHANGES IN ACCOUNTING POLICIES AND ERRORS (IAS 8)

A) CHANGES IN ACCOUNTING POLICIES

IMPACT OF CHANGES OF IFRSS EFFECTIVE FROM 1 JANUARY 2025 AND THE INTRODUCTION OF NEW STANDARDS ON FINANCIAL STATEMENTS

New and amended standards and interpretations issued by the IASB and adopted by the EU that are effective from the current reporting period:

• Amendments to IAS 21 (The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability)

According to the evaluation of the Company, the adoption of the above standards and amendments to existing standards does not have a material impact on the Company's financial statements.

New and revised standards and Interpretations issued by IASB and adopted by the EU but not yet effective:

• Amendments to IFRS 7 and IFRS 9: Amendments to the Classification and Measurement of Financial Instruments
• Amendments to IFRS 7 and IFRS 9: Contracts Referencing Naturedependent Electricity
• Annual Improvements Volume 11

According to the evaluation of the Company, the adoption of the above standards and amendments to existing standards will not have a material impact on the Company's financial statements.

Standards and interpretations issued by the IASB and not adopted by the EU:

IFRSs adopted by the EU currently do not differ significantly from regulations adopted by the International Accounting Standards Board (IASB), except for the following new standards, amendments to existing standards and new interpretations that have not yet been adopted in the EU as at the date of disclosure of the financial statements:

• IFRS 18: Presentation and Disclosure in Financial Statements
• IFRS 19: Subsidiaries without Public Accountability: Disclosures

The Company is currently in the process of evaluation of the effect of above standards and their modifications.

IFRS REPORT – NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED 30 JUNE2025; DATA IN MILLION FORINTS

CHANGES IN ACCOUNTING POLICY DUE TO BSE DECISION

There were no accounting policy changes in the period.

Share capital and EPS ratios are not affected by the reclassification.

B) PRIOR YEAR ERRORS

There are no Restatements due to Prior year errors in the present Financial Statements.

5. FINANCIAL INSTRUMENTS: DISCLOSURES

A) FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES

IAS 34 requires BSE to publish information on fair value of its assets and liabilities. BÉT currently does not have any significant assets that are to be valued at fair value in the statement of financial position.

CLASSIFICATION OF FINANCIAL INSTRUMENTS

The Company measures its financial instruments at amortised cost:

• Trade and other receivables
• Cash and cash equivalents
• Employee benefit liabilities
• Non-current and current lease liabilities
• Trade payables and other short-term liabilities

PRESENTATION OF ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE BY CLASSIFICATION INTO THE APPROPRIATE LEVEL OF THE FAIR VALUE HIERARCHY

All instruments are included in Level 3 of Fair value measurement, except cash and cash equivalents, which are included in Level 2. Carrying amount is a reasonable approximation of fair value.

6. REVENUES AND OTHER INCOME

REVENUES FROM STOCK EXCHANGE ACTIVITIES

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Revenues from trading fees	853	564
Annual admission fees	44	44
Fees of trading (monthly) and auctions	807	517
Other revenue related to trading	2	2
Revenues from listing fees	659	642
Listing (one-off) fee	53	44
Quarterly fee	601	593
Other related revenue	5	5
Revenues from sale of information	668	619
Annual vendor fees	323	291
Monthly vendor fees	335	328
Other information services	10	0
Revenues from other services	16	10
Connection fees, licenses	16	10
Total Revenues	2 196	1 835

Trading revenues change primarily as a result of the daily turnover, especially the share section turnover.

The revenues from listed entities are partly related to one-off fees invoiced at the time of listing, and partly related to the listed assets in a given half-year.

Vendor fees are typically invoiced in EUR, so the recorded HUF revenues are partly affected by the exchange rate movements, and partly by the change in quantities.

All income is recognised within the year, or, if the Company recognises income over a given period, on a simple pro rata basis.

SEASONALITY

According to long-term historical experience, trading revenues bear seasonality, as the summer months (June - August) – mostly in line with holiday periods - generally produce a more restrained turnover on the stock markets compared to other months of the year.

In the case of listing fees from issuers and revenues from the sale of information, BSE did not identify any clear seasonality or any circumstances that would justify seasonality.

Since BSE is not a seasonal business operator, we do not present separate financial information related to seasonality.

OPERATING SEGMENTS

The management of BSE has reviewed the entity's activities and operations and, on that basis, has concluded that there are no identifiable separable operating segments whose operating results would be reviewed by the chief operating decision maker of BSE in order to make a decision about resources to be allocated to the segment, since the following criteria are not met:

• Most of the operating expenses cannot be allocated to a specific business activity or specific business contract. Direct and indirect allocation of most expenses to cost centers is not possible. Therefore, no discrete financial information is available.

OTHER INCOME

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Other income	12	11
Total Other Income	12	11

GOVERNMENT GRANTS

Total amount of non-repayable grants available under the EDIOP-1.1.7-2017-00001 programme: it was HUF 1,307 million after a budget increase in 2022, with the aim of implementing training and mentoring programmes and providing stock exchange preparation for IPOs for companies identified in the context of the call. The programme and related payments by BSE ended in 2023. The Grantor approved the last settlement in January 2024 and transferred HUF 497 million to BSE.

The mirror project of EDIOP, the "BSE Mentoring Programme in the Central Hungary Region" ("CHR") project targets the same stock exchange development elements by focusing on the central regions. After the budget increase in 2022, the total amount HUF 846,75 million was available for this aim. In 2023, the CHR program also expired, BSE paid all relevant amounts to eligible partners, and the final approval also arrived in March 2025.

There are no unfulfilled conditions and other contingencies attaching to government assistance recognised.

A significant part of trade payables and other current liabilities is composed of advances received for the project:

DESCRIPTION	30.062025	31.12.2024
EDIOP advance	0	0
CHR advance	0	470
Total project advances received (Within other short-term liabilities)	0	470

IFRS REPORT – NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED 30 JUNE2025; DATA IN MILLION FORINTS

7. OPERATING EXPENSES

DESCRIPTION	NOTES	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Expenses for material costs		2	2
Expenses for services used		408	402
Expert fees		82	89
PR, marketing and sales costs		36	27
License fees		162	144
Operating costs of leased office		58	70
Other services		70	72
Personnel costs		816	700
Wages and salaries		678	579
Contributions on wages and salaries		96	84
Other personnel type expenses		42	37
Depreciation and amortisation	11, 12	138	174
Depreciation charge of right-of-use asset		57	54
Amortisation of intangible assets, depreciation charge of tangible fixed assets		81	120
Expenses arising from miscellaneous other costs		83	72
Non-deductible VAT		77	66
Other costs		6	6
Other expenses		18	0
Total operating expenses		1 465	1 350

The license fees include minor and/or short-term (maximum 1 year) software and device leases. A significant amount of these arise in EUR, thus the rise of the exchange rate has an effect on the higher level of expenses.

Other services include service costs incurred in the ordinary course of business.

8. EMPLOYEE INFORMATION

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Wages and salaries	678	579
Contributions on wages and salaries	96	84
Other personnel type expenses	42	37
Total	816	700

The average number of employees during the first half-year was 62 (in 2024 H1: 63). The above presented Employee costs are part of Operating expenses (Note 7). A significant part of other personal expenses includes employee Cafeteria and other benefits.

9. FINANCE INCOME AND EXPENSES

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Interest income from banks and other
sources	207	140
Total interest income	207	140
Realised gains on exchange rates	0	11
Unrealised gains on exchange rates	0	15
Total other finance income	0	26

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Unrealised losses on exchange rates	31	0
Realised loss on exchange rates	10	0
Interest on lease liabilities (effective interest)	16	17
Total finance expense	57	17

Interest income increased significantly due to the change in the yield environment and the amount of cash.

10. TAXATION

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Current income tax expense
Corporate tax	75	55
Local business tax	45	38
Innovation contribution	7	6
	127	99
Deferred tax expense/reversal
Origination of temporary differences	117	-101
Income tax expense	244	-2

The reconciliation of actual income tax expense and tax bases and accounting profit is the following:

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Profit before tax (accounting profit)	2 916	2 756
Income tax expense	244	-2
Effective tax rate	-8,4%	0,1%
Corporate income tax reconciliation
Corrections (local business tax, innovation contribution)	-52	-44
Profit/loss before taxation incl. corrections	2 864	2 712
Items increasing the tax base	104	122
from the above: Depreciation and amortisation acc. to IFRS	81	120
Items decreasing the tax base	-2 135	-2 227
from the above: Share in profit/loss from associate	-2 025	-2 112
from the above: Depreciation acc. to Income tax law	-85	-115
Corporate income tax base	833	607
Corporate income tax (9%)	75	55

Continued on the next page.

Continued from the previous page.

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
Local business tax and innovation contribution reconciliation
Base for local business tax and innovation contribution	2 245	1 880
Local business tax (2%)	45	38
Difference between Tax base and Accounting profit	-671	-876
from the above: Profit and loss items excluding revenues	-720	-921
other taxable income e.g. other income, nettings in revenues	51	75
other deductible expenses, e.g. material expenses, mediated services	-2	-30
Innovation contribution (0,3%)	7	6

The corporate tax base must be calculated from the pre-tax profit as defined in the IFRS, and certain items must be added or deducted during the calculation.

The provision for deferred taxation (liability) for the year is analyzed as follows:

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024
At the beginning of the period	1 193	1 058
Debited/(Credited) in net profit	116	-101
At the end of the period	1 309	957

Deferred income taxes are calculated on all temporary differences under the balance sheet liability method using a tax rate of 9%. The balance as at the end of the period mainly represents the untaxed gain of investments in associated companies.

IFRS REPORT – NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED 30 JUNE2025; DATA IN MILLION FORINTS

The derivation and source of the deferred tax is as follows:

	CARRYING AMOUNT	TAX VALUE
DESCRIPTION	30.06.2025	30.06.2025	DIFFERENCE
Property, plant and equipment	371	260	111
Intangible assets	196	169	27
Right of use assets	754	754	0
Investments in associates measured using the equity method and investments in subsidiaries	19 564	5 115	14 449
Investments measured at fair value through other comprehensive income	4	4	0
Loans at amortised cost	22	22	0
Inventories	3	3	0
Trade and other receivables	565	595	-30
Prepaid expenses	223	223	0
Accrued revenues	86	86	0
Cash and cash equivalents	10 241	10 241	0
Employee benefit liabilities	15	0	-15
Non-current lease liability	749	749	0
Trade payables and other short-term liabilities	124	124	0
Liabilities to shareholders	671	671	0
Current tax liabilities	15	15	0
Current lease liability	119	119	0
Prepaid revenues	361	361	0
Accrued expenses	231	231	0
Total			14 541
Total deductible difference			-46
Total taxable difference			14 586
Total deferred tax assets			0
Total deferred tax liabilities			1 309

IFRS REPORT – NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED 30 JUNE2025; DATA IN MILLION FORINTS

DESCRIPTION	CARRYING AMOUNT 31.12.2024	TAX VALUE 31.12.2024	DIFFERENCE
Property, plant and equipment	332	315	17
Intangible assets	235	207	28
Right of use assets	790	790	0
Investments in associates measured using the equity method and investments in subsidiaries	18 363	5 115	13 248
Investments measured at fair value through other comprehensive income	3	3	0
Loans at amortised cost	22	22	0
Inventories	2	2	0
Trade and other receivables	502	530	-28
Prepaid expenses	36	36	0
Accrued revenues	560	560	0
Cash and cash equivalents	8 655	8 655	0
Employee benefit liabilities	11	0	-11
Non-current lease liability	813	813	0
Trade payables and other short-term liabilities	675	675	0
Current tax liabilities	9	9	0
Current lease liability	117	117	0
Prepaid revenues	56	56	0
Accrued expenses	189	189	0
Total			13 255
Total deductible difference			-39
Total taxable difference			13 294
Total deferred tax assets			0
Total deferred tax liabilities			1 193

11. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS

		PROPERTY, PLANT AND EQUIPMENT
DESCRIPTION	INTANGIBLE ASSETS	IMPLEMENTED ON LEASED INVESTMENTS PROPERTY	IT EQUIPMENT	OFFICE FURNITURE, EQUIPMENT AND INSTALLATIONS	MOTOR VEHICLES	PLANT TOTAL PROPERTY, AND EQUIPMENT	TOTAL
First half-year of 2025
Gross amount
as at 1 January 2025	2 042	166	704	74	37	981	3 023
Procurement, capitalisation	5	0	91	3	0	94	99
Scrapping, sale	-12	0	-67	-2	-21	-90	-102
as at 30 June 2025	2 035	166	728	75	16	985	3 020
Depreciation and amortisation
as at 1 January 2025	1 807	50	525	67	7	649	2 456
Charge for the year	44	8	26	1	2	37	81
Decrease due to de-recognition	-12	0	-67	-1	-4	-72	-84
as at 30 June 2025	1 839	58	484	67	5	614	2 453
Carrying amount
as at 1 January 2025	235	116	179	7	30	332	567
as at 30 June 2025	196	108	244	8	11	371	567
Year 2024
Gross amount
as at 1 January 2024	1 986	166	589	71	37	863	2 849
Procurement, capitalisation	56	0	116	5	0	121	177
Scrapping, sale	0	0	-1	-2	0	-3	-3
as at 31 December 2024	2 042	166	704	74	37	981	3 023
Depreciation and amortisation
as at 1 January 2024	1 682	34	473	65	3	575	2 257
Charge for the year	125	16	53	4	4	77	202
Decrease due to de-recognition	0	0	-1	-2	0	-3	-3
as at 31 December 2024	1 807	50	525	67	7	649	2 456
Carrying amount
as at 1 January 2024	304	132	116	6	34	288	592
as at 31 December 2024	235	116	179	7	30	332	567

IFRS REPORT – NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED 30 JUNE2025; DATA IN MILLION FORINTS

Intangible assets comprise of the following:

• trademarks,
• software licences,
• softwares developed by BSE.

12. LEASES UNDER IFRS 16

The right-of-use asset was capitalised on the basis of the contract for the office leased by BSE.

The right-of-use asset of the lease of the office in Krisztina körút 55. was included in the books in February 2022, together with the related lease liabilities. The right-of-use asset is depreciated using the straight-line method until February 2032.

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 31.12.2024
Gross amount
as of the first day of the period	1 090	1 045
Correction due to indexation	21	45
as of the last day of the period	1 111	1 090
Depreciation
as of the first day of the period	300	191
Depreciation charged (Krisztina krt. 55.)	57	109
as of the last day of the period	357	300
Carrying amount
as of the first day of the period	790	854
as of the last day of the period	754	790

The evolution of the related lease liability can be derived as follows:

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 31.12.2024
Opening balance	930	926
Correction due to indexation	21	45
Payment to lessor (K55)	-75	-142
Interest incurred (K55)	16	33
Year-end foreign exchange revaluation difference	-24	68
Lease balance on the last day of the period	868	930
Current lease liabilities	119	117
Non-current lease liabilities	749	813

13. INVESTMENTS (INTERESTS IN OTHER ENTITIES)

BSE has no consolidated or unconsolidated interests in which control is not based on voting rights or where the voting rights are not used to direct the relevant activities leading to control (structured entities).

Neither BSE, nor BSE's associates are investment companies or have an interest in one. All companies publish their separate financial statements in accordance with the law that applies to them.

A) SUBSIDIARIES

There are no subsidiaries currently owned by BSE.

B) ASSOCIATES

		OWNERSHIP INTEREST HELD BY BSE (%)
NAME OF THE ENTITY	PLACE OF BUSINESS	30.06.2025	31.12.2024	PRINCIPAL ACTIVITIES	TYPE OF RELATIONSHIP
KELER Zrt.	Hungary	46,67	46,67	depository services	associate
KELER KSZF Zrt.	Hungary	0,07	0,07	clearing service	associate

KELER CCP is 99.85% owned by KELER.

The value of the investment in the KELER Group changed in the standalone IFRS financial statements as follows:

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 31.12.2024
Opening balance (gross)	22 317	20 843
Share of current year net income	2 025	4 747
Share of other comprehensive income	-4	-3
Dividends received	-820	-3 270
Closing balance (gross)	23 518	22 317
Opening balance of impairment	-3 953	-3 953
Impairment in current year	0	0
Reversal of impairment	0	0
Closing balance of impairment	-3 953	-3 953
Opening balance (net of impairment)	18 363	16 890
Closing balance (net of impairment)	19 564	18 363

According to IAS 36, BSE has to ensure that its assets are carried at no more than their recoverable amount.

The standard addresses the indications on the basis of which an impairment loss may arise. If any of these indications exist, the operator should prepare a formal estimate of the recoverable amount. BÉT's management identified the following fundamental factors, on the basis of which it became necessary to estimate the value of the share owned in the KELER Group as of December 31, 2024:

• unfavorable macroeconomic environment,
• effect of securities transaction tax introduced in 2022
• due to the high risk premium the evaluation of Hungarian assets generally lower (since 2022 and 2023, market interest rates have decreased)
• KELER Group performed above business plans

For the reasons detailed above, BSE deemed it necessary to examine the value of it share in KELER Group on 31 December, 2024. BÉT performed the company valuation based on the discounted cash flow method (DCF). The investment value was determined by forecasting the future cash flows of the KELER group and discounting them to their present value. Based on this, taking into account BSE's ownership share, the value of BSE's shares in the associates was approximately the same as the book value. BSE's management reviewed the assessment and did not identify such differences that would have required the accounting of impairment or the reversal of previous impairment as of December 31, 2024.

BSE also examined the presence of signals on 30 June, 2025, which still existed, there were no changes in them. Since no significant period of time has elapsed, and KELER Group's results for the first half-year of 2025 differ in a positive direction from the plans used as the basis for the DCF calculation, further impairment accounting is not justified with a high degree of certainty as of 30 June. BSE plans to update the company assessment of the KELER Group as of December 31, 2025.

C) OTHER LONG-TERM INVESTMENTS

Along with 14 other stock exchanges, BSE founded EuroCTP B.V. in 2023. BÉT's share in the company is 0.05%. BSE values the share at fair value through other comprehensive income.

14. CURRENT ASSETS

The Company had no significant value of inventory at period-end. These assets are not related to the Company's core business. The assets support the daily administrative operation of the Company (stationery and other office related assets).

The amount of Impairment on trade receivables has changed according to the below:

DESCRIPTION	30.06.2025	31.12.2024
Gross amount of trade receivables	594	529
Accumulated impairment	-29	-27
Net amount of trade receivables	565	502

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 31.12.2024
Accumulated impairment as of the first day of the period	27	23
Net change of impairment	2	4
Accumulated impairment as of the last day of the period	29	27

Cash and Cash Equivalents contains only the balance of the cash at bank and depository.

Beginning in 2022, the BSE granted housing loans to its employees, a portion of which matures within the year (HUF 2 million) and are presented as part of Trade and other receivables. The part with a maturity of more than a year was shown under Non-current assets as Loans at amortised cost (HUF 22 million).

The fair value of the receivables presented is almost identical to the book value. The above items do not bear interest, with the exception of cash equivalents, which earn interest if deposited for a fixed term.

FREE CASH FLOW STATEMENT

Below we present the free cash flow statement, which is a cash flow excluding EDIOP and CHR government grant items. The basis of the statement is the statement of cash flows according to IFRS, adjusted by items not defined in IFRS.

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 30.06.2024	CHANGE, IN %
Profit/loss before taxation	2 916	2 756	+5,8%
Share of the profit/loss of associates	-2 026	-2 112	-4,1%
Impairment losses of associates	2	1	100%
Other adjustments in profit/loss before taxation	-20	39
Adjusted profit/loss	872	684	+27,5%
Working capital adjustments, income tax paid	-102	678
Extraction of government grant items	18	-497
Operating cash flow (adjusted, excluding grants)*	788	865	-8,9%
Cash flow from investing activities – excluding dividend received	125	14	792,9%
Cash flow from financing activities, exluding dividend paid	-75	-70	+7,1%
Free cash flow (adjusted, excluding grants) and dividend received*	838	809	+3,6%
Dividend received	820	3 270	-74,9%
Free cash flow (adjusted, excluding grants)*	1 658	4 079	-59,4%

*Values are adjusted for the effects of EDIOP and CHR grant projects

The adjusted profit of BSE for the first half-year of 2025, which is made up of profit before taxation, share of the profits of associates, and other correction items (e.g. depreciation, reclassification to investment cash flow), amounts to HUF 872 million, and thus 27.5% higher than the value for the first half-year of 2024.

The working capital corrections and the tax paid in the relevant period were HUF -102 million, but this also includes the effect of the EDIOP and CHR subsidies, which should be filtered out, as they are not part of normal operations. The net operating cash flow obtained after filtering was HUF 788 million in the relevant period. Investment cash flow without dividends in the same period was HUF 125 million.

The content of the financing cash flow is the lease fees paid in connection with the rented property.

The free cash flow without dividends received (excluding the effects of grants) was HUF 838million in the first half-year of 2025.

15. EQUITY

SUBSCRIBED CAPITAL

The Company's authorised, issued, called up and fully paid share capital comprises 5,413,481 (at 31.12.2024: 5,413,481) ordinary shares with par value of HUF 100 each. All shares rank pari passu in the event of a winding up. The share capital represents shares held by the following shareholders

DESCRIPTION	30.06.2025	31.12.2024
Magyar Nemzeti Bank	81.4%	81.4%
Patria Finance A.S.	5.2%	5.2%
Concorde Befektetési és Eszközkezelő Zrt.	4.1%	4.2%
OTP Bank Nyrt.	2.8%	2.8%
Erste Bank Hungary Zrt.	2.3%	2.3%
Mol Nyrt.	2.2%	2.2%
Others (all under 2% share individually)	2.0%	1.9%
Összesen	100.0%	100.0%

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders' meetings of the Company.

On 7 June 2023, the Board of Directors of the Budapest Stock Exchange decides on the listing of the dematerialised, registered ordinary shares of the issuer Budapest Stock Exchange on the Equities Standard Market.

• Number of securities listed: 5 413 481
• Face value: HUF 100
• Listing price: HUF 2 906
• Code of security (ISIN): HU0000063078

The first day of trading was 21 June 2023 (Resolution No. 177/2023 of the Board of Directors of Budapest Stock Exchange Plc.)

RETAINED EARNINGS

Retained earnings include the cumulative amount of the profit after tax for each year.

REVALUATION RESERVE ORIGINATING FROM ASSOCIATES

This balance sheet line currently includes the items included in the revaluation reserve for instruments at fair value through other comprehensive income of the KELER Group, using the equity method, based on the 46.67% stake in the KELER Group.

16. EMPLOYEE BENEFITS: JUBILEE BENEFITS

DESCRIPTION	01.01.2025– 30.06.2025	01.01.2024– 31.12.2024
Jubilee obligation as at 1 January	11	10
Interest cost	1	1
Current service cost	1	1
Benefits paid	-1	-2
Actuarial gains/losses	2	1
Jubilee obligation on the last day of the period	14	11
of which short-term	2	1
of which long-term	12	10

The sum of Current service costs and Actuarial gains/losses are included in Operating Expenses, under Personnel Expenses.

17. NON-CURRENT LIABILITIES

The amount of Prepaid revenues at the end of an interim period is necessarily higher than at the end of a financial year, since vendor annual license fees are invoiced at the beginning of the year. Presentation of only the time-proportional part is necessary, therefore the amounts related to the 7th-12th months are shown as Prepaid revenues.

The Accrued expenses include the costs for the relevant period that have not yet been invoiced, as well as time-proportional premiums.

Among Trade payables and other short-term liabilities, we present any unsettled advances for the EDIOP/CHR grant programs, which amounted to HUF 470 million as of 31 December, 2024, and which were already fully eliminated as of 31 March 2025.

18. RELATED PARTY INFORMATION

TRANSACTIONS WITH RELATED PARTIES

The following significant (over HUF 10 million) transactions occurred with related parties:

BALANCE SHEET

NAME OF RELATED PARTY	ACCOUNT TYPE	30.06.2025	31.12.2024
	Accounts payable	15	27
MNB-Bankjóléti Szolgáltatások
Zrt.	Accounts payable	0	16
MNB-Ingatlan Kft.	Accounts payable	15	11

STATEMENT OF PROFIT OR LOSS

NAME OF RELATED PARTY	TRANSACTION TYPE	01.01.2025- 30.06.2025	01.01.2024- 30.06.2024
	Purchase of services from related parties	58	62
MNB-Ingatlan Kft.	Property operating costs	58	62

The controlling institution is the Magyar Nemzeti Bank. The subsidiaries included the following:

		OWNERSHIP INTEREST HELD BY THE CONTROLLING ENTITY (%)
SUBSIDIARY'S NAME	PLACE OF BUSINESS	30.06.2025	31.12.2024	PRINCIPAL ACTIVITIES
Magyar Pénzverő Zrt. (Hungarian Mint Plc.)	Hungary	100	100	produce circulation coins
Pénzjegynyomda Zrt. (Hungarian Banknote Printing Shareholding Co.)	Hungary	100	100	production of forint banknotes and secure documents
GIRO Zrt.	Hungary	100	100	payment system operation
MNB-Bankjóléti Szolgáltatások Zrt.	Hungary	100	100	personal guarding and protection
MNB-Ingatlan Kft. (MNB-Real Estate Ltd.)	Hungary	100	100	rental and operation of real estate
Pénzügyi Stabilitási és Felszámoló Nonprofit Kft. (Financial Stability and Liquidator Non-profit Ltd.)	Hungary	100	100	perform the liquidation of financial institutions
Budapesti Értéktőzsde Nyrt. (Budapest Stock Exchange Plc.)	Hungary	81.35	81.35	official listings on the stock exchange
KELER Központi Értéktár Zrt. (KELER Zrt.)	Hungary	53.33	53.33	depository services
KELER KSZF Központi Szerződő Fél Zrt. (KELER KSZF Zrt.) (KELER CCP Central Counterparty Zrt. (KELER CCP Zrt.)	Hungary	0.08	0.08	clearing service
MNB-EduLab Kompetencia Központ Nonprofit Kft. (MNB-EduLab Nonprofit Kft.)	Hungary	100	100	education, training
Nemzetközi Fizetések Bankja (Bank for International Settlements)	Switzerland	1.43	1.43	banking services to central banks, research activities
Európai Központi Bank (European Central Bank) (ECB)	Germany	1.58	1.55	central bank function
SWIFT	Belgium	0.03	0.03	execution of financial transactions

19. EVENTS AFTER BALANCE SHEET DATE

MACROECONOMIC ENVIRONMENT

The Budapest Stock Exchange (BSE) plays a prominent role in the capital financing of domestic companies, and thus closely influences the development of the macroeconomic environment. Economic fundamentals – such as GDP growth, the level of country risk, the inflation rate, the unemployment rate or the volume of household savings – have a direct impact on the willingness of companies to list on the stock exchange, as well as on the investor perception of companies already listed on the stock exchange.

In the event of an unfavorable macroeconomic turn, the willingness of companies to issue shares may decline, which may negatively affect the issuer revenues of the BSE. Although short-term market volatility may even increase trading activity – and thus temporarily increase stock exchange turnover –, persistently negative economic trends may lead to a decrease in investor confidence in the long term, thereby reducing the revenues and profitability of the BSE.

It is also important to highlight the role of foreign investors: in the first half-year of 2025, they accounted for 61 percent of the spot secondary market turnover. In light of this, the deterioration of domestic macroeconomic indicators may have an adverse effect not only on domestic but also on international investor interest, which may also significantly affect the operation of the BSE.

20. PROPOSED AND APPROVED DIVIDENDS

After the results of 2023, gross dividend of HUF 606 309 872 were paid by BSE in the business year 2024 (dividend per share: HUF 112 gross). After the year 2024, the Annual General Meeting of BSE decided to pay a gross dividend of HUF 671 271 644 in 2025 (dividend per share: HUF 124 gross), which was paid on 8th July 2025.

21. CSRD

Sustainable thinking and ESG (environmental, social, governance) principles play a key role in the business world.

Budapest Stock Exchange Plc. (BSE) has developed its own strategy in this regard, which includes among others:

• assessing and adapting to the impacts of climate change and societal challenges;
• a long-term commitment to achieving sustainable goals;
• progressively preparing market actors for the green transition and sustainable development;
• creating market infrastructures and business toolkits to support transition and adaptation;
• ensuring the transparent functioning of markets,
• and supporting corporate ESG reporting.

The company also volunteered to prepare its second sustainability report according to the standards of the GRI framework applicable from 2024 and SASB 2018 standards issued for stock exchanges and commodity exchanges, in which ESG criteria were prioritised in terms of exchange operations.

• Corporate governance aspects (responsible corporate governance, oversight of sustainability processes by management bodies; risk

management, business continuity, protection of trading and related systems, ensuring safe and continuous operation, ensuring statutory compliance) were ranked the highest;

• followed by environmental impact (energy use and carbon dioxide emissions; waste and water use);
• and then by social topics (employee rights, well-being, sustainable working conditions and personal development; diversity, equal treatment, non-discrimination; occupational health, safety and indirect impacts of the stock exchange, regulatory, educational activities).

Following the most common global goals cited by stock exchanges and the recommendations of the SSE, BSE sets the following 5 UN global goals in its sustainability activities:

• gender equality,
• decent work and economic growth,
• responsible consumption and production,
• climate action
• and partnership to achieve these goals

The recommendations are evaluated based on specific indicators, most of which have already been met by BSE.

22. AUTHORISATION OF FINANCIAL STATEMENTS FOR DISCLOSURE

The Board of Directors approved the present financial statements of BSE on 9 September, 2025, and also authorized the publication of the (interim) financial statements of the Company for the first half-year of 2025 prepared according to the IAS 34.

23. EQUITY CORRELATION TABLE

DESCRIPTION	30.06.2025	31.12.2024
Share capital	541	541
Registered but unpaid capital	0	0
Capital reserve	0	0
Retained earnings	25 216	14 813
Tied-up reserve	0	0
Revaluation reserve	5	12
Profit/loss for the period	2 672	5 841
Equity under (Hungarian Accounting Regulations §114/B)	28 434	21 207
Retained earnings acc. to §114/B (5) b available for distribution	25 216	14 813
Profit/loss for the period	2 672	5 841
Accumulated, unrealised profit from the increase of fair value of investment properties under IAS 40	0	0
Retained earnings available for distribution	27 888	20 654

24. DECLARATIONS

The current interim financial statements and management report (together: quarterly report) were discussed and approved for publication by the Board of BSE on 9 September, 2025.

We declare that BSE's interim financial statements for the 30 June of 2025, in accordance with the International Financial Reporting Standards adopted by the European Union (IAS 34), give a true and reliable picture of the BSE's assets, liabilities, financial position and profits, to the best of our knowledge and his loss.

Furthermore, we declare that the management report for the first half-year of 2025 provides a reliable picture of the situation, development and performance of the BSE, as well as describes the main risks and uncertainty factors affecting the remaining six months of the financial year.

We declare and draw attention to the fact that the first half-year report of BSE was not audited by an independent auditor.

Budapest, 9 September 2025

Tóth Tibor Katalin Sámel CEO CFO

Budapest Stock Exchange Plc.

BUDAPEST STOCK EXCHANGE PLC.

1013 BUDAPEST, KRISZTINA KÖRÚT 55. VI. EMELET WWW.BSE.HU