Interim report
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Registered Office: Apollo Tyres Ltd. 3rd Floor, Areekal Mansion, Panampilly Nagar, Kochi 682036, India CIN: L25111KL1972PLC002449, Tel No. + 91 484 4012046, Fax No. +91 484 4012048, Email:investors@apollotyres.com ATL/ SEC-21 November 13, 2025 The Secretary, National Stock Exchange of India Ltd., Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 The Secretary, BSE Ltd. Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001. Dear Sirs, Sub: Outcome of Board Meeting held on November 13, 2025 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we wish to inform you that the Board of Directors at its meeting held today, inter alia, considered and approved the following: - (a) Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter/ half year ended September 30, 2025. (b) Raising of funds by issue of Non-Convertible Debentures (NCDs) aggregating up to Rs.10,000 million to be allotted in one or more tranches, through Private Placement, within the borrowing limits approved by the Shareholders under Section 180(1)(c) of the Companies Act, 2013, subject to approval of the Shareholders through Postal Ballot. Other details pursuant to Regulation 30 of Listing Regulations shall be provided after finalisation by the Board or its Committee. Pursuant to Regulation 33 of the Listing Regulations, please find enclosed herewith the Un-audited financial results (consolidated & standalone) for the quarter/ half year ended September 30, 2025 along with statements of Assets & Liabilities and limited review reports for the said period issued by the Statutory Auditors of the Company. A Certificate of Security Cover pursuant to Regulation 54 of the Listing Regulations is also enclosed. In terms of Regulation 47 of the Listing Regulations, the extract of the Un-audited Consolidated Financial Results for the quarter/ half year ended September 30, 2025 along with the QR code shall be published in the Newspapers. The full format of the financial results shall be available on the website of the Stock exchanges where equity shares of the Company are listed i.e. www.nseindia.com and www.bseindia.com and on Company’s website www.apollotyres.com. .A APOLLO .,_.-~TYRES LTD \REDESTEIN TYRES APOUO TYRES LTD 7 Instit ut ional Area Serto r 3,2 Gurugr a m 12.2001, Indi a T:+91124 2383 2 f: 9112: 23&3 21 a pol I otyres.c:om GS No.: 6AAACA'6'9'9:0Q1Z.2
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Registered Office: Apollo Tyres Ltd. 3rd Floor, Areekal Mansion, Panampilly Nagar, Kochi 682036, India CIN: L25111KL1972PLC002449, Tel No. + 91 484 4012046, Fax No. +91 484 4012048, Email:investors@apollotyres.com The meeting of the Board of Directors commenced at 4:00 PM and concluded at 5:4PM. Kindly take the same on your record. Thanking you, Yours faithfully, For Apollo Tyres Ltd. (Seema Thapar) Company Secretary & Compliance Officer .A APOLLO .,_.-~TYRES LTD \REDESTEIN TYRES APOUO TYRES LTD 7 Instit ut ional Area Serto r 3,2 Gurugr a m 12.2001, Indi a T:+91124 2383 2 f: 9112: 23&3 21 a pol I otyres.c:om GS No.: 6AAACA'6'9'9:0Q1Z.2 5
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APOLLO TYRES LTD UNAUDITED CONSOLIDATED FINANCIAL RES UL TS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025 QUARTER ENDED PARTICULARS 30.09.2025 30.06.2025 30.09.2024 (UNAUDITED) 1 Revenue from operations 68,310.90 65,607,59 64,370.25 2 Other income 297.39 188,94 216.70 3 Total income (1 + 2) 68,608.29 65,796.53 64,586.95 4 Expenses (a) Cost of materials consumed 31,683.61 32,828.85 33,352 03 (b) Purchase of stock-in-trade 5,450.72 6,502 00 6,126.47 (c) Changes in inventories of finished goods. stock-in-trade and work-in-progress 221.25 (2,646.56) (3,913.95) (d) Employee benefits expense 8,785.70 8,695.51 7,697.01 (e) Finance costs 1,010.46 1,005 86 1,197 39 (f) Depreciation and amortisation expense 3,834.02 3,775 53 3,758.62 (g) Other expenses 11,962.18 11,550.33 12,329.88 Total expenses 62,947.94 61,711.52 60,547.45 5 Profit before share of profit in associate/ joint venture, exceptional items and tax (3 - 4) 5,660.35 4,085.01 4,039.50 6 Share of profit in associate I joint venture 0.86 0.59 1.44 7 Profit before exceptional items and tax (5 + 6) 5,661.21 4,085.60 4,040.94 8 Exceptional items (refer note 4) 1,800.37 3,702 02 51 .76 9 Profit before tax (7 - 8) 3,860.84 383,58 3,989.18 10 Tax expense (a) Current tax 749.68 520.75 584 97 ( b) Deferred tax 530.69 (265.95) 429.66 Total tax expense 1,280.37 254.80 1,014.63 11 Profit for the period/ year (9 - 10) 2,580.47 128.78 2,974.55 12 Other comprehensive income/ (loss) I i. Items that will not be reclassi~ed to profit or loss a. Re-measurement gain / (loss) of defined benefit plans (33.95) (58 94) (127 90) ii, Income tax effect 11.87 20 61 44 56 (22.08) (38.33) (83.34) II i Items that will be reclassified to profit or loss a. Exchange differences in translating the financial statements of foreign operations 3,113.27 5,696.11 2,303 78 b, Effective portion of gain/ (loss) on designated portion of hedging instruments in cash flow hedge 5.75 26.61 (20.28) ii, Income tax effect (2.01) (9 30) 7 09 3,117.01 5,713.42 2,290.59 Other comprehensive income/ (toss) (I+ II) 3,094.93 5,675.09 2,207.25 13 Total comprehensive income I (loss) for the period / year (11 + 12) 5,675.40 5,803.87 5,181.80 14 Paid-up equity share capital (equity shares of~ 1 each) 635.10 635.10 635.10 15 Paid up debt capital 34,534,37 29,802 94 38,613 72 16 Reserves excluding revaluation reserves 17 Earnings per equity share (face value off 1 each) (not annualised) (a) Basic(~) 4.07 0 20 4.68 (b) Diluted m 4.07 0 20 4 68 (See accompanying notes to the unaudited consolidated financial results) ~EDESTEIN TYRES 7 Institutional Area Sector 32 Gurugram 122001, India T: +91124 2383002 F: +91124 2383021 apollotyres.com GST No.: 06AAACA6990Ql22 f Million HALF YEAR ENDED YEAR ENDED 30.09.2025 30.09.2024 31.03.2025 (AUDITED) 133,918.49 127,718.76 261,234.17 486.33 525 06 881 ,00 134,404.82 128,243 ,82 262,115.17 64,512.46 64,144 51 128,645.52 11,952.72 11 ,802.44 24,689.91 (2,425.31) (5,865 90) (6,389.98) 17,481.21 15,665.36 31,297.44 2,016.32 2,266.97 4,466 .17 7,609.55 7,453 66 14,983.72 23,512.51 24,100 96 47,275,97 124,659.46 119,568.00 244,968.75 9,745.36 8,675.82 17,146.42 1.45 1.70 6.73 9,746.81 8,677.52 17,153.15 5,502.39 455.88 1,686.73 4,244.42 8,221.64 15,466.42 1,270.43 1,091 47 2,717.36 264.74 1,135.60 1,535,86 1,535.17 2,227.07 4,253.22 2,709.25 5,994.57 11,213.20 (92.89) (228 22) (254.54) 32.48 79.49 86.34 (60.41) (148.73) (168.20) 8,809.38 2,052.69 1,404 45 32.36 (22.11) 7,98 (11.31) 7 73 (2 79) 8,830.43 2,038.31 1,409.64 8,770.02 1,889,58 1,241.44 11,479.27 7,884.15 12,454.64 635.10 63510 635 10 34,534.37 38,613 72 33,770 88 146,990 67 4.27 9.44 17.66 4.27 9 44 17 66 Registered Office: Apollo Tyres Ltd, 3rd Floor, Areekal Mansion, Panampilly Nagar, Kochi 682036, India CIN: L25lllKLl972PLC002449, Tel No. +914844012046, Fax No. +914844012048, Email: info.apollo@apollotwes.com
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Segment wise Revenue, Results, Assets and Liabilities Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments which have been defined based on the geographical presence of various entities· APMEA (Asia Pacific, Middle East and Africa) Europe Others APMEA segment includes manufacturing and sales operation through India and include entities in UAE, Thailand and South Africa Europe segment includes manufacturing and sales operation through the entities in Europe Others segment includes sales operations in Americas and all other corporate entities_ The accounting principles used in the preparation of the consolidated financial results are consistently applied in individual entities to prepare segment reporting , tMillion CONSOLIDATED RE.SUL TS PARTICULARS QU,ARTl:R ENlllED HALFYEAR"ENDED YEAR.ENDED 30.09.2025. 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 (UNAUDITEPI !AUDITED) 1. Segment revenue APMEA 48,227.80 48,286.99 45,659 .85 96,514.79 92,800,10 165,406.97 Europe 21,905.61 18,481.21 19,286 49 40,386.82 36,434.58 79,068 24 Others 11,780.13 11,390.04 17,005.78 23,170.17 26,807.12 50,640.41 Total segment revenue 81,913.54 78,158.24 81,952.12 160,071.78 156,041.80 315,115.62 Less: Inter_ segment revenue 13,602.64 12,550.65 17,581,87 26,153.29 28,323.04 53,881.45 Segment revenue 68,310.90 65,607.59 64,370.25 133,918.49 127,718.76 261,234.17 2. Segment results APMEA 5,271.56 4,235 22 3,450,39 9,506.78 7,993 .05 14,337, 17 Europe 966.30 481.10 1,141.46 1,447.40 1,872.03 5,238.96 Others 432.95 374.55 645.04 807.50 1,077.71 2,036.46 Total segment results 6,670.81 5,090.87 5,236.89 11,761.68 10,942.79 21,612.59 Less: Finance costs 1,010.46 1,005.86 1,197.39 2,016.32 2,266,97 4,466.17 Profit before share of profit in associate/ joint- venture, exceptional Items and tax 5,660.35 4,085.01 4,039.50 9,745.36 8,675.82 17,146.42 Share of profit in associate I JO:nl venture 0.86 0.59 1.44 1.45 1.70 6.73 Less: Exceptional items 1,800.37 3,702 02 51 76 5,502.39 455 88 1,686 73 Profit before tax 3,860.84 383.58 3,989.18 4,244.42 8,221.64 15,466.42 3. Segment assets APMEA 184,071.38 181,377 19 185,263.87 184,071.38 185,263,87 181,701.93 Europe 106,062.44 96,377 72 86,979.00 106,062.44 86,979 00 87,786 58 Others· 16,689.85 17,626.85 21,024.52 16,689.85 21,024 .52 18,161.81 306,823.67 295,381.76 293,267.39 306,823.67 293,267.39 287,650.32 Unallocable / eliminations (16,736.69) (15,316 02) (18,215.42) [16,736.69) (18,215.42) (14,590.12) Total segment assets 290,086.98 280,065.74 275,051.97 290,086.98 275,051.97 273,060.20 4. Segmen t liabilities APMEA 98,630.73 95,666.42 103,766.34 98,630.73 103,766.34 97,747.22 Europe 44,426.13 37,793.53 33,804.70 44,426.13 33,804,70 32,174.67 Others 7,949.09 8,589.91 12,263.40 7,949.09 12,263.40 9,722.95 151,005.95 142,049.86 149,834.44 151,005.95 149,834.44 139,644.84 Unallocable/ eliminations (16,246.62) (14,866.31 ) (17,868.97) (16,246.62) (17,868.97) (14,241.63) Total segment lfabflitles 134,759.33 127,183.55 131,965.47 134,759.33 131,965.47 125,403.21 ~
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CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES f Million Asat Asat S.NO. PARTICULARS 30.09.2025 31.03.2025 (UNAUDITED) (AUDITED) A. ASSETS 1. Non-current assets (a) Property, plant and equipment 148,312.08 145,764.16 (b) Capital work-in-progress 6,468.47 3,251.08 (c) Right of use assets 10,052.22 9,747.15 (d) Goodwill 2,677.29 2,374.24 (e) Other intangible assets 6,702.57 6,224.77 (f) Intangible assets under development 1,487.29 1,103.28 (g) Investments accounted for using the equity method 61.61 60.16 (h) Financial assets i. Investments 457.78 391.37 ii. Other financial assets 3,804.82 3,773.04 (i) Deferred tax assets (net) 1,983.48 793.35 U) Other non-current assets 3,001.25 1,424.28 Total non-current assets 185,008.86 174,906.88 2. Current assets (a) Inventories 54,028.21 51,311.57 (b) Financial assets i. Investments 1.23 - ii. Trade receivables 32,815.69 30,621.02 iii. Cash and cash equivalents 8,759.77 8,861 01 iv. Bank balances other than (iii) above 123.59 113.99 v. Other financial assets 2,559.02 2,091.28 (c) Other current assets 6,790.61 5,154.45 Total current assets 105,078.12 98,153.32 TOTAL ASSETS (1+2) 290,086.98 273,060.20 B. EQUITY AND LIABILITIES 1. Equity (a) Equity share capital 635.10 635.10 (b) Other equity 154,692.55 147,021.89 Total equity 155,327.65 147,656.99 LIABILITIES 2. Non-current liabilities (a) Financial liabilities i. Borrowings 16,088.56 18,291.94 ii. Lease liabilities 7,943.49 7,876.36 (b) Provisions 1,733.34 1,506.21 (c) Deferred tax liabilities (net) 19,569.78 17,988.10 (d) Other non-current liabilities 5,938.52 6,137.55 Total non-current liabilities 51,273.69 51,800.16 3. Current liabilities (a) Financial liabilities i. Borrowings 18,445.81 15,478.94 ii. Lease liabilities 2,706.24 2,457.08 iii. Trade payables - Total outstanding dues of micro enterprises and small enterprises 329.42 430.82 - Total outstanding dues of creditors other than micro enterprises and small enterprises 28,184.36 28,313.61 iv. Other financial liabilities 5,047.44 4,614.61 (b) Other current liabilities 19,325.92 18,856.78 (c) Provisions 9,014.74 2,892.30 (d) Current tax liabilities (net) 431.71 558.91 Total current liabilities 83,485.64 73,603.05 TOTAL EQUITY AND LIABILITIES (1+2+3) 290,086.98 273,060.20
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CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 tMillion HALF YEAR ENDED S.NO. PARTICULARS 30.09.2025 30.09.2024 (UNArJDllEO) A CASH FLOW FROM OPERATING ACTIVITIES (i) Profit before tax 4,244.42 8,221.64 Adjustments for Depreciation and amortisation expense 7,609.55 7,453.66 Profit on sale of property, plant and equipment (net) (96.80) (17 98) Gain from current investments (8.10) (99 42) Provision for doubtful debts / advances 12.93 - Provisions/ liabilities no longer required written back (8.74) (4 52) Finance costs 2,016.32 2,266.97 Interest income (181.15) (146 95) Provision for impairment of property, plant and equipment and intangible assets 122 43 Unwinding of deferred income (520.93) (469.81) Unwinding of subsidy income others (94.79) (87.68) Employee stock compensation expense 75.98 Dividend income received (3.35) - Share of profit in associate/ joint venture (1.45) (1 70) Unrealized (gain)/loss on foreign exchange fluctuations (22.27) 21.42 Effect of foreign currency fluctuation arising out of consolidation 348.21 161.11 (ii) Operating profit before working capital changes 13,369.83 17,419.17 Changes in working capital Adjustments for (increase)/ decrease in operating assets Inventories (126.64) (8,398 16) Trade receivables (1,147.85) (1,916.66) Other financial assets (current and non-current) (377.07) (984.45) Other assets (current and non-current) (1 ,257.90) (722.14) Adjustments for increase/ (decrease) in operating liabilities Trade payables (1,443.16) 2,208.45 Other financial liabilities (current and non-current) 210.05 98.08 Other liabilities (current and non-current) (128.49) 157.15 Provisions (current and non-current) 6,121.35 222.70 (iii) Cash generated from operations 15,220.12 8,084.14 Income tax paid (net of refund) (2,066.42) (2,084.40) Net cash generated from operating activities 13,153.70 5,999.74 B CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets (5,701.76) (3,174 46) Proceeds from sale of property, plant and equipment 210.78 129.33 Maturity of mutual funds, net 5.37 5,033.90 Net Loss on derivative instrument (203.59) - Non-current investment made, net (64.91) (45.02) Investments in fixed deposits, net (5.00) - Dividend received 3.35 - Interest received 108.45 147 82 Net cash used in investing activities (5,641".31) 2,091.57 C CASH FLOW FROM FINANCING ACTIVITIES Purchase of treasury shares (739.66) Proceeds from non-current borrowings 2.29 2 36 Repayment of non-current borrowings (5,634.26) (10,354.53) Proceeds from current borrowings (net) (excluding current maturities of non-current borrowings) 6,065.53 10,019,40 Payment of dividend (3,168.57) (3,810 61) Payment of principal portion of lease liabilities (1 ,413.28) (1,271.14) Payment of interest on lease liabilities (291.72) (261.95) Finance costs paid (2,435.62) (2,835.48) Net cash used in financing activities (7,615.29) (8,511.95) Net (decrease) / increase in cash and cash equivalents (A+B+C) (108.90) (420.64) Cash and cash equivalents as at the beginning of the year 8,861.01 9,115.58 Less: Cash credits as at the beginning of the year 0.49 0.93 8,860.52 9,114.65 (Gain)/ loss on re-statement of foreign currency cash and cash equivalents (30.33) (27.74) Adjusted cash and cash equivalents as at the beginning of the year 8,830.19 9,086.91 Cash and cash equivalents as at the end of the period 8,759.77 8,642.75 Less: Cash credits as at the end of the period - 0.05 8,759.77 8,642.70 (Gain)/ loss on re-statement of foreign currency cash and cash equivalents (38.48) 23.57 Adjusted cash and cash equivalents as at the end of the period 8,721.29 8,666.27
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Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: QUARTl:R ENDED HALF YEAR ENDED Yl:ARENDED filt,(O, PARTICU½,RS ao.09.i<12s , 30:06.2025 . I 30.09.2024 I '30.0.9,2!)25 30.09.2024 .31.0•3;2025 (UN~UatTED) IAUDITEDI (a) Outstanding rcdecmabfo preference shares ft Mifffon) - (b) Debenture redemption reserve (i Million) 272.18 272 1B 272 1B 272.18 272.1B 272.18 (c) Capital redemption reserve (' Milfion) 44.40 4440 4440 44.40 44.40 44.40 (d) Securities premium (i Million) 31,317.67 31,317 67 31,317.67 31,317 .67 31 ,317.67 31,317 67 (e) Net worth (f Million) (share capital+ other equity) 155,327 .65 152,882.19 143,086.50 155,327 .65 143,086.50 147,656 .99 (!) Net profit after tax (i Million) 2,580 .47 128.78 2,974.55 2,709 .25 5,994.57 11,213 20 (g) Basic earnings per share (Not annualised) 4.07 0.20 4.68 4.27 944 17 66 (h) Diluted earnings per share (Not annualised) 4.07 0 20 468 4.27 944 17 66 (i) Debt equity ratio (in times) 0.22 0.19 0 27 0.22 0.27 0.23 [Debt comprises non-current borrowings and current borrowings / equity] Ul Long term debt to wor1<ing capital (in times) 0.78 0.74 110 0.78 1.10 0,60 [Non-current borrowings including current maturities I Net working capital excluding current maturities] (k) Total debts to total assets ratio (in%) 11.90% 10.64% 1404% 11.90% 14.04% 12.37% [(Non-current borrowings+ current borrowings)/ Total assets] (I) Debt service coverage ratio (in times)# 3.13 1,91 1.41 3.13 1.41 1.96 [(Profit after tax+ interest expense excluding interest on lease liabilities+ depreciation & amortisation expense excluding depreciation on right of use assets+ exceptional items+ loss/(gain) on sale of fixed assets + share of loss/(profil) in associate(joint venture) / (Gross interest excluding interest on lease liabilities + repayment of non-current borrowings)] (m) Interest service coverage ratio (in times) 9.60 B.90 6,70 9.25 7.22 7.37 [(Profit after tax+ interest expense excluding interest on lease liabilities+ depreciation & amortisation expense excluding depreciation on right of use assets+ exceptional items+ loss/(gain) on sale of fixed assets + share of loss/(profit) in associate(joint venture) / Gross interest excluding interest on lease liabilities] (n) Current ratio (in times) 1.26 1.31 1.21 1.26 1 21 1 33 (Current assets / Current liabilities) (o) Bad debts to account receivable ratio (in%) # 0.05% 0.07% 077% 0.05% 0 77% 0 07% [Bad debts / Average trade receivables] (p) Current liability ratio (in %) 61.95% 59,88% 60.68% 61.95% 60 68% 5869% [Current liabilities / Total liabilities) (q) Debtors turnover (in times)# 8.67 9.46 9.67 8.67 9,67 9.12 [Revenue from operations / Average trade receivables] (r) Inventory turnover (in times) # 5.07 5 39 5.48 5.07 5.48 5.57 [Revenue from operations / Average inventory] (s) Operating margin (in%) 14.94% 13.23% 13,64% 14.10% 13.99% 13.67% [EBITDA' / Revenue from operations] • EBITDA = Profit before lax + depreciation & amortisation expense + interest expense + exceptional item + share of loss/(profil) in associate/joint venture - other income (I) Net profit margin (in%) 3.78% 0,20% 4.62% 2.02% 4.69% 4 29% [Profit after tax/ Revenue from operations] # Based on TTM (Trailing Twelve Months)
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NOTES: The listed non-convertible debentures (NCDs) issued by the Company, aggregating tot 8,650 Million as on September 30, 2025, are secured by a pari passu first charge by way of hypothecation on movable fixed assets of the Company, both present and future (except stocks and book debts) Out of the above, NCD's amounting tot 5,000 Million carrying interest rate of 8 75% pa (which are for 10 year bullet payment) also have exclusive charge on the immovable property of the Company's Registered office at Kechi. The asset cover thereof exceeds 125% of the principal amount of the said NCDs 2 The commercial papers of the Company, having face value oft 3,000 Million, is outstanding as on September 30, 2025. 3 These unaudited consolidated financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act 2013 read with rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 (as amended) and in terms of regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI Circular No. CIR/CFD/CDM1/44/2019 dated March 29, 2019 and other accounting principles generally accepted in India 4 a) The Company and one of the subsidiary companies have carried out an employee re-organisation exercise for its employees The full and final amount paid to the employees who opted for this scheme aggregated tot 35 71 Million for the quarter ended September 30, 2025, t 17 28 Million for the quarter ended June 30, 2025, t 51 76 Million for the quarter ended September 30, 2024, t 52.99 Million for the half year ended September 30, 2025, t 209.66 Million for the half year ended September 30, 2024 and t 262 91 Million for year ended March 31, 2025, have been disclosed as an exceptional item. b) The Board of Directors of the wholly owned subsidiary company, "Trusted Mobility Services Limited" had passed a resolution for closure of the operations on July 24, 2024 Consequent to the effect of above said resolution, the Company has written off its value of net assets of the subsidiary and recognised corresponding costs for closure of operations amounting to t 246 22 Million (after adjusting the losses recognized in the consolidated financial statements amounting tot 121.51 Million) and disclosed the same as an exceptional item during the half year ended September 30, 2024 and year ended March 31, 2025. c) During the year ended March 31, 2025, the Company has received t 103.32 Million and 400,000 units of Roadstar Infra Investment Trust (recorded at~ 0.40 Million) from IL&FS Financial Services Ltd ("IL&FS") as an interim distribution with respect to the unsecured short-term inter corporate deposits oft 2,000.00 Million with IL&FS which has already been written off in earlier years. The same has been disclosed as an exceptional item in the results d) On 25 April 2025, the Company's Netherlands based subsidiary, Apollo Tyres (NL) B V ("ATNL") having a manufacturing plant in Enschede, submitted a Request for Advice (RfA) to the ATNL Works Council, a representative body in the Netherlands constituted under the Dutch Works Councils Act. This RfA is in connection with the intended decision to discontinue tyre production and production related operations at the Enschede plant based out of Netherlands by summer of 2026. This process of consultation and advice is as per the local legal requirement in Netherlands An estimated provision relating to impairment of certain assets aggregating to t 1,281.32 Million was considered adequate as at quarter ended March 31, 2025 In accordance with Ind AS 19 read with Ind AS 37, during the previous quarter ended June 30, 2025, the management of ATNL had recorded an estimated cost of restructuring amounting to ~ 3,684.74 Million and disclosed the same as an exceptional item. Basis settlement reached with the Works Council in September 2025 on updated RfA, ATNL has recorded an additional estimated cost of restructuring amounting to t 1,764.66 Million during the quarter ended September 30, 2025 and disclosed the same as an exceptional item. The payout for the closure is expected to happen in Financial Year 2026-27 as per the local legal requirements in Netherlands 5 The above results were reviewed by the Audit Committee on November 12, 2025 and approved by the Board of Directors at its meeting held on November 13, 2025 The stand-alone and consolidated results of the Company have undergone limited review by the Statutory Auditors. The results of the certain overseas subsidiaries of the Company have been subjected to limited review by their respective Statutory Auditors Place: Gurugram Date: November 13, 2025 For and on behalf of the Board of Directors of Apollo Tyres Ltd ~~1<1'<~ ----- CHAIRMAN
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APOLLO TYRES LTD UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025 QUAATER ENDE0 7 Institutional Area Sector32 Gurugram 122001, India T: +91124 2383002 F: +91124 2383021 apollotyres.com GST No.: 06AAACA6990QlZ2 i!'Million ~ -YEAR ENDED YEARENDEO PAATICULARS ~0.09.20.25 30.06.2026 30.09.2024 30.09.2025 30.09402A 31.03.2026 (UNAUDITED) ("-UBITED) 1 Revenue from operations 47,149.12 47,253.54 44,617.40 94,402.66 90,533.27 181,73612 2 Other income 300.83 150,68 248,31 451.51 556.82 1,155 34 3 Total income (1 +2) 47,449.95 47,404.22 44,865.71 94,854.17 91 ,090.09 182,891.46 .. Expenses (a) Cost of materials consumed 26,485.80 27,916.84 29,169,03 54,402.64 56,041.52 111,630.20 (b) Purchase of stock-in-trade 2,472.73 2,543.70 2,537,89 5,016.43 4,818.68 10,034 OB (c) Changes in inventories of finished goods, stock-in-trade and work-in-progress 253.46 (535.13) (3,361.93) (281.67) (4,072.39) (4,597.24) (d) Employee benefits expense 3,236.65 3,240.93 2,772,71 6,477.58 5,774.98 11,360.10 ( e) Finance costs 832.78 858.21 872.74 1,690.99 1,746.62 3,657,68 (f) Depreciation and amortisation expense 2,338.48 2,345,98 2,327.45 4,684.46 4,618.32 9,291.74 (g) Other expenses 7,494.56 7,639.81 8,110.77 15,134.37 16,250.18 31,401.86 Total expenses 43.114.46 44.010.34 42,428.66 87,124.80 85,177.91 172 778.42 s Profit before exceptional items and tax (3 - 4) 4,335.49 3,393.88 2,437.05 7,729.37 5,912.18 10,113.04 8 Exceptional items (refer note 5) 35.71 17 28 40,83 52.99 566.46 509.22 1 Profit before tax (5 - 6) 4,299.78 3,376.60 2,396.22 7,676.38 5,345.72 9,603.82 8 Tax expense a Current tax 745.47 579 73 396J4 1,325.20 897.06 1,637.14 b. Deferred tax 782.45 575.30 351.71 1,357.75 881.16 1,672.40 Total tax expense 1,527.92 1,155.03 748.45 2,682.95 1,778.22 3,309.54 9 Profit for the period / year (7 - 8) 2,771.86 2,221.57 1,647.77 4,993.43 3,567.50 6,294.28 10 Other comprehensive income I (loss) I i Items that will not be reclassified to profit or loss - Re-measurement gain/ (loss) on defined benefit plans (34.07) (59.06) (126 60) (93.13) (225.62) (236 23) ii, Income tax effect 11.90 20,64 44 24 32.54 78.84 82.55 (22.17) (38.42) (82.36) (60.59) (146.78) (153.68) II i. Items that will be reclassified to profit or loss - Effective portion of gain I (loss) on designated portion of hedging instruments in cash flow hedge 5.75 26 61 (20.28) 32.36 (22.11) 7.98 ii. Income tax effect (2.011 (9.301 7.09 (11.311 7 73 (2 791 3.74 17.31 (13.19) 21.05 (14.38) 5.19 Other comprehensive income/ (loss) (I + II) (18.43) (21.11) (95.55) (39.54) (161.16) (148.49) 11 Total comprehensive income for the period/ year (9 + 10) 2,753.43 2,200.46 1,552.22 4,953.89 3,406.34 6,145.79 12. Paid-up equity share capital (equity shares of~ 1 each) 635.10 635 10 635.10 635.10 63510 635 10 13 Paid-up debt capital 29,167.69 25,324.43 31,343.76 29,167.69 31,343 76 28,927 67 14 Reserves excluding revaluation reserves 106,054.21 15 Earnings per equity share (face value of i!' 1 each) (not annualised) (a) Basic(~) 4.37 3.50 2,59 7.87 5.62 9.91 (b) Diluted (~) 4.37 3.50 2.59 7.87 5 62 9.91 (See accompanying notes to the unaudited standalone financial results) W EDESTE IN TYRES Registered Office: Apollo Tyres Ltd, 3rd Floor, Areekal Mansion, Panampilly Nagar, Kechi 682036, India CIN: L25lllKLl972PLC002449, Tel No. +91484 4012046, Fax No. +91484 4012048, Email: info.apollo@apollotyres.com
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STANDALONE STATEMENT OF ASSETS AND LIABILITIES t Million Asat Asat S.NO. PARTICULARS 30.09.2025 31.03.2025 (UNAUDITED) (AUDITED) A ASSETS 1 Non-current assets (a) Property , plant and equipment 101,844.63 104,186 .70 (b) Capital work-in-progress 2,450.42 1,805.26 (c) Right of use assets 4,373.18 4,435.24 (d) Intangible assets 413.18 490.87 (e) Intangible assets under development 421 .19 290.68 (f) Financial assets i. Investments 24,359.35 24,292 ,94 ii. Other financial assets 3,688.49 3,667 .25 (g) Other non-current assets 792.13 272.70 Total non-current assets 138,342.57 139,441.64 2 Current assets (a) Inventories 30,289.68 30,069 .22 (b) Financial assets i. Investments 1.23 - i1. Trade receivables 23,172.58 22,784 .67 iii.Cash and cash equivalents 3,694.08 3,977.22 iv. Bank balances other than (iii) above 123.59 113.99 v. Other financial assets 5,406.10 4,487.47 (c) Other current assets 3,778.13 2,225 .08 Total current assets 66,465.39 63,657.65 Total assets (1+2) 204,807.96 203,099.29 8 EQUITY AND LIABILITIES 1. Equity (a) Equity Share capital 635.10 635.10 (b) Other equity 107,230.71 106,085.43 Total equity 107,865.81 106,720.53 Liabilities 2. Non-current liabilities (a) Financial liabilities i. Borrowings 15,873.74 18,089.23 ii. Lease liabilities 3,738.59 3,785.16 (b) Provisions 688.69 573.87 (c) Deferred tax liabilities (net) 17,470.63 16,134.11 (d) Other non-current liabilities 1,694.26 1,741.39 Total non-current liabilities 39,465.91 40,323.76 3. Current liabilities (a) Financial liabilities i. Borrowings 13,293.95 10,838.44 ii. Lease liabilities 1,036.80 1,030.05 iii.Trade payables Total outstanding dues of micro enterprises and small enterprises 328.73 429.35 Total outstanding dues of creditors other than micro enterprises and small enterprises 21 ,553.45 21,814.73 iv. Other financial liabilities 3,1 71.42 3,718.83 (b) Other current liabilities 14,658.29 15.295 .37 (c) Provisions 3,229.87 2,803.58 (d) Current tax liabilities (net) 203.73 124.65 Total current liabilities 57,476.24 56,055.00 Total equity and liabilities (1+2+3) 204,807.96 203,099.29
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STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 f Million HALF YEAR ENDED S.NO. PARTICULARS 30.09.2025 30.09.2024 (UNAUDITED} A CASH FLOW FROM OPERATING ACTIVITIES (i) Profit before tax 7,676.38 5,345.72 Adjustments for: Depreciation and amortisation expenses 4,684.46 4,618 .32 Profit on sale of property, plant and equipment (net) (12.86) (4.54) Gain from current investments (8.10) (99.42) Dividend income received (30.30) (21 .56) Provisions/ liabilities no longer required written back (1 .89) (3.54) Assets written off consequent to closure of business by a subsidiary company . 352.43 Unwinding of deferred income (520.93) (469.81) Finance costs 1,690.99 1,746,62 Interest income (158.26) (121.33) Employee stock compensation expense 41 .83 . Unrealised loss/(gain) on foreign exchange fluctuations 9.27 (2.97) (ii) Operating profit before working capital changes 13,370.59 11,339.92 Changes in working capital Adjustments for (increase)/ decrease in operating assets Inventories (220.46) (6,676 .68) Trade receivables (226.65) (2,224 .19) Other financial assets (current and non current) (585.84) (649,59) Other assets (current and non current) (1,470.74) (660.11) Adjustments for increase/ (decrease) in operating liabilities Trade payables (578.80) 5,829.42 Other financial liabilities (current and non current) 214.39 (114,74) Other liabilities (current and non current) (180.51) 438.80 Provisions (current and non current) 447.98 248.03 (iii) Cash generated from operations 10,769.96 7,530.86 Income tax paid (net of refund) 1.246.12 758.82 Net cash generated from operating activities 9,523.84 6,772.04 B CASH FLOW FROM INVESTING ACTIVITIES Purchase of property , plant and equipment and intangible assets (3,057.41) (1,943.00) Proceeds from sale of property, plant and equipment 63.81 107.85 Maturity of mutual funds, net 5.37 5,033.90 Non current investment made, net (64.91) (45.02) Investment in Subsidiaries . (200.00) Loan to Subsidiaries net of repayment - (4,217.85) Investments in fixed deposits, net (5.00) Net Loss on derivative instrument (203.59) Dividend received 30.30 21 .56 Interest received 80.17 111.08 Net cash used in investing activities (3,151.26) (1,131.48) C CASH FLOW FROM FINANCING ACTIVITIES Purchase of treasury shares (739.66) . Repayment of non-current borrowings (5,618.81) (6,298.83) Proceeds from current borrowings (net) 5,850.00 6,400.00 (excluding current maturities of non-current borrowings) Payment of dividend (3,168 .57) (3,810.61) Payment of principal portion of lease liabilities (575.79) (556.21) Payment of interest on lease liabilities (195.50) (203.62) Finance costs paid (2,206.90) (2.382.68) Net cash used in financing activities (6,655.23) (6,851.95) Net decrease in cash and cash equivalents (282.65) (1,211.39) Cash and cash equivalents as at the beginning of the year 3,977.22 4,941.90 Less: Cash credits as at the beginning of the year 0.49 0.93 Adjusted cash and cash equivalents as at beginning of the year 3,976.73 4,940.97 Cash and cash equivalents as at the end of the period 3,694.08 3,729.63 Less : Cash credits as at the end of the period . 0.05 Adjusted cash and cash equivalents as at the end of the period 3,694.08 3,729.58
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Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: QUARTER ENDED S.No. Partlculua 30.09.2025 I 30.06.202.5 I (a) Outstanding redeemable preference shares (' Million) (b) Oebenlure redemption reserve (t Million) 272.18 27218 (C) Capital redemption reserve (t Million) 44.40 4440 (d) Securities premium (f Million) 31,317.67 31 .317 67 (e) Net worth (f Million) 107,865.81 108.342 32 I !Share caµital + olher equitvl (f) Net profit after tax (f Million) 2,771.86 2.221 57 (g) Basic earnings per share (Not annualised) 4.37 3 50 (h) Diluted earnings per share (Not annualised) 4.37 3.50 Debt equity ratio (in limes) (I) [Debt comprises non-current borrowings and current borrowings I 0.27 023 eauitvl Long term debt to working capital (in times) U) [Non-current borrowings including current malurilies / Net working 1.57 162 capital excluding current maturities] (k) Total debts to total assets ratio (in%) 14.24% 12 50% [(Non-current borrowings+ current borrowings)/ Total assels] Debt service coverage ratio (in times]# [(Profit after tax+ interest expense excluding interest on lease (I) liabilities + depreciation & amortisation expense excluding 2.07 170 depreciation on right of use assets+ exceptional items + loss/(gain) on sale of fixed assets) / (Gross interest excluding interest on lease liabilities + repayment of non-current borrowings)] Interest service coverage ratio (in times) [(Profit after tax+ interest expense excluding interest on lease (m) liabilities + depreciation & amortisation expense excluding 7.57 661 depreciation on right of use assets + exceptional items+ loss/(gain) on sale of fixed assets) / Gross interest excluding interest on lease liabilities] (n) Current ratio (in times) 1.16 1.16 (Current assets I Current liabilities) (0) Bad debts to account receivable ratio (in % ) [Bad debts/ Average trade receivables] (p) Current liability ratio (in %) 59.29% 5829% [Current liabilities/ Total liabilities] (q) Debtors turnover (in times)# 8.43 852 [Revenue from operations I Average trade receivables) (r) Inventory turnover (in times) # 6.17 692 (Revenue from operations/ Average inventory] Operating margin (in%) (EBITDA • / Revenue from operations) (s) 15.28% 13.64% • EBITDA = Profit before tax + depreciation & amortisation expense + interest expense + exceptional item - other income (t) Net profit margin (in %) 5.88% 4 70% [Profit after tax I Revenue from operations] # Based on TTM (Trailing Twelve Months) 30.09.20%4 7 (UNAUDITEl;>I 27218 44.40 31,31767 103.981 08 1,647TT 259 259 a 30 243 1521% 1 52 5.82 1 05 6020% 917 688 1208% 369% HALFY~R ENDED YEAR ENDED 30.09.2025 I 272.18 44.40 31,317.67 107,865.81 4,993.43 7.87 7.87 0.27 1.57 14.24% 2.07 7.08 1.16 59.29% 8.43 6.17 14.46% 5.29% 30.~.2024 31.Gl:2.025 (AUDITED) 27218 27218 4440 4440 31,317 67 31,317 67 103.981 OB 106.720 53 3,567 50 6,29428 562 9 91 562 991 030 027 243 175 15.21% 1424% 1 52 1 83 627 5 60 105 114 6020% 5816% 917 8.78 6.88 682 1295% 1205% 394% 3.46% ~ -----
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NOTES: 1 The Company's operation comprises one business segment - Automobile Tyres, Automobile Tubes and Automobile Flaps. 2 The listed non-convertible debentures (NCDs) issued by the Company, aggregating to ~ 8,650 Million as on September 30, 2025, are secured by a pari passu first charge by way of hypothecation on movable fixed assets of the Company, both present and future (except stocks and book debts). Out of the above, NCD's amounting tot 5,000 Million carrying interest rate of 8.75% p.a (which are for 10 year bullet payment) also have exclusive charge on the immovable property of the Company's Registered office at Kochi. The asset cover thereof exceeds 125% of the principal amount of the said NCDs. 3 The commercial papers of the Company, having face value oft 3,000 Million, is outstanding as on September 30, 2025. 4 These unaudited standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards (IND AS) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act 2013 read with rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 (as amended) and in terms of regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 and other accounting principles generally accepted in India. 5 a) The Company h~s carried out an employee re-organisation exercise for its employees. The full and final amount paid to the employees who opted for this scheme aggregated tot 35.71 Million for the quarter ended September 30, 2025, t 17.28 Million for the quarter ended June 30, 2025, t 40.83 Million for the quarter ended September 30, 2024, t 52.99 Million for the half year ended September 30, 2025, t 198.73 Million for the half year ended September 30, 2024 and t 245.21 Million for year ended March 31 , 2025, have been disclosed as an exceptional item. b) The Board of Directors of the wholly owned subsidiary Company, 'Trusted Mobility Services Limited" had passed a resolution for closure of the operations on July 24, 2024. Consequent to the effect of above said resolution, the Company has written off its investment and recognised corresponding costs for closure of operations amounting to z 367.73 Million and disclosed the same as an exceptional item during the half year ended September 30, 2024 and year ended March 31, 2025. c) During the year ended March 31, 2025, the Company has received t 103.32 Million and 400,000 units of Roadstar Infra Investment Trust (recorded at t 0.40 Million) from IL&FS Financial Services Ltd ("IL&FS") as an interim distribution with respect to the unsecured short-term inter corporate deposits oft 2,000 Million with IL&FS which has already been written off in earlier years. The same has been disclosed as an exceptional item in the results. 6 The above results were reviewed by the Audit Committee on November 12, 2025 and approved by the Board of Directors at its meeting held on November 13, 2025. Place: Gurugram Date: November 13, 2025 For and on behalf of the Board of Directors of Apollo Tyres Ltd _.QN~R CHAIRMAN
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S.R. BATLIBOI & Co. LLP Chartered Accountants 67, Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Tel: +91124 681 6000 Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Apollo Tyres Limited I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Apollo Tyres Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associate and joint venture for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, 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 Standards on Auditing 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. We also performed procedures in accordance with the Circular No. CIR/CFD/CMD 1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board oflndia under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities included in Annexure I. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: • 6 subsidiaries, whose unaudited financial results include total assets of Rs. 159,613 million as at September 30, 2025, total revenue of Rs. 30,610 million and Rs. 56,927 million, total net loss after tax of Rs. 598 million and Rs. 2,299 million, total comprehensive loss of Rs. 598 million and Rs. 2,299 million, for the quarter ended September 30, 2025 and the period ended on that date respectively and net cash inflows of Rs. 1,631 S.R. Batllboi & Co LLP, a Limited Liablllty Partnership with LLP Identity No. AAB-4294 Regd. Office: 22, Camac Street , Block ·e·. 3rd Floor, Kolkata-700 016
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S.R. BATLIBOI & Co. LLP Chartered Accountants million for the period April O 1, 2025 to September 30, 2025, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. 7. All of these subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. Our conclusion on the Statement in respect of matters stated in para 6 above is not modified with respect to our reliance on the work done and the reports of the other auditors. For S.R. BATLIBOI & Co. LLP Chartered Accountants (CAI Firm retistration number: 30l003E/E300005 \(!it-~ per Pankaj Chadha Partner Membership No.: 091813 UDIN: 25091813BMOREB1040 Place: Guru.gram Date: November 13, 2025
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S.R. BATLIBOI & Co. LLP Chartered Accountants Annexure-1 List of entities included in the Statement Holding Company S. No. Name of the Company Apollo Tyres Limited Subsidiaries S. No. Name of the Company I Apollo Tyres Cooperatief U.A. 2 Apollo (South Africa) Holdings (Pty) Ltd. 3 Apollo Tyres Africa (Pty) Ltd 4 Apollo Tyres (Thailand) Limited 5 Apollo Tyres (Middle East) FZE 6 Apollo Tyres Holdings (Singapore) Pte. Ltd. 7 Apollo Tyres (UK) Holdings Ltd. 8 Apollo Tyres (London) Pvt. Ltd. 9 Apollo Tyres Global R&D B.V. 10 Apollo Tyres AG 11 Apollo Tyres do (Brasil) L TDA 12 Apollo Tyres (Europe) B.V. 13 Apollo Tyres (Hungary) Kft 14 Apollo Tyres (NL) B.V. 15 Apollo Tyres (Germany) GmbH 16 Apollo Tyres (Nordic) AB 17 Apollo Tyres (UK) Sales Ltd. 18 Apollo Tyres (France) SAS 19 Apollo Tyres (Belux) SA 20 Apollo Tyres (Austria) Gesellschaft m.b.H. 21 Apollo Tyres (Schweiz) AG 22 Apollo Tyres lberica, S.A.U. 23 Apollo Tyres (Hungary) Sales Kft. 24 Apollo Tyres (Polska) Sp. Z 0.0. 25 Vredestein Consulting B.V. 26 Finlo B.V. 27 Apollo Tires (US) Inc. 28 Reifencom GmbH, Hannover 29 Reifencom Tyre (Qingdao) Co., Ltd. 30 Saturn F-1 Pvt. Ltd 31 Apollo Tyres (Greenfield) B.V. 32 Apollo Tyres Global Business Services Limited 33 Trusted Mobility Services Limited
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S.R. 8ATLIB01 & Co. LLP Chartered Accountants Annexure-1 (Continued) Associate S. No. Name of the Company I KT Telematic Solutions Private Limited Joint Venture S.No. I Name of the Company Pan Aridus LLC
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S.R. BATLIBOI & Co. LLP Chartered Accountants 67, Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Tel: +91124 6816000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Apollo Tyres Limited I. We have reviewed the accompanying statement of unaudited standalone financial results of Apollo Tyres Limited (the "Company") for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting .. prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules is ued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, .. Review of Interim Financial lnformalion Performed by the lndep ndent Auditor of the Entity'' issued by the Institute of Chartered AccoW1tants of lndia. This standard requires that we plan and perform the review to obtain moderate as. urance as 10 whether the Statement is fret: or material misstatement. review of i.nterim financial information consists of making inquiries, 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 Standards on uditing and consequently does not enable us to obtain assurance that we would be orne aware of all significant matters that might be identified in an audit. Accordingly, we do note. press an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepan:<l in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For S.R. Batliboi & Co. LLP Chartered Accountants IC'~'tration number: 301003E/E300005 per Pankaj Chadha Partner Membership No.: 091813 UDIN: 25091813BMOREC6383 Place: Gurugram Date: November 13, 2025 S.R. Batllbol & Co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd Office: 22, Camac Stree~ Block ' B' , 3rd Floor, Kolkata-700 016
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S.R. BATLIBOI & Co. LLP 67, Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Chartered Accountants Tel: +91124 681 6000 Independent Auditor's Report on Security Cover, Compliance with all Covenants and book value of assets as at September 30, 2025 pursuant to Regulation 56(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and SEBI Circular dated May 19, 2022 for submission to VISTRA ITCL INDIA LIMITED (the 'Debenture Trustee') To The Board of Directors Apollo Tyres Limited 7 Institutional Area, Sector 32 Gurugram 122001, Haryana, India I. This Report is issued in accordance with the terms of the service scope letter dated August 07, 2025 and master engagement agreement dated July 26, 2023, as amended with Apollo Tyres Limited (hereinafter the "Company"). 2. We S.R. Batliboi & CO. LLP, Chartered Accountants, are the Statutory Auditors of the Company and have been requested by the Company to examine the accompanying Statement showing 'Security Cover as per the terms of the Information Memorandum and/or Debenture Trust Deeds and, Compliance with Covenants and book value of assets'(hereinafter the "Statement") for 8,650 (Eight Thousand Six Hundred and Fifity only) rated, listed, secured, redeemable, non-convertible debentures issued in multiple tranches having face value of INR 10,00,000 (Rupees Ten Lakh Only) each, for an aggregate nominal value of INR 8,65,00,00,000 (Rupees Eight Hundred sixty five Crore only) (hereinafter the "Debentures") of the Company, as at September 30, 2025 (hereinafter the "Statement") which has been prepared by the Company from the Board approved unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at and for the period ended September 30, 2025 pursuant to the requirements of the Regulation 56( I)( d) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended and SEBI Circular dated May 19, 2022 on Revised format of security cover certificate, monitoring and revision in timelines (hereinafter the "SEBI Regulations and SEBI Circular"), and has been initialed by us for identification purposes only. This Report is required by the Company for the purpose of submission to Vistra ITCL India Limited (hereinafter the 'Debenture Trustee(s)') of the Company to ensure compliance with the SEBI Regulations and SEBI Circular in respect of its Debentures . The Company had entered into an agreement with the Debenture Trustee vide supplementary agreement dated March l 0, 2021 (in respect of original agreements dated July 21,2016 and December 12, 2019) and agreement dated August 29, 2022 ( collectively referred as 'Debenture Trust Deeds') in respect of such multiple tranches of Debentures. Management's Responsibility 3. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Management of the Company is responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations and SEBI Circular including maintenance of minimum 125 percent security cover as per the terms of the Information Memorandum and/or Debenture Trust Deed sufficient to discharge the principal amount and the interest thereon at all times for the non-convertible debt securities issued. The management is also responsible for providing all relevant information to the Debenture Trustee(s) and for complying with all the covenants as prescribed in the Debenture Trust Deeds entered into between the Company and the Debenture Trustee ('Trust Deed'). Auditor's Responsibility 5. It is our responsibility to provide a limited assurance and conclude as to whether the: (a) Company has maintained minimum 125 percent Security cover as per the terms of the information memorandum and /or Debenture Trust deeds; (b) Company is in compliance with all the covenants (including financial covenants) as mentioned in the Debenture Trust Deed as on September 30, 2025. ( c) Book values of assets as included in the Statement are in agreement with the books of account underlying the unaudited standalone financial results of the company as at September 30, 2025. 6. We have performed a limited review of the unaudited standalone financial results of the Company for the half year ended September 30, 2025 prepared by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and issued an unmodified conclusion dated S.R. Batllbol & Co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd. office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016
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S.R. BATLIBOI & Co. LLP Chartered Accountants November 13, 2025. Our review of these financial results was conducted in accordance with the in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants oflndia ("ICAI''). 7. We conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the !CAI (the "Guidance Note"). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) I, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 9. Our scope of work did not involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial results of the Company taken as a whole. We have not performed an audit, the objective of which would be the expression of an opinion on the financial results, specified elements, accounts or items thereof, for the purpose of this report. Accordingly, we do not express such opinion. 10. A limited assurance engagement includes performing procedures to obtain sufficient appropriate evidence on the applicable criteria, mentioned in paragraph 5 above. The procedures performed vary in nature and timing from, and are less extent than for, a reasonable assurance. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, our procedures included the following in relation to the Statement: a) Obtained and read the Information Memorandum/Debenture Trust Deeds and noted that as per such debenture trust deed the Company is required to maintain minimum 125 percent security cover in respect of the debentures. b) Obtained the Board approved unaudited standalone financial results of the Company for the period ended September 30, 2025. c) Traced and agreed the principal amount and the interest thereon of the Debentures outstanding as on September 30, 2025, to the Board approved unaudited standalone financial results of the Company and the underlying books of account maintained by the Company as on September 30, 2025. d) Obtained and read the list of security cover in respect of debenture outstanding as per the Statement. Traced the value of these assets from the Statement of books of accounts and records of the Company underlying the Board approved unaudited financial results as on September 30, 2025. e) Obtained the list of security created in the register of charges maintained by the Company and 'Form No. CHG-9 ' filed with Ministry of Corporate Affairs ('MCA'). Traced the value of charge created against Assets to the Security Cover in the attached Statement. f) Examined and verified the arithmetical accuracy of the computation of Security Cover, and financial covenants included in the accompanying Statement. g) Traced the book value of assets from the books of accounts of the company underlying the Board approved unaudited standalone financial results as at September 30, 2025. h) With respect to compliance with covenants (including financial, affirmative, informative and negative covenants) included in the Statement, we have performed following procedures: i. Obtained and verified the arithmetical accuracy for the computations of net debt to earning before interest tax and depreciation and amortization (EBITDA) as al September 30, 2025. and debt service coverage ratio for the period April 01, 2025 to September 30, 2025. ii. Traced and agreed the long term borrowings , short term borrowings including current maturities of long-term borrowings, cash and cash equivalents, other bank balances, investment in quoted mutual funds, Profit after tax, Tax, Exceptional items, Depreciation , Interest expense, Other income , Total interest payable, Interest on lease liability, Annual repayment of debt and Borrowing cost capitalized from the Board approved unaudited standalone financial results of the Company and the underlying books of account maintained by the Company. iii. Obtained the repayment schedules and traced the date ofrepayment of principal and interest due during the period April 01, 2025 to September 30, 2025.
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S.R. BATLIBOI & Co. LLP Chartered Accountants i) With respect to covenants other than those mentioned in paragraph I0(h) above, the management has represented and confirmed that the Company has complied with all the other covenants including affirmative, informative, and negative covenants, as prescribed in the Debenture Trust Deed, as at September 30, 2025. j) Performed necessary inquiries with the Management and obtained necessary representations. Conclusion I I . Based on the procedures performed by us, as referred to in paragraph 10 above and according to the information and explanations received and management representations obtained, nothing has come to our attention that causes us to believe that the: a) Company has not maintained minimum 125% security cover as per the terms of the information memorandum and /or Debenture Trust deed. b) Company is not in compliance with all the covenants (including financial covenants) as mentioned in the Debenture Trust Deed as on September 30, 2025. c) Book values of assets as included in the Statement are not in agreement with the books of account underlying the unaudited standalone financial results of the company as at September 30, 2025. Restriction on Use 12. The Report has been issued at the request of the Company, solely in connection with the purpose mentioned in paragraph 2 above and to be submitted with the accompanying Statement to the Debenture Trustee(s) and is not to be used or referred to for any other person. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come. We have no responsibility to update this Report for events and circumstances occurring after the date of this report. For S.R. Batliboi & CO. LLP Chartered Accounlanl ICA,;,;t;on Numb«, JOIOOJE/EJOOOOS per Pankaj Chadha Partner Membership Number: 091813 UDIN: 25091813BMORED9997 Place of Signature: Gurugram Date: November 13, 2025
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Fixed Asset Coverage Ratio as on September 30, 2025 Immoveable* Moveable ~. No. PwtfQJ l.111(¥1 Amountrn 115. Mn, Amountln-"R<. l\lin. I, T otal assets available for secured Debt Securities' - (secured by either part passu or exclusive • Property Plant & Equipment (Fixed assets) - movable f immovable property etc * 22.15 15,462.00 • Loans /advances given (net of provisions, NPAs and sell down portfolio), Debt Securities, other N.A, N.A. credit extended etc • Receivables includina inlerest accrued on Term loan/ Debt Securtties etc NA N.A. • lnvestmentfs\ - 1 . .ll'l:ukl N.A N.A. • Cash and cash eau.ival.ents and other current/ Non-current asse.ts NA N.A, A _ 22.65 as,452.00· I~ Total borrowing through issue of secured Debt Securities (secured by either pari passu or exclusive charge on assets) - (Details As Per Annexure-1). • Debt Securities including bank loans 4,991.54 18,183.411 • INO -. AS lldiL3imftll rar aH«lJv~ tn.1!.U91 t'ililt: an secured C~b1 St'cul11i~ N.A. N.A. • Interest accrued/payable on secured Debt Securities including bank loans 209,78 254.14 B ~.wuo Ul,14T,;J2' Iii. A.!..S.!( C0"1crage Ratio (100% or higher as per the tenns of offer document/infonnation memorandum/ debenture A/8 0.004 4:~ trust deedl TOTAL 4.~672 Note: * Exclusive charge on the immovable property of the Company's registered office in Kochi For 8. 75% NCD Df Rs. 500 Crs.
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Statement of Compliance with Covenants I. Computation of net debt lo earnings before interest tax and depreciation and amortization (EBITDA) as at 30 September. 2025 Particulan Amount /Rs. MilrNJnl Net debt (refer table A)'" 25,467 EBITDA - /TM (refer wble H) 22,218 Net_debt to EBIDTA 1.15 • Does not indudi:: interest accrued on bofl"Q\'111.!15 2. Computation of debt service coverage ratio for the period 1 April 2025 to 30 September. 2025 Particlllan EBITDA-tax (refCr table BJ Debt service (refer table C) Drbl ie!nlrc:: ca'l.'1'lffl 1H' n..Uo Table A Comnuta1 ion or Net debt as at 30 S•n1tmbec 2025 Particulars Long-term borrowings Short-term borrowings including current maturities of long-term borrowings Less: Cash and cash equivalents Less: Olher Bank balances Less: Investment [n Mutual Fund N"~t debt Tobie U - Comnurn1ion or ElllTl) A Particulars Profit after tax Add: Tax Exceptional items Depreciation 1' Interest expense •• Less: Other income EBIIDA EBITDA-Tax # Excluded deprec1a1Jon on ROU , • Annualised (TTM=Trailing twelve months) •• Excluded interest on lease liability Tulilc C- Comr11.1UL1i<m of Drl.11 .se.n •itt- us .a t JO Seotember·, 2025 Particul•n Tola[ interest pa}ablc 0 Less: interest on Lease Liability Add : Rcpa}mcnl of debt Add : Redemption of preference shares Debt ,ervice •Annualised (ITM=Tratlmg l\\chc months) u E'icludcd interest on lease liabili1, Notes lo s1alcmcnl: Amount (Rs. Million l 18,004 9,253 l.95 Amount (Rs. Minion) 15,874 13,294 3,694 5 l. 25,467 For the period 1 April 2025 To 30 Sep 2025 ID, Million\ (A) 4,993 2,683 53 4,064 1,495 -452 12.837 10.154 For the period I April2025 To 30Sep 2025 IR<. Million) (Al 1,691 (196) 5,619 7 .. 11-l I The Stalcmcnl has been prepared based on Lhc basis of w1audi1cd book of accounl of the compan~ as on September JO. 2025 prepared in accordance \\ ilh Indian Accounting Standards (hcrcin □ l\cr rcrcrrcd to .:is the Ind AS ) specified under the Companies (Indian Accountin~ Standards) Rules 1015. as amended 2 NcL debt is uggrcgulc amount of all borrn" in~s of the Com pan~ excluding cash and cash cqui,alcnls and ban~ balances 3 Earnings before mlcrcsl I.J\'. dcprcciniion and amort1.1.a1io11 is profll ol'thc Compan~ before deducting mtercst, tax and dcprccintion nnd amorti ✓.alion and c-.:cluding other income and c-.:ceptional items -I, Dcbl sen ice is the lolal interest pa)able b~ the Compan~ and total repa~me11ts oflo11g tern, debts made ,11th Lhc redemption of preference shares if an~ 5 Financinl cmcnants for all the series of non comcrtiblc debentures is as follm,s Nel debt 10 El31TDA shall not e.-.:ceed 3 5 DSCR shall not foll bclo\\ I I r ,\CR shall 11m fall bclo\\ I 25 Fur Apollo T~ rcli Limited Authorised SiJ.:mtlnr) Mr Da,cndra Millal Head - Corporate Finance ANNUALISED• For lhe period For the period I Apri12024 I Apri12024 To To AsOn 31 Man:li 2025 30Sep 2024 30 Sep2025 llb.MiJlil>u\ llu.Mil6onl IRs. Million\ (B) ( C) (A)+ (B) - (C) ~ (D) 6,294 3,567 7,720 3,310 1,778 4,214 509 566 -4 8,073 4,004 8,132 3,253 1,543 3,206 -1.155 -557 - 1.050 20.284 10.903 22.218 16.974 9.124 18,004 ~UALISED' For the period For the period 1April2024 1Apn12024 To To As On 31 Man:h 2025 JO Sep2024 30 Sep2025 (Rs. M"dlionl (Rs. Million) IR< Millinn) (8) (C) (A)+ (Bi - (C) - (D) 3,658 1,747 3,601 (404) (204) (396) 6,727 6,299 6,047 9.980 7,8.12 9,l53
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IAUI UTl l•'.S ffo\'1111-bl Ofici .Jd11 sh.in ns. pa••·t~•U ctuu:cw,.h:iio\•dtb l Dm:riptKM'\of ... ~ti rw whKhl~IS <tnmu.~ relate Ci.Ju.i n CMllfflA Colum• C, IINnn ColUIIJIO Colu111• co1 .. ,n Excusive ChBl)l.e Exclusi~ Clwge Plfi-Pusu Chvie P:11i -P~~•.i1 Asuu nOf off~ed t5 Elimiwion (afT'OUtll (Toial C kJ H) De:,fforwhicti 1t,is,:millu.1~ ~ins,,.......i 21.liS t 'hat),-e SecLliry in MgDtive) Debi fc.- Auel'I. shateJ by !)Ori 01hor ..... ., .. wtlidi d115 pm~ debt t»kkc- on wht.:h c,crt;fi....ic, (Ull:ludci«h1f01"..t.°"h th,:r( •~rar - being issved tis certificate ii ~wed 1-'~i~u fo &odler:lelwwilhpari-- ,larsc pusu dwt,c) (e:>1elufo~ Bet0kVak.t 8,(>.i0] 7 IU.253 l I ~,0\'1,1~li Ill colu,-.aF) Buol<. \ow.Jut 11uo.io .j.J7J.18 ~1], 111 .!11.19 .Hl.u,;i.~s ll,l'72 .5ll: cl.bt amount comi<.ered more Ihm OM• (du. IO ,xelu~ivc plu pari pa»u ChariC) 01844 6] 4U U J 119 J0.l¥')6l 2J 172 $~ IJ.lhl 8~ '1l4..ll:fl79fi 10.253 II I MaricnVah,. 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