529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 529900RAN1AMTYFPCG62 2025-12-31 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 529900RAN1AMTYFPCG62 2024-12-31 529900RAN1AMTYFPCG62 2023-01-01 2023-12-31 529900RAN1AMTYFPCG62 2023-12-31 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:IssuedCapitalMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:TreasurySharesMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:CapitalReserveMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:RetainedEarningsMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:NoncontrollingInterestsMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:IssuedCapitalMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:TreasurySharesMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:CapitalReserveMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:RetainedEarningsMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:NoncontrollingInterestsMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:IssuedCapitalMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:TreasurySharesMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:CapitalReserveMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:RetainedEarningsMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900RAN1AMTYFPCG62 2023-12-31 ifrs-full:NoncontrollingInterestsMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:CapitalReserveMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-01-01 2024-12-31 ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:IssuedCapitalMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:TreasurySharesMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:CapitalReserveMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:RetainedEarningsMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:NoncontrollingInterestsMember ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:PreviouslyStatedMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:IssuedCapitalMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:TreasurySharesMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:CapitalReserveMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:RetainedEarningsMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:NoncontrollingInterestsMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:IssuedCapitalMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:TreasurySharesMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:CapitalReserveMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:RetainedEarningsMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900RAN1AMTYFPCG62 2024-12-31 ifrs-full:NoncontrollingInterestsMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:TreasurySharesMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:CapitalReserveMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900RAN1AMTYFPCG62 2025-01-01 2025-12-31 ifrs-full:NoncontrollingInterestsMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:IssuedCapitalMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:TreasurySharesMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:CapitalReserveMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:RetainedEarningsMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:AccumulatedOtherComprehensiveIncomeMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900RAN1AMTYFPCG62 2025-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:HUF iso4217:HUF xbrli:shares xbrli:shares
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
OPUS
GLOBAL
Nyrt.
2025
Annual Report
Consolidated
IFRS
31.12.2025
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
2
OPUS GLOBAL Nyrt.
on the basis of the International Financial Reporting Standards adopted by
the European Union
2025 Consolidated Annual Report
Table of Contents
I. 2025 Consolidated Financial Statements _____________________________________ 8
I.1. Consolidated Statement of Financial Position __________________________ 9
I.2. Consolidated Comprehensive Income Statement ______________________ 11
I.3. Consolidated Equity Change Statement ______________________________ 13
I.4. Consolidated Cash Flow Statement __________________________________ 15
II. Supplementary Notes to the Consolidated Financial Statements _________________ 17
II.1. General Background ______________________________________________ 19
II.2. Accounting Policy ________________________________________________ 25
II.3. Notes to the Financial Statements ___________________________________ 39
II.4. Publication of the Annual Report __________________________________ 131
III. Management (Business) Report __________________________________________ 132
III.1. Presentation of the Group ________________________________________ 133
III.2. Main events of the 2025 Business Year ______________________________ 141
III.3. Presentation of the Group's 2025 Financial Activity ___________________ 146
III.4. Description of the Business Activity by Division ______________________ 155
Construction Division ________________________________________________________________ 156
Food Industry Division ________________________________________________________________ 172
Tourism Division ____________________________________________________________________ 185
Energy Division _____________________________________________________________________ 200
Asset Management Division ___________________________________________________________ 219
III.5. Declaration by the Company Management ____________________________ 221
IV. 2025 Sustainability Report ______________________________________________ 222
IV.1. GENERAL INFORMATION _____________________________________ 223
Strategy, business model and value chain _________________________________________________ 223
About the report _____________________________________________________________________ 227
Governance ________________________________________________________________________ 229
Stakeholders ________________________________________________________________________ 230
Materiality analysis, impacts, risks, and opportunities ________________________________________ 232
IV.2. ENVIRONMENTAL INFORMATION _____________________________ 241
Disclosures in accordance with the Taxonomy Regulation ____________________________________ 241
Climate change ______________________________________________________________________ 255
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
3
Water _____________________________________________________________________________ 265
Resource use and circular economy ______________________________________________________ 268
IV.3. SOCIAL INFORMATION _______________________________________ 273
Employees _________________________________________________________________________ 273
Supply chain workers _________________________________________________________________ 281
Consumers and end-users ______________________________________________________________ 282
IV.4. BUSINESS CONDUCT __________________________________________ 285
Code of Ethics and ethical conduct ______________________________________________________ 285
Prevention of corruption and bribery _____________________________________________________ 286
Suppliers ___________________________________________________________________________ 287
Lobbying activities ___________________________________________________________________ 289
IV.5. LIST OF DISCLOSURE REQUIREMENTS ________________________ 290
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
4
Note:
In this report of the Board of Directors, OPUS GLOBAL Nyrt. is referred to as: “Parent Company”, “Company”, or “OPUS GLOBAL
Nyrt.”.
If this report refers to the unity of the subsidiaries consolidated by OPUS GLOBAL Nyrt., the following terms are characteristically
used: “OPUS Group”, “Company Group”, “Group”, “Group of Companies”.
This annual consolidated report in PDF format does not constitute final, official version, as in accordance with applicable rules,
Company considers consolidated annual financial statements in XHTML format and marked with XBRL tags as final version.
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
5
Annual review by the OPUS Management
The Hungarian economy in 2025 was characterized by gradual consolidation and a restrained growth path.
Geopolitical tensions and challenges in global trade relations remained present in international environment. The
European economy was characterized by slowly unfolding recovery. Despite challenging international processes,
domestic economic fundamentals strengthened noticeably in 2025, and based on statistical data, growth of real
wages, recovery of household consumption, and further moderation of inflation created increasingly stable
operating environment for corporate sector.
Despite unfavourable macroeconomic environment, OPUS Group proved predictability of its operating model and
corporate strategy, as well as its resilience to business challenges again in 2025. By increasingly efficient utilization
of synergies, Group was able to further strengthen its fundamentals and stability of its portfolio. Diversified activities
continued to ensure balanced performance for OPUS GLOBAL Nyrt. Strategic focus of Group in 2025 was on
maintaining and further strengthening stability, improving efficiency, cost discipline, as well as developing future
medium-term acquisition directions and preparing targeted investments. These steps collectively contributed to
OPUS Group being able to achieve its strategic goals even in a moderate growth and economic environment,
maintain and in certain areas increase its profit-generating capacity, and further strengthen its operational
foundations.
OPUS Group is present in four sectors of strategic importance for national economy: construction, energy, food
industry, and tourism. The strong diversification provided an excellent operational basis in a volatile economic
environment, as sectors showing more favourable performance balance the areas which are facing greater market
and regulatory challenges.
The diversity of the portfolio is therefore an important strategic pillar for Group, as it provides protection against
economic fluctuations during economic turbulence and contributes significantly to maintaining long-term
competitiveness of Group. The different cyclicity and risk profiles of various divisions can result in a balanced
operating structure that enables stable, predictable and profitable management and business performance even in
a dynamically changing economic environment. The portfolio structure is one of the most important strengths of
the OPUS Group, playing a decisive role in ensuring long-term sustainable and predictable growth.
In 2025, Group continued to consider stabilization of its operations, preservation of its profitability and efficient
utilization of its resources as one of its most important goals. The optimization of processes within Group and
building of synergies at a deeper level continued. The results achieved in this manner had a favourable effect on
costs and cost structure, and created an opportunity to achieve medium-term growth targets.
Flagship of OPUS Group is the Energy Division, which remains one of the energy service providers with the largest
geographical coverage in Hungary. Among the companies belonging to the portfolio of Energy Division, OPUS TIGÁZ
Zrt. ensures natural gas supply for a total of approximately 1,280,000 consumers across seven counties, while OPUS
TITÁSZ Zrt. provides electricity services for nearly 786,000 customers in six counties. Together, these two companies
cover approximately 40% of the territory of Hungary, which provides the division with a unique scale and strategic
importance. The weight of Energy Division line within the Group remains decisive, accounting for 46% of total assets
and 39% of revenue, thus making it the largest division in terms of asset value and the second most significant
division based on revenue. The financial data of the Energy entities for 2025 indicate that the division has not only
maintained its stability but has further strengthened it. Combined EBITDA level of Energy entities achieved
substantial growth and exceeded the performance of the previous year. The profit after tax also increased
significantly, which confirms effectiveness of efficiency improvement measures and operational discipline. The
performance of the division remained an important factor for the Group in 2025, serving as a fundamental pillar of
profitability of the OPUS Group.
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
6
Furthermore, the entities in the Energy Division not only contributed to portfolio balance, but also played a
significant role with regard to long-term growth potential. In order to further increase efficiency and simplify
operations, OPUS TIGÁZ decided on the restructuring of its gas distribution structure in 2025. On 1 October 2025,
GERECSEGÁZ Zrt. merged into TURULGÁZ Zrt., further strengthening synergies and making the operation of the
division more transparent. In North-West Hungary, the two companies jointly owned a 374 km long natural gas
pipeline, on which distribution activities were performed by OPUS TIGÁZ.
Within the Industrial Production Division, OPUS GLOBAL Nyrt. launched a comprehensive rationalization programme
back in 2023 in order to utilize synergies more efficiently. As part of this, the organizational structure was
significantly simplified. In 2024, the Group sold Wamsler Group representing Heavy Industry Branch, thus heavy
industry activity was removed from the scope of consolidation. By the beginning of the year 2025, OPUS GLOBAL
Nyrt. had developed a more transparent and efficient divisional structure, and the Industrial Production Division
continues to operate under the name of Construction Division, with new focuses. The rationalization also continued
in 2025, as part of which a decision was made in the second half of the year on the demerger of Mészáros és
Mészáros Zrt., which transaction is expected to be closed in the year 2026. Profitability of the Construction Division
remained in the positive range and the EBITDA generated by the division was a significant fundamental pillar of the
consolidated EBITDA result achieved by the Group.
The Food Industry Division has a strong capital structure, and in terms of its asset value, it is the second largest
business line of the OPUS Group, which includes grain processing plants and factory units operating with modern
technology. Continuous developments took place in the factories, which are aimed at the rationalization of energy
management, as well as serve the increase of production efficiency and the long-term strengthening of
competitiveness. The players of the division fundamentally successfully fought against the market processes
characteristic of the agriculture and food industry market in 2025 – such as the intensifying price pressure in the
market of raw materials and finished products, continuously shrinking margins and quality challenges affecting raw
materials. The Food Industry Division of the OPUS Group maintained its market position in 2025, and thanks to its
profitable management – albeit in a smaller volume – it continued to achieve a positive EBITDA. In 2025, the OPUS
Group further strengthened its business commitment within the Food Industry. OPUS GLOBAL Nyrt. acquired the
entire 15.22% business stake of MFB Invest Zrt. in KALL Ingredients Kft., a dominant player of the division. Following
the transaction, the ownership interest of OPUS GLOBAL Nyrt. approached 90%, thereby the ownership structure of
KALL Ingredients Kft. became simplified and more transparent; furthermore, OPUS – in accordance with its long-
term strategic goals – was able to further increase its weight in the Food Industry Division.
The Tourism Division includes the Hunguest Hotel chain and the BALATONTOURIST market-leading campsite
operator. The impact of the hotel development programme, which lasted for nearly four years and was concluded
in 2024, was considered a milestone in the operation of Hunguest in 2025. Namely, after a long time, the hotel chain,
having been renewed, welcomed its customers with full capacity throughout the entire year. The capacity of the
domestic hotels exceeds 3,500 rooms, and more than 7,000 beds are available for the hotel guests. As a result of
the developments, the level of service and efficiency also increased to a new level, which strengthens the
competitiveness and market position of Hunguest in the long term. In 2025, Hunguest further strengthened its focus
on the strategic areas designated by OPUS. The hotel chain was active in establishing new market opportunities, in
the framework of which new locations, Kőszeg, Tarcal and Opatija, were included in the selection of the Hunguest.
The Hunguest maintained its international presence and expanded it with a new location, improved its efficiency by
streamlining its hotel units, and was able to increase its competitiveness through targeted regional expansion.
The improvement of the efficiency of the Asset Management Division of the OPUS Group remained one of the key
focuses of the year 2025. With this objective in mind, the portfolio cleaning and the simplification of the structure
of the division continued. The resulting transparent corporate structure and cost structure contributed to the
rationalized operation of the division and the optimization of the investment value.
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
7
In 2025, the Group concluded a successful economic year; as a result of the measures implemented based on the
high-impact strategic decisions of previous years and in accordance with the efficiency improvement measures, the
setup of the cost structure adopted an improving trend. The diversified portfolio of the Group resisted the very
multifaceted challenges, thus overall, thanks to the processes that took place in 2025, the Group achieved an EBITDA
of HUF 105.54 billion at the consolidated level, the total assets at the consolidated level closed the year consistently
slightly above HUF 1,000 billion, and the number of employees exceeded 4,300 people.
Following the previous year, OPUS continued to maintain and designated shareholder value creation as its key
objective with unchanged commitment. On 17 June 2025, OPUS GLOBAL Nyrt. paid its shareholders a dividend of
HUF 8 billion, HUF 15 per share, in a volume exceeding the dividend paid in 2024 by 25%. In addition, the Parent
Company continued its five-year treasury share repurchase programme, first announced in 2024, with a total value
of HUF 10 billion. OPUS GLOBAL Nyrt. purchased OPUS ordinary shares in several periods in a total value of HUF
3.639 billion. On 31 December 2025, also thanks to the treasury share repurchase programme, OPUS GLOBAL Nyrt.
held a 23.49% shareholding in its own possession, while at the Group level, it held a total shareholding of 6.37%. The
share price of the Company stabilized during the year, and investor confidence remained continuous. The share price
of the Company started the year at a price level of HUF 530 on 2 January 2025 and closed the trading year at HUF
549 on the last trading day of the year, 30 December 2025.
In accordance with the successful implementation of the strategic decisions of the past years, as well as the long-
term sustainable stable management path of the Group, the independent German Scope Ratings GmbH reaffirmed
the BB/Stable rating of the Company during the year 2025. OPUS GLOBAL Nyrt. achieved an outstanding credit rating
in 2025 as well, unchanged for years. The rating or classification of the bond(s) issued by the Company also remained
in the unchanged (BBB-) category, thus it continued to exceed the investment level expected by the MNB by several
notches. The so-called "rating report" published by the credit rating agency excellently underpins the financial
stability of the OPUS Group and the manageable risk level provided for the investor base.
The OPUS Group is dedicated to increasing sustainability and integrating sustainability considerations into the
activities of the Group. For the year 2025, OPUS shall prepare its Sustainability Report in accordance with the ESRS
sustainability reporting standard, thereby ensuring transparent sustainability operations, compliance with the
stricter system of conditions, and increasing social responsibility. In addition, in order to ensure legal compliance,
the Group performs its sustainability due diligence and prepares an ESG report with regard to the year 2025. The
achievement of the designated sustainability vision is supported by the five-year ESG strategy of the OPUS Group
prepared in 2025, which focuses on the previously identified themes material from an ESG perspective. The objective
defined in the strategy is to exercise a positive impact on the well-being of society through the infrastructure
operated and established by the member companies of the OPUS Group. The main sustainability goals of the Energy
Division include ensuring high-quality energy distribution, increasing energy efficiency, and maintaining safe working
conditions. In order to reduce the carbon footprint, the Food Industry Division moderates its energy consumption
and increases the share of green energy used. Within the Tourism Division, the value of investments supporting
energy efficiency increased during the hotel renovations. Similarly to the other divisions of the OPUS Group, the
Construction Division is also committedly working on the implementation of its sustainability goals, in the framework
of which it has directed its material handling activities toward rail transport to the greatest possible extent.
The employees and management of OPUS GLOBAL Nyrt. remain committed to preserving the stability of the Group
and ensuring business profitability. The management of OPUS is working firmly and consistently in order to ensure
that the designated strategic goals are implemented, as these components primarily contribute to the sustainable
growth and stable profitability of the Group.
OPUS GLOBAL Nyrt.
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
8
I. 2025 Consolidated Financial Statements
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
9
I.1. Consolidated Statement of Financial Position

Name (data in thousand HUF) | Notes | 31.12.2025 | 31.12.2024
|  |  | Republished*
ASSETS | II.3.- |  |
Long-term assets |  |  |
Property, plant and equipment | 2. | 555,822,904 | 540,360,218
Intangible assets | 3. | 8,392,576 | 10,369,807
Contract portfolio acquired through acquisition | 7. | 3,214,944 | 9,968,896
Goodwill | 4. | 77,548,476 | 88,636,529
Investment property | 5. | 661,000 | 621,000
Financial investments | 21. | 35,897,018 | 11,365,519
Long-term receivables from related parties | 23. | 2,556,808 | 4,578,300
Deferred tax assets | 19. | 734,775 | 1,648,858
Investments in associates accounted for using the equity method | 6. | 21,819,023 | 20,243,952
Investments in other associates | 22. | 1,198,000 | 1,197,700
right of use assets | 8. | 13,298,855 | 7,542,176
Total Long-term assets |  | 721,144,379 | 696,532,955
Current assets |  |  |
Inventories | 9. | 18,050,521 | 30,904,892
Current income tax | 10. | 7,394,762 | -
Accounts receivable | 24. | 35,895,757 | 47,957,210
Current receivables from related parties | 24. | 11,809,700 | 8,793,599
Other receivables and prepaid expenses and accrued income | 25. | 23,838,599 | 88,560,595
Contractual assets | 26. | 32,171,048 | 29,218,986
Cash and cash equivalents | 27. | 167,781,980 | 160,182,009
Assets held for sale | 11. | - | 98,000
Total current assets |  | 296,942,367 | 365,715,291
Total assets |  | 1,018,086,746 | 1,062,248,246

The 2024 Consolidated Statement of Financial Position has been reissued. See Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
10

LIABILITIES |  |  | Republished*
Equity capital | Notes | 31.12.2025 | 31.12.2024
Issued capital | 12. | 17,459,482 | 17,459,482
Own shares repurchased | 13. | -55,277,898 | -51,638,189
Capital reserve | 13. | 166,887,066 | 166,887,066
Retained earnings | 13. | 97,604,297 | 91,111,989
Accumulated other comprehensive income | 13. | 725,629 | 1,647,639
Equity allocated to owners of the parent company | I.3. | 227,398,576 | 225,467,987
Net asset value per non-controlling share | 15. | 165,470,004 | 154,146,471
Total equity | I.3. | 392,868,580 | 379,614,458
Long-term liabilities |  |  |
Long term loans and borrowings | 28. | 97,462,206 | 110,790,032
Non-current government grants | 16. | 107,629,284 | 105,472,218
Long-term liabilities from bond issuance | 29 | 106,272,457 | 111,694,996
Other long-term liabilities | 30. | 4,463,125 | 2,720,627
Long-term provisions | 17. | 14,939,565 | 19,880,029
Long-term liabilities to related parties | 31. | 1,635,134 | 1,635,134
Long-term financial leasing liabilities | 32. | 10,196,073 | 5,783,255
Deferred tax liability | 19. | 44,303,314 | 37,354,729
Total long term liabilities |  | 386,901,158 | 395,331,020
Short-term liabilities |  |  |
Short term loans and advances | 28. | 10,038,010 | 10,454,646
Current government grants | 16. | 7,618,077 | 11,040,483
Short-term liabilities from bond issuance | 29 | 7,359,323 | 3,488,759
Trade payables | 33. | 29,592,302 | 42,754,112
Other short-term liabilities, accrued expenses and deferred income | 35. | 106,729,967 | 110,789,354
Contractual obligations | 18. | 22,290,226 | 41,857,240
Short-term liabilities to affiliated parties | 34. | 50,742,920 | 61,286,524
Short-term leasing liabilities | 32. | 3,528,935 | 2,100,919
Short-term provisions | 17. | 217,937 | 1,128,200
Actual corporate income tax liability | 10. | 199,311 | 2,402,531
Total short-term liabilities |  | 238,317,008 | 287,302,768
Total liabilities |  | 625,218,166 | 682,633,788
Total liabilities and equity |  | 1,018,086,746 | 1,062,248,246

The 2024 Consolidated Statement of Financial Position has been reissued. See Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
11
I.2. Consolidated Comprehensive Income Statement

Name (data in thousand HUF) | Notes | 31.12.2025 | 31.12.2024
| II.3.- |  | Republished*
Sales revenue | 36. | 443,433,461 | 586,076,248
Other operating income | 39. | 23,995,572 | 10,953,680
Total operating income |  | 467,429,033 | 597,029,928
Materials, consumables and other external charges | 40. | 324,935,626 | 466,419,032
Staff costs | 41. | 57,106,190 | 51,934,155
Depreciation | 2. | 49,874,466 | 48,195,735
Goodwill impairment and write-off | 4, 42. | 11,088,053 | -
Impairment on financial assets | 42. | 351,142 | 1,042,287
Other impairment | 42. | -1,141,799 | 114,289
Other operating costs and expenses | 43. | 10,425,675 | 17,927,511
Capitalised own performance | 44. | -29,789,776 | -34,398,645
Total operating costs |  | 422,849,577 | 551,234,364
EBITDA | 48. | 105,541,975 | 93,991,299
Profit or loss on financial operations and earnings before interest and taxes (EBIT). | 45. | 44,579,456 | 45,795,564
Financial income | 45. | 44,048,282 | 29,997,411
Badwill | 1 and 45 | - | 4,211,237
Financial expenses | 45. | 20,708,405 | 29,264,622
Net financial income |  | 23,339,877 | 4,944,026
Share of profit of investments accounted for using the equity method | 46. | 1,575,071 | 8,671,365
Profit before taxes |  | 69,494,404 | 59,410,955
Income tax expenses | 47. | 17,948,680 | 11,307,667
Profit on continuing operation |  | 51,545,724 | 48,103,288
Profit on discontinuing operation |  | - | -
Profit after taxes |  | 51,545,724 | 48,103,288

* The 2024 Consolidated Statement of Comprehensive Income has been reissued. See Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
12

Name (data in thousand HUF) | Notes | 31.12.2025 | 31.12.2024*
Consolidated Statement of Comprehensive Income |  |  |
Items that may be reclassified subsequently to profit or loss: |  |  |
Exchange differences on translation to presentation currency |  | -2,549,207 | 3,036,918
Effects of deferred tax |  | 134,792 | -265,180
Other comprehensive income |  | -2,414,415 | 2,771,738
Total comprehensive income |  | 49,131,309 | 50,875,026
Profit after taxes attributable to: |  |  |
Owners of the Parent Company |  | 21,766,712 | 32,371,462
Non-controlling interest |  | 29,779,012 | 15,731,826
Other comprehensive income attributable to: |  |  |
Owners of the Parent Company | I.3 | -922,010 | 1,583,005
Non-controlling interest | I.3 | -1,492,405 | 1,188,733
Total comprehensive income attributable to: |  |  |
Owners of the Parent Company | I.3 | 20,844,702 | 33,954,467
Non-controlling interest | I.3 | 28,286,607 | 16,920,559
EPS (basic and diluted) |  | 31.12.2025 | 31.12.2024
Weighted average number of shares outstanding | II.3.48. | 536,586,192 | 617,529,215
Earnings per share (EPS) attributable to the shareholders of the parent company (HUF) | II.3.48. | 40.6 | 52.4

* The 2024 Consolidated Statement of Comprehensive Income has been reissued. See Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
13
I.3. Consolidated Equity Change Statement

HUF '000' | Issued capital | Own shares repurchased | Capital reserve | Retained earnings | Accumulated other comprehensive income | Equity allocated to parent company owners | Net asset value per non-controlling interest (NCI) | Total equity
1 January 2024 | 17,541,151 | -5,279,843 | 166,887,066 | 39,079,517 | 64,634 | 218,292,525 | 137,486,186 | 355,778,711
Prior Year Adjustment Recognised on Investment (Note II.3.7) | - | - | - | 10,462,587 | - | 10,462,587 | - | 10,462,587
Modified opening | 17,541,151 | -5,279,843 | 166,887,066 | 49,542,104 | 64,634 | 228,755,112 | 137,486,186 | 366,241,298
Profit after taxes | - | - | - | 32,371,462 | - | 32,371,462 | 15,731,826 | 48,103,288
Other comprehensive income | - | - | - | - | 1,583,005 | 1,583,005 | 1,188,733 | 2,771,738
Total comprehensive income | - | - | - | 32,371,462 | 1,583,005 | 33,954,467 | 16,920,559 | 50,875,026
Capital decrease | -81,669 | 81,669 | - | -1,172,741 | - | -1,172,741 | - | -1,172,741
Removal of subsidiaries | - | - | - | - | - | - | 441 | 441
Transactions with non-controlling interests while retaining control | - | - | - | 16,704,623 | - | 16,704,623 | 18,822,351 | 35,526,974
Dividend | - | - | - | -6,733,439 | - | -6,733,439 | -19,083,066 | -25,816,505
Increase/decrease of repurchased own shares | - | -45,770,451 | - | 1,087,388 | - | -44,683,063 | - | -44,683,063
Value of transactions conducted with the owners in their capacity as owners | -81,669 | -45,688,782 | - | 9,885,831 | - | -35,884,620 | -260,274 | -36,144,894
31 December 2024 (published) | 17,459,482 | -50,968,625 | 166,887,066 | 91,799,397 | 1,647,639 | 226,824,959 | 154,146,471 | 380,971,430
ESOP consolidation effect | - | -669,564 | - | -687,408 | - | -1,356,972 | - | -1,356,972
31 December 2024 (republished) | 17,459,482 | -51,638,189 | 166,887,066 | 91,111,989 | 1,647,639 | 225,467,987 | 154,146,471 | 379,614,458

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
14

HUF '000' | Issued capital | Own shares repurchased | Capital reserve | Retained earnings | Accumulated other comprehensive income | Equity allocated to parent company owners | Net asset value per non-controlling interest (NCI) | Total equity
1 January 2025 | 17,459,482 | -50,968,625 | 166,887,066 | 91,799,397 | 1,647,639 | 226,824,959 | 154,146,471 | 380,971,430
ESOP consolidation effect | - | -669,564 | - | -687,408 | - | -1,356,972 | - | -1,356,972
Modified opening | 17,459,482 | -51,638,189 | 166,887,066 | 91,111,989 | 1,647,639 | 225,467,987 | 154,146,471 | 379,614,458
Profit after taxes | - | - | - | 21,766,712 | - | 21,766,712 | 29,779,012 | 51,545,724
Other comprehensive income | - | - | - | - | -922,010 | -922,010 | -1,492,405 | -2,414,415
Total comprehensive income | - | - | - | 21,766,712 | -922,010 | 20,844,702 | 28,286,607 | 49,131,309
Reduction of share capital through the cancellation of treasury shares | - | - | - | - | - | - | - | -
Removal of subsidiaries | - | - | - | - | - | - | - | -
Transactions with non-controlling interests while retaining control | - | - | - | -7,069,174 | - | -7,069,174 | -1,834,988 | -8,904,162
Dividend | - | - | - | -8,048,306 | - | -8,048,306 | -15,128,086 | -23,176,392
Increase/decrease of repurchased own shares | - | -3,639,709 | - | -156,924 | - | -3,796,633 | - | -3,796,633
Value of transactions conducted with the owners in their capacity as owners | - | -3,639,709 | - | -15,274,404 | - | -18,914,113 | -16,963,074 | -35,877,187
31 December 2025 | 17,459,482 | -55,277,898 | 166,887,066 | 97,604,297 | 725,629 | 227,398,576 | 165,470,004 | 392,868,580

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
15
I.4. Consolidated Cash Flow Statement

Consolidated cash flow statement | Notes | 31.12.2025 | 31.12.2024
HUF ‘000’ |  | Published | Republished*
Cash flow from operating activities |  |  |
Profit before taxes | I.2. | 69,494,404 | 59,410,955
| II.3.- |  |
Adjustments to profit before tax to net cash flows from operating activities: |  |  |
Depreciation and amortization | 2.,3., 7., 8. | 49,874,466 | 48,195,734
Accounted impairment and reversal | 42. | 10,297,396 | 1,156,576
Change in provisions | 17., 43. | -5,850,728 | 5,036,204
Revaluation of investment property | 5. | -40,000 | -139,458
Revenues from the sale of tangible and fixed assets |  | -1,036,036 | -82,147
Earnings of related companies | 46. | -1,575,071 | -8,671,365
Impact of Changes in Business Combinations | 45. | -1,834,988 | -1,579,137
Impact of fair valuation of financial assets | 45. | -24,210,369 | 265,611
Impacts of exchange rate changes | 45. | 1,960,961 | 2,185,127
Interest expense | 45. | 10,576,419 | 12,422,639
Interest revenue | 45. | -7,701,493 | -11,558,576
Dividends received | 45. | -3,778,506 | -1,648,334
Change in the working capital: |  |  |
Change in trade and other receivables |  | 64,059,826 | -19,341,996
Change in current assets |  | 12,616,970 | 2,842,345
Changes of accounts payable and other liabilities |  | -39,498,458 | -23,254,431
Capital gains tax expense |  | -19,541,902 | -15,945,691
Net cash flow from operating activities |  | 113,812,891 | 49,294,056
| II.3.- |  |
Cash flow from investment activities |  |  |
Dividends received | 45. | 3,778,506 | 1,648,334
Purchase of tangible and intangible assets |  | -71,551,842 | -90,446,422
Sale of tangible assets and intangible assets |  | 659,368 | 4,248,620
Increase of long-term financial assets | 21., 23. | - | -6,776,861
Decrease of long-term financial assets | 21., 23. | 2,619,267 | 1,446,263
Increase of securities and shareholdings | 6., 22. | -500 | -750,000
Decrease of securities and shareholdings | 6., 22. | - | 11,142

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
I. Consolidated Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
16

Net cash from the sale of subsidiaries | 1. | 2,000,000 | -433,618
Net cash spent on business combinations | 1. | -424,217 | 47,533
Government grants | 16. | 1,268,252 | 6,346,173
Interest received |  | 7,660,396 | 11,787,170
Net cash flow from investment activities |  | -53,990,770 | -72,871,666
Cash flow from financing activities | II.3.- |  |
Own share purchase | 13. | -3,639,709 | -7,099,169
Borrowing | 28. | 3,380,815 | -
Loan repayment | 28. | -10,856,130 | -15,071,799
Lease instalment | 32. | -4,150,923 | -2,473,644
Dividend payment | I.3. | -22,604,303 | -25,816,505
Interest paid |  | -10,196,626 | -12,802,334
Bond issue (reimbursement) | 29. | -1,500,000 | -1,500,000
Net cash flow from financing activities |  | -49,566,876 | -64,763,451
Impairment of cash and cash equivalents |  | -87,364 | -
Impacts of exchange rate changes |  | -2,567,910 | 843,874
Net change of cash and cash equivalents | 20. | 7,599,971 | -87,497,187
Opening balance of cash and cash equivalents | 20. | 160,182,009 | 247,679,196
Year-end closing balance of cash and cash equivalents |  | 167,781,980 | 160,182,009

* The 2024 Consolidated Cash Flow Statement has been reissued. See Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
17
II. Supplementary Notes to the Consolidated Financial Statements
Index to the Supplementary Notes

II.1. | General background |  |
1 |  | Legal situation and nature of activity |  |
2 |  | The person signing the annual report |  |
3 |  | The auditor of the Company |  |
4 |  | The person responsible for the management of duties falling in the scope of accounting services: |  |
5 |  | Legal representation of the Company |  |
6 |  | Ownership structure of the Company |  |
7 |  | Basis of Preparation of the Financial Statements |  |
8 |  | Subsidiaries included in the scope of consolidation, Details of business combinations |  |
II.2 | Accounting Policy - Principles |  |
1 |  | The basis of consolidation |  |
2 |  | Functional and reporting currency |  |
3 |  | Changes of the accounting policy |  |
4 |  | Financial year |  |
5 |  | Events after the turn date |  |
6 |  | Discontinued activities |  |
7 |  | Accounting principles applicable to the estimates |  |
8 | Republication of the 2024 Financial Statements |  |
II.3.- | Notes to the financial statements |  |
Balance Sheet |  | Non-financial investments |  |
1 |  | Details of business combinations |  |
2 |  | Property, plant and equipment |  |
3 |  | Intangible assets |  |
4 |  | Goodwill |  |
5 |  | Investment property |  |
6 |  | Investments in associates accounted for using the equity method |  |
7 |  | Contract portfolio |  |
8 |  | Right of use assets |  |
9 |  | Inventories |  |
10 |  | Actual profit tax |  |
11 |  | Assets held for sale |  |
12 |  | Issued capital |  |
13 |  | Capital elements on top of Issued capital |  |
14 |  | Dividend |  |
15 |  | External owners’ business share |  |
16 |  | Government grants |  |
17 |  | Provisions |  |

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
18

18 |  | Contractual obligations |  |
19 |  | Deferred tax |  |
Balance Sheet |  | Financial assets |  |
20 |  | Financial assets - Accounting Policy |  |
21 |  | Financial investments |  |
22 |  | Investments in other associates |  |
23 |  | Long-term receivables from related parties |  |
24 |  | Trade receivables and current receivables from related companies |  |
25 |  | Other receivables and prepaid expenses and accrued income |  |
26 |  | Contractual assets |  |
27 |  | Cash and cash equivalents |  |
28 |  | Loans and advances |  |
29 |  | Bonds issue |  |
30 |  | Other long-term liabilities |  |
31 |  | Long-term liabilities to related companies |  |
32 |  | Leasing liabilities |  |
33 |  | Trade payables |  |
34 |  | Short-term liabilities to affiliated parties |  |
35 |  | Other short-term liabilities, accrued expenses and deferred income |  |
36 |  | Classification and fair value of financial assets |  |
37 |  | Financial risk management |  |
Income Statement |  |  |  |
II.3. - |  |  |  |
38 |  | Net sales revenues |  |
39 |  | Other operating income |  |
40 |  | Materials, consumables and other external charges |  |
41 |  | Staff costs |  |
42 |  | Impairment |  |
43 |  | Other operating costs and expenses |  |
44 |  | Capitalised own performance |  |
45 |  | Net financial income |  |
46 |  | Investments in associates accounted for using the equity method |  |
47 |  | Income taxes |  |
48 |  | EBIT, EBITDA and EPS metrics |  |
Other notes |  |  |  |
49 |  | Division information |  |
50 |  | Transactions with related parties |  |
51 |  | Remuneration of Executives |  |
52 |  | Outstanding and future liabilities of the Parent Company |  |
53 |  | Option rights related to ownership stakes |  |
54 |  | EVENTS AFTER THE BALANCE SHEET DATE |  |
55 |  | External risk effects |  |

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 1. Supplementary Annex - General Background
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
19
II.1. General Background
1. Legal situation and nature of activity
OPUS GLOBAL Nyrt’s legal predecessor was incorporated in 1912 under the name “Phylaxia Szérumtermelő Rt”. The business
that is more than 100 years old has been operating uninterrupted since its establishment. The Company’s shares were
admitted for listing on the Budapest Stock Exchange in January 1998, and since 3 October 2017, they have been registered
among Premium shares.
The corporate name of the Company was changed to OPUS GLOBAL Nyrt on 3 August 2017.
Registered office of the Company as from 19 June 2018: 1062 Budapest, Andrássy út 59.
KONZUM Befektetési és Vagyonkezelő Nyilvánosan Működő Részvénytársaság (registered office: 1062 Budapest, Andrássy út
59.; company registration number: 01- 10- 049323; "KONZUM Nyrt." or "Merging Company") was merged into the Company,
a legal successor on 30 June 2019, as a merging company. As a result of the Merge, all assets of KONZUM Nyrt. were
transferred to OPUS GLOBAL Nyrt, as general legal successor, which subsequent to the Merge, have been carrying on its
activity as a public limited company, in the same company form.
OPUS GLOBAL Nyrt’s share capital (issued capital) is HUF 17,459,481,700, that is seventeen billion four hundred fifty-nine
million four hundred eighty-one thousand seven hundred Hungarian Forints. At present, the Company’s share capital
comprises of 698.379.268 six hundred ninety-eight million three hundred seventy-nine thousand two hundred sixty-eight
(Series A) ordinary shares, each representing HUF 25, i.e. twenty five, Hungarian Forints, and equal rights.
In 2025, the companies consolidated by the Company fall in the below divisions: Construction, Food Industry, Tourism, Asset
Management and Energy Divisions.
No change occurred in the Company’s name or other identifying details compared to 31 December 2024.
2. Name and residential address of the person signing the annual report:
dr. Tibor Koppány Lélfai, CEO, 1025 Budapest Zöldkő utca 14-18.
3. Auditor of the Company:
Quercus Audit Könyvvizsgáló és Gazdasági Tanácsadó Kft.-t (Registered office: 8200 Veszprém, Radnóti tér 2. C. ép.; company
registration number: 19-09-512226); name of auditor personally responsible for the audit: András József Tölgyes (mother’s
name: dr. Katalin Zsilkó; address: 8200 Veszprém, Szajkó utca 14/B; member number in the Chamber of Auditors: 005572).
The annual audit fee for the individual and consolidated audit of OPUS GLOBAL Nyrt. for a fixed term until 30 of April 2026 at
the latest is HUF 52,000,000 + VAT per year.
4. The details of the person having IFRS qualification, responsible for the management of duties falling in
the scope of accounting services:
a) Name: Zoltán Szűcs (mother’s name: Terézia Deli)
b) registration number: MK 178499
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 1. Supplementary Annex - General Background
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
20
c) Register number: 6937
5. Lawyer’s office representing the Company:
Kertész és Társai Ügyvédi Iroda, 1438 Budapest, Pf. 470/1
6. Ownership structure of the Company
List and description of owners with stakes larger than 5% on 31 December 2025:

Name | Deposit manager | Number (pcs) | Participation (%)
DANUBE Magántőkealap | no | 42,642,994 | 6.11%
Lőrinc Mészáros | no | 163,778,526 | 23.45%
direct | no | 146,314,411 | 20.95%
Indirect (through Addition OPUS Zrt.) | no | 17,464,115 | 2.50%
OPUS GLOBAL Nyrt. (With subsidiaries) | no | 164,027,722 | 23.49%

7. Basis of Preparation of the Financial Statements
The consolidated annual financial statements of the Group have been prepared in accordance with the IFRS Accounting
Standards as adopted by the European Union (EU) and issued by the International Accounting Standards Board (IASB).
The IFRS standards are published and filed in the form of a regulation in the Official Journal of the European Union (EU). IFRS
comprises standards and interpretations worded by the International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC).
The consolidated annual statements were prepared based on the principle of purchase value, except for certain financial
instruments, investment properties and biological assets, which are entered in the balance sheet at market value. Preparation
of the statements based on the IFRS requires critical accounting estimates as well as executive decisions during the application
of the Group’s accounting policy, which affects the amount of assets, liabilities, revenues and expenses included in the
financial statements. Actual amounts may differ from these estimates.
The estimates and the underlying assumptions are reviewed on an uninterrupted basis. The effects of changes in the
accounting estimates are recognized in the current and future periods affected by the change. Areas for which high level of
decisions are necessary and areas of high complexity as well as the assumptions and estimates qualified significant from the
aspect of the Consolidated annual statement can be found in Note II.2
The Group's subsidiaries primarily maintain their accounting records and prepare their financial statements in accordance
with the provisions of the Hungarian Accounting Act (Act C of 2000), except foreign subsidiaries that apply local laws and
accounting standards in force. In accordance with IFRS provisions, the subsidiaries prepare quarterly consolidation reporting
packages, by means of which the Parent Company adjusts the financial statements submitted by the members—prepared in
accordance with local accounting standards—to ensure compliance with IFRS and consolidates them into the financial
statements of the corporate group.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 1. Supplementary Annex - General Background
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
21
8. Details of the companies included in the scope of consolidation, and of the business combinations as at
31.12.2025.
Name
Level of
relatedne
ss
Core business activity
Country of
registration
Indirect/direct
participation
OPUS Nyrt.’s
interest as of 31
December 2025
OPUS Nyrt.’s
interest as of 31
December 2024
Construction Industry
Mészáros és Mészáros Ipari, Kereskedelmi és
Szolgáltató Zrt.
S
Other construction not
elsewhere classified
Hungary
Direct
51.00%
51.00%
Mészáros Hrvatska d.o.o
S
Engineering activities
and technical
consultancy
Croatia
Indirect
-
51.00%
R-KORD Építőipari Kft.
S
Production of other
electric equipment
Hungary
Direct
51.00%
51.00%
RM International Zrt.
S
Railway construction
Hungary
Indirect
51.00%
51.00%
Food Industry
KALL Ingredients Kereskedelmi Kft.
S
Manufacture of
starches and starch
products
Hungary
Direct
89.55%
74.33%
KALL Ingredients Trading Kereskedelmi Kft “u.l.”
S
Wholesale of cereals,
tobacco, sowing seeds
and fodder
Hungary
Indirect
-
74.33%
TTKP Energiaszolgáltató Kft. “u.l.”
S
Steam service and air
conditioning
Hungary
Indirect
-
74.33%
VIRESOL Kft.
S
Manufacture of
starches and starch
products
Hungary
Direct
53.17%
53.17%
Energy
MS Energy Holding AG
S
Asset management
(holding)
Switzerland
Direct
50.00%
50.00%
MS Energy Holding Zrt.
S
Asset management
(holding)
Hungary
Indirect
50.00%
50.00%
OPUS TIGÁZ Zrt.
S
Gas distribution
Hungary
Indirect
49.66%
49.66%
TURULGÁZ Zrt.
S
Leasing
Hungary
Indirect
49.66%
49.66%
Gerecsegáz Zrt.
S
Leasing
Hungary
Indirect
-
49.66%
OPUS TITÁSZ Zrt.
S
Electricity distribution
Hungary
Direct
50.00%
50.00%
OPUS E-LINE Kft.
S
Construction of
electrical,
communication and
technical utilities
Hungary
Indirect
7.48%
7.48%
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 1. Supplementary Annex - General Background
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
22
Name
Level of
relatedne
ss
Core business activity
Country of
registration
Indirect/direct
participation
OPUS Nyrt.’s
interest as of 31
December 2025
OPUS Nyrt.’s
interest as of 31
December 2024
OPTESZ OPUS Zrt.
J
Business
administration, Other
executive counselling
Hungary
Indirect
49.99%
49.99%
Asset Management
OPUS GLOBAL Nyrt.
P
Asset Management
Hungary
Parent
company
Parent
company
Parent
company
Addition OPUS Zrt.
A
Asset Management
Hungary
Direct
24.88%
24.88%
OPUS Management Kft.
S
Business
administration, Other
executive counselling
Hungary
Direct
100.00%
100.00%
OPUS-SAT Tanácsadó Zrt. “u.l.”
S
Business
administration, Other
executive counselling
Hungary
Direct
99,97 %
99.71%
OPUS GLOBAL ESPP Organisation
S
Management of
benefits implemented
in accordance with the
remuneration policy of
the Group
Hungary
Direct
*
*
Tourism
Hunguest Szálláshelyszolgáltató Zrt.
S
Hotel services
Hungary
Direct
99.99%
99.99%
Relax Gastro & Hotel GmbH
S
Hotel services
Austria
Indirect
99.99%
99.99%
Hunguest Hotels Montenegro d.o.o
S
Hotel services
Montenegro
Indirect
99.99%
99.99%
Heiligenblut Hotel GmbH
S
Hotel services
Austria
Indirect
99.99%
99.99%
Balatontourist Idegenforgalmi és Kereskedelmi
Kft.
S
Camping services
Hungary
Indirect
99.99%
99.99%
BALATONTOURIST CAMPING Szolgáltató Kft.
S
Camping services
Hungary
Indirect
99.99%
99.99%
Notes:
S: Fully consolidated as a subsidiary; A: Qualified as affiliated company; P: Parent company; J Jointly controlled company; * see below in the notes
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 1. Supplementary Annex - General Background
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
23
To the Notes to the scope of consolidation and its changes.

Companies included in/excluded from the scope of consolidation | Notes to the basis of consolidation |  |
2025 changes | 2024 changes
OPUS TIGÁZ Zrt. and OPUS TITÁSZ Zrt. | In accordance with the agreement of the owners, OPUS GLOBAL Nyrt. possesses additional management and control rights in these two companies; therefore, the Group consolidates them as subsidiaries. | - | -
OPUS E-LINE Kft. | The Company exercises indirect majority (over 50%) voting rights; therefore, the Group consolidates it as a subsidiary. | - | -
OPTESZ OPUS Zrt. | The other major owner of the company, the Status Energy Private Equity Fund, also holds a 49.99% ownership interest in the company, which parity corresponds to the voting ratios of OPUS GLOBAL Nyrt.; therefore, the Group includes it as a jointly controlled company. | - | -
OPUS ESOP Organisation * | Ownership percentage cannot be interpreted in accordance with Act V of 2013 on the Civil Code; the ESOP Organisation has been consolidated due to the Parent Company’s control over the ESOP established in accordance with IFRS 10 |  |
Companies included in/excluded from the scope of consolidation | Notes to the changes in business combinations | 2025 changes | 2024 changes
Gerecsegáz Zrt. | Gerecse Zrt. was merged into Turulgáz Zrt. | X |
TTKP Energiaszolgáltató Kft. and KALL Ingredients Trading Kereskedelmi Kft. | The voluntary liquidation of TTKP Energiaszolgáltató Kft. and KALL Ingredients Trading Kereskedelmi Kft. was concluded, and they were struck off in 2025. | X |
KALL Ingredients Kft. | The Company held a call option for the non-controlling interest of the MFB Invest Zrt. in KALL until 31.07.2026, based on which right the Company purchased the business interest representing 15.22% of the registered capital of KALL in 2025. | X |
Mészáros Hrvatska d.o.o | It was terminated through voluntary liquidation. | X |
VIRESOL Kft. | The non-controlling owner decided on a capital increase with a share premium, as a result of which the ownership interest of the Company in VIRESOL decreased to 53.17%. |  | X

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 1. Supplementary Annex - General Background
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
24

Wamsler SE | It was sold together with its two subsidiaries. | - | X
Csabatáj Zrt. | As a result of a restructuring through a demerger, the ownership interest of the Company was terminated. | - | X
OPUS-SAT Zrt. | As a result of the demerger of Csabatáj Zrt., the Company acquired a 99.71% ownership interest in the demerged OPUS SAT Tanácsadó Zrt. The voluntary liquidation of the company commenced as of 31.12.2025. | - | X
KONZUM Management Kft. | As a result of a restructuring through a demerger, the ownership interest was terminated. | - | X
OPUS Management Kft. | As a result of the demerger of KONZUM Management, the Company acquired a 100% ownership interest in the demerged OPUS Management Kft. |  | X
OBRA Kft. | was sold in the first quarter of 2024. |  | X

See also Note II.3.1. regarding the changes.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
25
II.2. Accounting Policy
Accounting Principles
1. The basis of consolidation
The consolidated annual statements include the financial statements of the parent company and the companies directly or
indirectly controlled by the parent company (subsidiaries). Based on Standard IFRS 10, subsidiaries are qualified as business
units controlled by the Group.
Standard IFRS 10 is related to the Consolidated financial statements. This regulation requires the management of the
company to consider which investments qualify as controlled companies, and which qualify as investment companies.
Subsidiaries, which qualify as controlled companies need to be fully consolidated.
Subsidiaries
The consolidated financial statements include OPUS GLOBAL Nyrt. and the subsidiaries under its control.
The Group controls an investee when it is exposed to, or has rights to, variable returns from its ownership interest in the
investee and has the power to influence those returns through its power over the investee.
Accordingly, the Group controls the investee if, and only if, the entity receiving the investment, if the investor has all of the
following:
(a) power over the investee;
(b) exposure to, or rights to, variable returns arising from its interest in the investee; and
(c) the ability to use its power over the investee to influence the amount of returns to which the investor is exposed.
Transactions between consolidated companies, balances and earnings and unrealised gains and losses are eliminated unless
such losses indicate impairment of related assets. In preparing the consolidated financial statements, similar transactions and
events are recorded using uniform accounting principles.
The share of the equity and profit or loss of non-controlling interest is presented as a separate line item in the balance sheet
and Profit and Loss Account. For business combinations, the non-controlling interest is determined, either at fair value or at
the fair value of the net assets of the acquired company attributable to the non-controlling owners. The choice of valuation
method is made individually for each business combination. Following an acquisition, the non-controlling interest is the
amount initially recognised, adjusted by the amount of any changes in the equity of the acquired company attributable to
non-controlling interests. Non-controlling interests also benefit from total comprehensive income for the period even if this
results in a negative balance of their interest.
Changes in the Group's ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity
transactions. The interests of the Group and non-controlling interests are adjusted to reflect changes in their interests in
subsidiaries. The amount by which the non-controlling interest is adjusted and the difference between the consideration
received or paid is recognised in equity as attributable to owners of the company.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
26
Related companies and joint organisations
A joint organisations is a contractual arrangement in which two or more parties (contractors) carry out an economic activity
under joint control. Joint control is achieved when the strategic, financial and operational decisions relating to the activity
require the unanimous agreement of the entrepreneurs. A jointly controlled entity is an undertaking that involves the
creation of a company, partnership or other legal entity engaged in an economic activity, which is jointly controlled by the
Group and the other venturers, and in which the investors have an interest in the net assets (rather than the individual assets
and liabilities) of the entity.
An affiliate is an entity over whose financial and operating policies the Group has significant influence but which is not a
subsidiary or a joint organisation.
Goodwill relating to the business is included in the carrying amount of the investment and is not amortised.
The reporting dates of the joint organisations and related parties are identical to those of the Company Group, and the
accounting policies of the aforementioned organisations are consistent with the ones followed by the Company Group in the
case of similar transactions under similar circumstances.
Investments in joint organisations and related parties are reviewed for objective evidence of impairment at the balance sheet
date. Where such evidence exists, the recoverable amount of the investment and the impairment loss to be recognised are
determined. Whether losses can be reversed is determined by considering the reason for losses recognised in prior years.
Business combinations
Business combination or asset purchase
In determining whether an acquired business is accounted for as a business combination or an asset acquisition, the Group
considers the following:
• Performing a concentration test: optionally perform a so-called fair value concentration test. If the test is
positive, the group of activities and assets is not a business and no further valuation is required. The test is
positive if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable
asset or group of similar identifiable assets.
• If the result of the fair value concentration test is negative, or if the entity chooses not to perform the test,
the entity shall perform the assessment set out in paragraph B8-B12D of IFRS 3 to determine whether the
transaction is a business combination.
• It is a business combination if the acquired activities and assets include inputs and processes that together
contribute to the creation of outputs. An acquired process is considered substantive if it is critical to the
continued production of the outputs, and the inputs acquired include an organised workforce that has the
knowledge, experience or significantly contributes to the continued production of the outputs, and is unique
or rare, i.e. cannot be replaced without significant cost or effort to continue operations.
Accounting of the purchase of assets
The Group recognises individually identifiable assets acquired (including assets that meet the definition and recognition
criteria for intangible assets in IAS 38 Intangible Assets) and liabilities assumed. The group allocates cost between
individually identifiable assets and liabilities based on their relative fair values at the date of acquisition. Such a transaction
or event does not give rise to goodwill or negative goodwill. If an asset would therefore be overvalued, the difference is
recognised in profit or loss.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
27
Accounting of business combination
The acquisition accounting method of accounting is applied to the acquired equity interests, based on the acquisition-date
fair value of the assets and liabilities at the acquisition date, being the date on which control is obtained. For business
combinations, the external owners' interest is determined, at the Group's discretion, either at fair value or at the fair value
of the net assets of the acquired company attributable to the external owners. Companies acquired or disposed of during
the year are included in the consolidated financial statements from the date on which control is obtained until the date on
which control is lost.
Subsequent to the acquisition, the external shareholders' share is the amount initially recorded, adjusted by the amount
attributable to external shareholders of changes in the capital of the acquired company.
2. Functional and reporting currency
The functional currency of the parent company and the reporting currency of the Group is Hungarian Forint. Unless
otherwise indicated, the financial statements of the Group are made in Hungarian Forints (HUF), rounded to thousands.
The foreign exchange transactions performed in a currency other than HUF are initially recognised at the exchange rate
valid on the day of performing such transactions. Non-monetary instruments having a historical or prime costs in a foreign
exchange or a foreign currency are recognised at the exchange rate valid at the time of acquisition or of inclusion among
the related items. Receivables and liabilities expressed in foreign currencies are converted to HUF at the rate applicable on
the balance sheet date. The exchange rate differences are reported in the profit and loss account in financial earnings and
expenses.
Accounts expressed in foreign currencies are converted to HUF at the official MNB rate applicable on the day of the
transaction. Foreign exchange assets and liabilities as at the balance sheet date are revaluated at the end of the year at the
official exchange rate disclosed by the MNB on the balance sheet date.
There is realized currency exchange rate difference upon the performance of the transactions, if the rates at the purchase
and the performance differ. Exchange rate gains and losses are reported in the profit and loss account. The unrealized
exchange rate difference resulting from the revaluation of existing foreign currency and cash items at the end of the year
is recognized within financial income and expenses.
The Group possesses foreign subsidiaries, the financial statements of which are presented in the currency of the primary
economic environment of the given company (functional currency). The conversion of such financial statements into
Hungarian Forint is performed as follows. The items in the balance sheet are translated at the exchange rate published by
the MNB on the reporting date - with the exception of equity, which is translated at the historical exchange rate at the time
of recognition - while the items in the income statement are translated at the annual average exchange rate. The differences
resulting from exchange rate fluctuations during the translation are recognized in other comprehensive income and, within
the consolidated equity, in the accumulated other comprehensive income. If the Group disposes a part or all of its foreign
activities, the exchange rate difference reported in equity until the disposal is to be reported in the profit and loss account
as the profit or loss of the sale.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
28
3. Changes of the accounting policy
The accounting policy is considered to be changed if:
• Such a change is supported by the decision of a statutory regulation or a decision of the body establishing the
accounting standards.
• Change in the accounting policy provides more relevant and more reliable information on the financial situation,
performance and cash flow of a business entity,
• The entity adapts a new standard that requires the application of an accounting policy different from the previously
applied one,
• The business entity decides on a switch from one accounting method approved by IFRS to another also approved
by IFRS.
The Group prepared its report in accordance with all standards and interpretations in effect for the annual period ending 31
December 2024.
The impact of the amendments to the IFRS standards effective from 1 January 2026 and the introduction of new standards
on the financial statements:
New and amended standards and interpretations issued by the International Accounting Standards Board and adopted by
the EU, effective from the current reporting period:
The Group is of the opinion that the adoption of these standards and the amendments to existing standards will not have a
significant impact on the Group’s financial statements.
• Amendments to the classification and measurement of financial instruments – amendments to IFRS 9 and IFRS 7
(issued on 30 May 2024, effective from 1 January 2026)
• Contracts referencing nature-dependent electricity – amendments to IFRS 9 and IFRS 7 (issued on 18 December
2024, effective from 1 January 2026)
• Annual Improvements to IFRS Accounting Standards – Volume 11: Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10
and IAS 7 (issued on 18 July 2024, effective from 1 January 2026)
New and amended standards and interpretations issued by the IASB and adopted by the EU but not yet effective:
At the date of approval of the financial statements, the Group had not yet applied the following amendments to IFRS
Accounting Standards issued by the International Accounting Standards Board and adopted by the EU, which were not then
effective:
At present, there are no new or amended standards or interpretations issued by the IASB, adopted by the EU, and not yet
effective with regard to the financial year 2026.
Standards and interpretations issued by the IASB and not adopted by the EU:
• IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024, effective from 1 January 2027,
EU endorsement is in progress)
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21 August 2025, effective from 1 January
2027, EU endorsement is in progress)
• IFRS 14 Regulatory Deferral Accounts (issued on 30 January 2014, effective from 1 January 2016; the European
Commission has decided not to initiate the endorsement process with regard to this interim standard and to await
the issuance of the final standard)
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability / Transition to a
Hyperinflationary Presentation Currency (issued on 13 November 2025, effective from 1 January 2027, EU
endorsement is in progress)
• Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures
– Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (the IASB has deferred the
effective date indefinitely, but earlier application is permitted)
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
29
The implementation of these amendments, new standards, and interpretations would not have a material impact on the
Group’s Consolidated Financial Statements.
4. Financial year
The financial year of the Entity is the same as the calendar year i.e. from 01.01.2025 to 31.12.2025.
5. Events after the balance sheet date
Events after the balance sheet date, which provide supplementary information about the circumstances at the end of the
Group’s reporting period (amending items), are reported in the statements. The events after the reporting period, which do
not affect the data presented in the statements, are reported in the supplementary annex, if they are relevant.
6. Going concern principle and discontinued activities
The Parent Company of the OPUS Group and its subsidiaries carry out operational activities and operate in accordance with
the going concern principle, and prepare their financial statements on this basis. Should the Group decide to discontinue an
activity, because the subsidiary in question is to be sold, and if the profit or loss related to the period in question is material
and coming from the discontinued activity, then it is to be reported in the comprehensive Income Statement separately.
7. Accounting principles applicable to the estimates
When applying the Accounting Policy described, it is necessary to make estimates and assumptions in determining the
carrying amounts of certain assets and liabilities at a given date, which cannot be determined unequivocally from other
sources. The estimation procedure includes the decisions adopted on the basis of the available information and the relevant
factors. Such estimates are based on the best knowledge of the Management with regard to current events, but actual figures
can differ.
The estimates are updated on a regular basis. The effect of the changes to the accounting estimate is to be considered in the
period of the change, if the change is related to the given period, or the period of the change and future periods too, if the
changes in question affect both periods.
The main areas of critical decisions related to estimation uncertainties and the application of the accounting policy, which
have the most significant effect on the amounts reported in the consolidated financial statements are as follows:
a. Determining the useful lives of property, plant and equipment and intangible assets
Property, plant and equipment are recorded at cost, and depreciation is recognized on a straight-line basis over their
estimated useful lives. The useful lives of property, plant and equipment are reviewed annually, and if expectations differ
significantly from previous estimates, the amount of depreciation for the current and future periods is adjusted accordingly.
The determination of the useful lives of assets is made in accordance with the applicable regulations and obligations in force
at the relevant time. Further information is provided in Notes II.3.2. and II.3.3.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
30
b. Goodwill sales
The Parent Company evaluates the Goodwill recognized in its consolidated books at the end of each financial year. During
the valuation, it takes into consideration the income-based business value of the subsidiaries, relying on future business plans.
The business plans and the calculation of business value (DCF model) are based on numerous estimates and assumptions.
A description of this, as well as its quantitative impact, can be found in Notes II.3.4.
c. Expected credit losses on financial assets
For financial assets measured at amortized cost, the Company assesses the expected credit loss at each reporting date.
The impairment recognized for expected credit losses is determined by taking into consideration changes in credit (default)
risk since the initial recognition of the financial instrument.
The estimation of impairment is determined by taking into account i) internal credit quality ratings (e.g., aging of receivables),
ii) external credit quality ratings (e.g., credit rating agencies or publications of the Hungarian National Bank), and other
forward-looking information (inflation, GDP, and macroeconomic factors).
The relationship between the expected impairment and the above factors considered in the credit risk analysis constitutes a
significant estimate; therefore, the factors and assumptions taken into consideration, as well as the calculation of impairment,
are updated annually and adjusted as necessary.
The methodology for determining the expected credit losses of financial instruments is presented in Note II.3.37.a. The
quantification of the impairment estimated for expected losses is included in the Notes and in Note II.3.42.
d. Determination of the amount of provisions (litigation, environmental protection)
Provisions are made, if the Group has (legal or implied) liability at present as a consequence of a past event, and resources
embodying economic gains are likely to be necessary to meet such liabilities, and the amount of such liability can reliably be
estimated. Upon the balance sheet reporting date, provisions are revised in light of the best current estimate.
The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the
balance sheet date, taking the risks and uncertainties characteristic of the obligation into account. If a provision is evaluated
using the cash flow likely required for the payment of the existing obligation, then the book value of the provision is the
present value of such cash flows.
Provisions for legal matters
The Company recognizes provisions for legal matters in cases where an adverse outcome for the Company is considered more
than probable.
An estimate is required regarding the likelihood of the outcome of a legal matter and the potential obligation, which the
Company determines in each case based on legal expert opinions. Due to the uncertainty inherent in the estimate, actual
payments may differ from the originally estimated amount.
Provisions for environmental obligations
Environmental expenditures related to current and future revenues are recognized as expenses when incurred or capitalized,
as appropriate. A liability for environmental costs is recognized when environmental damage assessment or remediation is
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Accounting Policy - Principles
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
31
probable, and the amount of the provision is determined based on the best estimate of the expenditures expected to be
incurred. For long-term liabilities, the recognized amount represents the present value of the expected future expenditures.
Provision for warranties
The Group makes provisions for warranty type obligations, typically in the Industrial Production Division. This guarantee does
not constitute a separate performance obligation and is provided in accordance with the Public Procurement Act.
The quantification of provisions is presented in Notes II.3.17, II.3.43.
e. Revenue from Construction Projects Proportional to Performance
In the construction industry, for the recognition of revenue from projects spanning several years, the total expected costs of
the projects are estimated. The Group recognizes the revenue of these projects in accordance with the stage of completion,
determined by the ratio of actual costs to estimated costs.
See Note II.3.38. for the recognition of project revenues.
f. Taxation
The Group is required to estimate corporate income tax in the jurisdictions in which the Group operates. The application of
tax provisions is based on management’s judgment and interpretation of country-specific tax laws. The payable or receivable
tax represents the best estimate of the amount expected to be paid or recovered, reflecting the uncertainties associated with
income taxes.
The assessment of the recoverability of deferred tax assets also requires estimates regarding the expected period of
realization and the availability of taxable profits.
The quantification of tax effects is presented in Note II.3.47.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
32
8. Republication of the 2024 Financial Statements
These consolidated financial statements—with the changes detailed below—have been prepared using the same accounting
policies as the consolidated financial statements prepared in accordance with IFRS as adopted by the EU for the financial year
ended 31 December 2024. At the same time, certain items have been reclassified in order for the presentation to better
reflect the designation of specific line items in the financial statements and to facilitate the improved clarity and usability of
the report. To this end, additional disclosures have been presented in the consolidated financial statements where relevant.
Details of Republication:
Taxes
In the consolidated income statement and balance sheet for the year ended 31 December 2024, the Group reviewed the
classification of local business tax and innovation contribution in order to be in accordance with the practice applied by other
Hungarian issuers and to facilitate the comparability of individual financial statements. The aforementioned taxes were
reclassified from other expenses to income taxes; this reclassification resulted in no change in the consolidated profit or loss
for the period.
Contractual assets
In the consolidated statement of financial position for the year 2024, contract assets and contract liabilities were presented
within other assets and other liabilities and accruals. In view of the relative magnitude of the aforementioned items, for the
purpose of the improved clarity of the report, these items were highlighted as separate line items in the balance sheet.
Issued bonds and government grants
In the consolidated statement of financial position, the liability related to issued bonds and government grants was broken
down into non-current and current portions (the amount due within one year is displayed among current liabilities).
ESOP Organisation
The Group established an ESOP Organisation for remuneration purposes in 2024, in accordance with Act XLIV of 1992. The
ESOP Organisation operates with a separate governing body in accordance with legal requirements, independently from the
Group. However, its primary purpose is to manage benefits provided under the Group’s remuneration policy. Therefore, the
Group reviewed the accounting treatment of the ESOP Organisation for 2024, and the ESOP Organisation was fully
consolidated in 2025. During the full consolidation, the capital contributions and corporate contributions provided to the
ESOP Organisation, as well as the OPUS Nyrt. shares held by the ESOP Organisation, were eliminated and deducted.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
33
The impact of the republication on the consolidated statement of financial position for the year 2024 is presented in the table below:

Republished line item of the financial statements | Published financial statement line |  | Republished value | Reclassifications | ESOP Organisation | Originally published
|  |  | 2024 |  | Consolidation | value 2024
Financial investments | Financial investments |  | 11,365,519 | 6,603,912 |  | 4,761,607
Long-term receivables from related parties | Long-term receivables from related parties |  | 4,578,300 | - 6,603,912 |  | 11,182,212
Current income tax | Current income tax |  | - | - 1,188,567 |  | 1,188,567
Current receivables from related parties | Current receivables from related parties |  | 8,793,599 | - 2,070,252 | - 1,388,169 | 12,252,020
Other receivables and prepaid expenses and accrued income | Other receivables and prepaid expenses and accrued income |  | 88,560,595 | - 27,089,428 | 53,616 | 115,596,407
Contractual assets |  |  | 29,218,986 | 29,218,986 |  | -
Cash and cash equivalents | Cash and cash equivalents |  | 160,182,009 |  | 32,909 | 160,149,100
Total assets | Total assets |  | 1,062,248,246 | - 1,129,261 | - 1,301,644 | 1,064,679,151

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
34

Republished line item of the financial statements | Published financial statement line |  | Republished value | Reclassifications | ESOP Organisation | Originally published
|  |  | 2024 |  | Consolidation | value 2024
Own shares repurchased | Own shares repurchased |  | - 51,638,189 |  | - 669,564 | - 50,968,625
| Capital reserves |  | - | 274,182 |  | - 274,182
| Retained earnings of prior years |  | - | - 59,427,935 |  | 59,427,935
Retained earnings | Retained earnings |  | 91,111,989 | 59,427,935 | - 687,408 | 32,371,462
Current government grants |  |  | 11,040,483 | 11,040,483 |  | -
Non-current government grants | Government grants |  | 105,472,218 | - 11,040,483 |  | 116,512,701
Short-term liabilities from bond issuance |  |  | 3,488,759 | 3,488,759 |  | -
Long-term liabilities from bond issuance | Bonds issue |  | 111,694,996 | - 1,518,781 |  | 113,213,777
Accumulated other comprehensive income | Accumulated other comprehensive income |  | 1,647,639 | - 274,182 |  | 1,921,821
Current liabilities to related parties | Current liabilities to related parties |  | 61,286,524 | - 172,963 |  | 61,459,487
| Advance payments from customers |  |  | - 37,497,043 |  | 37,497,043
Other short-term liabilities, accrued expenses and deferred income | Other short-term liabilities, accrued expenses and deferred income |  | 110,789,354 | - 7,600,138 | 55,328 | 118,334,164
Contractual obligations |  |  | 41,857,240 | 41,857,240 |  | -
Actual corporate income tax liability | Actual corporate income tax liability |  | 2,402,531 | 313,665 |  | 2,088,866
Total liabilities | Total liabilities |  | 1,062,248,246 | - 1,129,261 | - 1,301,644 | 1,064,679,151

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
35
The impact of the republication on the income statement of financial position for the year 2024 is presented in the table below:

Consolidated Profit and Loss Account |  |  |  |  |  |  |
Republished line item of the financial statements | Published financial statement line |  |  | Republished value | Reclassifications | ESOP Organisation | Originally published
|  |  |  | 2024 |  | Consolidation | value 2024
| Revenue: value of self-constructed assets capitalized |  |  | - | 34,398,645 |  | 34,398,645
Total sales revenue | Total sales revenue |  |  | - | 34,398,645 | - |
| Impairment |  |  | - | - 1,156,576 |  | 1,156,576
Impairment loss recognized in accordance with IFRS 9 |  |  |  | 1,042,287 | 1,042,287 |  | -
Other impairment |  |  |  | 114,289 | 114,289 |  | -
| Other operating costs and expenses |  |  | 17,927,511 | - 5,525,888 |  | 23,453,399
| Operating costs: Own performance capitalized |  |  | - 34,398,645 | - 34,398,645 |  | -
Income tax expenses | Income tax expenses |  |  | 11,307,667 | 5,525,888 |  | 5,781,779
Total costs and expenses | Total costs and expenses |  |  |  | - 34,398,645 | - |
Total Profit after taxes (HUF ‘000’) | Total Profit after taxes (HUF ‘000’) |  |  | 48,103,288 | - | - | 48,103,288

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
36
The Group republished the cash flow statement published in 2024 in 2025 due to the following changes:
i) Several lines of the change in financial position and the income statement published in 2024 (see above)
were re-published, therefore certain items of the cash flow statement also changed;
ii) Starting from 2025, in accordance with the provisions of the IAS 7 standard, the Company presents certain
changes in cash and cash equivalents, which were presented on a net basis in 2024, on a gross basis;
iii) The Company identified several non-cash items from cash flows related to changes in financial assets and
business combinations;
iv) In accordance with the provisions of the IAS 7 standard, starting from 2025, the Company treats government
grants as an investing cash flow category instead of financing;
v) The ESOP Organisation was consolidated, which changed the closing value of cash and cash equivalents and
the value of cash flows related to treasury shares.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
37
The impact of the republication regarding the consolidated cash flow statement for the year 2024 is presented in the table below:

Republished financial statement line | Published financial statement line | Change |  | Republished | Reclassifications | ESOP Organisation | Originally published
|  | reason |  | value 2024 | and other | Consolidation | value 2024
|  |  |  |  | i)-iv) | v) |
Profit before taxes | Profit before taxes | i) |  | 59,410,955 | 5,525,888 |  | 53,885,067
| Other comprehensive income | i) |  |  | - 2,771,738 |  | 2,771,738
Effect of exchange rate change | Impacts of exchange rate changes | i) |  | 2,185,127 | 2,771,738 |  | - 586,611
Impact of fair valuation of financial assets | Impact of fair valuation of financial assets | iii.) |  | 265,611 | 52,547 |  | 213,064
Change in trade and other receivables | Change in trade and other receivables | i-iii.) and v) |  | - 19,341,996 | - 560,958 | 1,389,880 | - 20,170,918
Changes of accounts payable and other liabilities | Changes of accounts payable and other liabilities | i) |  | - 23,254,431 | 26,188 |  | - 23,280,619
Capital gains tax expense | Capital gains tax expense | i) |  | - 15,945,691 | - 3,778,381 |  | - 12,167,310
Cash flow from operating activities | Cash flow from operating activities |  |  | 49,294,056 | 1,265,284 | 1,389,880 | 46,638,892
| Change of long-term financial assets | ii) |  |  | 5,278,051 |  | - 5,278,051
Increase of long-term financial assets |  | ii); iii) |  | - 6,776,861 | - 6,776,861 |  |
Decrease of long-term financial assets |  | ii); iii) |  | 1,446,263 | 1,446,263 |  |
| Changes of securities and shareholdings | ii) |  |  | - 473,879 |  | 473,879
Increase of securities and shareholdings |  | ii); iii) |  | - 750,000 | - 750,000 |  |
Decrease of securities and shareholdings |  | ii); iii) |  | 11,142 | 11,142 |  |

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.2. Supplementary Annex - Republication of Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
38

Republished line item of the financial statements | Published financial statement line | Change |  | Republished | Reclassifications | ESOP Organisation | Originally published
|  | reason |  | value 2024 | and other | Consolidation | value 2024
| Net Cash Arising from Changes in the Scope of Subsidiaries | ii) |  |  | 386,085 |  | - 386,085
Net cash flow from sale of business combinations |  | ii) |  | -433,618 | -433,618 |  |
Net cash outflow on acquisition of business combinations |  | ii) |  | 47,533 | 47,533 |  |
Government grants |  | iv) |  | 6,346,173 | 6,346,173 |  | -
Cash flow from investment activities | Cash flow from investment activities |  |  | - 72,871,666 | 5,080,889 | - | - 77,952,555
Own share purchase | Own share purchase | v) |  | - 7,099,169 |  | - 1,356,971 | - 5,742,198
Government grant | Government grant | iv) |  | - | - 6,346,173 |  | 6,346,173
Cash flow from financing activities | Cash flow from financing activities |  |  | - 64,763,451 | - 6,346,173 | - 1,356,971 | - 57,060,307
Cash and cash equivalents | Cash and cash equivalents |  |  | 160,182,009 | - | 32,909 | 160,149,100

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
39
II.3. Notes to the Financial Statements
1. Changes in business combinations in 2025 and 2024
Accounting Policy
With regard to changes in business combinations, see accounting policy note II.2.1. "Basis of consolidation".
Year 2025
OPUS GLOBAL Nyrt. submitted a binding purchase offer to MFB Invest Befektetési és Vagyonkezelő Zrt., with a deadline of 15
December 2025, for the acquisition of its 15.22% ownership interest in KALL Ingredients Kft., representing 15.22% of KALL’s
registered capital. As a result of the transaction following the offer, the Company’s direct interest increased by HUF
7,501,207,000, and its ownership in KALL rose from 74.33% to 89.55% .
KALL Ingredients Kft. subsidiaries, KALL Ingredients Trading Kft. and TTKP Energiaszolgáltató Kft. have been liquidated.
OPUS GLOBAL Nyrt. entered into share purchase agreements for the acquisition of shares issued by OPUS-SAT Tanácsadó
Zrt., a company under its direct ownership. As a result of transaction, Company’s shareholding increased by HUF 15,010,000.
During 2024, the OPUS Group established an ESOP Organisation for remuneration purposes. OPUS GLOBAL Employee Share
Ownership Programme Organization operates with independent governing body, separately from Group in accordance with
legal requirements, therefore ESOP Organisation was not consolidated in 2024. The Group reviewed accounting treatment
of ESOP Organisation for 2024, and ESOP Organisation has been fully consolidated in 2025. Total payment of HUF
2,680,240,000 to ESOP Organisation is recognized as shareholding by Company from 2025 onwards in accordance with the
above (shareholding in 2024 was HUF 1,388,169,000, while increase in 2025 was HUF 1,292,071,000).
Above changes caused following numerical impact in 2025 (see I.3. Financial Statement):

HUF '000' | # |  | 2025 YE |  |
|  | Kall | OPUS SAT | KALL Trading, TTKP | ESOP
|  | Increase of shareholding | Increase of shareholding | Liquidation | Increase of shareholding
Shareholding value* | 1 | - 7,501,207 | - 15,010 |  | 1,292,071
Net asset value of subsidiaries upon increase in shareholding | 2 | 207,891 | 15,010 |  | 1,292,071
Impact recognized against retained earnings | 1-2 | 7,293,316 |  | - 224,142 | -
Equity adjustment attributable to non-controlling interests |  | 1,594,208 | - | 240,780 | -
*of which actual cash flow from changes in business combinations in 2025 |  | - 409,207 | - 15,010 |  |

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
40
Year 2024
In 2024, no subsidiary acquisitions took place within the OPUS Group; only disposals and corporate restructurings occurred.
The following changes in the existing business combinations (in the value of shares, ownership and subsidiary status) occurred
during 2024:
a.) OPUS GLOBAL Nyrt. sold its 100% stake in OBRA Ingatlankezelő Korlátolt Felelőelősségű Társaság by a Sale and Purchase
Agreement signed on 31 January 2024.
b.) On 30 August 2024 and 2 September 2024, OPUS GLOBAL Nyrt. and its existing co-owner in VIRESOL Kft., Talentis Group
Zrt. (hereinafter: Talentis), decided on a two-step capital increase with share premium in VIRESOL Kft. As part of this
transaction, the Company and Talentis contributed a total of HUF 15.786 billion in member loan receivables as non-cash
contributions, and Talentis also contributed 55,870,342 OPUS ordinary shares to VIRESOL Kft. As a result of the capital
increases, the Company’s ownership in VIRESOL Kft. decreased to 53.17%.
c.) As a result of a demerger through separation from Csabatáj Mezőgazdasági Zrt., the Company acquired a 75.26%
ownership stake in OPUS-SAT Tanácsadó Zrt., established as a new subsidiary. Based on an agreement concluded between
the Company and Talentis Agro Zrt. on 29 September 2023, the Company’s shareholding in Csabatáj Zrt. ceased. As a
result of the earlier demerger from Csabatáj Zrt., the Company’s ownership in OPUS-SAT Tanácsadó Zrt. increased from
75.26% to 99.71% as of 9 October 2024.
d.) On 31 October 2024, KONZUM MANAGEMENT Kft. was demerged through separation and ceased to exist as a legal entity.
As part of the demerger, the Company acquired a 100% ownership stake in one of the successor entities, Opus
Management Kft.
e.) On 23 December 2024, the Company sold its shares representing a 99.93% voting interest in Wamsler SE
Háztartástechnikai Európai Részvénytársaság. As a result, the Company’s ownership in Wamsler SE ceased as of the above
date.
f.) In accordance with the above, inclusion of ESOP as subsidiary for 2024 has been republished (see Note II.2.8.).
The changes in business combinations resulted in the following net asset value impact in 2024:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
41

HUF '000' |  | # | 2024YE |  |  |  | 2024YE |  | Total |  | Impact of 2024YE republication
|  |  | Opus Management | OPUS-Sat |  | Wamsler Group | OBRA | Csabatáj |  |  | ESOP
|  |  | Inclusion | Inclusion |  | Sales | Sales | Sales |  |  | Inclusion
Selling Price (+) / Purchase Price (–) |  | 1 | * | * |  | 2,000, 000** | 782,880 | 1,100 | 2,783,980 |  | - 1,388,169
Shareholding value |  | 2 | 1,441,030 | 282,658 |  | 4,370,982 | 886,054 | 1,478,281 | 6,735,317 |  |
Net Asset Value of Subsidiaries (at the time of inclusion / sale): |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 3 | 13,832 | 33,701 |  | 1,164,531 | 41,677 | 11,390 | 1,217,598 |  | 32,909
Other assets |  |  | 5,871,233 | 250,445 |  | 14,673,846 | 2,082,422 | 3,599,060 | 20,355,328 |  | 1,410,588
Liabilities |  |  | - 232,798 | - 1,488 |  | - 15,129,141 | - 1,160,070 | - 970,674 | - 17,259,885 |  | - 55,328
Net asset value |  | 4 | 5,652,267 | 282,658 |  | 709,236 | 964,029 | 2,639,776 | 4,313,041 |  | 1,388,169
|  |  |  |  |  |  |  |  |  |  | -
Non-controlling interest (NCI) |  | 5 |  |  |  | 496 | - | 629,442 |  |  | -
Badwill /(Goodwill) |  | 6 |  |  |  | - | - | 465,583 |  |  | -
Impact of Changes in Business Combination: |  |  |  |  |  |  |  |  |  |  |
Earnings from sale of business shares | 2-4+5+6 |  |  |  | 1,291,260 | - 181,149 | - 1,543,651 | - 433,540 |  | -
Inclusion: Badwill /(-Goodwill) |  | 2-4 | 4,211,237 | - |  | n.a. | n.a. | n.a. | 4,211,237 |  | -
|  |  |  |  |  |  |  |  | 3,777,697 |  | -
Net Cash Flow from Changes in Business Combinations |  | 1+ / -3 | 13,832 | 33,701 |  | - 1,164,531 | 741,203 | - 10,290 | - 386,085 |  | 32,909

* Shareholdings arising from corporate restructuring without cash movement
** The purchase price had not been settled by the reporting date
*** Changes in ownership percentage in VIRESOL Kft. did not result in a change in net asset value.
In connection with the sale of the Wamsler Group, a capital contribution of HUF 2,198,560,000 was also written off, which
the Company had recorded as a receivable (see Note II.3.45).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
42
2. Property, plant and equipment

Accounting Policy Property, plant and equipment (hereinafter “tangible assets”) are presented at their cost less accumulated depreciation and impairment. The cost of a tangible asset comprises its purchase price less discounts and rebates, including any import customs, non-refundable taxes and all indirect costs of shipping the asset to the place of operation and required for its commissioning in the way considered desirable by the management. The estimated costs of dismantling and removing the asset and site restoration are also included in the prime cost if under the IAS 37 standard a provision can be made for the liability. Tangible assets are depreciated by the straight-line method. The original purchase price of the assets is written off during the useful life of the assets from the date they are put into service. Useful lives and residual values are continuously reviewed by the Group. The Group applies the following depreciation keys using the linear method by asset groups

Land Buildings and structures | - 1-3%
Machines, equipment | 5-20%

The Group reports impairment for the tangible assets, for which the net book value of assets is not expected to generate returns based on their future earning ability. With regard to the assets, for which depreciation is reported by the Group, the Group shall examine whether depreciation actually occurred in each and every case, when as a result of the change of certain events or circumstances, their book value may not be returned. Impairment is the difference between the book value and the recoverable amount of the asset.

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
43
Following table presents changes in net book value of property, plant and equipment for financial years 2025 and 2024:

HUF '000' | Land | Buildings and structures | Machinery and equipment | Unfinished investments | Total
Gross value |
as at 31 December 2024 | 14,575,525 | 461,647,703 | 275,991,385 | 63,187,078 | 815,401,691
Increase and reclassification | 2,668,345 | 42,718,380 | 38,393,557 |  | 83,780,282
Decrease and reclassification | - 383,377 | - 2,566,411 | -978,339 |  | - 3,928,126
Net change in construction in progress for current year |  |  |  | - 22,200,948 | - 22,200,948
Change due to exchange rate changes | - 44,500 | - 4,531,689 | - 2,469,421 | -768,726 | - 7,814,337
as at 31 December 2025 | 16,815,993 | 497,267,983 | 310,937,182 | 40,217,404 | 865,238,562
Accrued depreciation |
as at 31 December 2024 |  | 140,120,695 | 134,920,778 | - | 275,041,473
Annual write-off |  | 12,938,864 | 23,313,100 |  | 36,251,964
Decrease |  | - 1,591,342 | -918,686 |  | - 2,525,769
Change due to exchange rate changes |  | 229,664 | 402,585 |  | 632,249
as at 31 December 2025 |  | 151,697,881 | 157,717,777 | - | 309,415,658
Net book value |
as at 31 December 2024 | 14,575,525 | 321,527,008 | 141,070,607 | 63,187,078 | 540,360,218
as at 31 December 2025 | 16,815,993 | 345,570,102 | 153,219,405 | 40,217,404 | 555,822,904

VIRESOL Kft., KALL Ingredients Kft., which have significant fixed assets and investment activity, and their non-Hungarian
subsidiaries keep their books in EUR. In accordance with the Group's accounting policy, the EUR items in the balance sheet
are translated at the exchange rate published by the MNB on the balance sheet date. The above movement table quantifies
the effect of the closing and opening exchange rate differences on opening balances at the balance sheet date. With the
separate presentation of the foreign exchange effect, the movement schedule reflects interim increases and decreases
based on changes in the original currency.
Net book value of property, plant and equipment includes net fair value difference (PPA allocation) of assets revalued upon
acquisition of Energy Division companies in amount of HUF 37,643,000,000 (as at 31 December 2024: HUF 39,980,000,000),
as well as net fair value difference of assets revalued upon acquisition of Tourism Division in amount of HUF 14,318,020,000
(as at 31 December 2024: HUF 14,632,792,000). The Company records these values separately in the consolidated accounts
and reviews their current market value with the assistance of an independent expert at the annual valuation of the goodwill
amounts at each year-end (see Note II.3.4).
Impairment loss of HUF 381,912,000 in 2025 and HUF 366,171,000 in 2024 (see Note II.3. 42.) was recognized on property,
plant and equipment.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
44
3. Intangible assets

Accounting Policy Intangible assets are reported by the Group at historical costs decreased by accumulated depreciation and impairment. Purchased computer software is capitalized at the value specified based on the costs related to procurement and putting the asset into operation, related to which depreciation is reported by the Group. Costs related to the development and maintenance of computer software are reported by the Group as costs upon their occurrence.

The Group applies the following depreciation keys using the linear method by asset groups
Experimental development Rights representing assets | 20 % 2-20%
Intellectual properties, software | 20-33%
Other intangible assets | 6-20%

The Company recognizes impairment losses on intangible assets for which the carrying amount of the assets is not expected to be
recoverable based on their future revenue-generating potential.
With regard to the assets, for which depreciation is reported by the Group, the Group shall examine whether depreciation actually
occurred in each and every case, when as a result of the change of certain events or circumstances, their book value may not be
returned. Impairment is the difference between the book value and the recoverable amount of the asset.
Value of experimental development
Research costs of experimental development are recognized as expense when incurred. Development costs arising in individual projects
can be furthered, if their future return can be regarded appropriately proven.
Subsequent to initial accounting, the historical costs model is applicable to development costs, according to which assets are reported at
historical costs decreased by depreciation. Amortisation cannot be reported for the costs arising in the development period. The book
value of development costs is reviewed every year from the aspect of impairment, when the asset is not yet used, or more often, if during
the reporting year, it is likely that the book value is not going to be returned.
The Group shall specify the depreciation of capitalized experimental development assets based on individually examined conditions.
Amortisation period shall start when the asset is ready for use. Depreciation is reported by the linear method.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
45
The below table summarizes the changes in the value of intangible assets in the 2025 and 2024 business years.

HUF '000' | Capitalised value of experimental development | Rights representing assets | Intellectual property | Other intangible assets | Total
Gross value
as at 31 December 2024 | 7,251,377 | 8,245,524 | 1,880,004 | 132,180 | 17,509,085
Increase and reclassification | 2,800,621 | 626,279 | 259,546 | - | 3,686,446
Decrease and reclassification | - 2,045,851 | - 31,174 | - 194,096 | - | - 2,271,120
Change due to exchange rate changes | - 196,108 | - 6,355 | - 44,796 | - | - 247,259
as at 31 December 2025 | 7,810,040 | 8,834,274 | 1,900,658 | 132,180 | 18,677,152
Accrued depreciation |
as at 31 December 2024 | 2,110,257 | 4,334,641 | 562,200 | 132,180 | 7,139,278
Increase and reclassification | - | - | - | - | -
Annual write-off | 1,350,338 | 1,688,119 | 170,349 | - | 3,208,806
Decrease | - 13,916 | - 32,040 | - 17,552 | - | - 63,508
as at 31 December 2025 | 3,446,679 | 5,990,720 | 714,997 | 132,180 | 10,284,576
Net book value |
as at 31 December 2024 | 5,141,120 | 3,910,883 | 1,317,804 | - | 10,369,807
as at 31 December 2025 | 4,363,361 | 2,843,554 | 1,185,661 | - | 8,392,576

The Company examined and found no facts justifying the recognition of impairment in both 2025 and 2024.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
46
4. Goodwill
Accounting Policy
Goodwill is the positive difference between the acquisition cost ("purchase price") and the fair value of the identifiable
net assets of an acquired subsidiary, related party or jointly controlled entity at the acquisition date.
The Group recognises goodwill at the acquisition date evaluated at the excess of (a) over (b) below:
(a) the sum of:
(i) the consideration transferred, evaluated in accordance with this IFRS, which generally requires fair value at the
acquisition date;
(ii) the amount of any non-controlling interest in the acquired company; and
(iii) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held
equity interests in the acquired company.
(b) the net amount of identifiable assets acquired and liabilities assumed at the acquisition date.
If the amount of (b) above exceeds the amount of (a), it is accounted for as a preferential purchase. The negative goodwill
is presented as a lump sum in the Profit and Loss Account.
The fair value of net assets and liabilities acquired may include assets not recognised in the individual accounts of the
acquired company but identified in the fair value evaluation performed at the acquisition date that are included in the
consolidated accounts by the Group (PPA - purchase price allocation).
The unallocated purchase price is recognised in the consolidated balance sheet as goodwill, anticipating that the future
earnings generating capacity of the company will increase the carrying amount of the acquired company and the value of
the investment.
Goodwill is not amortized; however, following initial recognition, the Group records goodwill at cost less any
accumulated impairment losses. During each preparation of the financial statements, the Group examines whether there
are any indications that the carrying amount is unlikely to be recovered and, if necessary, recognizes an impairment loss.
Goodwill arising on acquisition is allocated to the income-producing units or groups of income-producing units that benefit
from the synergies of the combination, irrespective of whether the Group has any other assets or liabilities allocated to
those units or groups. The Group determines the valuation of Goodwill amounts arising from its acquisitions by
establishing the recoverable amount of the cash-generating assets of the relevant income-generating units ("cash-
generating unit" or "CGU"). The individual CGUs are not necessarily the same as the Group's legal entities.
The Group defines a group of assets as a CGU if the following conditions are met:
• the revenues generated by the assets within the CGU are independent and separate from the revenues of other
units
• there is an active market for the output (products, services) of the CGU
• management makes independent decisions regarding the continuation or termination of the assets
• the CGU is suitable for the impairment testing of its assets and the Goodwill allocated to it
The Group determines the recoverable amount of income-generating assets in two ways:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
47

• the present value of future free cash flow yields shown in the long-term business plan based on the income-generating assets of the CGU (enterprise value, which does not take into consideration external sources) and • the fair value of the assets (less costs to sell). The higher of the two values is compared with the carrying amount of the income-generating assets included in the calculation plus the amount of goodwill. If the value of the income-generating unit's assets determined in this manner is lower than the carrying amount of the assets, the Group recognizes the impairment loss first against the value of goodwill, then against the PPA amount, followed by the reduction of the carrying amounts allocated to the CGU, and subsequently allocates it proportionally to the other assets of the unit based on the carrying amount of the assets. In accordance with the principle that if the income-generating assets of the CGU are not marketable, the market value is not determined. If the CGU does not possess income-generating assets, the business value established by the present value of future free cash flow yields shown in the long-term business plan of the CGU (which also takes into consideration external sources) is compared with the amount of equity and goodwill. The impairment of goodwill is presented as a separate line item in the consolidated income statement. Impairment losses recognised for goodwill are not reversed. When an investment is sold, the gain or loss on the sale includes the derecognition of the carrying amount of goodwill on the investment sold. Therefore, in the annual goodwill test, the Company also performs a fair value evaluation of the assets (purchase price allocated to assets) identified during the acquisition purchase price allocation process and included in the Group's books. Business combination achieved in stages Where control of an entity is obtained by the Group in stages, goodwill is recognised only when control is obtained by the Group. In a situation where control of a subsidiary is acquired by the Group having previously held an investment in that entity, the Group evaluates the investment at the acquisition date as the date of acquisition of control on a prospective basis and the fair value of that investment at the date when control is acquired becomes the fair value of the Group's previously held equity interest in the acquired company at the acquisition date, which is included as part of the consideration paid. In the situation where the Group acquires an additional interest in a subsidiary, the difference between the non-controlling interest acquired and the consideration paid is accounted for as an equity transaction.

Hunguest Szálláshelyszolgáltató Zrt.
Hunguest Szálláshelyszolgáltató Zrt. is one of the dominant hotel chains in Hungary; its income is derived from the operation
of 16 owned hotels and 5 hotels taken over for operation. During the acquisition of Hunguest Szálláshelyszolgáltató Zrt., the
existing hotels were included in the consolidated books at market value and therefore a significant amount of purchase price
was allocated to the value of the properties ("PPA allocation"). The portion of the purchase price in excess of this amount
constitutes the value of the goodwill.
The Company considers the individual hotels to be CGUs. The Company determines the recoverable amount required for the
impairment test of the hotels in two ways: i) via the present value of future free cash flow yields shown in the long-term
business plan of the hotel and ii) by establishing its fair value.
The higher of the two values was compared with the carrying amount of the income-generating assets used for the
calculation, which includes the current value of the PPA amounting to HUF 14,318,000 and the goodwill value for the entirety
of Hunguest.
The Company determined the future cash flow yields based on the approved financial plan data of the CGUs for a period of
5 years.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the Company
applied a growth rate of X%, which is in accordance with the average growth rate of the industry.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
48
The weighted average cost of capital (WACC) used for the determination of the present value of the Free Cash Flow to Firm
(“FCFF”) is 10.53%.
Based on the examinations performed, the Company recognized a goodwill impairment loss of HUF 320,478,000.
Heiligenblut GmbH and Relax Gastro&Hotel Gmbh
Heiligenblut GmbH owns two seasonally operating hotels in the Heiligenblut am Großglockner ski area in Carinthia, which are
operated by Relax Gastro&Hotel Gmbh; therefore, the Company considers the two legal entities as a single CGU, the income-
generating assets of which are the hotel properties.
Since the hotels were sold prior to 31 December 2025, and consequently their income-generating assets and future yields
ceased to exist, the Company wrote off the Goodwill amount of HUF 1,570,079,000 recognized for the two companies.
Hunguest Hotels Montenegro d.o.o
Hunguest Hotels Montenegro d.o.o. operates a direct beachfront hotel in Herceg Novi, Montenegro. The sole income-
generating asset of the Company is this marketable seaside property. The Company determined the recoverable amount of
the hotel based on the higher of i) the present value of future free cash flow yields shown in the long-term business plan of
the hotel and ii) the market value of the hotel assets of the company as established by an independent property appraiser.
The Company determined the future cash flow yield based on the approved financial plan data of the CGU for a period of 5
years.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the Company
applied a growth rate of 5.40%, which is in accordance with the average growth rate of the tourism and hospitality industry
in Montenegro.
The weighted average cost of capital (WACC) used during the valuation was 13.25%.
As a result of the valuation, the Company recognized no impairment loss on Goodwill.
Mészáros Group companies (Construction Division)
Through the originally acquired Mészáros Építőipari Holding, the Parent Company acquired three construction companies:
Mészáros és Mészáros Kft., R-KORD Építőipari Kft. and RM International Zrt., which, in accordance with their non-current
assets, employees, supplier relationships and technical know-how, cannot be separated and constitute a single CGU.
On 30 September 2023, Mészáros Építőipari Holding was merged into its own subsidiaries Mészáros és Mészáros Zrt. and R-
KORD Építőipari Kft. and the goodwill value was allocated between the two subsidiaries with the original goodwill value
remaining unchanged. Upon the acquisition of the companies, a significant portion of the purchase price was allocated to
capitalized contract portfolios identified per company, the vast majority of which were already written off by the end of 2024;
thus, in practice, the companies do not possess significant income-generating assets.
Although the holding structure has been eliminated by the merger, the initial unchanged goodwill value is still supported by
the combined value of the three companies.
The activity of Mészáros és Mészáros Zrt. is related to the construction of bridges, roads, public utilities, hydraulic and building
construction, and work related to the implementation of facilities related to environmental protection and nuclear energy.
The main activity of R-KORD Építőipari Kft. is the construction, maintenance, design and licensing of railway construction
related safety and telecommunications installations and railway overhead lines.
RM International Zrt.'s main activity is the reconstruction, development and construction of the Hungarian section of the
Budapest-Belgrade railway line under an international contract.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
49
The specificity of the construction revenue is that it is derived from projects that are completed over a number of years. At
the end of each reporting period, the companies review the progress of projects and update the schedule of future revenues
and costs.
The Company determined the future cash flow yields based on the approved financial plan data of the CGUs for a period of
3 years.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the Company
applied a growth rate of 2%, which is in accordance with the average growth rate of the industry.
The weighted average cost of capital (WACC) applied during the valuation was 16.7–19.5% with regard to the forecast period,
and 18.6–21.3% with regard to the residual period, taking into consideration the additional risk of plans not covered by
specific projects.
As a result of the valuations, the Company recognized no impairment loss on the goodwill recorded in connection with the
companies of the Mészáros Group (Construction Division).
KALL Ingredients Kft. and VIRESOL Kft.
KALL Ingredients Kft. is a state-of-the-art corn processing company, producing a variety of sugar products, high quality
medicinal and edible alcohol and animal feed.
VIRESOL Kft. is one of the most modern wheat processors in East-Central Europe. The company's main activity is the
production of starch products, as well as maltodextrin, gluten and feed. Both plants were built with greenfield investments
and sell a significant proportion of their products abroad.
The Company considers the production assets of the two companies to be income-generating assets, the recoverable amount
of which was established by an external expert using the present value of future free cash flow yields shown in the long-term
business plans of the companies. Since these assets are not marketable, the fair value was not determined.
KALL Ingredients Kft.
The Company determined the future cash flow yields in accordance with the approved 10-year financial plan data of the
CGUs. The reason for the longer planning horizon is the extended run-off of the efficiency increase resulting from process
optimization planned by the management. The divisions of Food Industry in which the company operates are characterized
by stably growing demand and inelastic supply; they are highly cyclical with a fixed product mix due to the technology, where
profitability is fundamentally determined by the relationship between capacity utilization and market prices (sales prices –
raw material procurement and energy prices), whereby the predictability of the business operations is reliable even over a
10-year horizon.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the Company
applied a growth rate of 3.00%, which is in accordance with the average growth rate of the industry.
The weighted average cost of capital (WACC) used during the valuation was 7.8-8.0%.
Viresol Kft.
The Company determined the future cash flow yields based on the approved financial plan data of the CGUs for a period of
10 years. The reason for the longer planning horizon is the extended run-off of the efficiency increase resulting from process
optimization planned by the management. The divisions of Food Industry in which the company operates are characterized
by stably growing demand and inelastic supply; they are highly cyclical with a fixed product mix due to the technology, where
profitability is fundamentally determined by the relationship between capacity utilization and market prices (sales prices –
raw material procurement and energy prices), whereby the predictability of the business operations is reliable even over a
10-year horizon.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the Company
applied a growth rate of 3.00%, which is in accordance with the average growth rate of the industry.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
50
The weighted average cost of capital (WACC) used during the valuation was 8.5-9.7%.
Based on the enterprise valuation of the CGUs, a goodwill impairment loss of HUF 6,274,117,000 was recognized with
reference to Viresol Kft., while HUF 2,923,379,000 was recognized with reference to Kall Ingredients Kft.
OPUS TIGÁZ Zrt. and OPUS TITÁSZ Zrt.
The Company has defined two separate CGUs in the Energy Division, OPUS TIGÁZ Zrt. and OPUS TITÁSZ Zrt.
OPUS TIGÁZ Zrt. is the country's largest pipeline natural gas distributor and its activities are based on regulated prices (tariffs
set by the authorities). The company has no real competitors in its field of operation.
OPUS TITÁSZ Zrt is the leading electricity distributor in Hungary, its activities are also based on regulated prices and its market
has the characteristics of a natural monopoly.
The Company does not recognise goodwill for any CGU, but has included its assets identified on acquisition ("PPA") in its
consolidated financial statements at their fair value at the acquisition date. The fair value difference for the assets paid in the
purchase price to operate the so-called DSO Distribution System Operator ("DSO assets") was determined by an independent
expert using an income approach, which the Company accounts for separately as part of the business combination (PPA
allocation). The Company considers the DSO assets to be the income-generating assets of the companies.
The current carrying amount of the PPA allocation is HUF 25,471,000,000 with regard to OPUS TIGÁZ Zrt., while it is HUF
12,172,000,000 with regard to OPUS TITÁSZ Zrt.
For Gerecsegáz Zrt. and TURULGÁZ Zrt. acquired by OPUS TIGÁZ Zrt. in 2022, a total of HUF 316 million of goodwill was
recognised in the consolidated books. The activity of both companies is pipeline ownership and leasing for OPUS TIGÁZ Zrt.,
as OPUS TIGÁZ Zrt. performs natural gas distribution activities on the pipelines of the companies, so their goodwill value is
indirectly determined by the valuation of the activity of OPUS TIGÁZ Zrt.
The recoverable amount of the DSO assets was established by an external expert using the present value of future free cash
flow yields shown in the long-term business plans of the companies. Since the DSO assets are not marketable, the fair value
was not determined.
OPUS TIGÁZ Zrt
The Company determined the future cash flow yields in accordance with the approved 5-year financial plan data of the
CGUs.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the
Company applied a growth rate of 3.00%, which is in accordance with the average growth rate of the industry.
The weighted average cost of capital (WACC) used during the valuation was 10.81%.
OPUS TITÁSZ Zrt.
The Company determined the future cash flow yields based on the approved financial plan data of the CGUs for a period of
5 years.
In order to establish the planned cash flow data—projected beyond the period covered by the latest plan data—the
Company applied a growth rate of 3.00%, which is in accordance with the average growth rate of the industry.
The weighted average cost of capital (WACC) used during the valuation was 10.78 %.
As a result of the valuation, the Group recognized no impairment loss on the PPA or Goodwill with regard to the two CGUs.
Summary
As a result of the valuations performed at the end of 2025, a total of HUF 9,517,974,000 in impairment and HUF
1,570,079,000 in write-offs were recognized with regard to the Goodwill values:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
51

HUF '000' | Notes | 2025YE | 2024YE
Opening value |  | 88,636,529 | 88,636,529
Acquisition | II.3.1. |  | -
Description | II.3.1. | - 1,570,079 | -
Impairment |  | - 9,517,974 | -
Closing value |  | 77,548,476 | 88,636,529

Distribution of goodwill by CGU and division
As at 31.12.2025 and 31.12.2024, the Goodwill and PPA values allocated to each CGU were as follows:

| 2025YE | 2024YE
HUF '000' | Goodwill | PPA | Goodwill | PPA
Tourism Division | 13,763,181 | 14,318,020 | 15,653,738 | 14,632,792
Hunguest Szálláshelyszolgáltató Zrt. | 12,975,319 | 14,318,020 | 13,295,797 | 14,632,792
Heiligenblut GmbH | - | - | 1,419,481 | -
Relax Gastro & Hotel GmbH | - | - | 150,598 | -
Hunguest Hotels Montenegro d.o.o | 787,862 | - | 787,862 | -
Industrial Production Division | 11,004,698 | - | 11,004,698 | -
Companies of the Mészáros Group | 11,004,698 |  | 11,004,698 | -
Agriculture and Food Industry Division | 52,464,203 | - | 61,661,699 | -
KALL Ingredients Kft. | 32,425,102 |  | 35,348,481 | -
Viresol Kft. | 20,039,101 |  | 26,313,218 | -
Energy Division | 316,394 | 37,643,000 | 316,394 | 39,980,000
OPUSZ TIGÁZ Nyrt. | - | 25,471,000 | - | 26,551,000
Turulgáz and Gerecsegáz | 316,394 | - | 316,394 | -
OPUSZ TITÁSZ Nyrt. | - | 12,172,000 | - | 13,429,000
Asset Management Division | - | - | - | -
|  |  | - | 0
Total | 77,548,476 | 51,961,020 | 88,636,529 | 54,612,792

While the value of the goodwill decreased due to the impairment losses and write-offs recognized in 2025, the PPA values
decreased in accordance with the recognition of the planned amortization.
The current value of the PPA values is included in the net value of tangible fixed assets under property, plant and equipment
(see Note II.3.2).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
52
5. Investment properties

Accounting Policy Investment property is property (land or a building or part of a building, or both) held for the purpose of rent, capital appreciation, or both, rather than used in the production of goods or provision of services or for administrative purposes. Investment properties are initially recognized in the books at cost; however, following this initial recognition, the Group applies the fair value model. After inclusion, the fair market value of investment property is determined with the assistance of an independent valuer. Gains and losses arising from changes in fair value are recognised in profit or loss for the period in the line item Earnings from other income and expense. Investment property is derecognised on sale or when it is withdrawn from use and no income is expected from the sale. The profit or loss incurred on account of the derecognition of the property is recognized in the profit or loss of the reporting period.

In the Group’s consolidated financial statements, the balance sheet value of investment properties was HUF 661,000,000 on
31 December 2025.

HUF '000' |
Opening value as at 01.01.2024 | 3,563,112
Cost price | -
Recapitalisation | 5,430
Revaluation | 139,458
Discontinuation | - 3,087,000
Closing value as at 31.12.2024 | 621,000
Cost price | -
Recapitalisation | -
Revaluation | 40,000
Discontinuation | -
Closing value as at 31.12.2025 | 661,000

Investment properties are valued annually by the Company by an independent appraiser on the closing date of each year to
determine the market value. In the fair value hierarchy, the valuation method is at Level 2 (IFRS 13). The independent valuer
has also carried out the market comparable method, the yield method and a cost-based valuation. income-based valuation
method took future cash flows into account (rent, Operating costs, average occupancy rate, and rent growth rate). The fair
value was finally determined on the basis of the value obtained by the market comparison method.
None of the investment properties listed above are subject to a mortgage, nor are they pledged or used as collateral or
guarantee for any loans.
The following table illustrates the development of the income and related costs and expenses recognised in relation to the
use of investment properties:

HUF '000' |  | 2025YE | 2024YE
Rental revenue |  | 109,064 | 98,527
Revenue from operating fees |  | - | 21,000
Total indirect/direct operating costs |  | 11,465 | 9,966
of which: total costs of repair, maintenance |  | 1,454 | 1,454

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
53
6. Investments in associates accounted for using the equity method
Accounting Policy
In the consolidated financial statements, the Company accounts for its investments in associates using the equity
method. Under this method, post-acquisition changes in the associates’ equity, in proportion to the Company’s
ownership percentage, are recognised in the income statement as either an increase or decrease, against the carrying
amount of the investments. Dividends received from associates are also recognised as a reduction against the carrying
amount of the investments. The recoverable amount of an investment is reviewed annually and an impairment loss is
recognised if it is materially lower than the carrying amount of the investment.
Goodwill relating to the business is included in the carrying amount of the investment and is not amortised.
The Group only recognises losses in excess of the value of an affiliate's interest when it has incurred a legal or
constructive obligation or made payments on behalf of an affiliate. The Company has not currently identified any such
contingent liability and has not recognised an impairment loss in respect of such contingent liability.
On the cessation of significant influence in a joint organisation or related party, the Group re-evaluates the remaining
interest and recognises it at fair value. The difference between the carrying amount of the related party and the fair value
of the investment retained and the consideration given for its disposal is recognised in profit or loss.
See also Note II.2.1. "Basis of Consolidation".
The table below summarises the ownership structure in related companies as at 31 December 2025 and 2024:
Name of related companies and joint ventures
Level of affiliation
Location
Voting
share
%
Ownership
share %
Core activity
Addition OPUS Zrt.
A
Hungary
24.88
24.88
Holding-Asset
Management
OPTESZ OPUS Zrt.
J
Hungary
49.99
49.99
Business
administration,
Other executive
counselling
A Affiliated company; J Jointly managed company
The aggregate value and movements of the Group's investments in affiliates at 31 December 2025 and 2024 were as
follows:

HUF '000' |
Opening value as at 01.01.2024 | 2,708,235
Adjustment of previous years | 10,462,587
Amended opening value as at 01.01.2024 | 13,170,822
Share of profit from related parties | 8,671,365
Increase of shareholdings | -

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
54

Decrease of shareholdings due to reorganisation | - 1,598,235
Closing value as at 31.12.2024 | 20,243,952
Share of profit from related parties | 1,575,071
Increase of shareholdings | -
Decrease of shareholdings |
Closing value as at 31.12.2025 | 21,819,023

The value and separate movements of the Group's investments in affiliates at 31 December 2025 and 2024 were as follows:

HUF '000' |  |  |  |
Name of related and jointly managed companies | Book value 31.12.2025 | Increase/ Decrease | Share of profit in related and jointly managed companies | Book value 31.12.2025
Addition OPUS Zrt. | 2,440,274 |  | 340,274 | 2,100,000
OPTESZ OPUS Zrt. | 19,378,749 |  | 1,234,797 | 18,143,952
Total | 21,819,023 | - | 1,575,071 | 20,243,952

OPTESZ OPUS Zrt. underwent a corporate transformation in 2023, during which it received significant capital-increasing
contributions of property, plant and equipment from entities within the Group. The portion attributable to the Company
was recognised in 2024 as a prior year adjustment, as an increase in the value of the investment, against the accumulated
profit attributable to the parent (see Table I.3. Changes in Equity). The share of profit from the investment includes the
change in equity since the transformation, minus the cumulative effect of dividends received. See Note II. 3. 46.
The following table presents the highlighted aggregate financial information of the jointly managed companies as of 31
December 2025 and 2024:

HUF '000' | 2025YE |
Balance sheet lines | Addition OPUS Zrt. | OPTESZ OPUS Zrt. | Total
Long-term assets | 12,074,799 | 22,233,132 | 34,307,931
Current assets | 178,280 | 18,355,550 | 18,533,830
Equity capital | 9,808,176 | 38,765,251 | 48,573,427
Long-term liabilities | 13,363 | - | 13,363
Short-term liabilities | 529 | 6,792,321 | 6,792,850
Income statement | Addition OPUS Zrt. | OPTESZ OPUS Zrt. | Total
Sales revenue | - | 61,472,823 | 61,472,823
Total comprehensive income | 284,422 | 7,236,257 | 7,520,679
Share of profit from related and jointly managed companies | 340,274 | 1,234,797 | 1,575,071

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
55

HUF '000' | 2024YE |
Balance sheet lines | Addition OPUS Zrt. | OPTESZ OPUS Zrt. | Total
Long-term assets | 11,206,974 | 22,697,286 | 33,904,260
Current assets | 240,745 | 21,354,596 | 21,595,341
Equity capital | 8,764,782 | 37,528,679 | 46,293,461
Long-term liabilities | 211,851 | - | 211,851
Short-term liabilities | 654 | 7,947,821 | 7,948,475
Income statement | Addition OPUS Zrt. | OPTESZ OPUS Zrt. | Total
Sales revenue | - | 62,064,411 | 62,064,411
Total comprehensive income | 180,691 | 7,723,650 | 7,904,341
Share of profit from related and jointly managed companies | 1,000,000 | 7,671,365 | 8,671,365

7. Contract portfolio acquired through acquisition

Accounting Policy Following the procedure required by the IFRS 3 standard, on the date of acquisition for the construction companies entering the Group, as a result of a business valuation performed by an independent expert, the Group capitalized the identifiable contract portfolios of the subsidiaries as assets at their estimated fair value. In accordance with the standard, the Company subsequently remeasures the contract portfolio recognised as assets in accordance with the future timing of net cash flows from the related projects and charged to profit or loss as a depreciation charge. Depreciation is based on the stage of completion of multi-year projects in accordance with the performance-based revenue recognition methodology described.

During the 2018 business year, the contract portfolio of the construction companies entering the Group was capitalized in
the amount of HUF 84,843,840,000.

HUF '000' |  |
Gross value
as at 31 December 2024 |  | 84,843,840
Increase and reclassification |  | -
Decrease and reclassification |  | -
as at 31 December 2025 |  | 84,843,840
Accrued depreciation

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
56

as at 31 December 2024 |  | 74,874,944
Increase and reclassification |  | 6,753,952
Decrease and reclassification |  | -
as at 31 December 2025 |  | 81,628,896
Net book value
as at 31 December 2024 |  | 9,968,896
as at 31 December 2025 |  | 3,214,944

Based on the above, the Group recognised a total of HUF 6,735,952,000 of depreciation in 2025, which significantly reduced
the profit for the year on the contract backlog.
The breakdown of the contract portfolio by company for two years is shown in the following table:

HUF '000' | 2025YE | 2024YE
R-KORD Kft. | - | 658,954
RM International Zrt. | 3,214,944 | 9,309,942
Total | 3,214,944 | 9,968,896

In 2025, no circumstances arose that would have justified the early amortisation of the contract portfolio or the recognition
of an impairment loss.
8. Right of use assets

Accounting Policy According to the IFRS 16 standard on leases, the lessee must simultaneously account and quantify a right to use in the balance sheet among assets and a related financial liability among liabilities. The right-to-use asset is evaluated similarly to other non-financial assets and depreciation is also recognised accordingly. Initially, lease liabilities are evaluated at present value during the lease term, and this present value is calculated with the help of the implicit interest rate if such an interest rate can be accurately specified. If this interest rate is difficult or impossible to determine, the lessee may use the incremental borrowing rate for discounting purposes. The estimate of the lease term as at the commencement date is for the period for which the Group will continue the contract, including optional periods, with reasonable certainty under the terms originally agreed. The initial lease term is determined at the commencement date of the lease. In determining the lease term, the shortest reasonable and justifiable lease term possible shall always be used in case of doubt. The determination of the lease term is essentially a matter of management judgement and the Group generally uses asset-level estimates or assumptions (particularly for options and indefinite term arrangements).

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
57

The commencement date of a lease is the date on which the lessor makes a specific asset (e.g. the leased property, plant or equipment) available for use by the lessee. The commencement date is the date on which the lease term commences and the lease obligation and right to use asset are recognised. In determining whether a lessee is reasonably certain whether to exercise its option to extend a lease or not to exercise its option to terminate a lease, lessees and lessors consider all relevant facts and circumstances that may create an economic interest in the lessee and that provide a basis for exercising the option to extend the lease or not to exercise the option to terminate the lease. The definition of lease payments is the same for both lessee and lessor. Lease payments are payments made by the lessee to the lessor in exchange for the right to use a specified asset during the lease term. Lease payments include the following items: • fixed lease payments • the fee payable when a call option is exercised (if expected to be exercised) • variable lease payments that depend on a rate or index; • residual value guarantees • termination option charges (if the transaction is expected to be terminated). At first, the lease liability is evaluated at discounted value. The discount rate used is the rate (implicit rate) that discounts the lease payments made and the unguaranteed residual value of the asset to the value of the underlying asset of the lease, taking into consideration the lessor's direct costs (if information is available). If the discount rate cannot be determined in the above manner, the incremental rate that would be available to finance a similar asset on similar terms (incremental rate) should be used. Modification of a lease is a change in the scope of the lease or in the lease consideration that was not included in the original lease terms (for example, the addition or termination of the right to use one or more underlying assets or the extension or shortening of the contractual lease term). The modification may result only from a change in the consideration. The effective date of the modification is the date on which both parties accept the lease modification. The lessee shall account for the lease modification as a separate lease if both of the following conditions are met: the modification extends the scope of the lease by adding the right to use one or more underlying assets and the lease consideration is increased by an amount equal to the specific price of the extension of scope or by any appropriate adjustment to the specific price, as specified in the terms of the specific agreement. If these conditions are met, the modification shall be considered a new lease separate from the original lease. An arrangement for the right to use one or more additional assets is accounted for as a separate lease (or leases) for which the requirements of IFRS 16 Leases apply, irrespective of the original lease. When a lease is modified, revised lease payments are always discounted using a revised discount rate. The Group has elected not to recognise right of use assets and lease liabilities for low-value (HUF equivalent of USD 5,000 at the MNB exchange rate at the date of identification of the asset as a right to use asset) assets and short-term leases. The Group recognises the lease charges related to such a leasing as costs by the linear method during the lease term. The Group reports the right of use assets from leases in the right of use assets balance sheet line. Leasing liabilities were calculated from the commencement date of the lease contract, and the licence assets and leasing liabilities were determined by discounting with the incremental borrowing rate. See also Note II.2.32. "Lease Liabilities".

During 2025 and 2024, the Group leased a number of properties, land, machinery and vehicles, which were accounted for
as right of use assets.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
58
The table below illustrates the Group's Asset Use Right value as at 31 December 2025 and 2024 (HUF '000'):

HUF '000' | Buildings and lands | Vehicles and machinery | Total
as at 31 December 2024 | 4,719,474 | 8,589,310 | 13,308,784
Increase and reclassification | 2,504,861 | 7,224,911 | 9,729,772
Decrease and reclassification | - 75,865 | - 2,744,637 | - 2,820,502
as at 31 December 2025 | 7,148,470 | 13,069,584 | 20,218,054
Accrued depreciation |  |  |
as at 31 December 2024 | 1,505,059 | 4,261,550 | 5,766,608
Annual write-off | 952,505 | 2,707,239 | 3,659,744
Decrease | - 75,865 | - 2,431,288 | - 2,507,153
as at 31 December 2025 | 2,381,699 | 4,537,501 | 6,919,199
Net book value |  |  |
as at 31 December 2024 | 3,214,415 | 4,327,760 | 7,542,176
as at 31 December 2025 | 4,766,771 | 8,532,083 | 13,298,855

Costs accounted for in relation to short-term leases and the leases of low-value assets:

HUF '000' | 2025YE | 2024YE
Short-term leases | 265,690 | 160,232
Low-value leases | 41,206 | 87,887
Total | 306,896 | 248,119

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
59
9. Inventories
Accounting Policy
The inventory prime costs comprises the acquisition costs, the conversion costs and the costs required for bringing the
inventories at their current places and in their current condition.
In the balance sheet the Company recognizes purchased inventories at average historical cost reduced by impairment and
increased by any recognized reversed impairment, while it recognizes self-manufactured inventories at production cost
reduced by impairment and increased by any recognized reversed impairment.
Inventories are recognized at historical cost less impairment for unnecessary or obsolete stocks or at their net realizable
value, whichever is lower.
The companies of the Group belong to different industrial divisions, which, in accordance with their industrial
characteristics, apply weighted average price-based and FIFO valuations.
Balance of the Group's stocks at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE
Materials | 12,986,888 | 26,359,851
Unfinished production and semi-manufactured goods | 3,428,788 | 2,552,932
Finished goods | 1,524,384 | 1,886,346
Goods | 110,461 | 105,763
Total | 18,050,521 | 30,904,892

A total of HUF 708,665,000 has been charged to inventories, of which HUF 373,264,000 in the current year (see Note II.3.
42).
10. Actual profit tax

Accounting Policy The actual corporate income tax receivables and payables presented in the Statement of Financial Position represent the amounts of corporate income tax due to and payable to the tax authorities, determined in accordance with the tax regulations applicable in the country of operation. The Group classifies corporate income tax, local business tax, the innovation contribution, and the surtaxes of certain divisions (see Notes II.2.38 and 39) as income taxes.

The consolidated net balance of the current year's income tax receivables and liabilities as at 31 December 2025 and 2024
was as follows:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
60
The Company’s current income tax receivables and liabilities are composed of the following tax types:

HUF '000' | Current income tax | Actual corporate income tax liability
2025YE | 2024YE | 2025YE | 2024YE
Local business tax | 879,683 | - | - | 1,023,162
Innovation contribution | - | - | 199,311 | 479,070
Corporate income tax | 6,515,079 | - | - | 900,299
Total | 7,394,762 | - | 199,311 | 2,402,531

*Republished values, see Note II.2.8.
11. Assets held for sale

Accounting Policy An invested asset is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. This is the case when a sale is highly probable and the asset is available for immediate sale in its present condition. Management must be committed to the sale and it must be expected to be completed within one year of classification or a significant change in the sales plan or withdrawal of the plan is not probable. The Group recognizes these assets at the lower of their carrying amount and their fair value less costs to sell.

Among the Assets Held for Sale, the property located in Tamási and owned by OPUS GLOBAL Nyrt. was identified during
2024, with a value of HUF 98,000,000.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
61
12. Issued capital
Composition of issued capital:

| 31 December 2025 | 31 December 2024
HUF '000' | Count | Nominal value (HUF) | Count | Nominal value (HUF)
| 698,379,268 | 25 | 698,379,268 | 25
Balance of issued capital | 698,379,268 | 17,459,481,700 | 698,379,268 | 17,459,481,700

The Company only has ordinary shares with a nominal value of HUF 25 per share. The owners of the common shares are
entitled to dividend as well as voting rights – one per share – at the Company’s general meeting.
As of 31 December 2024, the share capital of OPUS GLOBAL Nyrt. consists of 698,379,268 ordinary shares of Series ‘A’, each
with a nominal value of HUF 25 and providing equal rights.
Resolution of the General Meeting of Shareholders No. 7/2024 (IV.24.) of the day 24 of month 4 of year 2024 authorised the
reduction of its share capital. The amount of the Share capital reduction is HUF 81,669,550, thus the share capital of the
original HUF 17,541,151,250 was reduced to HUF 17,459,481,700. The capital decrease was carried out through the
cancellation of 3,266,782 ordinary shares held by the Company as treasury shares. This did not affect the shareholdings of
the Company’s shareholders.
Subsequent to the share capital reduction, the Company's share capital will amount to HUF 17,459,481,700, and its share
capital represents a total of 698,379,268 ordinary shares.
In accordance with the Share Repurchase Programmes announced at the General Meeting on 18 October 2024 and 30 April
2025, during the 2025 business year, the Group purchased treasury shares for a total of HUF 3,639,709,000 (including
commissions paid) through stock exchange transactions.
The value of treasury shares changed as follows during 2025 and 2024 (see Financial Statement I.3).

HUF '000' | 2025YE | 2024YE
Opening value | 51,638,189 | 5,279,212
Own share purchase | 3,639,709 | 5,742,198
Cancellation of treasury shares (at cost) | - | -1,172,742
Received as contribution in kind or as a change in business combination (net) | - | 41,119,957
Stated value as at 31.12.2024 | - | 50,968,625
Republished: Inclusion of ESOP | - | 669,564
Closing value | 55,277,898 | 51,638,189

As a result of the movements, the number of 160,229,119 treasury shares owned by the Group as at 31 December 2024
increased to 164,027,722 shares by 31 December 2025, representing 23.49% of the ordinary shares (22.94% as at 31
December 2024).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
62
13. Capital elements on top of issued capital

Accounting Policy The Company recognizes the fair value differences identified during acquisitions in the capital reserve. The accumulated other comprehensive income includes the translation differences arising from the consolidation of foreign companies and the related deferred tax. When the Company or one of its subsidiaries purchases the shares of the Company, the paid consideration and all incremental costs decreases own shares on row “own shares”, until the shares are withdrawn or resold. The value of reserves included in the consolidated annual statements is not the same as the amount of reserves that can be paid to the owners. For the determination of the dividend rate, please refer to the Equity Correlation Table of OPUS GLOBAL Nyrt as the Parent Company.

HUF '000'
2025YE
2024YE*
Own shares repurchased
- 55,277,898
- 51,638,189
Capital reserve
166,887,066
166,887,066
Retained earnings
97,604,297
91,111,989
Accumulated other comprehensive income
725,629
1,647,639
Net asset value per non-controlling share
165,470,004
154,146,471
*Republished values
14. Dividend
The Annual General Meeting of OPUS GLOBAL Nyrt. held on 30 April 2025 decided to pay a dividend of HUF 8,048,303,625
for the financial year 2024.
The Company did not take into consideration the dividend attributable to the Group’s own shares when paying dividends;
therefore, the Company paid a dividend of HUF 15 per share.
At the balance sheet date, there were no dividends that had been decided but not yet paid.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
63
15. Equity attributable to non-controlling interest
From the "Equity attributable to non-controlling interest (NCI)" of the Group, the minority shareholders of the following
subsidiaries hold a significant (HUF 15 billion) above amount:

Total non-controlling business interest | Mészáros és Mészáros Zrt. | OPUS TIGÁZ Zrt. | OPUS TITÁSZ Zrt. | VIRESOL Kft. | Total items below HUF 15 billion | Total
Opening value as at 01.01.2024 | 19,134,400 | 36,811,219 | 53,234,451 | 766,528 | 27,539,589 | 137,486,186
Profit for the reporting year | 11,271,287 | 2,755,834 | - 1,123,744 | 2,016,322 | 2,000,861 | 16,920,559
Deconsolidated from the Group | - | - | - | - | 441 | 441
Consolidated into the Group | - | - | - | - | - | -
Transactions with the owner while maintaining control | - | - | - | 19,505,433 | - 683,082 | 18,822,351
Dividend | - 15,013,621 | - | - | - | - 4,069,445 | - 19,083,066
Closing value as at 31.12.2024 | 15,392,066 | 39,567,052 | 52,110,707 | 22,288,283 | 24,788,364 | 154,146,471
Total non-controlling business interest | Mészáros és Mészáros Zrt. | OPUS TIGÁZ Zrt. | OPUS TITÁSZ Zrt. | VIRESOL Kft. | Total items below HUF 15 billion | Total
Opening value as at 01.01.2025 | 15,392,066 | 39,567,052 | 52,110,707 | 22,288,283 | 24,788,364 | 154,146,471
Profit for the reporting year | 18,697,720 | 1,445,308 | 8,151,506 | - 1,209,865 | 1,201,939 | 28,286,608
Deconsolidated from the Group | - | - | - | - | - 16,638 | - 16,638
Consolidated into the Group | - | - | - | - | - | -
Transactions with the owner while maintaining control | - | - | - |  | - 1,818,350 | - 1,818,350
Dividend | - 12,756,316 | - | - | - | - 2,371,771 | - 15,128,087
Closing value as at 31.12.2025 | 21,333,470 | 41,012,360 | 60,262,213 | 21,078,418 | 21,783,544 | 165,470,004

The summary balance sheet and income statement data for the subsidiaries with significant non-controlling interests in
accordance with the IFRS are as follows:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
64

HUF '000' | 2025YE
Balance sheet lines | Mészáros és Mészáros Zrt. | OPUS TIGÁZ Zrt. | OPUS TITÁSZ Zrt. | VIRESOL Kft. | Total items below HUF 15 billion | Total
Long-term assets | 36,088,001 | 143,518,818 | 277,993,859 | 70,283,528 | 526,501,003 | 1,054,385,209
Current assets | 46,299,792 | 39,245,904 | 71,788,303 | 17,038,862 | 153,299,171 | 327,672,032
Total assets | 82,387,793 | 182,764,722 | 349,782,162 | 87,322,390 | 679,800,174 | 1,382,057,241
Total equity | 53,787,181 | 82,811,900 | 120,524,426 | 45,010,502 | 336,570,485 | 638,704,494
Long-term liabilities | 9,479,133 | 75,704,152 | 151,932,149 | 36,049,040 | 208,739,041 | 481,903,515
Short-term liabilities | 19,121,479 | 24,248,670 | 77,325,587 | 6,262,848 | 134,490,648 | 261,449,232
Total liabilities | 82,387,793 | 182,764,722 | 349,782,162 | 87,322,390 | 343,229,689 | 1,382,057,241
Income statement | Mészáros és Mészáros Zrt. | OPUS TIGÁZ Zrt. | OPUS TITÁSZ Zrt. | VIRESOL Kft. | Total items below HUF 15 billion | Total
Sales revenue | 61,670,788 | 56,824,312 | 118,540,714 | 40,360,860 | 209,988,018 | 487,384,692
Profit after taxes | 43,179,877 | 4,353,178 | 16,303,011 | 456,725 | 18,055,835 | 82,348,626
Total comprehensive income | 43,179,877 | 4,353,178 | 16,303,011 | - 2,583,525 | 17,331,059 | 78,583,600
Dividend paid to non-controlling interest | 12,756,316 | - | - | - | 2,371,771 | 15,128,087
HUF '000' | 2024YE
Balance sheet lines | Mészáros és Mészáros Zrt. | OPUS TIGÁZ Zrt. | OPUS TITÁSZ Zrt. | VIRESOL Kft. | Total items below HUF 15 billion | Total
Long-term assets | 10,282,654 | 140,587,833 | 254,323,319 | 74,489,286 | 242,595,995 | 722,279,087
Current assets | 57,159,099 | 38,781,683 | 80,114,787 | 19,459,943 | 178,341,564 | 373,857,076
Total assets | 67,441,753 | 179,369,516 | 334,438,106 | 93,949,229 | 420,937,559 | 1,096,136,163
Total equity | 36,640,602 | 78,458,723 | 104,221,413 | 47,594,027 | 109,431,189 | 376,345,954
Long-term liabilities | 5,894,622 | 74,411,537 | 147,970,295 | 40,688,627 | 150,827,556 | 419,792,637
Short-term liabilities | 24,906,529 | 26,499,258 | 82,246,399 | 5,666,576 | 160,678,816 | 299,997,578
Total liabilities | 67,441,753 | 179,369,518 | 334,438,107 | 93,949,230 | 420,937,561 | 1,096,136,169
Income statement | Mészáros és Mészáros Zrt. | OPUS TIGÁZ Zrt. | OPUS TITÁSZ Zrt. | VIRESOL Kft. | Total items below HUF 15 billion | Total
Sales revenue | 87,372,169 | 57,079,374 | 123,393,650 | 38,851,589 | 318,555,414 | 625,252,196
Profit after taxes | 28,230,848 | 5,464,671 | - 2,247,488 | 2,076,339 | 6,939,966 | 40,464,336
Total comprehensive income | 28,230,848 | 5,464,671 | - 2,247,488 | 4,305,620 | 7,482,423 | 43,236,074
Dividend paid to non-controlling interest | 15,013,621 | - | - | - | 4,069,445 | 19,083,066

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
65
16. Government grants

Accounting Policy Government grants are reported, when the provision of the same is probable, and the conditions related to the provision of the same are met. When the Government grants is used for covering costs, then they are to be reported (in other revenues) in the period, when the costs to be covered arise. When Government grants are related to the acquisition of equipment, they are reported as deferred incomes, and are reported in incomes in equal amounts every year of the useful life of the equipment.

The aggregate level of state aid at group level evolved as follows in 2025 and 2024:

Table of changes in government grants (data in HUF ‘000’) | 2025YE | 2024YE
Opening value | 116,512,701 | 112,483,648
Increase (taken out) | 1,268,252 | 6,012,758
Decrease (unlock) | - 1,396,717 | - 186,651
Changes of consolidation scope (decrease) | - | -1,518,282
Change due to different exchange rate | - 1,136,875 | - 278,771
Closing price | 115,247,361 | 116,512,701

The depreciation of assets purchased from government grants and the deferred income recognized in the income
statement are as follows:

25YE |  |  |  |
000 HUF | Total | within 1 year | Between 1 and 5 years | Over 5 years
Government grants | 115,247,361 | 7,618,077 | 80,426,436 | 27,202,848
of which: deferred income | 111,172,443 | 3,543,159 | 80,426,436 | 27,202,848
Government grants | 115,247,361 | 7,618,077 | 80,426,436 | 27,202,848

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
66
17. Long- and short-term provisions
The Group’s provisions changed as follows between 31 December 2025 and 31 December 2024:

Provisions movement table (figures in HUF ‘000’) | Total | For legal disputes | Provision made for warranty obligations | Senior employees/qu alified for jubilee bonuses/prem iums | Provision made for environmental obligations | Other provisions
Opening value as at 01.01.2024 | 15,972,027 | 1,030,214 | 12,864,546 | 812,374 | 287,563 | 977,330
Increase (taken out) | 8,668,633 | 50,637 | 7,978,534 | 332,257 | 216,287 | 90,918
Decrease (unlock) | - 2,695,547 | - | - 2,226,998 | - | - 191,253 | - 277,296
Decrease due to disposal of subsidiary | - 1,011,784 | - | - 86,669 | - | - 81,246 | - 843,869
Change due to different exchange rate | 74,899 | - | - | - | - | 74,899
Closing value as at 31.12.2024 | 21,008,228 | 1,080,851 | 18,529,413 | 1,144,631 | 231,351 | 21,982
Increase (taken out) | 4,247,361 | 74,161 | 4,077,429 | 93,120 | 2,651 | -
Decrease (unlock) | - 10,086,715 | - 95,572 | - 9,629,353 | - 305,031 | - 56,162 | - 597
Decrease due to disposal of subsidiary | - | - | - | - | - | -
Change due to different exchange rate | - 11,372 | - | - | - | - | - 11,372
Closing value as at 31.12.2025 | 15,157,502 | 1,059,440 | 12,977,489 | 932,720 | 177,840 | 10,013

On 31 December 2025 and 2024, the Group's current and non-current provisions were as follows:

2025YE |  |  |
HUF '000' | Total Provisions | Short-term provisions | Long-term provisions
For legal disputes | 1,059,440 | 34,855 | 1,024,585
For guaranteed liabilities | 12,977,489 | - | 12,977,489
Senior employees/qualified for jubilee bonuses/premiums | 932,720 | 128,306 | 804,414
For environmental liabilities | 177,840 | 54,777 | 123,063
Other provisions | 10,013 | - | 10,013
Total | 15,157,502 | 217,938 | 14,939,564

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
67

2024YE |  |  |
HUF '000' | Total Provisions | Short-term provisions | Long-term provisions
For legal disputes | 1,080,851 | 108,607 | 972,244
For guaranteed liabilities | 18,529,413 | 726,512 | 17,802,901
Senior employees/qualified for jubilee bonuses/premiums | 1,144,631 | 473,014 | 671,617
For environmental liabilities | 231,351 | 59,655 | 171,696
Other provisions | 21,982 | 21,982 | -
Total | 21,008,228 | 1,389,770 | 19,618,458

Provision made for existing obligations
With regard to the subsidiaries in the Construction Branch, the provisions relate to warranty repairs to ensure compliance
with product specifications. With regard to construction and repair works, the amount of provisions is equal to 1% of the
difference between the revenues related to the number of jobs in the reporting year and the costs of subcontractors.
Provision for projects performed by the Construction Division is recognized in accordance with the estimate of the Company's
management.
The companies in the Energy Division recognise provisions for environmental obligations, future long-service and jubilee
benefits, as well as gas correction settlements. For the calculation of the benefits due under the collective agreement, the
subsidiaries belonging to the Energy Division include an actuary at year-end.
OPUS GLOBAL Nyrt. recognised a provision for environmental obligations and damage mitigation related to its property in
Marcali. The amount of the provision gradually decreases as the mitigation works progress.
In 2024, Wamsler Haus- und Küchentechnik GmbH specified provisions as a percentage value related to the turnover of the
last two months of the year. The basis of provisions in Wamsler SE is 1.5 thousandths of the turnover. Furthermore, a
provision was set aside in 2023 to cover environmental liabilities and industrial accidents and labour proceedings. The
Company was deconsolidated from the Group at the end of 2024.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
68
18. Contractual obligations

Accounting Policy A contractual obligation is the Group's obligation to transfer goods or provide services. If a customer pays consideration or is entitled to an unconditional consideration before the Company transfers the goods or provides the services, the Company recognizes the payment as a contractual obligation. Contractual obligations include advances, billings in excess of costs incurred and deferred income. In accordance with IAS 21, the Company does not regard prepayments for goods and services as financial instruments because there is no legal obligation to receive (or an obligation to deliver) a fixed or determinable number of units of currency.

HUF '000' | Total | Advance received | Gift cards, vouchers | Deferred income relating to price discounts or future performance obligations
Opening value as at 01.01.2025* | 41,857,240 | 37,497,043 | 1,607,013 | 2,753,184
Increase | 11,722,224 | 7,499,026 | 1,261,500 | 2,961,698
Decrease | - 31,289,238 | - 30,257,100 | - 1,008,192 | - 23,946
Closing value as at 31.12.2025 | 22,290,226 | 14,738,969 | 1,860,321 | 5,690,936

Republished value for 2024 See Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
69
19. Deferred tax

Accounting Policy The Group classifies corporate income tax, local business tax, the innovation contribution, and the surtaxes of certain divisions (see Notes II.2.38 and 39) as income taxes. Corporate income tax is determined in accordance with the regulations of the tax laws relevant in the country of operation. Deferred taxes are reported applying the balance sheet liability method for the temporary differences between the book value of assets and liabilities included in the consolidated statement and the amounts reported for the purpose of Corporate income tax. The amount of deferred tax is calculated by the Group using the tax rates specified by the law, applicable on the balance sheet date in the country of operation, which will probably be valid at the time of the enforcement of tax receivables or the settlement of deferred tax liability. Deferred tax is reported by the Group for the temporary differences of shares in subsidiaries, related party and jointly managed companies. Deferred tax assets may be recognized with reference to deductible temporary differences, accrued unused tax assets or tax losses, to the extent taxable profits are likely to be made in the future and these temporary differences and unused tax assets can be offset against them. The carrying value of deferred tax assets is revised on every balance-sheet cut-off date and reduced to the extent that sufficient taxable profit is unlikely to be made for using part or whole of such deferred tax assets.

The balance of deferred tax presented in the consolidated financial situation and reported in the earnings as at 31
December 2024 and 2024.

HUF '000' | Tax assets | Tax liability | Net
2025YE | 734,775 | 44,303,314 | - 43,568,539
2024YE | 1,648,858 | 37,354,729 | - 35,705,871

In calculating deferred tax, the Group compares the tax bases of assets and liabilities with their carrying amounts for tax
purposes. If the difference is a temporary difference, i.e. the difference is reversed in the foreseeable future, a deferred tax
asset or liability is recognised, depending on the taxable profit or loss. The Group assesses the recoverability of the asset
before it is recognised. Assuming the tax rate remains unchanged in the periods when assets and liabilities become current
tax, deferred tax is calculated using the tax rate in force in the country of operation of the subsidiaries, except where a
higher tax rate is justified due to additional special taxes (mainly for the Hungarian companies of the Energy Division).
The following table shows the differences identified by the Group as at 31 December 2025 and 2024 that give rise to
deductible and taxable tax differences:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II 3. Notes to the Financial Statements - Non-Financial Assets and Liabilities in the Balance Sheet
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
70

HUF '000' | 2025YE | 2024YE
Property, plant and equipment and right-of-use assets | -32,832,579 | -31,510,986
Intangible assets | - 71,698 | - 147
Financial investments | - 2,765,375 | - 535,421
Impairment of trade receivables, receivables, contract assets and cash and cash equivalents | 105,822 | 264,952
Deferral of losses | 604,198 | 1,148,652
Development reserve | - 137,274 | - 226,016
Provisions | 1,905,520 | 2,470,714
Amendments of IFRS 16 leasing liability | 3,639,610 | 1,897,368
Funds received for development | - 18,674,748 | - 16,471,519
IFRS 14 Regulatory Deferral Accounts | 5,273,448 | 7,312,933
Other temporary differences | - 615,469 | - 56,401
Total | - 43,568,545 | - 35,705,871
Total deferred tax assets | 734,775 | 1,648,858
Total deferred tax liabilities | 44,303,314 | 37,354,729

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
71
20. Financial assets
Accounting Policy
The Group’s consolidated statement of financial position includes the following financial assets: cash and cash equivalents,
trade receivables, contract assets, other equity interests, non-current financial assets, related party and other receivables,
securities and derivatives.
The Group’s consolidated statement of financial position includes the following financial liabilities: liabilities from bond
issue, trade payables, loans and borrowings, liabilities to related parties, financial lease liabilities and derivatives.
Categories of financial instruments (valuation principles)
Financial instruments within the scope of IFRS 9 are classified into three evaluation categories: those evaluated at
amortised cost on initial recognition, those evaluated at fair value through other comprehensive income on initial
recognition (FVOCI) and those evaluated at fair value through profit or loss on initial recognition (FVTPL).
The Group’s financial assets are classified upon initial valuation in accordance with their nature and objectives. In order to
determine the category of a financial instrument, first it needs to be clarified if the given financial asset is a debt instrument
or a capital investment. Capital investments must be evaluated at fair value through the P/L, but at the time of initial
recognition the business may decide to measure capital investments not held for trading at fair value through the other
comprehensive P/L. If the financial asset is a debt instrument, the following considerations apply to their rating and
classification.
Amortised prime cost
Financial assets must be evaluated at amortised prime costs if they are held on the basis of a “keep and yield” business
model to collect contractual cash flows, and the contractual conditions of the financial asset generate cash flows, at a
specified point in time, that only constitute payments of the principal and the interest on any principal outstanding.
Fair value through other comprehensive profit or loss
Assets evaluated at fair value other comprehensive P/L are financial instruments held on the basis of a “keep and sell”
business model that achieves its objective by collecting contractual cash flows and the sale of financial assets, and the
contractual conditions of the financial asset generate cash flows, at a specified point in time, that only constitute payments
of the principal and the interest on any principal outstanding.
Fair value to P/L
The category of financial assets evaluated at fair value through the P/L includes financial assets not included in any of the
above two categories of financial assets, or at the time of their initial presentation they were specified as evaluated at fair
value through the P/L.
At initial recognition, the Group applies the Solely Payments of Principal & Interest (SPPI) test, primarily for loans and non-
current financial instruments (collectively debt instruments), to verify that the financial instrument is always intended to
collect contractual cash flows and that the interest on the loans reflects the time value of money, the credit risk and the
profit margin.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
72

The test also subsequently considers whether the financial instrument does not contain contractual terms that could result in a significant change or modification in the amount or timing of the contractual cash flows from the contractual terms (maturity adjustment, interest rate change or interest-free period) and therefore no longer meets the SPPI test. In the event that the above SPPI test requirements are not satisfied, the debt instrument must be measured at fair value through profit or loss (FVTPL). All equity instruments must be evaluated at fair value in the balance sheet, and recognise the impact in the change in fair value directly in the Income Statements except for the equity instruments in respect of which the entity uses the Other comprehensive income option (FVOCI). The Company did not avail itself of the FVOCI option. The Group did not use the FVOCI option. A financial asset and a financial liability must be offset and the net amount presented in the balance sheet when the Group currently has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial liabilities The financial liabilities falling within the scope of the IFRS 9 can be classified into two valuation categories: assets evaluated at amortised cost after acquisition and assets evaluated at fair value through profit or loss after acquisition (FVTPL). A financial liability may be designated as at fair value through profit or loss if the liability is held for trading or designated as at fair value through profit or loss or if it is a derivative. All liabilities must be classified into the category to be measured at amortized cost, except for derivatives and the liabilities for which fair value measurement shall be mandatory. The Group shall determine the classification of the individual financial liabilities when they are acquired. The Group did not use the FVTPL option.

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
73
21. Financial investments
Accounting Policy
The Group generally classifies financial investments where the business model used is "keep and yield", i.e. the Group's
objective is to collect contractual cash flows (capital and interest on outstanding capital) at the times specified in the
contractual terms. The Group carries these assets at amortised prime cost. Included (whether current or non-current) are
securities, loans provided which the Group has categorised as loans to unrelated parties and all other investments carried
at amortised prime cost.
The Company's subsidiaries have shareholdings that are not included at the group level due to their insignificant size or
lack of management control or significant influence. The Group treats these interests as investments and evaluates them
at fair value through profit or loss (FVTPL). The fair value measurement is performed on the basis of so-called "Level 3"
evidence that is not observable on the market. The Company recognizes the change in fair value in the net financial
income. See also Note II.3.36.
The Company recognized a fair value difference of HUF 25,149,526,000 in the net financial income on assets measured at
fair value in 2025 (it recognized HUF -52,547,000 in 2024) (see further in Note II.3.45.).
The Company determined the fair value of the investment units in accordance with the net asset value provided by the
fund manager of the units.
The net value of the Group's Invested Financial Assets as at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE*
Investment bonds | 27,534,510 | 2,400,000
Assets measured at fair value | 27,534,510 | 2,400,000
Loans granted and other assets measured at amortized cost | 8,362,508 | 8,965,519
Assets measured at amortized cost | 8,362,508 | 8,965,519
| 35,897,018 | 11,365,519

*Republished values, see Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
74
22. Other interests

Accounting Policy The Group has equity interests that are not included in the scope of consolidation, as the ownership interest and the voting power are below 20%, and management control does not otherwise become significant. The Group treats these interests as investments and evaluates them at fair value through profit or loss (FVTPL). See Note II.3.36.

The Group's unconsolidated equity interests that are carried at fair value were as follows:

HUF '000' | 2025YE | 2024YE
Gyulai Várfürdő Kft. | 28,000 | 28,000
Gyulai Turisztikai Nonprofit Kft. | 215 | 215
Hévízi Turisztikai Nonprofit Kft. | 210 | 210
FELCSÚTI Ipari Park Kft. | 398,000 | 398,000
Bükkábrányi Fotovoltaikus Erőmű Projekt Kft. | 750,000 | 750,000
Zánkai Üdülő Egyesület | 885 | 885
Kaposvári Turisztikai Nonprofit Kft. | 4,190 | 4,390
Egerszalóki Gyógyforrást Üzemeltető Kft. | 16,000 | 16,000
Association for the Central European Employment of Philippine Guest Workers | 500 | -
Total | 1,198,000 | 1,197,700

See also Note II.3.36.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
75
23. Long-term receivables from related parties
Accounting Policy
Loans are initially recognised at fair value and subsequently evaluated at amortised cost using the effective interest
method. Under IFRS 9, these instruments are evaluated at amortised cost as the business model is "keep and yield" and
the contractual terms of these financial instruments provide for interest payments on principal and outstanding principal
only at the specified dates.
The majority of the loans provided by the Group are to related parties and due to their significance, this is a separately
disclosed item in the financial statements. The Group considers loans to unrelated parties as financial investments.
If the disbursement of the loan is not at market conditions (e.g. interest-free period or interest-free capital increase,
replacement payment), the difference between the fair value and the transaction value is either recognised in profit or
loss or treated as a capital increase to equity depending on the economic substance of the transaction.
In accordance with FRS 9, the Group determines impairment on these receivables based on the general approach among
the impairment models. See Note II.3.37.a.
The below table presents the Group’s non-current receivables as at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE*
*Loan receivables |  |
Executive Officer | 102,000 | 136,000
Wamsler SE | 2,460,244 | 4,442,300
Impairment recognized on non-current receivables | - 5,436 | -
Total | 2,556,808 | 4,578,300

*Republished values, see Note II.2.8. The impairment recognized on loans amounted to HUF 5,436,000 in the year 2025.
(See Note 42 in Section II.3.). In the year 2024, no impairment was recognized with regard to these items.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
76
24. Trade receivables and short-term receivables from related companies
Accounting Policy
Accounts receivable
Trade and other receivables are recognized at cost upon initial recognition. On initial recognition, the fair value is the
invoiced amount recognised, less the value of expected discounts and discounted if there are significant amounts
outstanding beyond one year.
The outstanding amount of receivables in foreign exchange at the end of the period is revalued at the foreign exchange
rate ruling at the balance sheet date and any unrealised gain or loss is recognised in the financial figures. Realised exchange
gains or losses arising on the actual settlement of foreign currency items shall be recognised directly in the financial result
using the exchange rate at the date of financial settlement.
Accounts and other receivables are subsequently evaluated at their value less an allowance for expected credit losses. If
trade receivables are expected to be settled in the ordinary course of business, typically within one year, they are recorded
as current assets, otherwise they may be recorded as long-term receivables under non-current assets on a case-by-case
basis.
In accordance with FRS 9, the Group determines impairment on trade receivables based on the simplified approach among
the impairment models. See Note II.3.37.a.
A written-off receivable is derecognised when it is deemed uncollectible.
The balance of the Group's trade receivables and short-term receivables at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE*
Trade receivables | 37,194,820 | 50,557,939
Current receivables from related parties | 11,867,857 | 8,793,599
Trade receivables | 1,147,537 | 1,292,528
Loan receivables | 2,352,403 | 2,633,816
Dividend advance | 6,115,424 | -
Other advance | 216,451 | 204,693
Receivables from the sale of business share | - | 2,000,000
Other short term receivables from affiliated parties | 2,036,042 | 2,662,562
Impairment recognized on receivables | - 1,357,220 | - 2,600,729
Total | 47,705,457 | 56,750,809

*Republished values, see Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
77
The amount of impairment recognized on trade receivables and loans for the current year includes an impairment of HUF
1,299,063,000 recognized on trade receivables (in 2024: HUF 2,600,729,000), an impairment of HUF 6,136,000 on short-
term related party receivables and an impairment of HUF 52,016,000 on other receivables (see Notes II.37.a and II.3.42.).
25. Other receivables and accrued income
Accounting Policy
Prepaid expenses and accrued income
Other prepaid expenses and accrued income, costs typically include items that are expensed only in the next period at
the time they are actually incurred.
Swap agreements
To mitigate its interest rate risk, the Company occasionally enters into interest rate swaps (IRS or CIRS), which it
evaluates at fair value through profit or loss (FVTPL). The initial fair value or changes in fair value are recorded as other
receivables or other payables against the profit or loss on financial transactions, while the nominal value of the
transactions is recorded in off-balance sheet accounts. The Company performs the fair value calculation based on
information that does not consist of quoted prices in an active market (Level 1), but is observable for the asset or liability,
either directly or indirectly.
The Company does not apply hedge accounting.
Balance of the Group's Other receivables and accrued income at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE*
Aids | - | 377
Loans provided | 56,307 | 33,607
Overpayment in accounts payable | 640,438 | 474,984
Receivables from deposits and caution money | 3,009,075 | 3,384,645
Receivables from the sale of business share | 142,862 | 249,862
SWAP transaction mark to market valuation** | 1,069,346 | 1,933,726
Total financial instruments | 4,918,028 | 6,077,201
Advances paid to investment contractors | 345,585 | 1,757,840
Advances given on inventories | 102,385 | 1,389,145
Advances paid for services | 8,566,579 | 13,481,862
Deferred income and costs | 5,489,342 | 60,009,939

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
78

Other costs paid in advance | 2,098,536 | 220,804
Receivables from employees | 26,180 | 60,336
Tax assets | 1,732,313 | 5,017,312
Receivables from local governments | 29 | 84,479
Other receivables | 559,622 | 461,677
Total Non-financial instruments | 18,920,571 | 82,483,394
Total | 23,838,599 | 88,560,595

*Republished values, see Note II.2.8.
**In 2021, OPUS Energy Kft. took out a HUF 50 billion variable interest rate acquisition loan from Takarékbank Zrt. and MKB
Bank Zrt. which loans were transferred to OPUS TITÁSZ Zrt. as a result of the subsequent merger. In order to reduce interest
rate risk, the subsidiary entered into an interest rate SWAP hedge (IRS swap) for half of the capital debt amounting to HUF
25 billion, whereby it swapped the variable interest rate for a fixed interest rate of 5.16% for 6 years.
From 2021 onwards, interest rate swaps entered into will be reported at fair value through profit or loss (FVTPL) based on
market observable inputs (Level II). The change in the current market value between reporting dates is recognised in the
result on financial operations (see Note II.3. 45.).
Accrued income and expenses decreased as a consequence of the declining revenue of the Construction Division (see Note
II.3.38.).
26. Contract assets

Accounting Policy Uninvoiced amounts are recognized as contract assets when the revenue recognized in the given period exceeds the amount invoiced to the customer. These typically arise from sales based on long-term contracts, where performance has already occurred on a pro-rata basis; thus, the Company’s right to consideration exists for the goods or services transferred by it to the customer.

HUF '000'
Total
Portion of performance
pro rata, but not yet
billable revenue
Uninvoiced revenues
Opening value as at 01.01.2025
29,218,986
7,716,649
21,502,337
Increase
32,256,703
4,081,450
28,175,253
Decrease
- 29,216,450
- 7,716,649
- 21,499,801
Impairment
- 88,191
- 47,437
- 40,754
Closing value as at 31.12.2025
32,171,048
4,034,013
28,137,035
Values republished for the year 2024, in accordance with Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
79
The amount of impairment recognized with regard to contract assets is HUF 88,191,000 (see Note II.3.42.).
27. Cash and cash equivalents

Accounting Policy Cash and cash equivalents comprise cash and bank deposits. Cash equivalents are short-term highly liquid investments that carry a minimum risk of changes in value and are readily convertible into cash. The Group holds its cash only in banks with an appropriate risk rating.

On 31 December 2025 and 2024, the Group's cash and cash equivalents typically consisted of bank deposits and segregated
security deposit accounts:

HUF '000' | 2025YE | 2024YE*
Cash (HUF) | 96,824 | 70,670
Cash (EUR) | 15,143 | 22,960
Bank deposit (HUF) | 34,623,135 | 56,045,736
Bank deposits (EUR) | 4,036,077 | 5,709,983
Cash in other currencies | 30,101,585 | 12,888,780
Short term tied deposits | 98,909,216 | 85,443,880
Total | 167,781,980 | 160,182,009

*Republished values, see Note II.2.8.
Non-disposable liquid assets from the above balance

HUF '000' | 2025YE | 2024YE
Non-disposable liquid assets | 90,945,996 | 80,803,118
Total | 90,945,996 | 80,803,118

In the Consolidated Balance Sheet, overdrafts are included in current liabilities under "Short-term loans and borrowings".
Term deposits have a maturity of 3 months or less.
The companies of the Group hold their cash and cash equivalents with more than 10 different major banks, so that their
risk distribution is well diversified. The banks concerned are rated between Baa1/BBB+ and Ba1/BB+.
In accordance with the ratings of the Banks, the Company recognized impairment in a total amount of HUF 87,364,000 with
regard to cash and cash equivalents (see Note 42 in Section II.3.).
Non-freely available cash and cash equivalents constitute funds received as subsidies with targeted content, which may
only be utilized for items in accordance with the purpose of the subsidy. Upon the occurrence of the appropriate payment,
the restriction shall be terminated automatically.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
80
28. Long- and short-term loans and borrowings
Accounting Policy
Loans are recognized in the statements of the financial position at the amortised cost calculated by the effective interest
rate method. With regard to loans, the transactions costs are directly attributed by the Group to the acquisition of the
financial liability are also taken into consideration.
The profits and losses related to loans are recognized in the Income Statement during the calculation of depreciation by
the effective interest rate method and when the financial liability is deregulated. Amortization is accounted as financial
expenditure in the Income Statement.
The existing loans and advances broken down by financial institution in 2025 were as follows:

2025YE
Financial institutions and other creditors | Collateral | Balance 31.12.2025 | Currency | Balance in thousand HUF | of which | of which
long | short
term HUF | term HUF
MBH Bank Nyrt. (MKB Bank Zrt.) | Payment guarantee, bail bank account, mortgage | 43,057,949 | HUF | 43,057,949 | 41,645,960 | 1,411,989
MBH Bank Nyrt. (MKB Bank Zrt.) | Property mortgages, movable mortgages, framework mortgages, pledges on receivables, assignment of collateral, pledge on shares, title guarantee, trademark pledge, surety, letters of authorisation for immediate collection | 40,721,960 | EUR | 15,587,552 | 13,221,752 | 2,365,800
OTP Bank Nyrt. | Property mortgage, movable mortgages, lien on assets, bank account deposit, joint and several liability, owner’s commitment | 21,417,600 | EUR | 8,198,229 | 7,026,613 | 1,171,616
EXIMBANK Zrt. | Property mortgages, movable mortgages, framework mortgages, pledges on receivables, assignments of security, title guarantees, title commitments, share pledges, trademark pledges, sureties, letters of authorisation for immediate debit | 73,149,522 | EUR | 28,000,174 | 24,788,933 | 3,211,241
MBH Bank Nyrt. (Takarékbank Zrt.) | Property mortgage, owner guarantee | 8,960,225 | EUR | 3,429,795 | 3,140,560 | 289,235
MBH Bank Nyrt. (Budapest Bank Zrt.) | Property mortgage, fame type movables lien, claims lien, guarantee transfer, business share lien, owner’s guarantee, owner’s commitment, authorisation letter for immediate collection orders, | 4,446,003 | EUR | 1,701,841 | 1,213,829 | 488,012

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
81

MFB Zrt. | Property mortgage, movables lien, claims lien, business share lien, brand lien, joint and several liability | 19,644,527 | EUR | 7,519,532 | 6,424,559 | 1,094,973
Other credits and loans | - | 12,852 | EUR | 5,144 | - | 5,144
Total | 43,057,949 | HUF | 43,057,949 | 41,645,960 | 1,411,989
168,352,689 | EUR | 64,442,267 | 55,816,246 | 8,626,021
Balance 31.12.2025 |  | HUF | 107,500,216 | 97,462,206 | 10,038,010

The existing loans and advances broken down by financial institution in 2024 were as follows:

2024YE
Financial institutions and other creditors | Collateral | Balance 31.12.2024 | Currency | Balance in thousand HUF | of which | of which
long | short
term HUF | term HUF
Erste Bank Zrt. | Property mortgage, right to buy, right of first refusal | 23,526,031 | EUR | 9,005,294 | 8,002,934 | 1,002,360
MBH Bank Nyrt. (MKB Bank Zrt.) | Payment guarantee, bail bank account, mortgage | 45,301,206 | HUF | 45,301,206 | 43,057,949 | 2,243,257
MBH Bank Nyrt. (MKB Bank Zrt.) | Property mortgages, movable mortgages, framework mortgages, pledges on receivables, assignment of collateral, pledge on shares, title guarantee, trademark pledge, surety, letters of authorisation for immediate collection | 48,108,363 | EUR | 18,414,919 | 16,529,074 | 1,885,845
OTP Bank Nyrt. | Property mortgage, movable mortgages, lien on assets, bank account deposit, joint and several liability, owner’s commitment | - | HUF | - | - | -
OTP Bank Nyrt. | Property mortgage, movable mortgages, lien on assets, bank account deposit, joint and several liability, owner’s commitment | 6,104,661 | EUR | 2,336,742 | 1,817,466 | 519,276
EXIMBANK Zrt. | Property mortgages, movable mortgages, framework mortgages, pledges on receivables, assignments of security, title guarantees, title commitments, share pledges, trademark pledges, sureties, letters of authorisation for immediate debit | 86,672,130 | EUR | 33,176,358 | 29,955,507 | 3,220,851
MBH Bank Nyrt. (Takarékbank Zrt.) | Property mortgage, owner guarantee | 10,138,748 | EUR | 3,880,910 | 3,426,117 | 454,793

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
82

Financial institutions and other creditors | Collateral | Balance 31.12.2024 | Currency | Balance in thousand HUF | of which | of which
|  |  |  |  | long-term HUF | short- term HUF
MBH Bank Nyrt. (Budapest Bank Zrt.) | Property mortgage, fame type movables lien, claims lien, guarantee transfer, business share lien, owner’s guarantee, owner’s commitment, authorisation letter for immediate collection orders, | - | EUR | - |  |
MFB Zrt. | Property mortgage, movables lien, claims lien, business share lien, brand lien, joint and several liability | 23,844,605 | EUR | 9,127,238 | 8,000,985 | 1,126,253
Other credits and loans | - | 5,024 | EUR | 2,011 | - | 2,011
Total | 45,301,206 | HUF | 45,301,206 | 43,057,949 | 2,243,257
198,399,562 | EUR | 75,943,472 | 67,732,083 | 8,211,389
Balance 31.12.2024 |  | HUF | 121,244,678 | 110,790,032 | 10,454,646

No Group companies were sanctioned for credit covenants during the reporting period.
29. Liabilities from bonds issue
Accounting Policy
Issued bonds are recognized in the statements of the financial position at the amortised cost calculated by the effective
interest rate method. With regard to debts on issued bonds, the transactions costs are directly attributed by the Group to
the acquisition of the financial liability are also taken into consideration.
The profits and losses related to bonds are recognized in the Income Statement during the calculation of depreciation by
the effective interest rate method and when the financial liability is deregulated. Amortization is accounted as financial
expenditure in the Income Statement.
In addition to bank loans and borrowings, the Group's other significant source of external financing is the proceeds from the
bonds issued by OPUS GLOBAL Nyrt. and OPUS TIGÁZ Zrt:

HUF '000' | 2025YE | 2024YE
OPUS GLOBAL Nyrt. - MNB Growth Bond Programme I. | 28,809,262 | 28,825,981
OPUS GLOBAL Nyrt. - MNB Growth Bond Programme II. | 39,852,434 | 39,854,375
TIGÁZ Nyrt. - MNB Growth Bond Programme | 44,970,084 | 46,503,399
Total | 113,631,780 | 114,198,804

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
83
Bonds of OPUS GLOBAL Nyrt.
Following its successful participation in the Growth Bond Programme of the National Bank of Hungary (NKP), OPUS GLOBAL
Nyrt. issued two bonds, on 25 October 2019 with a nominal value of HUF 28.6 billion (Bond I) and on 1 April 2021 with a
nominal value of HUF 39 billion (Bond II). Both bonds were admitted to the BSE's multilateral trading facility, called Xbond.
The purpose of issuing the bonds is to raise capital and use it to implement the Company's acquisition plans and to renew
and optimize its financing. The scope, number and industrial focus of the target companies and the amount of assets that
can be invested in one business as well as the investment conditions are continuously specified by the Issuer. The Issuer
shall take responsibility for the compliance with the obligations based on the Bond with all of its assets. The Issuer has used
the proceeds of the private placement of Bond II to build up its energy portfolio, in line with its stated purpose in the
offering.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
84
Main data of the bond issue:

Name of Bond I | “OPUS GLOBAL 2029 Bond”
Series code: | OPUS2029
Security identifier (ISIN) listed in XBond | HU0000359278
Count: | 572
Method of distribution: | private
Form: | dematerialized
Date of auction | 25 October 2019
Policy period: | 10 years
Expiration of bond: | 29 October 2019
Total nominal value of the series: | HUF 28.6 billion
Amount of funds raised: | HUF 28.77 billion
Type of interest: | Fixed-interest
Rate of coupon: | 2.80%
Date of entry to BSE: | 30 March 2020
Name of Bond II | “OPUS GLOBAL 2031 Bond”
Series code: | OPUS2031
Security identifier (ISIN) listed in XBond | HU0000360409
Count: | 780
Method of distribution: | private
Form: | dematerialized
Date of auction | 27 April 2021
Policy period: | 10 years
Expiration of bond: | 29 April 2031
Total nominal value of the series: | HUF 39 billion
Amount of funds raised: | HUF 39.03 billion
Type of interest: | Fixed-interest
Rate of coupon: | 3.20%
Date of entry to BSE: | 15 July 2021

Terms and book value of the Bonds
As from 29 October 2019 (inclusive) Bond I carry an annual 2.80 per cent interest on their nominal value. During the term
of the Bonds, the interest is payable subsequently, on 29 October each year, i.e. from 29 October 2020 to 29 October 2029.
With regard to Bond I, the effective interest rate was set at 2.733%, taking into account the subscription costs and the
amount of the oversubscription.
The Company fully performed its interest payment obligation in 2024 and 2023 within the specified limits and conditions.
As from 29 April 2021 (inclusive) Bond II carries an annual 2.80 per cent interest on their nominal value. During the term of
the Bonds, the interest is payable subsequently, on 29 April each year, i.e. from 29 April 2022 to 29 April 2031. With regard
to Bond II, the effective interest rate was set at 3.194%, taking into consideration the subscription costs and the amount of
the oversubscription. The Company has fully met its interest payment obligations for the years 2025 and 2024
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
85

HUF ‘000’ | Bond I |  | Bond II
| 31.12.2025 | 31.12.2024 |  | 31.12.2025 | 31.12.2024
Nominal value of bond | 28,600,000 | 28,600,000 |  | 39,000,000 | 39,000,000
Oversubscription and issue costs (discount) | 165,850 | 165,850 |  | 16,469 | 16,469
Book value at issue | 28,765,850 | 28,765,850 |  | 39,016,469 | 39,016,469
Amortisation of discount from issue | (97,002) | (80,283) |  | (8,572) | (6,631)
Accrued interest | 140,414 | 140,414 |  | 844,537 | 844,537
Book value of bond | 28,809,262 | 28,825,981 |  | 39,852,434 | 39,854,375
Interest expense at effective interest rate | 784,080 | 783,835 |  | 1,246,059 | 1,245,997

The Issuer’s credit rating
OPUS GLOBAL Nyrt. performed the independent credit rating procedure required as a precondition for participation in the
Bonds Funding for Growth Scheme (BFFG) announced by the National Bank of Hungary (MNB), which is then reviewed every
year. On 1 April 2021, the Company obtained a BBB- rating, four degrees higher than the investment level required by the
MNB for the bonds to be issued: BBB- rating and maintained the BB rating for the Company. The analysis was carried out
by the independent international rating agency Scope Ratings GmbH (Neue Mainzer Straße 66- 68 60311 Frankfurt am
Main; registered office: Lennéstraße 5 10785 Berlin, Germany) (www.scoperatings.com).
As required by the Programme, the Company completed the annually required credit rating review process in 2025, with
the independent rating agency, as a result of which the rating agency maintained its BBB- rating for the bond issuance and
the issuer rating of BB/Stable.
Bonds of OPUS TIGÁZ Zrt.
OPUS TIGÁZ Zrt. decided in its resolution of 2 March 2021 to participate in the Growth Bond Programme announced by the
MNB, and thus decided to issue bonds and to fulfil the obligations associated with it.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
86
Main data of the bond issue:
The bonds issued by OPUS TIGÁZ Zrt. (TIGÁZ 2031/A) have the following parameters:

Name of security | „TIGÁZ 2031/A”
Series code: | TIGÁZ 2031/A
Security identifier (ISIN) listed in XBond | HU0000360292
Count: | 1,000
Method of distribution: | private
Form: | dematerialized
Date of auction | 22.03.2021
Policy period: | 10 years
Expiration of bond: | 24.03..2031
Total nominal value of the series: | HUF 50 billion
Amount of funds raised: | HUF billion
Type of interest: | Fixed-interest
Rate of coupon: | 2.8%
Date of entry to BSE: | 18.06..2021

The Growth Bond Programme (NKP) prescribes an obligation for listing on the stock exchange, with which the Company
has complied, and the admission of the bonds to the multilateral trading facility operated by the Budapest Stock Exchange
(BSE) under the name Xbond took place on 18 June 2021.
The Issuer’s credit rating
The annual review associated with the bond issuance has been completed, and the independent credit rating agency,
Scope Ratings GmbH, has changed the previously established BB-/Stable issuer rating to BBB-/Positive, and changed
the BB-/Stable rating for the issued bonds to a BBB rating.
Conditions and book value of the Bonds
On 24.03.2022, the first interest payments (HUF 1,400 million) and principal repayments (HUF 1,500 million) were
made.
The Bond bears interest at 2.8% per annum on its nominal value from 24 March 2021 (inclusive). During the term of the
Bonds, the interest is payable subsequently, on 24 March each year, i.e. from 24 March 2022 to 24 March 2031. The
Group reports the value of the bonds and the related interest expense at amortised cost discounted at the effective
interest rate.
Taking into consideration the underwriting costs and the amount of the oversubscription, the effective interest rate on
the bond was 2.7909%.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
87

HUF ‘000’ |  | 31.12.2025 | 31.12.2024
Nominal value of bond | 50,000,000 | 50,000,000
Oversubscription and issue costs (discount") | 31,908 | 31,908
Book value at issue | 50,031,908 | 50,031,908
Bond repayments (cumulative) | (6,000,000) | (4,500,000)
Amortisation of discount from issue | (17,046) | (13,536)
Accrued interest |  | 955,222 | 985,027
Book value of bond | 44,970,084 | 46,503,399
Interest expense at effective interest rate in the reporting year | 1,237,731 | 1,274,332

Instalment schedule of bonds
The nominal principal of the three bonds will be repaid according to the following schedule:

HUF '000' | Total | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | After 2031
OPUS GLOBAL Nyrt. - MNB Growth Bond Programme I. | 28,809,262 | 157,714 | 17,764 | 18,267 | 28,615,517 | - | - | -
OPUS GLOBAL Nyrt. - MNB Growth Bond Programme II. | 39,852,434 | 4,746,387 | 3,901,681 | 3,901,515 | 3,901,335 | 3,901,152 | 19,500,364 | -
TIGÁZ Nyrt. - MNB Growth Bond Programme | 44,970,084 | 2,455,222 | 4,500,000 | 4,500,000 | 4,500,000 | 4,500,000 | 4,500,000 | 20,014,862
Total | 113,631,780 | 7,359,323 | 8,419,445 | 8,419,782 | 37,016,852 | 8,401,152 | 24,000,364 | 20,014,862

30. Other long-term liabilities
The Group’s balance of other long term liabilities as at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE
Mészáros és Mészáros Zrt. | 1,620,926 | -
OPUS GLOBAL Nyrt. | 1,459,215 | 2,720,627
OPUS E-LINE Kft. | 223,222 | -
OPUS GLOBAL ESOP Organisation | 34,650 | -
R-KORD Kft. | 1,125,112 | -
Total | 4,463,125 | 2,720,627

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
88
Other long term liabilities present the extra-group obligations of the subsidiaries listed in the table. The liability recognised
at OPUS GLOBAL Nyrt. represents the long-term portion of a payment obligation arising from the purchase price of a loan
assumed in respect of VIRESOL Kft. As the obligations arising from the assumed loan purchase price are due within three
years, the contractual liabilities were recognised at their discounted present value due to the deferred payment terms. The
total includes a discount amount of HUF 313,645,000 (reducing the nominal value) (see also Note II.3.33). See also Note II.3.
35.
31. Long-term related liabilities
Amounts of long-term liabilities to related companies as at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE
Loan liabilities | 1,595,133 | 1,595,133
Talentis Agro Zrt. | - | -
Konzum PE Magántőkealap | - | -
Status Energy Kft. | 1,595,133 | 1,595,133
Other liabilities | 40,001 | 40,001
Total | 1,635,134 | 1,635,134

32. Leasing

Accounting Policy When entering into a contract, the Group shall verify whether the contract is a lease. A contract is a lease if a third party transfers to the Group the right to control the use of an identified asset for a specified period of time in return for consideration. Assets (right of use assets) and liabilities (under leases) arising from a lease are evaluated initially at their present value. Lease liabilities include the net present value of the following lease payments: fixed charges, variable lease payments that are dependent on an index or rate, amounts expected to be paid by the Group under residual value guarantees; the exercise price of a call option if the Company is reasonably certain to exercise the option. Lease payments are discounted at the implicit lease rate. If that rate is difficult to determine, which is typically the case for the Group's leases, the lessee should use an incremental lessee rate. The Group determines the incremental lessee rate using a publicly available benchmark rate for the relevant market, taking into consideration the amount, currency, term, industry of the borrower and the subject of the financing. This was determined taking into consideration the central bank base rate (BUBOR) providing guidance on the market. Interest on the lease liability is charged to finance costs over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lease liability. See also Note II.2.8. with regard to Right-of-Use Assets.

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
89
The Group’s leasing liabilities as at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE
Long-term lease liabilities | 10,196,073 | 5,783,255 |
Current lease liabilities | 3,528,935 | 2,100,919 |
Total | 13,725,008 | 7,884,174 |

The total amount of lease payments incurred with regard to leases is as follows:

HUF '000' | 2025YE | 2024YE
Paid-up capital | 4,150,923 | 2,960,206
Incurred interest | 728,020 | 546,898
Total | 4,878,943 | 3,507,104

33. Trade payables
The below table presents the breakdown of consolidated trade payables by currency for 31 December 2024 and 2025:

HUF '000' | 2025YE | 2024YE
Trade payables HUF | 23,567,739 | 36,701,276
Trade payables EUR | 3,658,637 | 3,336,655
Other trade payables | 2,188,934 | 1,843,243
Uninvoiced suppliers | 176,992 | 872,938
Total | 29,592,302 | 42,754,112
HUF '000' | 2025YE | 2024YE
Trade payables HUF | 79.64% | 85.84%
Trade payables EUR | 12.36% | 7.80%
Other trade payables | 7.40% | 4.31%
Uninvoiced suppliers | 0.60% | 2.04%
Total | 100% | 100%

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
90
34. Short-term liabilities to related parties
The Group’s short-term liabilities to related parties as at 31 December 2025 and 2024:

HUF '000' | 2025YE | 2024YE
Trade payables | 38,671,435 | 48,009,648
Kontúr Csoport Kft. | 2,825 | 1,635,363
V-Híd Zrt. | 23,169,641 | 32,412,333
V-HÍD Network Kft. | 5,127,419 | 4,955,431
Agrolink Zrt. | 6,663,456 | 2,273,724
Fejér B.Á.L. Zrt. | - | 1,394,713
OPTESZ OPUS Zrt. | 2,332,229 | 3,617,181
Other trade payables | 1,375,865 | 1,720,903
Other short-term liabilities | 12,071,485 | 13,276,876
V-Híd Zrt. | 123,601 | 3,033,393
V-HÍD Network Kft. | 4,629,108 | 5,196,687
OPTESZ OPUS Zrt. | 5,861,443 | 3,959,029
Other short-term liabilities | 1,457,333 | 1,087,767
Total | 50,742,920 | 61,286,524

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
91
35. Other short-term liabilities, accrued expenses and deferred income

Accounting Policy Accrued expenses include cost items accrued in the reporting period, while deferred income includes income items that are financially realised in the reporting period but actually relate to the following period.

The Group’s balance of other short term liabilities as at 31 December 2025 and 2024 were as follows:

HUF '000' | 2025YE | 2024YE*
Dividend payment obligations | - | 20,188
Credit balance buyers | 1,685,194 | 1,257,550
Deposit | 43,989 | 106,566
Long term debt security obligation | 144,213 | 142,620
After loyalty point balance calculation | 1,615,084 | 1,111,851
Funds received for development | 7,760,858 | 7,915,267
Small power station fuse | 1,277,425 | 3,564,523
Deferred purchase price of purchased receivables and acquired shareholdings | 8,726,570 | 1,360,313
Connection fee liability toward other network licensees | 1,468,691 | -
RRF (Recovery and Resilience Facility) advance payment | 111,736 | 111,736
Advance received for DIMOP subsidy | 140,675 | -
SWAP transaction mark to market valuation | 37,885 | -
Total financial instruments | 23,012,320 | 15,590,614
Payable taxes and customs (except capital gains tax expenses) | 2,039,494 | 2,360,428
Liabilities to local governments | 76,754 | 52,700
Liabilities to employees | 2,502,309 | 2,170,750
Prepaid income | 3,345,532 | 8,732,769
Accrued and deferred costs | 44,682,727 | 56,167,160
Bonus liability to be settled through ESOP Organisation | 742,443 | -
Deferred incomes | 29,447,304 | 25,207,843
Products, stock in delivery | 518,451 | -
Accounts payable on unused holidays | 123,164 | 117,279
Other short-term liabilities | 239,469 | 389,812
Total Non-financial instruments | 83,717,647 | 95,198,741
Total | 106,729,967 | 110,789,355

*Republished values, see Note II.2.8.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
92
Liabilities to employees include the salaries account as well as unused remuneration. The "deferred purchase price of
purchased receivables" consists of the current portion of the assumed loan payment obligation toward VIRESOL Kft. as
described in Note II.3.30, and the outstanding portion of the purchased KALL shareholding (see Note II.3.1).
ESOP (Employee Share Ownership Program) Organisation
The Company and its subsidiaries have established the OPUS GLOBAL Employee Share Ownership Programme Organization
(“ESOP”) in accordance with Act XLIV of 1992 on Employee Share Ownership Programmes for the purpose of incentivizing
key employees and officers.
This type of ESOP allows for performance-based remuneration to be paid to employees through the ESOP.
The premium targets are determined in accordance with annual programmes. The bonus payment liabilities are accrued in
the books of the subsidiaries participating in the programme in the respective current year, in proportion to the fulfilment of
the employees' annual objectives. Upon the expiry of the programme (at the time of payment), the accrual is reversed, and
new bonus objectives, as well as new financial coverage, are determined.
The Company consolidates the ESOP Organisation, as the founder(s) have restricted the ESOP’s activities, can influence its
returns, and bear the risk related to those returns.
Under the Articles of Association of the OPUS GLOBAL ESOP, the OPUS shares held by the ESOP carry voting and dividend
rights.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
93
36. Classification and fair valuation of financial instruments
The financial instruments included in the balance sheet consist of investments, other Non-current Assets, trade receivables,
other current assets, cash and cash equivalents, long-term and short-term loans, other long-term liabilities, and trade and
other payables. The listed financial assets and liabilities are indicated at book value.
HUF '000'
2025YE
2024YE*
Evaluation
principle
Real value
hierarchy
Financial investments
35,897,018
11,365,519
of which: Loans and assets measured at amortized cost
8,362,508
8,965,519
AC
Capital investment
27,534,510
2,400,000
FVTPL
Level3
Investments in other associates
1,198,000
1,197,700
FVTPL
Level3
Long-term receivables from related parties
2,556,808
4,578,300
AC
of which: Loan
2,556,808
4,578,300
AC
Total Long-term financial assets
39,651,826
17,141,519
AC
Accounts receivable
35,895,757
47,957,210
AC
Current receivables from related parties
11,809,700
8,793,599
AC
of which: Loan
2,352,403
2,633,816
AC
Other receivables
4,918,028
6,077,201
AC
of which: Loan
56,307
33,607
AC
of which: Derivatives
1,069,346
1,933,726
FVTPL
Level2
Contractual assets
32,171,048
29,218,986
AC
Cash and cash equivalents
167,781,980
160,182,009
AC
Total short-term financial assets
252,576,513
252,229,005
Total financial assets
292,228,339
269,370,524
Long term loans and borrowings
97,462,206
110,790,032
AC
Long-term liabilities from bond issuance
106,272,457
111,694,996
AC
Other long-term liabilities
4,463,125
2,720,627
AC
of which: Loan
-
-
AC
Long-term liabilities to related parties
1,635,134
1,635,134
AC
of which: Loan
1,595,133
1,595,133
AC
Long-term financial leasing liabilities
10,196,073
5,783,255
AC
Total Long-term financial liabilities
220,028,995
232,624,044
Short term loans and advances
10,038,010
10,454,646
AC
Short-term liabilities from bond issuance
7,359,323
3,488,759
AC
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
94

Trade payables | 29,592,302 | 42,754,112 | AC |
Other liabilities | 23,012,320 | 15,590,614 | AC |
of which: Loan | - | - | AC |
of which: Derivatives | 37,885 | - | FVTPL | Level2
Short-term liabilities to affiliated parties | 50,742,920 | 61,286,524 | AC |
of which: Loan | - | - | AC |
Short-term financial leasing liabilities | 3,528,935 | 2,100,919 | AC |
Total short-term financial liabilities | 124,273,810 | 135,675,574 |  |
Total financial liabilities | 344,302,805 | 368,299,618 |  |

*Republished values
The fair value of long-term financial assets and liabilities recognized at amortized cost does not deviate significantly from
the book value, because these transactions do not include incremental costs and have floating interest rates, with the
exception of the issued bonds, the calculated fair market value of which is HUF 96,048,633,000. In accordance with the
above and IFRS 7:25, 29, the fair value of financial assets and financial liabilities is not presented separately, as these show
values approximately similar to the book value.
The definition of the fair value hierarchy levels presented above is as follows:
Level 1:
Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2:
Fair values determined for the asset or liability based on inputs, which are observable from market data, either directly or
indirectly. The fair value of financial instruments not quoted in an active market is determined utilizing alternative valuation
techniques, typically through the application of a discounted cash flow method.
Level 3:
Valuation techniques based on information not observable in the market (venture capital and other financial investments,
debt instruments for which no quoted market price is available).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
95
37. Financial risk management
The Group is primarily exposed to credit risk arising from its financial instruments, and market risk arising from exchange rate
and interest rate movements. The Group’s assets include cash, securities, trade and other receivables, as well as other assets
– except for taxes. The Group’s liabilities include credits and loans, accounts payable and other liabilities, except for the profit
or loss arising from the revaluation of taxes and financial liabilities.
The Group is exposed to the below financial risks:
• credit risk
• liquidity risk
• Capital management
• market risk
This chapter presents the Group’s above risks, the Group’s targets, policies, valuations of processes and risk management,
as well as the Group’s management capital. The Management shall have general responsibility for the establishment,
supervision and risk management of the Group.
The purpose of managing financial risks is to reduce these risks through ongoing operational and financial activities.
The purpose of the Group’s risk management policy is to find and examine the risks the Group is exposed to, set the
appropriate controls and supervise the risks. The risk management policy and system is revised in order to ensure that it
reflects the changed market conditions and the Group’s activities.
a) Credit risk
Credit risks means the risk that the debtor or the partner does not fulfil its contractual obligations, which causes financial
losses to the Group. Financial assets exposed to credit risks may include long- or short-term allocations and receivables
from customers and other receivables.
The Group takes out credit insurance for customer limits, and requests prepayment of uninsured receivables. The Group
has no trade receivables or contractual assets for which no impairment is recognised due to collateral.
The following table presents the credit risk exposure of the Group's financial instruments and its concentration by divisions
as of 31 December 2025 and 31 December 2024:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
96

2025YE |  |  |  | HUF '000'
Description | Industrial production | Agriculture and Food industry | Asset Management | Tourism | Energy | Total Consolidation
Accounts receivable | 19,152,038 | 7,369,073 | 1,130 | 2,249,354 | 7,124,162 | 35,895,757
Current receivables from related parties | 8,358,491 | 154,010 | 2,171,442 | 98,900 | 1,026,857 | 11,809,700
Other receivables and prepaid expenses and accrued income | 2,670,232 | 853,291 | 56,307 | 120,202 | 1,217,996 | 4,918,028
Contractual assets | 16,404,066 | 30,589 | - | 855,889 | 14,880,504 | 32,171,048
Financial investments | 2,112,649 | - | 1,787 | - | 6,248,072 | 8,362,508
Long-term receivables from related parties | 100,439 | - | 2,456,369 | - | - | 2,556,808
Total | 48,797,915 | 8,406,963 | 4,687,035 | 3,324,345 | 30,497,591 | 95,713,849
2024YE |  |  |  | HUF '000'
Description | Industrial production | Agriculture and Food industry | Asset Management | Tourism | Energy | Total Consolidation
Accounts receivable | 30,042,366 | 8,422,067 | 530 | 216,830 | 9,275,417 | 47,957,210
Current receivables from related parties | 1,818,881 | 130,811 | 4,481,209 | 103,516 | 2,259,182 | 8,793,599
Other receivables and prepaid expenses and accrued income | 3,022,861 | 848,123 | 28,505 | 158,894 | 2,018,818 | 6,077,201
Contractual assets | 7,716,649 | 36,107 | - | 759,476 | 20,706,754 | 29,218,986
Financial investments | 2,112,649 | - | 101,710 | - | 6,751,160 | 8,965,519
Long-term receivables from related parties | - | 136,000 | 4,442,300 | - | - | 4,578,300
Total | 44,713,406 | 9,573,108 | 9,054,254 | 1,238,716 | 41,011,331 | 105,590,815

Credit risk management
In the Food Division, credit insurance is taken out to cover trade receivables, and if the collateral does not cover the trade
receivables, an advance is requested from the customer.
In the Tourism Division, trade receivables are continuously monitored by management. Trade receivables with a maturity
of more than 30 days are assigned to a law firm for collection, while trade receivables with a maturity of more than 90 days
are factored.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
97
Impairment of financial assets

Accounting Policy The Group recognizes impairment in accordance with expected credit losses regarding debt instruments measured at amortized cost, as well as for lease receivables, trade receivables, and contract assets. The magnitude of expected credit losses is updated on each reporting date in order to reflect changes in credit risk that have occurred since the initial recognition of the specific financial instrument. Significant Increase in Credit Risk During the assessment of a significant increase in the credit risk of a financial instrument, the Group compares the risk of default of the financial instrument on the reporting date with the risk of default existing at the date of initial recognition. Throughout this evaluation, the Group considers both qualitative and quantitative reasonably demonstrable information, including historical experiences and forward-looking information that are accessible without undue cost or effort. The forward-looking information taken into consideration includes the future industry prospects of the Group's debtors, which are evaluated based on publicly available information (press, financial statements, reports), furthermore the consideration of various external sources of actual and forecasted economic information pertaining to the core activities of the Company. The Group particularly considers the following information when assessing the significant increase in credit risk that has occurred since initial recognition: • actual or expected significant deterioration in the external (if available) or internal credit rating of the financial instrument; • significant deterioration in external market credit risk indicators pertaining to the financial instrument, such as a significant increase in the credit spread or the increase in credit default swap prices related to the debtor; • existing or forecasted adverse changes in business, financial, or economic conditions that significantly reduce the ability of the debtor to fulfil its obligations; • actual or expected significant deterioration in the operating results of the debtor; • significant increase in the credit risk of other financial instruments of the same debtor; • actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that significantly reduces the ability of the debtor to fulfil its obligations. For the assessment and recognition of impairment, the so-called simplified and general approaches are applicable. General approach In accordance with the expected credit loss model, financial instruments are classified into three "buckets." This classification is based upon changes occurring in the credit risk of the financial asset. The relative credit risk model serves to evaluate elevated credit risk. An increase in credit risk compared to the initial recognition results in the reclassification of financial instruments between the buckets. The Group applies the general approach with regard to bank accounts, other financial receivables, and loans granted. Bucket No. 1 (Performing) The Group assumes that the credit risk of a financial instrument has not increased significantly since initial recognition if the financial instrument is qualified as low credit risk on the reporting date. A financial instrument is considered to have low credit risk if:

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
98

• the financial instrument possesses a low risk of default; • the debtor maintains a strong capacity to fulfil its contractual cash flow obligations in the near future; • adverse changes in long-term economic and business conditions may reduce, but will not necessarily diminish, the ability of the borrower to fulfil its contractual cash flow obligations. The Group considers a financial instrument to possess low credit risk if it holds an externally recognized "investment grade" credit rating according to globally accepted definitions, or, should an external rating be unavailable, it possesses an internal "performing" classification. "Performing" signifies that the partner maintains a strong financial position and possesses no overdue liabilities. The basis for the recognition of impairment is the 12-month expected credit loss. The Group consistently monitors the effectiveness of the criteria utilized for the identification of a significant increase in credit risk and revises them as necessary to ensure that such criteria are capable of identifying a significant increase in credit risk before the amount becomes past due. Bucket No. 2 (Underperforming) Irrespective of the results of the aforementioned assessment, the Group assumes that the credit risk of a financial asset has increased significantly since initial recognition if the payment deadlines according to the contract (or document) are more than 30 days past due, unless the Company possesses reasonable and demonstrable information proving the contrary. The basis for the recognition of impairment is the lifetime expected credit loss. Bucket No. 3 (Non-performing) The Group considers the following occurrences as an event of default for internal credit risk management purposes, as historical experiences demonstrate that financial assets meeting the following criteria typically do not recover: • whenever the debtor breaches its financial obligations (covenants); • information derived from internal or external sources indicates that the debtor is unlikely to fulfil its payments to creditors in their entirety, including the Group (disregarding any collateral held by the Group); the counterparty repeatedly fails to meet its payment obligations and the service has been suspended (the contract has not yet been terminated); • the unpaid invoices of the counterparty exceed the prescribed credit limit and the counterparty fails to pay despite repeated reminders; • the counterparty applies for bankruptcy protection (in order to avoid insolvency); • during the evaluation, qualitative aspects must be considered in addition to the aforementioned quantitative factors, such as the non-fulfilment of agreements. Irrespective of the aforementioned analysis, the Company considers the definition of default to be fulfilled if a financial asset is more than 90 days past due, unless the Group possesses reasonable and supported information indicating that a criterion considering a longer grace period is more appropriate.

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
99

The basis for the recognition of impairment is the lifetime expected credit loss. Credit-impaired financial assets A financial asset is credit-impaired when one or more events have occurred that adversely impact the expected future cash flows of the specific financial asset. The fact that a financial asset is credit-impaired is demonstrable through observable data; such events include, for example: • significant financial difficulties of the debtor or the issuer; • breach of contract, such as default or overdue liability; • the creditors of the debtor, due to economic or contractual reasons, have granted concessions to the debtor that they would not otherwise provide; • it becomes probable that the debtor will enter bankruptcy or undergo other financial reorganization proceedings; • the active market for the financial asset ceases to exist due to financial difficulties. Simplified approach The Group applies the simplified approach with regard to trade receivables, contract assets, and lease receivables that do not contain a significant financing component. Financial instruments measured utilizing the simplified approach are evaluated based on lifetime expected credit losses, which are grounded in historical data and forward-looking considerations that account for anticipated macroeconomic changes. Consequently, with the exception of insolvency, neither indicators of a significant increase in credit risk nor events of default—specifically delayed payments—influence the simplified approach. The Group estimates expected credit losses pertaining to these financial assets utilizing an impairment matrix based on historical experience (observing 3 years of historical losses and previous payment profiles, resulting in loss rates expressed as percentages). For the determination of expected credit loss rates, the Company does not utilize forward-looking information (e.g., macroeconomic trends), as the Company does not consider their impact to be significant. Important considerations regarding the two approaches: • the Group recognizes lifetime expected credit losses even in cases where credit risk has increased significantly since initial recognition. However, if the credit risk of the financial instrument has not increased significantly since initial recognition, the Group recognizes the impairment for the specific instrument based on 12-month expected credit losses. • Lifetime ECL reflects the credit losses arising from all possible default events throughout the expected life of the financial instrument. In contrast, 12-month ECL represents the portion of the lifetime ECL that is expected to result from default events occurring within 12 months following the reporting date. • if the expected cash flow of the financial asset significantly exceeds its carrying amount (the conditions for impairment exist only partially or not at all), the previously recognized impairment must be partially or fully reversed; however, as a result of the reversal, the amount of the receivable may not exceed the amount of the original receivable. Measurement and recognition of expected credit losses The measurement of expected credit loss is a function of the probability of default (PD), the loss given default (LGD, i.e., the magnitude of the loss in the event of default), and the exposure at default (EAD). The estimation of the probability of default and the loss given default is based upon historical data adjusted with forward-looking information as described above. With regard to financial assets, the exposure at default represents the gross carrying amount on the reporting date.

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
100

Regarding financial assets, the expected credit loss is estimated as the difference between all contractual cash flows due to the Group in accordance with the contract and all cash flows the Group expects to collect, discounted at the original effective interest rate. With regard to lease receivables, the cash flows utilized for the determination of expected credit losses correspond to the cash flows utilized for the measurement of the lease receivable in accordance with IFRS 16. If the Group measured the impairment of a financial instrument at the previous reporting date at an amount equal to the lifetime expected credit loss, but determines at the current reporting date that the conditions for lifetime ECL are no longer present, then at the current reporting date, it shall measure the impairment at an amount equal to the 12-month expected credit loss, with the exception of assets for which the simplified approach is applied. The Group recognizes an impairment gain or loss in the statement of profit or loss for every financial instrument.

Determination of impairment with regard to trade receivables and contract assets
In accordance with the aforementioned accounting policy, the Group applies the simplified approach among the
impairment models for trade receivables, contract assets, pursuant to IFRS 9; specifically, it determines impairment by
estimating the expected loss over the term. The Group prepares experience-based adjustment tables for the valuation of
trade receivables, taking into consideration future expectations. An impairment matrix determines expected loss rates in
percentages by observing 3 years of historical losses and historical payment profiles, depending on maturity groupings, and
then weighting expected credit losses over the term by the probability of default. The IFRS 9 impairment thus determined
is recognised at group level, the impairment on the individual books differs.
In accordance with the impairment matrices, the Group recognized the following impairment losses categorized by the
"buckets" determined based on the expected credit loss model:
Depreciation matrix 31 December 2025

000 HUF | Average impairment | Gross book value | Impairment
Not overdue | 0.18% | 60,434,102 | 108,600
0- 30 days | 0.33% | 6,805,932 | 22,329
Bucket No. 1 | 0.19% | 67,240,034 | 130,929
31- 90 days | 9.88% | 274,378 | 27,111
Bucket No. 2 | 9.88% | 274,378 | 27,111
91- 180 days | 17.54% | 137,768 | 24,166
181- 360 days | 30.07% | 283,876 | 85,353
over 360 days | 73.76% | 1,518,003 | 1,119,695
Bucket No. 3 | 63.37% | 1,939,647 | 1,229,214
Total | 2.00% | 69,454,059 | 1,387,254

The value of impairment includes impairment of HUF 1,299,063,000 recognized with regard to trade receivables and HUF
88,191,000 recognized with regard to contract assets (see Note II.3.42).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
101
Depreciation matrix 31 December 2024

000 HUF | Average impairment | Gross book value | Impairment
Not overdue | 0.44% | 38,672,963 | 168,337
0- 30 days | 0.42% | 7,980,830 | 33,252
Bucket No. 1 | 0.43% | 46,653,793 | 201,589
31- 90 days | 31.46% | 908,569 | 285,810
Bucket No. 2 | 31.46% | 908,569 | 285,810
91- 180 days | 34.47% | 618,689 | 213,292
181- 360 days | 67.61% | 631,302 | 426,824
over 360 days | 84.40% | 1,745,586 | 1,473,214
Bucket No. 3 | 70.55% | 2,995,577 | 2,113,330
Total | 5.14% | 50,557,939 | 2,600,729

The value of impairment includes impairment of HUF 2,600,729,000 recognized with regard to trade receivables.
Determination of impairment with regard to loans granted to related parties and cash and cash equivalents
In accordance with the accounting policy above, the Group determined the impairment with regard to loans granted to
related parties in accordance with IFRS 9 by applying the general approach in accordance with IFRS 9. At the consolidated
level, the average PD (Probability of Default) values published by the MNB (Magyar Nemzeti Bank) for the corporate sector
and determined based on the ratings of the banks were applied during the determination of the recognized impairment.
The loans and cash and cash equivalents belonged to Stage 1 at the end of the reporting period. See the recognized
impairment in Notes II.3.23 and 24 and II.3.27.
See the value of credit losses according to the impairment calculations in accordance with IFRS 9 in Note II.3.42.
b) Capital management
The Group’s policy is to maintain the equity, which is enough for the investor’s and creditor’s trust to keep up the future
development of the Group. The Directorate tries to maintain the policy, according to which higher exposure arising from
loans is only assumed with higher yield based on the benefits and security given by the strong capital position.
In the scope of capital management, the Group tries to ensure that the members of the Group can continue their activities
while maximizing the yield for the owners by the optimal balancing of the loan capital and the equity. The Group’s
management also watches whether the capital structures of its members comply with the local laws and regulations. Where
necessary, it provides for additional capital payments. The Group monitors the ratio of equity to liabilities and the ratio of
so-called debt to equity.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
102
The ratio of equity and liabilities at the end of the reporting period is as follows:

HUF '000' | 2025YE | 2024YE*
Share of external owners | 165,470,004 | 154,146,471
Equity per share of the parent company | 227,398,576 | 225,467,987
Equity capital | 392,868,580 | 379,614,458
Long-term liabilities | 386,901,157 | 395,331,020
Short-term liabilities | 238,317,008 | 287,302,768
Liabilities | 625,218,165 | 682,633,788

The ratio of debt to equity at the end of the reporting period was as follows:

HUF '000' | 2025YE | 2024YE*
Loans and advances | 107,500,516 | 121,244,678
Bonds | 113,631,780 | 115,183,755
Cash and cash equivalents | 167,781,980 | 160,182,009
Net debt portfolio (foreign capital) | - 60,281,464 | - 38,937,331
Equity capital | 392,868,580 | 379,614,458
Net equity capital | 453,150,044 | 418,551,789

*Republished values, see Note II.2.8
The Group also monitors the development of its equity ratios:

|  |  |  | 2025YE | 2024YE
Debt rate = | Long-term Liabilities | 50% | 51%
Long-term Liabilities + Equity
Equity ratio = | Equity capital | 50% | 49%
Long-term Liabilities + Equity

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
103
c) Liquidity risk
Liquidity risk is the risk that the Group cannot pay its financial liabilities upon their due date. The purpose of liquidity
management is to ensure that there are suitable resources for the payment of liabilities when they become payable.
Liquidity risk management
The Group expects its business units to maintain strong liquidity positions and keep the liquidity profile of their assets,
liabilities and contingent liabilities in order for them to ensure the balanced flow of funds and the performance of payment
obligations upon their due date. To monitor this, as part of the annual planning cycle, the Group's subsidiaries prepare
individual short and long-term capital and interest payment cash flow liquidity plans, which are monitored by the Parent
Company at both individual and aggregate levels and action plans are implemented as necessary.
The table below sets out the schedule of the Group's financial liabilities and - where relevant - increased by interests by
respective maturity groupings for the remaining period to contractual maturity at 31 December 2025 and 2024:

2025YE
000 HUF | Total | within 1 year | Between 1 and 5 years | Over 5 years
Bank loans: | 129,989,601 | 15,220,951 | 63,644,358 | 51,124,292
Bonds issue | 124,266,100 | 8,535,000 | 59,319,600 | 56,411,500
Leasing liabilities | 13,725,008 | 3,528,935 | 9,206,362 | 989,711
Trade payables | 29,592,302 | 29,592,302 | - | -
Other long-term liabilities | 4,463,125 | - | 4,463,125 | -
Liabilities to related parties | 52,378,054 | 50,742,920 | 1,635,134 | -
Contractual obligations | 22,290,226 | 22,290,226 | - | -
Other financial obligations | 73,937,131 | 73,937,131 | - | -
Financial liabilities | 450,641,547 | 203,847,465 | 138,268,579 | 108,525,503
Contingent and future liabilities | 35,206,113 | 2,864,626 | 744,338 | 31,597,149

2024YE
000 HUF | Total | within 1 year | Between 1 and 5 years | Over 5 years
Bank loans: | 135,678,260 | 13,742,890 | 67,797,836 | 54,137,534
Bonds issue | 129,514,887 | 4,781,314 | 64,372,372 | 60,361,201
Leasing liabilities | 7,884,174 | 2,100,919 | 4,587,884 | 1,195,371
Trade payables | 42,754,112 | 42,754,112 | - | -
Other long-term liabilities | 2,720,627 | - | 2,720,627 | -
Liabilities to related parties | 62,921,658 | 61,286,524 | 1,635,134 | -
Contractual obligations | 41,857,240 | 41,857,240 | - | -
Other financial obligations | 76,848,742 | 76,848,742 | - | -
Financial liabilities | 500,179,700 | 243,371,741 | 141,113,853 | 115,694,106
Contingent and future liabilities | 36,268,342 | 3,968,461 | 3,037,882 | 29,262,000

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
104
The Group also monitors the development of its liquidity ratios:

|  |  |  | 2025YE | 2024YE
Current liquidity ratio = | Current assets | 1.2 | 1.3
Short-term liabilities
Liquidity quick index = | Current assets - inventory | 1.2 | 1.2
Short-term liabilities

d) Market risk
The Group, arising from its activities, is primarily exposed to financial risks arising from foreign exchange and interest rate
changes. There was no change with regard to the Company’s market risk exposure and the way the Group manages and
assesses the risks.
Managing exchange rate risk:
The source of foreign exchange risk is, on the one hand, the Group's foreign exchange positions and the foreign exchange
transactions used to hedge them.
Part of the Group's revenues of some of its subsidiaries are denominated in foreign currencies, which carries the risk of
changes in foreign exchange rates. The Parent Company does not monitor and manage these risks at an aggregated Group
level and does not apply predetermined thresholds at which the Company would automatically reduce its exposure to
foreign currency risk by entering into derivative transactions. Foreign exchange risks are managed individually by the
subsidiaries. Subsidiaries with the largest exposure, whose sales, operating costs and financing are determined by EUR,
have changed their accounting to EUR basis (from 2021 Kall Ingredients Kft. and from 2023 VIRESOL Kft.) in order to reduce
their foreign exchange risk. Therefore, the Group considers that its profitability is not significantly affected directly by
exchange rate fluctuations (apart from the impact of inflation) and therefore does not perform a group-wide exchange rate
sensitivity test. In order to manage certain open currency positions, subsidiaries may enter into forward foreign exchange
contracts on an individual basis to hedge their exposures, which are fair valued at the reporting date. The Company does
not apply hedge accounting in accordance with IFRS requirements.
The Group applies the below exchange rates expressed in HUF:

| Average rate | Instant rate at record date
Currency | 2025YE | 2024YE | 2025YE | 2024YE
1 EUR = | 397.91 | 395.20 | 385.4 | 410.09
1 USD = | 353.2 | 393.60 | 328.42 | 394.12

During 2025, the Group recognized a total net foreign exchange loss of HUF 2,117,942,000, while during 2024, it recognized
a gain of HUF 568,611,000 (see Note II.3.45).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
105
Interest rate risk management:
The Group manages interest rate risk primarily as part of its liquidity plan. The Group seeks to mitigate interest rate risk by tying
up free cash, securing funds at favourable interest rates (bonds, government grants) and by maintaining an appropriate ratio of
equity to debt at all times. Nevertheless, the Group's earnings are highly dependent on changes in the interest rate environment.
To measure interest rate risks, the Company performed 2 sensitivity analyses.
a.) Effect of interest rate changes on net interest (in value and as a percentage)
The net interest recorded in the books and the calculated average interest rates are predominantly determined on the asset
side by the interest recorded on time deposits and receivables from related companies, and on the liability side by the interest
recorded on bank loans, payables to related companies and lease liabilities, which in aggregate developed as follows:

data in thousand HUF | 2025YE | 2024YE
Interest-bearing assets (average) | 170,043,007 | 216,359,767
Interest-bearing liabilities (average) | 239,739,339 | 251,916,987
Book value of interest income | 7,701,493 | 11,558,576
Book value of interest expense | 10,576,419 | 12,422,639
Net interest at book value ‘000’ HUF | - 2,874,926 | - 864,063
Average interest rate on interest-bearing assets | 4.53% | 5.34%
Average interest rate on interest-bearing liabilities | 4.41% | 4.93%

The interest rate sensitivity table below shows how much the 2025 net interest would have changed relative to the book value
if average interest rates had changed by 5-10-15%:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
106

2025 |  |  |  |  |  |  |  |
Percentage change of interest |  | -15.00% | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% | 15.00%
| Changed interest rate | 5.21% | 4.98% | 4.76% | 4.53% | 4.30% | 4.08% | 3.85%
15.00% | 5.07% | -3,306,165 | - 3,691,240 | - 4,076,314 | - 4,461,389 | - 4,846,464 | - 5,231,538 | - 5,616,613
10.00% | 4.85% | - 2,777,344 | - 3,162,419 | - 3,547,493 | - 3,932,568 | - 4,317,643 | - 4,702,717 | - 5,087,792
5.00% | 4.63% | - 2,248,523 | - 2,633,598 | - 3,018,672 | - 3,403,747 | - 3,788,822 | - 4,173,896 | - 4,558,971
0.00% | 4.41% | - 1,719,702 | - 2,104,777 | - 2,489,851 | - 2,874,926 | - 3,260,001 | - 3,645,075 | - 4,030,150
-5.00% | 4.19% | - 1,190,881 | - 1,575,956 | - 1,961,030 | - 2,346,105 | - 2,731,180 | - 3,116,254 | - 3,501,329
-10.00% | 3.97% | - 662,060 | - 1,047,135 | - 1,432,209 | - 1,817,284 | - 2,202,359 | - 2,587,433 | - 2,972,508
-15.00% | 3.75% | - 133,239 | - 518,314 | - 903,389 | - 1,288,463 | - 1,673,538 | - 2,058,612 | - 2,443,687

The interest rate sensitivity table below shows how much the 2024 net interest would have changed relative to the book value
if average interest rates had changed by 5-10-15%:

2024 |  |  |  |  |  |  |  |
Percentage change of interest |  | -15.00% | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% | 15.00%
| Changed interest rate | 6.14% | 5.88% | 5.61% | 5.34% | 5.08% | 4.81% | 4.54%
15.00% | 5.67% | - 993,672 | - 1,571,601 | - 2,149,530 | - 2,727,459 | -3,305,388 | - 3,883,316 | - 4,461,245
10.00% | 5.42% | - 372,541 | -950,469 | - 1,528,398 | - 2,106,327 | - 2,684,256 | - 3,262,185 | - 3,840,113
5.00% | 5.18% | 248,591 | - 329,337 | - 907,266 | - 1,485,195 | -2,063,124 | - 2,641,053 | - 3,218,981
0.00% | 4.93% | 869,723 | 291,795 | - 286,134 | - 864,063 | - 1,441,992 | - 2,019,921 | - 2,597,849
-5.00% | 4.68% | 1,490,855 | 912,927 | 334,998 | - 242,931 | - 820,860 | - 1,398,789 | - 1,976,717
-10.00% | 4.44% | 2,111,987 | 1,534,059 | 956,130 | 378,201 | - 199,728 | - 777,657 | - 1,355,586
-15.00% | 4.19% | 2,733,119 | 2,155,190 | 1,577,262 | 999,333 | 421,404 | - 156,525 | -734,454

b.) Effect of net interest on profit after tax
Net interest income represents a significant portion of the Company's profit before tax:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes to the Financial Statements - Balance Sheet Financial Instrument Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
107

HUF '000' | 2025YE | 2024YE
Profit before taxation - less interest expenditure | 72,369,330 | 54,749,130
Net interest | - 2,874,926 | - 864,063
Profit before taxes | 69,494,404 | 53,885,067

The tables below show how sensitive the size of 2025 and 2024 pre-tax profit is to increases and decreases in net interest
income of 1-5-10%:

2025 |  |  |  |  |  |  |
% change in the net interest income | -10.00% | -5.00% | -1.00% | 0.00% | 1.00% | 5.00% | 10.00%
Change in net interest income | - 2,587,433 | - 2,731,180 | - 2,846,177 | - 2,874,926 | - 2,903,675 | - 3,018,672 | - 3,162,419
Profit before taxes | 53,971,473 | 53,928,270 | 53,893,708 | 69,494,404 | 53,876,426 | 53,841,864 | 53,798,661
% change of P/L before taxes | -22.337% | -22.399% | -22.449% | 0.00% | -22.474% | -22.523% | -22.586%
2024 |  |  |  |  |  |  |
% change in the net interest income | -10.00% | -5.00% | -1.00% | 0.00% | 1.00% | 5.00% | 10.00%
Change in net interest income | - 2,587,433 | - 2,731,180 | - 2,846,177 | - 864,063 | - 2,903,675 | - 3,018,672 | - 3,162,419
Profit before taxes | 51,871,261 | 52,132,146 | 52,340,855 | 53,885,067 | 52,445,209 | 52,653,918 | 52,914,803
% change of P/L before taxes | -3.737% | -3.253% | -2.866% | 0.00% | -2.672% | -2.285% | -1.801%

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
108
38. Net sales revenues

Accounting Policy The Group’s revenues primarily come from services provided and goods sold to its clients and other third parties. The Group presents revenues from services and sales of goods at a value reduced by value added tax and discounts (after the elimination of intra-group turnover). In accordance with the fundamental principle of the IFRS 15 "Revenue from Contracts with Customers" standard, the Group recognizes its revenues in accordance with the amount of goods transferred or services provided to customers, which reflects the consideration (i.e., payment) to which the Group expects to be entitled in exchange for the given goods or services upon the appropriate fulfilment of their contractual conditions. All revenues and expenditures are recognized in the relevant period on the basis of the principle of matching. In accordance with the so-called five-step model of the standard, the identification of the contract(s), the identification of the individual performance obligations, the determination of the transaction price, the allocation of the transaction price among the individual elements, and the recognition of the revenue assigned to the individual obligations are important elements. Identification of performance obligations: On conclusion of a contract, the Group shall identify the goods and services it has promised to the buyer, in other words, the performance obligations it has undertaken. The Group shall recognise the revenue when it has satisfied its performance obligation by delivering the goods promised or providing the service promised. Performance is completed when the buyer has obtained control over the asset (service), as indicated by: • - The Group has an existing title to receive the consideration for the asset. • The proprietary title has been transferred to the buyer, • - The Group has physically transferred the asset, • The buyer has a significant risk and capacity to benefit from the possession of this asset, • The buyer has accepted this asset. Setting the transaction price: When a contract has been performed, the Group shall recognise revenue from delivery, i.e. the transaction price allocated to the performance obligation. The transaction price is the amount to which the Group expects to be entitled in exchange for the transfer of goods and services. When determining the transaction price, it is important that the components of variable consideration (e.g. rebates and price concessions) should be taken into consideration. Recognition of revenue assigned to each liability The Group can recognise the revenue when it has satisfied its performance obligation by delivering the goods promised or providing the service promised. Performance is completed when the buyer has obtained control over the asset (service). Control over the assets means that the customer is able to derive benefits from the possession of the asset. That is, they are capable of, for example: • using an asset for the production of goods or the provision of services, • using an asset to increase the value of other assets, • using the asset to settle liabilities or reduce expenses • selling or exchanging the asset, • it will offer the asset as collateral for a credit/loan, while • retaining the asset. The Group recognizes revenue when control over the transferred goods or services has passed and there is no repurchase obligation.

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
109
Accounting Policy on the specific revenue recognition methods of individual divisions
Construction companies
Percentage of completion ("POC") revenue recognition
A significant portion of the Group's revenue is derived from construction activities and their projects over a number of years. The
Company uses the percentage of completion ("POC") method of accounting for project revenue. Under this method of accounting,
the Company estimates the total expected cost of a project and then calculates a percentage of completion (POC) at the end of a
reporting period based on the actual costs incurred - accumulated costs. The revenue that can be recognised at the end of the period
is the projected revenue multiplied by the percentage of completion. The turnover based on the actual accounting is adjusted to this
POC calculation for both the cumulative and net period under review. Thus, only the amount corresponding to the actual degree of
performance is recognised.
Energy companies
MAVIR balancing payment
In accordance with the effective laws and regulations, in order for the distributors to share in the revenue from distribution fees in
proportion to their justified costs, the transmission system operator (MAVIR) operates a transparent settlement system among the
distributors that enables a balancing payment. The operation of the settlement system is ensured by a separate account created by
MAVIR for this purpose, the funds to be compulsorily paid by the distributors into the separate account, and the funds to be
compulsorily paid from the separate account to the distributors.
The Company considers the MAVIR balancing price compensation and payment as part of its core activity and normal course of
business, therefore it presents the related income as other income and the payments as other expenses.
In certain years, when the balancing mechanism follows the recognition of justified costs only with a significant delay, unique regulatory
price regulation enables the advanced accrual of balancing, which is not part of the MAVIR balancing payment related to the normal
course of business described above. Industry-specific credits and accruals based on unique legislation are regulated by the IFRS 14
standard. Currently, the EU has not adopted this standard, therefore the Group does not apply it.
Distributor’s base fee and distributor’s performance fee
According to the current MEKH regulations on electricity system charges and natural gas system charges and their application rules, the
system user is obliged to pay to the Group's energy companies a distribution base charge and a distribution performance charge for the
use of the distribution network, in addition to the traffic charges. The revenue from the two fixed charges is spread evenly over the
financial year in accordance with IFRS 15.
Network development contribution, connection fee settlement
The customers newly connecting to the electricity and gas networks must pay a financial contribution to the energy companies for the
performance of the works related to the connection. The network development contribution entitles customers to use the Company's
services. The companies acquire ownership of the assets created under the network development contribution and connection fee in
accordance with the laws and regulations in force.
The facilitation of connection to the network and the development of the network are separate performance obligations under IFRS 15.
The collection of fees creates an obligation, and the recognition of revenue occurs upon the fulfilment of performance obligations, i.e.,
upon the completion of the works related to the connection (ensuring access to the electricity and gas networks). The revenue
recognized in this manner is recorded among other revenues under the designation "Permanently received funds."
The network development contribution is not taxable income and therefore has no deferred tax effect (IFRS and taxable value is zero),
while the connection fee is taxable income with a deferred tax effect.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
110

Tourism Loyalty card HUNGUEST HOTELS operates an Individual Loyalty Card and VIP Loyalty Card programme, within the framework of which a discount of up to 10% of the purchase made can be claimed on subsequent purchases (1 point = 1 HUF or a discount of up to % on the VIP card). Points can only be collected, redeemed and discounts can only be applied to Hunguest Hotels' own services before the specified expiration of the card. The Company shall, on the basis of itemised analysis, recognise the points earned as a liability against sales, and redeemed points shall reduce the liability against sales.

The breakdown of net revenue from sales by the main revenue categories characteristic of each division is as follows:

HUF '000' | 2025YE | 2024YE
Steel structure sales | - | 3,669,967
Revenues from constructions | 111,458,983 | 243,734,942
Revenues from property lease | 109,064 | 149,097
Revenues from the sale of stoves, boilers, furnaces, fireplaces | - | 5,638,408
Other material sales | 35,424 | 271,602
Other services | 46,333 | 1,065,709
Total Construction | 111,649,804 | 254,529,725
Alcohol sales | 29,075,461 | 28,462,951
Gluten sales | 9,523,839 | 9,809,476
Isosugar sales | 37,859,912 | 42,199,907
Starch sales | 10,499,307 | 9,016,087
Maltodextrin sales | 1,070,908 | 728,752
Revenues from agricultural activities | - | 905,912
Fodder sale | 14,124,331 | 13,100,316
Services further invoiced | 83,143 | 276,159
Other material sales | 1,652,401 | 896,050
Other services | 274,135 | 292,752
Total Food Industry | 104,163,437 | 105,688,362
Revenues from property lease | 7,769 | 11,252
Other revenues | - | 2,265
Total Asset Management | 7,769 | 13,517
Revenues from property lease | 63,487 | 56,930
Leisure activities | 4,289,788 | 4,048,362
Accommodation | 21,584,916 | 19,093,211
Service fee | 1,836,096 | 1,336,667
Services further invoiced | 2,084,092 | 2,111,349

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
111

Catering | 22,440,570 | 19,047,231
Other material sales | - | 80,123
Other office rent | 182,004 | 176,184
Other services | 274,948 | 352,423
Total Tourism | 52,755,901 | 46,302,480
Connection fees taken over | 2,543,321 | 2,902,063
Revenues from constructions | 333,795 | 221,801
Sales revenue from gas distribution | 54,310,344 | 54,247,505
Revenues from property lease | 2,160 | 2,160
Services further invoiced | 777,781 | 1,208,496
Electricity distribution | 106,241,993 | 104,613,495
Balancing mechanism for electricity distribution | 5,492,692 | 6,860,455
Electricity sale | 3,468,131 | 7,013,896
Other material sales | 5,233 | 8,003
Other office rent | 724,506 | 1,392,206
Other services | 956,594 | 1,072,084
Total Energy | 174,856,550 | 179,542,164
Grand total | 443,433,461 | 586,076,248

The revenue of the Group decreases in 2025 due to the lower number of active projects in the construction industry.
The breakdown of the Group’s revenue by geographical regions is as follows:

HUF '000' | 2025YE | 2024YE
EU member states | 432,202,074 | 574,090,938
of which: Hungary | 343,842,355 | 482,738,203
Non-EU member states | 9,674,612 | 10,165,260
Asian countries | 1,332,074 | 1,724,490
Other | 224,701 | 95,560
Total | 443,433,461 | 586,076,248

39. Other operating income

Accounting Policy Finally received funds In the Energy Division, investments carried out by external contractors on behalf of customers are taken over free of charge because, according to the laws and regulations in force, the electricity and gas distribution companies must own the network, system and plant management, metering and IT equipment necessary for the performance of their activities, as specified in the operating licence. Investments related to asset replacements (relocations and replacements of

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
112

easements) are transferred into the ownership of the companies through assets received free of charge, and the revenue recognized in this manner is recorded among other revenues under the designation "Permanently received funds."

HUF '000'
2025YE
2024YE
Revaluation of investment property
40,000
144,888
Use of provisions
10,086,718
2,695,547
Profit from the sale of property, plant and equipment, intangible assets
1,683,239
173,917
Received fines, penalties, demurrages and default interest
452,503
1,093,831
Subsidy received
3,824,108
3,006,569
Indemnification
670,338
818,876
Surplus
267,824
276,992
Retrospectively received discount
103,245
99,161
Finally received funds
6,014,482
1,988,005
Income from debt assumption
968
2,658
Other
852,147
653,236
Total
23,995,572
10,953,680
40. Materials, consumables and other external charges

HUF '000' | 2025YE | 2024YE
Cost of raw materials | 127,659,534 | 138,422,806
Value of services used | 148,512,933 | 255,562,723
Value of other services | 4,191,925 | 4,310,444
Purchase price of sold goods | 9,524,187 | 21,688,221
Value of sold (mediated) services | 34,990,885 | 46,493,791
SEEAÉ reclassification correction | - | - 58,953
Total | 324,879,464 | 466,419,032

The Group’s material expenses are expected to decrease in 2025, in parallel with the decline in revenue, due to the lower
number of active projects in the Construction Division.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
113
41. Staff costs

Accounting Policy Accounting of personal allowances Incentive bonus The companies have an incentive scheme based on target agreements, subject to the fulfilment of performance requirements, under which employees can receive an incentive bonus based on the annual target and performance assessment. In respect of short-term bonuses, the Company recognises a liability and an expense in accordance with IAS 19 when the companies have a present legal or constructive obligation to make payments as a result of past events and a reliable estimate can be made of the amount to be paid. The same applies to amounts paid through the ESPP. The amount payable is charged to profit or loss over 12 months during the year. Unused annual leave The leave of employees of companies may be carried forward to the following year in certain circumstances. Employee paid leave is classified as short-term employee benefits under IAS 19. The Standard distinguishes between two types of paid leave: accrued and non-accrued paid leave. The classification is based on whether the annual allocation that employees may use, if not fully utilised, can be carried forward. Senior staff reward Employees who have been with the certain subsidiaries for a longer period (25-45 years) are entitled to a regular bonus under the collective agreement. For financial statements prepared in accordance with the provisions of IFRS, the rules of IAS 19 apply. Under the provisions of IAS 19, other long-term employee benefits are defined as any employee benefit that is not settled within 12 months and must be earned by the employee during that period. An enterprise should recognise provisions for the amount expected to be paid in respect of a regular bonus because a constructive obligation exists under the collective agreement. An actuarial calculation indicates that a significant provision is appropriate in companies with low turnover and a high proportion of employees with long service.

HUF '000'
2025YE
2024YE
Wage costs
42,937,523
39,326,558
Other staff costs
8,004,688
6,936,723
Payroll contributions
6,162,978
5,664,665
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
114

Staff costs due to unused holidays | 1,001 | 6,209
Total | 57,106,190 | 51,934,155
data/person | 2025YE | 2024YE
Physical worker | 2,470 | 2,569
Intellectual employee | 1,880 | 1,957
Total closing number | 4,350 | 4,526

42. Impairment
In 2025 and 2024, impairment losses were recognised for the following financial assets:

HUF '000' | Impairment on trade receivables | Impairment of cash and cash equivalents | Impairment of loans provided | Contractual assets | Impairment of other receivables | Impairment of financial assets
Opening value as at 1 January 2024 | 1,842,395 | - | - | - | - | 1,842,395
recognition of impairment | 991,857 | - | - | - | 79,281 | 1,071,138
Reversal of impairment | - 28,851 | - | - | - | - | - 28,851
net impact in 2024 | 963,006 | - | - | - | 79,281 | 1,042,287
Changes of consolidation scope (growth) | - | - | - | - | - | -
Changes of consolidation scope (decrease) | - 204,672 | - | - | - | - | - 204,672
Closing value as at 31 December 2024 | 2,600,729 | - | - | - | 79,281 | 2,680,010
recognition of impairment | 73,677 | 87,364 | 11,577 | 88,191 | 52,016 | 312,825
Reversal of impairment | - 1,375,343 | - | - | - | - 79,281 | - 1,454,624
net impact in 2025 | - 1,301,666 | 87,364 | 11,577 | 88,191 | - 27,265 | - 1,141,799
Changes of consolidation scope (growth) | - | - | - | - | - | -
Changes of consolidation scope (decrease) |  | - | - | - | - | -
Closing value as at 31 December 2025 | 1,299,063 | 87,364 | 11,577 | 88,191 | 52,016 | 1,538,211

For the closing balances of impairment, see also Notes II.3.23, 24, 26, 27 and 37.a.
In 2025 and 2024, impairment was recognised on the following other non-financial assets:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
115

HUF '000' | Impairment of intangible assets | Impairment of tangible assets | Impairment of inventories | Other impairment
Opening value as at 01.01.2024 | 19,652 | 171,427 | 454,432 | 645,511
recognition of impairment | 713 | 194,744 | 38,896 | 234,353
Reversal of impairment | - | - | - 120,064 | - 120,064
net impact in 2024 | 713 | 194,744 | - 81,168 | 114,289
Closing value as at 31.12.2024 | 20,365 | 366,171 | 373,264 | 759,800
recognition of impairment | - | 15,741 | 335,463 | 351,204
Reversal of impairment | - | - | - 62 | - 62
net impact in 2025 | - | 15,741 | 335,401 | 351,142
Closing value as at 31.12.2025 | 20,365 | 381,912 | 708,665 | 1,110,942

*Republished values, see Note II.2.8.
The impairment recognised on goodwill changed as follows during 2024 and 2025:

HUF '000' | Goodwill impairment
Opening value as at 01.01.2024 | 3,923,875
recognition of impairment | -
Reversal of impairment | -
Changes of consolidation scope (growth) | -
Changes of consolidation scope (decrease) | -
Closing value as at 31.12.2024 | 3,923,875
recognition of impairment | 11,088,053
Reversal of impairment | -
Changes of consolidation scope (growth) | -
Changes of consolidation scope (decrease) | - 1,780
Closing value as at 31.12.2025 | 15,010,148

See the presentation of changes in Note II.2.4.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
116
43. Other operating costs and expenses

Accounting Policy - Utility tax, land tax, building tax Companies own utility lines and are therefore liable to pay utility taxes. As companies also own buildings and land, they are also liable to pay land tax and building tax. The person liable to pay the tax (for all three taxes) is the person who owns the utility line on the first day of the calendar year. The rules for recognising the tax liability are set out in IFRIC 21. The interpretation states that a tax liability should be recognised when the event giving rise to the liability occurs. As utility tax, property tax and building tax is determined by the tax position at 1 January of the calendar year, the Company recognises the full tax liability as other expense at the beginning of the year.

HUF '000'
2025YE
2024YE
Loss from the sale of property, plant and equipment, intangible assets
2,715
4,251
Taxes and contributions
2,664,098
11,478,735
Payable interest on arrears
40,388
49,048
Bad debt allowance
83,101
50,636
Forfeit, fine, penalty, indemnity paid
247,995
147,230
Surcharge on arrears
736
2,726
Write-off, write-down
407,520
134,874
Scrap, missing goods
88,887
400,425
Discounts given
356,614
167,716
Provisions
4,247,361
8,668,635
Aid
1,532,167
1,465,229
Missing, destroyed, discontinued intangible assets, tangible assets
58,309
53,212
Payable due to damage
283,201
445,687
Book value of transferred receivables
233,611
2,672
Other
178,972
382,323
Total
10,425,675
23,453,399
*Republished figures. See Note II.2.8.
** The line for taxes and contributions includes the following taxes: public utility line tax, tourism development contribution,
building tax, land tax and other taxes. The public utility line tax, which represents the majority of the above taxes, was
abolished with effect from 1 January 2025.
For cases of provision recognition, see Note II.2.7.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
117
44. Capitalised own performance

HUF '000' | 2025YE | 2024YE*
Capitalised cost of materials and services | 20,711,458 | 30,088,899
Capitalised staff costs | 9,078,318 | 4,309,746
Total | 29,789,776 | 34,398,645

*Republished values, see Note II.2.8.
45. Net financial income

HUF '000' | 2025YE | 2024YE
Dividend, profit-sharing received | 3,778,506 | 1,648,334
Earnings from interest | 7,701,493 | 11,558,576
Net exchange gains on foreign currency items | 6,478,026 | 10,088,500
Earnings from sale of business shares | 104,186 | -
Change in the fair value of financial assets** | 25,149,526 | - 52,547
SWAP market to market valuation** | - | 43,620
Other financial revenues | 836,545 | 6,710,928
Total net financial income | 44,048,282 | 29,997,411
Badwill* | - | 4,211,237
Interest expenses | 10,576,419 | 12,422,639
Net exchange losses on foreign currency items | 8,595,968 | 9,519,889
Earnings from sale of business shares* | - | 433,540
Depreciation of shares and securities | - 24,343 | 630,828
Additional payment* | - | 2,198,560
SWAP market to market valuation** | 939,157 | 256,684
Other financial expenses | 621,204 | 3,802,482
Total expenses of financial operations | 20,708,405 | 29,264,622
Net P/L on financial operations | 23,339,877 | 4,944,026

For the change in the fair value of financial assets, see Note II.3. 21. The impact of the fair valuation of financial assets caused
a total change in non-realised profit of HUF 24,210,369,000 in 2025, and HUF 265,611,000 in 2024** (see I.3. Financial
Statements).
In connection with changes in business combinations* - together with the badwill, the write-off of capital contribution, and
the result of the sale of investments - the Company recognised a total profit of HUF 1,579,137,000 in 2024 (see Note II.3.1).
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
118
46. Share of profit of investments accounted for using the equity method
The table below shows the net effect on the result for the year of the changes in equity accounted investments detailed in
note II.3.7:

HUF '000' | 2025YE | 2024YE
Addition OPUS Zrt. | 340,274 | 1,000,000
OPTESZ OPUS Zrt. | 1,234,797 | 7,671,365
Share of profit of investments accounted for using the equity method | 1,575,071 | 8,671,365

47. Income tax expenses
Accounting Policy
Income tax
Corporate income tax is payable to the national tax authority competent in the country of operation of the members of
the Group. The basis of tax payment is the Company’s profit before taxes adjusted for any tax-base reducing or increasing
items. The methods of calculating tax rates and tax bases with regard to the companies of the Group are different based
on the different rules of different countries.
Company classifies local business tax and innovation contribution within income taxes. Local business tax is a turnover-
based tax payable by companies operating in Hungary to the local government in the area where they operate. In
calculating the tax base, the cost of materials, the purchase value of goods sold or the value of services provided indirectly
may be deducted from the turnover. The tax rate varies from 0-2% per municipality depending on local regulations. The
tax base for innovation contribution is identical to the tax base for local business tax, and the applicable rate is 0.3%.
Special tax on energy suppliers and food companies
The members of the Group, which qualify as energy suppliers according to the interpretation of the District Heating Act,
i.e. the ones, which produce, supply and use district heating, as well as food companies producing bioethanol, starch and
starch products, are liable to pay income tax on energy suppliers in the form of a special tax. The special tax, as an income-
based tax, is considered by the Company as part of the profit tax. The tax base is the net revenue from the taxable activity.
The Group’s capital gains tax expense rates in certain years were as follows:

Corporate income tax by country: | 2024YE | 2023E
Hungary | 9% | 9%
Montenegro | 9% | 9%
Croatia | 20% | 20%
Switzerland* | 13% | 13%
Germany | 15% | 15%
Austria | 25% | 25%

Companies in the branch in Hungary have to pay a special tax of 31%, which greatly increases the tax liability and the
effective tax rate.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
119
*In Switzerland the tax rate varies in a degressive manner between 13% and 17%.
The tax authority may inspect the books at any time within the time limits specified in the relevant legislation and may levy
an additional tax with penalty or interest on arrears. The Management is not aware of any circumstance, from which the
Group would have such significant obligation.
At consolidated level, the Group has recognised the following income tax and deferred tax expense for the years 2025 and
2024:

HUF '000' | 2025YE | 2024YE
Local business tax | 3,847,633 | 4,750,785
Innovation contribution | 607,167 | 775,103
Corporate income tax | 272,042 | 5,297,054
Special tax on energy suppliers and food companies | 5,217,078 | 5,969,957
Capital gains tax expense in the reporting year | 9,943,920 | 16,792,899
Deferred tax expense | 8,004,760 | - 5,485,232
Income tax expenses | 17,948,680 | 11,307,667

*Republished values, see Note II.2.8.
The main differences between the tax calculated on the basis of accounting profit and the current year's income tax, as
well as the effective tax rate, are summarised in the table below (in ‘000’ HUF):

HUF '000' | 2025YE | 2024YE
Profit before taxes | 69,494,404 | 59,410,955
Profit before tax in the country of operation |  |
Calculated tax | 6,160,953 | 8,405,454
Valid in the country of operation: |  |
Impact of tax base reducing items | - 6,097,324 | - 7,317,009
Impact of tax base increasing items | 4,044,319 | 4,243,185
Minimum tax and special tax | 5,218,668 | 6,888,075
Tax allowance and revision | - 3,837,497 | - 952,694
Corporate income tax | 5,489,120 | 11,267,011
Local business tax | 3,847,633 | 4,750,785
Innovation contribution | 607,167 | 775,103
Profit tax expenses of the current year | 9,943,920 | 16,792,899
Deferred tax expense | 8,004,760 | - 5,485,232
Income tax expenses | 17,948,680 | 11,307,667
Effective tax rate | 26% | 19%

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
120
Members of the Group operate in several countries, so the effective tax rate applied in those countries differs from the
profit tax rate prescribed by Hungarian law. The impact of this on the tax expense calculated on the basis of the uniform
current profit tax rate of 9% is not significant, therefore the impact of the different profit tax rates is not shown separately
in the above table. However, deferred tax was calculated using the effective tax rate in force in the country of operation of
the subsidiaries plus the special tax.
Calculation of deferred tax (data in thousand HUF):

2025YE | Receivables | Liabilities
Opening deferred tax | 1,648,858 | 37,354,729
Deferred tax asset changes | - 914,083 | -
Deferred tax liability changes | - | 6,955,885
Deferred tax of sold or acquired businesses | - | - 7,300
OCI | 134,792 | -
Total changes | - 914,083 | 6,948,585
Closing deferred tax | 734,775 | 44,303,314

2024YE | Receivables | Liabilities
Opening deferred tax | 1,996,432 | 42,991,402
Deferred tax asset changes | 51,911 | -
Deferred tax liability changes | - | - 5,636,673
Deferred tax of sold or acquired businesses | - 134,305 | -
OCI | - 265,180 | -
Total changes | - 347,574 | - 5,636,673
Closing deferred tax | 1,648,858 | 37,354,729

Global minimum tax
Act LXXXIV of 2023 on Supplementary Taxes Ensuring a Global Minimum Tax Level and on the Amendment of Certain Tax
Laws in Connection Therewith (the Act), which transposed Council Directive (EU) 2022/2523 of 14 December 2022 on
ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups into
Hungarian law, adopted the principle of the global minimum tax. The global minimum tax applies to corporate groups whose
ultimate parent entity reports annual consolidated revenue of at least EUR 750 million in at least two of the four financial
years immediately preceding the tax year. This condition is met by the Group; therefore, it falls within the scope of the Act
and is required to apply its provisions from 2024 onwards.
In line with the requirements of the Act, the Company carried out group identification and a preliminary risk assessment in
2025 based on the financial data of 2024 and 2025. Based on this assessment, no supplementary tax liability is expected for
2025 or the upcoming tax years. This is because, based on the general global minimum tax rules, the Group’s estimated
effective tax rate for 2024 and 2025 exceeds the 15% minimum tax rate. In addition, the Group is also expected to be able to
apply other exemption grounds. The Group fulfilled and will fully comply with its declaration and filing obligations related to
the 2024 and 2025 tax year by the respective deadlines.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Notes related to the Financial Statements - Income Statement Items
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
121
48. EBIT and EBITDA, EPS indicators
EBITDA and EBITDA indicators
The Company Group utilizes EBIT and EBITDA indicators for the measurement of its operating profit and profitability. In its
financial statements, the Company Group has defined EBIT as the difference between total operating income and total
Operating costs, while it calculates the EBITDA indicator as EBIT adjusted (increased) by depreciation and goodwill
impairment.
The Company Group considers EBITDA to be the most important indicator of the business performance of the individual
divisions, which the Company Group determines consistently at the division level as well without taking into consideration
the impairment of goodwill (see II.4. Division Management Reports).

HUF '000' | 2025YE | 2024YE*
Total operating income (+) |  |
467,429,033 | 597,029,928
Total operating costs (-) | 422,849,577 | 551,234,364
EBIT | 44,579,456 | 45,795,564
Depreciation (+) | 49,874,466 | 48,195,735
Goodwill impairment and write-off (+) | 11,088,053 | -
EBITDA | 105,541,975 | 93,991,299

*Republished values See Note II.2.8.
Earnings per share (EPS)
The basic value of return for the Parent company payable to common shareholders is calculated by dividing the annual profit
or loss per share of the Group with the weighted average of common shares in circulation in the given year.
The Weighted average of ordinary shares outstanding is calculated by deducting the weighted average number of treasury
shares held by the Group.
The Company had no transactions that would have resulted in diluted earnings per share.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
122
49. Division information
Business earnings mean the earnings arising from the sale to third persons, or other divisions. Internal transfer prices are
based on current market prices. Divisional earnings also include the earnings of fully consolidated subsidiaries in the given
division. From a business aspect, the Group can be broken down into the following divisions in 2025: Industrial Production,
Food Industry, Tourism, Energy and Asset Management Divisions.

2025YE |  |  |  | HUF '000' |
Description | Construction Production | Food Industry | Asset Management | Tourism | Energy | Consolidated
Net Sales Revenues | 111,650,039 | 103,789,840 | -1,895 | 53,358,851 | 174,636,626 | 443,433,461
Other operating income | 9,114,230 | 2,245,377 | -8,313 | 2,614,765 | 10,029,513 | 23,995,572
Coverage 1 | 120,764,269 | 106,035,217 | -10,208 | 55,973,616 | 184,666,139 | 467,429,033
Materials, consumables and other external charges | 86,872,822 | 90,987,506 | 2,009,256 | 24,471,363 | 120,594,679 | 324,935,626
Staff costs | 3,864,837 | 9,223,237 | 1,312,071 | 17,162,455 | 25,543,590 | 57,106,190
Depreciation | 7,475,661 | 7,393,577 | 163,255 | 3,842,276 | 30,999,697 | 49,874,466
Impairment | -23,243 | 9,888,536 | 39,484 | 1,942,481 | -1,549,862 | 10,297,396
Other operating costs and expenses | 5,603,889 | 841,349 | 28,776 | 2,518,802 | 1,432,859 | 10,425,675
Capitalised own performance | -19,897 | -1,286,014 | 0 | -98,183 | -28,385,682 | -29,789,776
Coverage 2 | 16,990,201 | -11,012,974 | -3,563,050 | 6,134,422 | 36,030,858 | 44,579,456
Costs and expenses not directly allocated to any division |  |  |  |  |  | -
Operating profit/loss (EBIT) |  |  |  |  |  | 44,579,456
Financial profit/loss |  |  |  |  |  | 23,339,877
Investments in associates accounted for using the equity method |  |  |  |  |  | 1,575,071
Profit before taxes |  |  |  |  |  | 69,494,404
Profit on discontinuing operation |  |  |  |  |  | -
Profit after taxes |  |  |  |  |  | 51,545,725
Total comprehensive income |  |  |  |  |  | 49,131,309
Non-current Assets | 48,708,978 | 172,422,347 | 23,590,129 | 120,282,965 | 356,139,959 | 721,144,378
Current assets | 116,694,793 | 33,170,754 | 21,340,385 | 7,027,439 | 118,708,996 | 296,942,367
Division assets | 165,403,771 | 205,593,101 | 44,930,514 | 127,310,404 | 474,848,955 | 1,018,086,745
Assets not allocated to divisions |  |  |  |  |  | -
Total assets |  |  |  |  |  | 1,018,086,745
Long-term liabilities | 18,817,812 | 61,826,932 | 65,721,543 | 32,198,598 | 208,336,273 | 386,901,158
Short-term liabilities | 77,075,715 | 21,575,891 | 14,571,599 | 20,612,005 | 104,481,798 | 238,317,008
Divisional liabilities | 95,893,527 | 83,402,823 | 80,293,142 | 52,810,603 | 312,818,071 | 625,218,166
Liabilities not allocable to a division | - | - | - | - | - | -

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
123

Total liabilities | 95,893,527 | 83,402,823 | 80,293,142 | 52,810,603 | 312,818,071 | 625,218,166
2024YE* |  |  |  | HUF '000' |
Description | Industrial production | Agriculture and Food industry | Asset Management | Tourism | Energy | Consolidated
Net Sales Revenues | 254,529,725 | 105,688,362 | 13,517 | 46,302,480 | 179,542,164 | 586,076,248
Other operating income | 3,026,801 | 1,474,144 | 192,490 | 1,119,509 | 5,140,736 | 10,953,680
Coverage 1 | 257,556,526 | 107,162,506 | 206,007 | 47,421,989 | 184,682,900 | 597,029,928
Materials, consumables and other external charges | 208,979,821 | 81,730,110 | 1,526,596 | 21,256,870 | 152,925,635 | 466,419,032
Staff costs | 6,987,493 | 8,166,609 | 1,179,978 | 13,548,285 | 22,051,790 | 51,934,155
Depreciation | 10,857,967 | 6,931,956 | 61,652 | 3,111,048 | 27,233,112 | 48,195,735
Impairment | 349,927 | -71,916 | 15 | -22,243 | 900,793 | 1,156,576
Other operating costs and expenses | 8,142,673 | 1,380,238 | 315,088 | 1,922,437 | 6,167,076 | 17,927,511
Capitalised own performance | 26,579 | 683,378 | 0 | -95,202 | -35,013,400 | -34,398,645
Coverage 2 | 22,212,066 | 8,342,131 | -2,877,322 | 7,700,794 | 10,417,895 | 45,795,564
Costs and expenses not directly allocated to any division |  |  |  |  |  | -
Operating profit/loss (EBIT) |  |  |  |  |  | 45,795,564
Financial profit/loss |  |  |  |  |  | 4,944,026
Investments in associates accounted for using the equity method |  |  |  |  |  | 8,671,365
Profit before taxes |  |  |  |  |  | 59,410,955
Profit on discontinuing operation |  |  |  |  |  | -
Profit after taxes |  |  |  |  |  | 48,103,288
Total comprehensive income |  |  |  |  |  | 50,875,026
Non-current Assets | 29,956,603 | 190,811,757 | 24,878,134 | 121,741,076 | 329,145,385 | 696,532,955
Current assets | 174,790,151 | 42,266,999 | 16,663,819 | 7,756,839 | 124,237,483 | 365,715,291
Division assets | 204,746,754 | 233,078,756 | 41,541,953 | 129,497,915 | 453,382,868 | 1,062,248,246
Assets not allocated to divisions |  |  |  |  |  | -
Total assets |  |  |  |  |  | 1,062,248,246
Long-term liabilities | 17,189,328 | 70,843,470 | 70,585,509 | 32,387,700 | 204,063,442 | 395,069,449
Short-term liabilities | 129,138,043 | 19,425,367 | 3,424,692 | 24,163,693 | 111,412,544 | 287,564,339
Divisional liabilities | 146,327,371 | 90,268,837 | 74,010,201 | 56,551,393 | 315,475,986 | 682,633,788
Liabilities not allocable to a division | - | - | - | - | - | -
Total liabilities | 146,327,371 | 90,268,837 | 74,010,201 | 56,551,393 | 315,475,986 | 682,633,788

*Republished values See Note II.2.8.
The values of reports based on divisions include the items, which can directly be assigned to the given division, which also
include consolidation filters.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
124
50. Transactions with related parties
The IAS 24 standard specifies that disclosure of connections with related parties, the transactions made with them and the
open balances coming from the same shall be made in the consolidated and separate financial statements presented in
accordance with IFRS 10 consolidated financial statements standard or the IAS 27 consolidated and separate financial
statements by the investor having joint control or controlling interest in the parent company or the subject of the investment.
A business is affiliated, if the business unit and the business unit preparing the statement are the members of the same group,
if one business unit is an affiliated business of another business unit, or the joint business of the same, if a key executive in
the business or the parent company is a relative of a private person in the above-mentioned, subsidiary, affiliated business,
joint business owned by the private person or its close relative.
The private person or its close relative is also an affiliated party, if the private person exercises control or joint control over
the unit preparing the statement; has significant influence on the business unit preparing the statement; or is a key executive
at the business unit preparing the statement or a parent company of the same.
Transactions with related parties are any transactions, which are made between one another, irrespective of the fact whether
they charge any fee or not.
Close relatives of private persons: family members, who assumingly influence the given person, or whom the given private
person assumingly influences in the transactions made with the business.
In accordance with the above rules, the Group's identified items with affiliated parties: affiliated receivables, payables,
income, costs and expenses were as follows at 31 December 2025:

2025YE | Receivables from affiliated parties by balance sheet line (HUF ‘000)
Name of the related party | Long-term loan and interest receivables from related parties | Accounts receivable | Short-term loan and interest receivables from related parties | Advance payment | Dividend advance | Receivables from the sale of business share | Other affiliated receivables | Total
Affiliated company | - | - | 194,775 | - | - | - |  | 194,775
Jointly managed company | - | 460,243 | - | - | - | - |  | 460,243
Executive Officer | 100,439 | - | 32,495 | - | - | - |  | 132,934
Other affiliated parties | 2,456,369 | 669,737 | 2,118,992 | 213,139 | 6,115,424 | - | 2,004,895 | 13,578,556
Total | 2,556,808 | 1,129,980 | 2,346,262 | 213,139 | 6,115,424 | - | 2,004,895 | 14,366,508

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
125

2025YE | Liabilities to related parties by balance sheet line (HUF ‘000) |
Name of the related party | Long-term affiliated debt and interest payable | Long-term other liabilities | Accounts payable | Other affiliated receivables | Total
Affiliated company | - | - | - | - | -
Jointly managed company | - | - | 2,332,229 | 5,861,443 | 8,193,672
Executive Officer | - | - | - | - | -
Other affiliated parties | 1,595,133 | 40,001 | 36,017,702 | 6,531,546 | 44,184,382
Total | 1,595,133 | 40,001 | 38,349,931 | 12,392,989 | 52,378,054

2025YE | Revenues from related parties by balance sheet line (HUF ‘000)
Name of the related party | Sales revenue | Other operating income | Financial income | Total
Affiliated company | - | - | 9,918 | 9,918
Jointly managed company | 503,059 | - | 3,777,486 | 4,280,545
Executive Officer | - | - | - | -
Other affiliated parties | 13,815,198 | 59,997 | 185,601 | 14,060,796
Total | 14,318,257 | 59,997 | 3,973,005 | 18,351,259

2025YE | Costs and expenses to related parties by balance sheet line (HUF ‘000’)
Name of the related party | Costs of materials | Used service | Other services | Staff costs | Financial expenses | Total
Affiliated company | - | - | - | - | - | -
Jointly managed company | - | 60,807,173 | - | - | - | 60,807,173
Executive Officer | - | - | - | 164,400 | - | 164,400
Other affiliated parties | 15,709,127 | 20,528,797 | 25,384,584 | 1,319,447 | 722,917 | 63,664,872
Total | 15,709,127 | 81,335,970 | 25,384,584 | 1,483,847 | 722,917 | 124,636,445

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
126
The Group's identified items with affiliated parties: affiliated receivables, payables, income, costs and expenses were as
follows at 31 December 2023:

2024YE | Receivables from affiliated parties by balance sheet line (HUF ‘000)
Name of the related party | Long-term loan and interest receivables from related parties | Accounts receivable | Short-term loan and interest receivables from related parties | Advance payment | Receivables from the sale of business share | Other affiliated receivables | Total |
Affiliated company | - | - | 394,164 | - | - | - | 394,164 |
Jointly managed company | - | 226,803 | - | - | - | 2,033,089 | 2,259,892 |
Executive Officer | 136,000 | - | 34,000 | - | - | - | 170,000 |
Other affiliated parties | 4,442,300 | 1,065,725 | 2,205,652 | 204,693 | 2,000,000 | 629,473 | 10,547,843 |
Total | 4,578,300 | 1,292,528 | 2,633,816 | 204,693 | 2,000,000 | 2,662,562 | 13,371,899 |

2024YE | Liabilities to related parties by balance sheet line (HUF ‘000)
Name of the related party | Long-term affiliated debt and interest payable | Long-term portion of liability assigned/assumed | Long-term other liabilities | Accounts payable | Short-term affiliated debt and interest payable | Short-term portion of liability assigned/assumed | Other affiliated receivables | Total
Affiliated company | - | - | - | - | - | - | - | -
Jointly managed company | - | - | - | 3,617,181 | - | - | 3,959,029 | 7,576,210
Executive Officer | - | - | - | - | - | - | - | -
Other affiliated parties | 1,595,133 | - | 40,001 | 44,392,467 | - | - | 9,317,847 | 55,345,448
Total | 1,595,133 | - | 40,001 | 48,009,648 | - | - | 13,276,876 | 62,921,658

2024YE | Revenues from related parties by balance sheet line (HUF ‘000)
Name of the related party | Sales revenue | Other operating income | Financial income | Total
Affiliated company | - | - | 36,833 | 36,833
Jointly managed company | 222,563 | - | 1,644,763 | 1,867,326
Executive Officer | - | - | - | -
Other affiliated parties | 2,935,330 | 59,876 | 44,946 | 3,040,152
Total | 3,157,893 | 59,876 | 1,726,542 | 4,944,311

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
127

2024YE | Costs and expenses to related parties by balance sheet line (HUF ‘000’)
Name of the related party | Costs of materials | Used service | Other services | Staff costs | Financial expenses | Total
Affiliated company | - | - | - | - | - | -
Jointly managed company | - | 39,571,907 | - | - | - | 39,571,907
Executive Officer | - | - | - | 25,200 | - | 25,200
Other affiliated parties | 5,635,039 | 89,505,806 | 25,861,049 | 914,372 | 227,323 | 122,143,589
Total | 5,635,039 | 129,077,713 | 25,861,049 | 939,572 | 227,323 | 161,740,696

*Republished values, see Note II.2.8.
The turnover of transactions within the Group were filtered out during the consolidation.
In related party transactions, the parties entered into the transactions on the basis of the market prices applied between
independent parties.
51. Remuneration of the Board of Directors, the Supervisory Board and the Audit Committee (Parent
Company)
The members of the Board of Directors received the following benefits (HUF ‘000’)

| 2025YE | 2024YE
Short-term benefits (honorarium) | 164,400 | 16,800
Total | 164,400 | 16,800

The members of the Supervisory Board and the Audit Committee received the following benefits:

| 2025YE | 2024YE
Short-term benefits (honorarium) | 8,400 | 8,400
Total | 8,400 | 8,400

The Company has not disbursed any loans to members of the management.
Balance of loans granted to members of the Board of Directors:

| 2025YE | 2024YE
Loans granted to members of the Board of Directors | 132,934 | -
Total | 132,934 | -

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
128
52. Contingent and future liabilities of the Parent Company

Accounting Policy Off-balance sheet liabilities are not included either in the balance sheet or in the income statement comprising the annual report, unless they have been obtained in the course of business combinations. They are presented in the Supplementary Notes, unless the outflow of funds representing economic benefit is a remote option of a very slight probability. Off balance sheet receivables are not included in the balance sheet included in the consolidated annual statements and the Income Statement, but should the inflow of economic benefits be probable, they are reported in the supplementary notes.

As the Parent Company, OPUS GLOBAL Nyrt. has provided the following guarantees for loans and other payment
obligations to its subsidiaries (in million HUF):

Name of entitled entity | Name of existing payment obligation | Currency denomination of liability | Total liability limit in given currency denomination | Total commitment framework in HUF million (at the exchange rate as of 31 December 2025) | Expiration (year) | Current commitment in HUF million (at the exchange rate as of 31 December 2025)
MBH Bank Nyrt. | KALL Ingredients Kereskedelmi Kft Isosugar factory Investment guarantee for loan “A” and "B" | EUR | 36,589,219 | 14,101 | 28.06.2033/ 30.09.2033 | 5,605
EXIMBANK Zrt. | KALL Ingredients Kereskedelmi Kft. Isosugar factory Investment guarantee for loan "A" | EUR | 95,421,510 | 36,775 | 28.06.2033 | 16,591
MFB Zrt. | KALL Ingredients Kereskedelmi Kft Isosugar factory Investment guarantee for loan "B" | EUR | 17,500,000 | 6,745 | 30.09.2033 | 4,479
OTP Bank Nyrt. | HUNGUEST ERSTE loan refinancing joint and several guarantee | EUR | 5,070,000 | 1,954 | 31.12.2032 | 1,702

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
129

MBH Bank Nyrt. | HUNGUEST Hotels Zrt. Payment guarantee for loan redemption | EUR | 11,090,000 | 4,274 | 24.06.2033 | 3,220
MBH Bank Nyrt. | KALL Ingredients Kereskedelmi Kft. - Collateral for MET gas procurement | EUR | 1,500,000 | 578 | 31.12.2026 | 578
MBH Bank Nyrt.* | KALL Ingredients Kereskedelmi Kft. – Collateral for E2 electricity procurement | EUR | 1,500,000 | 578 | 31.12.2025 | 578
Total |  |  | - | 65,632 |  | 33,379

* Terminated as of 1 January 2026.
Applied exchange rate: 385.4 EUR/HUF
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.3. Other Notes to the Financial Statements
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
130
53. Off-balance sheet option rights related to ownership stakes
In 2019, MFB Invest Zrt. acquired a 15.22% minority stake in KALL Ingredients Kft. for an investment amount of EUR 17.5
million, and in 2022, MBH Tőkealap acquired a 10.45% minority stake for EUR 15 million.
MFB Invest Zrt. will have a put option on its stake as of 31 July 2026, and MBH Tőkealap will have a put option as of 3
November 2032. OPUS GLOBAL Nyrt. and KALL Ingredients Kft. hold call options for the ownership interests until the
same dates.
OPUS GLOBAL Nyrt. exercised its call option regarding the 15.22% minority shareholding owned by MFB Invest Zrt. and,
on 15 December 2025, submitted a binding purchase offer to MFB Invest Zrt. for the acquisition of the business interest
representing 15.22% of KALL Ingredients Kft. As a result of the transaction, the direct shareholding of the Company in
KALL increased from 74.33% to 89.55%, and the call and put options relating to this business interest were terminated
(see Note II.3.1.).
54. Events after the Balance Sheet Date
In accordance with Resolution No. 8/2025 (IV.30.) of the Annual General Meeting of OPUS GLOBAL Nyrt. held on 30 April
2025, the Company continued the purchase of treasury shares in March 2026.
As a consequence of the war in Iran commencing in March 2026 (due to the emerging transport difficulties and the decrease
in production capacity), market participants in the oil and gas market forecast an increase in fuel prices, and with reference
to other products, the difficulties of maritime and air transport may also exert an impact on the sales prices of end products,
primarily in Europe. The impact of the resulting uncertainty and volatility (both positive and negative) on the operating
profit of certain subsidiaries of the Company Group is currently difficult to estimate.
Despite all this, in the years 2024 and 2025, the continuously rising investor confidence and the share price of OPUS shares
remained stable at the beginning of the year 2026 as well.
55. External risk effects
Ukraine-Russia war and inflation
A major factor of uncertainty for 2024 and 2025 was the prolongation of the Ukrainian-Russian armed conflict and the
impact of mutual sanctions. This was reflected in the rise in raw material and energy prices, which affected the parent
company Opus to a lesser extent, but almost all divisions of the Group without exception. Average inflation remained
persistently above 10%, and energy prices continued to exceed pre-2022 levels, which negatively impacted the profitability
potential of the Group’s companies. Despite rising operating costs, the Group was able to increase its operating profit as a
result of the energy and cost optimisation programmes launched.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
II.4. Supplementary Annex - Publication of the Annual Report
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
131
II.4. Publication of the Annual Report
Approval of the disclosure of the financial statements
The Board of Directors and the Supervisory Board of the Company approved the financial statements on 31 March 2026 in
Board Resolution No. 11/2026 (03.31.) and Supervisory Board and Audit Committee Resolution No. 4/2026 (03.31.), and
authorized the publication of the 2025 separate Annual Report in this form.
Budapest, 31 March 2026
dr. Koppány Tibor Lélfai
OPUS GLOBAL Nyrt.
Chief Executive Officer
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III. Management (Business) Report
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
132
III. Management (Business) Report
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report−Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
133
III.1. Presentation of the Group
History and current portfolio of the Company
The legal predecessor of OPUS GLOBAL Nyilvánosan Működő Részvénytársaság (Nyrt) was
“Phylaxia Szérumtermelő Rt” incorporated in 1912. The business that is more than 100
years old has been operating uninterrupted since its establishment. The Company's main
activity was initially the production of veterinary pharmaceuticals, which was soon
supplemented by the production of human vaccines. In the 1950s it was the leading and
world-class pharmaceutical company, bringing together all the vaccine production
institutes in Hungary. During privatisation, in 1991 the various activities performed by the
Company were divided and outsourced.
The Company has been a member of the Budapest Stock Exchange ("BSE") since 1998,
and its shares were introduced to the BSE on 22 April 1998.
After several reorganisations and restructuring, the veterinary activities were
discontinued in 2009 and several subsidiaries were sold.
Since the profile change in 2009, the Company continued operation in a holding structure, primarily engaging managing
companies of various profiles an in asset management.
The financial year 2018 marked a milestone in the life of the Company. In parallel with the management transition, the
Company has seen a significant portfolio expansion, adding high value investments. The Group then established its strategy
and built its food and construction portfolio. As a result of these acquisitions, OPUS GLOBAL Nyrt. has become one of the
leading companies on the BSE. It became one of the premium stocks of the stock exchange and has since been a member of
the BSE's flagship index baskets, with a portfolio of industrial and manufacturing companies in several key sectors of the
Hungarian economy.
In 2019, OPUS GLOBAL Nyrt. further expanded its already diversified portfolio by way of the merger with KONZUM Nyrt, and
established the Tourism Division of the Group. As a result of the merger, which took place on 30 June 2019, OPUS GLOBAL
Nyrt. became the successor company, which has developed its operational structure along a conscious and consistently
implemented strategy. Along this strategic line, OPUS Group, in building up its Energy Division, acquired indirect stakes in
2021 in well-known energy companies such as OPUS TIGÁZ Zrt. and OPUS TITÁSZ Zrt. With this move, the OPUS Group became
a dominant player in the domestic energy market.
The Company’s data:
Company name: OPUS GLOBAL Nyilvánosan Működő Részvénytársaság
The Company’s main activity: 64 20 ’08 Management activities of holding companies
Company registration number: Companies Court of the Court of Budapest Cg. 01-10-042533
Address of the company: 1062 Budapest, Andrássy út 59.
Telephone: (36-1) 433-07-00
Registered internet access to the Company:www.opusglobal.hu
E-mail address of the company: info@opusglobal.hu
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report – Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
134
The long-term investments (companies) in the OPUS Group's portfolio are major market players in strategic industries such
as tourism, energy, food, construction.
As a result, in 2024, the scope of the Company's holding company activities from a business perspective can be broken
down into five main divisions as follows:
• Construction
• Food Industry
• Energy
• Tourism
• Asset Management
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report−Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
135
The divisional structure of the OPUS GLOBAL Group of is summarised in the figure below:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report – Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
136
Organisational Structure and Executive Officers
The Company has set up a new operational structure for the holding centre as of 1 September 2022, based on the leadership
of three main departments, the Finance Directorate, the Corporate Governance Directorate and the Group Governance
Directorate.
The newly set up directorates will be responsible for setting the strategic direction of the OPUS Group, which, thanks to the
conscious building of the Group in recent years and the above-average expansion of its portfolio, now has an economic weight
and potential that plays a significant role in shaping the success of the Hungarian economy. Further development of this
economic strength and further exploitation of its potential is a major task and challenge.
The Company also considers it a priority to operate an organisation capable of fully exploiting the benefits of its stock
exchange presence while fully meeting the obligations that this entails. The Board of Directors newly elected in May as well
as the new CEO and the new management also serve this purpose. The following table shows the executive officers of the
Company as at the date of submitting the Report:

Nature | Name | Position | First day of the appointment | Last day of the appointment | Equity ownership (pcs)
Dir. | József Vida* | Chairperson | 03.05.2022 | 03.05.2027 | -
BD/SE | Dr. Koppány Tibor Lélfai | member Chief Executive Officer | 03.05.2022 10.05.2022 | 03.05.2027 - | 444,444
BD/SE | Szabolcs Makai | member Head of the Food Industry Division | 03.05.2022 29.11.2021 | 03.05.2027 - | 6,500
BD/SE | Zoltán Susán | member Head of the Industrial Production Division | 04.09.2024 04.09.2024 | 03.05.2027 - | -
BD/SE | Ádám Détári-Szabó | member Head of the Tourism Division | 03.05.2022 21.04.2021 | 03.05.2027 - | -
BD/SE | Balázs Torda | member Head of the Energy Division | 03.05.2022 21.04.2021 | 03.05.2027 | -
BD/SE | Zoltán Péter Németh | member | 03.05.2022 | 31.12.2024 | -
SB: | Tünde Konczné Kondás | Chairperson | 03.05.2022 | 03.05.2027 | -
SB, AC | János Tima | member | 03.05.2022 | 03.05.2027 | -
SB, AC | Dr. Éva Szilvia Gödör | member | 03.05.2022 | 03.05.2027 | -
SB: | Katalin Keresztyénné Deák | member | 11.11.2022 | 03.05.2027 | -
AC: | Chairperson | 11.11.2022 | 03.05.2027 | -
SP | Attila Medgyesi | Deputy CEO | 10.10.2022 | - | 333,333
SP | dr. Krisztián Németh | Deputy CEO | 17.03.2025 | - | 60,000

*The total number of shares held directly and indirectly by Chairman József Vida is 1,069,519.
DIR: Member of the Board of Directors AC: Members of the Audit Committee SP: strategic employee
SB: Member of the Supervisory Board
The heads of each business division also serve as members of the Board of Directors of OPUS GLOBAL Nyrt. in addition to
their operational management responsibilities. The detailed CVs of the senior executives are included in the Company's
Corporate Governance Report 2025.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report – Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
137
Equity market presence: OPUS Shares and Ownership Structure
OPUS share data
The share capital of OPUS GLOBAL Nyrt. consists of 698,379,268 (i.e. six hundred ninety-eight million three hundred seventy-
nine thousand two hundred sixty-eight) dematerialised ordinary shares of Series A with a nominal value of HUF 25 (i.e. twenty
five forints) each ("Shares").
Based on Resolution 362/2017 of the CEO of Budapesti Értéktőzsde Zrt, the ordinary shares of OPUS were classified as
Premium Shares as from 3 October 2017 as specified below:

Name of security | OPUS share
Security code (ISIN) listed on the stock exchange | HU0000110226
Ticker | OPUS
Currency of trading | HUF
Shares (number) | 698,379,268
Issued capital of the Issuer* | HUF 17,459,482,000
Share category | Premium
Method of producing the security | dematerialized
Type of security | ordinary share
Share type | registered
Face value | HUF 25
Date of the launch of the Stock Exchange security | 22 April 1998
Issue price | HUF 700
Series and series number | Grade A
List of rights related to the security | full

The Company maintains the share ledger on its own.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report – Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
138
Ownership structure
The breakdown of shareholders as at 31 December 2025 is presented below:

Type | Number (pcs) | Participation (%)
Domestic private person | 252,442,160 | 36.15 %
Foreign private person | 221,806 | 0.01%
Domestic institute | 241,344,380 | 34.57 %
Own shares | 164,027,722 | 23.49%
OPUS GLOBAL ESPP Organisation | 5,306,576 | 0.76%
Foreign institute | 35,036,624 | 5.01 %
Total | 698,379,268 | 100.00%

The number of treasury shares does not include the OPUS share stock held by the ESOP Organisation. Under Act V of 2013
on the Civil Code, the OPUS share stock held by the ESOP Organisation does not qualify as treasury shares; however, in
accordance with the provisions of IFRS 10 Consolidated Financial Statements, the ESOP Organization qualifies as a
consolidated subsidiary.
List and description of owners with stakes larger than 5% on 31 December 2025:

Name | Deposit manager | Number (pcs) | Participation (%)
Danube Magántőkealap | no | 42,642,994 | 6.11%
Lőrinc Mészáros | no | 163,778,526 | 23.45%
Direct | no | 146,314,411 | 20.95%
Indirect (through Addition OPUS Zrt.) | no | 17,464,115 | 2.50%
OPUS GLOBAL Nyrt. (With subsidiaries) | no | 164,027,722 | 23.49%

Own shares
On 30 April 2025, the General Meeting of the Company authorized the Board of Directors to purchase treasury shares for a
maximum consideration of HUF 8,000,000,000, starting from the trading day of 18 June 2025 until withdrawal, but no later
than 30 April 2026, with the proviso that the total nominal value of the treasury shares to be purchased shall not exceed 25%
of the current share capital of OPUS GLOBAL Nyrt.
Under the above programme and the programme carried over from the 2024 financial year, the Company purchased a total
of 6,489,959 shares; furthermore, it transferred 2,691,356 shares in over-the-counter (OTC) transactions. Consequently, the
quantity of treasury shares held by the Group changed as follows, projected against the total issued quantity of 698,379,268
shares:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report – Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
139

| Business share | Business share
| (31 December 2025) | (31 December 2024)
| number | % | number | %
Corporate: OPUS GLOBAL Nyrt. | 44,513,067 | 6.37% | 41,346,579 | 5.92%
Subsidiaries OPUS-SAT Tanácsadó Zrt. | 12,500,000 | 1.79% | 12,500,000 | 1.79%
Mészáros és Mészáros Zrt. | 12,994,064 | 1.86% | 11,892,260 | 1.70%
R-KORD Kft. | 23,250,216 | 3.33% | 23,250,216 | 3.33%
VIRESOL Kft. | 55,870,342 | 8.00% | 55,870,342 | 8.00%
OPUS Management Kft. | 14,900,000 | 2.13% | 16,227,762 | 2.20%
Total | 164,027,722 | 23.49% | 160,229,119 | 22.94%

Stock market perception
During the Budapest Stock Exchange's most recent staging review on October 1, 2025, the weighting of OPUS shares within
the BUX index was adjusted to 2.8846%. It is also important from a stock market perspective that, OPUS shares have been
continuously included in the MSCI, then MSCI Hungary Small Cap, MSCI Emerging Markets Small Cap and MSCI ACWI Small
Cap Indices, and also from 2018, by the decision of the Vienna Stock Exchange (Wiener Börse AG), in the CECE Index.
The closing price on 31 December 2025 was HUF 549 (closing price on 31 December 2024 was HUF 505).
Key shareholder information is shown in the table below:

Share data | 31.12.2025 | 31.12.2024 | Change between 31.12.2024 and 31.12.2025 in %
Closing rate (HUF) | 549 | 505 | 8.71%
Number of shares listed on the Stock Exchange | 698,379,268 | 698,379,268 | 0.00%
weighted number of shares (pcs)* | 536,586,192 | 617,529,215 | -13.11%
Market capitalisation (billion HUF) | 383.40 | 352.7 | 8.69%

*Consolidated group data
The price of OPUS shares during 2025 was as follows:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.1. Management (Business) Report – Description of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
140
Investor analyses
Equilor Befektetési Zrt.
In order to strengthen transparency, the management decided to join the BSE's analysis quotation programme from 2020,
under which the securities of OPUS GLOBAL Nyrt. were analysed by Equilor Befektetési Zrt. In order to participate in the
programme, OPUS GLOBAL Nyrt. undertook to publish its reports and financial statements on a quarterly basis as from
2020, and the Company has fully complied with this requirement. This opens up an opportunity for the designated
investment service provider to conduct independent analyses of the company on a quarterly basis. The 2025 analyses,
which are entirely independent of the Company, are available at the following link:
https://www.bet.hu/Kibocsatok/BET-elemzesek/elemzesek/opus-global-elemzesek
Scope Ratings GmbH
In accordance with its strategy, the Company and its subsidiary, OPUS TIGÁZ Zrt., implemented 3 bond issuances within the
framework of the Growth Bond Programme (GBP) announced by the Central Bank of Hungary ("MNB") for the
implementation of their announced financing and growth plans.
In 2019, the Company involved resources of HUF 28.6 billion (10-year maturity, 2.80% fixed interest rate), in 2021, HUF 39
billion (10-year maturity, 3.20% fixed interest rate), while OPUS TIGÁZ Zrt. involved HUF 50 billion (10-year maturity, 2.80%
fixed interest rate). For detailed parameters of the bonds, see Note II.3.29.
With regard to both companies, the credit rating review procedure was performed by the independent international credit
rating agency, Scope Ratings GmbH (www.scoperatings.com). Scope Ratings performs the rating every year.
As a result of the review process performed in July 2025, the Company retained a BBB- rating for the bonds issued, four
grades above the investment grade required by the MNB, and a BB Stable issuer rating for the Company, based on the rating
already issued.
With regard to OPUS TIGÁZ, Scope Ratings GmbH changed the previously established BB-/Stable issuer rating to BBB-
/Positive in March 2025, and furthermore, changed the BB-/Stable rating for the issued bonds to a BBB rating.
For details, see Note III.2.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.2. Management (Business) Report - Main events of the 2025 business year
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
141
III.2. Main events of the 2025 Business Year
Disclosure information and Stock Market relations
The Company shall keep its shareholders and people interested informed of the events and actions affecting the Company
Group and the Holding via the website of the Budapest Stock Exchange (list of issuers, OPUS GLOBAL Nyrt under the title
“Publications”), at the URL www.kozzetetelek.hu and on the Company’s website at www.opusglobal.hu.
The Investment relationship contact, dr. Krisztián Németh. has been in charge of the duties related to investment contacts,
and the overall capital market communication.
Contact details: + 36 1 433 0701, investorrelations@opusglobal.hu
Portfolio changes
OPUS GLOBAL Nyrt. entered into share purchase agreements for the acquisition of shares issued by OPUS-SAT Tanácsadó
Zrt., a company under its direct ownership. As a result of the execution of these agreements, the Company’s ownership
interest in OPUS-SAT Tanácsadó Zrt. increased from 99.7109% to 99.8025% by 31 March 2025, and further to 99.9669% as at
10 April 2025.
https://www.bet.hu/newkibdata/129208421/OP_OPUS%20SAT_HU_20250305.pdf
https://bet.hu/newkibdata/129219312/OP_OPUS%20SAT_HU_20250327.pdf
https://www.bet.hu/newkibdata/129234591/OP_OPUS%20SAT_HU_20250410.pdf
Mészáros Hrvatska d.o.o., a wholly owned subsidiary of Mészáros és Mészáros Ipari, Kereskedelmi és Szolgáltató Zrt., which
is directly owned by OPUS GLOBAL Nyrt., was removed from the company register in Croatia. As a result, the Company’s
indirect ownership interest in the entity was terminated.
https://www.bet.hu/newkibdata/129239963/OPUS_M%C3%A9sz%C3%A1ros%20Hrvatska%20doo_20250423_HU.pdf
KALL Ingredients Kereskedelmi Kft., being under the direct majority ownership of OPUS GLOBAL Nyrt., ordered the voluntary
liquidation of its 100% owned subsidiaries, TTKP Energiaszolgáltató Kft. and KALL Ingredients Trading Kft., in 2024. Following
the conduct of the voluntary liquidations, the Court of Registration of the Szolnok Regional Court deleted TTKP
Energiaszolgáltató Korlátolt Felelősségű Társaság and KALL Ingredients Trading Korlátolt Felelősségű Társaság from the
companies register, as a result of which these indirect shareholdings of the Company ceased to exist.
https://bet.hu/newkibdata/129233743/OPUS_TTKP_v%C3%A9gelsz%C3%A1mol%C3%A1s_20250409_HU.pdf
https://www.bet.hu/newkibdata/129255732/OPUS_KALL%20Ingredients%20Trading_v%C3%A9gelsz%C3%A1mol%C3%A1s
_20250513_HU.pdf
On 1 October 2025, Gerecsegáz Zrt., included as a subsidiary in the consolidation by the Company, merged into Turulgáz Zrt.,
which was also included in the consolidation by the Company. As a result of the merger, the indirect shareholding of the
Company in Gerecsegáz Zrt. ceased to exist, while its indirect shareholding in Turulgáz Zrt. remained unchanged.
https://www.bet.hu/newkibdata/129328213/Gerecse%20beolvad%C3%A1s_HU_20251001.pdf
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.2. Management (Business) Report - Main events of the 2025 business year
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
142
The General Meeting of OPUS-SAT Tanácsadó Zrt., which is under the direct majority ownership of OPUS GLOBAL Nyrt., has
ordered the voluntary liquidation of OPUS-SAT Tanácsadó Zrt. The commencement date of the voluntary winding-up of OPUS-
SAT Tanácsadó Zrt. has been set as 31 December 2025. The voluntary winding-up of OPUS-SAT Tanácsadó Zrt. is being carried
out to rationalize the Group’s economic activities.
https://www.bet.hu/newkibdata/129353685/OPUS_SAT_v%C3%A9gelsz%C3%A1mol%C3%A1s_20251121_HU.pdf
On 15 December 2025, OPUS GLOBAL Nyrt. submitted a binding purchase offer to MFB Invest Befektetési és Vagyonkezelő
Zrt., with a deadline of 15 December 2025, for the acquisition of its 15.22% ownership interest in KALL Ingredients Kft.
(“KALL”), representing 15.22% of KALL’s registered capital. As a result of the transaction following the offer, the direct
shareholding of the Company in KALL increased from 74.33% to 89.55%.
https://www.bet.hu/newkibdata/129368494/OP_KALL_HU_20251215.pdf
Mészáros és Mészáros Zrt., a subsidiary of OPUS GLOBAL Nyrt. involved in the consolidation, has decided at its General
Meeting on the demerger of Mészáros és Mészáros Zrt. by way of a spin-off. As a result of the Spin-off, a new subsidiary of
the Company will be established under the name OPUS-M Tanácsadó Kft., in which the Company will hold a 100%
shareholding. Following the spin-off, the shareholding of the Company in Mészáros és Mészáros Zrt. will remain unchanged
at 51%. The planned date of the spin-off, when the legal effects associated with the spin-off take effect, is 31 March 2026.
https://www.bet.hu/newkibdata/129374164/OG_rendkiv_tajekoztatas_MM_szetvalas_HU_20251223.pdf
Corporate law changes and events
The new investor relations contact for OPUS GLOBAL Nyrt. has been dr. Krisztián Németh since 16 January 2025.
https://bet.hu/newkibdata/129184652/OP_Befektet%C5%91i%20kapcsolattart%C3%B3_%20NK_HU_20250115.pdf
As of 17 March 2025, OPUS GLOBAL Nyrt. appointed Dr. Krisztián Németh as Deputy CEO responsible for Corporate
Governance at OPUS GLOBAL Nyrt.
https://www.bet.hu/newkibdata/129213335/T%C3%A1j%C3%A9koztat%C3%A1s%20vezet%C5%91%20%C3%A1ll%C3%A1s
%C3%BA%20szem%C3%A9lyek_NK_20250317_HU.pdf
At its annual general meeting held on 30 April 2025, the Company adopted the following resolutions:
▪ The General Meeting, having been informed of the auditor's report, approved the Company's individual and
consolidated annual accounts and annual report for 2024, prepared in accordance with IFRS, with all the annexes
thereto, subject to the relevant written report of the Supervisory Board and the Audit Committee.
▪ The General Meeting also resolved that, from the Company’s separate Profit After Tax of HUF 23,308,027,000 for the
year 2024, an amount of HUF 8,048,303,925 shall be distributed as dividends, while the remaining amount shall be
allocated to retained earnings. The starting date of dividend payment is 17 June 2025
▪ The General Meeting likewise approved
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.2. Management (Business) Report - Main events of the 2025 business year
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
143
- the Company’s Responsible Corporate Governance Report presenting its corporate governance practices,
- the Company’s standalone 2024 Sustainability Report, and
- the Company’s Remuneration Report.
▪ Furthermore, the General Meeting appointed Quercus Audit Könyvvizsgáló és Gazdasági Tanácsadó Kft. (chamber
registration number: 002651), with registered auditor András József Tölgyes (chamber registration number: 005572),
as the Company’s permanent auditor, for a fixed term ending on the date of the General Meeting closing the business
year ending on 31 December 2025, but no later than 30 April 2026. The mandate includes the audit of the Company’s
individual and consolidated annual financial statements prepared in accordance with IFRS, as well as the provision of
assurance regarding its sustainability reports for the 2025 financial year.
▪ The General Meeting authorised the Board of Directors to acquire, on behalf of the Company, treasury shares in the
form of ordinary shares issued by the Company, up to a maximum amount corresponding to 25% of the Company’s
registered share capital at any given time. The acquisition of own shares may be effected for consideration or without
consideration, in stock exchange trading, by means of a public offer or over-the-counter trading, including through the
exercise of a right secured by a financial instrument entitling to the acquisition of own shares (e.g. purchase right,
conversion right, etc.). With regard to acquisition for consideration, the maximum purchase price may not exceed the
amount equal to the closing price registered by Budapesti Értéktőzsde Nyrt. for the day preceding the date of the
agreement, increased by twenty percent (20%).
https://www.bet.hu/newkibdata/129247227/OG_KGY_hatarozatok_kozzetetel_HU_20250430.pdf
The amendments to the Company’s Articles of Association adopted by the General Meeting were ordered by the Court of
Registration in its decision No. Cg.01-10-042533/528.
https://www.bet.hu/site/newkib/hu/2025.05./OPUS_GLOBAL_Nyrt._-_Alapszabaly_129257965
Within the framework of the share repurchase programme announced on 18 October 2024, OPUS GLOBAL Nyrt. purchased
a total of 1,596,554 treasury shares between 1 January and 4 February 2025 with the assistance of MBH Befektetési Bank
Zrt., in a total value of HUF 845,456,702 (at an average price of 529 HUF/share).
Following the exit of Wamsler SE from the scope of consolidation and, in connection therewith, its withdrawal from the OPUS
Employee Share Ownership Programme Organization (ESOP Organisation), the ESOP Organisation transferred the ownership
of 94. 984 OPUS GLOBAL Nyrt. ordinary shares (ISIN: HU0000110226) to the Company on 4 February 2025 in an over-the-
counter transaction at a price of 544.23 HUF per share.
https://bet.hu/newkibdata/129194235/OP_MRP_Szervezet_saj%C3%A1t%20r%C3%A9szv%C3%A9ny_HU_20250204.pdf
Under an OTC transaction, the Company transferred 2,675,986 OPUS ordinary shares on 19 June 2025 to the OPUS Employee
Share Ownership Programme (ESOP) for a consideration of HUF 1,464,865,778.
https://www.bet.hu/newkibdata/129277205/OPUS_MRP_r%C3%A9szv%C3%A9ny%C3%BCgylet_20250619_HU.pdf
In 2025 OPUS GLOBAL Nyrt. has decided to launch another share repurchase programme, under which the Company may
acquire treasury shares for a total consideration of up to HUF 8,000,000,000, provided that the total nominal value of the
treasury shares purchased may not exceed 25% of the then-current share capital of OPUS GLOBAL Nyrt.
From the stock exchange trading day of 18 June 2025 until revoked, but no later than 30 April 2026, OPUS GLOBAL Nyrt. will
purchase shares on the Budapest Stock Exchange through daily trading and FIX transactions at current market prices, provided
that the purchase price per share does not exceed the book value per share excluding treasury shares, calculated on the basis
of the 2024 consolidated financial statements, i.e. HUF 710.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.2. Management (Business) Report - Main events of the 2025 business year
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
144
OPUS GLOBAL Nyrt. will engage an investment service provider to execute the share purchases under the programme. On 30
April 2025, the General Meeting of the Company authorised the Board of Directors to acquire treasury shares on behalf of
the Company.
Following the authorization of the General Meeting, within the framework of the announced share repurchase programme,
the Company purchased a total of 4,893,405 treasury shares on the Budapest Stock Exchange between 18 June and 31
December 2025, in a total value of HUF 2,794,253,828 (at an average price of 571 HUF/share).
On 8 July 2025, Opus Management Kft., a majority-owned subsidiary of OPUS GLOBAL Nyrt., acquired the ownership of
469,719 OPUS GLOBAL Nyrt. ordinary shares transferred to it by the Company in an off-market transaction.
https://www.bet.hu/newkibdata/129288580/OP_saj%C3%A1t%20r%C3%A9szv%C3%A9ny%20%C3%A1llom%C3%A1ny%20
v%C3%A1ltoz%C3%A1s_20250708_HU.pdf
On 14 November 2025, the Company transferred 15,370 OPUS ordinary shares to the OPUS Employee Share Ownership
Programme Organization (ESOP Organisation) in an OTC transaction for a consideration of HUF 8,137,701.
https://www.bet.hu/newkibdata/129349971/OPUS_MRP_r%C3%A9szv%C3%A9ny%C3%BCgylet_20251114_HU.pdf
On 15 December 2025, the Company transferred the ownership of 1,101,834 OPUS GLOBAL Nyrt. ordinary shares
to its directly owned subsidiary, Mészáros és Mészáros Zrt., in an over-the-counter transaction.
https://www.bet.hu/newkibdata/129369104/OP_saj%C3%A1t%20r%C3%A9szv%C3%A9ny%20%C3%A1llom%C3%A1ny%20
v%C3%A1ltoz%C3%A1s_20251216_HU.pdf
Following the 2025 treasury share transactions, the direct treasury shareholding of the Company as of 31 December 2025 is
44,513,067 shares, while at the group level, it totals 164,027,722 shares, representing 23.49% of the issued shares.
https://www.bet.hu/newkibdata/129376696/OPUS_szavazati%20jog_20251231_HU.pdf
https://www.bet.hu/newkibdata/129375757/OPUS_r%C3%A9szv%C3%A9ny%20v%C3%A1s%C3%A1rl%C3%A1s_20251231
_HU.pdf
Within an over-the-counter transaction, the KONZUM PE Magántőkealap sold 42,642,994 OPUS ordinary shares on 6 May
2025, reducing the Fund’s voting rights in the Company from 9.17% to 3.07%, thereby crossing the 5% threshold set out in
Section 61(3) of Act CXX of 2001 on the Capital Market.
Within an over-the-counter transaction, the DANUBE Magántőkealap purchased 42,642,994 OPUS ordinary shares, increasing
the Fund’s voting rights in the Company from 0% to 6.11%, thereby crossing the 5% threshold set out in Section 61(3) of Act
CXX of 2001 on the Capital Market.
https://www.bet.hu/newkibdata/129271854/OPUS_Konzum%20PE_savatlepes_HU_20250606.pdf
https://www.bet.hu/newkibdata/129271996/OPUS_DANUBE%20Mag%C3%A1nt%C5%91kealap_savatlepes_HU_20250606
.pdf
The Annual General Meeting of OPUS GLOBAL Nyrt. held on 30 April 2025 decided to pay a dividend of HUF 8,048,303,625
for the financial year 2024. As the Company held 161,825,673 Series A treasury shares prior to the payment of the dividend
and the dividend per treasury share was not taken into consideration, the Company paid a dividend of HUF 15 per share.
Natural and legal persons who were holders of OPUS shares on the record date of the ownership correspondence, 5 June
2025, and whose account managers requested their entry in the share register were entitled to dividends. KELER Zrt. acted
as the Company's trustee for the payment of dividends.
https://www.bet.hu/newkibdata/129268489/OG_Egy%20r%C3%A9szv%C3%A9nyre%20jut%C3%B3%20osztal%C3%A9k_20
250602_HUN.pdf
https://www.bet.hu/newkibdata/129262663/OG_osztal%C3%A9kfizet%C3%A9s_rendje_20250526_HU.pdf
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.2. Management (Business) Report - Main events of the 2025 business year
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
145
Investor analyses
Scope Ratings GmbH, an independent credit rating agency, carried out a credit rating review of the Tigaz 2031/A bonds issued
by OPUS TIGÁZ Zrt., a subsidiary included in the consolidation of the Company. Scope Ratings GmbH, as the Company's credit
rating agency, changed the issuer rating from BBB-/Positive to BBB-/Stable and the bonds issued were changed from BBB- to
BBB.
https://www.bet.hu/newkibdata/129217383/OP_TIG%C3%81Z%20min%C5%91s%C3%ADt%C3%A9se_HU_20250325.pdf
The English version of the rating agency's report is available in the below link.
https://scoperatings.com/ratings-and-research/rating/EN/178537
https://www.scoperatings.com/ratings-and-research/issuer/611468/documents
In July, the Company participated in the independent credit rating review process required for its participation in the Growth
Bond Programme (NKP) announced by the National Bank of Hungary to facilitate corporate financing. The analysis was carried
out by Scope Ratings GmbH, a recognised independent international credit rating agency. As a result of the review process,
the Company retained a BBB- rating for the bonds issued, four grades above the investment grade required by the MNB, and
a BB Stable issuer rating for the Company, based on the rating already issued.
https://www.bet.hu/newkibdata/129297938/OPUS_SCOPE_HU_20250730.pdf
The original English version of the rating agency's report is available at the below link.
https://www.scopegroup.com/ScopeGroupApi/api/analysis?id=38674220-a8a7-4582-9dd4-a79b83c91511
On 17 December 2025, Equilor Befektetési Zrt. issued its quarterly analysis on OPUS GLOBAL Nyrt. in both Hungarian and
English.
https://www.bet.hu/site/newkib/hu/2025.12./Az_Equilor_Befektetesi_Zrt._negyedeves_elemzese_az_Opus_Global_Nyrt.-
rol_2025.12.17.__129370873
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
146
III.3. Presentation of the Group's 2025 Financial Activity
Highlighted Data
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
147
OPUS GLOBAL Nyrt. has developed its portfolio according to a conscious and consistently implemented strategy.
As a result, in 2025 on business terms, the Company’s activities could be broken down into the following 5 main divisions:
• Construction
• Food Industry
• Energy
• Tourism
• Asset Management
The Group presents the division information to the Management based on the breakdown of these business divisions.
For the purposes of the comparisons in the Division Reports presented in section III.5, the Group determined the
breakdown ratio excluding consolidation eliminations, taking into consideration all consolidation items, but in this III.4
Consolidated Presentation of the Group's management, the financial data include the consolidated eliminations and thus
reconcile with the consolidated financial statements.
Overview of the Consolidated Income Statement:

Unless otherwise indicated, data is expressed in HUF '000'
Key P/L data | OPUS Global Nyrt., Consolidated 01.01.2025-31.12.2025 audited factual data | OPUS Global Nyrt., Consolidated 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Total operating income | 467,429,033 | 597,029,928 | -129,600,895 | -21.7%
Operating costs | 422,849,577 | 551,234,364 | -128,384,787 | -23.3%
Operating (business profit/loss) EBIT | 44,579,456 | 45,795,564 | -1,216,108 | -2.7%
EBITDA | 105,541,975 | 93,991,299 | 11,550,676 | 12.3%
Net financial income | 23,339,877 | 4,944,026 | 18,395,851 | 372.1%
Profit before taxes | 69,494,404 | 59,410,955 | 10,083,449 | 17.0%
Profit after taxes | 51,545,724 | 48,103,288 | 3,442,436 | 7.2%
Total comprehensive income | 49,131,309 | 50,875,026 | -1,743,717 | -3.4%
Employee headcount (persons) | 4,350 | 4,526 | -176 | -3.9%

Note: The data indicated in the table called consolidated financial data and shareholder information, profit and loss account are in line with the data
indicated in the annual consolidated IFRS statements along with the 2025 and 2024 consolidated filters.
In 2025, the Group's Total operating income decreased by HUF 129.6 billion, that is 21.7%, compared to 2024, so for the
full year the Group generated total operating income of HUF 467,429,033,000. The change was primarily caused by the
decrease in the revenue of the Construction Division due to the declining number of projects (HUF 111 billion in 2025, HUF
255 billion in 2024), furthermore, the revenue lost due to the sale of the Wamsler Group (in 2024: HUF 14 billion) also
exerted an impact on the change.
Within the operating income, the value of revenue was recorded in the books at HUF 443,433,461,000, while other income
was recorded at HUF 23,995,572,000.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
148
Due to the decrease in the revenue of the Construction Division, in 2025 the Energy Division represents the largest
proportion of the total operating income of the Company Group at 39%, the Food industry contributes 23%, and the
Construction Division contributes 25% to the total revenue of the Company Group. The Tourism Division can claim 12%,
while the revenue from the Asset Management Division is non-material at 1% compared to the total revenue of the
Company Group.
Operating costs of the OPUS Group
In the year 2025, the total Operating costs of the Company Group at the consolidated level were HUF 422,849,577,000,
which represents a cost level decrease of HUF 128,384,787,000, specifically 23.3%, compared to the year 2024. The
decrease in Operating costs was of a greater extent compared to the decrease in the total operating income of the Company
Group.
Comparison of the Operating Cost in 2025-2024:
Unless otherwise indicated, data is expressed in HUF '000'

Operating costs | OPUS Global Nyrt., Consolidated 01.01.2025-31.12.2025 audited factual data | OPUS Global Nyrt., Consolidated 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Total operating costs | 422,849,577 | 551,234,364 | - 128,384,787 | -23.3%
Materials, consumables and other external charges | 324,935,626 | 466,419,032 | - 141,483,406 | -30.3%
Staff costs | 57,106,190 | 51,934,155 | 5,172,035 | 10.0%
Depreciation | 49,874,466 | 48,195,735 | 1,678,731 | 3.5%
Goodwill impairment | 11,088,053 | - | 11,088,053 | n.a.
Impairment loss recognized in accordance with IFRS 9 | 351,142 | 1,042,287 | - 691,145 | -66.3%
Other impairment | - 1,141,799 | 114,289 | - 1,256,088 | -1, 099.0%
Other operating costs and expenses | 10,425,675 | 17,927,511 | - 7,501,836 | -41.8%
Capitalised own performance | - 29,789,776 | - 34,398,645 | 4,608,869 | -13.4%

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
149
The breakdown of the aggregated operating costs of the Company Group by cost type is presented in the following pie chart:
The breakdown of the operating costs of the Company Group by division is presented in the following chart:
The amount of Material expenses within the Group amounted to HUF 324,935,626,000 in the reporting period, which
includes the purchase value of goods sold. 28% of raw materials, consumables and other external charges is given by
the Food Industry Division. The Food Industry Division accounted for a further 27%, the Energy Division for 37% and the
Tourism Division for 8% at consolidated level. The share of the Asset Management Division also remained 1%.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
150
The breakdown of Staff costs by division shows different proportions from the other cost items. The Energy Division
accounts for 45% of the staff costs, the Tourism Division for 30%, the Food Industry Division for 16%, and the
Construction Division for 7%. The Asset Management Division accounts for only 2%.
The value of Staff costs increased by 10% compared to the base year, which increase was primarily caused by the rise
in wage levels, as the headcount decreased by 3.9% compared to the previous year. As at 31 December 2025, the total
number of employees in the Group was 4,350, with a group-level breakdown of 57% manual workers and 43% white-
collar employees.
The Depreciation line, which represents 11.8% of the Operating costs, shows an increase of 3.5% compared to the base
year, totalling HUF 49,874,466,000 in 2025, of which 62% is in the Energy Division and 15% in Industrial production. A
further 15% was accounted for by the Food Industry Division and 8% by the Tourism Division. The share of the Asset
Management Division is negligible in this context as well, representing a value below 1%.
The Group recognizes two significant items of depreciation in its consolidated accounts compared to the individual
accounts of the companies: the first item is the depreciation of the contract inventories (HUF 6,753,952,000), identified
during the acquisition of companies in the Construction Division, and the second is the depreciation recognized (HUF
2,337,000) after the fair value adjustment of the distribution assets related to the acquisition of the Energy companies.
The value of Other Operating Costs and Expenses was HUF 10,425,675,000 in 2025, alongside a decrease of 42%, of
which the Construction Division accounts for 54%, the Food Industry Division for 8%, as well as the Tourism Division for a
further 24%, and the Energy Division for 14%. The value of the Asset Management Division remained below 1%.
The value of Capitalised own performance can typically be related to the Energy Division on the level of consolidation.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
151
Development of EBIT and EBITDA indicators in the years 2025–2024
The Operating Profit (EBIT) decreased by HUF 1,216,108,000 (2.7%) compared to the previous year and its value was
HUF 44,579,456,000 at the end of the financial year. The decrease in EBIT was primarily caused by the goodwill
impairment of HUF 11,088,053,000 in 2025, without the impact of which the organic change in EBIT would show a
significant increase of 22%.
The EBITDA, which most accurately presents the operating profitability of the entire Company Group and the Divisions,
demonstrates the result of the actual activity without depreciation and goodwill impairment, which is HUF
105,541,975,000, representing an increase of 12.3% compared to the EBITDA of the previous year calculated in
accordance with the same methodology.
Breakdown of the result of Financial Operations for the year 2025- 2024:
Unless otherwise indicated, data is expressed in HUF '000'

Net financial income | OPUS Global Nyrt., Consolidated 01.01.2025-31.12.2025 audited factual data | OPUS Global Nyrt., Consolidated 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Financial income | 44,048,282 | 29,997,411 | 14,050,871 | 46.8%
Badwill | - | 4,211,237 | - | -
Financial expenses | 20,708,405 | 29,264,622 | - 8,556,217 | -29.2%
Net financial income | 23,339,877 | 4,944,026 | 18,395,851 | 372.1%

The Financial income increased significantly compared to 2024, which was primarily caused by the market fair value
difference of financial assets.
In 2024, the Badwill represents a one-off profit arising from the inclusion of Opus Management in the Group.
The favourable change in the Expenses of financial operations was caused by the decrease in the interest expenses of
the Company Group, as well as the smaller exchange rate loss.
The Group recognises the profit or loss on affiliates accounted for using the Share in investments recognised with the
equity method as an item other than earnings from financial transactions in the amount of HUF 1,575,071,000 on
31.12.2025. The higher value in 2024 was caused by a significant amount of one-off increase in the equity of the joint
venture OPTESZ OPUS Zrt. attributable to the Company.
Net financial income (HUF 23,339,877,000), as well as the result shown on the line Result from investments accounted
for using the equity method (1,575,071), also significantly increased the consolidated result of the Company Group in
2025 in addition to the Operating Profit (EBIT), thus the OPUS Group realised a profit of HUF 51,545,724,000 on the
Profit after tax line in the year 2025. This represents an increase in profit of HUF 3.4 billion for the Group.
The Total Comprehensive Income of the Company Group was HUF 49,131,309,000 in 2025.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
152
Overview of the Consolidated Balance Sheet:

Consolidated financial data and shareholder information, balance sheet:
Unless otherwise indicated, data is expressed in HUF '000'
Balance-sheet data (closing portfolio) | OPUS GLOBAL Nyrt. Consolidated 31.12.2025 audited factual data | OPUS GLOBAL Nyrt. Consolidated 31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Balance sheet total | 1,018,086,746 | 1,062,248,246 | -44,161,500 | -4.2%
Total cash | 167,781,980 | 160,182,009 | 7,599,971 | 4.7%
Long-term liabilities | 386,901,158 | 395,069,449 | -8,168,291 | -2.1%
Short-term liabilities | 238,317,008 | 287,564,339 | -49,247,331 | -17.1%
Loans and borrowings | 107,500,216 | 121,244,678 | -13,744,462 | -11.3%
Loan/Balance sheet total | 0.11 | 0.11 | -0.01 | -7.5%

Note: The data indicated in the table called consolidated financial data and shareholder information, balance sheet are in line with the data indicated in the
annual consolidated IFRS statements along with the 2025 and 2024 consolidated filters.
The Company Group closed with a consolidated Balance Sheet Total of HUF 1,018,086,746,000 as at 31.12.2025, which
is lower by HUF 44,161,500,000, specifically 4.2%, compared to the previous year's base data.
The decrease in the Balance Sheet Total was primarily caused by the decrease in current assets and short-term liabilities,
the decrease in external resources, as well as the exchange rate effect (the decrease in the balance sheet total of the food
industry and foreign subsidiaries recorded in EUR as a result of the 2025 EUR/HUF exchange rate decrease).
For the Group, the highest value of Assets as at 31 December 2025 was in the Energy Division 47%, the Food Industry
Division with 20% and the Industrial Production Division at 16%. This is followed by the Tourism Division with a share of
13%, and Asset Management closes the list with a share of 4%.
Within Assets, the share of Non-current assets increased by 3.5% to HUF 721,144,379,000 at the end of 2025. Property,
plant and equipment accounts for 77% of Long-term assets.
The Group's accounting policy is to test Goodwill for impairment annually. The Company Group performs the review of
indicators pointing to impairment each year as at the reporting date of 31 December with the assistance of an external
business valuation expert, based on which a significant impairment of HUF 11,088,053,000 was accounted for at the end
of the current year, primarily with regard to the companies of the Food Industry Division. A smaller-scale Goodwill write-
off occurred in the Tourism Division due to the sale of two Austrian hotels, which write-offs were compensated for by the
profit on the sale.
The Contract portfolio relating to the Construction Division (recognised on acquisition) has decreased by a net amount
of HUF 6,753,952,000, so that its value at the end of 2025 is HUF 3,214,944,000.
The value of Current Assets is HUF 296,942,367,000, which represents a -18.8% change compared to the previous year's
base year, primarily due to the decrease in inventories and receivables.
On the equity and liabilities side, the value of Equity is HUF 392,868,580,000, having increased by 3.5%, specifically by
HUF 13,254,122,000, compared to the end of the year 2024. The primary driver of the growth is the HUF 49.1 billion total
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
153
comprehensive income, which was, however, significantly reduced by the HUF 23.1 billion dividend paid to the owners
of the parent company and the non-controlling interests, and the HUF 3.7 billion treasury share purchase.
Energy and Construction account for the largest share of the Liabilities with 50% and 15% respectively, Food Industry
with 13%, Tourism with 9% and Asset Management with 13%.
The value of Long-term Liabilities was HUF 386,901,158,000 as at 31.12.2025, which represents a decrease of 2.1%,
while the value of Short-term Liabilities was HUF 238,317,008,000, which decreased by 17.1%, and the line for other
liabilities and accrued expenses and deferred income accounts for 45% thereof.
Observing the distribution within Liabilities, there has been no significant change in the ratio of long-term to short-
term liabilities. While at the end of 2024, 58% of the Group's liabilities were long-term and 42% short-term, at the end
of 2025, long-term liabilities increased to 62%, while long-term liabilities decreased to 38%.
Under Long-term liabilities, the Liabilities from bond issues change the most based on the 1.5 billion capital repayment
at OPUS TIGÁZ Zrt.
Loans and advances represent17% of the Liabilities (HUF 107,500,216,000), which shows a decrease of 11.3%. As a
result, the ratio of bank liabilities to total assets is also at a favourable low of 11% (11% in 2024). The short and long
structure of loans did not change significantly compared to 2024.
The value of Provisions was HUF 15,157,502,000, 82% of which occurred in the Construction Division, a further 15% in
the Energy Division, 2% in the Food Industry Division, and 1% in the Asset Management Division. 99% of the value of
Provisions was formed for the long term, and 1% was formed for the short term.
As at 31.12.2025, the Food Industry Division shows the largest share of loans with 41%, followed by the Energy Division
with 40%, and finally Tourism with 19%, while the Asset Management and Industrial division has no external loans.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.3. Management (Business) Report – Description of the 2025 Business Activity of the Group
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
154
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Description of the business activity by division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
155
III.4. Description of the Business Activity by Division
The management, financial ratios and data of the Group's divisions presented in this section III.4 have been prepared on an IFRS basis, but without consolidation
eliminations, and are therefore not reconcilable to the Group's consolidated balance sheet and profit and loss figures.
The presentation of the management of each division focuses on the following key companies (groups of companies) in the division portfolios.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
156
Construction Division
OPUS GLOBAL Nyrt. (hereinafter: OPUS GLOBAL) made a strategic decision in 2023
regarding the simplification of the structural setup of the Company Group, and the
more intensive exploitation of existing synergies within the Company Group,
furthermore, the commencement of rationalisation in the interest of more efficient
operation. Within the framework of this, the simplification of the organisational
structure of the Construction Division was implemented within the Industrial
Production Division by the end of the year 2023. In 2024, the further transformation
affecting the setup and composition of the division continued as well. OPUS GLOBAL
decided to divest the Wamsler Group, which represented the heavy industry branch,
and in the course of 2024 completed the transaction through the sale of its 99.93%
ownership stake in Wamsler SE Háztartástechnikai Európai Rt. The Wamsler Group –
and the Heavy Industry Branch represented by it – thereby exited the parent company
structure and the scope of consolidation as well.
By the beginning of the 2025 financial year – as a result of the organisational rationalisation implemented in the previous two
years – OPUS GLOBAL established a more transparent and efficient division structure. The purpose of the changes was the
support of operational functioning, the acceleration of decision-making, and the more efficient exploitation of synergies. The
exit of the Heavy Industry Branch from the consolidation redefined the setup and the scope of activities of the Industrial
Production Division, which focuses primarily on construction industry activities from 2025 onwards. Simultaneously, the
name of the division changed from the Industrial Production Division used until then to the Construction Division as of 1
January 2025. In the interest of facilitating more efficient operation, the strategic steps continued in 2025 as well. As part of
this process, the owners of Mészáros és Mészáros – in the interest of cleaning the portfolio elements alien to the profile and
the rationalisation of the operation of the company – decided on the demerger of Mészáros és Mészáros by way of separation,
which transaction will take place during the course of 2026.
For OPUS GLOBAL the Construction Division is of highlighted significance, including construction businesses. At the
consolidated level, the Construction Division accounts for 25% of the OPUS Group's Revenue and 16% of the Balance Sheet
total.
A. Companies of the division

List of the subsidiaries in the division as at 31.12.2025:
Name | Level of affiliation | Core business activity | Country of registration | Indirect/direct participation | Issuer’s share on 31.12.2025 | Issuer’s share on 31.12.2024
Mészáros és Mészáros Ipari, Kereskedelmi és Szolgáltató Zrt. | S | Construction of other civil engineering projects n.e.c. | Hungary | Direct | 51.00% | 51.00%
Mészáros Hrvatska d.o.o* | S | Project-management | Croatia | Indirect | - | 51.00%
R-KORD Építőipari Kft. | S | Railway construction | Hungary | Direct | 51.00% | 51.00%
RM International Zrt. | S | Railway construction | Hungary | Indirect | 51.00% | 51.00%
The subsidiary was dissolved through liquidation in April 2025, as a result of which the Company’s indirect ownership interest was also terminated S: Subsidiary

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
157
Mészáros és Mészáros Ipari és Kereskedelmi és Szolgáltató Zrt.. (Hereinafter referred to as Mészáros és Mészáros) was
established on 01.10.2021 as the full legal successor of Mészáros és Mészáros
Kft. The company's activities are mainly focused on large-scale earthworks,
bridge, road, utility, waterworks, building construction and other construction
works, as well as construction works for facilities related to the environment
and nuclear energy. OPUS GLOBAL has a 51% direct ownership share in the
company.
The general meeting of Mészáros és Mészáros made a decision regarding its demerger by way of separation, which OPUS
GLOBAL disclosed within the framework of an extraordinary stock exchange announcement on 23 December 2025. As a result
of the transaction, a new Company – standing under the 100% ownership of OPUS GLOBAL – called OPUS-M Tanácsadó Kft.
is established. Subsequent to the separation of OPUS-M Tanácsadó Kft., the shareholding of OPUS GLOBAL in the Mészáros
és Mészáros company remains unchanged at 51%. The planned date of the transaction is 31 March 2026.
Beyond significant own capacity, Mészáros és Mészáros performs its activities with the involvement of subcontractors. As a
main contractor, it typically performs tasks related to procurement of materials, technical preparation, project management,
technical supervision and control, and project management.
Public works
Public utility construction is the main pillar of the operation of Mészáros & Mészáros. The business mainly includes works
related to wastewater investments, water treatment plants, water utilities and gas distribution infrastructure. Most of the
projects are funded by the European Union, including the Operational Programme for Environment and Energy Efficiency.
Water engineering
Classical water engineering and civil engineering works include works related to flood protection embankments,
improvements related to the enhancement of the protection capacity, river rehabilitation. The company is also involved in
the construction of flood protection embankments and other structures related to flood protection and water transport.
Transportation
The company has more than 15 years of experience in road, railway bridge construction and reconstruction works.
Environment protection
The Environment protection division has extensive experience in building complex waste management systems required by
the EU and national legislation, upgrading municipal waste management infrastructure and technology at national level in
line with EU health and environmental objectives.
Nuclear energy
Paksi Atomerőmű Zrt. is a crucial company with regard to the electricity generation of Hungary, and the extension of its
operating life and the construction of new units have meant a task in the past year that fit in well with the company's activities.
The company has the necessary nuclear qualifications and certificates for the construction work.
Mészáros Hrvatska d.o.o. was established on 18 January 2022 as a Croatian subsidiary of Mészáros & Mészáros. The Croatian
subsidiary's main task is to explore business opportunities in Croatia and to implement projects, both independently and in
joint ventures. As a result of the unexpectedly erupted Russia–Ukraine war, the adverse effects that also spilled over into the
Croatian market negatively impacted the previously expected business opportunities. Consequently, Mészáros és Mészáros
decided to terminate Mészáros Hrvatska d.o.o. through voluntary liquidation. The liquidation of the Croatian subsidiary was
initiated in 2024 and was concluded in April 2025 with the termination of the company.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
158
RM International Zrt. (hereinafter referred to as: RMI) was founded in 2017 with equal 50-
50% ownership by the legal predecessor of Mészáros és Mészáros and R-KORD Építőipari
Kft. The company’s main activity—under an international contract—is the reconstruction,
development, and implementation of the Hungarian section (Soroksár–Kelebia) of the
Budapest–Belgrade railway line.
The contract between MÁV Zrt., acting on behalf of the customer, RMI., China Tiejiuju
Engineering & Construction Kft. and China Railway Electrification Engineering Group, acting on behalf of the contractor,
entered into force on 25 May 2020. Implementation is performed by the consortium of China Tiejiuju Engineering &
Construction Kft., China Railway Electrification Engineering Group (Hungary) Kft. and RMI (CRE consortium).
Subsequent to the entry into force of the contract, the design and construction work for the Hungarian phase of the project
has started. The financial coverage of project costs is provided by the Intergovernmental Agreement and the Grant
Agreement. The specific procedural, land acquisition, accounting and asset management rules governing the project are set
out in the BB Act (Act XXIX of 2020 on the Development, Construction and Financing of the Hungarian Section of the Budapest-
Belgrade Railway Line Reconstruction Project). Within the framework of the project, CRE Consortium will undertake, inter
alia, the design, construction, execution, performance, warranty and licensing of the facilities.
The principal activity of R-KORD Építőipari Kft. (hereinafter: R-KORD) is railway construction.
The undertaking performs its activities on a project basis with the involvement of subcontractors. In
2018, the formerly 100% owned Vasútautomatika Kft. was merged into the company, which was
engaged in the design and support of telecommunication systems, railway switch heating, safety
equipment and their power supply on the lines of MÁV Zrt. and FI GYSEV Zrt. The company is a
regular supplier to MÁV Zrt and GYSEV Zrt., and its business partners are Ministry of Construction
and Transport (ÉKM Kft.), Swietelsky Vasúttechnika Kft., MÁV FKG Kft., STRABAG Rail Kft.
B. Description of the business environment of the division
In accordance with the data provided by the Central Statistical
Office, the volume of Hungary's gross domestic product in the final
quarter of 2025 exceeded the identical period of the preceding
2024 base year by 0.7% notwithstanding the unadjusted data, and
by 0.5% in accordance with seasonally and calendar-adjusted data.
In comparison with the third quarter, in accordance with seasonally
and calendar-adjusted data, the performance of the economy
expanded by 0.2%. In the 2025 financial year, the performance of
the economy exceeded the data of the year 2024 by 0.4%
notwithstanding the unadjusted data, and by 0.3% in accordance
with seasonally and calendar-adjusted data. The growth of the
gross domestic product was primarily facilitated by the
performance of services, specifically and most significantly by the
financial, insurance activities and the trade sectors, furthermore by
the performance of the construction industry. The performance of
the economy was hindered to the greatest extent by the recession
of the industrial sector.
In 2025, industrial producer prices increased overall by 4.1% in comparison with the preceding year. Domestic sales prices
increased by an average of 2.3%, within which a price escalation of 2.5% occurred in the manufacturing industry and 1.7% in
the energy industry. In accordance with the breakdown by destination, domestic prices increased by 1.4% in the energy and
intermediate goods producing sectors, by 3.0% for manufacturers of capital goods, while they increased by 5.1% in the sectors
producing consumer goods. Export sales prices increased to a greater extent, by 5.0%. Export prices within the manufacturing
industry were higher by 2.4%, whereas within the smaller-weight energy industry, they were higher by 11.7% in comparison
with the identical period one year earlier.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
159
The volume of industrial production demonstrated an overall restrained performance throughout the final quarter of the
2025 financial year. With regard to the entirety of the annual period, the volume of industrial production in 2025 remained
below the level of the 2024 base year by 3.2%. Industrial production encompasses three distinct branches of the national
economy, specifically the manufacturing industry, the energy industry, and the mining sector. The output of industrial
production remained below the identical period of the preceding year by 2.7% in October and by 5.4% in November, as a
contraction was observable across the majority of the manufacturing sub-sectors. In accordance with unadjusted data, an
annual expansion of 1.8% was manifested within the industrial sector in December; consequently, a growth occurred across
the majority of the sub-sectors as well.
The output of the manufacturing industry moderated by 3.1%, that of the energy industry by 1.6%, and that of the mining
sector by 5.1%. The production value of the manufacturing industry exceeded HUF 50,000 billion nevertheless, a decrease
occurred in eleven out of the thirteen sub-sectors. The most significant recession was observable in the field of coke
production and petroleum processing, whereas the output of the highest-weight vehicle manufacturing moderated by 4.3%.
Growth was demonstrated by merely two sub-sectors: the volume of the manufacturing of computer, electronic, and optical
products increased collectively by 14.5%, furthermore the manufacturing of wood and paper products increased collectively
by 1.7%. The volume of industrial exports decreased by 2.5% in comparison with the identical period of the preceding year,
within which the export performance of the manufacturing industry fell back by 2.0%, and the processes experienced within
vehicle manufacturing were particularly emphasized. Industrial domestic sales decreased by 4.6%, and the domestic sales of
the manufacturing industry moderated significantly by 3.3%, while the domestic turnover of the food industry, which
constitutes the largest proportion of domestic sales, decreased by 0.6%. Industrial production delineates a regionally diverse
configuration: production increased in three regions, remained stagnant in one, and decreased in four regions. The most
substantial expansion occurred in the Northern Great Plain by 5.3%, whereas the most significant recession occurred in the
Southern Great Plain by 12.0%.
Throughout the final quarter of 2025, the performance of the construction industry—which, in accordance with the
classification of the Central Statistical Office, encompasses the structural construction and specialized execution of buildings
furthermore other structures—demonstrated an overall growth; nevertheless, the monthly data indicated significant
fluctuations. In the initial month of the quarter, the volume of construction industry production exceeded the identical period
of the preceding year by 9.7%, and by 0.1% in accordance with seasonally and working-day adjusted data. The production of
both main groups of structures expanded, as the construction of buildings increased by 14.7% and the construction of other
structures increased by 3.7%. Nevertheless, a recession occurred in November, as the volume of production remained below
the level of the identical period one year earlier by 5.6% in accordance with unadjusted data, and by 3.6% in accordance with
working-day adjusted data. The volume of the execution of buildings expanded by 7.7%, while with reference to other
structures, production decreased by 20.0%. Significant growth was experienced once again in December, as the volume of
the construction industry increased by 8.9% on an annual basis. The volume of buildings increased by 8.4%, while the volume
of other structures increased by 10.5%. Throughout the entirety of 2025, the volume of construction industry production
increased by 2.8% in comparison with 2024. The execution value of buildings expanded by 5.5%, while that of other structures
moderated by 0.9%. The volume of new contracts increased overall by 1.8%; those concluded for buildings decreased by
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
160
7.2%, whereas agreements relating to other structures increased by 11.6%. Prices demonstrated an upward tendency: In
2025, construction industry producer prices were higher by an average of 5.4% in comparison with the preceding year. In the
final quarter, an annual price escalation of 5.1% occurred, furthermore in comparison with the third quarter, a price increase
of 0.8% was observable.
(Source: KSH (Central Statistical Office)
In the final quarter of 2025, within the population aged 15 to 74 years, the average number of employed individuals amounted
to 4,642,000 persons, which is 46,000 persons fewer in comparison with the identical period of the preceding year.
Employment decreased for both sexes: for men by 24,000 persons, to 2,457,000 persons, and for women by 23,000 persons,
to 2,186,000 persons. Within the identical age group, the average number of unemployed individuals amounted to 213,000
persons, furthermore the unemployment rate reached 4.4%. The number of unemployed men amounted to 116,000 persons,
while the number of unemployed women amounted to 97,000 persons; the rate reached 4.5% for men and 4.3% for women.
In accordance with the data provided by the National Employment Service, at the conclusion of December 2025, the number
of registered jobseekers amounted to 216,000 persons, which is 2.2% lower in comparison with the level one year earlier.
C. Division activity in 2025
In the introductory section presenting the Division, the comprehensive organisational measures implemented by OPUS
GLOBAL in recent years – with the aim of simplifying and making the operation of the Division more transparent – were
already described in detail. One of the key steps in these processes was the sale of the Wamsler Group in 2024, as a result of
which the Heavy Industry Branch was entirely removed from both the corporate structure and the consolidation scope of the
OPUS Group. The simplification carried out within the Division has led to the introduction, from 1 January 2025, of a
presentation framework in which three key companies – Mészáros és Mészáros, R-KORD and RMI – are featured in the
context of the Construction Division’s economic and financial data, as well as in analyses and evaluations relating to its
operational processes.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
161

Aggregated financial data and shareholder information, balance sheet:
Unless otherwise indicated, data is expressed in HUF '000'
Balance-sheet data (closing portfolio) | Energy Division 31.12.2025 audited factual data | Energy Division 31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Balance sheet total | 186,627,022 | 220,698,476 | -34,071,454 | -15.4%
Total cash | 57,365,372 | 53,679,750 | 3,685,622 | 6.9%
Equity capital | 66,109,323 | 57,839,373 | 8,269,950 | 14.3%
Long-term liabilities | 18,817,812 | 17,189,328 | 1,628,484 | 9.5%
Short-term liabilities | 101,699,887 | 145,669,775 | -43,969,888 | -30.2%
Loans and borrowings | 257.00 | - | 257.00 | -
External funds/balance sheet total | 0.00 | - | 0.00 | -

The aggregated Balance Sheet Total of the Construction Division moderated in 2025; following a regression of HUF 34.07
billion from the HUF 221.27 billion stock in 2024, it concluded the annual period at HUF 186.63 billion which corresponds to
an annual decrease of 15.4%. The reduction of the asset stock of the division already commenced in the initial half of the
year; the stock became lower overall by 5.6% throughout six months, within which the asset decrease was 5.8% during the
first three months. Nevertheless, in the second quarter, the decrease of the Balance Sheet Total temporarily ceased, and an
expansion of 0.2% was observable on a quarter-on-quarter basis. The evolution of the asset stock in the second half of the
year demonstrated a dual configuration. In the third quarter, the preceding decreasing tendency reappeared and persisted;
the asset stock of the division fell back by approximately 20% at an aggregated level on a quarter-on-quarter basis, which
represented the most substantial quarterly reduction of the examined period. However, the year-end dynamics already
demonstrated a more favourable configuration; the decrease of the Balance Sheet Total not only ceased, but a turnaround
occurred, and a quarter-on-quarter based growth of 11% (HUF 19.43 billion) was observable in the fourth quarter.
Consequently, the evolution of the asset stock in 2025 was intensely cyclical and demonstrated significant fluctuations at a
quarterly level, after the nadir in the third quarter was followed by a year-end correction.
The three enterprises of the Construction Division contributed to the aggregated asset value with differing weights;
nevertheless, the proportions accustomed to in preceding years were modified in 2025. In the third quarter, the internal
structure of the division was rearranged; the relative weight of RMI increased, while the participation of R-KORD moderated.
These movements reduced the concentration characteristic of preceding years, and the enterprises of the division appeared
in the aggregated statements with asset values of approximately identical magnitude, which resulted in a temporary
equalization of the internal equilibrium of the division. Nevertheless, a marked proportional shift occurred once again in the
fourth quarter. The asset stock of RMI and R-KORD demonstrated a slight decrease; in accordance with this, Mészáros és
Mészáros achieved a significant asset stock growth of HUF 25.270 billion in the fourth quarter. As a consequence of this, by
the conclusion of the year, Mészáros és Mészáros provided 44% of the aggregated Balance Sheet Total of the division;
specifically, it became the largest participant of the division, and its asset value exceeded its opening stock of the year 2025
as well.
By the conclusion of 2025, the IFRS-based Balance Sheet Total of Mészáros és Mészáros was HUF 82.38 billion, which was
higher by 22%—specifically by HUF 14.95 billion—in the subject year in comparison with the preceding closing stock of 2024.
Regarding the other two participants of the division, we could observe a regression in comparison with the base; the Balance
Sheet Total of R-KORD concluded the year at HUF 50.55 billion following a 34% decrease in 2025, and RMI recorded a 31%
regression, thus concluding 2025 at HUF 53.7 billion.
No substantive structural-level alteration manifested in the balance sheet configuration of the Construction Division in the
fourth quarter; nevertheless, minor proportional shifts were observable. Within the aggregated asset stock of the division,
current assets continued to dominate, which has been a definitive characteristic of the balance sheet structure originating
from construction industry activities for years. However, the current asset proportion of 80–85% accustomed to in preceding
periods moderated by the conclusion of 2025 and was modified to 74%. The primary cause of the alteration was the
considerable fourth-quarter stock increase of the non-current assets of Mészáros és Mészáros. The balance sheet
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
162
composition continues to reflect the structure characteristic of construction industry enterprises well; the high current asset
proportion—specifically the weight of inventories, receivables, and assets associated with short-term projects—stands in
accordance with the specificities of the operation of the industry. Consequently, the proportional shift experienced in the
fourth quarter does not reflect a structural alteration, but rather the impact of a single participant, while the balance sheet
configuration characteristic of the construction industry remained definitive for the entirety of the division.
The stock of non-current assets of the Construction Division demonstrated growth in the fourth quarter and increased to HUF
46.21 billion by the conclusion of 2025. This value exceeded the opening stock at the commencement of the year by HUF
19.65 billion. In the second half of the year, the proportion of non-current assets increased continuously, and as a
consequence of the more significant growth in the fourth quarter, it constituted 25% of the aggregated asset stock of the
division by the conclusion of the year. Within the structure of non-current assets, the value of tangible assets was HUF 1.23
billion which represents a proportion of merely 3%. This low proportion reflects the industrial specificities well; typically,
current assets dominate the balance sheets of construction industry enterprises, while the weight of tangible assets is more
moderate, originating from the structure of the asset requirements of the activity. Consequently, the expansion on the non-
current asset side in the fourth quarter not only increased the annual closing value but also modified the proportions of the
balance sheet configuration of the division, while the primarily current asset-oriented structure characteristic of the
construction industry persisted.
In accordance with IFRS standards, within fixed assets is presented the combined book value of the contract portfolios held
by the participants of the division at the time of their inclusion in the scope of consolidation. The value of the contractual
portfolio continues to follow a declining trend, as depreciation is recognised in line with the stage of completion of the
capitalised items. The derecognition (activation) of completed works and tasks, in accordance with accounting regulations,
leads to a decrease in the value of the contractual portfolio. In accordance with the preceding period, furthermore throughout
2025 until the third quarter, the contract portfolio represented the most significant value within non-current assets;
nevertheless, during the initial three quarters of 2025, with the planned advancement and conclusion of works and projects,
furthermore as a consequence of a technical revaluation appearing exclusively in IFRS statements in the fourth quarter, the
value of non-current financial assets became the dominant element within the aggregated assets beyond one year.
In the aggregated statements of the Construction Division, the contract portfolio still constituted nearly 27% of non-current
assets at the conclusion of the initial half-year; however, this proportion fell back to 23% in the third quarter. By the
conclusion of the annual period, it decreased further and constituted merely 3%. The contract portfolio, therefore,
demonstrated a continuously shrinking value as the year advanced, which stood in accordance with the advancement of
construction phases and the acceleration of the performance rate of projects. At the commencement of the subject year, the
predominant portion, specifically 95%, of the contract portfolio demonstrated in the division was attributable to RMI, which
also represented an intense concentration of the contract portfolio of the division. As a consequence of construction industry
seasonal factors—specifically the more favourable weather conditions and the acceleration of execution works—the contract
portfolio decreased steadily during the year, and by the conclusion of the fourth quarter, it fell to less than one-third of the
opening value. The contract portfolio appearing within the IFRS-based statements of R‑KORD represented a low value even
at the commencement of the year, and by the conclusion of the initial half-year, it had fully expired. As a consequence of this,
during the second half of the year, the contract portfolio appearing within the aggregated statements was exclusively
attributable to RMI.
At an aggregated level, the other definitive element of the non-current assets of the Construction Division is the stock of
participations, which—as a consequence of the alterations occurring in the fourth quarter of 2025, specifically the further
reduction of the contract portfolio and the financial reclassification—has already become the largest element within non-
current assets. The aggregated value of participations amounted to HUF 8.90 billion, which corresponded to 19% of the total
non-current assets. The value of participations expresses the carrying amount of the ownership rights and investments held
by Mészáros és Mészáros and R-KORD in their joint subsidiary, which increased slightly by 11% during the fourth quarter of
2025. As a consequence of the quarterly alterations, the weight of participations within the structure of non-current assets
strengthened further, and it played a definitive role in the structural rearrangement of the balance sheet of the division as
well.
Among the three participants of the Construction Division, Mészáros és Mészáros possesses the most substantial non-current
asset stock—which constitutes 78% of the value of the entire division—and it increased by HUF 26.06 billion by the conclusion
of 2025 in accordance with IFRS in comparison with the 2024 base year. Following minor intra-year fluctuations at R-KORD,
the stock of non-current assets demonstrated no substantive alteration and exceeded the preceding base year closing stock
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
163
by 2% by the conclusion of the fourth quarter of 2025. Regarding RMI, with respect to non-current assets—which with
reference to the company is practically identical to the contract portfolio—a continuous, slower-paced stock decrease
occurred during the initial three quarters of the year, and subsequently, the decreasing tendency of the stock accelerated in
the fourth quarter. Following the reduction occurring during the final three months, the non-current asset value of RMI
became HUF 3.21 billion at the conclusion of the year.
In 2025, the aggregated current asset stock of the Construction Division altered from HUF 194.78 billion to HUF 140.42 billion.
The initial three quarters of the year determined the predominant portion of the alteration in the current asset stock; the
value of the aggregated current assets of the division decreased by 26%, specifically by HUF 50.28 billion, throughout nine
months. The decrease persisted in the final quarter of the year as well, albeit at a significantly lower pace. As a consequence
of this, by the conclusion of 2025, the aggregated current asset stock of the division demonstrated an annual decrease of
HUF 54.35 billion, specifically 28%. Among the three participants of the division, Mészáros és Mészáros possesses the most
substantial non-current asset stock—which constitutes 78% of the value of the entire division—and it increased by HUF 26.06
billion by the conclusion of 2025 in accordance with IFRS in comparison with the 2024 base year.
Following minor intra-year fluctuations at R-KORD, the stock of non-current assets demonstrated no substantive alteration
and exceeded the preceding base year closing stock by 2% by the conclusion of the fourth quarter of 2025. Regarding RMI,
with respect to non-current assets—which with reference to the company is practically identical to the contract portfolio—a
continuous, slower-paced stock decrease occurred during the initial three quarters of the year, and subsequently, the
decreasing tendency of the stock accelerated in the fourth quarter. Another definitive stock alteration manifested in the
accounts receivable; the aggregated accounts receivable of the Construction Division was HUF 19.150 billion at the conclusion
of 2025, which represented a 37% reduction, specifically HUF 10.910 billion, in comparison with the 2024 base. The decrease
observable in the stock of accruals, other receivables, and accounts receivable stands in accordance with the advancement
of project works, the conclusion of a portion of the performed construction activities, and overall with the completion of
projects and the credit of accrued revenues, resulting in the alterations within current assets, furthermore their
rearrangement. Furthermore, on the liabilities side, the partial settlement of liabilities and the clearing of accrued expenses
was performed.
Within the category of current assets, the most substantial volume was represented by the cash and cash equivalents stock,
which amounted to HUF 57.360 billion on 31 December 2025, exceeding the opening value by HUF 3.690 billion, specifically
by 7%. The annual expansion of the cash stock was primarily attributable to the alterations that took place during the second
half of the year—which were previously addressed in part regarding other elements of current assets. In the initial quarter of
the year, an escalation of the cash stock was observable, as the consideration for previously performed works and concluded
project phases was received; subsequently, in the second quarter, the aggregated cash and cash equivalents moderated
significantly as a consequence of the dividends paid to the owners following the results of the 2024 financial year. Throughout
the third and fourth quarters, the stock of cash and cash equivalents achieved a growth of HUF 19.830 billion. Liquidity was
positively influenced by the fact that — supported also by more favourable weather conditions from the beginning of the
second quarter — the companies of the Division executed and completed their construction projects with increasing intensity
compared with the earlier early-spring period.
If we examine the current assets of the participants of the division individually, it is observable that the current assets of
Mészáros és Mészáros (in accordance with IFRS) decreased by 19% from HUF 57.160 billion in 2025 and concluded 2025 at
HUF 46.030 billion. A definitive portion of this HUF 11.130 billion volume reduction is the consequence of the alterations in
the third quarter. Behind the annual stock decrease, four balance sheet items are observable. Cash and cash equivalents,
inventories, and other receivables and accrued income decreased throughout the year, which was only partially compensated
for by the escalation of short-term receivables. The cash stock demonstrated stagnation at the commencement of the year;
in the second quarter—as a consequence of the previously mentioned dividend payment—it decreased by HUF 15.820 billion.
Following an expansion of HUF 8.890 billion in the third quarter, it fell back slightly by 5% in the final quarter of the year;
consequently, throughout the four quarters of 2025, the cash and cash equivalents stock of the company moderated from
HUF 32.070 billion to HUF 24.850 billion. Regarding inventories, the HUF 1.220 billion decrease taking place in the initial half-
year was followed by a slower-paced stock reduction in the second half-year; consequently, the inventories of Mészáros és
Mészáros were lower by HUF 1.520 billion by the conclusion of 2025 in comparison with the opening value of HUF 2.130
billion at the commencement of the year. Although the accounts receivable demonstrated a volume reduction of merely 9%
in comparison with the opening data at the commencement of the year, we could observe significant volume and opposite-
direction (+ HUF 18 billion and - HUF 19.5 billion) stock alterations during the two intra-year quarters. In the final quarter of
2025, the accounts receivable increased further.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
164
Following the HUF 17.950 billion decrease in the initial half-year, the current assets of RMI demonstrated no substantive
alteration in the second half-year; consequently, as a result of the decrease occurring during the initial six months of 2025,
the current asset stock of the enterprise—commencing from HUF 67.820 billion—concluded its fourth quarter at HUF 50.300
billion with regard to the entirety of 2025. The stock of other receivables and accrued income decreased from HUF 28.140
billion to HUF 0.48 billion. The accounts receivable became 54% lower in 2025 and concluded the year at HUF 9.770 billion.
In accordance with the performance and conclusion of project tasks, furthermore as a consequence of the received
receivables, an escalation of cash and cash equivalents is observable. The cash and cash equivalents stock demonstrated an
upward tendency primarily during the second half-year, and as a consequence of this, cash and cash equivalents—with an
expansion of 65% amounting to HUF 9.920 billion—increased from the HUF 15.340 billion representing the base at the
commencement of the year to HUF 25.260 billion.
At R-KORD, the largest decrease in other receivables and prepaid expenses and accrued income occurred, amounting to HUF
34.09billion (-73%). As a consequence of this, within the Construction Division, the most substantial volume of current asset
reduction—specifically HUF 25.890 billion—manifested at this enterprise. In 2025, the current assets of R-KORD decreased
from HUF 69.74 billion to HUF 43.85 billion. The intra-year evolution of the company’s current asset stock demonstrated
trend-like decreasing alterations throughout 2025. Short-term receivables from related parties—notwithstanding the
reduction in the final quarter of the year—increased on an annual basis and exceeded the opening value at the
commencement of the year by HUF 8.330 billion by the conclusion of 2025. Cash and cash equivalents fluctuated throughout
the twelve months, subsequently, as a consequence of the HUF 4.290 billion escalation occurring in the fourth quarter, the
cash stock demonstrated a surplus by the conclusion of the year, altering from HUF 6.260 billion to HUF 7.250 billion in 2025.
The aggregated equity of the Construction Division increased by 14.3%, specifically by HUF 3.690 billion, in 2025 as a
consequence of the profitable operation of the division, reaching HUF 66.110 billion by the conclusion of the year. The equity
of R-KORD amounted to HUF 6.560 billion, whereas the equity of RMI amounted to HUF 5.740 billion at the conclusion of the
year. The predominant portion of equity continues to be provided by Mészáros és Mészáros; the weight of the company
strengthened further during the subject year and already represents 81% of the aggregated equity. On 31 December 2025,
the equity of the company was HUF 53.790 billion, which renders it the definitive participant of the division. The equity of R-
KORD amounted to HUF 6.560 billion, whereas the equity of RMI amounted to HUF 5.740 billion at the conclusion of the year.
The structure of the equity of the Construction Division became more concentrated in 2025, and the capital adequacy of the
division was fundamentally determined by the performance of the largest participant.
The combined current and non-current liability stock of the Construction Division decreased by 26.0%, specifically by HUF
42.340 billion, in 2025. The aggregated non-current liabilities of the division increased by 9.5%; nevertheless, with reference
to current liabilities, we can observe a 30.2% reduction, specifically HUF 43.990 billion. The recession of liabilities taking place
in 2025 and the annual strengthening of equity collectively exerted a beneficial impact on the equity ratio, which increased
from 26% to 35%.
Regarding the structure of the liability stock of the Construction Division, it is observable that the proportion of its long-term
liabilities within the total liability stock can be considered low (15%). Non-current liabilities demonstrated substantive stock
movement (escalation) during the second half of the year, and following a stock increase exceeding HUF 5 billion in the second
half-year, the non-current liabilities of the division exceeded the 2025 opening value. The non-current liability stock stands
in accordance with the prudent and circumspect operation of the division, as the stock of provisions established for the
management of potential losses arising during the course of business constitutes two-thirds of the aggregated non-current
liabilities. In 2025, the value of provisions—attributable to the intra-year conclusion of several projects—decreased by HUF
4.860 billion.
Current liabilities demonstrated a significant reduction in 2025, which—similarly to the correlation already presented
regarding the alteration of current assets—is primarily attributable to the combined HUF 41.910 billion aggregated stock
decrease of other liabilities and accrued expenses, contractual liabilities, and liabilities towards related parties.
The balance sheet structure of the Construction Division, similarly to previous years, continues to remain stable and to
demonstrate equilibrium. The participants of the division — unchanged compared with previous periods — operate without
the utilisation of external funds or loans. Thanks to the aggregated profit realised at Division level in 2025, the financial
stability of the Construction Division remains adequate. The stock of cash and cash equivalents increased, furthermore the
liquidity position of the division remains consistently balanced. Within the asset portfolio of the Division, the proportion of
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
165
liquid cash assets increased from 20% to 31%. Each member of the Division has access to the bank guarantees and guarantee
facilities necessary for their operations.

Aggregated financial data and shareholder information, profit and loss account:
Unless otherwise indicated, data is expressed in HUF '000'
Key P/L data | Construction Division 01.01.2025-31.12.2025 audited factual data | Construction Division 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Total operating income | 153,209,235 | 285,813,378 | -132,604,143 | -46.4%
Operating costs | 136,953,561 | 264,150,672 | -127,197,111 | -48.2%
Operating (business profit/loss) EBIT | 16,255,674 | 21,662,706 | -5,407,032 | -25.0%
EBITDA | 23,731,335 | 32,520,673 | -8,789,338 | -27.0%
Net financial income* | 30,153,741 | 8,240,917 | 21,912,824 | 265.9%
Profit before taxes | 46,409,415 | 29,903,623 | 16,505,792 | 55.2%
Profit after taxes | 41,507,852 | 26,293,658 | 15,214,194 | 57.9%
Total comprehensive income | 41,507,852 | 26,311,660 | 15,196,192 | 57.8%
Employee headcount (persons) | 128 | 580 | -452 | -77.9%

As the division reports are compiled without consolidation eliminations, the result of financial operations includes a HUF 2.500 billion dividend provided by RM International Zrt. to R-KORD
Építőipari Kft., furthermore a HUF 2.500 billion intra-division dividend accumulation provided by RM International Zrt. to Mészáros és Mészáros Zrt.
In the four quarters of 2025, the Construction Division achieved total operating income of HUF 153.210 billion, which
represents a 46.4% decrease in comparison with the 2024 base year, and remained below that by HUF 132.6 billion. The
combined operating income of the participants of the division decreased continuously throughout the year, and the rate of
the revenue shortfall relative to the base year level accelerated from quarter to quarter during the subject year; consequently,
the value of the revenue shortfall increased as the year advanced.
By the conclusion of the year, all three participants of the division realised total operating income below the 2024 base level.
In the initial half-year, a revenue level exceeding the base was still observable with reference to R-KORD—primarily due to
the more robust performance of the second quarter—however, this revenue surplus already disappeared by the third
quarter. R-KORD achieved total operating income of HUF 31.690 billion in 2025, which remains below the HUF 64.110 billion
of 2024 by HUF 32.420 billion, specifically by 51%. Mészáros és Mészáros, furthermore RMI produced revenue levels below
the base in all four quarters of the year.
Mészáros és Mészáros commenced working off its 45% revenue shortfall from the first quarter during the second quarter;
thereby, by the conclusion of the initial half of 2025, the extent of the shortfall moderated to 28%. No trend reversal occurred
during the second half of the subject year; therefore, the 28% revenue shortfall developed in the first half-year persisted until
the conclusion of the year; consequently, the company realised total operating income of HUF 64.320 billion in 2025, which
represents a shortfall of HUF 25.360 billion in comparison with the revenue data of 2024.
In terms of volume, RMI suffered the most substantial revenue shortfall in 2025. The enterprise demonstrated total operating
income of HUF 57.190 billion, which remains below the revenue level of the preceding year by HUF 60.080 billion, specifically
by 51%. This decrease is a direct consequence of the fact that the activity of the company is tied to a single project, and the
dynamics of the project run-off, furthermore the scheduling of revenues, were already known previously. The lower revenue
of 2025 is considered pre-planned, and the occurred revenue reduction evolved in accordance with expectations.
The revenue side of the Construction Division fell back by approximately half in comparison with preceding years. This decline
was primarily attributable to the lower value of works carried out by the companies of the Division during the reporting
period compared with earlier years, as well as the lower value of newly awarded contracts. Furthermore, it is an important
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
166
factor in the evolution of revenues in 2025 that the activity of RMI is attributable to a project that entered its final phase in
2025. The economic environment affecting the Division has overall developed less favourably in recent times. Both the
number of publicly announced and potentially obtainable projects — and in particular their volume — have decreased in
recent years, and the effects of this were reflected in the revenue performance of the Division’s companies.
The following table presents the breakdown of the turnover of Mészáros és Mészáros by business division:
Dased on HAS,data in thousand HUF

Name of the branch | 31.12.2025 | Breakdown % | 31.12.2024 | Breakdown %
Public utilities | 45,897,072 | 74.42 | 75,379,429 | 86.27
Water supply, civil engineering | 4,150,462 | 6.73 | 6,932,913 | 7.94
Nuclear energy | 1,331,541 | 2.16 | 1,941,420 | 2.22
Environment protection | 981,881 | 1.59 | 2,847,199 | 3.26
Other | 9,309,832 | 15.10 | 271,208 | 0.31
Total | 61,670,788 | 100.00 | 87,372,169 | 100.00

The structure of the revenue of Mészáros és Mészáros in 2025 was primarily determined by the reduction in the revenue of
the public utilities business line. The most substantial degree of revenue decrease is observable within this business line,
furthermore the weight of the business line within the composition of the revenue of the company decreased by an extent
exceeding 10%. Following the regression experienced in the initial quarter, the relative weight of the public utilities sector no
longer altered by the conclusion of the year; nevertheless, its dominant position within the revenue portfolio of the company
persisted throughout the entire year. The further rearrangement of the revenue structure was also strengthened by the fact
that the water management, civil engineering, nuclear energy, and environmental protection fields uniformly demonstrated
decreasing volumes and moderating weights of revenue. In comparison with this, other revenues was the sole business line
that demonstrated substantive revenue growth. Behind the expansion stood the commencement of road construction
projects in the second quarter of 2025, which generated new volume and significantly elevated the proportion of other
revenues in comparison with preceding years. Although this impact did not counterbalance the recession of the main business
lines, it perceptibly modified the internal proportions of the revenue structure.
Mészáros és Mészáros concluded several projects in the 2025 financial year, but it also increased the number of its works
with new projects; consequently, during the twelve months of the year, it worked on approximately 20–22 projects. Some of
the highlighted major projects are presented in the table below:
Data in HUF '000'

Name of the project | Revenue from the entire project | (until 31.12.2025) Reported revenue | Expected revenue
198 Tatabánya waste water treatment plant | 13,316,991 | 12,033,278 | 1,283,713
199 ÉMO-Göd drinking water | 21,965,341 | 21,368,819 | 596,522
213 DMRV water supply | 16,453,280 | 14,173,666 | 2,279,614
233 Ercsi water base | 12,810,500 | 10,950,464 | 1,860,036
239 Tatabánya XIV/A Water manhole | 22,894,755 | 5,140,894 | 17,753,861
241 Tatabánya XIV/C Water manhole | 5,295,525 | 176,536 | 5,118,989
242 Ács - development of a sewage network | 10,094,290 | 3,166,101 | 6,928,189
250 Debrecen wastewater treatment | 23,200,327 | 1,756 | 23,198,571
Total | 126,031,009 | 67,011,514 | 59,019,495

Among the new contracts concluded by Mészáros és Mészáros in 2025, several projects were within the year, specifically,
these works were performed and settled before 31 December 2025. Among others, such a project was the "Sludge dredging
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
167
for the purpose of water quality protection of Lake Balaton (70,000 m3) and the interventions directly associated therewith,"
where the contractual net amount was HUF 1.030 billion and the conclusion of the project works took place at the end of
October 2025. At present, among the new agreements concluded in 2025 that are still ongoing, one concerns the
“Implementation of the design and construction tasks related to the comprehensive development of the Ács and surrounding
area water utility network (Part 2: development of the sewage network),” which has a contractual value of HUF 10.10 billion
and is expected to be completed by the end of December 2026. Another project with a contract likewise concluded in 2025
was the project designated "Further construction of the I-K3 reinforced concrete basin," which is being performed within the
framework of a consortium (consortium leader: Mészáros és Mészáros) The anticipated completion of this project is the first
quarter of 2027. The winning and contracting of a further two project tasks of significant volume took place in the second
half of 2025. One is the work designated "Design and construction tasks for the Industrial Wastewater Treatment structure
group and the facility for further treatment of treated wastewater, furthermore the capacity restoration of the existing
communal wastewater treatment plant," the contracted amount of which is HUF 23.200 billion, and its anticipated
completion is July 2028. In the construction of the other more significant project work (designation: “Establishment of the
storage module for the Interim Storage of Spent Fuel Elements Phase III Stage 4 and the construction works of the associated
physical protection systems"), Mészáros és Mészáros is present as a consortium member; the contracted amount falling to
the company is HUF 11.600 billion, and the anticipated completion of the works is 31.03.31. During the final days of the year,
Mészáros és Mészáros, within the framework of a consortium, won the "NyMJV - Industrial Park construction (Design Stage
II) – Part 1: Development of the Public Utilities Yard and Wastewater Treatment Plant and Part 2: Development of Water
Utility Pipelines and Waterworks Plants," within the consortium, the contracted amount falling to the company is HUF 31.930
billion.
The revenue weight of road construction works—as was previously observable—commenced an expansion; the following
contracts from the current year contributed to this:
• "Levelling works of the 77th section between km sections 0+400-43+505 of the M35 motorway," where the contractual
net amount was: HUF 4 billion (framework amount), and the completion was 31.08.2025.
• Levelling works on Section 65 of the M3 Motorway between kilometre markers 77+550 and 128+115; Section 66
between kilometre markers 128+115 and 177+000; Section 67 between kilometre markers 177+000 and 186+000;
Section 68 between kilometre markers 186+000 and 279+900; and Section 72 of the M30 Motorway between kilometre
markers 1+550 and 30+067, with a contractual net amount of HUF 2 billion (framework amount) and a completion date
of 31 August 2025.
• Levelling works and injection tasks on Section 68 of the M3 Motorway between kilometre markers 186+000 and
279+900; Section 72 of the M30 Motorway between kilometre markers 1+550 and 30+067; and Section 77 of the M35
Motorway between kilometre markers 0+400 and 43+505, with a contractual net amount of HUF 2.5 billion (framework
amount) and a completion date of 31 August 2025.
• Levelling and rehabilitation works on the M1, M15, M85 and M86 expressways, with a contractual net amount of HUF
0.5 billion (framework amount) and a completion date of 31 December 2025.
The expected breakdown of revenues to be realised by RMI by year:

EXPECTED REVENUE
Previously | 2023 | 2024 | 2025 | 2026 | Total
22.20% | 25.36% | 27.79% | 14.02% | 10.63% | 100%

Due to the prolonged handover and acceptance procedure of the Soroksár–Kelebia railway line implemented by RMI, the
project’s final settlement and financial closure, originally scheduled for 2025, was carried over into 2026.
For the Division’s third key participant, R-KORD, no new project implementation was launched during the period under
review. Within the operation of R-KORD, the domination of fuse and telecommunication equipment related to railway
construction remained unchanged.
Some of the highlighted major projects are presented in the table below:
Data in HUF '000'
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
168

Name of project | Total sales revenue from the entire project | Total revenue reported until 31.12.2025 | Expected revenue
17034 BU-BE_Soroksár-Kelebia | 95,184,437 | 72,161,226 | 23,023,211
20015 Budapest-Hegyeshalom | 25,877,388 | 25,877,388 | -
21014 Békéscsaba-Lőkösháza | 42,933,170 | 42,863,147 | 70,023
Total | 163,994,995 | 140,901,761 | 23,093, 34

It is clearly visible that all three participants of the Construction Division experienced a decline in revenue in 2025.
Nevertheless, it is important to emphasize that this revenue reduction did not lead to loss-making management at the division
level, as the cost level decreased to an extent approximately similar to revenues, and the total costs and expenses of the
division in 2025 demonstrated a regression in a nearly identical proportion relative to the revenue. The cost reduction stands
in accordance with the smaller number and lower volume of performed works, which explains that the revenue recession did
not result in disproportionately deteriorating profitability.
The aggregated operating cost of the Construction Division was HUF 136.950 billion in 2025, which is a decrease of HUF
132.600 billion in comparison with the HUF 264.150 billion base of 2024. The rate of the reduction on the cost side moved in
accordance with the revenue recession; nevertheless, the regression of the aggregated operating cost was of a smaller degree
in comparison with the revenue side, which led to the deterioration of the result at the operating level. The aggregated
operating level profit of the division during the four quarters of 2025 was HUF 16.260 billion, which remains below the 2024
result by HUF 5.410 billion. The aggregated EBITDA of the participants of the Construction Division reached HUF 23.730 billion
in 2025, which is 27% lower than the 2024 base; this is primarily the consequence of the lower EBIT decrease, on the other
hand, the depreciation accounted for in 2025 was approximately one-third lower in comparison with the preceding year,
which likewise contributed to the 2025 decrease in EBITDA.
Mészáros és Mészáros pursued profitable management in 2025 as well, and following the 2024 loss-making year, which can
be considered unique, R-KORD—similarly to preceding years—demonstrated profit again in 2025. Mészáros és Mészáros
remains consistently profitable; therefore, the regression in the revenue of the company was not the consequence of poor
or less efficient management or business operations, but rather that the industry circumstances and market conditions
evolved less favourably in comparison with preceding years. The foundation of the Construction Division’s aggregate
operating profit lies in the efficient and profitable operations of Mészáros és Mészáros.
In the Construction Division, the result of financial operations was still at a shortfall of 38.6% until the conclusion of the third
quarter; nevertheless, as a consequence of the unique financial revaluation—disclosed at IFRS level—performed in the fourth
quarter, the income from financial operations escalated more substantially; however, there was no associated increase on
the cost side; consequently, by the conclusion of the year, the result of the aggregated financial operations of the division
became HUF 30.150 billion.
The Profit Before Tax of the Construction Division amounted to HUF 46.41 billion, and Profit After Tax totalled HUF 41.51
billion. Similarly to the operating level profitability, Mészáros és Mészáros, furthermore R-KORD achieved positive profit after
tax in 2025; in comparison with this, RMI demonstrated a loss in accordance with IFRS during the period under review.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
169
Unless otherwise indicated, data is expressed in HUF '000'

Operating costs | Construction Division 01.01.2025-31.12.2025 audited factual data | Construction Division 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Materials, consumables and other external charges | 120,039,318 | 237,072,298 | -117,032,980 | -49.4%
Staff costs | 3,864,837 | 6,987,493 | -3,122,656 | -44.7%
Depreciation | 7,475,661 | 10,857,967 | -3,382,306 | -31.2%
Impairment | 69,034 | 349,927 | -280,893 | -80.3%
Other operating costs and expenses | 5,524,608 | 8,856,408 | -3,331,800 | -37.6%
Capitalised own performance | -19,897 | 26,579 | -46,476 | -174.9%
Total operating costs | 136,953,561 | 264,150,672 | -127,197,111 | -48.2%

The aggregated operating cost of the Construction Division was HUF 136.950 billion at the conclusion of the period under
review, which is lower by HUF 127.200 billion, specifically by 48.2%, in comparison with the HUF 264.150 billion base
demonstrated in the identical period of 2024. Within the cost structure of the division, material expenses continue to
represent the most substantial weight; the combination of these—primarily raw material and energy costs—constitutes 88%
of the total operating costs; therefore, the evolution of these two items substantively influences the combined cost structure
of the companies of the division the most.
The value of material expenses was HUF 120.040 billion, which reflects a decrease of HUF 117.030 billion, specifically 49.4%,
in comparison with the base period. The recession of material expenses is primarily explained by the fact that the phases of
various construction works diverged in comparison with the base year. In addition to this, the level of completion of the
projects likewise influenced the quantity and composition of raw material utilization, furthermore the evolution of energy
costs associated with the performance of work; moreover, these items also resulted in the fluctuations observable in the cost
volume between quarters. Furthermore, the decrease in the value of works performed within the division likewise
contributed to the lower value of material expenses. In accordance with the decrease in the average statistical headcount,
staff costs amounted to HUF 3.860 billion in 2025, which represents a 44.7% reduction, specifically HUF 3.120 billion, from
the 2024 level. Depreciation and amortisation was HUF 7.480 billion, which is lower by HUF 3.380 billion, specifically 31.2%,
in comparison with the base period. Other operating costs and expenses likewise demonstrated a decrease (-HUF 3.330
billion); the impact of impairment on the cost level in 2025 was negligible, practically zero.
Examining the individual participants of the division, it is clearly observable that the evolution of costs at all three companies
was in accordance with and followed the alterations in revenue dynamics. The general decrease in the cost level is primarily
attributable to the fact that the scheduled advancement of ongoing works and the divergent phases of individual projects
played a definitive role during the period under review, furthermore the companies typically worked on new projects or
project phases of lower value. As a consequence of this, raw material and energy costs decreased, which constitute nearly
90% of the operating costs of the division; thus, the alteration of these items decisively influenced the combined cost
structure of the Construction Division.
D. Divisional risks
The companies in the construction sector operate on a project basis, and their activities are primarily directed towards the
implementation of large-scale investments with longer run-offs and significant volumes, for which they bid within the
framework of open public procurement procedures. One of the fundamental risk factors of the sector is whether the actual
invitation to tender for public procurement investments supported by the European Union and/or invited by the state and
financed from domestic resources takes place. Furthermore, it represents a risk whether the necessary resources are
available for projects that have been won but not yet contracted, and whether the construction can be commenced.
An essential risk element associated with production and construction is the availability of raw materials in accordance with
the plan—in terms of time and quantity—furthermore the trend of the evolution of raw material and energy prices and the
predictability thereof. The availability and pricing of raw materials of appropriate quality have a direct impact on profitability,
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
170
predictability, and work organisation; thus, in its entirety, on performance in accordance with the contract. Unfavourable
price movements may negatively influence the maintainability of delivery deadlines and other project deadlines, which, in
addition to the construction risk, also elevates the risk of the realization of the expected profitability.
There is also the risk of a time lag between the application and implementation phases, which means that there can be a gap
of months or even years between the project budget estimate and the actual implementation of the project, when the actual
costs of the raw material, energy and human resources are realised. On the contrary, once the tender phase is completed,
the tender conditions and construction prices cannot be substantially modified, i.e. the possibility of unintended negative
economic effects being reflected in the contracted construction price is very limited.
The Construction Division possesses a significant human resource requirement. The availability of the necessary workforce,
furthermore the ensurability of specialised expertise in certain regions, represents a risk. A further risk factor is represented
by the volatility of inflation, particularly raw material prices and energy costs, furthermore the staff costs that are expected
to increase over the longer term.
As a consequence of the negative economic repercussions of the war occurring in the neighbourhood of Hungary, fewer
infrastructural projects were initiated in Hungary in preceding years; therefore, the tasks belonging to the main profile of the
companies present in the Construction Division significantly decreased in 2025.
E. Risk management
For the purpose of stable and sustainable operation, the sectoral participants are continuously seeking new market
opportunities. Over the long term, the companies intend to expand, furthermore broaden their scope of activities; in
accordance with this, the sectoral participants are addressing and exploring further market and client opportunities at a
strategic level. For the purpose of the establishment of new scopes of activity, the companies create the necessary
professional background and the professional preparedness of colleagues through retraining, furthermore they monitor the
potential feasibility of establishing new business lines.
The participants of the Construction Division place great emphasis on elevating the resilience level of their activities and on
the diversification of their markets, furthermore their activities. Through the diversification of the branches and the
expansion of certain fields, the excessive concentration of individual areas can be avoided, whereby the risk of dependence
on a centralised scope of activity could be reduced. The diversification process is partly about innovation within the current
scope of activities, introducing new product divisions and service categories. Another important pillar of diversification—
utilising the available decades of experience—is the exploration of new scopes of activity and appearing on new markets.
For the purpose of managing the negative impact of hectically changing energy prices and exchange rate movements, the
companies of the division initiated efficiency improvement actions. Such actions include strategic stockpiling, forward
purchases in case of stable liquidity, or forward hedging, whether for foreign exchange, energy or other purchases. The
medium-term objective of the companies of the division is the further strengthening of energy awareness and energy
efficiency, among others with steps appearing as strategic elements, such as work organisation directed towards the
optimisation of energy consumption.
The delay of project works may result in numerous problems, such as—among others—the temporal and financial overlap of
tasks and projects, the planned availability of resources and the deterioration of their optimised utilization, furthermore the
timely usability of raw materials, which may represent additional costs for the companies. Over the years, the sectoral
participants have already introduced numerous targeted measures for the purpose of the more efficient utilization of the
workforce. For the purpose of efficient management and rapid reaction to the alterations of the market environment, the
participants of the division devote increased attention to the continuous monitoring of project statuses, the conscious and
proactive management of liquid assets, and the coordination of tasks.
Since the works won by the construction companies through public procurement are settled with a flat-rate price, the
companies conclude mirror contracts at the commencement of the projects, furthermore they fix the contractual fees with
the subcontractors in advance, thereby moderating the cost and performance risks.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Construction Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
171
F. Strategy
The strategic objective of the Construction Division remains unchanged, specifically, regardless of market expansion or
contraction, the goal is the preservation of the market share of the companies, furthermore the maintenance, or potential
improvement, of profitable management through rapid reaction to unpredictable external market environment factors. The
participants of the Construction Division manage the volatility of the market with an agile business policy. The companies
align their operations and organisational structures to the market developments of the different divisions, thereby achieving
the necessary flexibility and ensuring a high level of sustainability of operations.
Typically, in both the utility construction and the hydraulic engineering industries, few new business opportunities presented
themselves during the year under review, with regard to, on the one hand, the war situation present in our neighbourhood
also exerting an impact on the global market, and on the other hand, to the fact that a significant re-regulation of construction
investments is occurring at the legislative level, and the time requirement for the preparation of investments has
consequently lengthened. On the basis of economic forecasts, the company expects the appearance of more construction
tenders in the future.
Mészáros és Mészáros remains active in the environmental protection industry. A portion of the ongoing projects around
Paks has been concluded; nevertheless, the project tasks to be performed were expanded with several newly concluded
contracts. The primary objective of Mészáros és Mészáros is that—remaining in a stable position until the invitation to tender
for the utility, hydraulic engineering, and potentially environmental protection projects expected to experience an upswing
again, retaining its professionals, and fulfilling its ongoing orders in their entirety and in accordance with the contracts—it
should be prepared for the winning of new tasks, the expansion of its contractual backlog, furthermore the preservation of
its industry market leader role acquired over the years.
RMI is a project company established for the implementation of a specific task; thus, the future business strategy of the
Company, the direction and control of economic processes, is aligned with the schedule and implementation of the
"Budapest-Belgrade railway line" project.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
172
Food Industry Division
As of the beginning of 2025, the only sectoral player performing agricultural activities was
removed from the OPUS Group; therefore, there is no longer any company within the
division operating in the agricultural sector. Consequently, the name of the division was
changed from Agriculture and Food Industry Division to Food Industry, effective from
January 1, 2025.
Similar to previous years, the division continued to represent a significant role and share
within the Group throughout 2025. During the current year and at the end of 2025, the
weight of the Food Industry remained unchanged in the Group's consolidated financial
statements.
Companies belonging to the division accounted for 20% of the consolidated IFRS total assets and 23% of the revenue. OPUS
GLOBAL Nyrt. continues to regard Food Industry as a key player and a strategic sector.
A. Companies in the division
OPUS GLOBAL Nyrt.’s ownership interest in the agricultural branch ceased during 2024, and by May 2025 the liquidation of
two inactive subsidiaries of KALL Ingredients Kft. had been completed; thus, over the almost one year period the structure of
the division has been significantly simplified in two stages.
List of the subsidiaries in the division as at 31.12.2025:

Name | Level of affiliation | Core business activity | Country of registration | Indirect/direct participation | Issuer’s share on 31.12.2025 | Issuer’s share on 31.12.2024
KALL Ingredients Kereskedelmi Kft. | S | Manufacture of starches and starch products | Hungary | Direct | 89.55% | 74.33%
KALL Ingredients Trading Kereskedelmi Kft.* | S | Wholesale of cereals, tobacco, sowing seeds and fodder | Hungary | Indirect | - | 74.33%
TTKP Energiaszolgáltató Kft.* | S | Steam service and air conditioning | Hungary | Indirect | - | 74.33%
VIRESOL Kft. | S | Manufacture of starches and starch products | Hungary | Direct | 53.17% | 53.17%

S - Subsidiary
*The companies were dissolved through voluntary liquidation in 2025.
KALL Ingredients Kft. (hereinafter: KALL) is a corn processing company that produces high
value-added food ingredients, primarily various sugar products and starch derivatives, high-
quality pharmaceutical and food-grade alcohol, as well as feed raw materials. The company
sells a significant proportion of its products outside its home country.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
173
The factory is located on 67 hectares of land on the outskirts of Tiszapüspöki
in Jász-Nagykun-Szolnok County. The facility was constructed through a
greenfield investment worth 160 million EUR, utilizing the best available
technology, which allows it to process grain without generating any waste. In
terms of production capacity, it is one of the largest isoglucose factories in
Central and Eastern Europe, with the capacity to process more than 500,000
tonnes of GMO-free Hungarian maize per year.
In 2025, OPUS further strengthened its business commitment and market
position within the Food Industry Division. The two owners of KALL, OPUS and MFB Invest Zrt., held consultations in 2025
regarding the acquisition by OPUS of the entire 15.22% equity stake held by MFB Invest Zrt. in KALL. Following successful
negotiations between the owners, OPUS acquired the entire business interest of MFB Invest Zrt. in December 2025. As a
result of the transaction, on the one hand, KALL’s ownership structure became simplified and more streamlined; on the other
hand, OPUS—in accordance with its long-term strategic goals—further strengthened its commitment and weight in the Food
Industry Division, which is considered a priority area within the Group.
KALL Ingredients Trading Kft. and TTKP Energiaszolgáltató Kft. have not been engaged in any significant activities for a longer
period of time, and both companies have been inactive in recent years. In the context of the ongoing consolidation processes
within the Group, KALL management decided to liquidate these two companies. The voluntary liquidation was concluded
following the dissolution of the companies in the first half of 2025.
Founded in 2015, VIRESOL Kft. (hereinafter: VIRESOL) is the most
modern and innovative is the most
modern and innovative wheat processor
in Central and Eastern Europe. VIRESOL,
which processes around 250,000 tons of
wheat and employs more than 250
people to produce starch, alcohol and
fodder products, started operations in 2019. The factory was built with
a greenfield investment and operates as a wheat starch factory, in
addition to producing alcohol, maltodextrin, vital gluten and animal
fodder.
The plant is located in Visonta, Heves County, in the industrial park on a 14 hectare site. The proximity of the M3 motorway,
the nearby railway connection point, the appropriate infrastructure, the logistical facilities, the proximity of electricity, steam
and natural gas distribution points provide optimal conditions both for the operation and the logistics of the wheat and the
end products.
In 2024, the ownership interest held by OPUS changed to 53.17%, as a result of a significant capital increase with share
premium carried out by the two owners of VIRESOL, in accordance with their prior agreement, through non-cash
contributions of differing amounts provided by the two owners. During the transaction, the owners jointly carried out a
capital increase of approximately EUR 98 million, which significantly strengthened the company’s capital structure.
B. Description of the business environment of the division
In the 2025 financial year, according to KSH data, the output of Hungarian agriculture exceeded HUF 4,400 billion,
representing a 6.1% increase compared to the previous year. The expansion resulted from an 8.9% rise in the price level,
while the production volume, moving in the opposite direction, decreased by 2.6%. The volume of crop production fell by
7.9%, whereas livestock production increased by 4.0%. This year, Hungary accounted for 2.0% of the EU's agricultural output.
The volume of goods and services used in production moderated by 0.6%, while its price index increased by 4.2%, resulting
in an overall value increase of 3.6%. The smaller production volume led to a decrease in productivity; gross value added
decreased by 6.0% at previous year's prices, but increased by 10% at current prices. The current year was subject to the
significant influence of extreme weather conditions, particularly spring frosts and drought, which primarily had a detrimental
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
174
effect on crop production. Cereal production showed a decrease of 5.7%; in accordance with data from the Ministry of
Agriculture, farmers harvested 3,800,000 tonnes of corn from 752,000 hectares, with an average yield of 5.1 tonnes/hectare
in 2025. Alongside a 27% decline in the volume of corn production, the production of wheat showed an increase of 10% and
that of barley by 9%. The production volume of industrial crops moderated by 6.7%, while forage crops decreased by 4.1%
and horticultural products by 5.5%. Fruit production exhibited a particularly severe falling off, with its volume shrinking by
33%, and apple harvest was reduced to nearly half of its previous level. The sowing structure underwent a shift toward lower-
risk cereals and sunflower.
According to the data of the Central Statistical Office, the total agricultural area of the country amounts to approximately 5
million hectares. Of this, 82% is utilised as arable land, 15% as grassland, while vineyards and orchards cover around 2.8% of
the agricultural area. In the cropping structure, the proportions of the two most important plant groups — cereals and oilseed
crops — changed only marginally. In the 2025 financial year, the volume of cereal production in Hungary exhibited an overall
decrease; however, the results were characterized by a dual nature. The near-record harvest of wheat surpassed
expectations, whereas the yield of corn fell short of the figures from the previous year. In recent years, the area dedicated to
wheat has shown a tendency to increase, and in 2025, it slightly exceeded one million hectares, while the area for corn
underwent a significant decline. Production results were subject to the substantial influence of a critical lack of precipitation
and repeated heatwaves, which had the greatest impact on the Great Plain regions. During the course of 2025, producer
prices experienced an average increase of approximately 20% in the field of agriculture, which resulted in a rise in the cost of
cereals and industrial crops that serve as the raw materials for the Food Industry Division.
In accordance with the forecast from the USDA (United States Department of Agriculture), global wheat production in the
2025/2026 economic year has the potential to grow by 5%, reaching 838,000,000 tonnes compared to the previous season.
The primary reasons for the expansion of global wheat production include the following:
• The yields from Argentina, Canada, and the European Union, which surpassed previous expectations, and thereby
made a substantial contribution to the broadening of the global supply.
• The projected growth of 7% in the production of Russia, which has the potential to reach 87,500,000 tonnes, while
the volume of exports may also experience an upward trend.
• The production expansion of 11% in Canada, which represents a total of nearly 40,000,000 tonnes.
• The increase in the output of Australia, which may rise to 37,000,000 tonnes, accompanied by a significant
expansion in exports.
• The outstanding production growth of approximately 30% in Argentina, while exports have the capacity to increase
by nearly 40%.
• The stable and significant level of production in the United States, which continues to be a decisive factor in the
global supply.
During the fourth quarter of 2025, the futures price for wheat
on the Paris Euronext, MATIF stock exchange evolved within
a relatively narrow range and was characterized by
fundamental stability. In the second half of October, the
settlement price for the December maturity contract
fluctuated between 188–191 EUR/tonne. During the course
of November, alongside a slight degree of fluctuation,
quotations were recorded within a range of 188–195
EUR/tonne, which served as an indication of moderate
strengthening, although no significant breakout took place.
At the commencement of December, the range of 187–191
EUR/tonne continued to be the decisive factor, which
provided a reflection of the balanced nature of the market. By the middle of December, the nearest active maturity had
transitioned to the March 2026 contract, for which the settlement price evolved within the range of 189–191 EUR/tonne. On
the whole, during the fourth quarter, the futures price of corn stabilized at a level of approximately 190 EUR/tonne,
accompanied by a moderate degree of volatility. In the fourth quarter of 2025, in accordance with data from the AKI PÁIR
(Agricultural Economics Institute Market Price Information System), the domestic wheat market was characterized by
moderating price levels that fell short of the figures from the identical period of the preceding year. At the beginning of the
quarter, the producer price of milling wheat amounted to an average of HUF 75,700/tonne, which represented a decrease of
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
175
3% compared to the prior year. By the end of October, the average price of milling wheat experienced a decline to HUF
71,100/tonne, which constituted an annual falling off of 10%. At the beginning of November, a price level of approximately
HUF 72,700/tonne was established, which continued to remain 12% below the level of the previous year. During the initial
week of the final month of the year, the price remained essentially stagnant, amounting to HUF 72,800/tonne, which likewise
represented a falling off of approximately 10% in an annual comparison. By the middle of December, a further moderation
took place: the average price of milling wheat experienced a decline to HUF 70,800/tonne, which stood at a level 14% lower
than that of the preceding year. On the whole, during the fourth quarter, the domestic producer price of wheat exhibited a
downward tendency and evolved consistently below the previous year's level.
In its December projection, the USDA forecasts a global corn harvest of 1,283,000 tonnes for the 2025/2026 economic year,
which exceeds the figures for the 2024/2025 period by 4%. The primary factors contributing to the expansion of global corn
production in the 2025/2026 economic year include the following:
• The substantial production expansion of 12% in the United States, which has the potential to result in an output of
426 million tonnes; of this amount, export sales are expected to develop at a level of approximately 80 million
tonnes, thereby strengthening the global supply.
• The production expansion of 8% in Ukraine, reaching approximately 29 million tonnes, while its exports have the
potential to broaden by 15% to a level of 23 million tonnes.
• The moderate output growth of 4% in Russia, amounting to 14.5 million tonnes, accompanied by a stable level of
exports.
• The increase in the production of Argentina, which has the capacity to increase to 53 million tonnes.
• Although production in Brazil may be subject to a decrease of 4%, the exported quantity nevertheless exhibited an
upward trend of 5.5%.
During the fourth quarter of 2025, the futures price of
corn on the Paris Euronext, MATIF stock exchange moved
within a fundamentally stable range alongside a moderate
degree of fluctuation, without experiencing any
significant volatility. At the end of October and the
commencement of November alike, the settlement price
for the November maturity contract fluctuated between
183–187 EUR/tonne, which served as an indication of a
balanced market environment. From the middle of
November, the nearest active maturity had transitioned
to the March 2026 contract, for which the quotations
experienced a rise to between 188–193 EUR/tonne,
signalling a moderate degree of strengthening. At the
beginning of December, the range between 187–192 EUR/tonne continued to be the dominant factor; subsequently, by the
middle of the month, a slight correction took place, and the price underwent a narrowing to between 186–188 EUR/tonne.
During the fourth quarter of 2025, the domestic producer price of feed corn exhibited a slight downward tendency in
accordance with data from the AKI PÁIR, and remained consistently below the level of the previous year. In the second week
of October, the average price amounted to HUF 74,000/tonne, which represented a falling off of approximately 3% compared
to the figures from one year earlier. By the end of October, the price experienced a moderation to HUF 72,800/tonne, at
which point the annual deficit had already reached 7%. At the commencement of November, the price level underwent a
further decrease to HUF 71,500/tonne, followed by a slight correction in the third week of November, when it showed a rise
to HUF 72,200/tonne. Toward the conclusion of the quarter, a further weakening took place, and the average price sank to a
level of HUF 69,700/tonne, which stood at 5% below the identical period of the preceding year.
The year 2025 was characterized by a strong duality; while wheat and corn were available in sufficient quantity and quality
on the global market, both the volume and quality on the Hungarian physical market (primarily with reference to corn)
presented a negative outlook, which had a significant impact on the evolution of prices.
While an increase must be taken into consideration regarding raw material prices, the prices of finished products exhibited a
continuous decrease and a subsequent consolidation, which resulted in a severe contraction of margins. Regarding the
demand side of the Food Industry Division, the decline in the demand side of the European isoglucose market was already
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
176
well-defined at the commencement of the year. This can be attributed, on the one hand, to the advancement of healthy and
"sugar-free" lifestyles, and on the other hand, to the continued upward trend in the volume of alternative or substitute
products arriving from outside of Europe in 2025, alongside the increasingly prevalent appearance of "sugar-replacement"
products. Due to the narrowing of demand, the utilization of available production capacities currently evolves consistently at
a level of approximately 60–70%. The price of white sugar is down by more than 28%, with which the starch-derived
sweetener market is strongly correlated.
The competitiveness of processed products derived from maize (such as ethanol, sugar, starch and others) on the Western
European market is facing challenges, since the participants of the division must reckon with increases in raw material prices,
while the prices of their finished products have been declining since 2024. This effect has moderated the yield levels of the
participants of the Food Industry Division; however, for the second half of the 2025/2026 farming season, market participants
hold positive expectations, as the trend that previously exerted a negative impact on profitability has been slowing and
coming to a halt.
C. Division activity in 2025

Aggregated financial data and shareholder information, balance sheet:
Unless otherwise indicated, data is expressed in HUF '000'
Balance-sheet data (closing portfolio) | Food Industry Division 31.12.2025 audited factual data | Food Industry Division 31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Balance sheet total | 176,790,828 | 194,903,078 | -18,112,250 | -9.3%
Total cash | 9,937,694 | 11,292,935 | -1,355,241 | -12.0%
Equity capital | 46,376,407 | 58,126,369 | -11,749,962 | -20.2%
Long-term liabilities | 105,593,937 | 114,061,151 | -8,467,214 | -7.4%
Short-term liabilities | 24,820,484 | 22,715,558 | 2,104,926 | 9.3%
Loans and borrowings | 44,169,871 | 53,115,468 | -8,945,597 | -16.8%
External funds/balance sheet total | 25.0% | 27.3% | -2.3% | -8.3%

Both participants in the Food Industry Division maintain their bookkeeping in EUR; therefore, with reference to KALL and
VIRESOL, the currency exchange rate effect becomes apparent within the financial statements prepared on a HUF basis. By
the end of 2025, due to the continuous strengthening of the forint, a 6% exchange rate effect is manifested in the division's
figures compared to the 2024 closing exchange rate. The dynamics of the forint's appreciation showed variations between
quarters; on a quarter-on-quarter basis, the exchange rate effect evolved at a level of approximately 1–2%.
The aggregated total assets of the Food Industry Division exhibited a downward tendency from quarter to quarter throughout
the entirety of 2025. By the conclusion of the year, the aggregated asset stock of the division experienced a decrease to HUF
176.79 billion, which represents a decline of 9.3%, or HUF 18.11 billion, compared to the closing value of HUF 194.90 billion
at the end of 2024. The pace of the reduction in total assets evolved differently in each quarter; the most significant decrease,
amounting to 3.1%, took place during the first quarter, after which the rate of the decline in stock underwent a gradual
slowing down from month to month during the second and third quarters. In the final quarter of the year, a slight acceleration
was again observable, at which time the extent of the decrease in total assets evolved at a magnitude of approximately 2.5%.
Behind the change in the stock of asset value within the total assets lies the decrease of two balance sheet items in roughly
equal volumes and a fifty-fifty proportion: property, plant, and equipment, as well as inventories within current assets.
The makeup and structure of the balance sheet for the Food Industry Division exhibited a state of constancy throughout 2025;
no substantive rearrangement or significant structural change took place within the previously observed balance sheet
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
177
structure. The high level of non-current assets held by the companies in the division—which encompasses the core
infrastructure representing outstanding value in the market, the production units, the machinery and vehicle fleet, as well as
the associated service facilities—is justified by the nature of the sector, as the maintenance of food industry production
constitutes a fundamental prerequisite for appropriate infrastructure. Consequently, a decisive portion of the total assets—
amounting to 81% at the end of 2025—was consistently provided by non-current assets. The balance of this line item
underwent an overall decrease of 6%, representing HUF 8.64 billion, over the four quarters of 2025 and concluded the
reporting period at HUF 143.20 billion. Within non-current assets, the infrastructure essential for core activities (property,
plant, and equipment) constitutes approximately two-thirds of the aggregated asset value, and the decline in the stock of
non-current assets that took place during 2025 can also be traced back to the change in this specific balance sheet line. The
aggregated value of property, plant, and equipment opened the 2025 year at HUF 122.35 billion; by the end of the year, the
stock had changed to HUF 114.03 billion, which is lower by HUF 8.32 billion than the opening value.
The two companies within the Food Industry Division represent nearly identical weight in the aggregated asset stock.
Although the value of non-current assets is of a similar magnitude for both companies—the non-current asset value for KALL
amounts to HUF 72.92 billion, while with reference to VIRESOL, it stands at HUF 70.28 billion—their structures exhibit clearly
perceptible differences. At both KALL and VIRESOL, property, plant, and equipment provide the largest volume of the non-
current asset group; with reference to the former company, the value of the infrastructure amounts to HUF 66.93 billion,
whereas at VIRESOL, this value is recorded at HUF 47.10 billion. At the same time, notable variations can be observed in the
composition of non-current assets. With regard to KALL, intangible assets represent a more significant balance sheet item
with a value of HUF 5.34 billion; in contrast, at VIRESOL, the stock of investments (HUF 22.74 billion) can be considered a
decisive element with the second-highest value.
The value of non-current assets for both KALL and VIRESOL experienced a decrease of a similar magnitude in 2025; a decline
of HUF 4.37 billion (6%) was observable for KALL, while a decrease of HUF 4.21 billion (likewise 6%) was recorded for VIRESOL.
The change in the aggregated non-current asset stock of the Food Industry Division is primarily explained by the 7% falling
off in infrastructure—namely property, plant, and equipment—which was further augmented by an additional decrease of
HUF 0.89 billion appearing in intangible assets. Conversely, the stock of investments showed an increase of HUF 0.55 billion,
which is entirely attributable to the stock appreciation realized at KALL during the fourth quarter of 2025. The reduction in
the non-current assets of VIRESOL was primarily more pronounced during the first and third quarters, whereas with reference
to KALL, a prominent decrease in stock materialized during the third quarter, which accounted for approximately half of the
total annual decline in stock. On the whole, the falling off of non-current assets at both companies is decisively attributable
to the changes in the stock of property, plant, and equipment. The maintenance works and smaller-scale investments carried
out by the companies in 2025 were not sufficient to counterbalance the depreciation recognized during the year and the
annual exchange rate effect. Regarding the decrease in the aggregated non-current asset stock of the Food Industry Division,
the decline in the intangible assets of KALL is also worthy of mention, which resulted from accounting reclassifications related
to R&D developments. The value of KALL’s intangible assets underwent a decrease of HUF 2.66 billion during the first half of
the year, which the increase occurring in the second half of the year was only able to compensate for in part. In accordance
with this effect and in connection with, or as a consequence of, the capitalization of R&D developments, the stock of
intangible assets underwent a change from HUF 6.08 billion to HUF 5.34 billion, which represents a decrease of HUF 0.74
billion, or 12%, compared to the 2025 opening value.
The aggregated current asset stock of the Food Industry Division experienced a change from the 2024 base of HUF 43.06
billion to HUF 33.59 billion, following a decrease of HUF 9.47 billion, or 22%. The reduction in the stock of current assets
materialized primarily during the first half of the year; however, in the third quarter—in alignment with the tendencies of
previous years—the direction of the change was reversed, and the division realized an increase slightly exceeding half a billion
forints. At the same time, in the fourth quarter—similar to the commencement of the year—a further falling off in stock was
observable. In 2025, the change in stock occurring among the aggregated current assets of the division was primarily
attributable to KALL (approximately 75%). In the final quarters of previous years, the participants of the division implemented
a conscious strategic raw material stockpiling, thereby elevating the closing inventory levels at the end of the given year, as
well as the opening levels at the beginning of the subsequent year. In contrast, during the fourth quarter of 2025—although
a minor increase in inventory is observable at KALL—a decrease in stock took place instead of the fourth-quarter inventory
growth experienced in previous periods. Due to the conscious strategic raw material stockpiling implemented in the final
quarter of 2024, the participants of the Food Industry Division concluded the base year at an exceptionally high inventory
level. Subsequently, from the commencement of 2025, the processing and sale of inventories commenced as a result of
regular business operations, which brought about a decline in inventory values. However, as previously brought to your
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
178
attention, no substantive stockpiling was carried out during the final three months of 2025; consequently, the division
concluded the year below the inventory levels seen at the end of 2024.
The aggregated inventory value of the division amounted to HUF 11.14 billion on 31 December 2025, following a decrease of
HUF 8.41 billion. Inventory changes were fundamentally attributable to KALL. Inventories at KALL fell by HUF 3.47 billion in
the first quarter and by HUF 1.71 billion in the second quarter. During the third quarter, the rate of decrease slowed to HUF
1.060 billion. In the fourth quarter, the falling off in inventory stock ceased, and the company concluded the final quarter
with an increase of a magnitude of approximately HUF 200 million. On the whole, the inventories of KALL experienced a
reduction of 45%, declining from HUF 13.420 billion to HUF 7.380 billion in 2025. With regard to VIRESOL, an inventory growth
with a volume of HUF 640 million was observable during the third quarter; however, when examining all four quarters of
2025 collectively, a decreasing inventory stock may also be observed at VIRESOL for the year 2025. The company’s inventories
underwent a decrease from HUF 6.120 billion to HUF 3.760 billion, representing a decline of HUF 2.36 billion (-39%). This type
of evolution in raw material inventories was influenced to a great extent by the conscious strategic stockpiling implemented
at the end of 2024 since for the purpose of ensuring production security, the company was in possession of exceptionally
high corn and wheat stocks at the commencement of 2025, which covered the raw material requirements of the first two
quarters to a significant degree.
The aggregated cash and cash equivalents of the Food Industry Division underwent a decrease from the base of HUF 11.29
billion at the end of 2024 to HUF 9.94 billion by the conclusion of 2025. Among the participants in the division, the cash and
cash equivalents of VIRESOL exhibited a decrease by the conclusion of the fourth quarter of 2025; with reference to KALL,
however, we were able to observe what was essentially a state of stagnation (-HUF 44.8 million). The current assets of the
division were reduced by a combined total of HUF 8.550 billion due to the changes in the stock of inventories and cash
equivalents, which was further augmented by an additional decrease of HUF 1.05 billion in the accounts receivable balance.
The aggregated equity of the Food Industry Division underwent a reduction of 20.2% in 2025—a minor exchange rate effect
also played a role, but this was decisively as a consequence of loss-making operations—thus the equity base of HUF 58.13
billion at the commencement of the year dwindled to HUF 46.38 billion by the end of the year. When breaking down the
division's data to a corporate level, it is clearly perceptible that the decline is decisively attributable to the operations of KALL.
Of the division-level aggregated equity decrease of HUF 11.75 billion, 77% materialised at this specific company. The
reduction in the aggregated equity of the division exhibited a steady decline throughout the year, typically characterised by
a moderation of between 5–6% on a quarterly basis. The second quarter presented a somewhat more favourable outlook;
during this period, the rate of decline was more moderate compared to other quarters, amounting to only 3% on a quarter-
on-quarter basis. The Food Industry Division was able to commence 2025 with significantly more advantageous capitalisation
compared to previous years, primarily as a consequence of the EUR 98 million capital increase that took place at VIRESOL in
2024. This 2024 capital increase played a pivotal role in strengthening the resilience of the Food Industry Division, providing
an important foundation for managing losses arising from market and other economic challenges encountered in 2025.
The total current and non-current liabilities of the Food Industry Division amounted to a combined total of HUF 136.78 billion
at the end of 2024, which underwent a decrease of 4.7%, or HUF 6.36 billion, in 2025. During the course of 2025, current and
non-current liabilities exhibited opposing movements. While a decrease of HUF 8.47 billion, or 7.4%, was observable within
non-current liabilities, short-term liabilities experienced a rise of HUF 2.10 billion in contrast. When analysing the quarters
individually, the 2025 change in the stock of liabilities materialised during the first half of the year; during these six months,
the total stock of liabilities underwent a decrease of HUF 5,200 billion (3.8%). There were fundamentally two important
factors underlying the reduction in the Food Industry Division’s liabilities. One of these was the exchange rate effect related
to the foreign currency-based loans of the two companies—primarily non-current—as the value of the division members'
EUR-based non-current loans expressed in forints experienced a decline as a result of the strengthening of the forint. The
other determining factor that also played a role in the decrease of the stock of liabilities was the punctual performance of
quarterly principal repayments on non-current loans. The significance of these two factors is well-supported by the fact that
loans and borrowings fell from HUF 53.12 billion to HUF 44.17 billion in 2025, which represents a reduction of HUF 8.95
billion, or 16.8%.
When examining the participants of the division individually, we can observe that the two companies were able to reduce
their non-current liabilities by a similar volume in 2025. The long-term liabilities of KALL experienced a decrease from HUF
73.70 billion to HUF 69.87 billion in 2025—a decline of HUF 3.83 billion, or 5%. The pace of the reduction in liabilities remained
steady throughout the entire year, although the third quarter was slightly more prominent. With regard to VIRESOL, the
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
179
decrease in non-current liabilities amounted to HUF 4.63 billion (11.5%); the company’s liability stock exhibited no substantive
change during the first three quarters of the year, remaining stagnant, and the significant portion of the reduction
materialised in the final quarter of the year.
Current liabilities of the Food Industry Division commenced the year 2025 at HUF 22.72 billion on a divisional level and
experienced a rise of 9.2% (HUF 2.10 billion) during the year; consequently, the aggregated short-term liability stock of the
division's participants stood at HUF 24.82 billion at the end of the year. The movement of two balance sheet items with
opposing trajectories lay behind this growth: the value of the division's current liabilities toward related parties increased by
HUF 4.87 billion to HUF 7.82 billion. Roughly half of this increase was mitigated by a decrease of HUF 2.13 billion in trade
payables. With regard to VIRESOL, current liabilities rose from HUF 6.01 billion to HUF 6.58 billion, primarily due to a 43%
increase in other liabilities and accrued expenses. With regard to VIRESOL, the trade payables balance stood slightly above
the base value by the end of the year, increasing by HUF 73 million (+4%). At KALL, current liabilities experienced a rise of
HUF 1.53 billion, changing from HUF 16.71 billion to HUF 18.24 billion. The underlying factor for this was likewise the growth
in other liabilities and accrued expenses.

Aggregated financial data and shareholder information, profit and loss account:
Unless otherwise indicated, data is expressed in HUF '000'
Key P/L data | Food Industry Division 01.01.2025 - 31.12.2025 audited factual data | Food Industry Division 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Total operating income | 108,689,548 | 108,025,620 | 663,928 | 0.6%
Operating costs | 111,084,272 | 100,824,443 | 10,259,829 | 10.2%
Operating (business profit/loss) EBIT | -2,394,724 | 7,201,177 | -9,595,901 | -133.3%
EBITDA | 4,998,853 | 14,133,133 | -9,134,280 | -64.6%
Net financial income | -4,381,021 | -1,538,717 | -2,842,304 | -184.7%
Profit before taxes | -6,775,745 | 5,662,460 | -12,438,205 | -219.7%
Profit after taxes | -8,239,150 | 3,901,044 | -12,140,194 | -311.2%
Total comprehensive income | -11,685,169 | 6,693,916 | -18,379,085 | -274.6%
Employee headcount (persons) | 715 | 713 | 2 | 0.3%

The Food Industry Division achieved a total operating income of HUF 108.69 billion in 2025, surpassing the previous year’s
base by HUF 0.66 billion. This growth in income can primarily be associated with the rise in other operating income. Despite
higher sales volumes—as a consequence of fluctuations and the decline in the selling prices of finished products—aggregated
revenue decreased by 1%. Revenue exhibited stagnation during the first three quarters of the year, with a slight decline also
observable; thus, the shortfall in revenue materialised decisively in the fourth quarter. Overall, three main factors can be
identified behind the slight income growth of 0.6%. Firstly, a gradual consolidation of product and raw material prices
commenced on the global market during the period under review. Secondly, continuous and conscious optimisation took
place in production, and the proportion of a given product within the product mix was determined based on market
opportunities. Thirdly—given that a significant portion of the division’s revenue is in EUR or EUR-denominated—the impact
of the strengthening of the forint was perceptibly felt from the beginning of 2025. With regard to the evolution of revenue
relative to the base reported in HUF, the appreciation of the forint against the euro moderated the figures by approximately
2% overall during the year. As can be seen, the other operating income of the division increased significantly to HUF 3.73
billion, which represents a threefold rise compared to the base. On the whole, regarding the division-level revenue, we can
observe that the increasing production, grinding, and sales volumes were offset by the strengthening of the forint relative to
the base and the evolution of finished product pricing; consequently, revenue did not increase. However, due to the impact
of the rise in items not closely related to core activities (e.g., factoring), total operating income increased slightly compared
to 2024.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
180
When examining the corporate-level data broken down by the companies within the division, it is apparent that the revenue
of KALL in 2025 fell 3% short of the 2024 level; the company achieved a total revenue of HUF 64.60 billion over the four
quarters of the reporting year. With regard to VIRESOL, revenue developed more favourably and reached HUF 40.36 billion
in 2025, which exceeded the identical period of the 2024 base by 4%. The evolution of total operating income showed a
positive direction at both companies. With regard to KALL—due to the derecognition of accrued income and the rise in other
operating income—an increment of 2% was observable as of 31 December 2025. At the same point in time, the total operating
income of VIRESOL exhibited a surplus of 3%. The increase in other operating income at Division level is attributable to KALL
and is connected to the factoring activity carried out in all four quarters of 2025. This item (factoring settlement) appears as
an accounting-technical entry and has no substantive impact on the company's income related to its actual activities or its
earnings-generating capacity; this is because the increased factoring turnover does not only affect the income side in an
administrative manner but also induced a similar volume of growth within other Operating costs.
In contrast with the quasi-stagnation experienced on the income side, the aggregated Operating costs of the Food Industry
Division rose during the course of 2025. By the end of the year, total Operating costs increased to HUF 111.08 billion, which
represents a surplus of 10.2%, or HUF 10.26 billion, compared to the 2024 base. In addition to the administrative impact of
factoring, raw materials and consumables played the decisive role in the cost increase. Due to the fact that the growth in
costs related to activities at the division's companies exceeded the evolution of revenue, the division's operating-level
profitability fell compared to the 2024 base and turned into negative territory in 2025. The unfavourable tendency appearing
on the cost side commenced in the second quarter, intensified further in the third quarter, and subsequently, a slowing in
the growth rate was observable during the final quarter of the year. The 2025 aggregated operating profit (EBIT) of the
division was minus HUF 2.39 billion, which falls short of the profit reported in the previous year by HUF 9.60 billion. With
regard to VIRESOL, although it achieved a result HUF 2.32 billion weaker than in 2024, it continued to operate profitably in
2025 and realised an operating profit of HUF 1.10 billion. The company was able to increase its profit in the fourth quarter,
in contrast to the first three quarters of the year when its earnings-generating capacity exhibited a declining tendency. KALL
recognised an operating loss of HUF 3.49 billion throughout the entire year, which falls short of the 2024 operating profit by
HUF 6.83 billion. The underlying factor behind the negative result was decisively the raw material quality issues arising from
aflatoxin contamination.
The decline in the profitability of the Food Industry Division has multifactorial causes. VIRESOL achieved an exceptionally
high, one-off profit in 2024, as the consolidation of product prices followed the changes in input prices only with a delay and
at a slower pace, which was a direct consequence of the contractual framework in place. For KALL, however, a unique negative
effect emerged in 2025: the high aflatoxin contamination level of maize, which resulted in revenue losses exceeding EUR 4.1
million. In addition to the above factors, the increase in raw material prices also had an adverse impact on both companies,
as the Division’s participants were not able to fully incorporate the higher cost levels into their 2025 sales prices. Taken as a
whole, despite the losses arising from the unfavourable external effects weighing on the Division, the business strategy
developed for 2025 can still be regarded as successful at Division level.
The EBITDA of the Food Industry Division in 2025 fell short of the 2024 base for the same period to a degree similar to the
operating result. Depreciation recognised on the high asset base—which is necessary due to the core operations of the
division—amounted to HUF 7.39 billion, exceeding the 2024 base value by 7%. As a result of this, the EBITDA remained in
positive territory, reaching HUF 5.00 billion by the end of 2025.
The result of financial operations developed more unfavourably in 2025 compared to the minus HUF 1.54 billion base in 2024.
It remained continuously in negative territory across all four quarters of the year, and the Food Industry Division ultimately
concluded the year with a financial loss of HUF 4.38 billion. Income from financial operations fell to half of the base value,
while expenses exceeded the 2024 level by 23%. At the same time, the reported financial loss is decisively of a technical and
administrative nature and did not cause a substantive negative cash flow impact for the division's companies. A dominant
portion of the loss was caused by the revaluation of the forint-based shareholder loan stocks of VIRESOL and KALL, as well as
the year-on-year decrease in interest received.
As a result of the aggregated negative operating result and the higher financial loss compared to 2024, both the profit before
tax and the net profit fell into negative territory by the end of 2025. The employee headcount of the Food Industry Division
stood slightly above 700 persons in 2025. The intra-year increase in the number of employees moderated by the end of the
year and returned to the levels seen at the commencement of 2025.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
181
Unless otherwise indicated, data is expressed in HUF '000'

Operating costs | Food Industry Division 01.01.2025 - 31.12.2025 audited factual data | Food Industry Division 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Materials, consumables and other external charges | 93,108,345 | 83,613,411 | 9,494,934 | 11.4%
Staff costs | 9,223,237 | 8,166,609 | 1,056,628 | 12.9%
Depreciation | 7,393,577 | 6,931,956 | 461,621 | 6.7%
Impairment | 304,650 | -71,916 | 376,566 | 523.6%
Other operating costs and expenses | 2,340,477 | 1,501,005 | 839,472 | 55.9%
Capitalised own performance | -1,286,014 | 683,378 | -1,969,392 | -288.2%
Total operating costs | 111,084,272 | 100,824,443 | 10,259,829 | 10.2%

The cost structure of the division is influenced by the evolution of raw material and energy costs. In previous years, prior to
2023, the combined weight of these items within total costs fluctuated between 75-80%. From 2024 onwards, as a result of
the rise in input and energy prices, their proportion within the cost structure increased. The weight of raw materials and
consumables within total Operating costs was 83% in 2024, which grew to 84% for 2025. In 2025, the increase in raw material
prices and quality issues strongly influenced the cost structure. In the Food Industry Division, changes in input and energy
prices are reflected in consumer prices under commercial agreements, but sellers can only incorporate these cost changes -
whether cost increases or decreases - into their sales prices with a quarter or half-year lag.
The raw materials and consumables of the Food Industry Division amounted to HUF 93.11 billion in 2025, which represented
a surplus of HUF 9.50 billion compared to the 2024 base. The 2024 harvest, including both its volume and quality, significantly
impacted the purchase prices of raw materials. Since the cost of raw materials and energy carriers already accounts for more
than 80% of the Food Industry Division's cost structure, the market price movements of these items were decisive in the
division's financial management. The increase in raw material expenses compared to the previous year was 13%, while the
volume of cereals used (milled/ground) was 5.70% higher than in the same period of the previous year. Both KALL and
VIRESOL conducted significant factoring turnover in both 2024 and 2025. This accounting-technical process, and this specific
cost item, has no impact on the bottom line, as they appeared within other income alongside the expenses. Staff Costs during
the four quarters of 2025 were a total of 12.9% higher than the base. The increase in Staff Costs can be associated, on one
hand, with the nearly 5% expansion in headcount during the interim quarters, and on the other hand, with the conscious
wage correction measures of previous years and the related wage and benefit systems for the year 2025.
The relationship between the Hungarian physical market and the MATIF in Paris was determined by global oversupply (sown
area) and domestic quality issues. The previously strong correlation did not persist; thus, Hungarian market prices decoupled
from exchange prices. The lower yields stand in sharp contrast to European and global market trends, and the evolution of
domestic maize seller levels was unusual compared to the ones, which are quoted on the stock exchange. While Hungarian
physical market prices were, on average, €15–20 lower over the past decades, current seller levels have been fluctuating
around €12–15 above the MATIF.
Amount of raw material used in year/year comparison:

| 01.01.2025- 31.12.2025 | 01.01.2024- 31.12.2024 | Difference
Used raw materials (tons) | 647,025 | 612,141 | 5.6%

D. Divisional risks
Global economic and geopolitical processes, particularly the Russo-Ukrainian War and the conflict in Gaza, significantly
influenced the operation of supply chains. These events slowed down and increased the cost of logistical processes;
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
182
furthermore, they made it more difficult to deliver grain to users in a timely and cost-effective manner. In addition to the
above, global environmental factors—such as the adverse effects of climate change and the more arid weather impacts of
recent years, which have been less favourable for local crop cultures—resulted in further pressure on sectoral participants.
This contributed to the fact that the industry has had to face several new problem areas and challenges to be resolved in
recent years.
Raw material
Quality in raw materials has declined in recent years, primarily due to the aforementioned adverse weather conditions. Grain
shipments affected by toxins and live insect infestation, or possessing other quality deficiencies, appeared on the market in
proportionately higher volumes. Consequently, the previously customary stability and predictability of the raw material
supply decreased, while the volatility of procurement prices rose, which in turn increased uncertainty within the raw material
market. From the second half of 2024, a deterioration in raw material quality was observable in Hungary and across most of
the South-Eastern European region.
With regard to the future, it is a guiding principle that the 2025 production data and the expansion of agricultural output may
somewhat smooth out and render the effects of the previous year's price explosion more manageable, slightly improving
production security. The 2025 global grain harvest exceeded the figures from a year earlier, which is expected to result in
supply surpassing consumption, and an overall rise in inventory levels can also be forecasted. With regard to domestic wheat
production, the year can be considered strong and above average, as the harvested quantity exceeded 5 million tonnes,
providing a stable basis for both domestic consumption and exports. In contrast, in Hungary, maize yields fell short of the
averages seen in previous years. Due to drought conditions, yield levels became somewhat lower, and the harvested quantity
fell back to only 3.5 million tonnes. As a result of the poor maize harvest, Hungary must rely on imports to meet domestic
demand, which might have a tangible impact on market dynamics and price developments.
Inflation
The inflationary and interest environments represent further risk factors. The rising price levels influenced both household
and industrial consumption, which had a direct impact on the demand for products and, consequently, on pricing. Inflationary
pressure is manifest within the cost structure and requires continuous adaptation from companies regarding their pricing
and procurement strategies.
In 2025, the rise in consumer prices was more moderate compared to the previous year; however, it remained persistent
throughout the entire year. General inflation was influenced by domestic demand, monetary policy, and external price effects
from outside our country. Within the macroeconomic environment, fluctuations in energy and raw material prices, as well as
the forint exchange rate, affected the consumer price level. Food products reacted with particular sensitivity to changes in
producer costs and international markets.
Food price inflation in 2025 developed at a higher rate than the consumer price index. The prices of agricultural raw materials
and processed foods increased across several product groups. The growth was primarily attributable to producer costs, global
raw material prices, weather and seasonal impacts, as well as logistical costs.
Energy
Energy prices in 2025 did not return to the lower price levels experienced before the 2020s. Due to armed conflicts and the
sanctions taken in response to the same, energy prices increased, and the volatility of supply also carries an increased risk
compared to the previous period. Potential partial energy shortages may cause operational disruptions, particularly in
processing and storage processes. Furthermore, the security of supply and predictable pricing of auxiliary materials closely
linked to agricultural production—such as fertilisers—remain critical risk factors. For corporate consumers, market tariffs and
the costs for large-scale users reacted sensitively and more unfavourably to international price movements and exchange
rate fluctuations. For domestic medium-sized companies, the rise, volatility, and unpredictability of energy prices continued
to represent a significant risk.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
183
E. Risk management
In order to mitigate strategic risks, the division's participants have already implemented several targeted investments in
recent years. Based on the plans of the division's subsidiaries, preparation and implementation works for significant value
investments affecting multiple areas will continue in the coming years. These investments are primarily related to the
rationalisation of the energy management, the strengthening of the security of supply, and the development of and market
launch of new products. The strategic goal of the investments is to increase operational stability and further strengthen
resilience against external economic impacts, primarily the ones, which are less predictable.
Consultations between the subsidiaries present in the division and their business partners remain continuously on the
agenda. The review of the pricing mechanism is also ongoing, which provides an opportunity to ensure that the impact of
inflationary processes can be reflected in sales prices. Following the "phasing out" of previously concluded contracts that no
longer — or only partially — covered the increased costs, sectoral participants are striving to ensure that pricing under new
contracts is established in quarterly periods. This allows for the coverage of raw materials, auxiliary materials, and energy
requirements to be secured through price fixing and stockpiling.
The optimisation of storage capacities and precise delivery scheduling receive priority attention in the mitigation of logistical
risks. Investments aimed at expanding warehouse capacity have been concluded, which increases flexibility and improves the
efficiency of inventory management.
To ensure product quality, the acceptance of raw materials is based on increasingly complex and stringent risk assessments.
In addition to the risk assessment of suppliers, toxin measurements and live insect inspections are performed on multiple
occasions, and shipments exceeding threshold limits are not accepted. Furthermore, the food protection working group has
introduced several measures to reduce the risk of accidental and intentional harm, including the tightening of supply chain
audits and the reinforcement of internal protection protocols.
F. Strategy
At a strategic level, the Parent Company pays priority attention to the Food Industry Division and is committed over the long
term to maintaining its involvement within the industry alongside scheduled developments. In cooperation with the Parent
Company, the division's participants also worked during the previous financial year to maintain and strengthen existing
market positions, optimise competitive advantages in both domestic and international markets, and exploit market
opportunities with reference to newly introduced products. Part of the strategy is the diversification of the product portfolio
and the customer base, which contributes to offsetting the impacts of economic and sectoral challenges and consolidating
financial effects.
The exploration of synergies previously commenced within the Group, and their increasingly conscious exploitation, is
ongoing. KALL and VIRESOL were placed under joint control in 2022. This organizational integration enables an increase in
efficiency and the strengthening of competitiveness. Under joint management, the companies aim to establish a customer-
centric organization that is competitive even against multinational rivals, thereby increasing the satisfaction of both partners
and employees. Furthermore, the two companies within the division have transitioned to an identical corporate governance
system and have introduced more unified operational principles.
The strategic goal of the division is to satisfy customer requirements at a high level while optimizing profit and business
benefits. To this end, the companies are continuously expanding their product portfolios and strengthening the diversification
of their product ranges. Medium- and long-term plans focus on innovative product developments in line with industrial and
market trends. The primary goal of the engineering team responsible for product development is to develop unique products
tailored to specific needs and to implement their production on an industrial scale, thereby increasing portfolio diversity and
satisfying the special requirements of partners.
Alongside ensuring a seamless energy supply, the Group is committed to the reduction of specific energy consumption, the
mitigation of energy dependency, and the strengthening of sustainable management. Within the framework of concrete
measures, an energy rationalisation investment was implemented at KALL in previous years (a biomass boiler with a
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Food Industry Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
184
microturbine and a HeatCube molten salt-based thermal energy storage), while at VIRESOL, the construction of a wet feed
mixer and flat storage took place. These have all contributed to the expansion of the product portfolio and the increase of
operational efficiency. Beyond this, the two companies of the Food Industry Division will continue their targeted investments
aimed at the rationalisation of energy consumption and energy costs in the coming years.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
185
Tourism Division
Hunguest Zrt. (hereinafter: Hunguest) and its subsidiaries have been included as
subsidiaries in the IFRS consolidated financial statements of OPUS GLOBAL Nyrt.
(hereinafter: OPUS GLOBAL) since 1 July 2019, for nearly seven years. Together, these
companies represent the Tourism Division of the OPUS Group, which, as of 31
December 2025, accounts for 13% of the OPUS Group's consolidated total assets and
12% of its revenue.
The scope of activities within the Tourism Division includes domestic and international
wellness and event tourism.
A. Companies of the division

List of the subsidiaries in the division as at 31.12.2025: |
Name | Level of affiliation | Core business activity | Country of registration | Indirect/direct participation | Issuer’s share on 31.12.2025 | Issuer’s share on 31.12.2024
Hunguest Zrt | S | Hotel services | Hungary | Direct | 99.99% | 99.99%
Relax Gastro Hotel GmbH | S | Hotel services | Austria | Indirect | 99.99% | 99.99%
Heiligenblut GmbH | S | Hotel services | Austria | Indirect | 99.99% | 99.99%
Hunguest Hotels Montenegro d.o.o | S | Hotel services | Montenegro | Indirect | 99.99% | 99.99%
BALATONTOURIST CAMPING Kft. | S | Camping services | Hungary | Indirect | 99.99% | 99.99%
BALATONTOURIST Idegenforgalmi és Kereskedelmi Kft. | S | Camping services | Hungary | Indirect | 99.99% | 99.99%

S: Subsidiary
Hunguest is Hungary's leading rural hotel chain, which has been able to further stabilise its market
position in recent years and has indeed strengthened its national presence. Furthermore, in the
first quarter of 2025, the operation of new hotels commenced in two new locations; as a result,
by the end of 2025, it operated twenty hotels and two spas across the country.
Its hotels in Hungary have a total of 3, 511 rooms and 7,075 beds. Hunguest hotels are located in
prime Hungarian tourist destinations and in the country’s most popular spa and holiday resorts,
including Balatonalmádi, Bük, Cegléd, Eger, Egerszalók, Hajdúszoboszló, Hévíz, Gyula, Kőszeg, Nyíregyháza, Szeged, Zalakaros,
Tapolca and Tarcal. The Hunguest portfolio also includes foreign interests: the Hunguest Hotel Sun Resort in Herceg Novi,
Montenegro, situated directly on the coast, as well as Hotel Miramar located in Opatija on the Croatian coast.
In the recent period, Hunguest has continuously sought and examined opportunities to broaden its portfolio; thus, it
remained active in scouting new market opportunities in 2025 as well. In this framework, several domestic units of the hotel
chain have been renovated or reopened in recent years, and new locations (such as Kőszeg and Tarcal) have been added to
the Hunguest offering. Hunguest's position in the domestic rural hotel and spa market strengthened further in 2025, while it
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
186
also expanded its international presence and was able to increase its competitiveness through continuous developments and
targeted territorial expansion.
Balatontourist – which refers to the companies BALATONTOURIST Camping Kft. and
BALATONTOURIST Kft. – is Hungary’s market-leading camping operator, and for decades it has
been a defining player in the country’s leisure and camping tourism. Balatontourist offers 588
camping pitches, 63 holiday homes, 192 mobile homes, caravans for rent and furnished,
comfortable tents for camping in Balatonakali, Balatonberény, Balatonfüred, Balatonszemes and Révfülöp. The company is
committed to continuous development and the expansion of its services in order to ensure that domestic camping offers a
genuinely high-quality alternative within the palette of Hungarian tourism.
B. Description of the business environment of the division
The National Association of Tourism and Catering Employers, in cooperation with the Hungarian Tourism Association
Foundation and GKI Economic Research Co. (hereinafter: GKI), measures the expected development of the business cycle in
tourism on a monthly basis and publishes the Tourism Business Cycle Index (hereinafter: TKI) on a scale between -100 and
+100 (where -100: deteriorates significantly, +100: improves significantly).
In the fourth quarter of 2025, the HICP index developed as follows:
• In October, the first month of the fourth quarter of 2025, the Tourism Confidence Index (TKI) showed a moderate
correction following the September low, and market participants' assessment of the situation stood on the borderline
between stagnation and cautious improvement. Compared to the business climate index of the service sector, the TKI
remained somewhat lower; however, over-performance was shown relative to the GKI national economic business
confidence index, suggesting that tourism participants were slightly more optimistic than the broader economic
environment.
• Among the sub-sectors, a further moderate decrease was perceptible in accommodation services, while in catering,
stagnation or minimal improvement may have occurred due to seasonal effects. At that time, market participants still
exhibited a "wait-and-see" attitude and only expected a recovery in demand for the year-end period.
• In the middle of the quarter, in the month of November, the TKI value remained in negative territory and fell short of
the November 2024 base value, yet the index showed an improvement compared to the previous month. Market
participants' assessment of the situation remained cautious; despite the improvement in the index, the sentiment
continued to be characterised by a "wait-and-see" approach and restraint.
• In December, the final month of the quarter—though precise figures have not yet been officially released—a further
slight improvement in the TKI is probable based on expectations. December is traditionally a strong month in tourism,
particularly due to urban and Advent tourism; therefore, a positive shift in the index is anticipated. Compared to the
service sector, the TKI is expected to have remained a few points lower; however, the outperformance relative to the
GKI business confidence index certainly persisted, which can be attributed to the seasonal strengthening of tourism.
Other tourism services may have remained at a stable level following the strengthening seen in November.
In the fourth quarter of 2025, both the TKI and, within it, the index of the accommodation sub-sector developed similarly to
the base period; market participants are waiting and forecasting only a cautious rise in business operations for the beginning
of 2026. The performance of the sector remains stable, but cost pressure, labour shortages, and fluctuations in demand
present ongoing challenges. At the same time, there are still untapped opportunities in the tourism market which, through
joint measures and national economic support, could increase the performance of the sector. In correlation with the rise in
the value of the GKI business confidence index, an increase is also expected with reference to the TKI, reflecting the cautious
optimism of sectoral participants. The macroeconomic environment, government measures, digitalisation, sustainability, and
the development of the premium division can all contribute to the future growth of the sector. In international comparison,
the performance of Hungarian tourism remains excellent and competitive; however, the occupancy of accommodation
facilities falls short of the EU average, which necessitates a further expansion of foreign guest traffic and an increase in the
international appeal of destinations. Overall, the outlook for the sector is fundamentally positive, but for sustainable growth,
it is essential to manage cost pressure, resolve labour market challenges, and strengthen digitalisation and sustainability.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
187
Market participants' "wait-and-see" attitude, cautious optimism, and untapped opportunities point toward cooperation and
innovation, which may serve as the guarantees for the sector's long-term competitiveness.
In 2025, regarding total global tourism and world markets, the United Nations World Tourism Organization (hereinafter: UN
Tourism) realised growth in the branch between 3-5% compared to the previous year. This expansion is primarily driven by
the continued recovery of the Asian and Pacific markets. Beyond the two regions mentioned, the organization also projected
stable growth for other regions, for which the local reduction of inflation and the avoidance of escalating geopolitical conflicts
were important prerequisites. The main challenges include persistently high transport and accommodation costs. At the same
time, achieving a balance between growth and sustainability remains a fundamental priority.
According to actual data from UN Tourism, the number of international tourist arrivals slightly exceeded the base value by
4%. Europe received the highest number of foreign tourists, thereby remaining the world's number one destination.
International travel demand responds flexibly to high costs and political uncertainties, and in line with the branch’s forecasts,
demand for shorter trips and trips closer to home is increasing. Globally, high costs and geopolitical risks continue to represent
the greatest challenges; nonetheless, a growth of 3-4% is forecasted for tourism in 2026. Based on surveys, it could be
established that the Russia-Ukraine war had a significantly milder impact on European tourist arrivals than expected.
According to the experiences of the Globetrender agency, the summer of 2025 practically represented a turning point in the
selection of summer destinations.
According to the experience of the Globetrender agency, the summer of 2025 practically represented a turning point in the
selection of summer destinations. Due to extreme heat and the resulting wildfires, travellers have increasingly opted for
cooler destinations. This shift, however, does not necessarily indicate rising demand for northern countries. Instead, it partly
reflects a change in preferred directions (for example, favouring mountain regions or more northerly areas) and partly a shift
in travel timing, with trips being scheduled for spring or autumn instead of summer. According to a survey by the European
Travel Commission, concerns about overtourism have also contributed to the growing popularity of less well-known or less
frequented destinations. Based on TUI’s assessments, the peak season in the Mediterranean region is expected to move from
summer to the May–June and September–October periods by the end of the decade.
The main national markers (Hungarian countryside hotel data):
(Change = difference from the same period last year in %))

Index | October 2025 | Change | November 2025 | Change | December 2025 | Change
Guest nights spent by Hungarians, ‘000’ | 1,121 | 10.8% | 822 | -1.1% | 844 | 8.8%
Guest nights spent by foreigners, ‘000’ | 462 | 0.9% | 380 | 6.7% | 296 | 5.7%
Total number of guest nights, ‘000’ | 1,583 | 7.7% | 1,202 | 1.3% | 1,140 | 8.0%

Source: Central Statistical Office (Turnover of commercial accommodation)
(Change = change from previous period in %;)

Index | Fourth quarter 2025 | Change | Quarters 1-4 (cumulated) 2025 | Change
Guest nights spent by Hungarians, ‘000’ | 2,787 | 6.4% | 13,786 | 2.4%
Guest nights spent by foreigners, ‘000’ | 1,138 | 4.0% | 6,438 | 5.5%
Total number of guest nights, ‘000’ | 3,925 | 5.7% | 20,224 | 3.3%

Source: Central Statistical Office (KSH);
With regard to rural commercial accommodation in Hungary, the number of guest nights increased by 5.7% in the fourth
quarter of 2025 and by 3.3% on an annual basis. The branch was fundamentally characterised by an accelerating rate of
growth and positive profitability throughout the entire year. The driver of these favourable economic conditions was primarily
the domestic guest base in the fourth quarter, while on an annual basis, it was inbound guest traffic. Regarding domestic
travel trends, according to data from szallas.hu, approximately half of the guests stayed in wellness accommodation during
the final period of the year. The most sought-after destinations in this category were Siófok, Hévíz, and Eger. In terms of
regions, Northern Hungary held the leading position, realising approximately one-quarter of wellness bookings. This is
followed by the Lake Balaton region (19%) and Western Transdanubia (13%). Regarding accommodation types, the proportion
of hotels is 75%. Two-thirds of bookings are for 2 persons, and 54% choose a two-night stay.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
188
Based on data from the National Tourism Data Supply Centre (NTAK) and the Hungarian Central Statistical Office (KSH), it can
be observed within the branch that the number of domestic guests in October achieved the highest growth (19%) in the Győr-
Pannonhalma region compared to the previous year’s base. The number of foreign guests expanded most significantly (24%)
in the Budapest and its surroundings region. In rural areas, hotels in the Lake Balaton region realised the highest number of
guest nights, with 72% of traffic originating domestically. More than 61% of bookings for the October 23 long weekend came
from domestic guests, and every third booking involved wellness accommodation. Among foreign guests, Czech, German,
and Romanian visitors primarily chose rural destinations, seeking out the Lake Balaton, Bük-Sárvár, and Győr-Pannonhalma
regions. The most popular wellness destinations were Hajdúszoboszló, Siófok, Hévíz, and Miskolc. In the competition between
regions, Northern Hungary stood at the forefront, accounting for 26% of bookings. The proportions of 2- and 3-night bookings
were very close to each other (40% and 37%, respectively). 29% of bookings were realised in hotels, of which more than half
(56%) concerned the four-star category. During the autumn break, Eger, Miskolc, Nyíregyháza, Gyula, and Siófok were the
most popular destinations among those travelling with children. The majority of bookings were for 2 nights (43%) or 3 nights
(35%). Approximately one-third of bookings appeared in hotels. In November, the Győr-Pannonhalma region again showed
the highest growth among domestic guests compared to the base (7.9%). With regard to foreign guests, the largest growth
relative to the base was registered in the Budapest surroundings (28%) and the Mátra-Bükk regions (21%).
With regard to the whole of 2025, more than 12,000,000 guests arrived in rural areas, of which 9,000,000 were domestic.
3,500,000 guests visited Lake Balaton (of which 2,500,000 were domestic), representing a 3% increase. The TOP5 rural
destinations were Siófok, Hévíz, Hajdúszoboszló, Balatonfüred, and Bük.
C. Division activity in 2025

Aggregated financial data and shareholder information, balance sheet:
Unless otherwise indicated, data is expressed in HUF '000'
Balance-sheet data (closing portfolio) | Tourism Division 31.12.2025 audited factual data | Tourism Division 31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Balance sheet total | 138,730,672 | 137,752,731 | 977,941 | 0.7%
Total cash | 1,619,525 | 4,183,094 | -2,563,569 | -61.3%
Equity capital | 60,784,031 | 55,097,732 | 5,686,299 | 10.3%
Long-term liabilities | 52,067,382 | 55,623,675 | -3,556,293 | -6.4%
Short-term liabilities | 25,879,259 | 27,031,324 | -1,152,065 | -4.3%
Loans and borrowings | 20,272,140 | 22,828,005 | -2,555,865 | -11.2%
External funds/balance sheet total | 14.6% | 16.6% | -2.0% | -11.8%

In recent years, the financial background of the Tourism Division has been presented by separately describing the Hotel
Industry Branch and the Camping Branch. From 2025, however—with regard to the fact that hotel industry activity represents
an exceptionally high weight of more than 97% in the division’s aggregated financial indicators—the two branches will not
be analysed separately. Based on the aggregated balance sheet data, Hunguest plays a decisive role within the Tourism
Division, as the division's leading company accounts for 91% of the division's total assets, 88% of its equity, and realises 92%
of its revenue. Accordingly, the operational activities and financial processes of the Tourism Division are decisively
determined—and particularly so within the Hotel Industry Branch —by the management of Hunguest. During the financial
review, the focus will decisively—though not exclusively—be on the presentation of the hotel industry operations that
substantially determine the division's management and profitability, namely the activities of Hunguest.
The asset value (total assets) of the Tourism Division amounted to HUF 138.73 billion at the end of 2025. The aggregated
total assets of the division showed a slight increase, exceeding the year-end 2024 closing value of HUF 137.76 billion by 0.7%,
or HUF 0.98 billion. The development of total assets exhibited different dynamics by quarter: in the fourth quarter, no
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
189
significant change could be identified and practically stagnation was observed; however, in the second quarter, perceptible
growth commenced, as a result of which the half-year asset value exceeded the previous year’s closing data by 0.5%.
In the third quarter, the rate of expansion intensified; in contrast, the fourth quarter saw a slight decline in asset value.
Overall, it was due to the growth in the second and especially the third quarter that the division's asset stock showed stable
growth on an annual basis. The intra-year change and increase in the value of total assets can be primarily attributed to the
growth in the stock of non-current assets—and within this, property, plant and equipment—while the profitable operations
achieved in 2025 also significantly contributed to the increase in the Tourism Division's asset value. All of this indicates that
the expansion of the Tourism Division's assets in 2025 was driven by both growth from investment activity and the positive
impact of profit-generating capacity.
In 2025, the Tourism Division's aggregated non-current assets exceeded the 2024 closing base value by 1.2%, or HUF 1.55
billion; thus, the value of non-current assets was HUF 131.34 billion at the end of the year. Within the structure of non-current
assets, two decisive balance sheet items emerge, which hold particular significance due to the operational characteristics of
the division. The largest volume item is represented by property, plant and equipment, which includes the infrastructure
necessary for the operation of the Hotel Industry Branch —among others, real estate, machinery, and equipment. The value
of property, plant and equipment is HUF 103.54 billion, accounting for slightly more than 79% of total assets. Within the
infrastructure and its value, the dominance of Hunguest is outstanding, with nearly 95% of the aggregated division-level
property, plant and equipment attributable to it. In addition, the book value of the Montenegrin hotel unit (4.2%) and the
infrastructure of the Camping Branch also represent visible value. The aggregated asset stock of the division is heavily
concentrated toward hotel industry activity, which is well illustrated by the fact that the combination of hotels, their service
facilities, and machinery related to catering accounts for 99% of property, plant and equipment. Another determining
element of non-current assets is the stock of investments, which appears in the balance sheet at HUF 23.88 billion,
representing a minimal increase of HUF 0.23 billion compared to 2024. This item entirely comprises the ownership interests
held in Hunguest's subsidiaries.
One of the fundamental conditions for entering the hotel industry market is the availability of complex infrastructure of
significant value. It is an inherent feature of the branch – and a typical characteristic of tourism and food service activities –
that the provision of these services requires the availability of substantial property, plant and equipment and other
infrastructure elements. This specific asset requirement is clearly reflected in the composition of the Tourism Division's asset
stock as well; the proportion of non-current assets is high, and the dominance of property, plant and equipment reflects that
the basis for the division's successful operation is provided by infrastructure utilized over the long term.
The non-current asset stock of Hunguest showed continuous expansion in the first three quarters of 2025, which was primarily
due to the regular maintenance of infrastructure, as well as smaller developments carried out and capitalized during the year.
In the fourth quarter, the stock stagnated, thus the value of non-current assets increased from an opening value of HUF
120.02 billion in 2025 to HUF 122.3 billion. Overall, this represents an increase of HUF 2.29 billion, or 1.9%, with regard to the
whole of the year. The growth in the stock of non-current assets can be decisively attributed to the HUF 2.09 billion increase
in the value of property, plant and equipment, which underscores the paramount importance of the Hotel Industry Branch's
infrastructure and its investment activity aimed at the continuous development of tangible assets.
The value increase of Hunguest’s property, plant and equipment clearly indicates that the company does not merely focus
on the maintenance of its infrastructure but consistently develops it as well. Investments aimed at modernization, raising
service standards, and improving operational efficiency continue to enjoy strategic priority. The impact of the hotel
development programme implemented in several phases and concluded by the end of 2024 has been continuously present
in recent years, increasing the value of the property, plant and equipment stock by a greater value year by year. Although the
rate of expansion moderated in 2025, the growth did not stop; it merely continued with a slower dynamics. The conclusion
of the development cycle, which lasted nearly four years, represented an important milestone in 2025, as this is the first full
business year when Hunguest hotels could operate at full capacity. As a result of the investments, not only did the book value
of the real estate rise, but the quality of service levels and operational efficiency also jumped to a higher level. All of this
strengthens Hunguest's competitiveness and market position in the long term, creating a stable foundation for successful
future management.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
190
Hotels in the Hunguest chain:

Name of hotel/spa | Number of rooms | Town | Owner | Operator | Type of relationship | Effect on HUNGUEST Zrt.
Hunguest Hotel Aqua-Sol | 142 | Hajdúszoboszló | Hunguest Zrt. | operation of own property | entire period
Hunguest Béke | 224 | Hajdúszoboszló | Hunguest Zrt. | operation of own property | entire period
Hunguest Hotel Apollo | 55 | Hajdúszoboszló | Hunguest Zrt. | operation of own property | entire period
Hunguest Sóstó | 123 | Nyíregyháza | Nyíregyháza MJV | Hunguest Zrt. | operation | entire period
Hunguest Szeged | 199 | Szeged | Hunguest Zrt | operation of own property | entire period
Hunguest Bük | 360 | Bükfürdő | Hunguest Zrt. | operation of own property | entire period
Hunguest Hotel Pelion | 228 | Tapolca | Hunguest Zrt. | operation of own property | entire period
Hunguest Bál Resort | 210 | Balatonalmádi | Hunguest Zrt. | operation of own property | entire period
Hunguest Gyula | 308 | Gyula | Hunguest Zrt. | operation of own property | entire period
Hunguest Saliris | 204 | Egerszalók | Hunguest Zrt. | operation of own property | entire period
Hunguest Hotel Flóra | 190 | Eger | Hunguest Zrt. | operation of own property | entire period
Hunguest Helios | 212 | Hévíz | Hunguest Zrt. | operation of own property | entire period
Hunguest Panoráma | 205 | Hévíz | Hunguest Zrt. | operation of own property | entire period
Hunguest Hotel Freya | 162 | Zalakaros | Hunguest Zrt. | operation of own property | entire period
Hotel Millennium | 122 | Budapest | Hunguest Zrt. | operation of own property | entire period
Hotel Platánus | 182 | Budapest | Hunguest Zrt. | operation of own property | entire period
Hotel Eger & Park | 214 | Eger | Hunguest Zrt. | operation of own property | entire period
Hotel Aquarell | 90 | Cegléd | MFB-Ingatlanfejlesztő Zrt. | Hunguest Zrt. | operation | entire period
Andrássy Kúria & Spa | 53 | Tarcal | Témadesign Kft. | Hunguest Zrt. | operation | from 01.03.2025
Hotel Benedict | 35 | Kőszeg | Magyar Bencés Kongregáció Pannonhalmi Főapátság | Hunguest Zrt. | operation | from 01.03.2025
Hunguest Hotel Sun Resort | 229 | Herceg Novi/ Montenegro | Hunguest Hotels Montenegro d.o.o | wholly owned subsidiary | entire period
Hotel Miramar | 103 | Opatija/Croatia | Adriatic Hotel HOTEL MIRAMAR Invest Kft d.o.o. | operation | from 01.12.2025
Sporthotel Heiligenblut | 112 | Heiligenblut/ Austria | Heiligenblut Hotel GmbH | Relax Gastro Hotel GmbH | wholly owned subsidiary | until 29.10.2025
Landhotel Post | 50 | Heiligenblut/ Austria | Heiligenblut Hotel GmbH | wholly owned subsidiary | until 29.10.2025

OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
191
As of 1 March 2025, Hunguest assumed the operational management of Andrássy Kúria & Spa, followed by the Hotel Benedict
in Kőszeg as of 13 March 2025. By operating the 53-room Andrássy Kúria & Spa in Tarcal and the 35-room Hotel Benedict in
Kőszeg, Hunguest strengthened its position in the regional leisure tourism market, increased its presence in the Tokaj-
Nyíregyháza and Bük-Sárvár tourism regions, and further expands the number of operational agreements alongside its own
hotel properties. In addition to the growth of domestic locations, in the last month of 2025, Hunguest also took over the
operation of Hotel Miramar located in Opatija, Croatia. With the addition of the hotel, which features a private seaside beach,
the hotel chain now offers 350 rooms for water experience enthusiasts on the Adriatic. A further change is that, alongside
starting the operation of the three units taken over, in October 2025, Hunguest sold its two seasonally operating mountain
hotels in Heiligenblut am Großglockner, Austria, which did not have thermal bath connections

Campsites owned by BALATONTOURIST:
Name of accommodation | Name of town | Size of area | Operator | Owner | Comment
Berény Naturista Kemping | Balatonberény | 5.5 ha | BALATONTOURIST Kft. | Balatonberény Local Government | Own operation
Füred Kemping és Üdülőfalu | Balatonfüred | 18 ha | BALATONTOURIST CAMPING Kft. | Balatonfüred Local Government | Own operation
Napfény Kemping | Révfülöp | 7.2 ha | BALATONTOURIST Kft. | Révfülöp Nagyközség Local Government 60% MNV Magyar Nemzeti Vagyonkezelő Zrt. 40% | Own operation
Napfény-Garden Kemping | Révfülöp | 1.5 ha | BALATONTOURIST Kft. | Révfülöp Local Government | Own operation
Strand-Holiday Kemping | Balatonakali | 3.6 ha | BALATONTOURIST CAMPING Kft. | ZION Europe Ingatlanforg. és Hasznosító Kft. | Own operation

In the composition of aggregated current assets—similarly to non-current assets, though to a lesser extent—the decisive
weight of Hunguest is clearly visible, accounting for nearly two-thirds of the division's total current asset stock. Within the
Tourism Division, however, the proportion and absolute value of current assets are not significant in the division's balance
sheet. They represent only 5% of the aggregated asset value, which corresponds to HUF 7.39 billion. In 2025, the division's
aggregated current asset stock decreased by 6%, or HUF 0.59 billion. The background of this decline was primarily the HUF
2.56 billion decrease in cash and cash equivalents, which was offset by a change in trade receivables of nearly the same
magnitude but in the opposite direction. The combined effect of these two items resulted in the moderate but detectable
decrease in current assets.
Following the strong seasonality of guest traffic, the aggregated cash position of the Tourism Division showed movements in
opposite directions from quarter to quarter. Following the decline characteristic of the first nine months of 2025, stagnation
was already observable in the fourth quarter, so by the end of the year, the value of aggregated cash and cash equivalents
stood at HUF 1.62 billion. The change can be decisively linked to the development of Hunguest's cash position, which
decreased from HUF 3.58 billion to HUF 1.21 billion. A dominant part of the decrease already occurred in the first quarter.
The decline in cash and cash equivalents is, on the one hand, in accordance with the seasonality of the hotel industry and, on
the other hand, is also related to the growth in the stock of property, plant and equipment. Another significant item of current
assets is the stock of other receivables and accrued income and deferred expenses, which showed no significant movement
(+3%) on an annual basis. At the same time, following its growth trend lasting until the third quarter, it fell back from HUF
2.45 billion to HUF 1.76 billion in the fourth quarter—primarily due to the decrease in accrued income. The development of
trade receivables in 2025 was influenced by a one-off transaction related to the sale of the Austrian hotel units, which resulted
in a growth of approximately HUF 2 billion. At the same time, the trade receivables related to the normal course of business
of the Tourism Division did not change significantly, amounting to HUF 2.25 billion at the end of the year. Trade receivables
increased from the beginning of the year until the end of the third quarter, then returned close to the 2024 base value in the
fourth quarter. The value of inventories moved at a relatively stable level during 2025, typically fluctuating within a +/-5%
range. At the end of the year, however, a slight increase was observable; thus, the inventory stock closed the year with a
13.7% surplus compared to the base. Overall, the development of current assets in 2025 was determined by seasonality, a
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
192
one-off transaction effect, and the financial requirements of investment activity, while the balance sheet items related to the
division's core operations followed the usual intra-year dynamics.
In the first quarter of 2025, the equity of the Tourism Division essentially showed stagnation, and no significant movement
occurred. During the following three quarters, a substantial increase was visible for almost every division player, as well as at
the aggregated level. Aggregated equity was HUF 60.78 billion by the end of 2025, representing an increase of HUF 5.69
billion, or 10.3%, compared to the year-end 2024 value. This growth is primarily the result of profitable operations and well
reflects the stabilization of the sector, as well as the improvement of the profit-generating capacity within the group. The
development of equity was significantly influenced by the seasonality characteristic of tourism. In the Camping Branch,
following the cold period at the beginning of the year—the "off-season"—the opening of campsites began in the second
quarter during the spring period, which welcomed guests wishing to camp until the end of the favourable autumn weather.
The equity of the Camping Branch developed following this seasonality; in the first quarter, we could see a decline in equity
(basically this caused the decrease in the division's aggregated equity in the first quarter), and then from the spring months,
the expansion of the equity stock already commenced. In the first quarter, Hunguest still achieved only a "break-even" result;
however, thanks to its management improving from quarter to quarter, its equity began to grow substantially. Since Hunguest
accounts for 88% of the division's equity, the expansion of the company's capital had a significant impact on the entire
division. Hunguest's equity increased from an opening value of HUF 48.77 billion by HUF 4.41 billion, or 10%, and stood at
HUF 53.48 billion on 31 December 2025.
The aggregated liabilities of the division players still showed an increase in the first half of 2025; however, in the second half
of the year—starting already from the summer months—the trend reversed, and we could see a decrease in the stock of
liabilities that exceeded the growth realised in the first half. In 2025, the Tourism Division's total liabilities closed the year at
HUF 79.95 billion following a decrease of 5.7%, or HUF 4.70 billion, from HUF 82.65 billion. The division's aggregated non-
current liabilities decreased by 6.4%, or HUF 3.56 billion, from HUF 55.62 billion to HUF 52.07 billion during the four quarters
of 2025, thanks to the annual decrease in the stock of long-term loans and borrowings, as well as the significant drop in the
stock within related party liabilities in the fourth quarter. One of the key factors in the decrease in non-current liabilities was
the exchange rate effect (forint appreciation), as a result of which the value of the Hotel Industry Branch's non-current foreign
currency-based loans expressed in forint decreased; the other important element was the accurate, contractual repayment
of these loans. The development of current liabilities in 2025 showed a more varied picture, with the level of current liabilities
changing in opposite directions from quarter to quarter. In the first and third quarters, a decrease in the stock occurred;
however, the second and fourth quarters partially compensated for these changes in stock. Consequently, for the year as a
whole, a decrease of 4.3%, or HUF 1.15 billion, took place; thus, the stock of aggregated current liabilities moderated from
HUF 27.04 billion to HUF 25.88 billion. A determining element in the development of the division's aggregated intra-year
liabilities is that during the four quarters—due to the impact of the individual accounting of developments—other current
liabilities and accrued expenses and deferred income increased by HUF 1.00 billion; however, in the IFRS-based statements,
the decrease in liabilities related to the hotel development programmes of previous years significantly exceeded this growth.
In accordance with industry characteristics, the effects of business activity traditionally picking up in the second quarter also
appeared, and thanks to intra-year profit and collected receivables, liabilities were partially settled.
Simultaneously with the decrease in liabilities, the entities within the Division operated with a 2 percentage point lower
proportion of external funding, which strengthened the capital structure as well as reduced exposure arising from external
financing sources. The background of the decline in liabilities - as detailed in the previous paragraph - is attributable on the
one hand to the contractual repayment of loans, and on the other hand, with reference to foreign currency-based liabilities,
the favourable revaluation effect arising from the appreciation of the forint exchange rate also played a role.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
193

Aggregated financial data and shareholder information, profit and loss account:
Unless otherwise indicated, data is expressed in HUF '000'
Key P/L data | Tourism Division 01.01.2025-31.12.2025 audited factual data | Tourism Division 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Total operating income | 56,362,924 | 47,622,563 | 8,740,361 | 18.4%
Operating costs | 48,642,955 | 40,295,934 | 8,347,021 | 20.7%
Operating (business profit/loss) EBIT | 7,719,969 | 7,326,629 | 393,340 | 5.4%
EBITDA | 11,562,245 | 10,437,677 | 1,124,568 | 10.8%
Net financial income | -488,328 | -3,689,743 | 3,201,415 | 86.8%
Profit before taxes | 7,231,641 | 3,636,886 | 3,594,755 | 98.8%
Profit after taxes | 6,266,255 | 3,684,854 | 2,581,401 | 70.1%
Total comprehensive income | 5,999,754 | 3,645,682 | 2,354,072 | 64.6%
Employee headcount (persons) | 1,829 | 1,568 | 261 | 16.6%

The development of the Tourism Division's income statement—similarly to the trends observed on the asset and liability
sides—is fundamentally influenced by the Hotel Industry Branch, within which Hunguest plays the dominant role here as well.
The company provides slightly more than 90% of the division's aggregated revenue and costs. In the winter months, especially
in the first quarter, the development of revenue and expenses was determined almost exclusively by hotel activity, as the
campsites remained closed due to seasonal operation, and preparation for the season, maintenance works, and investments
took place during this period. Starting from the second quarter—thanks to the milder weather—the Camping Branch also
commenced its active operations and generated gradually increasing revenue in the spring, and then more significant revenue
during the summer season. At the same time, with regard to the fact that the weight of the Camping Branch within the
Tourism Division is relatively small, its impact on the aggregated results also remained moderate. In the final quarter of the
year, the campsites—similarly to the beginning of the year—no longer welcomed guests; in contrast, the hotels continued to
manage high guest traffic. The autumn break in October, as well as the prominent year-end Christmas period, had a
favourable effect on fourth quarter revenue.
The Tourism Division achieved Total Operating Income of HUF 56.36 billion in 2025, exceeding the 2024 base of HUF 47.62
billion by 18.4%, or HUF 8.74 billion. The division players reported revenue figures continuously exceeding the base in all four
quarters of the year; this favourable, increasing revenue trend characterized the entire year of 2025. Due to its centralized
weight and characteristics within the division, 84% of the revenue growth is attributable to Hunguest. The company's total
operating income in the four quarters of 2025 combined was HUF 50.54 billion, thereby exceeding the total revenue of the
four quarters of 2024 by HUF 7.35 billion, or 17%. Hunguest already showed revenue growth in the first quarter, although
the majority of the 2025 increase accumulated during the second and third quarters. In the second quarter of 2025,
Hunguest’s revenue exceeded the second-quarter revenue of 2024 by 16%, or HUF 1.61 billion, while in the third quarter it
surpassed the revenue of the third quarter of 2024 by 22%, or HUF 2.88 billion.
One of the determining factors in revenue growth was that, following the conclusion of the renovation programmes of
previous years, 2025 was the first full business year when all units of the Hunguest hotel chain operated at full capacity with
elevated service levels. Hunguest concluded a comprehensive development programme affecting 2,000 rooms and 125,000
square meters of floor space at the end of 2024 implemented in smaller part from funds won within the framework of the
Kisfaludy Accommodation Development Construction. Average hotel capacity expanded further in the last third of the first
quarter of 2025 through the new hotels taken over for operation. The increase in room capacity, pricing adjusted to the
higher service standard, and the general average price increase experienced in the tourism market collectively contributed
to the rise in Hunguest's revenue. In the units of the hotel chain, both room occupancy and spending per guest exceeded
previous levels, and the average length of stay of guests reached the planned value. The differing revenue and cost volumes
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
194
recorded between the quarters within the reporting year clearly reflect the seasonality characteristic of the Tourism Division.
The Camping Branch increased its operating income by 1% in 2025, thus—to an extent corresponding to its proportion within
the division—contributing to the rise in the Tourism Division's annual revenue.
During the twelve months of 2025, costs were on an upward trajectory similar to the revenue side; however, with regard to
volume, the increase in costs was of a lesser extent than what can be seen in the increase in revenue. The Tourism Division's
aggregated total Operating costs in 2025 were HUF 48.64 billion, which exceeded the previous year's cost of HUF 40.30 billion
by HUF 8.35 billion, or 20.9%. The increased hotel capacity of Hunguest and the enhancement of service quality — in parallel
with the rise in revenues — also drove the increase in the Division’s operating costs. Several factors contributed to the
increase in costs: on the one hand, energy prices remained at a higher level compared with the base period; on the other
hand, one-off expenses related to the launch of the hotels reopened and renovated in December 2024 also elevated the cost
base. However, Hotel Béke and Hotel Flóra successfully absorbed the one-off opening-related expenditures by the end of the
first half of the year.
The Tourism Division's operating profit in 2025 reached HUF 7.72 billion, representing an increase of 5.4%, or HUF 0.93 billion,
compared to the 2024 base year. A significant portion of the profit was realized during the third and fourth quarters, when
the division's performance improved outstandingly. Although the division reported a positive operating profit—HUF 0.38
billion—in the first half of the year, the results achieved in the summer peak season, considered the strongest period, and
the year-end holiday period exceeded the levels of both the base year and the earlier quarters of the year. Thanks to this
increased profit volume in the second half of the year, the division fully made up for the HUF 1.19 billion operating-level profit
shortfall that had developed by the end of the first half compared to the 2024 half-year base. The Tourism Division's profit
after tax reached HUF 6.27 billion by the end of 2025, which exceeded the value of the same period of the previous year by
70.1%. Hunguest's profit after tax in 2025 amounted to HUF 4.71 billion, representing a 38% growth relative to the 2024 base.
With regard to the 2025 operating-level performance of the Tourism Division, both the Hotel Industry Branch and the
Camping Branch closed the year profitably. Profitability is decisively attributable to the operation of Hunguest, which
represents the greatest weight within the division. In the first quarter, the company still closed practically at break-even,
recording an operating-level loss of HUF 40 million; however, through the positive results achieved in the second quarter, it
closed the first half of the year already with an operating profit of HUF 1.00 billion. By the end of the third quarter, Hunguest's
operating profit rose to HUF 4.84 billion, and then profitable operation was maintained in the fourth quarter of the year as
well. As a result, the company realized a total operating-level profit of HUF 6.09 billion in 2025, which fell 4% short of the
result of the same period of the previous year. Behind the slight decline in profit stood a cost level increase exceeding the
growth in revenue. The background to this was, on the one hand, the one-off start-up costs associated with launching the
newly taken-over hotels and, on the other hand, the elevated cost levels related to operating hotel units with higher service
standards and increased capacity. This trend is well reflected by the fact that the shortfall in operating profit compared to
the base continuously decreased as the year progressed; while the company did not realize a profit in the first quarter, it
achieved a positive result by the end of the first half, although the operating-level profit fell 57% short of the same period of
the previous year. This discrepancy decreased to 15% by the end of the third quarter, and then narrowed to only 4% by the
end of the year. The Camping Branch also closed the year profitably, achieving an operating profit of HUF 0.70 billion in the
first three quarters. Due to seasonal operation, a slight loss was incurred in the fourth quarter—when the campsites were no
longer operating—which moderated the 9-month profit built up until then. Despite the fourth quarter loss, the Camping
Branch realized an operating-level profit of HUF 0.34 billion in 2025, which represents a 2% increase compared to the 2024
base value. The Tourism Division's EBITDA reached HUF 11.56 billion by the end of the fourth quarter of 2025, which exceeded
the 2024 EBITDA value by 10.8% and HUF 1.12 billion. This is due to the fact that depreciation was recognised on a larger
asset base this year compared with previous years. While the depreciation and amortization accounted for in a larger volume
moderated the development of the operating-level result, it simultaneously had a favourable effect on the development of
the 2025 EBITDA.
With regard to the Tourism Division as a whole, the result of financial operations in 2025 showed a more favourable picture
in every quarter compared to the 2024 base year. In the first quarter, the result of financial operations still moved in the
positive range, while in the second quarter - although showing continued improvement on a year-on-year basis - it already
turned into the negative range. The negative result was maintained in the third and fourth quarters as well; however, the
extent of the loss continuously narrowed compared to the base period. As a result, the division closed with an aggregated
financial loss of HUF 0.49 billion by the end of 2025, which represents a significant improvement of HUF 3.20 billion compared
to the loss of HUF 3.69 billion reported in 2024. The improving trend primarily originated from the favourable development
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
195
of Hunguest's financial operations. The company's financial income in 2025 reached HUF 1.74 billion, representing an increase
of HUF 1.52 billion compared to the previous year. Simultaneously with this, financial expenses decreased by HUF 1.80 billion.
As a result of the favourable shift on both the income and expense sides, the result of Hunguest's financial operations
moderated from the loss of HUF 3.70 billion suffered in 2024 to HUF 0.37 billion in 2025. This positive turnaround is primarily
due to the favourable development of foreign exchange rates—especially the forint/euro exchange rate—as well as the more
efficient management of financial costs. The improvement in financial results further strengthened the division's financial
stability and also contributed to the profitability of the group.
In the full calendar year of 2025, Hunguest achieved a 10.8% expansion in guest nights in its countryside hotels. Examining
the development of guest nights—and relative to the previous year's base data—we could see a continuous, trend-like
increase throughout the year. In the first quarter of 2025, an increase of 6.2% in the number of guest nights was experienced,
followed by 11.5% in the second quarter, 15.7% during the third quarter, and then 15.5% in the final quarter. In the fourth
quarter, domestic traffic expanded by 13.3%, while the traffic of international travellers grew by 10.1%; thus, for the full year
starting from the beginning of the year, the number of domestic guest nights exceeded the base period data by 10.7%, and
international guest nights by 10.9%. Filtering out the data of hotels that came under Hunguest's operation in 2025 or did not
yet have a base in 2024 (due to renovation), essentially stagnation was experienced in the field of guest nights on an annual
basis, while an increase was shown in the number of international guest nights. Overall, compared to national data, the
growth of guest nights in Hunguest hotels exceeded the results of competitors present in the countryside market in every
division - both on a quarter-over-quarter and annual cumulative level.
The TREVPAR indicator, calculated from the result of room occupancy and guest spending, developed above the planned level
(+0.8%) due to the impact of higher average guest spending. The average length of stay of guests was realized at the expected
level. A higher ratio of guests with families is indicated by the higher level of the average double-room occupancy compared
to the plan, which is in accordance with Hunguest's strategic goals; this is also supported by the fact that the hotel chain has
carried out significant developments in the field of family-friendly services in recent years.
Domestic tourism remains the determining factor in the guest traffic of Hunguest hotels; in the fourth quarter of 2025, the
number of domestic guests increased further, thanks to which 72.8% of the guest number consisted of domestic guests. The
proportion of international guests in the fourth quarter of 2025 developed between 25% and 30%. With regard to the ranking
of the international guests' countries of origin—looking at both the fourth quarter and the entire business year—we can see
the order observable in previous years: Czech, Romanian, and Slovak travellers provided the largest number of arriving guest
groups. More than half of the guest nights spent by international guests were generated by the traveller groups arriving from
the three countries listed above, and on an annual basis, these three countries collectively represented a 56.3% share of the
inbound traffic. The following figures illustrate the distribution of guest nights by nationality and the breakdown of inbound
tourism by country in 2025:
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
196
In 2025, Hunguest hotels operating in the country's seven most
significant and tourism-defining rural regions welcomed domestic and
international guests according to the proportions shown in the attached
figure. In accordance with the trends of previous years, the proportion
of international guests remained the highest in the Bük–Sárvár region,
both in the fourth quarter under review and throughout the full year of
2025. This region was followed by Debrecen and its surroundings,
where Hunguest hotels realized international guest traffic to an extent
approaching the national average.
Hunguest's capacity has shown continuous expansion in recent years as
a result of acquisitions and development programmes implemented in several phases. This growth trajectory also
necessitated a proportional increase in the headcount of employees. In the fourth quarter, the number of employees—
continuing the trend experienced in the first nine months of the year—increased further to 1,829 persons, and exceeded the
base headcount registered in 2024 by 261 persons, or 16.6%.
Unless otherwise indicated, data is expressed in HUF '000'

Operating costs | Tourism Division 01.01.2025-31.12.2025 audited factual data | Tourism Division 01.01.2024-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Materials, consumables and other external charges | 25,194,714 | 21,651,543 | 3,543,171 | 16.4%
Staff costs | 17,162,455 | 13,548,285 | 3,614,170 | 26.7%
Depreciation | 3,842,276 | 3,111,048 | 731,228 | 23.5%
Impairment | 22,891 | -22,243 | 45,134 | 202.9%
Other operating costs and expenses | 2,518,802 | 2,102,503 | 416,299 | 19.8%
Capitalised own performance | -98,183 | -95,202 | -2,981 | -3.1%
Total operating costs | 48,642,955 | 40,295,934 | 8,347,021 | 20.7%

The aggregated Operating costs of the Tourism Division reached HUF 48.64 billion in 2025, representing an increase of 20.7%,
or HUF 8.35 billion, compared to the 2024 base value. The composition of the cost structure developed similarly to previous
years and remained unchanged: more than half of the Operating costs consisted of raw materials, consumables, and other
external charges, while staff costs accounted for approximately one-third of the total costs. With regard to these two
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
197
dominant cost items, the division players recorded aggregated growth of 16.4% and 26.7%, respectively; thus, 86% of the
total cost surplus is attributable to these cost lines. The increase in Total Operating Costs was also influenced by a 23.5% year-
on-year rise in depreciation, which stemmed from the expansion of tangible asset holdings at Hunguest in 2024. The shift in
the cost structure in this direction also points to the increasing asset intensity of the division and the operating cost level
associated with raising the service standard.
A dominant portion of the Tourism Division's total operating cost stock in 2025—just as in previous years—was related to the
Hotel Industry Branch, which accounted for nearly 95% of all costs. Within this, Hunguest continued to appear as a dominant
player, as more than 90% of the costs in the branch are attributable to this single company, which well reflects the company's
weight and defining position in the division's operations. The increase in Hunguest's Operating costs occurred as a result of
several closely interrelated factors. On the one hand, the previously implemented capacity expansions—including the
commissioning of new service units and facilities—significantly increased raw materials, consumables, and other external
charges. On the other hand, the higher guest traffic experienced in the period under review generated further cost growth
simultaneously with the expansion of the operating volume. In accordance with this, staff costs also rose, primarily as a result
of the headcount expansion necessary to satisfy increased service demands. These changes in the cost structure are the direct
consequence of the company's growing capacities and the resource requirements necessary to provide higher-quality
services.
At the centre of the company's operations remains the strategic goal of satisfying guest needs at the highest possible level
and continuously developing its services in accordance with market expectations. The defining pillars of Hunguest's operating
model are as follows: customer-centricity, high-quality service provision, and safe and regulated work performance. In
addition to quality development activities, the company pays highlighted attention to guaranteeing the safety of guests,
which appears in every element of the service processes. The determination of development directions is based on regular,
structured customer satisfaction surveys, based on the feedback of which the company can expand and fine-tune its service
portfolio in a targeted and relevant manner. This approach ensures that developments respond directly to guest needs and
substantively support the maintenance of competitiveness.
A key strategic element of Hunguest’s operations is the continuous rationalisation and
optimisation of supplier relations. Within this framework, the existing contractual portfolio is
regularly reviewed, and supplier terms are renegotiated, taking into consideration changes in
the market environment and current business needs. In parallel, management places strong
emphasis on supplier competition, which not only enhances cost efficiency but also
contributes to service quality improvement. High quality expectations and transparent
selection processes ensure that the supplier network meaningfully supports the continuous
enhancement of the guest experience and strengthens demand for the hotel chain. A stable,
reliable and high-quality supplier base is essential for maintaining premium accommodation
services, particularly in a dynamically changing market environment. In 2025, Hunguest was in active business relationships
with a total of 2,312 enterprises, of which 2,247 were domestic and 65 were international partners. This proportion well
reflects Hunguest's commitment to cooperation with domestic economic players. With Hungarian enterprises making up 97%
of the partner network, the Division significantly contributes to stimulating the domestic economy and creating local value.
Hunguest employed 96% of its employees on a full-time basis and 4% on a part-time basis. 31% of
employees have a clerical job and 69% a manual job. The branch's Staff costs increased in line with
the growth in hotel capacity and the expanding customer base. Human resources policy continues
to play a key role in the strategic management, taking into account that
the availability of a skilled and qualified workforce is becoming
increasingly difficult in the labour market, and therefore, in addition to
recruitment, retention and employee satisfaction are of paramount
importance. Wage policy will continue to focus on retaining a quality,
skilled workforce, which was also the basis for staffing the new hotels that were handed over
after the developments.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
198
D. Divisional risks
The players in the Tourism Division continuously assess the market environment and potential risk factors affecting the
participants in the division. The risks are generally evaluated by the players on a three-tier scale - high, medium, or low -
depending on how likely the occurrence of the risks is and the extent to which the given risk factors impact the operations.
Employees - high risk:
On a national level—consistent with experiences in previous years—filling the appropriate, skilled labour base also presented
a challenge last year. Based on the division's medium-term forecasts, a significant reduction in this risk factor is not expected.
According to market expectations, the labour situation will remain a constantly present factor, and attracting quality labour
will continue to pose a challenge in the future. Experience from recent years shows that wage competition within the industry
is also becoming permanent and intensifying, which presents a challenge to be addressed immediately in the retention of
skilled and quality labour.
Inflation - low risk:
Between 2020 and 2023, inflation was a significant risk factor that fundamentally shaped the business environment,
regardless of the branch or region. It posed a considerable challenge for controlling Operating costs and, through that,
maintaining operational profitability. By the end of 2023, inflationary pressure moderated, and after a long time, an easing
could be observed in its trend as well, which has persisted over the past two years; we have seen fundamentally moderate
and manageable inflation levels. According to medium-term forecasts - in so far as the geopolitical situation will be stabilized,
a consolidated inflation environment is expected compared to the previous 4-5 year cycle.
Energy price increases - medium risk:
Since December 2022, a significant drop in energy prices has been experienced in the market; however, the prices seen in
the early 2020s have not returned. The durable consolidation expectations of energy market players are also indicated by the
fact that there is a favourable opportunity for concluding contracts at long-term fixed prices. However, past experience shows
that rapid and unexpected negative changes in the market situation can create significant operational challenges. For
domestic companies, the rise, volatility, and unpredictability of energy prices continued to represent a risk.
E. Risk management
Despite the challenges of recent years, Hunguest's market position has strengthened further. It was not only able to
continuously maintain its operations but has also steadfastly developed its hotels, processes, and efficiency. Thanks to this,
the company continued to operate profitably at an operating level in 2025, meaning that they were able to handle extreme
operating risks quickly and effectively.
Employees:
In order to alleviate the current and challenging labour shortage, Hunguest will also employ foreign workers in its hotels on
a supplementary basis, in line with a solution that has become widespread in the industry during the year, if there were no
Hungarian applicants for a particular job.
Inflation:
Monthly operating cost and gross operating profit reports are produced under tight control, allowing rapid intervention
where necessary.
Energy price increases:
The Hunguest has launched a comprehensive package of energy efficiency measures, both by further rationalising operations
and by investing in cost reduction: installing solar systems, using LED lights, installing foil in heated pools, replacing gas boilers
with heat pumps, modernising facades and replacing windows and doors. In this way, Hunguest hotels are continuously
reducing their energy demand and exposure to fossil fuels, which significantly strengthens the company's sustainable and
resilient operations. Sustainability can represent a long-term investment and a competitive advantage in the market. The
segmentability of energy systems, the use of energy-saving consumers, and thoughtful raw material usage are important
parts of this process. Sustainability efforts are also communicated to guests, raising their awareness of its importance.
Furthermore, the goal is to involve guests in sustainability, which holds significant reserves for increasing efficiency.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Tourism Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
199
The key, already implemented or ongoing energy efficiency-improving investments include:
• Transfer of knowledge and best practices related to sustainable energy use to staff.
• Further installation of solar panel systems.
• In addition to the interior renovation, which is most noticeable to guests, the renovated hotels will also undergo a
complete energy upgrade. The thermal insulation of the building facades has improved, and window and door
replacements have been completed. In the mechanical systems, gas boilers have been replaced, and a heat pump system
has been installed.
• Hunguest now uses more modern detergents in its laundry facilities, which allow for washing at lower temperatures.
• Electric car charging stations were also installed in the newly opening hotels.
• Among the steps taken toward digitalization and paperless operation, the introduction of the digital loyalty card, online
spa ticket purchasing, and the electronic sending of invoices simultaneously with hotel check-out should be highlighted.
Beyond the above investments, the company strived to achieve further savings by changing, optimizing, and rationalizing
operating conditions—without affecting guest comfort. During the renovations, Hunguest placed particular emphasis on
energy-saving solutions to reduce future energy consumption. The use of building management systems and advanced
insulation materials greatly helps optimise energy costs.
F. Strategy
For the sake of the long-term maintenance of the value of the hotel chain as well as the increase of its performance, market
position and profitability, significant investments were implemented by Hunguest in the properties in former years. The
hotels were included in the programme according to a pre-defined schedule, and all of those affected were upgraded to four-
star and four-star superior categories following the renovation. Simultaneously with the renovations, the standardization of
services for the entire hotel chain took place so that the Hunguest brand conveys identical, firm, and clear values everywhere,
alongside an outstanding service standard. The branch is well on track to continue its operations, not simply to weather the
trials of the past years, but to turn the challenges to its advantage, to strengthen its position as a leading player in Hungary.
The domestic strategic focus will continue to be on the market of rural, high-capacity hotels with spa connections; however,
a strengthening of further expansion in international markets is also expected year by year.
Balatontourist remains committed to serving the travelling public seeking nature-based recreation at sustainable, affordable
prices, while preserving and nurturing the natural heritage of Lake Balaton. The Group's is dedicated to ensure that the shores
of Lake Balaton remain accessible to all without further development, while preserving the delicate balance between
environmental concerns and human activity.
Sustainable development is a key principle of the OPUS Group’s operations, which means of balance between financial and
economic performance, corporate governance and operations, social responsibility and respect for and consideration of
environmental aspects. These principles also apply to companies in the Tourism Division.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
200
Energy Division
OPUS GLOBAL Nyrt. (hereinafter: OPUS GLOBAL) has successfully implemented
one of its previously determined strategic objectives over the preceding years
and has emerged as a leading market participant in the domestic energy sector.
Through the efficient utilization of available synergies, it has optimised the
cooperation between energy services, thereby increasing the efficiency of its
operation and the competitiveness of the participants of the division.
For several years already, OPUS GLOBAL has occupied a definitive ownership
role in two energy companies in Eastern Hungary possessing a significant past
and high professional competence, OPUS TIGÁZ Zrt. (hereinafter: OPUS TIGÁZ)
and OPUS TITÁSZ Zrt. (hereinafter: OPUS TITÁSZ). The energy portfolio of the OPUS Group currently possesses one of the
most extensive geographical coverages in Hungary. The service area of the two companies of the Energy Division covers
approximately 40% of the country. OPUS TIGÁZ provides natural gas supply to 1.28 million consumers, while OPUS TITÁSZ
delivers electricity services to 790,000 customers.
By the conclusion of the fourth quarter of 2025, on 31 December, the Energy Division provided 47% of the Balance Sheet
Total of the OPUS Group at the IFRS consolidated level, and 39% of its revenue; thereby, in accordance with both its asset
value and its revenue, it became the division representing the most substantial weight in 2025 within the OPUS Group.
A. Companies of the division

List of the companies in the division as at 31.12.2025: |  |
Name | Level of affiliation | Core business activity | Country of registration | Indirect/direct participation | Issuer’s share on 31.12.2025 | Issuer’s share on 31.12.2024
MS Energy Holding AG | S | Asset Management | Switzerland | Direct | 50.00% | 50.00%
MS Energy Holding Zrt. | S | Asset Management | Hungary | Indirect | 50.00% | 50.00%
OPUS TIGÁZ Zrt. | S | Gas distribution | Hungary | Indirect | 49.66% | 49.66%
TURULGÁZ ZRT. | S | Pipeline owner - renting | Hungary | Indirect | 49.66% | 49.66%
GERECSEGÁZ ZRT.* | S | Pipeline owner - renting | Hungary | Indirect | - | 49.66%
OPUS TITÁSZ Zrt. | S | Electricity distribution | Hungary | Direct | 50.00% | 50.00%
OPTESZ OPUS Zrt. | JM | Service centre | Hungary | Direct and indirect together | 49.99% | 49.99%
OPUS E-LINE Kft. | S | Public utility construction | Hungary | Indirect | 7.48% | 7.48%

S: Subsidiary; JM: Jointly managed company
Gerecse Zrt. was merged into Turulgáz Zrt. and was terminated on 1 October 2025.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
201
Energy Division - Gas Distribution Branch:
OPUS GLOBAL purchased the entire business share held in MS Energy Holding AG from MET
Holding AG in 2021. Through this transaction for the purchase of the business share, OPUS
GLOBAL acquired a direct 50% ownership in MS Energy Holding AG, furthermore it obtained a
50% indirect influence in MS Energy Holding Zrt., and it acquired a 49.66% shareholding in
TIGÁZ Zrt. MS Energy Holding AG and MS Energy Holding Zrt. pursue exclusively holding
activities; the remaining 50% of MET Holding AG—alongside OPUS GLOBAL—is possessed by STATUS ENERGY Private Equity
Fund. On the basis of the ownership agreement, OPUS GLOBAL exercises the decisive influence; therefore, MS Energy Holding
AG and its subsidiaries have been included in the consolidated scope of the OPUS Group from 1 April 2021. Following the
change in ownership, TIGÁZ Zrt. has been operating under the name OPUS TIGÁZ Gázhálózati Zrt., signalling both its affiliation
with the OPUS Group and its strategic role within the Group.
One of the flagships of the Energy Division is OPUS TIGÁZ of a history of almost 70 years, which performs gas distribution
activities. The Company performs natural gas distribution activities subject to a licence in the North- Eastern region of
Hungary, in geographical area specified in the licence issued by the Hungarian Energy and Public Utilities Regulatory Office
(hereinafter as: MEKH). In accordance with its service area, it is the largest piped natural gas distributor of the country, and
it operates a pipeline network of nearly 35,000 kilometres, which connects the Company with more than one million natural
gas users. OPUS TIGÁZ operates its natural gas distribution system in 8 counties of our country, and the number of supplied
settlements exceeds 1,100. Its activity is based on regulated prices (tariffs set by the authority) and its market has the
characteristics of a natural monopoly. The company has no real competitors in its field of operation. The headquarters of
OPUS TIGÁZ Zrt. is in Hajdúszoboszló; nevertheless, additional sites are located in Eger, Debrecen, Gödöllő, Miskolc,
Nyíregyháza, Szolnok, furthermore in Budapest as well.
The fundamental purpose of the gas distribution activity is the delivery of piped natural gas from the input point of gas
networks (natural gas reception station) to the boundary of the lands of gas users. This activity is performed by OPUS TIGÁZ
based on the division of tasks as specified in the plans, where operative works are performed by territorial units:
In each and every partial process of the gas distribution activity, modern gas technology methods are applied by the company.
Proper quality is guaranteed by a quality assurance system audited by an independent expert. The planning, implementation,
operation and reconstruction of the gas distribution pipelines are performed by the Company in accordance with the quality
assurance system approved by the Supervisory Authority of Regulated Activities (Szabályozott Tevékenységek Felügyeleti
Hatósága) (hereinafter: SZTFH).
Until the commencement of the fourth quarter of 2025, a further two companies—TURULGÁZ Zrt. and GERECSEGÁZ Zrt.—
belonged to the Gas Distribution Branch, which were the 100% subsidiaries of OPUS TIGÁZ. Both companies own a total of
374 km of natural gas pipelines in North-West Hungary, on which OPUS TIGÁZ is the natural gas distributor. Their sales
revenues are determined by the distribution fee for the gas volumes distributed on their gas systems, which is paid to them
by OPUS TIGÁZ on the basis of an operation contract. The management of OPUS TIGÁZ decided on the simplification of the
structure of the Gas Distribution Branch for the purpose of the further strengthening of synergies between the two companies
and the improvement of efficiency; within the framework of this, on 1 October 2025, GERECSEGÁZ Zrt. merged into
TURULGÁZ Zrt.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
202
Energy Division - Electricity Distribution Branch:
OPUS TITÁSZ Zrt. performs electricity distribution activities and other non-licensed activities
based on the permits issued by the Hungarian Energy and Public Utility Regulatory Authority
(MEKH). The distribution activities encompass the transmission and distribution of electricity,
as well as the design, construction, operation, maintenance, renovation, and development of
high-voltage lines, transformer stations, and switching equipment.
OPUS GLOBAL announced its intent to purchase Tiszántúli Áramhálózati Zrt. in October 2019. The final sale and purchase
agreement was concluded with E.ON Beteiligungen GmbH on 30 March 2021. The closing of the transaction—following the
acquisition of the regulatory permits and the fulfilment of the closing conditions fixed in the contract—was realised on 31
August 2021. From this point in time, the company belongs to the consolidated scope of the OPUS Group. From 1 September
2021, the company adopted the name OPUS TITÁSZ Áramhálózati Zártkörűen Működő Részvénytársaság, thereby also
indicating its affiliation with the OPUS Group.
Following the acquisition of the Electricity Distribution Branch, the so-called Integration Phase followed, which encompassed
the information technology and business process developments that enabled the independent operation of the company,
autonomous from the E.ON group, based on its own information technology system and human resources. The project
reached a significant milestone on 1 October 2023, when OPUS TITÁSZ took over the customer service tasks associated with
electricity network and technical matters from E.ON Ügyfélszolgálati Kft. across its entire operational area, encompassing
ongoing technical and network matters as well.
The Electricity Distribution Branch of the Energy Division of the OPUS Group exhibits a streamlined corporate structure. The
Company is a reliable, stable and innovative player with a decades-long history, whose primary task is to ensure uninterrupted
electricity supply, including operation management, network development and maintenance, regional customer relations,
metering, readings and checks.
OPUS TITÁSZ is a company subject to the Electricity Act (hereinafter referred to as: VET) and is a company carrying out
activities subject to official authorisation. Its service area is defined and protected by the licence issued by the (MEKH). Its
activity is based on regulated prices (tariffs set by the authority) and its market has the characteristics of a natural monopoly,
thus has no real competitor in its field of operation.
The primary task of OPUS TITÁSZ is the provision of uninterrupted electricity supply. The Company performs electricity
distribution licensed activities across more than 18,728 square kilometres in the north-eastern region of Hungary, specifically,
it operates an electricity network with a length of 26,177 kilometres in nearly 400 settlements; in its entirety, it ensures
uninterrupted electricity supply in approximately 800,000 homes and workplaces. Electric energy distribution subject to
authorisation is performed by OPUSZ TITÁSZ in six counties. It covers mainly the counties of Hajdú-Bihar, Szabolcs-Szatmár-
Bereg and Jász-Nagykun-Szolnok, and to a lesser extent the counties of Bács-Kiskun, Békés and Pest. The Company has
accumulated professional knowledge that is outstanding even at the industry level over the preceding decades, and it has
emerged as a definitive participant in the Hungarian energy industry.
Furthermore, the Electricity Distribution Branch also encompasses OPUS E-LINE Kft. (hereinafter: OPUS E-LINE), established
in June 2023, the majority control rights of which are exercised by OPUS TITÁSZ; therefore, OPUS GLOBAL consolidates the
newly established company as a subsidiary. The primary task of OPUS E-LINE is by fulfilling the orders of OPUS TITÁSZ to
actively participate in the implementation of the Hungarian electricity grid investments, design, construction and installation
activities that will become necessary in the future due to the country's comprehensive energy renewal. The Company holds
a 3% stake in Zánka Resort Association, the carrying value of which is marginal and is therefore not included in the scope of
consolidation of the OPUS Group.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
203
Energy Division - Service Centre:
The purpose of establishing OPTESZ OPUS Zrt. (hereinafter: OPTESZ) is to leverage synergy
between OPUS TIGÁZ and OPUS TITÁSZ, which are indirectly owned by the founders, to
eliminate redundancies, and generally support rational and cost-effective operations to improve the operating profitability
of the involved companies. OPTESZ provides economic, human resource management, IT, legal, procurement, warehousing,
logistics, real estate management, and business support services for the Energy Division of OPUS Group. Additionally, it
performs customer service, billing, and customer account management services, as well as reading and disconnection tasks.
OPTESZ was founded on 26 May 2022 by OPUS GLOBAL and STATUS ENERGY Magántőkealap, with OPUS GLOBAL holding a
combined direct and indirect stake of 49.99%.
In September 2022, the Boards of Directors of the definitive companies of the division—OPUS TITÁSZ, OPUS TIGÁZ, and
OPTESZ—decided on the transformation of the companies through a demerger by merger. During the transaction, OPUS
TIGÁZ and OPUS TITÁSZ continued to operate as remaining companies; at the same time, a portion of their assets was
transferred to OPTESZ as the acquiring successor. Concurrently with this, the outsourcing of certain supporting functions to
OPTESZ took place, as a consequence of which OPTESZ performs these tasks as a service centre for OPUS TITÁSZ and OPUS
TIGÁZ. As a service centre, OPTESZ commenced its operation on 1 January 2023, and initially took over economic, HR, IT,
legal, procurement, warehousing, logistics, real estate management, furthermore business support (vehicle operation,
document management, and business administration) services. In 2023, within the framework of a second-round demerger
by merger transaction, further supporting functions were transferred to OPTESZ; thus, the service portfolio was
supplemented with customer relations, billing, customer current account and receivables management, furthermore meter
reading and disconnection coordination activities. The second-round transformation concluded with a turnaround date of 31
August 2023, whereby the transformation of OPTESZ was completed, and it took over all asset elements necessary for its
operation from both OPUS TITÁSZ and OPUS TIGÁZ.
OPTESZ is an important part of the OPUS GLOBAL portfolio as well as a significant member of the Energy Division, which
supports the efficient operation of the OPUS Group's Energy Division through the combined support of the distribution
companies.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
204
B. Description of the business environment of the division
Following hectic movements and larger fluctuations at
the beginning of the year, the price of Brent oil overall
followed a downward trajectory in the 2025 financial
year. In the first quarter of the year, it was still moving
around 75 dollars; in January, it rose to 80 dollars for a
short period, then from the last third of the month, the
oil price began to fall. At the beginning of the second
quarter, the quotation plummeted from a level above 70
dollars to near 60 dollars, subsequently moving at the
60–65 dollar level. In June, following another rapid rise
and then a fallback, Brent closed the half-year at 68
dollars. The price drop was primarily explained by the
production expansion of OPEC+ and the weakening of
the dollar. In the third quarter, the moderate downward
tendency continued further. In July, the price rose back to 73 dollars, then fell to 67 dollars at the beginning of August, and
fluctuated between 66–69 dollars during the remainder of the quarter, finally closing the third quarter of 2025 at 66 dollars.
Standing in the background of the decrease were the increasingly expanding supply during this period and the more slowly
growing demand relative to this, which led to a global accumulation of stocks. The final quarter of 2025 started with a
decrease in the exchange rate of Brent crude oil, then a smaller price increase was observable after the sanctions imposed
on Russian oil. During the remainder of the quarter, the exchange rate was characterised by a stable decrease, as a
consequence of which the quotation sank to a low point of 59 dollars, not experienced for several years. In the fourth quarter,
the 66-dollar price from the beginning of the quarter suffered a 10% decrease over three months. Following a small
correction, the quotation of Brent oil closed the year 2025 with a price of 61 dollars per barrel.
In the electricity market, a price increase was
experienced in the first quarter of 2024
compared to the identical period of the
preceding year: the three-month average price
of HUPX DAM was approximately 135
EUR/MWh, nearly double the 73 EUR/MWh
average price of the first quarter period of
2024, which was primarily explained by
weather colder than customary in previous
years. From the second half of the first quarter,
however, a correction commenced, which also
continued in the second quarter. In the first
month of the second quarter, the average price of electricity was already lower compared to the preceding months. In April,
the average price stood around 85 EUR/MWh, in May it decreased to 81 EUR/MWh, then in June—owing to the impact of
warmer weather—it rose slightly to 84 EUR/MWh. The three-month average of the second quarter thus stood around 82
EUR/MWh, which was supported by the mild spring weather and the outstanding solar energy production. At the end of April
and the beginning of May, negative prices also developed for a short period due to high solar power plant production and
low demand. In the third quarter, an upward tendency emerged again, and a more significant price fluctuation was
experienced between the months: in July, the price increased by more than 20% to 103 EUR/MWh, in August it decreased to
81 EUR/MWh due to the more moderate weather, then in September it rose again to 102 EUR/MWh. The price movements
were fundamentally determined by the evolution of demand and supply and the change in renewable production. In the final
quarter of 2025, the average price stood at a level of approximately 120 EUR/MWh, which exceeded the 104 EUR/MWh
average of the preceding three quarters of the year; at the same time, it fell short of the price level around 130 EUR/MWh
experienced in the fourth quarter of 2024. Within the quarter, a slight increase was observable from October to November,
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
205
then a correction occurred in December. By the closing of the year, the market pressure eased, and it closed with a December
average price level of 115 EUR/MWh.
The domestic and European natural gas markets were
relatively stable in the year 2025; the volatility of prices was
substantially smaller than in the preceding years, but
especially compared to those experienced in the years 2022
and 2023. The supply side was stable during the year, and an
increasing amount of liquefied natural gas arrived on the
continent. With regard to the Dutch TTF futures quotation,
an increase could be observed at the beginning of the year;
from the January level of 49 EUR/MWh, the price increased
to 57 EUR/MWh by the beginning of February, then
corrected to a level around 40 EUR/MWh by the end of
March. In 2025, domestic residential consumption still
decreased in January; in February, however—owing to the impact of colder weather—it exceeded the identical period of the
preceding year by more than 50%. In the second quarter, prices moderated and evolved relatively stable. The market was
characterised by a wait-and-see approach due to the international tariff war, while in the summer of 2025, the 12-day Israeli–
Iranian conflict caused a temporary price increase. By the end of the quarter, the price decreased by approximately 20% to
32 EUR/MWh from the level around 40 EUR/MWh. Prices remained at a low level in the third quarter as well. Although the
price rose above 35 EUR/MWh for a short period in July, it fundamentally moved within a narrow band between 31–33
EUR/MWh, alongside smaller volatility compared to what was customary in preceding years. The low price level was primarily
supported by the strong LNG supply and the high storage filling levels. In the fourth quarter of 2025, natural gas prices were
clearly characterised by a downward trend. Alongside minimal volatility, the TTF price remained within the 27–33 EUR/MWh
band, while the average price decreased further by approximately 8% compared to the preceding quarter. In October, the
average price stood around 31 EUR/MWh, which moderated to 30 EUR/MWh in November, then decreased to 27 EUR/MWh
by the end of the year with a more marked fallback. The price level moved contrary to the usual winter price increase, which
is also attributable to the mild weather, the high storage filling levels, and the increased LNG supply.
In addition to the pricing of basic commodities, the EUR/HUF exchange rate also has a significant impact on the environment
of the Energy Division. At the beginning of 2025, the exchange rate declined steadily from the former year-end level of around
410 and fell below the 400 mark by the end of February. However, during March it increased again above this threshold and
ultimately closed the quarter at approximately 401. In the second quarter of 2025, the euro–forint exchange rate showed a
slightly declining trend, indicating the gradual strengthening and stabilisation of the forint against the euro. In April, the
exchange rate was still relatively high, averaging around HUF 406.8/EUR. By May, a mild strengthening of the forint could
already be observed, with the average rate decreasing to HUF 403.8/EUR and trading occurring within a narrower band. In
June, the forint’s strengthening continued further, with the average exchange rate at HUF 402.1/EUR and reaching around
HUF 399 by the end of the month, which represented the lowest value of the quarter. Throughout the entire second quarter,
the exchange rate remained within the 400–410 EUR/HUF band without extreme fluctuations. In the third quarter of the
2025 financial year, the strengthening trend of the forint observed in previous periods continued. The quarter opened in July
at an exchange rate of 399 HUF/EUR, which — apart from a
few minor fluctuations — decreased steadily throughout the
period. By the end of September, the exchange rate had
reached 389 HUF/EUR. In the final quarter of the year, the
forint strengthened for two months and appreciated from the
quarterly opening exchange rate level all the way to the HUF
380/EUR level. In the first half of October, a temporary
weakening of the forint was experienced; following this,
however, the appreciation of the domestic currency
continued, and the exchange rate decreased below HUF 390/EUR by the end of the month. In November, the forint
strengthened further: the EUR/HUF cross rate sank from levels around 387 to near 381, whereby it approached the two-year
peak of the forint. The month of December was a rather volatile period for the Hungarian currency, as the appreciation of
the preceding two months crumbled during the first three weeks of this period, then two-thirds of this fallback was rebuilt
during the final week. The Hungarian currency closed the year 2025 at a level of HUF 385.5/EUR, as opposed to the exchange
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
206
rate of HUF 410/EUR in the year 2024. Overall, in the fourth quarter of 2025, the EUR/HUF exchange rate reflected the
strengthening of the forint, alongside a moderate year-end correction.
The market presence of the two large companies of the Energy Division, OPUS TIGÁZ and OPUS TITÁSZ, from 01.01.2025 to
31.12.2025, and the quantity of energy distributed by them, is shown in the table below:

|  | 01.01.2024 – 31.12.2024 | 01.01.2025 – 31.12.2025 | Difference
OPUS TIGÁZ Zrt | Natural gas distribution (Mm3) | 2,028 | 2,176 | 148
| - For the universal service provider | 1,390 | 1,496 | 106
| - For the free market | 638 | 680 | 42
OPUS TITÁSZ | Electricity distribution (GWh) | 4,662 | 4,761 | 99
| - For the universal service provider | 1,654 | 1,696 | 42
| - For the free market | 3,008 | 3,065 | 57

The increase in the distributed energy quantities clearly demonstrates that both companies—OPUS TITÁSZ and OPUS TIGÁZ—
achieved expansion in their own markets. The demand of the universal service provider division is primarily shaped by
weather factors, which exert a significant impact on the operation of both companies. With regard to electricity distribution,
electrification trends are additionally receiving an increasingly emphatic role, particularly the proliferation of heat pump
systems and electric vehicles, which may substantially increase consumption in the longer term as well. The performance of
the free market division primarily reflects the economic activity of the given region. In the areas covered by the two
companies, favourable economic developments were observed in 2025, showing a definite positive trend compared with the
same period of the previous year.
C. Division activity in 2025

Aggregated financial data and shareholder information, balance sheet:
Unless otherwise indicated, data is expressed in HUF '000'
Balance-sheet data (closing portfolio) | Energy Division 31.12.2025 audited factual data | Energy Division 31.12.2024. audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Balance sheet total | 555,401,026 | 536,126,537 | 19,274,489 | 3.6%
Total cash | 80,124,659 | 77,947,316 | 2,177,343 | 2.8%
Equity capital | 221,985,508 | 199,340,593 | 22,644,915 | 11.4%
Long-term liabilities | 224,725,441 | 220,116,429 | 4,609,012 | 2.1%
Short-term liabilities | 108,690,077 | 116,669,515 | -7,979,438 | -6.8%
Loans and borrowings, liabilities from bond issues | 88,028,032 | 91,804,604 | -3,776,572 | -4.1%
External funds/balance sheet total | 15.8% | 17.1% | -1.3% | -7.4%

OPUS TITÁSZ and OPUS TIGÁZ are the definitive companies of the Energy Division, which represent a decisive weight in the
aggregated financial statements and reports of the division. Together, they represent 96% of the division’s total assets and
equity, as well as 97% of the aggregated operating revenues. As a consequence of this high concentration, the economic
processes and the primary business and structural changes of the division are fundamentally determined by the operation
and performance of these two companies. At the same time, the smaller participants of the Energy Division also contributed
to the stable and successful operation of the division with their well-definable functions.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
207
By the end of the year 2025, the aggregated asset value (Balance Sheet Total) of the Energy Division rose to HUF 555.40
billion, which exceeded the closing value of the year 2024 by 3.6%, specifically by HUF 19.27 billion. The growth originated
decisively from the expansion of fixed assets, within which the increase in the stock of properties, machinery, and equipment
was definitive. The asset stock of the division still exhibited a decrease at the beginning of the year and in the first half-year,
which is primarily traceable to the fallback of aggregated current assets. The stock of fixed assets stagnated in the first
quarter, then continuously expanded at an accelerating rate in the subsequent three quarters until the end of the year; thus,
by the end of the fourth quarter, it reached a level 7% higher, by HUF 27.13 billion.
Operating conditions in the Energy Division are exceptionally complex and highly regulated. Due to the specificities of the
sector, the barriers to entry to the market are high, which is justified, on the one hand, by the complex regulatory
environment, and on the other hand, by the existence of the infrastructure of significant value required for the performance
of the activity. The continuous renewal and maintenance of the asset stock is a fundamental condition for the maintenance
of security of supply. In accordance with this, investments replacing depreciation, maintaining condition, and improving
condition are regular and possess strategic significance from the perspective of the long-term operational capability of the
infrastructure.
As a result of the developments implemented in 2024, the asset stock of the electricity and natural gas network expanded by
nearly HUF 40 billion, which well reflects the strategic focus directed at the continuous renewal of the infrastructure. Although
the investment activity exhibited differing intensities by quarter, the momentum of the development programme was also
maintained in 2025. The two highlighted participants of the division continue to pay very close attention to the modernisation
of network elements, capacity expansion, and investments strengthening the security of supply. Thus, the growth dynamics
experienced in 2024 continued—in a smaller volume, but stably—in 2025 as well. Thanks to this, the aggregated fixed asset
stock of the division exhibited an outstandingly high value; on 31 December 2025, it was HUF 435.17 billion, which—primarily
owing to the impact of the growth realised in the fourth quarter—is HUF 27.13 billion higher than the closing data of the year
2024. The stock of aggregated fixed assets accounts for more than 78% of the total asset value of the division, which clearly
demonstrates that the operation of the Energy Division is fundamentally built upon capital-intensive, long-life infrastructure.
The high ratio of fixed assets is primarily attributable to the two definitive participants of the division, as the backbone of the
value of fixed assets is constituted by that extensive network infrastructure which ensures the background of the core activity
of the division. This infrastructure encompasses approximately 60,000 kilometres of pipeline and cable network—the
combined length of the electricity and natural gas network—the maintenance, modernisation, and continuous development
of which ties up significant capital. The weight of network assets to such an extent determines not only the asset structure of
the division but also the nature of the operational model. The high proportion of fixed assets results in stable, long-term
investment cycles, a pre-plannable depreciation trajectory, and a continuous obligation for maintenance. All this also means
that the evolution of the asset value of the division is decisively determined by the change in value of the network
infrastructure, furthermore the developments associated with it. In 2025, in addition to the change in the stock of tangible
assets, the fact that an increase in stock (HUF 4.23 billion) also occurred with reference to rights of use assets at the two
definitive participants of the division contributed to the rise of the Balance Sheet Total.
The combined value of the properties, machinery, and equipment of the Energy Division was HUF 337.70 billion by the end
of the fourth quarter of 2025, which means that infrastructure-type assets account for nearly 78% of fixed assets. In the first
quarter of 2025, the stock of properties, machinery, and equipment was still practically stagnant, the extent of the growth
was marginal, as the accounted depreciation was exactly offset by the performed maintenance and smaller-scale
development works. Following the winter months at the beginning of the year, which are less ideal for maintenance and
developments, however, the investment and development works perceptibly commenced in the second and third quarters.
The more favourable weather and construction conditions, furthermore the intensive development programmes of the two
definitive companies of the division collectively resulted in a measurable stock increase from quarter to quarter. In the second
quarter, an increase of nearly HUF 5 billion was realised, and in the third quarter, an increase of HUF 5.86 billion, which clearly
indicated the recovery of development activity. In the fourth quarter, the investment dynamics strengthened, and the
participants of the division—primarily the two largest companies—realised a stock surplus of more than HUF 12 billion. In
this period, not only the construction but also the activation of investments accelerated, which exerted a significant impact
on the evolution of the year-end asset value. Due to the stock increase observable in the final three quarters of 2025, the
aggregated value of properties, machinery, and equipment grew by HUF 23.11 billion, specifically by 7%, by the end of the
year. This expansion aligns well with the long-term infrastructure development strategy of the division, and confirms that the
growth of the stock of fixed assets continues to be one of the most important pillars of the operation of the division.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
208
Within the Energy Division, OPUS TITÁSZ accounted for a value of HUF 201.25 billion from the stock of properties, machinery,
and equipment by the end of 2025, which represents a weight of 60%, and thereby the company possesses the largest
infrastructure-type asset stock of the division. The magnitude of the asset value of the company is closely associated with the
fact that several new industrial investments have commenced in its supply area in recent years, for the electricity supply of
which new network connections, capacity expansions, and targeted developments became necessary. These target projects
continued in 2025 as well; thus, the fixed asset stock of the company expanded at a pace similar to preceding years. The
quarterly data clearly delineate the differing intensities of the development cycles. In the second quarter, the value of
properties, machinery, and equipment rose by 2.7%, by HUF 4.91 billion, which already perceptibly exceeded the more
restrained growth rate of the beginning of the year and the first quarter. In the third quarter, the expansion strengthened
further, the Company realised a stock surplus of 3.3%, specifically HUF 6.08 billion, which reflected the acceleration of the
construction works. In the fourth quarter, an even more marked growth occurred; OPUS TITÁSZ increased the value of its
infrastructure assets by HUF 10.44 billion, representing 5.5%. Examining the full year, the asset stock of OPUS TITÁSZ
consisting of properties, machinery, and equipment expanded by a total of HUF 23.14 billion in 2025. This growth also
forecasts that the economic activity of the supply area may continue to generate significant network development
requirements in the future as well. The evolution of the asset value of the Company thereby played a definitive role in the
growth of the fixed assets of the division in 2025 as well. With regard to OPUS TIGÁZ, the value of property, plant and
equipment showed a moderate decline during the first three quarters of 2025. The rate of decrease slowed quarter by
quarter, and by the third quarter only a minimal 0.1% decline was observed. This downward quarterly trend halted and
reversed in the final quarter of the year; in the fourth quarter, we could see a stock increase of nearly HUF 2 billion,
approximately 1%, which practically compensated for the decrease occurring in the first three quarters of the year. The
decrease in the tangible assets of OPUS TIGÁZ was practically replaced in 2025; thus, the carrying amount of the infrastructure
of the Company changed from the opening value of HUF 135.44 billion in the year 2025 to HUF 135.39 billion during the year.
Within the aggregated current asset stock of the Energy Division, OPUS TITÁSZ and OPUS TIGÁZ collectively represent a 92%
share; therefore, the evolution of current assets is also decisively determined by these two companies. The total current asset
value of the division exhibited a continuous decrease in the first three quarters of 2025. In the fourth quarter, however, a
turnaround occurred; the stock of current assets rose by 9%, specifically by HUF 10.39 billion, which partially offset the
fallback occurring in the earlier quarters of the year. Despite the growth in the final quarter, the aggregated current asset
value at the end of the year 2025 became HUF 120.23 billion, which fell short of the level at the end of the year 2024 by 7%,
specifically by HUF 8.01 billion. In the first three quarters of the year, a decrease occurred at both definitive companies—
albeit to varying extents and proportions. In the fourth quarter, however, a change occurred with reference to both
companies; both OPUS TITÁSZ and OPUS TIGÁZ achieved a current asset stock increase exceeding HUF 5 billion each on a
quarterly level. This quarterly expansion substantially moderated, but could not completely compensate for, the fallback
reported in the first nine months of the year. The year-end current asset change of the two companies, however, evolved
differently. The current asset stock of OPUS TIGÁZ amounted to HUF 39.25 billion at the end of 2025, which exceeded the
closing value of the base year by 1%, specifically by HUF 0.47 billion; therefore, the Company achieved a slight increase on an
annual level. In contrast, a 10% decrease of HUF 8.33 billion was visible with reference to OPUS TITÁSZ; overall, despite the
fourth-quarter correction, the current asset stock of the Company decreased on an annual level.
OPUS TITÁSZ accounts for 56% of the total current asset stock of the Energy Division, and is thereby the participant possessing
the largest current asset volume within the division. The Company closed the year with a current asset value of HUF 71.79
billion on 31 December 2025. Behind the decrease stood several factors prevailing in parallel with each other. One factor in
the decrease of the current asset stock of OPUS TITÁSZ was the fallback of the receivables stock occurring in the first quarter,
amounting to nearly HUF 3 billion—approximately 50%. This tendency halted and moderated in the subsequent quarter; in
the fourth quarter—similarly to preceding years—it partially rose back by the end of the year, but continued to reduce the
value of aggregated current assets. Within the structure of current assets, a significant rearrangement was observable due
to the decrease in accrued income. The stock of other receivables and accrued income fell back by 81%, specifically by HUF
17.42 billion, by the end of 2025. In contrast, the stock of cash and cash equivalents exhibited a slight growth of 1% (HUF 0.44
billion). Within cash and cash equivalents, a decrease was still experienced at the beginning of the year, which was associated
with the settlement of the high trade payables stock at the end of the year 2024; however, from the second quarter onwards,
we can already see a continuous rise. The growth was supported by several factors: the previously accrued income was
collected, customer performance took place, and the successful management of the Company also exerted a favourable
impact on liquidity. The financial position of OPUS TITÁSZ thereby remained stable by the end of 2025. The cash and cash
equivalents stock of HUF 48.48 billion provides an adequate liquidity background, which enables the Company to safely
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
209
finance the development and maintenance of the network infrastructure, and to respond flexibly to changes in the operating
environment.
The current asset stock of OPUS TIGÁZ in 2025—unlike that of OPUS TITÁSZ—overall exhibited an increase, reaching a value
of HUF 39.25 billion by the end of the year with an expansion of nearly half a billion forints. At the same time, the evolution
of current assets followed a differing pattern by quarter. At the beginning of the year, an increase was still observable,
primarily due to the positive change in the stock of cash and cash equivalents, which resulted in a more favourable liquidity
position. In the second and third quarters, however, a decrease occurred, behind which the combined effect of several factors
was present: cash and cash equivalents moderated, accrued income fell back, and the receivables stock also decreased.
During this period, the Company provided significant amounts of advances to its business partners, which decreased gradually
towards the end of the year. The value of cash and cash equivalents returned to the level of the beginning of the year by the
year-end, which indicates that the incoming revenues in the fourth quarter strengthened the liquidity position.
Overall, standing behind the changes observable on the asset side of the Energy Division and the rearrangements between
balance sheet items are primarily the developments associated with the infrastructure and their financial impacts. The
expansion of fixed assets, the quarterly fluctuations of current assets, and the evolution of the liquidity position equally
demonstrate that the evolution of the aggregated assets of the Energy Division in 2025 was also primarily determined by
developments and network investments.
The high-value infrastructure necessary for the operation of the Energy Division generates a significant capital requirement,
which the high capital adequacy and stable, profitable operation of the division is reliably able to finance. As a consequence
of the favourable profitability, equity rose continuously in 2025, exhibiting a surplus of HUF 22.64 billion, representing 11.4%,
by the end of the year; thus, the aggregated equity of the Energy Division amounted to HUF 221.99 billion on 31 December
2025. The improvement in capital strength clearly reflects the stable operation of the companies of the division and the long-
term value creation of the developments. The two definitive companies, OPUS TIGÁZ and OPUS TITÁSZ, were both able to
increase their equity. With regard to OPUS TIGÁZ, an increase of 6%, specifically HUF 4.35 billion, was realised, as a result of
which the Company closed the year 2025 with equity of HUF 82.81 billion. With regard to OPUS TITÁSZ, we can see an even
more dynamic growth; the equity of the Company grew by 16%, changing from HUF 104.22 billion to HUF 120.52 billion. The
smaller participants of the division also closed a successful year, each of them being able to increase their equity during the
four quarters of 2025. With regard to OPUS E-Line, a stable, positive interim result was also realised, although the volume of
the result fell slightly short of the 2024 base. The company’s overall pursued balanced, sustainable management, which
contributed to the strengthening of the capital position of the division and the provision of the financing background for
developments.
The non-current liabilities of the Energy Division were essentially unchanged in the first half of the year; however, they moved
onto an upward trajectory in the second half-year. All this occurred despite the fact that the repayments associated with
external financing were fulfilled accurately and by the deadline, in accordance with the contracts. The aggregated non-current
liabilities of the division grew from HUF 220.12 billion to HUF 224.73 billion in 2025, which represented an increase of 2.1%.
The growth is can mainly be traced to two factors: on the one hand, to the 11% expansion of deferred tax liabilities compared
to the 2024 base, and on the other hand, to the increase in the lease stock, which appeared at several participants of the
division. The non-current liabilities of OPUS TIGÁZ, representing the Gas Distribution Branch, exhibited stagnation in the
subsequent quarters following the decrease experienced in the first quarter; thus, the decrease at the beginning of the year
was overall definitive in the stock change. The over-the-year liability stock of the Company decreased from HUF 74.41 billion
to HUF 73.25 billion, which represents a fallback of 1.5%. A definitive element of the non-current liabilities of TIGÁZ continues
to be the 10-year maturity, fixed-interest bond with a total face value of HUF 50 billion, issued in 2021 within the framework
of the Growth Bond Programme. The decrease in the liability stock was fundamentally caused by the associated scheduled
principal repayment; at the same time, the increase in the lease stock partially offset this impact, therefore the moderation
of the total stock remained rested. With regard to OPUS TITÁSZ, operating in the electricity distribution sector, differing
processes prevailed. The non-current liabilities of the Company rose by 1%, by HUF 1.96 billion, and reached HUF 149.93
billion by the end of 2025. Standing in the background of the growth was primarily the increase of HUF 4.47 billion in the
deferred tax liability, which exceeded the decrease in non-current loans and borrowings.
The current liabilities of the Energy Division exhibited a downward tendency in the first three quarters of 2025; however, this
process reversed in the fourth quarter, and the stock rose by HUF 20.78 billion in the final quarter. The year-end growth is
primarily attributable to the expansion of liabilities towards suppliers and related parties; at the same time, even this
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
210
significant quarterly rebound does not offset the stock decrease occurring in the earlier stages of the year. The aggregated
within-the-year liabilities of the division fell to HUF 108.69 billion by the end of 2025, which represents a decrease of 6%,
specifically HUF 8.21 billion, compared to HUF 116.90 billion at the end of the year 2024. The decisive portion of the change
is attributable to OPUS TITÁSZ. The shrinkage of the short-term liabilities of the Company is associated with the evolution of
current assets; the decrease in the receivables stock during the year created free resources, which the Company—together
with the available cash and cash equivalents—utilised primarily for the reduction of the trade payables stock associated with
the ongoing developments and investments. The current liabilities of the Gas Distribution Branch decreased continuously in
the first three quarters, then, as a result of the growth in the fourth quarter, closed the year where it had commenced, with
a moderate increase of only 1%.
The balance sheet structure of the division continues to reflect stability and equilibrium. All entities within the division are
characterised by sufficient liquidity. The combined value of aggregated equity and long-term liabilities exceeds the value of
Non-current Assets. Thanks to the division’s profitable operations, both the aggregated and company-level capital strength
of the Energy Division continued to increase, as reflected in the further improvement of the equity ratio — rising from 37%
to 40%.

Aggregated financial data and shareholder information, profit and loss account:
Unless otherwise indicated, data is expressed in HUF '000'
Key P/L data | Energy Division 01.01.2025-31.12.2025 audited factual data | Energy Division 01.01.2042-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Total operating income | 191,301,755 | 194,537,922 | -3,236,167 | -1.7%
Operating costs* | 157,153,311 | 184,423,874 | -27,270,563 | -14.8%
Operating (business profit/loss) EBIT | 34,148,444 | 10,114,048 | 24,034,396 | 237.6%
EBITDA | 65,148,141 | 37,347,160 | 27,800,981 | 74.4%
Net financial income* | 2,099,022 | 2,062,155 | 36,867 | 1.8%
Profit before taxes | 36,247,466 | 12,176,203 | 24,071,263 | 197.7%
Profit after taxes | 25,729,120 | 6,517,238 | 19,211,882 | 294.8%
Total comprehensive income | 25,676,614 | 6,517,274 | 19,159,340 | 294.0%
Employee headcount (persons) | 1,660 | 1,649 | 11 | 0.7%

* it includes the costs energy purchased to make up for network losses
As the division reports are compiled without consolidation eliminations, the result of financial operations includes a division-internal dividend accumulation of HUF 1.5 billion between
MS Energy Holding Zrt. and MS Energy Holding AG.
The aggregated operating income of the Energy Division was HUF 191.30 billion in 2025, which fell short of the HUF 194.54
billion base of the year 2024 by 1.7%, specifically by HUF 3.23 billion. Standing in the background of the fallback was primarily
the HUF 8.05 billion decrease in revenue, which was only moderately offset by the HUF 4.82 billion increase in other income;
therefore, lower operating income was realised overall as well. The revenue of the Energy Division was HUF 181.35 billion in
2025. The income side was most significantly influenced by the decrease in sold electricity, which pulled revenue downwards;
at the same time, the slightly increased distributed quantity due to weather and energy market factors was able to partially
compensate for this impact. It is a specific characteristic of the operation of the division that tariff regulation typically follows
market processes retrospectively, which does not cause significant uncertainty in a stable environment; however, it may
periodically distort the evolution of income dynamics. In 2025, OPUS TIGÁZ achieved revenue of HUF 56.82 billion, which is
practically identical to—more precisely, falls short by HUF 0.26 billion of—the revenue figures of HUF 57.08 billion
representing the 2024 base. In the fourth quarter of 2025, the revenue of OPUS TITÁSZ exhibited a larger shortfall compared
to the preceding quarters relative to the data of the year 2024 representing the base. Thus—decisively attributable to the
year-end fallback—the revenue achieved by the Company in 2025 was HUF 118.54 billion. This was 4% lower, specifically by
HUF 4.85 billion, compared to the revenue at the end of the year 2024. Although OPUS E-LINE features with a smaller weight
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
211
in the aggregated statements, its revenue volume, which was 34% smaller in 2025 compared to the preceding base year, also
contributed to the fallback in revenue at the division level.
Thereby, Operating costs and the operational management are most directly influenced by three factors: the world market
price of energy carriers, the EUR/HUF cross rate, and inflation (for a detailed presentation of the evolution of these three
highlighted elements, see below within chapter "D) Division Risks").
With regard to the stock exchange price changes of natural gas and electricity, it is observable that stock exchange processes
directly impact the pricing applied by the division, and there is a correlation between stock exchange rates and the pricing
applied by the participants of the division. Although the two are not formally interconnected, there is a clear indirect
relationship. It can also be tracked on the figure to be presented later—demonstrating the stock exchange price
fluctuations—that this correlation was less manifested in the energy market during a portion of the current year. The reason
is that fossil fuel power plants, primarily gas-fired, represent a significant share of electricity generation capacity and the price
of natural gas are included in the electricity exchange price. As a result, changes in the exchange price of natural gas affected
both the Gas Distribution Branch and the Electricity Distribution Branch in nearly the same way. In the first quarter, the
increase in the Division’s aggregated revenues, and then in the subsequent quarters the slight decline in revenues, were
driven mainly by the price level and, to a lesser extent, by the EUR/HUF exchange rate.
In the fourth quarter of 2025—in accordance with the processes characterising the entire year—the favourable cost trend
further improved, which had already clearly developed in the first three quarters of the year. The Operating costs were lower
in all four quarters than in the identical periods of 2024, which naturally exerted a favourable impact on the profitability, the
management position, and the liquidity of the Energy Division alike. The cost reduction was not only significant in its
proportion (-14.8%), but the expenditure side also exhibited a substantially more favourable picture in absolute value, by
HUF 27.22 billion. This extent of cost fallback far exceeded the slight, merely 1.7% decrease in total operating income. The
difference of approximately 13 basis points thereby developed between the two items—alongside the moderate weakening
of the income side—substantially contributed to the improvement of the profitability of the division.
The aggregated total Operating costs of the Energy Division were HUF 157.15 billion in 2025. Examining the evolution of the
annual cost level, following the third quarter, the positive cost trend also persisted in the fourth quarter, and indeed
strengthened further. By the end of 2025, the Operating costs of the Energy Division fell short of the HUF 184.42 billion base
of the year 2024 by 14.8%. Standing in the background of the significant cost reduction was primarily the moderation of the
energy costs of OPUS TITÁSZ, a part of which is the decreasing procurement attributable to the decreasing sold electricity, as
well as the decreasing expenditure associated with network losses. The favourable cost dynamics substantially contributed
to the improvement of the aggregated profitability of the division; the aggregated operating profit of the Energy Division rose
to HUF 34.15 billion by the end of 2025, which exceeded the profit realised in the identical period of 2024 by HUF 24.03
billion. In accordance with Section 80 of Act LXXXIII of 2023, the public utility pipeline tax was terminated with effect from 1
January 2025. The impact of this in the year 2025 is HUF 2.82 billion with reference to OPUS TIGÁZ, while it is HUF 2.58 billion
with reference to OPUS TITÁSZ.
In 2025, the result of the financial operations of the Energy Division evolved fundamentally similarly to the year 2024 and
remained in the positive range throughout the entire year. The financial result of the division amounted to HUF 2.10 billion
in 2025, which exceeded the value of the preceding year by 1.8%. The volume of the increment is not significant; the result
of financial operations contributed to the profit before tax of the sector with a surplus of HUF 37 million. During the year, the
financial performance exhibited a fluctuating picture compared to the base; in the first half of 2025, there was still a shortfall
of approximately half a billion forints compared to the identical period of the year 2024, then a trend reversal occurred in the
second half of the year, as a result of which the first-half profit shortfall completely disappeared by the end of the year.
Overall, following the trajectory of preceding years, the financial result of the division continued to remain stable in the
positive range throughout the year. The aggregated result of financial operations was favourably impacted by the dividend
income realised within the division. In contrast, it was negative that, due to the decrease in the interim cash and cash
equivalents stock of OPUS TITÁSZ and the change in the interest environment, the Company achieved a financial income
lower by HUF 2.03 billion.
The aggregated profit before tax of the Energy Division rose further in the fourth quarter and reached HUF 36.25 billion,
which exceeded the result achieved by the division in 2024 by HUF 24.07 billion. The division’s aggregated profit after tax
amounted to HUF 25.73 billion in 2025, exceeding the result recorded in the previous year by HUF 19.21 billion.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
212
In 2025, the headcount of the Energy Division evolved stably overall. Substantial changes occurred primarily in the first two
quarters. The employee stock moved in opposite directions in two consecutive quarters; however, this hectic fluctuation
ceased by the second half of the year. By the end of the first quarter, the headcount of the division rose to 1,721 persons,
which represented an increase of 119 persons, specifically 7.4%, compared to the identical period of the preceding year. The
reason for the expansion is that the employees performing the reading of consumption meters were transferred to the stock
of OPUS TIGÁZ. In the second quarter, however, this employee group was transferred to OPTESZ OPUS, which resulted in a
reduction in headcount. By the end of the half-year, the employment structure had thus been rearranged, but overall it did
not deviate substantially from the level of preceding periods. Following the half-year, no further significant headcount
movement occurred. At the end of the year, the Gas Distribution Branch employed 712 persons, while the Electricity
Distribution Branch employed 948 persons. The focus of the human resource management of the Energy Division continues
to be the maintenance of an employee stock possessing high-level professional competencies, the provision of continuous
training and competency development, furthermore the development of incentive systems.
In 2025, the Energy Division continued to preserve its financial equilibrium and operational stability, while further
strengthening its position in the domestic energy sector. The liquidity position of the division remains outstanding, its financial
indicators bear witness to balanced operation, and the profit-generating capability also perceptibly improved during the year.
Every company within the division achieved a positive profit before tax and profit after tax, which is attributable to the
efficient operation and the favourable market adaptability. The previously commenced and ongoing network development
and maintenance investments of significant value further strengthen the long-term competitiveness of the division. These
developments not only improve the security of supply but also contribute to the value of the infrastructure of the division
continuing to exhibit an upward tendency.
Unless otherwise indicated, data is expressed in HUF '000'

Operating costs | Energy Division 01.01.2025-31.12.2025 audited factual data | Energy Division 01.01.2042-31.12.2024 audited factual data | Comparison of 31.12.2024 and 31.12.2025 | Change, 31.12.2024 compared to 31.12.2025 in %
Materials, consumables and other external charges | 123,075,227 | 154,109,611 | -31,034,384 | -20.1%
Staff costs | 25,543,590 | 22,051,790 | 3,491,800 | 15.8%
Depreciation | 30,999,697 | 27,233,112 | 3,766,585 | 13.8%
Impairment | -683,268 | 900,793 | -1,584,061 | -175.9%
Other operating costs and expenses | 1,432,859 | 6,706,679 | -5,273,820 | -78.6%
Capitalised own performance | -23,214,794 | -26,578,111 | 3,363,317 | 12.7%
Total operating costs | 157,153,311 | 184,423,874 | -27,270,563 | -14.8%

The total Operating costs of the Energy Division in 2025 were 14.8% lower, specifically by HUF 27.22 billion, than in 2024. The
cost structure of the companies of the division did not change substantially in 2025; material expenses continued to represent
the largest cost element, the weight of which moved between 65–80% within the total Operating costs. By the end of the
first half-year, although a smaller shift in proportions was observable in the cost structure, this gradually ceased with the
rearrangement commencing in the third quarter. In this quarter, the proportion of material expenses again approached 70%,
and then in the fourth quarter, their weight further strengthened within the total cost structure. An important driving force
of the cost reduction achieved by the division is also identifiable at this item. With regard to OPUS TITÁSZ, material expenses
moderated by 26%, specifically by HUF 30.81 billion. In contrast, the material expenses of OPUS TIGÁZ rose slightly in 2025,
and as a consequence of the factors impacting raw material costs detailed previously, the Company reported a cost increase
of 7%, specifically HUF 1.89 billion, by the end of the year.
The aggregated value of materials, consumables and other external charges decreased by 20.1% from the HUF 154.11 billion
representing the 2024 base and became HUF 123.08 billion by the end of the fourth quarter of 2025. The reduction in material
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
213
expenses was mainly driven by more favourable energy procurement costs and the more advantageous development of
electricity transmission fees. Material expenses moved in the same direction compared to the developments observed on
the revenue side, showing a decline. A significant cost component within the Division is the cost of energy purchased to cover
network losses, as well as the procurement and transmission costs of energy purchased for resale purposes. In 2025 this item
showed a more favourable development compared with the previous period. The cost of network losses is recognised in the
Company's tariffs regulated by the MEKH, at the amount and price set by the authority. It is important to note, however, that
the price-setting mechanism of the Authority can only ex-post reflect the change in the operating costs of distribution system
operators, including the costs of network losses, through the indexation of distribution tariffs. The EUR/HUF exchange rate
affects the cost of energy purchased. The weakening of the euro and the strengthening of the forint directly decrease the
cost of procurement. Within material expenses, service-type costs are also recognised. In this area, primarily the insourcing
of activities and the more favourable development of certain outsourced services led to a decrease in material expenses,
which was rather pronounced in the Gas Distribution Branch.
The value of staff costs rose by 15.8%, specifically by HUF 3.49 billion, in 2025. Standing in the background of the growth was
the higher average headcount of the first half-year, the wage level increase following the annual ordinary wage settlement,
furthermore the earlier accounting in time of certain benefits. The depreciation accounted for after the asset stock—
expanding in the wake of investments implemented and activated in preceding years—also rose and exceeded the 2024 base
by 13.8%. The fact that the public utility pipeline tax paid in preceding years no longer appeared among other Operating costs
and costs contributed significantly to the favourable evolution of the cost level. The two definitive companies of the division
paid a total of HUF 5.4 billion in public utility pipeline tax in 2024, the abolition of which substantially improved the cost
position in 2025.
D. Divisional risks
The operation of the Energy Division, within this the energy distribution activity, takes place in a closed and strictly regulated
market environment displaying the features of a natural monopoly, operating alongside tariffs defined and recognised by the
HEA (Hungarian Energy and Public Utility Regulatory Authority). Consequently, the operation of the core activity is largely
well-plannable and predictable; thus, the classic competitive market sales and income risks do not substantially appear. The
objective of the official price regulation is the stimulation of the efficient operation of the distribution network operators, as
well as the provision ensuring that the system users receive high-quality service. Furthermore, it plays a prominent role in
keeping the economic risks of the distributors within reasonable frameworks, and thereby promoting long-term network
investments. The regulatory environment based on fixed prices creates stable and plannable economic conditions, which
supports the sustainable implementation of capital investments.
The world market prices of energy carriers, the evolution of the EUR/HUF exchange rate, and the inflationary environment
exert a direct impact on the operation. In turbulent periods, these factors are capable of causing disruptions even within a
strictly regulated market, and generate a significant requirement for adaptation towards the distribution companies.
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
214
The evolution of energy commodity prices on the stock exchange:
In 2020, the economic downturn caused by the COVID-19 pandemic exerted a significant impact on the market of energy
carriers. A persistent demand deficit developed during the year, as global lockdowns interrupted supply chains and slowed
down production and trade, whereby energy consumption fell back drastically. Following a period testing the adaptability of
market participants, the world economy restarted in 2021 and moved onto a growth trajectory again. In parallel with this,
energy demand also began to rise. In 2022, the Russian-Ukrainian war caused a further shock to the European energy market.
As a consequence of the sanctions imposed on Russian energy carriers, gas shipments to Europe decreased significantly, while
the cold winter and the demand for liquefied natural gas (LNG) exerted further pressure on prices. TTF and HUPX prices
reached historical peaks, which presented a serious challenge to industrial and residential consumers alike. Following the
2022 price shock, the gradual consolidation of the market commenced in 2023. Participants adapted to the new supply
structure, alternative procurement routes were established, and significant investments were launched in the field of
renewable energy sources. The decrease in volatility and the stabilisation of prices were already perceptible in 2024, while
the regulatory environment also moved in the direction of predictability. In 2025, the security of energy supply and
diversification came into strategic focus. Hungary has concluded the largest Western gas procurement agreements in its
history: MVM CEEnergy signed a ten-year contract with Shell, while an LNG supply agreement was established through ENGIE
Energy Marketing Singapore for the period between 2028 and 2038. These steps substantially increased the security of supply
for Hungary and reduced its dependence on Russian imports. The TTF and HUPX prices moved at more moderate levels in
2025, and volatility decreased further, while the consumer price index and core inflation also returned to the levels
characteristic of the beginning of the 2020s (CPI: 103,3%, core inflation: 103.8%. Overall, the period between 2020 and 2025
represented the years of crisis management, adaptation, and strategic transformation for the European energy market, in
which Hungary gradually established the foundations of long-term security of supply and sustainable energy management.
The price changes of natural gas and electricity on the stock market clearly showed a strong correlation in pricing: while
formally not connected, there is an obvious indirect relationship. The reason is that fossil fuel power plants, primarily gas-
fired, represent a significant share of electricity generation capacity and the price of natural gas are included in the electricity
exchange price. As a result, the exchange price of natural gas affects both the Gas Distribution Branch and the Electricity
Distribution Branch almost equally.
A significant cost element for the players in the energy sector is the purchase of natural gas and electricity to compensate for
network losses. The cost of network losses is recognised in the Company's tariffs regulated by the MEKH, at the amount and
price set by the authority. It is important to note, however, that the price-setting mechanism of the Authority can only ex-
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
215
post reflect the increase in the operating costs of distribution system operators, including the costs of network losses, through
the indexation of distribution tariffs, which can lead to significant losses in the short term during turbulent periods. This effect
was present in both the Electricity Branch and the Gas Distribution Branch in 2022 and 2023. However, in 2024 and in 2025,
due to the tariff-setting mechanism, the previous loss adjustment was made.
EUR/HUF cross rate changes:
The EUR/HUF exchange rate directly affects the cost of energy procured by distribution companies to compensate for
network losses. A weakening euro or a strengthening forint automatically increases the purchase price of imported energy
carriers, thereby raising the cost level of distribution activities. In 2022, similar to the energy carrier markets, extraordinary
volatility was observed in the foreign exchange market, with the rate rising from 367.66 at the beginning of the year to 432.94
by October, marking a historical peak. Following the October 2022 peak, the forint strengthened, and in 2023 — except for a
spike in March — the exchange rate remained relatively stable. However, from the fourth quarter of 2023, a trend of gradual
forint weakening began, which continued into 2024. In 2025, the trend of exchange rate movements reversed and volatility
decreased. While the rate was at a high of 416.27 at the beginning of the year, the forint strengthened to 380.83 by December.
The annual average stood at approximately 397.81, indicating a more balanced foreign exchange market environment
compared to the 2022 rate level. Energy distribution operates in a strongly regulated market with natural monopoly
characteristics, where regulatory pricing and a fixed tariff system provide fundamentally predictable operational frameworks.
In this environment, exchange rate stabilization is a key factor, as it contributes to reliable cost planning, reduces financial
risks, and supports the long-term investment and operational strategies of the distribution sector. Overall, the exchange rate
dynamics in 2025 created more favourable conditions for regulated distribution operations.
Inflation changes:
Inflation — through the factors outlined below — has a material impact on the overall structure of operating costs and
influences the companies’ financial performance. The division employs approximately 1,700 people, representing significant
labour market exposure. Therefore, the evolution of wage dynamics, the level of workforce retention costs, and replacement
needs arising from labour shortages directly affect operating results. The companies also engage subcontracted services, so
inflation-related increases in subcontractor fees are likewise a key factor in the cost structure. Both natural gas and electricity
distribution are investment-intensive activities, requiring continuous network development, maintenance, and asset
replacement. Thus, developments in the construction cost index directly affect the cost levels of investment projects,
construction prices, and the scheduling of required resources. The sharp construction cost increases experienced during
2022–2023 placed significant pressure on investment programmes, whereas in 2024 a moderating, stabilizing trend was
observed. In 2025, the cost-side environment remained sensitive, although a more favourable inflation path emerged
compared to previous years. The consumer price index moderated to 4.4%, and core inflation to 4.6%, resulting in a slowdown
in the growth rate of operating costs. The rise in the construction cost index was also more restrained, improving the
OPUS GLOBAL Nyrt.
2025 Consolidated Annual Report
III.4. Management (Business) Report - Business Activity of the Energy Division
tel.: + 36 1 433 0700
e-mail: info@opusglobal.hu
www.opusglobal.hu
OPUS GLOBAL Nyrt.
1062 Budapest, Andrássy út 59.
Cg. 01-10-042533
216
predictability of investment projects and reducing construction risks. labour market pressures, however, continued,
particularly among technical and network specialists, implying a sustained need for wage adjustments. Overall, in 2025 the
stabilization of the cost environment created more favourable operating conditions, while labour market and investment
exposures remained key risk factors in the Energy Distribution Division.
Development of IT Infrastructure
For OPUS TITÁSZ, separate from division-level risks, the full IT separation from the E.ON Group was initiated. The aim of the
separation was to establish an IT infrastructure covering the entire operational spectrum of the energy sector, capable of
independently managing all business processes and ensuring the company’s long-term independent operation. A key
milestone of the project was that, from 1 October 2023, OPUS TITÁSZ assumed responsibility for all customer service tasks
related to electricity network and technical matters across its entire operational area from E.ON Ügyfélszolgálati Kft. At the
same time, customer data linked to consumption sites were transferred to OPUS TITÁSZ’s newly established customer service
system, confirming that the company’s own IT platform has been successfully implemented and is operational. The
introduction of a new IT system, however, does not entirely eliminate risks. Operation, maintenance, and continuous
development represent a lasting, yet controlled, risk factor that requires significant resources and costs. The stable operation
of the system is of utmost importance, as customer service, billing, network management, and technical processes all rely on
it. The billing IT system used by OPUS TITÁSZ complies with the requirements of the Electricity Act, and its compliance was
reviewed and deemed adequate by an independent certifier in 2024. The certificate is publicly available on the company’s
website. The billing system of OPUS TIGÁZ also successfully passed the review conducted in December 2024, and therefore
continues to fully comply with the statutory requirements. In 2025, the focus was placed on the stabilization of IT systems,
the fine-tuning of operational processes, and the scheduled implementation of further developments. System reliability,
compliance with cybersecurity requirements, and the further digitalization of customer service processes became of
paramount importance for the company. Based on the experiences of 2025, it can be stated that independent IT operations
have been strengthened; however, due to the continuous need for development and the rapid changes in the IT environment,
IT exposure remained one of the company’s significant, yet manageable, risk areas.