Interim report
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ASBISC ENTERPRISES PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026
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ASBISC ENTERPRISES PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 CONTENTS PAGE Board of Directors representations 1 Declaration by the members of the Board of Directors and the Company officials responsible for the drafting of the condensed consolidated interim financial statements 2 Independent Auditors’ review report 3 Condensed consolidated interim statement of profit or loss and other comprehensive income 4 Condensed consolidated interim statement of financial position 5 Condensed consolidated interim statement of changes in equity 6 Condensed consolidated interim statement of cash flows 7 Notes to the condensed consolidated interim financial statements 8 - 26
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ASBISC ENTERPRISES PLC 1 BOARD OF DIRECTORS REPRESENTATIONS In accordance with the requirements of the Ordinance of the Minister of Finance dated March 29th, 2018 on current and periodical information published by issuers of securities and on the conditions of recognizing as equivalent the information required by the laws of non-EU Member States, the Board of Directors of ASBISC ENTERPRISES PLC hereby represents that: - to its best knowledge, the semi-annual condensed consolidated financial statements and the comparative data have been prepared in accordance with the applicable accounting policies and that they give a true, fair and clear reflection of the group’s financial position and its financial result, and that the semi -annual Director’s Report on operations gives a true view of the group’s development, achievements, and position, including description of basic risks and threats. Limassol, August 5th, 2026
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ASBISC ENTERPRISES PLC 2 DECLARATION BY THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE DRAFTING OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (In accordance with the provisions of Law 190(I)/2007 on Transparency Requirements) In accordance with Article 10, sections (3c) and (7), of the Transparency Requirements (Traded Securities in Regulated Markets) Law 190 (1) / 2007 we, the members of the Board of Directors and the company officials responsible for the drafting of the condensed consolidated interim fin ancial statements of ASBIS c Enterprises Plc (the “Company”) and its subsidiaries (the “Group”) for the six months period ended 30 June 2026, confirm to the best of our knowledge that: a) the condensed consolidated interim financial statements for the six months period ended 30 June 20 26 which are presented on pages 4 to 26: (i) have been prepared in accordance with the International Accounting Standard 34 “Interim financial reporting” as adopted by the European Union and the provisions of subsection (4) of Article 10 of the Law, and (ii) give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and b) the interim management report includes a fair review of the development and performance of the information required by subsection (6) of Article 10 of the Law. Members of the Board of Directors: Siarhei Kostevitch Chairman and Chief Executive Officer ……………………………………………………… Marios Christou Executive Director ……………………………………………………… Constantinos Tziamalis Executive Director ……………………………………………………… Julia Prihodko Executive Director ……………………………………………………… Hanna Kaplan Executive Director ……………………………………………………… Tasos A.Panteli Non-Executive Director ……………………………………………………… Maria Petridou Non-Executive Director ……………………………………………………… Constantinos Petrides Non-Executive Director ……………………………………………………… Jaan Kristian Teär Non-Executive Director ……………………………………………………… Financial Controller Loizos Papavassiliou ……………………………………………………… Limassol, 5th August 2026
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ASBISC ENTERPRISES PLC 3 INDEPENDENT AUDITORS’ REPORT ON THE REVIEW OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF ASBISC ENTERPRISES PLC Introduction We have reviewed the accompanying condensed consolidated interim financial statements of ASBISc Enterprises PLC and its subsidiaries (the “group”) on pages 4 to 26 which comprise the condensed consolidated interim statement of financial position of the group as at 30 June 2026, and the condensed consolidated interim statements of profit or loss, comprehensive income, changes in equity and cash flows of the group for the six month period then ended and notes to the interim financial information (the “Condensed Consolidated Inter im Financial Information”). Management is responsible for the preparation and fair presentation of this Condensed Consolidated Interim Financial Information in accordance with the International Accounting Standard 34 “Interim Financial Reporting” . Our responsibility is to express a conclusion on this Condensed Consolidated Interim Financial Information based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. 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 International 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. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying Condensed Consolidated Interim Financial Information as at 30 June 20 26 is not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”. Certified Public Accountants and Registered Auditors KPMG Center, No.11, 16th June 1943 Street, 3022 Limassol, Cyprus. Limassol, August 5th, 2026
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ASBISC ENTERPRISES PLC 4 CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) For the six months ended 30 June 2026 For the six months ended 30 June 2025 Note US$ US$ Revenue 4,23 2,965,176 1,685,702 Cost of sales (2,735,903) (1,570,585) Gross profit 229,273 115,117 Selling expenses (68,543) (43,968) Administrative expenses (43,639) (31,258) Profit from operations 117,091 39,891 Financial income 7 2,714 1,145 Financial expenses 7 (19,795) (17,093) Net finance costs (17,081) (15,948) Other gains and losses 5 545 529 Share of loss from equity-accounted investees (58) (194) Profit before tax 6 100,497 24,278 Taxation 8 (19,903) (4,845) Profit for the period 80,594 19,433 Attributable to: Equity holders of the parent 80,981 19,508 Non-controlling interests (387) (75) 80,594 19,433 Earnings per share Basic and diluted from continuing operations (expressed in US$) 1.46 0.35 Other comprehensive (loss)/profit Exchange difference on translating foreign operations (2,525) 5,754 Reclassification adjustments relating to foreign operations liquidated and disposed in the period - 5 Other comprehensive (loss)/profit for the period (2,525) 5,759 Total comprehensive income for the period 78,069 25,192 Total comprehensive income attributable to: Equity holders of the parent 78,454 25,216 Non-controlling interests (385) (24) 78,069 25,192
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ASBISC ENTERPRISES PLC 5 CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 (in thousands of US$) As at 30 June 2026 As at 31 December 2025 Notes US$ US$ ASSETS Non-current assets Property, plant and equipment 9 116,057 106,826 Intangible assets 10 16,567 4,429 Investment property 11 3,473 3,491 Equity-accounted investees 12 5,497 4,844 Goodwill 27 2,270 2,315 Other investments 29 4,920 4,075 Deferred tax assets 20 1,129 1,172 Loans to associates 1,328 - Total non-current assets 151,241 127,152 Current assets Inventories 13 542,482 545,144 Trade receivables and other contract assets 14 582,629 528,812 Other current assets 15 25,677 40,734 Derivative financial assets 25 530 67 Current taxation 8 693 287 Cash at bank and in hand 26 301,359 257,612 Total current assets 1,453,370 1,372,656 Total assets 1,604,611 1,499,808 EQUITY AND LIABILITIES Equity Share capital 16 11,100 11,100 Share premium 23,906 23,906 Retained earnings and other components of equity 362,493 304,266 Equity attributable to owners of the parent 397,499 339,272 Non-controlling interests (1,087) (1,199) Total equity 396,412 338,073 Non-current liabilities Long-term borrowings 18 47,452 45,390 Other long-term liabilities 1,167 1,046 Deferred tax liabilities 20 188 188 Total non-current liabilities 48,807 46,624 Current liabilities Trade payables and contract liabilities 22 677,430 651,076 Trade payables factoring facilities 69,995 82,291 Other current liabilities 21 144,450 126,809 Short term borrowings 17 248,461 244,722 Derivative financial liabilities 24 478 2,004 Current taxation 8 18,578 8,209 Total current liabilities 1,159,392 1,115,111 Total liabilities 1,208,199 1,161,735 Total equity and liabilities 1,604,611 1,499,808 The financial statements were approved by the Board of Directors on 5th of August 2026. .................................... .................................... Constantinos Tziamalis Marios Christou Director Director
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ASBISC ENTERPRISES PLC 6 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) Attributable to the owners of the parent Share capital Share premium Translation of foreign operations Retained earnings Total Non- controlling interests Total US$ US$ US$ US$ US$ US$ US$ Balance at 1 January 2025 11,100 23,906 (17,294) 280,486 298,198 117 298,315 Profit/(loss) for the period 1 January 2025 to 30 June 2025 - - - 19,508 19,508 (75) 19,433 Other comprehensive profit for the period 1 January 2025 to 30 June 2025 - - 5,708 - 5,708 51 5,759 Disposal of non-controlling interest without a change in control - - - 139 139 - 139 Increase of share capital with non-controlling interest - - - - - 177 177 Acquisition of non-controlling interest without a change in control - - - - - (187) (187) Payment of final dividend (Note 16) - - - (16,650) (16,650) - (16,650) Balance at 30 June 2025 11,100 23,906 (11,586) 283,483 306,903 83 306,986 Profit/(loss) for the period 1 July 2025 to 31 December 2025 - - - 41,131 41,131 (321) 40,810 Other comprehensive profit for the period 1 July 2025 to 31 December 2025 - - 2,466 - 2,466 8 2,474 Acquisition of subsidiary with non-controlling interest - - - (128) (128) (969) (1,097) Payment of interim dividend (Note 16) - - - (11,100) (11,100) - (11,100) Balance at 31 December 2025 11,100 23,906 (9,120) 313,386 339,272 (1,199) 338,073 Profit/(loss) for the period 1 January 2026 to 30 June 2026 - - - 80,981 80,981 (387) 80,594 Other comprehensive (loss)/profit for the period 1 January 2026 to 30 June 2026 - - (2,527) - (2,527) 2 (2,525) Disposal of non-controlling interest without a change in control - - - 16 16 90 106 Acquisition of non-controlling interest without a change in control - - - (818) (818) 407 (411) Payment of final dividend (Note 16) - - - (19,425) (19,425) - (19,425) Balance at 30 June 2026 11,100 23,906 (11,647) 374,140 397,499 (1,087) 396,412
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ASBISC ENTERPRISES PLC 7 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) For the six months ended 30 June 2026 For the six months ended 30 June 2025 Note US$ US$ Profit for the period before tax and minority interest 100,497 24,278 Adjustments for: Exchange difference arising on consolidation (1,817) 4,423 Depreciation of property, plant and equipment and right-of-use assets 9 7,181 4,277 Amortization of intangible assets 10 319 209 Depreciation of investment property 11 18 18 Loss/(profit) from the sale of property, plant and equipment and intangible assets 5 47 (16) Provision for bad debts and receivables written off 8,669 654 Provision for slow moving and obsolete stock 1,098 85 Share of loss of equity-accounted investees 12 58 194 Interest received 7 (1,473) (422) Interest paid 7,190 7,828 Operating profit before working capital changes 121,787 41,528 Decrease in inventories 1,615 22,280 Increase in trade receivables (62,486) (44,808) Decrease in other current assets 14,544 5,603 Increase in other non-current assets (1,328) - Increase/(decrease) in trade payables and contract liabilities 26,354 (74,578) (Decrease)/increase in trade payables factoring facilities (12,296) 5,372 Increase in other current liabilities 16,159 14,449 Increase in other non-current liabilities 121 53 Decrease in factoring creditors (10,621) (17,680) Cash inflows/(outflows) from operations 93,849 (47,781) Interest paid 7 (5,815) (7,235) Taxation paid, net 8 (10,698) (3,772) Net cash inflows/(outflows) from operating activities 77,336 (58,788) Cash flows from investing activities Purchase of intangible assets 10 (12,506) (651) Purchase of property, plant and equipment (9,982) (9,758) Proceeds/(payments) from sale of property, plant and equipment and intangible assets 1,088 (344) Net payment from acquisition of investments in fair value through profit and loss (845) (171) Payments of loans made to associates (24) (188) Payments for purchase of investments in associates (711) - Increase of share capital of subsidiary with non-controlling interest 208 - Interest received 7 1,473 422 Net cash outflows from investing activities (21,299) (10,690) Cash flows from financing activities Payment of final dividend (19,425) (16,650) (Repayments)/proceeds of long-term loans and non-current lease liabilities (5,311) 329 Acquisition of non-controlling interest without a change in control (490) - (Repayments)/proceeds of short-term borrowings and current lease liabilities (16,442) 17,750 Net cash (outflows)/inflows from financing activities (41,668) 1,429 Net increase/(decrease) in cash and cash equivalents 14,369 (68,049) Cash and cash equivalents at beginning of the year 206,506 105,400 Cash and cash equivalents at end of the period 26 220,875 37,351
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 8 1. Incorporation and principal activities ASBISc Enterprises Plc (the “Company or “the parent Company”) was incorporated in Cyprus on 9 November 1995 with limited liability. The Group’s and the Company’s principal activity is the trading and distribution of computer hardware and software in a number of geographical regions as disclosed in note 23. The main shareholder of the Company is K.S. Holdings Limited, a Company incorporated in Cyprus. The Company is listed on the Warsaw Stock Exchange since the 30th of October 2007. 2. Basis of preparation (a) Statement of compliance These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS financial statements and they should be read in conjunction with the audited consolidated financial statements for the year ended 31 December 2025. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended 31 December 2025. These condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on the 5th of August 2026. (b) Use of the judgments and estimates Preparing the interim financial statements requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2025. 3. Significant accounting policies The accounting policies adopted for the preparation of the condensed consolidated interim financial statements for the six months ended 3 0 June 2026 are consistent with those followed for the preparation of the annual consolidated financial statements for the year 2025 except for the adoption by the Group of all the new and revised standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are re levant to its operations and effective for annual periods beginning on 1 January 2026. The Group has not early adopted any of the forthcoming new or amended standards in preparing these condensed consolidated interim financial statements.
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 9 4. Revenue For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Sales of goods 2,943,479 1,670,898 Sales of licenses 10,069 8,275 Rendering of services 11,001 6,228 Sales of optional warranty 627 301 2,965,176 1,685,702 Effect of seasonality The Group's revenue and consequently its profitability are significantly lower during the first half of the year. The seasonality is driven by increased household expenditure during the Christmas period as well as the commencement of the academic period du ring the second half of the year resulting in a positive effect on demand for the Group's products. 5. Other gains and losses For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ (Loss)/profit on disposal of property, plant and equipment (47) 16 Other net income 464 378 Rental income 128 135 545 529 6. Profit before tax For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Profit before tax is stated after charging: (a) Amortization of intangible assets (Note 10) 319 209 (b) Depreciation of property, plant and equipment (Note 9) 7,181 4,277 (c) Depreciation of investment property (Note 11) 18 18 (d) Auditors' remuneration 562 288 (e) Directors’ remuneration – executive (Note 28) 1,296 711 (f) Directors’ remuneration – non-executive (Note 28) 38 36
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 10 7. Financial expense, net For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Financial income Interest income 1,473 422 Other financial income 1,241 723 2,714 1,145 Financial expense Bank interest 5,815 7,235 Bank charges 6,492 3,090 Derivative charges 464 196 Factoring interest 2,970 2,118 Factoring charges 314 345 Other financial expenses 42 21 Interest on lease liabilities 1,375 593 Other interest 2,286 1,872 Net exchange loss 37 1,623 19,795 17,093 Net (17,081) (15,948) 8. Tax As at 30 June 2026 As at 31 December 2025 US$ US$ Payable balance 1 January 7,922 2,285 Provision for the period/year - Corporate income tax 19,587 15,770 - Global minimum top-up tax 794 1,515 (Over)/under provision of prior periods/year (484) 37 Exchange difference on retranslation 770 1,447 Amounts paid, net (10,704) (13,132) Net payable balance 30 June/31 December 17,885 7,922
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 11 8. Tax (continued) As at 30 June 2026 As at 31 December 2025 US$ US$ Tax receivable (693) (287) Tax payable 18,578 8,209 Net 17,885 7,922 The consolidated taxation charge for the period consists of the following: For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Provisions and withholding tax for the period: - Corporate income tax 19,587 3,935 - Global minimum top-up tax 794 913 (Over)/under provision of prior periods (484) 15 Deferred tax charge/(credit) (Note 20) 6 (18) Charge for the period 19,903 4,845 The taxation charge of the Group comprises corporation tax charge in Cyprus on the taxable profits of the Company and those of its subsidiaries which are subject to tax in Cyprus and corporation tax in other jurisdictions on the results of the foreign subsidiary companies. OECD Pillar Two model rules Under the legislation, the Group is liable to pay a top -up tax for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. Based on available information, the Group anticipates that its effective tax rate exceeds 15% in most jurisdictions in which it operates, except for United Arab Emirates, Bosnia, Bulgaria, Georgia, Latvia and Serbia. This assessment may be subject to change as further jurisdictional data for the current year becomes available.
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 12 9. Property, plant and equipment Land and buildings Assets under construction Computer hardware Warehouse machinery Motor vehicles Furniture and fittings Office equipment Total US$ US$ US$ US$ US$ US$ US$ US$ Cost At 1 January 2025 59,545 8,218 8,434 1,316 5,351 5,624 9,249 97,737 Additions 36,299 - 1,060 102 1,311 936 2,019 41,727 Disposals/write-offs (764) - (763) (5) (944) (648) (1,348) (4,472) Foreign exchange difference on retranslation 2,611 - 478 44 170 526 560 4,389 At 31 December 2025 97,691 8,218 9,209 1,457 5,888 6,438 10,480 139,381 Additions 13,191 - 1,063 117 536 602 1,844 17,353 Disposals/write-offs (2,917) - (335) (179) (468) (262) (426) (4,587) Foreign exchange difference on retranslation 341 - (73) (10) (20) (94) (6) 138 At 30 June 2026 108,306 8,218 9,864 1,385 5,936 6,684 11,892 152,285 Accumulated depreciation At 1 January 2025 10,043 - 4,771 786 3,122 2,555 3,832 25,109 Charge for the year 4,884 - 1,472 122 784 674 1,432 9,368 Disposals/write-offs (212) - (679) (2) (867) (621) (986) (3,367) Foreign exchange difference on retranslation 155 - 306 6 87 408 483 1,445 At 31 December 2025 14,870 - 5,870 912 3,126 3,016 4,761 32,555 Charge for the period 4,589 - 767 50 415 378 982 7,181 Disposals/write-offs (1,928) - (285) (177) (461) (244) (362) (3,457) Foreign exchange difference on retranslation (166) - (62) 175 (12) 4 10 (51) At 30 June 2026 17,365 - 6,290 960 3,068 3,154 5,391 36,228 Net book value At 30 June 2026 90,941 8,218 3,574 425 2,868 3,530 6,501 116,057 At 31 December 2025 82,821 8,218 3,339 545 2,762 3,422 5,719 106,826
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 13 9. Property, plant and equipment (continued) Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows: Land and buildings Warehouse machinery Motor vehicles Total US$ US$ US$ US$ Balance at 1 January 2025 17,733 7 899 18,639 Depreciation charge for the year (3,997) (3) (439) (4,439) Additions to right of use assets 21,894 - 716 22,610 Derecognition of right of use assets (286) - (16) (302) Foreign exchange difference on retranslation 1,580 1 132 1,713 Balance at 31 December 2025 36,924 5 1,292 38,221 Depreciation charge for the period (3,672) (5) (232) (3,909) Additions to right of use assets 7,758 53 404 8,215 Derecognition of right of use assets (793) - - (793) Foreign exchange difference on retranslation 237 - (139) 98 Balance at 30 June 2026 40,454 53 1,325 41,832 The Group leases offices, warehouses and stores in various locations throughout the countries of operation. In addition, the Group leases motor vehicles for business use and employee commuting, as well as some warehouse machinery for warehouse operations. During the year, the Group entered into new long-term lease contracts, including agreements with terms exceeding five years. The total cash outflows for the leases related to the above right-of-use assets were US$ 4,277 (2025: US$ 4,972). 10. Intangible assets Computer software Patents and licenses Retail distribution rights Total US$ US$ US$ US$ Cost At 1 January 2025 9,632 3,495 - 13,127 Additions 289 1,890 - 2,179 Disposals/write-offs (199) (168) - (367) Foreign exchange difference on retranslation 145 92 - 237 At 31 December 2025 9,867 5,309 - 15,176 Additions 269 597 11,640 12,506 Disposals/write-offs (112) (98) - (210) Foreign exchange difference on retranslation (32) (40) - (72) At 30 June 2026 9,992 5,768 11,640 27,400 Accumulated amortization At 1 January 2025 9,215 1,074 - 10,289 Charge for the year 151 273 - 424 Disposals/write-offs (111) (106) - (217) Foreign exchange difference on retranslation 231 20 - 251 At 31 December 2025 9,486 1,261 - 10,747 Charge for the period 67 252 - 319 Disposals/write-offs (107) (98) - (205) Foreign exchange difference on retranslation (24) (4) - (28) At 30 June 2026 9,422 1,411 - 10,833 Net book value At 30 June 2026 570 4,357 11,640 16,567 At 31 December 2025 381 4,048 - 4,927
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 14 11. Investment property Land and buildings US$ Cost At 1 January/31 December 2025 4,183 At 30 June 2026 4,183 Accumulated amortization At 1 January 2025 656 Charge for the year 36 At 31 December 2025 692 Charge for the period 18 At 30 June 2026 710 Net book value At 30 June 2026 3,473 At 31 December 2025 3,491 The properties are leased to third parties under operating leases with rentals payable monthly. 12. Equity-accounted investees As at 30 June 2026 As at 31 December 2025 US$ US$ Cost At 1 January 5,855 5,855 Additions (i),(ii),(iii) 711 815 Full acquisition of equity-accounted investee (i) - (815) At 30 June/31 December 6,566 5,855 Accumulated share of loss from equity-accounted investees At 1 January (1,011) (800) Share of loss from equity-accounted investees during the period/year (58) (678) Derecognition of accumulated losses on obtaining control of former associate - 467 At 30 June/31 December (1,069) (1,011) Carrying amount of equity-accounted investees 5,497 4,844 (i) In March 2026, the Company acquired an additional 4 % shareholding in Autonomics Ltd (Cyprus), for the consideration of US$ 711. (ii) In October 2025, the Company acquired an additional 6.22% shareholding in Clevetura Ltd (Cyprus), for the consideration of US$ 347. By this acquisition Clevetura Ltd (Cyprus) became a subsidiary. (iii) In September 2025, the Company acquired an additional 5.85 % shareholding in Clevetura Ltd (Cyprus), for the consideration of US$ 468.
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 15 13. Inventories As at 30 June 2026 As at 31 December 2025 US$ US$ Trading goods (i) 537,560 540,793 Land development (ii) 4,922 4,351 542,482 545,144 (i) Trading goods As at 30 June 2026 As at 31 December 2025 US$ US$ Goods held for resale 450,714 450,992 Goods in transit 100,022 101,923 Provision for slow moving and obsolete stock (13,176) (12,122) 537,560 540,793 As at 3 0 June 2026, inventories pledged as security for financing purposes amounted to US$ 113,605 (2025: US$ 116,894). Movement in provision for slow moving and obsolete stock: For the six months ended 30 June 2026 For the year ended 31 December 2025 US$ US$ On 1 January 12,122 8,517 Provisions for the period/year 1,172 3,745 Provided stock written off (74) (307) Foreign exchange difference on retranslation (44) 167 On 30 June/31 December 13,176 12,122 (ii) Land development As at 30 June 2026 As at 31 December 2025 US$ US$ Land - not under development yet 1,656 1,703 Land - work in progress 1 1 Buildings - work in progress 3,265 2,647 4,922 4,351 The Group owns three plots of land in Cyprus for a housing complex development. As at 30 June 20 26, the project is in progress.
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 16 14. Trade receivables and other contract assets As at 30 June 2026 As at 31 December 2025 US$ US$ Trade receivables 589,922 529,634 Contract assets 10,792 8,739 Allowance for doubtful debts (18,085) (9,561) 582,629 528,812 Movement in provision for doubtful debts: For the six months ended 30 June 2026 For the year ended 31 December 2025 US$ US$ On 1 January 9,561 7,091 Provisions for the period/year 8,824 5,268 Amount written-off as uncollectible (155) (3,058) Foreign exchange difference (145) 260 On 30 June/31 December 18,085 9,561 As at 30 June 2026, the receivables of the Group that have been assigned as security for financing purposes amounted to US$ 288,645 (2025: US$ 213,486). 15. Other current assets As at 30 June 2026 As at 31 December 2025 US$ US$ VAT and other taxes refundable 8,216 12,672 Other debtors and contract assets 13,406 23,400 Deposits and advances to service providers 2,298 1,233 Employee floats 1,278 436 Loans due from associate companies 479 2,993 25,677 40,734 16. Share capital As at 30 June 2026 As at 31 December 2025 US$ US$ Authorized 63,000,000 (2025: 63,000,000) shares of US$ 0.20 each 12,600 12,600 Issued and fully paid 55,500,000 (2025: 55,500,000) ordinary shares of US$ 0.20 each 11,100 11,100
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 17 16. Share capital (continued) Our dividend policy is to pay dividends at levels consistent with our growth and development plans, while maintaining a reasonable level of liquidity. During the years 2025 and 2026, the following dividends were declared and paid by the Company: • A final dividend of US$ 0.30 per share for the year 2024, amounting to US$ 16,650,000. • An interim dividend of US$ 0.20 per share for the year 2025, amounting to US$ 11,100,000. • A final dividend of US$ 0.35 per share for the year 2025, amounting to US$ 19,425,000. 17. Short-term borrowings As at 30 June 2026 As at 31 December 2025 US$ US$ Bank overdrafts (Note 26) 80,484 51,106 Current portion of long-term loans - 1,482 Bank short-term loans 94,846 110,265 Current lease liabilities (Note 19) 8,140 6,257 Total short-term debt 183,470 169,110 Factoring creditors 64,991 75,612 248,461 244,722 Summary of borrowings and overdraft arrangements As at 30 June 2026 the Group had factoring facilities of US$ 156,868 (2025: US$ 145,372). In addition, the Group as at 3 0 June 2026 had the following financing facilities with banks in the countries that the Company and its subsidiaries operate: • overdraft lines of US$ 141,004 (2025: US$ 133,520) • short-term loans/revolving facilities of US$ 170,347 (2025: US$ 162,690) • bank guarantee and letters of credit lines of US$ 56,250 (2025: US$ 49,708) The Group had, for the period ended 30 June 2026, cash lines (overdrafts, loans and revolving facilities) and factoring lines. The Weighted Average Cost of Debt (cash lines and factoring lines) for the period is 7.6% (2025: 8.5%). The factoring, overdraft and revolving facilities as well as the loans granted to the Company and its subsidiaries by their bankers are secured by: • Floating charges over all assets of the Company is US$ 50,518 (2025: US$ 78,371) • Mortgage on land and buildings that the Group owns in Cyprus, Slovakia and Ukraine • Charge over receivables and inventories • Corporate guarantees • Assignment of insurance policies • Pledged deposits of US$ 21,535 (2025: US$ 23,249)
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 18 18. Long-term borrowings As at 30 June 2026 As at 31 December 2025 US$ US$ Bank loans 13,172 13,683 Non-current lease liabilities (Note 19) 34,280 31,707 47,452 45,390 19. Lease liabilities As at 30 June 2026 As at 31 December 2025 US$ US$ Current lease liabilities (Note 17) 8,140 6,257 Non-current lease liabilities (Note 18) 34,280 31,707 42,420 37,964 20. Deferred tax For the six months ended 30 June 2026 For the year ended 31 December 2025 US$ US$ Debit balance on 1 January (984) (62) Deferred tax credit /(charge) for the period/year (Note 8) 6 (864) Exchange difference on retranslation 37 (58) Debit balance at 30 June/31 December (941) (984) As at 30 June 2026 As at 31 December 2025 US$ US$ Deferred tax assets (1,129) (1,172) Deferred tax liabilities 188 188 Net deferred tax assets (941) (984)
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 19 21. Other current liabilities As at 30 June 2026 As at 31 December 2025 US$ US$ Salaries payable and related costs 8,078 9,577 VAT payable 9,177 23,265 Non-trade accounts payable 2,788 14,275 Accruals, deferred income, and other provisions 124,407 79,692 144,450 126,809 22. Trade payables and contract liabilities As at 30 June 2026 As at 31 December 2025 US$ US$ Trade payables 649,132 633,631 Contract liabilities from customers 28,298 17,445 677,430 651,076 23. Operating segments 1.1 Reportable segments The Group mainly operates in a single industry segment as a distributor of IT products. The Group’s operating segments are based on geographic location, and the measure of segment profit is profit from operations. The Group operates in four principal geographical areas – Former Soviet Union, Central Eastern Europe, Western Europe and Middle East & Africa. 1.2 Segment revenues For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Former Soviet Union 1,133,696 544,675 Central Eastern Europe 564,601 480,552 Middle East & Africa 350,466 368,769 Western Europe 524,358 249,628 Other (i) 392,055 42,078 2,965,176 1,685,702 (i) An amount of US$ 334,997 (2025: US$ 28,820) is attributable to Taiwan, although the related products were delivered within the EU.
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 20 23. Operating segments (continued) 1.3 Segment results For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Former Soviet Union 38,807 12,279 Central Eastern Europe 28,977 10,932 Middle East & Africa 14,399 9,939 Western Europe 18,109 5,726 Other 16,799 1,015 Profit from operations 117,091 39,891 Net financial expenses (17,081) (15,948) Other gains and losses 545 529 Share of loss from associates (58) (194) Profit before taxation 100,497 24,278 1.4 Segment capital expenditure (CAPEX) As at 30 June 2026 As at 31 December 2025 US$ US$ Cyprus 29,047 28,415 Former Soviet Union 33,210 33,028 Central Eastern Europe 36,288 23,179 U.S.A. 25,726 19,086 Middle East & Africa 10,770 9,399 Western Europe 3,272 3,786 Unallocated 54 168 138,367 117,061 1.5 Segment depreciation and amortization For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Cyprus 1,558 1,455 Former Soviet Union 1,827 1,199 Central Eastern Europe 2,250 1,156 U.S.A. 1,111 - Middle East & Africa 398 372 Western Europe 367 313 Other 7 9 7,518 4,504
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 21 23. Operating segments (continued) 1.6 Segment assets As at 30 June 2026 As at 31 December 2025 US$ US$ Former Soviet Union 496,386 419,169 Central Eastern Europe 489,973 544,616 Western Europe 169,620 262,514 Middle East & Africa 251,047 53,082 Total 1,407,026 1,279,381 Assets allocated in capital expenditure (1.4) 138,367 117,061 Other unallocated assets 59,218 103,366 Consolidated assets 1,604,611 1,499,808 For the purposes of monitoring segment performance and allocating resources between segments only assets were allocated to the reportable segments. As the Group liabilities are mainly used jointly by the reportable segments, these were not allocated to each segment. 1.7 Geographical information Since the Group’s operating segments are based on geographical location and this information has been provided above (1.2-1.6) no further analysis is included. 24. Derivative financial liabilities As at 30 June 2026 As at 31 December 2025 US$ US$ Derivative financial liabilities carried at fair value through profit or loss Foreign currency derivative contracts 478 2,004 25. Derivative financial assets As at 30 June 2026 As at 31 December 2025 US$ US$ Derivative financial assets carried at fair value through profit or loss Foreign currency derivative contracts 530 67 26. Cash and cash equivalents As at 30 June 2026 As at 31 December 2025 US$ US$ Cash at bank and in hand 301,359 257,612 Bank overdrafts (Note 17) (80,484) (51,106) 220,875 206,506 The cash at bank and in hand balance includes an amount of US$ 21,535 (2025: US$ 23,249) which represents pledged deposits against financial facilities granted and margin accounts for foreign exchange hedging.
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 22 27. Goodwill 1.1. Acquired assets and liabilities The net carrying value of underlying separately identifiable assets and liabilities transferred to the Group at the date of acquisition was as follows: As at 30 June 2026 As at 31 December 2025 US$ US$ Tangible and intangible assets 11,668 1,292 Inventories 51 662 Receivables - 819 Other receivables - 348 Short-term loans - (480) Payables - (545) Other payables and accruals - (4,623) Cash and cash equivalents - 1,002 Fair value of net identifiable assets 11,719 (1,525) Group’s interest in net assets acquired 11,719 (472) Total purchase consideration (i) 11,719 1,539 Goodwill attributed to an acquired investment - 50 Goodwill on acquisition - 2,111 Impairment loss on Goodwill - (467) Goodwill capitalized in statement of financial position - 1,644 (i) In January 2026, the Group acquired the Samsung Brand store retail chain in Poland for total consideration of US$11.719. No goodwill arose on acquisition. The acquisition contributed to the Group’s expansion of its retail operations in Poland. 1.2. Goodwill arising on acquisitions As at 30 June 2026 As at 31 December 2025 US$ US$ At 1 January 2,315 582 Additions (i),(ii),(iii) - 2,061 Impairment loss (iv) - (467) Foreign exchange difference on retranslation (45) 139 At 30 June/31 December 2,270 2,315 (i) In October 2025, goodwill of US$ 1,851 was recognized from the acquisition of Clevetura Ltd (Cyprus). (ii) In October 2025, goodwill of US$ 108 was recognized from the acquisition of Clevetura Devices LLC (U.S.A.). (iii) In September 2025, goodwill of US$ 102 was recognized from the acquisition of CPT Praha spol. s r.o. (Czech Republic).
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 23 27. Goodwill (continued) The capitalized goodwill arose from the business combinations of the following subsidiaries/business unit: As at 30 June 2026 As at 31 December 2025 US$ US$ ASBIS d.o.o. (BA) 398 410 ASBIS Africa Proprietary Limited (South Africa) 249 247 CPT Praha spol. s r.o. (Czech Republic) 102 102 Clevetura Ltd (Cyprus) 1,413 1,448 Clevetura Devices LLC (U.S.A.) 108 108 2,270 2,315 (iv) The impairment loss on goodwill relates to the following subsidiary: As at 30 June 2026 As at 31 December 2025 US$ US$ Clevetura Ltd (Cyprus) - 467 28. Transactions and balances of key management For the six months ended 30 June 2026 For the six months ended 30 June 2025 US$ US$ Directors’ remuneration - executive (Note 6) 1,296 711 Directors’ remuneration - non-executive (Note 6) 38 36 1,334 747 29. Other investments As at 30 June 2026 As at 31 December 2025 US$ US$ Financial assets at fair value through other comprehensive income (i) 2,376 2,376 Financial assets at fair value through profit and loss (ii) 2,544 1,699 4,920 4,075 (i) Financial assets at fair value through other comprehensive income Name Country of incorporation Participation % Cost US$ Impairment US$ As at 30 June 2026 As at 31 December 2025 US$ US$ Promed Bioscience Ltd Cyprus 16% 808 - 808 808 RSL Revolutionary Labs Ltd Cyprus 15.5% 707 - 707 707 Theramir Ltd Cyprus 4.5% 861 - 861 861 2,376 - 2,376 2,376
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 24 29. Other investments (continued) (ii) Financial assets at fair value through profit and loss Name Country of incorporation Participation % Cost US$ Impairment US$ As at 30 June 2026 As at 31 December 2025 US$ US$ KV Kinisis Ventures fund Raif V.V.I.V PLC Cyprus - 1,144 - 1,144 699 Robotifai Inc. Cyprus - 1,400 - 1,400 1,000 2,544 - 2,544 1,699 30. Loans to associates As at 30 June 2026 As at 31 December 2025 US$ US$ At 1 January 2,993 3,583 Loans during the period/year 23 3,024 Repayment of loan (1,155) - Interest accrued (i) 64 225 Transfer of loan to subsidiary on obtaining control (ii) - (3,839) Foreign exchange difference (118) - At 30 June/31 December (Note 15) 1,807 2,993 The total loans to associates before provision for doubtful loans are unsecured and analyzed below: Company Interest rate Source currency As at 30 June 2026 As at 31 December 2025 % US$ US$ Autonomics Tech Ltd (iii),(iv) 4 Euro 1,351 2,534 Displayforce Global Ltd (Cyprus) (v) 5 Euro 456 459 1,807 2,993 (i) The total interest received from associates is analyzed below: As at 30 June 2026 As at 31 December 2025 US$ US$ Clevetura Ltd (Cyprus) (ii) - 142 Autonomics Tech Ltd (iii),(iv) 53 62 Displayforce Global Ltd (Cyprus) (v) 11 21 64 225
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 25 30. Loans to associates (continued) (ii) During the year 2025, the Group increased its ownership interest in Clevetura Ltd (Cyprus) from 40% to 52.0 7%, obtaining control on 31st of October 2025. As a result, Clevetura Ltd (Cyprus) ceased to be accounted for as an associate and became a subsidiary. Accordingly, the loan balance of US$ 3,839 previously disclosed under ‘Loans to associates’ was transferred out of this note. Following consolidation, intragroup balances with Clevetura Ltd (Cyprus) are eliminated. (iii) Autonomics Tech Ltd entered into a loan agreement with the Company on the 1st of September 2025, with the obligation to settle the loan by 30th of April 2027. The loan is unsecured. (iv) Autonomics Tech Ltd entered into a loan agreement with the Company on the 14th of October 2024, with the obligation to settle the loan by 31st of December 2026. The loan has been settled during March 2026. (v) Displayforce Global Ltd (Cyprus) entered into a loan agreement with the Company on the 26th of March 2024, with the obligation to settle the loan by 31st of December 2026. The loan is unsecured. 31. Business combinations 1. Incorporations and acquisitions Incorporations and acquisitions of subsidiaries to 30 June 2026 1.1 Incorporations and acquisitions of subsidiaries to 30 June 2026 During the period, the Group acquired/incorporated the following subsidiaries: Name of entity Type of operations Date acquired % acquired % owned ASBC MMC LLC (Azerbaijan) Information Technology 29 January 2026 34.15% 100% Clevetura Ltd (Cyprus) Information Technology 30 April 2026 4.89% 56.96% Name of entity Type of operations Date incorporated % incorporated % owned Joule Baltic LLC (Latvia) Information Technology 08 May 2026 100% 100% ASBIS IVORY COAST SARL (Ivory Coast) Information Technology 13 May 2026 100% 100% ASBIS35 GHANA LTD (Ghana) Information Technology 25 May 2026 100% 100% Incorporations and acquisitions of subsidiaries to 31 December 2025 Name of entity Type of operations Date acquired % acquired % owned CPT Praha spol. s r.o. (Czech Republic) Information Technology 16 September 2025 100% 100% Aros Roboshops Trading LLC (U.A.E) Vending machine sales 26 October 2025 100% 100% Clevetura Devices LLC (U.S.A) Information Technology 31 October 2025 100% 100% Clevetura Ltd (Cyprus) Information Technology 31 October 2025 12.07% 52.07% Name of entity Type of operations Date incorporated % incorporated % owned ASBIS ME Trading LLC (U.A.E) Information Technology 06 January 2025 100% 100% ASBIS Arabia Ltd (Saudi Arabia) Information Technology 24 December 2025 100% 100%
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ASBISC ENTERPRISES PLC NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026 (in thousands of US$) 26 31. Business combinations (continued) 2. Liquidations and disposals Liquidations and disposals of subsidiaries to 30 June 2026 During the period, the following subsidiary has been liquidated and no loss or gain arose on the event. Name of disposed entity Type of operations Date liquidated % liquidated Atlantech Ltd (U.A.E) Information Technology 26 March 2026 100% During the year, the following subsidiaries have been disposed and gain of US$ 3 arose on the events: Name of disposed entity Type of operations Date disposed % disposed Joule Technologies Ltd (Cyprus) Information Technology 06 February 2026 30% Liquidations and disposals of subsidiaries to 31 December 2025 During the year, the following subsidiaries have been disposed and loss of US$ 627 arose on the events: Name of disposed entity Type of operations Date disposed % disposed Joule Production SIA (Latvia) Information Technology 28 March 2025 100% Breezy Trade-In Ltd (Cyprus) Information Technology 22 May 2025 8.85% MakSolutions LLC (Belarus) Information Technology 3 November 2025 100% “E-VISION” Unitary Enterprise (Belarus) Information Technology 31 December 2025 100% Breezy LLC (Belarus) Information Technology 31 December 2025 100% ASBC F.P.U.E. (Belarus) Information Technology 31 December 2025 100% Name of liquidated entity Type of operations Date liquidated % liquidated ASBIS Hungary Commercial Ltd (Hungary) Information Technology 15 May 2025 100% 32. Commitments and contingencies As at 30 June 2026 the Group was committed in respect of purchases of inventories of a total cost value of US$ 74,596 (2025: US$ 49,224) which were in transit at 3 0 June 2026 and delivered in July 2026. Such inventories and the corresponding liability towards the suppliers have not been included in these financial statements since, according to the terms of purchase, title of the goods has not passed to the Group at the period end. As at 30 June 2026 the Group was contingently liable to banks in respect of bank guarantees and letters of credit lines of US$ 56,250 (2025: US$ 49,708) (note 17) which the Group has extended to its suppliers and other counterparties. As at the 30 June 2026 the Group had no other capital or legal commitments and contingencies. 33. Fair values Financial instruments comprise financial assets and financial liabilities. Financial assets mainly consist of bank balances, receivables, investments and financial assets at fair value through other comprehensive income . Financial liabilities mainly consist of trade payables, factoring balances, bank overdrafts and loans. The Directors consider that the carrying amount of the Group’s financial instruments approximate their fair value at the reporting date. Financial assets and financial liabilities carried at fair value through profit or loss represent foreign currency derivative contracts categorized as a Level 2 (inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).