Interim report
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CVC LIMITED AND ITS CONTROLLED ENTITIES HALF-YEAR FINANCIAL REPORT For the half-year ended 31 December 2025 ACN 002 700 361 For personal use only
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2 COMPANY PARTICULARS CVC LIMITED ACN 002 700 361 DIRECTORS Mark A Avery Craig G Treasure Ian H Campbell John S Leaver SECRETARY Mark A Avery PRINCIPAL AND REGISTERED OFFICE Suite 4, Level 40 Governor Phillip Tower 1 Farrer Place SYDNEY NSW 2000 AUSTRALIA Telephone: (02) 9087 8000 Facsimile: (02) 9087 8088 SHARE REGISTRY Computershare Investor Services Pty Limited Level 4, 44 Martin Place Sydney NSW 2000 Telephone: 1300 850 505 AUDITORS Pitcher Partners Sydney Level 16, Tower 2 Darling Park 201 Sussex Street, Sydney NSW 2000 BANKERS National Australia Bank Limited Westpac Banking Corporation STOCK EXCHANGE LISTING Australian Securities Exchange Limited For personal use only
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3 CVC LIMITED & CONTROLLED ENTITIES DIRECTORS' REPORT The directors present their report together with the condensed consolidated financial report for CVC Limited (the “Company”) and its controlled entities (“CVC”) for the half-year ended 31 December 2025 and the independent review report thereon. Directors The directors of the Company throughout and since the end of the half-year are: Mark Anthony Avery (Managing Director) Craig Granville Treasure (Executive Chairman) Ian Houston Campbell (Non-Executive Director) John Scott Leaver (Executive Director) Operating results The net loss after tax attributable to shareholders for the six months ended 31 December 2025 of CVC amounted to $6,725,764 (31 December 2024: $1,600,754). A detailed review of operations and developments is included in the commentary that accompanies the ASX release of these results. Dividends No dividend was paid during the half-year period ended 31 December 2025. Events subsequent to balance date There are no other matters or circumstances that have arisen since the end of the financial period which significantly affected or may significantly affect the operations of CVC, the results of those operations or the state of affairs of CVC in the financial period subsequent to 31 December 2025. Rounding of amounts CVC is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to “rounding-off”. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar unless otherwise stated. Auditor’s Independence Declaration A copy of the Independence Declaration given to the directors by the auditor for the review undertaken by Pitcher Partners Sydney is included on page 19. Signed and Dated Sydney 24 February 2026 in accordance with a resolution of directors. ___________________________ _____________________________ MARK AVERY CRAIG TREASURE Director Director For personal use only
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4 CVC LIMITED & CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Other comprehensive income for the half-year - - ──────── ──────── Total comprehensive loss for the half-year (9,478,695) (3,350,441) ════════ ════════ Total comprehensive loss for the half-year is attributable to: Members of the parent entity (6,725,764) (1,600,754) Non-controlling interest (2,752,931) (1,749,687) ──────── ──────── (9,478,695) (3,350,441) ════════ ════════ Earnings per share for profit attributable to members of the parent entity: Basic loss per share (cents) (5.77) (1.37) Diluted loss per share (cents) (5.77) (1.37) ════════ ════════ The above condensed consolidated statement of financial performance should be read in conjunction with the accompanying notes to the Half-Year Report. Notes 31 Dec 2025 31 Dec 2024 $ $ INCOME Development sales and fees - 3,100,000 Interest and fee income 2,524,865 3,157,005 Share of net profits of associates accounted for using the equity method 7 - 4,440,713 Other income 12 1,082,964 1,383,355 ──────── ──────── Total income 3,607,829 12,081,073 ──────── ──────── EXPENSES Property development cost - 2,656,956 Impairment loss 12 1,552,572 6,131,126 Employee and director costs 2,379,873 1,856,898 Finance costs 6,578,343 5,908,935 Management and consultancy fees 486,076 502,627 Loss on investment at fair value through profit or loss 781,013 - Share of net loss of associates accounted for using the equity method 7 831,378 - Other expenses 12 2,784,865 1,751,334 ──────── ──────── Total expenses 15,394,120 18,807,876 ──────── ──────── Loss before related income tax expense (11,786,291) (6,726,803) Income tax benefit (2,307,596) (3,376,362) ──────── ──────── Net loss for the half-year (9,478,695) (3,350,441) Net loss attributable to: Members of the parent entity (6,725,764) (1,600,754) Non-controlling interest (2,752,931) (1,749,687) ──────── ──────── Net loss for the half-year (9,478,695) (3,350,441) ════════ ════════ For personal use only
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5 CVC LIMITED & CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 Notes 31 Dec 2025 30 Jun 2025 $ $ CURRENT ASSETS Cash and cash equivalents 51,543,105 13,036,084 Financial assets at amortised cost 4 33,017,127 41,296,755 Other assets 6 356,056 466,703 Current tax assets 820,244 547,783 ──────── ──────── 85,736,532 55,347,325 Assets classified as held for sale 14,249,649 14,249,649 ──────── ──────── Total current assets 99,986,181 69,596,974 ──────── ──────── NON-CURRENT ASSETS Contract asset 7,400,276 6,740,668 Financial assets at amortised cost 4 - 1,600,000 Financial assets at fair value through profit or loss 11 19,936,832 19,840,288 Inventories 5 82,971,136 79,838,599 Investments accounted for using the equity method 7 21,494,761 24,130,450 Property, plant and equipment 66,945 88,531 Right-of-use assets 401,604 687,520 Investment properties 11 45,000,000 45,000,000 Other assets 6 113,498,349 95,927,378 Deferred tax assets 12,401,705 10,249,078 ───────── ───────── Total non-current assets 303,171,608 284,102,512 ──────── ──────── TOTAL ASSETS 403,157,789 353,699,486 ──────── ──────── CURRENT LIABILITIES Trade and other payables 1,938,050 1,814,125 Interest bearing loans and borrowings 8 136,279,820 131,297,288 Lease liabilities 345,399 599,454 Provisions 703,149 699,025 ──────── ──────── Total current liabilities 139,266,418 134,409,892 ──────── ──────── NON-CURRENT LIABILITIES Interest bearing loans and borrowings 8 87,722,594 33,347,049 Lease liabilities 59,860 108,194 Deferred tax liabilities 3,729,484 4,059,094 ──────── ──────── Total non-current liabilities 91,511,938 37,514,337 ──────── ──────── TOTAL LIABILITIES 230,778,356 171,924,229 ──────── ──────── NET ASSETS 172,379,433 181,775,257 ════════ ════════ EQUITY Contributed equity 9 96,907,646 96,907,646 Retained profits 71,686,560 76,235,804 Other reserves (768,934) 1,164,750 ──────── ──────── Parent entity interest 167,825,272 174,308,200 Non-controlling interest 4,554,161 7,467,057 ──────── ──────── TOTAL EQUITY 172,379,433 181,775,257 ════════ ═════════ The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes to the Half-Year Report. For personal use only
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6 CVC LIMITED & CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Contributed equity Retained earnings Other reserves Owners of the parent Non-controlling interest Total $ $ $ $ $ $ At 1 July 2025 96,907,646 76,235,804 1,164,750 174,308,200 7,467,057 181,775,257 ════════ ════════ ════════ ════════ ════════ ════════ Loss for the half-year - (6,725,764) - (6,725,764) (2,752,931) (9,478,695) Other comprehensive income - - - - - - ──────── ──────── ──────── ──────── ──────── ──────── Total comprehensive loss for the half-year - (6,725,764) - (6,725,764) (2,752,931) (9,478,695) ──────── ──────── ──────── ──────── ──────── ──────── Transactions with shareholders: Transaction with non-controlling interests - - - - 30,035 30,035 Dividends Paid - - - - (190,000) (190,000) Share based payment - - 242,836 242,836 - 242,836 Transfer from share-based payments reserve to retained earnings - 2,176,520 (2,176,520) - - - ──────── ──────── ──────── ──────── ──────── ──────── At 31 December 2025 96,907,646 71,686,560 (768,934) 167,825,272 4,554,161 172,379,433 ════════ ════════ ════════ ════════ ════════ ════════ The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes to the Half-Year Report. For personal use only
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7 CVC LIMITED & CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Contributed equity Retained earnings Other reserves Owners of the parent Non-controlling interest Total $ $ $ $ $ $ At 1 July 2024 97,231,880 75,698,079 598,229 173,528,188 6,884,874 180,413,062 ════════ ════════ ════════ ════════ ════════ ════════ Loss for the half-year - (1,600,754) (1,600,754) (1,749,687) (3,350,441) Other comprehensive income - - - - - - ──────── ──────── ──────── ──────── ──────── ──────── Total comprehensive loss for the half-year - (1,600,754) - (1,600,754) (1,749,687) (3,350,441) ──────── ──────── ──────── ──────── ──────── ──────── Transactions with shareholders: Shares bought back (323,609) - - (323,609) - (323,609) Share buyback transaction cost (891) - - (891) - (891) Income tax on share buyback transaction costs 266 - - 266 - 266 Transaction with non-controlling interests - - 22,765 22,765 (22,359) 406 Share based payment - - 274,113 274,113 - 274,113 ──────── ──────── ──────── ──────── ──────── ──────── At 31 December 2024 96,907,646 74,097,325 895,107 171,900,078 5,112,828 177,012,906 ════════ ════════ ════════ ════════ ════════ ════════ The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes to the Half-Year Report. For personal use only
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8 CVC LIMITED & CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 31 Dec 2025 31 Dec 2024 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts in the course of operations 1,311,064 1,160,468 Cash payments in the course of operations (4,829,264) (3,672,484) Cash receipts for land held for resale - 3,100,000 Cash payments for land held for resale (2,974,145) (5,233,067) Proceeds on disposal of equity investments 1,944,845 159,927 Payments for equity investments (91,250) (852,151) Payments for construction contract (1,026,259) (2,820,817) Payments for other assets (17,570,973) (15,007,509) Loans provided (3,489,770) (908,695) Loans repaid 11,304,965 8,267,775 Interest received 2,853,628 3,382,168 Interest paid (3,935,327) (4,056,254) Dividends received - 388,889 Income taxes paid (447,101) (1,806,917) ──────── ──────── Net cash flows used in operating activities (16,949,587) (17,898,667) ──────── ──────── CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (3,771) (28,052) ──────── ──────── Net cash flows used in investing activities (3,771) (28,052) ──────── ──────── CASH FLOWS FROM FINANCING ACTIVITIES Repayment of borrowings (204,626) (204,613) Proceeds from borrowings 31,303,901 6,256,365 Principal elements of lease payments (302,389) (278,481) Transactions with non-controlling interests (262,000) (40,000) Proceeds from loan note issued 75,000,000 15,000,000 Payment for capital raising transaction cost (3,010,687) (524,990) Payment for loan note redeemed (47,063,820) - Payments for shares bought back - (323,609) ──────── ──────── Net cash flows provided by financing activities 55,460,379 19,884,672 ──────── ──────── Net increase in cash held 38,507,021 1,957,953 Cash and cash equivalents at the beginning of the half-year 13,036,084 14,045,785 ──────── ──────── CASH AND CASH EQUIVALENTS AT THE END OF THE HALF-YEAR 51,543,105 16,003,738 ════════ ════════ The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes to the Half-Year Report. For personal use only
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9 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 NOTE 1: CORPORATE INFORMATION CVC Limited is a company limited by shares, incorporated and domiciled in Australia. The condensed half-year financial report covers the consolidated entity, comprising CVC Limited (the “Company”) and its controlled entities (“CVC”). NOTE 2: BASIS OF PREPARATION The half-year financial report is a condensed financial report, which has been prepared in accordance with the requirements of AASB 134 Interim Financial Reporting and the Corporations Act 2001. Compliance with AASB 134, as appropriate for for-profit entities, ensures compliance with International Financial Reporting Standard IAS 34 “Interim Financial Reporting”. This condensed half-year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by CVC during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with Australian Accounting Standards and International Financial Reporting Standards. The accounting policies adopted are also consistent with those of the previous financial year and corresponding interim reporting period. A number of amended standards became applicable for the current reporting period. CVC did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. Going Concerns The statement of financial position as at 31 December 2025 reports current assets of $99,986,181 against current liabilities of $139,266,418, an excess of current liabilities over current assets of $39,280,237. Included within current liabilities are $ 136,279,820 of interest -bearing liabilities, which is comprised of secured loans totalling $109,240,000 and an unsecured loan from an associated entity $27,039,820. These interest-bearing liabilities have been classified as current at balance date as CVC does not have an unconditional right to defer settlement of these liabilities for 12 months. Since balance date, CVC has been able to undertake the following: • A $15.2m bank loan due to mature in October 2026 is in the process of being refinanced to extend the facility to November 2028; • The associated entity, which provides the $27.0m unsecured loan to CVC, is currently negotiating a refinance with its external financier for a new 12 -month term. Once finalised, the unsecured loan from the associated entity will be extended accordingly; • Two bank loans of $43m and $45m respectively are due to mature in the first half of financial year 2027. CVC will start the refinancing process soon. The directors do not anticipate any issues with the refinance given the status of the relevant projects; In addition, under the instruction of the directors, management have undertaken a cash flow forecast and based on this work undertaken, the directors are of the belief CVC will have sufficient cash flows and liquid assets to settle its liabilit ies as and when they become due and payable for a period of at least 12 months from the date of signing the financial report. Based on the above, the directors consider it appropriate to prepare the financial report on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in th e ordinary course of business. Rounding of amounts CVC is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to “rounding-off”. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar unless otherwise stated. NOTE 3: DIVIDENDS No dividend was paid during the half-year periods ended 31 December 2025 and 31 December 2024. For personal use only
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10 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 4: FINANCIAL ASSETS AT AMORTISED COST 31 Dec 2025 30 Jun 2025 $ $ Current Trade receivables 183,901 181,170 Other receivables 529,091 442,490 Loans to associated entities 9,827,520 14,311,119 Loans to other entities 22,476,615 26,361,976 ─────── ─────── 33,017,127 41,296,755 ════════ ════════ Non-current Loans to associated entities 180,072 180,072 Expected credit loss for loans to associated entities (180,072) (180,072) Loans to other entities - 1,600,000 ─────── ─────── - 1,600,000 ════════ ════════ Loans to various entities Loans to various entities include Loans to associated entities and Loans to other entities. The table below represents the reconciliation of the expected credit loss allowance on loan assets to which the impairment requirements under AASB 9 are applied. 31 Dec 2025 31 Dec 2024 $ $ Movements in the provision for impairment loss were as follows: Carrying amount at the beginning of the year 180,072 180,072 Recovery of impairment (881,014) - Expected credit loss allowance recognised during the year 2,433,586 6,131,126 Net loans written off during the year as uncollectable (1,552,572) (6,131,126) ─────── ─────── Carrying amount at the end of the year 180,072 180,072 ════════ ════════ NOTE 5: INVENTORIES 31 Dec 2025 30 Jun 2025 $ $ Non-current Land development sites held for resale 82,971,136 79,838,599 ═════════ ═════════ The land developments represent projects at Marsden Park, New South Wales and Burleigh Waters, Queensland NOTE 6: OTHER ASSETS Current Prepayments 96,002 116,574 Other current assets 260,054 350,129 ──────── ──────── 356,056 466,703 ═════════ ═════════ Non-current Other non-current assets 113,498,349 95,927,378 ═════════ ═════════ Other non-current assets represent option fees and deposits paid on unsettled property acquisitions along with other capitalised project costs associated with projects at Moore Bank, New South Wales, Burleigh Waters, Queensland, Officer South, Victoria, Truganina, Victoria and Laverton, Victoria. Other non-current assets are recorded at cost and tested for impairment at each reporting date. For personal use only
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11 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 7: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 31 Dec 2025 30 Jun 2025 $ $ Equity accounted interests in joint ventures 7,112,655 7,235,368 Equity accounted shares in other associated entities 14,382,106 16,895,082 ──────── ──────── 21,494,761 24,130,450 ════════ ════════ Details of investments accounted for using the equity method are as follows: Ownership Interest Carrying value Contribution to net profit/(loss) Dec 2025 June 2025 Dec 2025 June 2025 Dec 2025 Dec 2024 % % $ $ $ $ Associated entities BioPower Systems Pty Limited - 25.1 - - - - CVC Emerging Companies Fund 22.3 22.3 7,712,645 7,399,916 312,729 156,640 CVC Emerging Companies IM Pty Ltd (a) 50.0 50.0 67,818 66,120 1,698 (7,991) Donnybrook JV Pty Ltd 49.0 49.0 4,829,690 5,686,079 (856,388) 2,894,630 Dover1 SM2 Unit Trust 30.0 30.0 - 349,604 - - LC Menangle Unit Trust - 50.0 - - 58 - PVAC Developments Pty Ltd 40.0 40.0 1,771,953 1,930,875 (158,922) - Tango Development No. 6 Pty Ltd - 42.5 - 1,462,488 (7,840) (17,862) Turrella Property Pty Ltd (a) 50.0 50.0 - - - - Turrella Property Unit Trust (a) 50.0 50.0 - - - - Joint Ventures Drey Pty Ltd (a) 50.0 50.0 812,655 935,368 (122,713) 1,415,296 Wilmac-CVC Clyde North Pty Limited 40.0 40.0 - - - - CVC Investment Co Pty Ltd & Wilmac Clyde North Fund Joint Venture 40.0 40.0 6,300,000 6,300,000 - - ─────── ─────── ─────── ─────── 21,494,761 24,130,450 (831,378) 4,440,713 ═══════ ═══════ ═══════ ═══════ (a) CVC Emerging Companies IM Pty Ltd, Drey Pty Ltd, Turrella Property Pty Ltd and Turrella Property Unit Trust are not considered to be controlled entities of CVC. This is because CVC does not have the power to direct the entities’ relevant activities to affect CVC’s returns. For personal use only
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12 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) 31 Dec 2025 30 Jun 2025 $ $ NOTE 8: INTEREST BEARING LOANS AND BORROWINGS Current Secured loan 109,240,000 59,777,063 Unsecured loan from associated entity 27,039,820 25,950,358 Loan notes – unsecured (CVC Notes 2) - 45,569,867 ──────── ──────── 136,279,820 131,297,288 ════════ ════════ Non-current Secured loans 15,675,647 15,240,000 Unsecured loan - 18,107,049 Loan notes – unsecured (CVC Notes 3) 72,046,947 - ──────── ──────── 87,722,594 33,347,049 ════════ ════════ Loan notes - unsecured During the period, CVC successfully refinanced CVC Notes 2. As a result, $75m CVC Notes 3 were issued, and approximately $46m CVC Notes 2 were redeemed. CVC Notes 3 are redeemable, unsecured, non-convertible notes and interest-bearing at a variable rate of 4.50% margin over the 3 month Bank Bill Swap Rate, paid quarterly in arrears and have a maturity date of 11 December 2028. Secured loan - current Current secured loan mainly consists of the following: - $15.2m bank loan due to mature in October 2026, which is in the process of being refinanced to extend the facility to November 2028; and - Two bank loans of $43m and $45m respectively, which are due to mature in the first half of financial year 2027. CVC will start the refinancing process soon. The directors do not anticipate any issues with the refinance given the status of the relevant projects. 31 Dec 2025 31 Dec 2024 Number $ Number $ NOTE 9: CONTRIBUTED EQUITY Issued and paid-up ordinary share capital Balance at the beginning of the half-year 116,636,306 96,907,646 116,824,094 97,231,880 Shares bought back - - (187,788) (323,609) Share buyback transaction costs - - - (891) Income tax on buyback transaction costs - - - 266 ─────── ─────── ─────── ─────── Balance at the end of the half-year 116,636,306 96,907,646 116,636,306 96,907,646 ═══════ ═══════ ═══════ ═══════ For personal use only
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13 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 10: SEGMENT REPORTING The information by business segments are as follows: Property Investment Non-Property Investment Consolidated $'000's $'000's $'000's 31 December 2025: Revenues: Segment revenue 2,714 343 3,057 ─────── ─────── ─────── Unallocated amounts: Interest income 551 ─────── Consolidated revenue 3,608 ═════════ Results: Total (loss)/profit for reportable segments (5,007) 1,314 (3,693) ─────── ─────── ─────── Unallocated amounts: Corporate expenses (8,094) Income tax benefit 2,308 ─────── Consolidated loss after tax (9,479) ═════════ Property Investment Non-Property Investment Consolidated $'000's $'000's $'000's 31 December 2024: Revenues: Segment revenue 10,354 1,051 11,405 ─────── ─────── ─────── Unallocated amounts: Interest income 676 ─────── Consolidated revenue 12,081 ═════════ Results: Total (loss)/profit for reportable segments (1,823) 1,001 (822) ─────── ─────── ─────── Unallocated amounts: Corporate expenses (5,904) Income tax benefit 3,376 ─────── Consolidated loss after tax (3,350) ═════════ For personal use only
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14 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 10: SEGMENT REPORTING (CONT.) Property Investment Non-Property Investment Consolidated $'000's $'000's $'000's Year Ended 31 December 2025 Assets: Segment assets 310,884 25,970 336,854 ──────────── ──────────── ──────────── Unallocated amounts: Cash and cash equivalents 51,543 Other assets 14,761 ──────────── Total assets 403,158 ──────────── Liabilities: Segment liabilities 145,955 - 145,955 ──────────── ──────────── ──────────── Unallocated amounts: Other liabilities 84,823 ──────────── Total liabilities 230,778 ══════════ Property Investment Non-Property Investment Consolidated $'000's $'000's $'000's Year Ended 30 June 2025 Assets: Segment assets 299,823 28,176 327,999 ──────────── ──────────── ──────────── Unallocated amounts: Cash and cash equivalents 13,036 Other assets 12,664 ──────────── Total assets 353,699 ──────────── Liabilities: Segment liabilities 113,074 - 113,074 ──────────── ──────────── ──────────── Unallocated amounts: Other liabilities 58,850 ──────────── Total liabilities 171,924 ══════════ For personal use only
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15 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 11: FAIR VALUE MEASUREMENTS Fair value reflects the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Quoted prices or rates are used to determine fair value where an active market exists. If the market for an asset is not active, fair values are estimated using valuation techniques, based on market conditions prevailing at the measurement date. Such techniques include using recent arm’s length market transactions; net asset backing; reference to current market value of another instrument that is substantially the same and discounted cash flow analysis. The fair value of liquid assets maturing within three months are approximate to their carrying amounts. This assumption is applied to liquid assets and the current portion of all other financial assets and financial liabilities. For the majority of the non-current financial assets at amortised cost, the fair values are also not significantly different from their carrying amounts as interests charged are at market rates. Judgements and estimates were made in determining the fair values of certain financial instruments and non-financial assets that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, CVC has classified its financial instruments and non-financial assets into three levels prescribed under the accounting standards. Level 1 – the fair value is calculated using quoted prices in active markets. Level 2 – the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset, either directly (as prices) or indirectly (derived from prices). Level 3 – the fair value is estimated using inputs for the asset that are not based on observable market data. The fair value of the assets and liabilities as well as the methods used to estimate the fair value are summarised in the table below. Valuation technique – market observable inputs (Level 2) Valuation technique – non market observable inputs (Level 3) Total $ $ $ At 31 December 2025 Financial assets “Fair value through profit or loss” investments Investments in listed entities 6,932,756 - 6,932,756 Investments in unlisted entities - 13,004,076 13,004,076 Non-financial assets Investment properties - 45,000,000 45,000,000 ───────────── ───────────── ───────────── 6,932,756 58,004,076 64,936,832 ═════════════ ═════════════ ═════════════ At 30 June 2025 Financial assets “Fair value through profit or loss” investments Investments in listed entities 6,477,122 - 6,477,122 Investments in unlisted entities - 13,363,166 13,363,166 Non-financial assets Investment properties - 45,000,000 45,000,000 ──────── ──────── ──────── 6,477,122 58,363,166 64,840,288 ═════════════ ═════════════ ═════════════ For personal use only
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16 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 11: FAIR VALUE MEASUREMENTS (CONT.) Reconciliation of Level 3 fair value movements: 31 Dec 2025 31 Dec 2024 $ $ Opening balance at the beginning of the period 58,363,166 51,245,834 Purchases - 41,523 Sales - (159,927) Realised gain on disposal of investment - 41,751 (Loss)/gain recognised in income (a) (359,090) 791,180 ──────────── ──────────── Closing balance at the end of the period 58,004,076 51,960,361 ════════════ ════════════ (a) Unrealised (loss)/gain recognised in statement of financial performance attributable to assets held at the end of the reporting period (359,090) 832,931 Level 2 financial assets at fair value through profit or loss are listed investments which CVC has significant holdings and which are considered to be illiquid and have small market capitalisations. The fair value has been determined using the “last-price”. The fair value of Level 3 assets has been determined as follows: (a) Financial assets at fair value through profit or loss CVC holds investments in unlisted entities which are not quoted in an active market. Transactions in such investments do not occur on a regular basis. These investments are valued at fair value. The methods that CVC uses to determine the fair value of these investments include: - the reported or latest available price received from the underlying investment entities; and - net asset backing using the most recent reports provided by the relevant entities. CVC determined that it is appropriate to use these methods in valuing the investments in unlisted entities, as these approaches are consistent with generally accepted valuation practices and represent a reasonable and supportable basis for estimating fair value in the absence of quoted market prices. (b) Investment properties The fair value has been determined based on an independent valuation performed by professional qualified valuers in March 2025. The valuation includes using direct comparison method and a passing yield of 2.93%. Sensitivity analysis For the purposes of a sensitivity analysis, CVC considers using significant unobservable inputs to determine the fair value of unlisted investments and investment properties as reasonable. At reporting date, the impact on pre-tax profit or loss and equity using the unobservable inputs would be as follows: Valuation Techniques Significant Unobservable Inputs Range of Inputs (a) Net profit/(loss) Equity increase/(decrease) Dec 25 Jun 25 Dec 25 Jun 25 Dec 25 Jun 25 $ $ $ $ Investments in unlisted entities Reported or latest available price; Net asset backing Value per security Up 10% Up 10% 910,286 935,422 910,286 935,422 Down 10% Down 10% (910,286) (935,422) (910,286) (935,422) Investment properties Capitalisation of income Passing yield 2.5% 2.5% 6,880,210 7,679,470 6,880,210 7,679,470 3.5% 3.5% (6,206,993) (5,636,093) (6,206,993) (5,636,093) (a) The range of values represent the highest and lowest input used in the valuation techniques. Therefore, the range does not reflect the level of uncertainty regarding a particular input, but rather the different underlying characteristics of the relevant assets. For personal use only
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17 CVC LIMITED & CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (CONTINUED) NOTE 12: INCOME AND EXPENSE This note provides a breakdown of the items included in the statement of financial performance. 12.1 Income 31 Dec 2025 31 Dec 2024 $ $ Other income Management fee income 300,929 324,131 All other income 782,035 1,059,224 ────────── ────────── 1,082,964 1,383,355 ════════ ════════ Disaggregation of revenue Development sales and fees Management fee income Other contract revenue (a) $'000's $'000's $'000's Timing of revenue recognition 31 December 2025 At a point in time - - - Over time - 301 4 ────────── ────────── ────────── Revenue from contracts with customers - 301 4 ────────── ────────── ────────── 31 December 2024 At a point in time 3,100 - - Over time - 324 3 ────────── ────────── ────────── Revenue from contracts with customers 3,100 324 3 ────────── ────────── ────────── (a) Other contract revenue were included in other income. 12.2 Expenses 31 Dec 2025 31 Dec 2024 $ $ Impairment loss Financial asset at amortised cost (a) 1,552,572 6,131,126 ════════ ════════ (a) Property backed loans were written down to their recoverable amounts, which are either the agreed repayment amounts or the expected proceeds based on the net realisable value of the properties. Refer note 4. Other expenses Depreciation and amortisation 1,437,445 875,358 All other overhead expenses 1,347,420 875,976 ────────── ────────── 2,784,865 1,751,334 ════════ ════════ NOTE 13: SUBSEQUENT EVENTS There are no other matters or circumstances that have arisen since the end of the financial period which significantly affected or may significantly affect the operations of CVC, the results of those operations or the state of affairs of CVC in the financial period subsequent to 31 December 2025. For personal use only
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18 CVC LIMITED & CONTROLLED ENTITIES HALF YEARLY REPORT DIRECTORS' DECLARATION In the opinion of the directors: (a) the condensed half-year financial statements and notes are in accordance with the Corporations Act 2001 including: (i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. (b) there are reasonable grounds to believe that CVC Limited will be able to pay its debts as when they become due and payable. Signed in accordance with a resolution of the board of directors. ___________________________ ___________________________ MARK AVERY CRAIG TREASURE Director Director Dated at Sydney 24 February 2025. For personal use only
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Pitcher Partners Sydney ABN 17 795 780 962 Level 16, Tower 2 Darling Park 201 Sussex Street Sydney NSW 2000 Postal address GPO Box 1615 Sydney NSW 2001 +61 2 9221 2099 sydneypartners@pitcher.com.au pitcher.com.au Pitcher Partners is an association of independent firms. Pitcher Partners Sydney ABN 17 795 780 962. Liability limited by a scheme approved under Professional Standards Legislation. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Adelaide | Brisbane | Melbourne | Newcastle | Perth | Sydney Auditor’s independence declaration To the Directors of CVC Limited In accordance with section 307C of the Corporations Act 2001, I declare to the best of my knowledge and belief in relation to the review for the half-year ended 31 December 2025, there have been: i. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and ii. No contraventions of the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) in relation to the review. This declaration is in respect of CVC Limited and its controlled entities during the period. S S Wallace Partner Pitcher Partners Sydney 24 February 2026 For personal use only
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Pitcher Partners Sydney ABN 17 795 780 962 Level 16, Tower 2 Darling Park 201 Sussex Street Sydney NSW 2000 Postal address GPO Box 1615 Sydney NSW 2001 +61 2 9221 2099 sydneypartners@pitcher.com.au pitcher.com.au Pitcher Partners is an association of independent firms. Pitcher Partners Sydney ABN 17 795 780 962. Liability limited by a scheme approved under Professional Standards Legislation. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Adelaide | Brisbane | Melbourne | Newcastle | Perth | Sydney Independent auditor’s review report To the Members of CVC Limited ABN 34 002 700 361 Report on the half-year financial report Conclusion We have reviewed the half-year financial report of CVC Limited (“the Company”) and its controlled entities (“the Group”), which comprises the condensed consolidated statement of financial position as at 31 December 2025, the condensed consolidated statement of financial performance, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half-year ended on that date, a summary of material accounting policies and other explanatory information, and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of CVC Limited does not comply with the Corporations Act 2001 including: a. Giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (“the Code”) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s review report. Responsibility of the directors for the financial report The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. For personal use only
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Pitcher Partners Sydney ABN 17 795 780 962 An association of independent firms Auditor’s responsibility for the review of the financial report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the half-year ended on that date and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. S S Wallace Pitcher Partners Partner Sydney 24 February 2026 For personal use only