13 November 2025

FY26 Interim Results (Unaudited)

Getting Back to B&M Basics

B&M European Value Retail S.A. ("the Group"), the UK's leading variety goods value retailer, today announces its interim results for the 26 weeks to 27 September 2025.

Tjeerd Jegen, Chief Executive Officer, said:

"Our Back to B&M Basics plan is progressing and we are taking decisive actions to improve our retail execution and restore our financial performance. While the full financial benefits will build over time, I am confident our actions can restore sustainable like-for-like (LFL)¹ sales growth at B&M UK, which is our number one priority and, in the medium term, low double-digit UK adjusted EBITDA² margins as an outcome. In the meantime, our store presence in the UK and France continues to expand, supporting Group revenue growth as we reach new customers and support them in these uncertain economic times.

We continue to strengthen our capabilities and I am pleased to announce the appointment of Simon Hathway as our new Group Trading Director. Simon brings significant retail experience, including as Buying and Merchandising Director at Action Holding B.V., and I look forward to his start at B&M. I am also pleased to welcome Helen Cowing as our Interim Chief Financial Officer, who brings a wealth of CFO experience from a variety of corporate backgrounds, including Selecta Group, FatFace and Mobico Group plc⁸.

Lastly, I am pleased to confirm I am bringing responsibility for our Supply Chain and Retail operations under Jon Parry, one of our most experienced retail leaders, in order to create a simpler and more cohesive structure that brings our Store and Supply Chain teams even closer together. I would like to thank Gareth Bilton, Mike Schmidt and James Kew for their commitment to B&M and wish them well for the future."

Highlights

Results Presentation

An in-person presentation and Q&A for analysts in relation to these results will be held today at 9.00am (UK) at Bank of America, 2 King Edward St, London, EC1A 1HQ. Attendance is by invitation only and attendees must be registered in advance. 

A simultaneous live webcast and presentation will also be available. Please use the following link:

https://edge.media-server.com/mmc/p/tvkwg3op

Post-event, a replay will be available on demand via the Investors section of our website at:

Reports & Presentations l B&M Stores (bandmretail.com) for analysts and investors only.

Enquiries

B&M European Value Retail S.A.

For further information please contact: +44 (0) 151 728 5400

Tjeerd Jegen, Chief Executive Officer

Mike Schmidt, Chief Financial Officer

Andrew Orchard, Head of Investor Relations

Investor.relations@bandmretail.com

Media

For media please contact:

Sam Cartwright, H-advisors, sam.cartwright@h-advisors.global +44 (0) 7827 254 561     

Neil Bennett, H-advisors, neil.bennettt@h-advisors.global +44 (0) 7900 000 777

Disclaimer

This announcement contains statements which are or may be deemed to be 'forward-looking statements'. Forward-looking statements involve risks and uncertainties because they relate to events and depend on events or circumstances that may or may not occur in the future. All forward-looking statements in this announcement reflect the Company's present view with respect to future events as at the date of this announcement. Forward-looking statements are not guarantees of future performance and actual results in future periods may and often do differ materially from those expressed in forward-looking statements. Except where required by law or the Listing Rules of the UK Listing Authority, the Company undertakes no obligation to release publicly the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect any events or circumstances arising after the date of this announcement.

About B&M European Value Retail S.A.

B&M European Value Retail S.A. is a variety retailer with 786 stores in the UK operating under the "B&M" brand, 344 stores under the "Heron Foods" and "B&M Express" brands, and 140 stores in France also operating under the "B&M" brand as at 27 September 2025. It is a constituent of the FTSE 250 index.

The B&M Group was founded in 1978 and listed on the London Stock Exchange in June 2014. For more information, please visit www.bandmretail.com

 Notes:

1.     One-year like-for-like revenues include each store's revenue for that part of the current period that falls at least 14 months after it opened compared with its revenue for the corresponding part of FY25 (excluding wholesale revenues). This 14-month approach has been adopted as it excludes the 2-month halo period which new stores experience following opening.

2.     Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring impacts on performance which therefore provides the user of the accounts with additional metrics to compare periods of account. See notes 3 and 4 of the financial information for further details.

3.     Please see note 3 of the financial information for more details and reconciliation to the Consolidated statement of cash flows. Statutory Group cash generated from operations was £293m (H1 FY25: £303m). This statutory definition excludes payments for leased assets including the leasehold property estate.

4.     Net debt comprises interest bearing loans and borrowings, overdrafts and cash and cash equivalents. Net debt was £859m at the half year end (H1 FY25: £788m), reflecting £1,027m (H1 FY25: £973m) as the carrying value of gross debt netted against £168m of cash (H1 FY25: £185m). See note 8 of the financial information for more details.

5.     Dividends are stated as gross amounts before deduction of Luxembourg withholding tax which is currently 15%.

6.     Constant currency comparison involves restating the prior year Euro revenues using the same exchange rate as that used to translate the current year Euro revenues.

7.    References in this announcement to the B&M UK business include the B&M fascia stores in the UK except for the 'B&M Express' fascia stores. References in this announcement to the Heron Foods business include both the Heron Foods fascia and 'B&M Express' fascia convenience stores in the UK.

8.     In accordance with Listing Rule 6.4.8R, the Company discloses that Helen Cowing was Interim Group CFO at Mobico Group plc until June 2025. There is no other information to be disclosed Under Listing Rule 6.4.8R.

Chief Executive's Review

This is my first presentation of Interim Results for the Group in my role as Chief Executive. The period coincides with a comprehensive review of operating performance, which I led shortly after being appointed as CEO in June 2025. It was clear to me that B&M's business fundamentals were solid, but I saw immediate opportunities to improve our retail execution and strengthen our customer proposition. We have since devised clear actions to seize these opportunities in a growth plan we call Back to B&M Basics, the details of which I set out below.

We announced on 20 October that following a system integration change, freight costs had not been correctly recognised. While the error did not impact any audited historical financial information, it did impact assumptions that determined our 7 October Trading Update and outlook. The Board commissioned a review of the matter, which is being conducted by EY. We expect the review to be completed in the coming weeks and we will update further at our Q3 Trading Update in January 2026. 

The Board has decided that, while the Company's redomicile from Luxembourg to Jersey remains a priority to provide increased flexibility in returning excess capital to shareholders, it should be completed once the review has concluded and any appropriate actions have been taken. The Board is confident that the redomicile will complete in the new calendar year and will enable excess capital to be returned by way of share buybacks, subject to shareholder approvals.

As we set out in our Trading Update on 7 October, new store openings and good trading momentum in B&M France enabled the Group to grow revenue by 4.0% during the first half of FY26. B&M UK¹ revenue grew by 3.5% as we opened 9 net new stores, which contributed to total value and volume sales growth. B&M UK LFL² sales meanwhile were broadly flat (+0.1%), with volume and value growth in General Merchandise offset by a decline in FMCG LFL sales.

We are taking decisive actions to correct the weakness in LFL sales with our Back to B&M Basics plan. We believe the full impact of these actions will take 12-18 months to take effect, but we are confident they will restore B&M's value proposition and support a return to sustainable LFL sales growth for B&M UK.

The UK consumer remains under pressure from cost-of-living concerns and fiscal uncertainty, the impact of which is reflected in our recent trading. For B&M UK, this has been at the lower end of the low single-digit positive to low single-digit negative percentage assumption range we outlined on 7 October. Our Back to B&M Basics initiatives are also in their early stages. However, with the main portion of the important Golden Quarter still ahead of us, we maintain our guidance of a second-half UK LFL percentage growth rate of between low single-digit negative and low single-digit positive levels. We expect B&M UK's LFL² sales will be the principal driver of the outcome of FY26 Group adjusted EBITDA (pre-IFRS 16)³ within our guidance range of £470m-£520m.

We expect that our actions under Back to B&M Basics will support a return to LFL growth over the next 12-18 months, enabling future adjusted EBITDA margins for B&M UK to stabilise at low double-digit percentage levels over the medium term as an outcome.

Back to B&M Basics

B&M's original customer proposition remains strong, but our execution has drifted. This has impacted our trading performance, which our first half results reflect. Outlined alongside our 7 October Trading Update, our Back to B&M Basics plan is a set of immediate actions to bring about improvements in four key areas of our retail execution: Price, Promotions, Ranges, and on-shelf Availability. Our number one priority is to return B&M UK to sustainable LFL growth.

We have moved at pace to implement this plan, with actions ongoing or planned in these four key areas, including:

Strengthening our Foundations

Back to B&M Basics is Phase One of a longer-term strategy to first restore - and then accelerate - growth across our business. A similar set of actions are ongoing at Heron to strengthen LFL growth.

Beyond B&M Basics, we have valuable opportunities to deepen B&M's foundations in order to support future growth. This is Phase Two, which will include smarter use of data and customer insights and simplifying many of our in-store processes, which are overly complex. It will also see us flex the format of our stores to best suit their location - especially town centre sites where the customer shop can vary - and ensure our in-store experience for customers is one that deepens their loyalty to the B&M brand.

With these foundations in place, we also see a Phase Three opportunity to accelerate growth by investing in the success of B&M France. This business has been executing well in a competitive market and enjoyed double-digit growth in Q2. In addition, we will be investigating longer-term opportunities, including private label and potentially ecommerce and loyalty programs. We will provide an update on these opportunities as we evaluate and reach decisions on each.

Capital Allocation

B&M is a cash-generative business, which we use to reinvest for future growth and provide attractive returns for shareholders. Our updated Capital Allocation Policy governs how we use our cash and ensures capital is deployed in the most value-accretive manner in the context of our leverage tolerance, which remains in the range of 1.0x to 1.5x over time on a pre-IFRS 16 basis, subject to normal seasonality.

Our first capital allocation priority is reinvesting in the existing business at attractive returns to drive organic growth and maintain our competitive position. This includes maintaining and expanding our B&M UK estate, where space growth remains highly profitable, with attractive contribution margins that are accretive to company margins and with an average payback period of approximately 12 months. We are strengthening our white space analytical capabilities to identify the best sites and ensure we protect the performance of our existing estate as we expand our network of stores. We continue to see a considerable white space opportunity in the UK and remain confident in our long-term target of approximately 1,200 stores under the B&M UK banner.

We recognise the importance of cash returns to shareholders through our ordinary dividend and the special dividends we have declared in the past. The redomicile of the Group from Luxembourg to Jersey will enable us to undertake share buybacks and the Board has confirmed this as its current preferred option in returning excess capital, subject to shareholder approvals.

We remain committed to returning excess capital to shareholders after considering any strategically relevant M&A opportunities. Currently, we are not considering any M&A acquisitions, nor do we expect these to be a near-term growth focus for the Group.

People

We continue to strengthen our capabilities and I am pleased to announce the appointment of Simon Hathway as our new Group Trading Director. Simon brings significant retail experience, including as Buying and Merchandising Director at Action Holding B.V. He has also held senior leadership positions at Sainsbury's, AS Watson and Wilko. I look forward to his start at B&M. I am also pleased to welcome Helen Cowing as our Interim Chief Financial Officer, with effect from 1 December 2025 at which point she will join the Board. Helen is a highly experienced CFO who brings a wealth of Finance leadership experience from a variety of corporate backgrounds, including Selecta Group, FatFace and Mobico Group plc.

Lastly, I am pleased to confirm I am bringing responsibility for our Supply Chain and Retail Operations under Jon Parry, one of our most experienced retail leaders, in order to create a simpler and more cohesive structure that brings our Store and Supply Chain teams even closer together. I would like to thank Gareth Bilton, Mike Schmidt and James Kew for their commitment to B&M and wish them well for the future.

Priorities and Opportunities

B&M's fundamentals remain strong, but our execution needs improvement. We have completed a full diagnosis of where we drifted from our core value proposition and have a plan underway to return B&M UK to sustainable LFL growth. This is the first phase of a longer-term plan that is about fixing the basics before deepening our foundations and, finally, accelerating our growth.

Our number one priority is returning B&M UK to LFL growth, which we believe will enable our UK EBITDA margin to stabilise at low-double-digit percentage levels in the medium term as an outcome. In the meantime, we continue to apply the same financial discipline to growth opportunities to drive the strong returns on investment and cash generation that are hallmarks of our earnings model.

Tjeerd Jegen

Chief Executive Officer

12 November 2025

Financial review

Group

*includes depreciation on right-of-use assets of £99m (H1 FY25: £90m). H1 total depreciation & amortisation was £146m (H1 FY25: £134m)

Group revenues increased by 4.0%, (+3.9% on a constant currency basis⁴), with growth primarily driven by B&M UK total value and volume sales growth, good trading momentum in B&M France, and the addition of 31 gross and 15 net new stores across the Group. 

Group gross profit margin decreased by 114 bps to 36.5% primarily driven by a reduction in B&M UK's trading gross margin in General Merchandise, partially offset by sales mix. Price investment in FMCG categories and a greater focus on exiting ranges to reduce SKU count in late H2 were also contributing factors.

Group adjusted operating costs on an underlying basis⁵ grew by 13.8% to £808m (H1 FY25: £711m). This is reflective of the larger store estate, upgrades in our supply chain infrastructure and operating cost increases that in particular reflect increases in National Minimum Wage levels, National Insurance taxation increases and the new Extended Producer Responsibility levy (the full annual amount of which is required to be recognised in the first half of the financial year).

Group adjusted EBITDA (pre-IFRS 16)³ decreased by 30.2% to £191m, representing a margin of 7.0%, reflecting the margin and operating cost trends above. Group adjusted operating profit³ decreased by a similar 31.5%. Total depreciation and amortisation grew by 9.8% to £146m, reflecting the continued growth of the store estate and investment into our supply chain.

Adjusting items³ were a net charge of £28m (H1 FY25: net charge of £23m). The primary driver of this was the £13m store leases and fixed asset impairment in the Heron Foods business (H1 FY25: £nil), £10m loss on fair value of our unmatured foreign exchange derivatives (H1 FY25: £19m loss), £2m in relation to pre-opening costs for our Ellesmere Port import centre and £3m costs for the parent company's migration from Luxembourg to Jersey. For further details, please see note 3 of the financial information. 

Statutory operating profit decreased by 36.8% to £149m (H1 FY25: £235m), reflecting the margin reductions coupled with an increase in adjusting items³ both mentioned above.

Net finance costs, excluding IFRS 16, increased by £4m to £32m. This was primarily driven by the Group's refinancing: a larger £250m bond issued in November 2024 at higher interest rates, which replaced the £156m bond stub redeemed in July 2025. Separately, finance charges relating to right-of-use assets (IFRS 16) rose by £4m to £42m. This increase reflects new leases from the store opening programme and the impact of higher discount rates applied in recent years.

Adjusted diluted EPS³ was 7.2p, 47.9% lower year-on-year, driven by lower adjusted operating profit and the increase in net finance costs. Statutory diluted EPS was 5.2p caused by the increase in adjusting items³.

B&M UK

In B&M UK¹, total revenues increased by 3.5% to £2,196m (H1 FY25: £2,121m), like-for-like (LFL)² sales grew by +0.1%, with positive volume and value growth in General Merchandise offset by an overall decline in FMCG LFL² sales. The timing of Easter and the early onset of good weather pulled forward demand for our General Merchandise outdoor ranges in early H1, driving double-digit LFL sales in April. Sales were weak in May as this trend reversed, following which we saw a progressive moderation in LFL sales declines in June and each period during Q2, helped by a return towards higher average value products in General Merchandise and some average selling price (ASP) inflation in FMCG.

Our trading gross margin decreased 131 bps year-on-year to 35.4% from 36.7%. This reflected lower bought-in product margins seen overall in General Merchandise spring/summer ranges, a mix shift towards some comparatively lower margin categories within General Merchandise and in Q2 we also reduced prices in FMCG on some key value items (KVI) lines. Statutory gross margin decreased 145 bps to 36.2% from 37.6%, with the difference to trading gross margin reflecting principally foreign exchange derivative accounting.

There were 23 gross (9 net) new stores openings in H1, representing significant progress to the full financial year target of between 40-45 new stores. These new stores are trading well across a diverse range of locations.

B&M UK revenues also included £15m of wholesale revenues (H1 FY25: £14m), the majority of which represented sales made to our associate Centz Retail Holdings Limited, a chain of 56 variety goods stores in the Republic of Ireland.

Adjusted operating costs on an underlying basis⁵ increased by 13.4% to £620m (28.2% of revenue), from £547m (25.8% of revenue) in the prior year. This increase was impacted by the introduction of a new £14m Extended Producer Responsibility (EPR) tax, which is fully recognised in the first half. Excluding this new tax, the underlying cost increase was 11.0%. This underlying rise is due to our 3% growth in the store estate count which together with the timing of pre-opening costs added £21m of year-on-year incremental costs to the half, together with c. £26m of increased costs from the statutory 6.7% NMW rise and also higher employer National Insurance charges. These factors, along with investment in warehouse and IT infrastructure and general operating inflation, were then partially offset by productivity mitigations. 

Adjusted EBITDA (pre-IFRS 16)³ decreased by 29.2% to £170m (H1 FY25: £240m), with adjusted margin decreasing by 358 bps to 7.7% (H1 FY25: 11.3%), due to the limited LFL² sales growth, the trading margin rate reduction described above and with an increased underlying operating cost base. Adjusted operating profit³ was £160m (H1 FY25: £228m) with a margin of 7.3% (H1 FY25: 10.8%).

Statutory profit before interest and tax for the period was £160m (H1 FY25: £228m) due to the reasons outlined above.

B&M France

B&M France has continued to trade strongly, total revenues increased by 13.4% to £280m (H1 FY25: £247m). The performance was underpinned by new store growth and good LFL² growth of 5.2% in the half. The second quarter LFL of 9.4% reflected both good trading and a somewhat disrupted prior year comparative during warehouse management system implementation (FY25-Q2: +0.8%). The business continues to demonstrate the attractiveness of the B&M value retail offer in a competitive marketplace.

The business is on track to open 12 new stores by the end of the financial year, with 5 opened in H1 FY26. 

Adjusted operating costs on an underlying basis⁵ increased by 12.0% or £11m to £104m (37.1% of revenue), compared to £93m (37.6% of revenue) in the prior year. This increase primarily reflects volume growth associated with the store rollout programme.

Adjusted EBITDA (pre-IFRS 16)³ increased to £18m (H1 FY25: £17m) representing an adjusted EBITDA margin of 6.6% (H1 FY25: 6.9%) reflecting the infrastructure investment made over recent years. We continue to expect B&M France to grow its EBITDA margins over time reducing the differential with B&M UK. Adjusted operating profit³ was £20m (H1 FY25: £18m) with a margin of 6.9% (H1 FY25: 7.1%).

Statutory profit before interest and tax for the period was £20m (H1 FY25: £18m) due to the reasons outlined above.

Heron Foods

Our discount convenience offering, Heron Foods generated revenues of £273m down 0.9% year-on-year. The performance was driven by lower LFL² transaction numbers and limited new store openings, with trading weakness experienced across all grocery categories. Heron is pursuing a similar 'back to basics' strategy to B&M UK in order to strengthen its LFL² revenue performance and ultimately to stabilise and begin to restore its profitability in a highly competitive discount grocery retail environment.

Adjusted operating costs on an underlying basis⁵ were £77m (H1 FY25: £70m) due to increases in store wages from the rise in the National Minimum Wage and employer's National Insurance contributions. These cost increases and lower revenues in the half resulted in an increase in adjusted operating costs as a percentage to revenue to 28.3% (H1 FY25: 25.4%).

Heron opened 3 gross (1 net) new stores in the period given the focus on delivering sustainable LFL⁴ growth.

Adjusted EBITDA (pre-IFRS 16)³ decreased by 42.1% to £11m (H1 FY25: £18m) as a result of expected inflationary pressures from the same statutory pressures as B&M UK and the negative operating leverage from lower LFL sales. Adjusted operating profit³ was £5m (H1 FY25: £13m) with a margin of 1.9% (H1 FY25: 4.8%).

Statutory profit before interest and tax for the period was £5m (H1 FY25: £13m) due to the reasons outlined above.

Post-tax free cash flow⁶, capital expenditure and leverage

Post-tax free cash flow⁶ generated in the first half of £51m (H1 FY25: £73m), includes a £28m working capital outflow due to higher inventory levels caused by the larger number of stores and a £15m increase in capital expenditure year-on-year.

Group net capital expenditure, excluding IFRS 16 right-of-use asset additions, was £74m (H1 FY25: £59m). This included £32m spent on 31 gross new stores opened in the first half across the Group (H1 FY25: £28m on 39 stores), £22m on maintenance works (<1% of H1 revenues) to ensure that our existing store estate and warehouses are appropriately invested (H1 FY25: £20m), and a total of £13m on infrastructure projects and opportunistic freehold acquisitions or disposals (H1 FY25: £11m). We also invested in our supply chain infrastructure in the first half with £7m one-off expenditure on the fit out of our Ellesmere Port import centre (H1 FY25: £nil).

Net debt⁷ to last-twelve-months adjusted EBITDA³ (pre-IFRS 16) is at 1.6x at the end of H1 FY26 (H1 FY25: 1.2x) given lower profits, the increased level of borrowings in the business and normal seasonal working capital flows. This is slightly above our target range of 1.0-1.5x. Incorporating IFRS 16, net debt to last twelve-months adjusted EBITDA was 2.9x (H1 FY25: 2.5x).

Dividend

We target to pay ordinary dividends at 40-50% of after-tax adjusted earnings (post-IFRS 16)³, with the long-term outlook paying out at the mid-point of the range (approximately one-third as an interim dividend and two-thirds as the final dividend).

An interim dividend of 3.5p⁸ per Ordinary Share will therefore be paid on 12 December 2025 to shareholders on the register at 21 November 2025. The ex-dividend date will be 20 November 2025. The dividend payment will be subject to a deduction of Luxembourg withholding tax of 15%.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Group remain those as set out on page 23 to 29 of our Annual Report and Financial Statements 2025: supply chain; competition; economic environment; regulation and compliance; international expansion; political uncertainty; IT systems, cyber security and business continuity; key management reliance and store expansion. During the period the Group's Directors considered whether the risk exposure had changed in any of the identified areas, and whether the Group was exposed to new risks.  The Directors noted an increase in risks across competition within the retail markets in UK and France, the wider economic environment including the potential impact of lower consumer spending, and a continued increase in regulation and compliance scope. Despite these increased risks the Board confirms the Group's risk exposure remains within tolerance, reflecting the effectiveness of mitigations already in place. The independent review of the overseas freight costs systems issue remains ongoing and has yet to fully conclude. An update will be provided at our Q3 Trading Update in January 2026.

Mike Schmidt

Chief Financial Officer

12 November 2025

Notes:

1.    References in this announcement to the B&M UK business include the B&M fascia stores in the UK except for the 'B&M Express' fascia stores. References in this announcement to the Heron Foods business include both the Heron Foods fascia and 'B&M Express' fascia convenience stores in the UK.

2.     One-year like-for-like revenues include each store's revenue for that part of the current period that falls at least 14 months after it opened compared with its revenue for the corresponding part of FY25 (excluding wholesale revenues). This 14-month approach has been adopted as it excludes the 2-month halo period which new stores experience following opening.

3.     Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring impacts on performance which therefore provides the user of the accounts with additional metrics to compare periods of account. See notes 3 and 4 of the financial information for further details.

4.     Constant currency comparison involves restating the prior year Euro revenues using the same exchange rate as that used to translate the current year Euro revenues.

5.     Adjusted operating expenses on an underlying basis excludes foreign exchange, one-off income, depreciation and amortisation. This adjusted measure is considered a more meaningful metric to the users of the accounts as this is the cost base used by management to commercially monitor performance. Group non-underlying items include B&M UK's foreign exchange retranslation losses in relation to derivative adjustments of £5m (H1 FY25: £11m loss). Group adjusted operating costs, excluding depreciation and amortisation, as a % of revenues increased to 29.6% from 27.3%.

6.     Please see note 3 of the financial information for more details and reconciliation to the Consolidated statement of cash flows. Statutory Group cash generated from operations was £293m (H1 FY25: £303m). This statutory definition excludes payments for leased assets including the leasehold property estate.

7.    Net debt comprises interest bearing loans and borrowings, overdrafts and cash and cash equivalents. Net debt was £859m at the half year end (H1 FY25: £788m), reflecting £1,027m (H1 FY25: £973m) as the carrying value of gross debt netted against £168m of cash (H1 FY25: £185m). See note 8 of the financial information for more details.

8.     Dividends are stated as gross amounts before deduction of Luxembourg withholding tax which is currently 15%.

Condensed Consolidated Statement of Comprehensive Income

All profit and other comprehensive income is attributable to the owners of the parent.

The accompanying accounting policies and notes form an integral part of these condensed consolidated financial statements.

Condensed Consolidated Statement of Financial Position

The accompanying accounting policies and notes form an integral part of this financial information. The condensed financial statements were approved by the Board of Directors on 12 November 2025 and signed on their behalf by:

T. Jegen, Chief Executive Officer.