Consolidated statements
DataWalk Capital Group
For the year ended December 31, 2024.
April 2025.

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 2
Table of contents
CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK CAPITAL GROUP ........................................................ 4
Consolidated statement of financial position of the DataWalk Capital Group....................................................... 5
Consolidated income statement with statement of comprehensive income of DataWalk Group ........................... 7
Consolidated statement of changes in equity of the DataWalk Capital Group ...................................................... 9
Consolidated statement of cash flows of the DataWalk Capital Group ............................................................... 11
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK CAPITAL GROUP ............................... 12
Basic information ................................................................................................................................................. 13
General information about the Group .................................................................................................................. 14
Composition of the parent company's bodies as of December 31, 2024. ............................................................. 15
Basis for the preparation of the financial statements - including a description of circumstances indicating a
threat to the continuation of operations ................................................................................................................ 17
Statement of compliance ...................................................................................................................................... 18
The impact of the political and economic situation on the territory of Ukraine ................................................... 19
Approval of consolidated financial statements .................................................................................................... 19
Functional and reporting currency ....................................................................................................................... 20
Estimates and professional judgment ................................................................................................................... 20
Description of accounting principles (policies) adopted ...................................................................................... 20
Changes in applied accounting principles ............................................................................................................ 33
New standards, interpretations and amendments to published standards ............................................................. 34
Information on corrections of prior period errors ................................................................................................ 34
SELECTED NOTES AND EXPLANATIONS TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK GROUP
................................................................................................................................................................................. 35
Note 1.1 Property, plant and equipment ............................................................................................................... 36
Note 1.2 Changes in property, plant and equipment by type groups .................................................................... 37
Note 2.1 Intangible assets .................................................................................................................................... 39
Note 2.2 Changes in intangible assets by type groups ......................................................................................... 40
Note 2.3 Development costs in progress .............................................................................................................. 42
Note 2.4 Costs of completed development work ................................................................................................. 42
Note 3 Right-of-use assets ................................................................................................................................... 43
Note 4.1 Receivables (non-current) ..................................................................................................................... 44
Note 4.2 Allowance for expected credit losses on receivables (non-current) ...................................................... 44
Note 5 Deferred tax assets and liabilities ............................................................................................................. 44
Note 6 Contract assets and liabilities ................................................................................................................... 46
Note 7.1 Trade receivables ................................................................................................................................... 47
Note 7.2 Allowance for expected credit losses on trade receivables .................................................................... 48
Note 7.3 Age structure of trade receivables ......................................................................................................... 49
Note 7.4 Maturity structure of trade receivables .................................................................................................. 49
Note 7.5 Currency structure of trade receivables ................................................................................................. 49
Note 8.1 Other receivables (short-term) ............................................................................................................... 49
Note 8.2 Allowance for expected credit losses on other financial receivables..................................................... 50
Note 9 Financial assets (short-term) ..................................................................................................................... 50
Note 10 Accruals (long-term and short-term) ...................................................................................................... 50
Note 11.1 Cash and cash equivalents ................................................................................................................... 51
Note 11.2 Currency structure of cash and cash equivalents ................................................................................. 51
Note 12 Primary capital ....................................................................................................................................... 52
Note 13.1 Capital from sale of shares above their nominal value ........................................................................ 53
Note 13.2 Changes in capital from sale of shares above their nominal value ...................................................... 54
Note 14 Other capitals .......................................................................................................................................... 54
Note 15 Retained earnings ................................................................................................................................... 54
Note 16 Reserve capital ....................................................................................................................................... 55
Note 17 Lease liabilities (non-current and current) .............................................................................................. 62

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 3
Note 18 Loans and advances (long-term and short-term) .................................................................................... 63
Note 19 Incentive program liabilities ................................................................................................................... 64
Note 20 Trade payables ........................................................................................................................................ 70
Note 20.1 Maturity structure of trade payables .................................................................................................... 70
Note 20.2 Currency structure of trade payables ................................................................................................... 71
Note 21 Other liabilities (short-term) ................................................................................................................... 71
Note 22.1 Other provisions (short-term) .............................................................................................................. 71
Note 22.2 Change in other provisions (short-term) .............................................................................................. 72
Note 23.1 Sales revenue - by type ........................................................................................................................ 73
Note 23.2 Sales revenue - territorial structure ...................................................................................................... 73
Note 23.3 Sales revenue - customer groups ......................................................................................................... 73
Note 23.4 Sales revenue - by method of recognition in the income statement .................................................... 74
Note 24 Distribution of costs ............................................................................................................................... 74
Note 25 Other operating income .......................................................................................................................... 75
Note 26 Other operating expenses ....................................................................................................................... 75
Note 27 Financial income .................................................................................................................................... 75
Note 28 Finance costs .......................................................................................................................................... 75
Note 29 Income tax .............................................................................................................................................. 76
Note 30 Asset impairment tests ............................................................................................................................ 77
Note 31 Information on business segments .......................................................................................................... 80
Note 32 Proposal as to the method of distribution of profit/loss for the financial year ........................................ 83
Note 33 Information on joint ventures ................................................................................................................. 84
Note 34 Objectives and principles of financial risk management ........................................................................ 84
Note 35 Transactions with related parties ............................................................................................................ 90
OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK GROUP .................................. 91
Off-balance sheet liabilities .................................................................................................................................. 92
Information on court case settlements .................................................................................................................. 92
Employment ......................................................................................................................................................... 92
Capital risk management ...................................................................................................................................... 92
Entity authorized to audit financial statements .................................................................................................... 93
Remuneration of the Management Board and Supervisory Board ....................................................................... 94
Loans to members of management and supervisory bodies granted by the Group .............................................. 98
Explanatory commentary on seasonality or cyclicality of operations .................................................................. 98
Information on events relating to previous years ................................................................................................. 98
Information on events after the balance sheet date .............................................................................................. 98

Consolidated financial statements
DataWalk Capital Group

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 5
Consolidated Statement of Financial Position of the DataWalk Group
Assets
Note
no.
31.12.2024
31.12.2023
A
Non-current assets
29 826
26 326
I
Property, plant and equipment
1
95
287
II
Intangible assets
2
19 033
19 111
III
Right-of-use assets
3
796
572
IV
Long-term receivables
4
172
152
V
Long-term accruals
10
0
154
VI
Deferred income tax assets
5
9 730
6 050
B
Current assets
28 656
25 929
I
Contract assets
6
888
496
II
Trade receivables
7
8 872
9 603
III
Income tax receivables
13
5
IV
Other receivables
8
1 192
1 766
V
Financial assets
9
93
94
VI
Prepayments
10
1 099
1 755
VII
Cash and cash equivalents
11
16 499
12 210
Total assets
58 482
52 255
Equity and Liabilities
Note
no.
31.12.2024
31.12.2023
A
Equity
-5 558
12 412
Equity attributable to shareholders of the
parent company
-5 558
12 412
I
Share capital
12
563
513
II
Share premium
13
199 351
171 968
III
Other capital reserves
14
9 965
9 965
IV
Retained earnings
15
-213 863
-185 714
V
Reserve capital
16
46 915
43 576
VI
Financial result of the current year
-48 961
-28 149
VII
Foreign exchange differences on translation
472
253
Non controlling interest
0
0
B
Long-term liabilities
1 032
626
I
Lease obligations
17
427
33
II
Credits and loans
18
605
593
C
Current liabilities
63 008
39 217
I
Trade payables
20
2 263
2 808
II
Lease obligations
17
422
604
III
Credits and loans
18
35
35
IV
Incentive program liabilities
19
50 459
29 559
V
Other liabilities
21
929
657
VI
Other reserves
22
1 716
1 433
VII
Contract liabilities
6
7 184
4 121
Equity and liabilities
58 482
52 255

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 6
Net asset value per share
31.12.2024
31.12.2023
Net asset value
-5 558
12 412
Number of shares (in pcs.)
5 632 988
5 132 988
Net asset value per share (in PLN)
-0,99
2,42
Diluted number of shares (in units)
6 044 362
5 480 989
Diluted net asset value per share (in PLN)
-0,92
2,26
Net asset value per share was calculated in relation to the number of shares in Data Walk S.A. as of the balance
sheet date.
The diluted number of shares takes into account the estimated number of contingent entitlements to subscribe for
and/or acquire shares in the Company under the incentive program.

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 7
Consolidated income statement with statement of comprehensive income
DataWalk Group
Profit and loss account
Note
no.
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
A
Revenue from sales
23
24 632
25 764
B
Total operating expenses
24
72 669
37 844
Consumption of raw materials and supplies
136
207
Employee benefits
16 922
27 725
Employee benefits - share-based payments
24 238
-26 974
Depreciation
3 664
4 586
Third-party services
26 336
30 098
Other operating expenses
1 373
2 202
C
Gross profit on sales
-48 037
-12 080
Other operating income
25
359
838
Other operating expenses
26
3 307
9 273
Loss (gain) on expected credit losses
7.2
1 732
-352
D
Operating result
-52 717
-20 163
Financial income
27
268
1 242
Financial costs
28
191
219
E
Profit before tax
-52 640
-19 140
Income tax
29
-3 679
9 009
F
Net profit (loss)
-48 961
-28 149
Net profit (loss) attributable to:
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
- shareholders of the parent company
-48 961
-28 149
- non-controlling shareholders
0
0
Statement of comprehensive income
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
Net profit (loss)
-48 961
-28 149
Other comprehensive income
219
-761
1.Items not carried to profit or loss
0
0
2.Items transferred to the financial result, including:
219
-761
Foreign exchange differences on valuation of foreign operations
219
-761
Total income
-48 742
-28 910
Total comprehensive income attributable to:
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
- shareholders of the parent company
-48 742
-28 910
- non-controlling shareholders
0
0

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 8
Net profit (loss) per share
Net profit (loss) per share
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
From continuing operations
Number of shares (in pcs.)
5 407 578
5 132 988
Net profit (loss) per share (in PLN)
-9,05
-5,48
Diluted number of shares (in units)
5 802 957
5 439 862
Diluted net profit (loss) per share (in PLN)
-8,44
-5,17
The value of net profit (loss) per share was calculated in relation to the weighted average number of DataWalk
S.A. shares for the period.
The diluted weighted average number of shares takes into account the estimated number of contingent entitlements
to subscribe for and/or acquire shares of the Company under the incentive program.

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 9
Consolidated Statement of Changes in Equity of the DataWalk Group
Statement of changes
in equity
Share capital
Share
premium
Other capital
reserves
Foreign
exchange
differences
on
translation
Reserve
capital
Retained
earnings
Financial
result
Equity
attributable
to
shareholders
of the parent
company
Non
controling
interest
Total equity
Balance at beginning of
period 01.01.2024
513
171 968
9 965
253
43 576
-185 714
-28 149
12 412
0
12 412
Increase (decrease) in
the value of equity
50
27 383
0
219
3 338
-28 149
-20 812
-17 970
0
-17 970
Total comprehensive
income for the reporting
period, including:
0
0
0
219
0
0
-48 961
-48 742
0
-48 742
- Result of the period
0
0
0
0
0
0
-48 961
-48 961
0
-48 961
- Conversion of foreign
units
0
0
0
219
0
0
0
219
0
219
Share capital increase
50
27 383
0
0
0
0
0
27 433
0
27 433
Distribution of profit for
the previous year
allocation
to capitals
0
0
0
0
0
-28 149
28 149
0
0
0
Changes in capital arising
under IFRS2
0
0
0
0
3 338
0
0
3 338
0
3 339
Status at the end of the
period 31.12.2024
563
199 351
9 965
472
46 915
-213 863
-48 961
-5 558
0
-5 558

Consolidated financial statements of the DataWalk Group
For the year ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 10
Statement of changes
in equity
Share capital
Share
premium
Other capital
reserves
Foreign
exchange
differences
on
translation
Reserve
capital
Retained
earnings
Financial
result
Equity
attributable
to
shareholders
of the parent
company
Non
controling
interest
Total equity
Balance at beginning of
period 01.01.2023
513
171 968
9 965
1 014
31 653
-68 970
-116 744
29 399
0
29 399
Increase (decrease) in
the value of equity
0
0
0
-761
11 923
-116 744
88 595
-16 987
0
-16 987
Total comprehensive
income for the reporting
period, including:
0
0
0
-761
0
0
-28 149
-28 910
0
-28 910
- Result of the period
0
0
0
0
0
0
-28 149
-28 149
0
-28 149
- Conversion of foreign
units
0
0
0
-761
0
0
0
-761
0
-761
Share capital increase
0
0
0
0
0
0
0
0
0
0
Distribution of profit for
the previous year
allocation
to capitals
0
0
0
0
0
-116 744
116 744
0
0
0
Changes in capital arising
under IFRS2
0
0
0
0
11 923
0
0
11 923
0
11 923
Status at the end of the
period 31.12.2023
513
171 968
9 965
253
43 576
-185 714
-28 149
12 412
0
12 412

Consolidated statement of cash flows of the DataWalk Capital Group
Statement of cash flows
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
Cash flow from operating activities
Net profit (loss)
-48 961
-28 149
Adjustments for items:
32 104
-5 874
- Depreciation
3 664
4 586
- Foreign exchange gains (losses)
350
-864
- Interest costs
65
111
- Interest and dividend income
-188
-1 711
- Profit (loss) from investment activities
-27
-42
- Impairment of intangible assets
3 260
9 029
- Cost of share-based payments (equity-settled)
3 338
11 923
- Cost of share-based payments (cash-settled)
20 899
-38 897
- Change in receivables
1 276
-141
- Change in reserves
283
-493
- Change in liabilities other than for incentive program
-273
-1 797
- Change in accruals and prepayments
-2 869
11 614
- Change in contract assets and liabilities
2 670
843
- Other adjustments
-344
-35
Net cash flow from operating activities
-16 857
-34 023
Cash flow from investing activities
Expenses for acquisition of intangible assets
6 038
12 344
Expenses for the acquisition of property, plant and equipment
23
26
Proceeds from sale of property, plant and equipment
63
41
Proceeds from bank deposits over 3 months
12 090
8 000
Outflow from bank deposits over 3 months
12 090
8 090
Proceeds from government grants received
345
35
Interest received
193
1 711
Net cash flow from investing activities
-5 460
-10 673
Cash flow from financing activities
Net proceeds from issuance of shares
27 433
0
Repayment of finance lease and bank loan liabilities
659
687
Interest paid (on finance leases and bank loans)
63
111
Other proceeds
0
0
Net cash from financing activities
26 711
-798
Net change in cash and cash equivalents
4 394
-45 494
Cash and cash equivalents at beginning of period
12 210
57 598
Change in balance due to foreign exchange differences
-105
106
Net change in cash and cash equivalents
4 289
-45 388
Cash and cash equivalents at the end of the period
16 499
12 210

Explanatory information to the
consolidated financial statements
DataWalk Capital Group

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 13
Basic information
DataWalk Group ("Group", "DataWalk Group"), managed by DataWalk S.A. (the "Company", "Issuer"),
specializes in developing and delivering DataWalk's advanced analytics platform, an innovative graph analytics
tool that uses artificial intelligence to enable organizations to efficiently process and analyze large data sets. The
Group also includes DataWalk Inc. which focuses on sales and implementations in North America.
The DataWalk platform integrates graph analytics, artificial intelligence, knowledge graphs, OLAP operations and
advanced data discovery technologies into a single monolithic solution. This enables effective information
management in dynamic environments and informed data-driven decision-making. DataWalk's solution is used by
public and private institutions around the world, including for crime detection, risk management, operational
optimization and strategic decision support.
The group focuses on serving large organizations, so-called Enterprise Customers, in key markets: North America,
Western Europe and Central Europe and the Nordics. DataWalk is actively participating in the rapidly growing
market for advanced data analytics, including graph analytics and knowledge graphs, which play a key role in
modern information management and artificial intelligence development. The integration of DataWalk's
technology with language models (LLMs) helps minimize errors and deliver fact-based analysis.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 14
General information about the Group
Description of the organization of the Issuer's capital group
As of December 31, 2024, the Group consisted of DataWalk S.A. . as the parent company and the following subsidiaries:
Unit
Registration
address
Scope of activity
Company's
percentage share in
capital
31.12.2024
Company's
percentage share in
capital
31.12.2023
DataWalk Inc.
Delaware
(USA)
Computer consulting
activities
100%
100%
There were no changes in the Group's structure or in the name of the parent company or other identifying information
during the year ended December 31, 2024.
Data of the Parent Company
Name: DataWalk Joint Stock Company
Headquarters: 32-33 Rzeźnicza St., Wrocław ( Poland)
Registered address: Rzeźnicza 32-33, Wrocław (Poland).
Principal place of business: 32-33 Rzeźnicza St., Wrocław (Poland)
Primary business focus
Software-related activities,
Information technology consulting activities,
Data processing.
Registering body: The Company is registered in the National Court Register kept by the District Court for
Wroclaw-Fabryczna, VI Economic Department of the National Court Register under the KRS number 0000405409
REGON: 021737247
NIP: 894-303-43-18
Duration of the Company: Unlimited
DataWalk S.A. is a company established for an indefinite period of time . The fiscal year of DataWalk S.A. is the
calendar year. The company has no branches.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 15
DataWalk Inc.
Basic information on the Issuer's equity affiliate as of December 31, 2024.
Name: DataWalk Inc.
Registered address: 1209 Orange Street, Wilmington, Delaware 19801
Mailing address: 2000 Broadway Street, STE 232 Redwood City, CA 94063
Primary business focus: Information technology consulting activities
Duration of the Company: Unlimited
Method of consolidation: Full method
DataWalk Inc. is a U.S. corporation with its registered office in Wilmington, Delaware, in which the Issuer holds
100.00% of the share capital and votes at the shareholders' meeting. Pursuant to DataWalk Inc.'s articles of
association, the board of directors manages the company's affairs and represents the company.
DataWalk Inc. is a company incorporated for an indefinite period. The fiscal year of DataWalk Inc. is the calendar
year
The financial data of DataWalk Inc. are consolidated using the full method and are reported in the consolidated
financial statements of the DataWalk Group.
As of the date this report was approved for publication, the structure of the DataWalk Group had not changed.
Composition of the parent company's bodies as of December 312024.
Management
Pawel Wieczynski, Chairman of the Board
Coordinates issues related to the Company's operations, the formation and implementation of sales, HR (except
those reserved for other Board members) and PR/IR policies.
Krystian Piećko, Board Member
Responsible for preparing and developing product strategy based on the latest technologies.
Lukasz Socha, Board Member
Coordinates the activities of the administrative division in the Company, including accounting and financial, legal
and tax issues and financial reporting.
During the 12 months ended December 31, 2024, the composition of the Board of Directors of DataWalk S.A. was
as follows:
Management
Period of office during the reporting period
Pawel Wieczynski
01.01.2024 - 31.12.2024
Krystian Piećko
01.01.2024 - 31.12.2024
Luke Socha
01.01.2024 - 31.12.2024
Source: Issuer.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 16
The current Board of Directors of the Issuer was appointed by resolutions of the Supervisory Board on December
19, 2024 for a joint, 3-year term, which began on January 1, 2025 and will end on December 31, 2027.
As of the date of this report, the composition of the Company's Board of Directors had not changed.
Supervisory Board
As of December 31, 2024 and as of the date of approval for publication of this report, the composition of the
Issuer's Supervisory Board is as follows:
• Grzegorz Dymek - Chairman of the Supervisory Board,
• Wojciech Dyszy - Vice Chairman of the Supervisory Board,
• Piotr Bindas - Member of the Supervisory Board,
• Rafał Wasilewski - Member of the Supervisory Board,
• Ireneusz Wąsowicz - Member of the Supervisory Board.
During the 12 months ended December 31, 2024, the composition of the Company's Supervisory Board was as
follows:
Supervisory Board
Period of office during the reporting period
Filip Paszke
01.01.2024 - 30.04.2024
Wojciech Dyszy
01.01.2024 - 31.12.2024
Roman Pudełko
01.01.2024 - 30.06.2024
Grzegorz Dymek
01.01.2024 - 31.12.2024
Ola Malm
01.01.2024 - 30.06.2024
Piotr Bindas
01.05.2024 - 31.12.2024
Rafał Wasilewski
01.07.2024 - 31.12.2024
Ireneusz Wąsowicz
01.07.2024 - 31.12.2024
Source: Issuer.
The Issuer's current Supervisory Board was appointed for a joint three-year term, which began on July 1, 2024,
and will end on July 1, 2027.
On March 26, 2024, Mr. Filip Paszke resigned as a member of the Company's Supervisory Board, effective at the
end of April 30, 2024.
In view of the above, the Company's Supervisory Board, acting on the basis of the Issuer's Articles of Association,
appointed Mr. Piotr Bindas by way of co-option, effective May 1, 2024, to serve as a member of the Supervisory
Board for the current joint 3-year term with the other members of the Company's Supervisory Board appointed on
the basis of resolutions of the Company's Annual General Meeting of June 30, 2021.
On June 28, 2024, in connection with the adoption of a resolution to shorten the term of office of the Supervisory
Board, the Ordinary General Meeting of Shareholders of the Company (the "AGM"), pursuant to Resolutions No.
22-26, dismissed Mr. Piotr Bindas, Mr. Gregory Dymek, Mr. Wojciech Dyszy, Mr. Ola Malm, Mr. Roman Pudełko
from their positions as members of the Supervisory Board, effective June 30, 2024.
At the same time, on the basis of resolutions 27-30, the AGM appointed Mr. Piotr Bindas, Mr. Grzegorz Dymek,
Mr. Rafał Wasilewski and Mr. Ireneusz Wąsowicz to serve as members of the Supervisory Board for a new three-
year term effective July 1, 2024.
In addition, on June 28, 2024, FGP Venture sp. z o. o., acting on the basis of its authority under § 15 (5) of the
Company's Articles of Association, appointed Mr. Wojciech Dyszy as a member of the Supervisory Board on

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 17
A new three-year term with effect from July 1, 2024.
As of the date of this report composition of the Company's Supervisory Board had not changed
Basis for the preparation of the financial statements - including a description
of circumstances indicating a threat to the continuation of operations
These financial statements have been prepared on the assumption that the DataWalk Group will continue as a
going concern for a period of not less than 12 months from the balance sheet date. Management conducted a
multidimensional analysis of the circumstances affecting the entity's ability to continue as a going concern,
including both internal factors, in particular:
• planned cash flows,, in particular:
○ The amount of working capital as of the balance sheet date,
○ Proceeds from contracts contracted, not invoiced by 31.12.24,
○ planned proceeds from the renewal of existing technical assistance contracts,
○ planned proceeds from the conversion of qualified sales prospects (SQL),
○ planned expenditures for continuing operations in the current scope,
○ planned expenditures for conducting investment activities (development work) in the current scope,
• product profitability,
• Tailoring commercial offerings to customers' needs,
• necessary capital and operating expenditures,
• Availability of external funding sources,
and external, in particular:
• macroeconomic factors,
• The size of the available market,
• legal restrictions,
• cyclicality and dynamics in financial markets affecting the availability and cost of capital.
During the analysis, significant uncertainties were identified regarding events and circumstances that may cast
doubt on the entity's ability to continue as a going concern. These include:
• A decline in sales due to a lower than expected number of newly acquired customers,
• Negative flows from operations,
• unfavorable profitability indicators,
• dynamics of financial markets affecting the availability of capital
To the best of the Company's management's knowledge and based on a comprehensive forecast of cash flows, the
market and historical conversion rates of qualified sales prospects, the Company is capable of continuing
operations on the current scale for a period of not less than 12 months from the balance sheet date.
These forecasts correlate with external market analyses prepared by reputable consulting firms (e.g. Gartner) as
well as inquiries from potential customers directed to the Company in recent months. The implementation of these
assumptions does not require the Company to make significant capital expenditures or to acquire additional
operating or capital resources. In addition, it does not involve additional formal and legal requirements that the
Company would not already meet as of the balance sheet date.
At the same time, the Company's Board of Directors has taken a number of initiatives over the past few months to
improve performance and liquidity, including:
• Issuance of 500,000 series R shares within the framework of authorized capital, in which the Company raised
27,500 thousand from investors.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 18
• The efficiency of the implementation teams was increased by standardizing and automating most of the
implementation steps, which significantly reduced the time required to effectively implement the DataWalk
platform at customers and thus increased the throughput of the entire sales and implementation team,
• A cost reduction program was carried out by optimizing the size and structure of employment and the number
of entities cooperating with the Company,
• A commercial offer has been tailored to customers who not only have the appropriate organizational and
financial capabilities, but are also able to operate effectively in the business model proposed by the Company.
In parallel with these actions, the Company's Board of Directors requested that the shareholders grant the Board
of Directors authorization for another increase in the Company's share capital within the limits of authorized
capital. This was dictated by ensuring that the Company and its capital group could raise funds for its further
development through the most efficient and flexible mechanisms for increasing share capital, allowing for a shorter
issuance process. On June 28, 2024, the General Meeting of Shareholders, through Resolution 18a, granted the
Board of Directors authorization to increase the Company's share capital through the issuance of no more than
750,000 (seven hundred and fifty thousand) ordinary bearer shares. The above authorization was granted until
30.06.2027. As of the date of this Report, the Management Board has not decided when it will exercise the granted
authorization or to what extent.
It is emphasized that these forecasts are based on uncertain events, which carries the existence of risks related to
the possibility of continuing operations.
The Company's Management Board also emphasizes that at the current stage of the Company's development,
especially in terms of carrying out further development work related to the planned release of further, more
technologically advanced versions of the Company's product, further dynamic progress in this area and expansion
in Western European and US markets strictly depend on securing external financing.
Management stresses that without additional financing, the Company may have limited funds for further
investments, which could lead to delays in product development and further expansion of market offerings. Lack
of adequate funding may result in the need to reduce the pace of software releases, which in turn may result in
delays in delivering new solutions to the market and limit competitive opportunities.
The Company's Board of Directors emphasizes that business operations involve inherent uncertainties and risks,
and despite the measures taken by the Company's Board of Directors to support the Company's financial stability,
in particular by securing additional sources of financing and optimizing spending on investing and operating
activities, it is necessary to recognize that factors such as changes in market conditions, customer demand, the
regulatory environment and other unexpected events may affect the Company's ability to achieve its projected
results and secure the necessary financing for its operations.
As of the date of approval of these consolidated financial statements for publication, the Issuer's Management
Board has considered the impact of the armed conflict in Ukraine on the Group's going concern and has found no
significant circumstances indicating a threat to the Group's going concern.
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards ("IFRS") as endorsed by the EU ("EU IFRS").
IFRS include standards and interpretations accepted by the International Accounting Standards Board and the
International Financial Reporting Interpretations Committee ("IFRIC").
As of the date of approval of this report for publication, given the ongoing process of IFRS standards in the EU
and the Group's operations, there is no difference between IFRS standards that have come into force and IFRS
standards approved by the EU in terms of the Group's accounting policies.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 19
The scope of these consolidated financial statements is in accordance with the Ordinance of the Minister of Finance
dated March 29, 2018 on current and periodic information provided by issuers of securities and conditions for
recognizing as equivalent information required by the laws of a non-member state (consolidated text: Journal of
Laws 2018, item 757) (the "Ordinance") and includes the annual reporting period from January 1 to December 31,
2024 and the comparative period January 1 to December 31, 2023 for the income statement with the statement of
comprehensive income and the statement of cash flows, respectively, as well as balance sheet data as of December
31, 2024 and comparative data as of December 31 2023.
The subsidiary maintains its books of accounts in accordance with accounting policies (principles) prescribed by
local regulations. The consolidated financial statements include adjustments not included in the subsidiary's books
of accounts, which were made to bring the subsidiary's financial statements into compliance with IFRS.
The Company's Management Board declares that, to the best of its knowledge, these consolidated financial
statements and comparative data have been prepared in accordance with accounting principles applicable to the
DataWalk Group and that they give a true, fair and clear view of property and financial position of the DataWalk
Group as of December 31, 2024, as well as its financial result and cash flows for the year ended December 31,
2024.
The impact of the political and economic situation on the territory of Ukraine
The war in Ukraine has been ongoing since February 24, 2022, creating a new, ever-changing and economically
unpredictable global situation. Representatives of the European Union, the United States, the United Kingdom and
many other countries have imposed harsh sanctions on Russia, which mainly affect strategic sectors of the Russian
economy by blocking access to technology and markets, and announce the introduction of more.
Currently, the Group has not identified any significant negative impact on its operations. In 2024, as well as in
previous years, the Group did not sell DataWalk software to customers and partners in Russia, Belarus or Ukraine.
The Group does not have a supply chain that could potentially be exposed to supply interruption risks which could
negatively impact the Group's operational capabilities. The Group also does not have any investments or
subsidiaries in the regions involved in the conflict. Among the personnel of the Group's companies, there are no
people from Ukraine, where there is a risk associated with the possible loss of employees due to military
mobilization in a country at war.
However, given the dynamic situation in Ukraine, it cannot be ruled out that the ongoing conflict, depending on
its further development and actions taken at the national and international level, may have a significant negative
impact on the economic situation in Poland and the world, which may translate into the Group's ability to
implement its plans and its future financial results. Therefore, the Group's Management Board monitors and
analyzes the available information and takes measures to minimize, as far as possible, the impact of the situation
on its operations as events develop.
Approval of consolidated financial statements
These consolidated financial statements for the year ended December 31, 2024 were approved for publication by
the Company's Board of Directors on April 3, 2025.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 20
Functional and reporting currency
The consolidated financial statements are presented in Polish zloty (PLN), which is the functional currency for the
parent company and the presentation currency in the consolidated financial statements of the DataWalk Group,
and all values, unless otherwise indicated, are given in thousands of zlotys. Any differences of PLN 1 thousand
when summing up are due to the rounding adopted.
The functional currency of foreign subsidiaries is the currency of the country in which they are headquartered. At
the balance sheet date, the assets and liabilities of these foreign subsidiaries are translated into the Group's
presentation currency at the exchange rate in effect at the balance sheet date, and their statements of comprehensive
income are translated at the average exchange rate for the fiscal period, calculated as the arithmetic average of the
exchange rates announced by the National Bank of Poland on the last day of the month of the year. The effects of
such translations are recognized in equity under "Foreign exchange differences on translation."
The following average exchange rates of the National Bank of Poland were used to value balance sheet items
denominated in foreign currencies:
Statement of financial position
31.12.2024
31.12.2023
1 EUR
4,2730
4,3480
$1
4,1012
3,9350
1 GBP
5,1488
4,9997
Consolidated income statement with consolidated statement of
comprehensive income
31.12.2024
31.12.2023
1 EUR
4,3042
4,5284
$1
3,9853
4,1823
1 GBP
5,0960
5,2080
The average exchange rate of the National Bank of Poland announced for a given currency on the day preceding
the day of the transaction was used to value transactions recognized in the income statement with the statement of
comprehensive income.
Estimates and professional judgment
The preparation of consolidated financial statements in accordance with IFRS requires estimates and assumptions
that affect the amounts reported in the consolidated financial statements. Although the assumptions and estimates
made are based on the Group's management's best knowledge of current operations and events, actual results may
differ from those anticipated.
During the 12 months ended December 31, 2024, there were no significant changes in the way estimates were
made compared to the principles described in the Group's consolidated financial statements for the year ended
December 31, 2023.
Description of accounting principles (policies) adopted
Intangible assets
Intangible assets are valued at historical cost less depreciation, amortization and impairment losses. Amortization
is calculated using the straight-line method.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 21
Intangible assets may include intangible assets with indefinite useful lives and goodwill. Goodwill and intangible
assets with indefinite useful lives are not subject to amortization. They are subject to annual impairment testing.
Goodwill on acquisition of an entity represents the excess of the purchase price over the fair value of the assets,
liabilities and identifiable contingent liabilities acquired. After initial recognition, goodwill is reported as the
purchase price less any impairment losses taken. Goodwill is tested for impairment annually or more frequently.
An important element of the accounting policy in the area of capitalization of information technology development
costs (the "Project") is to distinguish the point at which costs incurred are recognized as research costs and
development costs. To this end, the Group recognizes two phases of the Project related to the development of
market-mature, market-recognizable Enterprise-class software, viewed as a ready-made, unique working tool that
allows for the rapid combination, analysis and searching of large, variable and diverse data sets ("Big Data").
Research and development work is carried out by the parent company at DataWalk S.A.'s headquarters.
The first stage is related, in particular, to obtaining information on new directions or areas in which a given
technology can be developed in order to maximize its capabilities. The above activities are classified by DataWalk
S.A., as a stage of research work, and the costs associated with it are charged directly to the period's expenses and
recognized in these expenses as they are incurred.
The second phase of the project is related to conducting technology development work and aims to expand a
specific IT technology on various levels to create a complete IT product that is unique on a global scale.
Once the management of DataWalk S.A. has decided to develop a given technology in the direction or area selected
at the first stage of the project in accordance with the principles set forth in IAS 38 "Intangible Assets", the
Company capitalizes the selected technology development costs and recognizes them as assets in the balance sheet,
as all the conditions listed in paragraphs a-f of par. 57 of the standard in question.
According to par. 66 and 67 of IAS 38, costs are capitalized to the extent directly related to bringing the asset to
full use and include, in particular, the costs of salaries of employees and subcontractors involved in the work during
the various stages of the project, as well as all reasonable non-personnel costs related thereto that are directly
attributable to bringing the asset to use.
The expected useful life for each group of tangible intangible assets is:
Acquired computer software
2 - 5 years
Costs of completed development work
3 - 5 years
Other intangible assets
5 - 10 years
The Group reviews periodically, no later than at the end of the fiscal year, the assumed economic useful lives of
intangible assets, residual value and amortization method, and the consequences of changes in these estimates are
taken into account in the following and subsequent fiscal years (prospectively). As of the balance sheet date, the
Group also reviews intangible assets for impairment and the need for impairment allowances.
An impairment loss is recognized for the amount by which the carrying amount of an asset exceeds its recoverable
amount.
Write-offs are charged to other expenses appropriate to the function of intangible assets in the period when
permanent impairment is found, no later than at the end of the fiscal year. .
Property, plant and equipment
The Group recognizes as fixed assets single, serviceable items that meet the criteria specified for fixed assets in
IAS 16 assets, if the purchase price (manufacturing cost) is at least PLN 10,000. Fixed assets below this value are

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 22
depreciated or written off on a one-time basis in the month of acquisition if, due to the nature of the Company's
business, they do not constitute a significant asset in their mass.
Property, plant and equipment are initially recognized at cost (purchase price or production cost) less depreciation
and impairment in subsequent periods.
Depreciation is calculated for all fixed assets, excluding land and fixed assets under construction, over the
estimated economic useful life of these assets, using the straight-line method from the month following the month
in which the asset is taken into service.
The expected useful life for each group of property, plant and equipment is:
Buildings and structures
10 - 40 years
Machinery and equipment
3 - 10 years
Other fixed assets
5 - 10 years
The Group periodically, no later than at the end of the fiscal year, verifies the assumed economic useful lives of
fixed assets, residual value and depreciation method, and the consequences of changes in these estimates are taken
into account in the following and subsequent fiscal years (prospectively). As of the balance sheet date, the Group
also verifies property, plant and equipment for permanent impairment and the need to recognize impairment losses.
Write-offs are charged to other expenses appropriate to the function of property, plant and equipment in the period
when permanent impairment was found, no later than at the end of the fiscal year.
Gains or losses resulting from the sale/liquidation or discontinuation of fixed assets are determined as the
difference between the sales proceeds and the net value of these fixed assets and are recognized in the Income
Statement.
Investments in subsidiaries
Subsidiaries are entities over which the Group directly or indirectly exercises control.
In the financial statements, investments in subsidiaries and affiliates not classified as held for sale are recognized
at cost less impairment losses.
The carrying value of investments is tested for impairment. Recognized impairment is recognized in the income
statement in financial expenses. The release of the impairment provision is recognized in the income statement in
financial income if there has been a change in the estimates on the basis of which the Group determines the return
on investment.
Other financial assets (other than investments in subsidiaries)
Financial assets may include forward transactions for the purchase and sale of foreign currencies, investments in
equity instruments listed on an active market and derivatives. The fair value of forward contracts is determined at
each balance sheet date using a model for which the inputs are directly observable in active markets. The fair
value of a portfolio of assets is determined based on the exchange prices offered for those assets in active markets.
The Company does not enter into such transactions and does not make such investments.
Financial assets measured at amortized cost include loans granted, deposits, bills of exchange and other debt
instruments.
The Company enters into transactions related to time deposits. The balance of time deposits consists of time
deposits with an original maturity of more than 3 months.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 23
When interest income does not represent significant amounts, the Company does not separate it into a separate
line item, but recognizes it in financial income. Other gains and losses on financial assets are recognized in profit
or loss, including foreign exchange differences, and are presented as financial income or expenses.
Contract assets and liabilities
Assets from balance sheet valuation of implementation contracts are the result of the preponderance of the stage
of completion of implementation contracts in relation to invoices issued. For this type of asset, the Group has
fulfilled its performance obligation, but the right to receive consideration is subject to conditions other than the
mere passage of time, which distinguishes this asset from trade receivables.
Liabilities under contracts with customers represent:
a) revenue from the granting of licenses with the right to use, with the right to access, resulting from the
Group's obligation to provide goods or services to a customer in exchange for which the Group has
received remuneration or the amount of remuneration is due.
b) time-settled revenues from maintenance services, resulting from the Group's obligation to provide goods
or services to a customer in exchange for which the Group has received remuneration or the amount of
remuneration is due.
The Group recognizes in contract assets and liabilities items whose value is at least PLN 40,000. In turn, items
below this value are recognized once in income in the month of their recognition
Impairment of financial assets
With regard to trade receivables, the Group applies, in accordance with the option provided by the standard, a
simplified approach and measures the allowance for expected credit losses at an amount equal to the expected
credit losses over the life of the receivables. This approach is based on the fact that the Group's receivables do not
contain a significant financing component within the meaning of IFRS 15. To calculate the allowance, the Group
uses the allowance matrix method, under which allowances are determined for receivables included in different
past due ranges. This method takes into account historical data on credit losses and the impact of significant and
identifiable future factors (e.g., market or macroeconomic).
The probability of default is estimated based on historical data on outstanding receivables. In order to estimate the
counterparty default parameter, the Group distinguished five ranges of overdue:
• Undetermined,
• Overdue 1 to 30 days,
• Overdue 31 to 60 days,
• Overdue 61 to 90 days,
• Overdue 91 to 180 days,
• Overdue more than 180 days.
For each of the above ranges, the Group estimates a default parameter, which takes into account the historical non-
payment of sales invoices by counterparties over a minimum of two years, preceding the year prior to the year for
which the financial statements are prepared. The value of expected credit loss is calculated by multiplying the
value of receivables in a given overdue range by the calculated default parameter.
With respect to trade receivables, the Group also allows for individual determination of expected credit losses. In
particular, this applies to:
• receivables from debtors in liquidation or bankruptcy, receivables disputed by debtors and with payment
of which the debtor is in arrears
• other past due receivables, as well as non past due receivables, whose risk of uncollectibility is significant
according to the individual assessment of the Management Board (in particular, when the expected
litigation and enforcement costs associated with the collection of receivables are equal to or higher than
the amount claimed).

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 24
In the above situations, an allowance for accounts receivable may be made at 100% of their value.
As a result of individual analysis, in a situation where, despite receivables being overdue for more than 180 days,
the Group has a reliable and documented declaration of payment from the counterparty, an allowance may not be
created.
Financial assets are written off in full when the Group has exhausted virtually all avenues of action to collect the
receivable and determines that there is no longer a reasonable basis to expect that the receivable can be recovered.
Trade and other receivables
The Group measures financial assets at amortized cost using the effective interest rate method. Long-term
receivables subject to IFRS 9 are discounted at the balance sheet date.
Trade and other receivables with a maturity of less than 12 months are valued at nominal value less the value of
expected credit losses. To calculate the allowance, the Group uses the allowance matrix method, under which
allowances are determined for receivables included in different maturity ranges.
The impairment charge is updated at each reporting date.
When applying an adjustment to the VAT due under the bad debt relief, the company recognizes the receivable
from the tax office in the books in correspondence with the allowance account.
The receivable for the excess of input VAT over output VAT to be settled in a future period is reported under
"Other receivables."
trade receivables
These are receivables for services that were performed during the reporting period (the Group fulfilled its
performance obligation), but for which no invoice sales had been issued by the balance sheet date. As of the
balance sheet date, however, the Group recognizes that it has an unconditional right to receive consideration, and
therefore classifies this asset item as accounts receivable.
Accruals
The Group's accrued expenses include expenses that were incurred in advance, while all or part of them relate to
subsequent periods. In particular, accruals include: (i) prepaid subscriptions and license fees, (ii) prepaid insurance,
subscriptions, rents, etc., and (ii) other expenses incurred during the period but relating to future periods. The
Group recognizes in this balance sheet item expenses whose value is at least PLN 40,000. In turn, expenses below
this value are recognized as one-time expenses in the month they are incurred.
The Group keeps records of accruals on a short-term and long-term basis.
Cash and cash equivalents
Cash and cash equivalents include cash on hand, demand deposits and bank deposits with maturities of less than
3 months. Short-term investments that are not subject to significant changes in value and that can be readily
converted into a specific amount of cash and are part of the Entity's liquidity management policy are recognized
as cash and cash equivalents for purposes of the statement of cash flows.
As of the reporting date, currencies held in bank accounts and foreign exchange cash registers are valued at the
average exchange rate determined for a given currency by the President of the National Bank of Poland.
For cash and cash equivalents for which no indications of impairment due to credit risk have been identified, the
estimation of allowances is carried out using individual parameters determined based on benchmarks (using
information on bank ratings), scaled to the horizon for estimating expected credit losses. For cash and cash
equivalents for which there are indications of impairment due to credit risk, the Group analyzes recoveries using
probability-weighted scenarios.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 25
Leasing
The Group applies the principles of IFRS 16 "Leases" to leases.
Under IFRS 16, a distinction is made between leases and service contracts based on whether the lessee of a
particular asset controls the asset that is the subject of the contract.
Control is believed to exist if the Group:
• has the right to receive substantially all of the economic benefits from the use of the identified asset,
• Has the right to direct the use of the identified asset.
For identified leases, the Group presents right-of-use assets on the one hand and lease liabilities on the other.
Right-of-use assets
Initial recognition and measurement
For contracts identified as leases, the Group recognizes right-of-use assets in its balance sheet as of the
commencement date of the lease (i.e., the date on which the leased asset is available to the Group for use). Right-
of-use assets are recognized initially at cost. The cost of a right-of-use asset includes: the amount of the initial
measurement of the lease liability, any lease payments paid on or before the lease commencement date less any
lease incentives received, the initial direct costs incurred by the lessee and an estimate of the costs to be incurred
by the lessee in dismantling and removing the underlying asset.
Subsequent valuation
The Group measures the right-of-use asset using the cost model, i.e., net of depreciation and impairment losses,
if any, but also after appropriate adjustment for lease liability conversions made (i.e., modifications that do not
result in the need to recognize a separate lease). Amortization of the Group's right-of-use is generally made using
the straight-line method. If the lease transfers ownership of the underlying asset to the Group at the end of the
lease term, or if the cost of the right-of-use asset takes into account that the Group will exercise a call option, the
Group amortizes the right-of-use asset from the commencement date until the end of the underlying asset's useful
life. Otherwise, the Group depreciates the right-of-use asset from the commencement date until the end of the
lease term or the end of the lease term, whichever is earlier. The Group applies the provisions of IAS 36,
"Impairment of Assets," to estimate any impairment of right-of-use assets.
Lease obligations
Initial shot
At the lease inception date, the Group measures the lease liability at the present value of the lease payments
outstanding at that date. The Group discounts lease payments using the marginal interest rate. Lease payments
include fixed payments (including substantially fixed lease payments) less any lease incentives payable, variable
lease payments that depend on the index or rate, the amount of the guaranteed residual value and the exercise
price of the call option (if it can be determined with reasonable certainty that the Group will exercise the option)
and termination penalties (if it is reasonably certain that the Group will exercise the option). Variable lease
payments that do not depend on an index or rate are recognized immediately as an expense in the period in which
the event or condition giving rise to the payment occurred.
Subsequent valuation
In subsequent periods, the lease liability is reduced by repayments made and increased by accrued interest. To
calculate interest, the Group uses the lessee's marginal rate, which is the sum of the value of the risk-free rate and
the Group's credit risk premium. When a modification is made to a lease agreement, the term or amount of
substantially fixed lease payments changes, or there is a change in judgment regarding the exercise of the option
to purchase the leased asset, the lease liability is recalculated to reflect the described changes. The revaluation of
the liability also triggers a corresponding revaluation of the right-of-use asset.
Short-term contracts and low-value assets

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 26
The Group applies a practical exception for contracts with a term of less than 12 months from the commencement
date of the lease or for contracts in which the object is a low initial value item. In accordance with the IASB
guidelines, low-value items may be considered to be objects whose value does not exceed the equivalent of
$5,000.00. Lease payments for both of these exceptions are recognized as expenses in the period to which they
relate. Neither the right-of-use asset nor the corresponding financial liability is recognized in this case.
Payments for contracts not identified under IFRS 16 as leases are recognized as expenses in the statement of
comprehensive income on a straight-line basis over the term of the contract.
The Group is not a party to agreements under which it would be a lessor.
Equity
The Group's equity consists of:
a) Equity attributable to shareholders of the parent company, including:
• Share capital,
• Share premium
• Other capital reserves,
• Retained earnings,
• Capital Reserve,
• Financial result of the current period,
• Foreign exchange differences on translation.
b) Non-controlling interests.
Share capital is reported at the amount shown in the Articles of Association and the National Court Register.
Share premium is the excess of the issue price of shares over their par value less the costs of such issue. Share
issuance costs incurred at the formation of a joint-stock company or an increase in share capital reduce the capital
reserve to the amount of the share premium.
Other capital reserves are formed from:
• Revaluations of assets,
• Settlement of the share-based payment plan in accordance with IFRS 2, 'Share-based Payment,' and the
transfer of any share premium upon the increase of share capital in connection with the issuance of shares
to its participants.
• Appropriations of profit from subsequent financial years
Undistributed retained earnings represent profits and losses earned in previous fiscal years not transferred by
resolution of the approving authority to another item of capital or to the payment of dividends.
Reserve capital - in accordance with IFRS 2 "share-based payments", the entity discloses in this item an increase
in equity related to the enacted incentive program for key personnel. In the event that the vesting of a specific pool
of equity instruments does not take place until the fixed period of achievement of certain tasks by participants in
the incentive program has elapsed, the Group assumes that the tasks to be achieved (a prerequisite) in exchange
for the equity instruments will be received in the future during the vesting period. The Group treats the indicated
tasks as services provided by the incentive program participants during the vesting period, with a corresponding
increase in equity.
In order to settle the incentive program, the Group will charge a proportionate share of its fair value to expense in
each period of the program's duration, while increasing the reserve capital. Once certain conditions necessary for
the subscription of shares under the incentive program are met, the reserve capital will be settled by increasing the

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 27
share capital and transferring the agio, if any, to other capitals when the share capital is increased in connection
with the issue of shares to its participants.
Foreign exchange differences on translation - represents the capital resulting from the translation of the equity of
a subsidiary based outside the country.
Provisions for liabilities
Provisions for liabilities are recognized when the Group has an existing obligation (legal or customary) arising
from past events, it is probable that the fulfillment of the obligation will result in a reduction of resources
embodying the Group's economic benefits, and the amount of the obligation can be reliably estimated.
The amount of provisions established is reviewed and updated at the end of the reporting period to revise estimates
to conform to the Group's state of knowledge at that date.
In the financial statements, provisions are presented as long-term and short-term, respectively.
Liabilities
Liabilities represent the Group's present obligation, resulting from past events, the fulfillment of which will result
in an outflow of funds containing economic benefits from the Group.
Non-current liabilities include liabilities that mature more than 12 months from the end of the reporting period.
Current liabilities include liabilities that mature in less than 12 months from the end of the reporting period.
Trade payables are reported in the balance sheet at amortized cost using the effective interest rate method. The
valuation of short-term liabilities is carried out at the value to be paid due to insignificant discounting effects.
Liabilities for the excess of output VAT over input VAT to be settled in a future period are reported under "Other
liabilities."
Financial liabilities
A financial liability is any liability that is:
• a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial
assets or financial liabilities with another entity on potentially unfavorable terms,
• a contract that will or may be settled in the entity's own equity instruments and is a non-derivative
instrument in exchange for which the entity is or may be required to issue a variable number of its own
equity instruments, or a derivative instrument that will or may be settled other than by exchanging a fixed
amount of cash or another financial asset for a fixed number of the entity's own equity instruments.
At the date of acquisition, the Group measures financial liabilities at fair value, that is, most often at the fair value
of the amount received. The Group includes transaction costs in the initial valuation of all financial liabilities,
except for the category of liabilities measured at fair value through profit or loss.
After initial recognition, financial liabilities are measured at amortized cost using the effective interest rate method,
except for financial liabilities held for trading (refers to derivatives that are liabilities that are not recognized as
hedging instruments) or designated as measured at fair value through profit or loss. The Group includes derivatives
other than hedging instruments in the category of financial liabilities at fair value through profit or loss. Short-
term trade payables are valued at the value to be paid due to insignificant discounting effects .
Gains and losses on valuation of financial liabilities are recognized in profit or loss in financing activities

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 28
Incentive program liabilities
The Group, whose parent company is DataWalk S.A., operates an incentive program using cash-settled share-
based payment transactions. The program is based on derivative financial instruments, entitling the holder to
receive payment of a cash amount in the amount and under the conditions specified in the Regulations and the
Participation Agreement (so-called Restricted Stock Units, hereinafter "RSUs"). The Program is recognized in the
consolidated financial statements in accordance with IFRS 2 and paragraph 69(d) of IAS 1, under which the entity
classifies the Program liability as current when it does not
has an unconditional right to defer the maturity of a liability for at least 12 months after the end of the reporting
period.
Details of the operation of the aforementioned incentive program, information on estimates, the method of valuing
the program and the method of recognizing costs and liabilities in Note 19 "Incentive program liabilities."
To comply with the provisions of IFRS 2, the Group recognizes an amount for services received during the vesting
period using the best available estimates of the number of equity instruments for which vesting will occur. The
entity adjusts these estimates, if necessary, if subsequent information indicates that the number of equity
instruments to be vested differs from previous estimates. At the vesting date, the entity adjusts the estimate to the
level of the number of equity instruments that will eventually vest
Recognition of an incentive program requires the performance of an analysis that involves making certain
assumptions and applying professional judgment, particularly with regard to the number of equity instruments that
will vest during the reporting period as well as the valuation of the RSU. At each balance sheet date, the Group
estimates the number of equity instruments for which vesting will occur and their fair value during the reporting
period in order to recognize in the financial statements the relevant liabilities and the Group's costs resulting from
the incentive program.
Employee services received in the form of cash-settled share-based payments are measured indirectly at the fair
value of the liability. The initial measurement of the liability is based on the fair value of the underlying instruments
on the date of grant and the measurement of the extent to which the services were provided.
The entity determines the fair value of a cash-settled liability by considering only market conditions and non-
vesting conditions, which means that vesting conditions and non-market conditions affect the valuation of the
liability by adjusting the number of rights to receive cash based on estimates of performance to be met.
At each reporting date, and ultimately at the date of settlement, the fair value of the recognized liability is subject
to remeasurement. The remeasurement applies to the recognized portion of the liability up to the vesting date. The
full amount is subject to remeasurement from the vesting date to the settlement date. The cumulative net cost and
amounts recognized in the income statement that will ultimately be recognized in connection with the transaction
will be equal to the amount paid to settle the liability.
The effects of remeasurement during the vesting period are recognized immediately in the income statement (in
the corresponding expense item) to the extent that they relate to past services, and to the extent that they relate to
future services, the effect of remeasurement is spread over the remaining vesting period.
This means that in the revaluation period there is a supplementary adjustment for previous periods, so that the
recognized liability at each reporting date is equal to the total fair value of the liability.
The fair value of RSUs as of the balance sheet date is determined based on the market price of DataWalk S.A.
shares. As stipulated in the Regulations, the value of RSUs will be determined based on the share price from the
Sale Transaction. The RSUs will be granted at no cost to the Eligible Persons. RSUs do not carry the right to
dividends and therefore the expected dividend yield is 0. There are no other market conditions in the valuation of
RSUs in the Program. In this situation, the valuation of the RSUs at a given balance sheet date should be equal to
the fair value of the Company's shares at that date. On the other hand, the total cost of the Program should be
determined at each balance sheet date taking into account other non-market factors....

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 29
Off-balance sheet liabilities
Off-balance sheet liabilities are primarily contingent liabilities, by which the Group means: a possible obligation
that arises from past events, the existence of which will be confirmed only upon the occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of the entity, or a present obligation that arises
from past events but is not recognized because: (i) it is not probable that an outflow of resources embodying
economic benefits will be required to satisfy the obligation, or (ii) the amount of the obligation (liability) cannot
be measured with sufficient reliability.
Contingent liabilities are not reported in the statement of financial position, however, information about the
contingent liability is disclosed unless the probability of an outflow of funds embodying economic benefits is
negligible
Income tax
Income tax includes: current tax payable and deferred tax.
Current tax
The current tax burden is determined on the basis of the tax result (tax base) of the fiscal year.
Tax profit (loss) differs from balance sheet profit (loss) due to the exclusion of taxable income and deductible
expenses in future years and those income and expenses that will never be taxable. Current tax expense is
calculated based on the tax rates in effect for the fiscal year.
Deferred tax
Deferred tax liability is the tax payable in the future recognized in full using the balance sheet method, due to
temporary differences between the tax value of assets and liabilities and their carrying value in the financial
statements.
A deferred tax asset is a tax recoverable in the future, calculated using the balance sheet method, for temporary
differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax assets are recognized if it is probable that future taxable income will be generated to utilize the
temporary differences. Deferred tax assets and deferred tax liabilities are presented in the balance sheet at an
offsetting value.
Deferred income tax is determined using the tax rates legally or actually in effect as of the balance sheet date,
which will be in effect at the time of realization.
Deferred tax is recognized in the income statement, and when it relates to equity-settled transactions it is
recognized in equity.
Deferred tax assets are recognized if it is probable that future taxable income will be generated to utilize temporary
differences.
Depending on when income taxes are expected to be realized, a deferred tax liability or asset may be classified as
current if realized within 12 months, but are generally treated as non-current.
Sales revenue
Sales revenues include net amounts due or received from sales. They are recognized at the fair value of payments
received or receivable and represent amounts due for products, goods and services provided in the normal course
of business, net of discounts, VAT and other sales-related charges.
Sales proprietary licenses

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 30
The Group's key product is proprietary software DataWalk . DataWalk is a complete, integrated, open and user-
transparent platform for network analysis, offered, as a ready-to-use product (so-called system off the shelf, COTS
- commercial of the shelf), not requiring the construction of a final solution from various components.
Proprietary licenses sold separately by the Group, i.e., representing a separate performance obligation, are in the
nature of licenses with the right to use intellectual property, which means that revenue from the sale of such
licenses is recognized once when control of the license is transferred to the customer.
In the case of an excess of actually invoiced revenues over established revenues, the value of the difference is
charged to contract liabilities. On the other hand, in the case of an excess of established revenues over those
actually invoiced, the value of the difference is charged to contract assets.
Technical assistance services (maintenance)
Revenue from technical assistance services represents a separate performance obligation where the customer
benefits from the goods/services provided as they are delivered to it. Consequently, it results in revenue recognition
on the Group's part during the period of service provision. The Group recognizes in contract assets and liabilities
items whose value is at least PLN 40,000. In turn, items below this value are recognized once in revenue in the
month of their recognition.
In the case of an excess of actually invoiced revenues over established revenues, the value of the difference is
charged to contract liabilities. On the other hand, in the case of an excess of established revenues over those
actually invoiced, the value of the difference is charged to contract assets.
Implementation services (contracts)
For sales of implementation services, when the outcome of a contract can be reliably estimated, revenues and
expenses are recognized with reference to the stage of completion of the contract at the balance sheet date. The
degree of progress is usually measured as the proportion of costs incurred to the total estimated contract costs,
except when such a method would not reflect the actual degree of progress. If the value of the contract cannot be
reliably estimated, revenue is recognized to the extent that it is probable that the costs incurred on the contract will
be covered by it.
In the case of an excess of actually invoiced revenues over established revenues, the value of the difference is
charged to contract liabilities. On the other hand, in the case of an excess of established revenues over those
actually invoiced, the value of the difference is charged to contract assets.
The degree of progress of a contract can be determined in two ways:
• According to the documented advancement of work on the contract (possible documents: minutes of
receipt of successive stages of work, settlement of work times on the contract),
• if it is not possible to assess the degree of progress of the work, it is possible to make an assumption, that
the degree of progress of the contract is proportional to the costs incurred during the period.
At each stage of contract settlement, if a loss is recognized on the contract - it is immediately recognized in the
results.
Costs associated with a contract are recognized as expenses in the period in which they are incurred. When it is
probable that contract costs will exceed revenues, the expected loss on the contract is recognized immediately and
recognized as an expense for the period
The reporting periods (quarters) are considered to be the contract settlement period.
Multi-element contracts
For multi-element contracts, the Group analyzes them in detail to ensure proper recognition in the financial
statements. The proper recognition of revenue arising from multi-element contracts involves an assessment of
whether the products and services provided should be accounted for as independent elements for which revenue is
recognized independently, or whether the contract should be recognized as an inseparable whole. If independent

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 31
elements are separated within a sales contract, the contract price is allocated to the individual elements, based on
their relative fair value or projected cost plus a margin.
Variable remuneration
If the consideration specified in the contract includes a variable amount, the Group estimates the amount of
consideration to which it will be entitled in exchange for the transfer of promised goods or services to the customer
and includes part or all of the variable consideration amount in the transaction price only to the extent that it is
highly probable that a significant portion of the amount of previously recognized accumulated revenue will not be
reversed when uncertainty about the amount of variable consideration ceases.
In the case of contracts that provide for contractual penalties for non-performance or improper performance of
contractual obligations, the expected contractual penalties may cause the remuneration, which is quoted as a fixed
amount in the contract, to nevertheless be subject to change. In estimating the amount of remuneration to which
the Group is entitled under the contract, the Group estimates the expected value of the payment taking into account
the probability of paying such contractual penalties and other elements that could potentially change the
remuneration. Thus, this has the effect of reducing the value of revenue, rather than increasing the value of
provisions and corresponding expenses, as was previously the case.
An important element of financing
In determining the transaction price, the Company is required to adjust the promised consideration amount for the
change in the time value of money if the distribution over time of the payments agreed upon by the parties to the
contract (either explicitly or implicitly) gives the customer or the Company a material benefit from financing the
transfer of goods or services to the customer. Under such circumstances, the contract is deemed to contain a
material financing element.
In the contracts entered into by the Company, due to their nature, there is no significant element of financing, thus
the promised amount of remuneration does not need to be adjusted.
Costs of contracts with customers
Contract acquisition (bringing to contract) costs are additional (incremental) contract acquisition costs incurred by
the Group to bring about a contract with a customer that the Group would not have incurred if the contract had not
been entered into. The Group recognizes these costs as an asset if it expects to recover the costs. The amortization
period for capitalized contract acquisition costs is the period during which the Group fulfills its performance
obligations under the contract.
From a practical standpoint, the Group recognizes additional costs of bringing a contract to fruition as an expense
when incurred only if the depreciation period of the asset that would otherwise be recognized by the Company is
one year or less.
Performance costs are costs incurred in connection with the performance of a contract with a customer. The Group
recognizes these costs as an asset when they are not within the scope of another standard (e.g., IAS 2 Inventories,
IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets), and when they meet all of the following
criteria:
• these costs are directly related to the contract or anticipated contract with the customer,
• these costs result in the generation or improvement of Group resources that will be used to meet (or
continue to meet) performance obligations in the future; and
• The Group expects to recover these costs.
Operating costs
The Group keeps records of costs by type.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 32
The Group recognizes the costs of used materials, goods in the same period in which revenues from the sale of
these components are recognized in accordance with the principle of matching revenues and costs.
Costs not directly related to specific orders are charged to profit or loss as they are incurred.
Revenues and expenses of financial activities
Financial income consists mainly of interest on deposits of free funds in bank accounts, commissions and interest
on loans granted, interest on delayed payment of receivables, the volume of released reserves relating to financial
activities.
Financial expenses consist mainly of interest on loans and borrowings, interest on delayed payment of liabilities,
established provisions for certain or probable losses from financial operations, the value at cost of shares, stocks,
securities sold, commissions and handling fees, the value of short-term investments, discounts and exchange rate
differences.
EU and government grants
In accordance with IAS 20, the Group does not recognize government grants, including non-monetary grants
carried at fair value, until there is reasonable assurance that the conditions associated with the grants will be met
and the grants will be received. The fact that an entity has received a grant does not, in itself, constitute convincing
evidence that the conditions associated with the grant have been or will be met.
Government grants are recognized in the books in such a way that grant income is recognized commensurate with
the related costs incurred. The Group has adopted appropriate methods of presenting grants in the financial
statements:
• subsidies to assets - initially as a separate item in accruals (deferred income), and then systematically
presented as income over the useful life of the asset;
• Revenue subsidies - as an item "Other operating/financial income".
IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" applies to all related liabilities or contingent
assets from the time the government grant is recognized.
A government grant that becomes receivable as a form of compensation for costs or losses already incurred, or
granted to the Group to provide immediate financial support to the Group without accompanying future costs, is
recognized as income in the period in which it becomes receivable.
For the purpose of maintaining separate records of events related to grant funding in the accounting system,
accounts will be created separately for each project.
Reporting transactions in foreign currencies
At least on the balance sheet date ending the next quarter of a given fiscal year, assets and liabilities expressed in
foreign currencies are valued at the average exchange rate of the National Bank of Poland ("NBP").
As of the date of the business transaction, assets and liabilities denominated in foreign currency are recognized at
the exchange rate, respectively:
• Purchase or sale of currencies used by the bank whose services the company uses - in the case of
operations of sale or purchase of currencies and operations of payment of receivables or liabilities,
• Obligations in the case of imports of goods undergoing customs clearance - the rate adopted in the
customs clearance document (SAD) or other binding document,
• Business operations involving intra-Community acquisition or intra-Community supply of goods (WNT
or WDT) - the rate applicable for income tax and VAT purposes,
• Other operations - the rate in effect for income tax purposes.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 33
Pursuant to Article 12(2) of the Law on Corporate Income Tax of February 15, 1992 (unified text: Journal of Laws
of 2022, item 2587, as amended) - hereinafter referred to as the A.P.D.O.P., revenues expressed in foreign
currencies are translated into PLN at the average exchange rate of the National Bank of Poland on the last business
day preceding the date on which the revenue is earned.
Pursuant to Article 15(1) of the A.P.C., tax-deductible expenses in foreign currencies are converted into zlotys at
the average exchange rate of the National Bank of Poland on the last business day preceding the day on which
they are incurred.
As of the balance sheet date, assets and liabilities expressed in foreign currencies are valued at the average
exchange rate of the National Bank of Poland for a given currency as of the balance sheet date.
Exchange rate differences on assets and liabilities denominated in foreign currencies, arising at the date of their
valuation and at the payment of receivables and liabilities, as well as at the sale or purchase of currencies, are
included in financial income or expenses, respectively, and in justified cases - in the cost of products or the
purchase price of goods, as well as the purchase price or cost of fixed assets, fixed assets under construction or
intangible assets.
Reporting of business segments
Under IFRS 8, an operating segment is a distinguishable part of the Group's business for which separate financial
information is available that is regularly evaluated by the chief operating decision maker related to how resources
are allocated and how performance is evaluated.
The DataWalk Group has the following operating segments:
• A segment including DataWalk S.A., generating revenues from platform sales and deployment,
particularly in EMEA (Europe, Middle East, Africa) and Asia, whose performance is regularly reviewed
by the Issuer's Board of Directors as the main decision-making body.
• A segment comprising DataWalk Inc. that generates revenues resulting from sales and implementation
activities related to the DataWalk platform primarily in the United States and the rest of the Americas,
the results of which are regularly reviewed by the entity's Board of Directors as the primary decision-
making body. The results of the subsidiary included in this segment are subject to periodic review by the
subsidiary's Board of Directors, and are also subject to regular review by the Board of Directors of
DataWalk S.A.
Earnings per share
Earnings per share is the quotient of net income for the reporting period and the weighted average number of shares
as of the balance sheet date.
Diluted net income per share is the quotient of net income for the reporting period and the sum of the weighted
average number of shares in the reporting period and all potential new issue shares.
Changes in applied accounting principles
The accounting policies used in the preparation of these annual consolidated financial statements are consistent
with those used in the preparation of the Group's annual consolidated financial statements for the year ended
December 31, 2023.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 34
New standards, interpretations and amendments to published standards
Published Standards and Interpretations that were issued and are effective for the first time during the
period covered by this report
Amendment to IAS 1 - effective January 1, 2024.
The amendments to IAS 1 affect the requirements for the presentation of liabilities in the financial statements. In
particular, they clarify one of the criteria for classifying a liability as non-current. The amendment will not have
a material impact on the Group's consolidated financial statements.
Amendment to IFRS 16 - effective January 1, 2024.
The amendments to IFRS 16 require an entity that has sold an asset and simultaneously uses it under a lease to
recognize the value of the lease liability in a manner that does not result in a gain or loss related to the retained
right of use The amendment will not have a material impact on the Group's consolidated financial statements.
Amendments to IAS 7/IFRS 7: Financial contracts with suppliers - effective January 1, 2024.
The amendments introduce additional disclosure requirements to increase the transparency of supplier financing
arrangements and their impact on the company's liabilities, cash flows and liquidity risk exposure. The amendment
will not have a material impact on the Group's consolidated financial statements.
Published Standards and Interpretations that have been issued but are not yet in force and have not been
previously applied
Amendment to IAS 21 - effective January 1, 2025.
The amendments to IAS 21 require disclosures that allow users of financial statements to understand the effects
of non-convertibility of currencies and clarify how currency convertibility should be assessed. The amendment
will not have a material impact on the Group's consolidated financial statements.
Amendment to IFRS 9 - will be effective January 1, 2026.
Amendments to IFRS 9 to clarify what is the date of discontinuation of recognition of a financial asset or financial
liability when companies cease to recognize a financial asset or a financial liability. The amendment will not have
a material impact on the Group's consolidated financial statements.
IFRS 18 - will be effective as of January 1, 2027.
The purpose of the new IFRS Accounting Standard is to improve the way information is reported in the financial
statements, with particular emphasis on the information contained in the income statement. The amendment will
not have a material impact on the Group's consolidated financial statements.
IFRS 19 - will be effective as of January 1, 2027.
The purpose of the new IFRS Accounting Standard is to introduce the possibility of simplifying the disclosures in
the separate financial statements of subsidiaries (not public) so that the disclosures are more targeted to the specific
objectives of the entity that are important from the point of view of stakeholders. The amendment will not have a
material impact on the Group's consolidated financial statements.
Information on corrections of prior period errors
During the reporting period, there were no events resulting in the need to correct an error.

Selected notes and explanations to the
consolidated financial statements
DataWalk Capital Group

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2023.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 36
Note 1.1 Property, plant and equipment
Information on estimates
At each balance sheet date, the Group assesses whether there are objective indications that a given property, plant
and equipment asset may be impaired. The Company performs the aforementioned tests using the discounted cash
flow method. The Group performed the most recent impairment tests during the preparation of the financial
statements for 2024, ending December 31, 2024.
In 2024, property, plant and equipment was subject to a write-down in the amount of PLN 5 thousand. Details of
the write-down are presented in Note 30 - "Asset impairment tests" to these financial statements
The value of property, plant and equipment corresponds to their recoverable value, which as of 31.12.2024
amounted to PLN 96 thousand
During the preparation of the 2024 financial statements, the Company revised the assumed economic useful lives
of fixed assets, residual value and depreciation method based on current estimates.
Property, plant and equipment
31.12.2024
31.12.2023
Fixed assets, including:
96
287
- buildings and structures
0
3
- technical equipment and machinery
96
283
- other fixed assets
0
1
Total
96
287
As of 31.12.2024
The Group had no land in perpetual use.
The Group had no property, plant and equipment with limited ownership and use rights.
The Group had a bank loan that was secured by fixed assets. Information on the Group's loans and borrowings is
presented in Note 18, "Loans and borrowings (long-term and short-term)."
There were no liabilities to the state budget or local government units for obtaining ownership of buildings and
structures.
Status as of 31.12.2023
The Group had no land in perpetual use.
The Group had no property, plant and equipment with limited ownership and use rights.
The Group had a bank loan that was secured by fixed assets. Information on the Group's loans and borrowings is
presented in Note 18, "Loans and borrowings (long-term and short-term)."
There were no liabilities to the state budget or local government units for obtaining ownership of buildings and
structures.

Page | 37
Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Note 1.2 Changes in property, plant and equipment by type groups
Data for the period from 01.01.2024 to 31.12.2024
Lp.
Specification
Buildings and
structures
Technical
equipment and
machinery
Means of transport
Other fixed assets
Total
1.
Gross value at the beginning of the period
10
854
81
19
964
Increases, including:
0
22
0
0
22
- acquisition
0
22
0
0
22
Decreases, including:
0
210
81
0
291
- liquidation and sale
0
210
81
0
291
2.
Gross value at the end of the period
10
667
0
19
695
3.
Impairment at the beginning of the period
0
5
0
0
5
Increases
0
4
0
0
4
Reductions
0
0
0
0
0
4.
Impairment at the end of the period
0
9
0
0
10
5.
Depreciation at the beginning of the period
7
566
81
17
672
Increases
3
166
0
1
169
Decreases, including:
0
170
81
0
252
- liquidation and sale
0
170
81
0
252
6.
Depreciation at the end of the period
9
562
0
18
590
7.
Net book value at the beginning of the
period
3
283
0
1
287
8.
Net book value at the end of the period
0
95
0
0
96

Page | 38
Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Data for the period from 01.01.2023 to 31.12.2023
Lp.
Specification
Buildings and
structures
Technical equipment
and machinery
Means of transport
Other fixed assets
Total
1.
Gross value at the beginning of the period
10
873
186
19
1 087
Increases, including:
0
24
0
0
24
- acquisition
0
26
0
0
26
Decreases, including:
0
-2
0
0
-2
- liquidation and sale
0
39
105
0
145
Gross value at the end of the period
0
39
105
0
144
2.
Impairment at the beginning of the period
10
858
81
19
968
3.
Increases
0
0
0
0
0
Reductions
0
5
0
0
5
Impairment at the end of the period
0
0
0
0
0
4.
Depreciation at the beginning of the period
0
5
0
0
5
5.
Increases
6
393
186
17
601
Decreases, including:
1
213
0
1
215
- liquidation and sale
0
36
105
0
141
Depreciation at the end of the period
0
36
105
0
141
6.
Net book value at the beginning of the period
7
570
81
18
675
7.
Net book value at the end of the period
4
480
0
2
486
8.
Gross value at the beginning of the period
3
282
0
1
287

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2022
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 39
Note 2.1 Intangible assets
Information on estimates
Data Walk S.A. is conducting in-house development work in the development of the DataWalk platform, which
aims to expand this technology on various levels to create a complete IT product that is unique on a global scale.
Development work is carried out based on:
• knowledge developed in the course of ongoing research work,
• information from potential customers, obtained in the process of market research and marketing activities
conducted at home and abroad,
• demand reported by existing customers at the stage of testing or implementing software.
At least once a year and at each balance sheet date on which there is a relevant indication, assets with an indefinite
useful life in the form of development costs under development and goodwill are subjected to impairment tests,
the preparation of which requires estimation of the recoverable amount of cash flow generating units. On the other
hand, indefinite-lived intangible assets are tested when there is an indication of impairment.
The Group conducted its most recent impairment tests during the preparation of financial statements for 2024,
ending December 31, 2024.
In 2024, intangible assets were written down in the amount of PLN 3,223 thousand. Details of the write-down are
presented in Note 30 - "Asset impairment tests" to these financial statements.
The value of intangible assets corresponds to their recoverable value, which was PLN 19,033 thousand as of
December 31, 2024.
Intangible assets
31.12.2024
31.12.2023
Development costs in progress
2 188
3 945
Impairment on development work in progress
-88
-371
Costs of completed development work
33 897
28 995
Impairment on completed development work
-16 963
-13 457
Total
19 033
19 111

Page | 40
Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Note 2.2 Changes in intangible assets by type groups
Data for the period from 01.01.2024 to 31.12.2024
Lp
.
Specification
Development costs in
progress
Costs of completed
development work
Other intangible assets
Total
1.
Gross value at the beginning of the period
3 945
38 129
332
42 406
Increases, including:
6 038
7 795
0
13 833
- acquisition
6 038
0
0
6 038
- internal transfers
0
7 795
0
7 795
Decreases, including:
7 795
0
0
7 795
- internal transfers
7 795
0
0
7 795
- impairment allowance
0
0
0
0
2.
Gross value at the end of the period
2 188
45 924
332
48 444
3.
Impairment at the beginning of the period
371
13 457
0
13 828
Increases, including:
414
3 507
0
3 921
- impairment allowance
414
2 809
0
3 223
- internal transfers
0
697
0
697
Decreases, including:
697
0
0
697
- impairment allowance
0
0
0
0
- internal transfers
697
0
0
697
4.
Impairment at the end of the period
88
16 963
0
17 052
5.
Accumulated amortization at the beginning of
the period
0
9 134
332
9 466
Increases, including:
0
2 893
0
2 893
amortization expense
0
2 893
0
2 893
Reductions
0
0
0
0
6.
Accumulated amortisation at the end of the
period
0
12 027
332
12 359
7.
Net book value at the beginning of the period
3 573
15 538
0
19 111
8.
Net book value at the end of the period
2 099
16 934
0
19 033

Page | 41
Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Data for the period from 01.01.2023 to 31.12.2023
Lp.
Specification
Development costs in
progress
Costs of completed
development work
Other intangible assets
Total
1.
Gross value at the beginning of the period
3 050
26 680
332
30 062
Increases, including:
12 344
11 450
0
23 794
- acquisition
12 344
0
0
12 344
- internal transfers
0
11 450
0
11 450
Decreases, including:
11 450
0
0
11 450
- internal transfers
11 450
0
0
11 450
2.
- impairment allowance
3 945
38 130
332
42 406
3.
Gross value at the end of the period
603
4 212
0
4 815
Impairment at the beginning of the period
371
9 244
0
9 615
Increases, including:
371
8 641
0
9 012
- impairment allowance
0
603
0
603
- internal transfers
603
0
0
603
Decreases, including:
0
0
0
0
- impairment allowance
603
0
0
603
4.
- internal transfers
371
13 456
0
13 827
5.
Impairment at the end of the period
0
5 384
332
5 716
Accumulated amortization at the beginning of
the period
0
3 750
0
3 750
Increases, including:
0
3 750
0
3 750
amortization expense
0
0
0
0
Reductions
0
0
0
0
6.
Accumulated amortisation at the end of the
period
0
9 134
332
9 466
7.
Net book value at the beginning of the period
2 447
17 083
0
19 530
8.
Net book value at the end of the period
3 573
15 538
0
19 111
As of December 31, 2024 and December 31, 2023. The Group has no intangible assets used under leases.
As of December 31, 2024 and December 31, 2023. The Group has no intangible assets with restricted use rights.
As of December 31, 2024 and December 31, 2023. The Group has no loans and borrowings that are secured by intangible assets.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2022
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 42
Note 2.3 Development costs in progress
Intangible assets
31.12.2024
31.12.2023
Development costs in progress
2 188
3 945
Impairment of development work in progress from previous years
-371
-603
Impairment losses on development work in progress accrued in the
period
-414
-371
Reclassification of allowance for development work in progress
697
603
Total
2 099
3 574
Costs are capitalized to the extent directly related to bringing the asset to full use and include, in particular, the
costs of salaries of employees and subcontractors involved in the work during the various stages of the project, as
well as all reasonable non-personnel costs related thereto that are directly attributable to bringing the asset into
use.
In 2024, costs of development work in progress were subject to an impairment charge in the amount of PLN 414
thousand. Details of the write-down are presented in Note 30 - "Asset impairment tests" to these financial
statements.
The value of development costs under development corresponds to their recoverable value, which amounted to
PLN 2,099 thousand as of December 31, 2024.
Note 2.4 Costs of completed development work
Intangible assets
31.12.2024
31.12.2023
Costs of completed development work
45 924
38 129
Impairment of completed development work from previous years
-13 457
-4 212
Impairment for completed development work in the current year
-2 809
-8 641
Accumulated amortisation
-12 027
-9 134
Reclassification of impairment allowance for completed development
work
-697
-603
Total
16 934
15 538
Costs of completed development work is a balance sheet item created as a result of taking into use as an intangible
asset, the technology (DataWalk platform) created in the course of the Company's ongoing development work,
which is described in Note 2.3 "Development costs in progress above."
From the start of development until completion and acceptance for use as an intangible asset, selected development
costs of the DataWalk platform are capitalized in the balance sheet as assets in the form of "development costs in
progress."
Costs of completed development work are amortized in accordance with the accounting policy adopted.
In 2024, the costs of completed development work were written off in the amount of PLN 2,809 thousand. Details
of the write-down are presented in Note 30 - "Asset impairment tests" to these financial statements.
The value of the costs of completed development work corresponds to their recoverable value, which amounted to
PLN 16,934 thousand as of December 31 2024.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 43
Note 3 Right-of-use assets
Information on estimates
At each balance sheet date, the Company assesses whether there are objective indications that a right-of-use asset
may be impaired. The Company performs the aforementioned tests using the discounted cash flow method. The
Company conducted the most recent impairment tests during the preparation of the financial statements for 2024,
ending December 31, 2024.
In 2024, these assets were subject to a write-down in the amount of PLN 32 thousand. Details of the write-down
are presented in Note 30 - "Asset impairment tests" to these financial statements.
The value of the right-of-use assets corresponds to their recoverable value, which amounted to PLN 796 thousand
as of December 31, 2024
Data for the period from 01.01.2024 to 31.12.2024
Right-of-use assets
Buildings and
structures
Means of
transport
Total
Net value as of 01.01.2024
478
93
572
Increases in the balance, due to:
821
38
859
- modifications to current contracts (contract extensions, interest
rate changes)
821
38
859
Decreases in condition, due to:
538
96
635
- depreciation charges for the reporting period
509
94
603
- impairment allowance for the reporting period
30
2
32
Net value as of 31.12.2024
761
35
796
A significant event affecting the change in the value of the right-of-use asset in the period under review was the
Company's agreement to extend the lease of office space by another 2 years, starting from 01.01.2025, thus
maintaining the continuity of the agreement. With the above in mind, the Company recalculated the value of the
right-of-use asset, resulting in an increase in the net balance as of 31.12.2024 by PLN 164 thousand compared to
the balance as of 31.12.2023.
Data for the period from 01.01.2023 to 31.12.202 3
Right-of-use assets
Buildings and
structures
Means of
transport
Total
Net value as of 01.01.2023
927
148
1 075
Increases in the balance, due to:
78
51
129
- conclude a new lease agreement
0
51
51
- modifications to current contracts (contract extensions, interest
rate changes)
78
0
78
Decreases in condition, due to:
527
106
632
- depreciation charges for the reporting period
517
104
621
- impairment allowance for the reporting period
9
2
11
Net value as of 31.12.2023
478
93
572
Depreciation periods adopted for right-of-use assets have been determined in accordance with the term of the
contracts .

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 44
Note 4.1 Receivables (non-current)
Information on estimates
The Group estimates the amount of impairment losses on long-term receivables in accordance with the
requirements of IFRS 9 Financial Instruments. In a simplified approach, this requires performing a statistical
analysis, which involves making certain assumptions and applying professional judgment.
Long-term receivables
31.12.2024
31.12.2023
From other entities (third parites), including:
172
152
- deposit
172
152
Total
172
152
Note 4.2 Allowance for expected credit losses on receivables (non-current)
The Group did not create allowances for expected credit losses of long-term receivables.
Note 5 Deferred tax assets and liabilities
Information on estimates
The Group assesses at each balance sheet date how much of the deferred tax asset can be realized.
Deferred income tax
31.12.2024
31.12.2023
Balance at the beginning of the period:
Deferred income tax assets
6 438
15 447
Deferred income tax provision
387
389
Deferred tax per balance at beginning of period
6 050
15 059
Change in condition during the period affecting:
Profit or Loss impact (+/-)
3 679
-9 009
Other comprehensive income (+/-)
0
0
Deferred tax per balance at the end of the period, including:
9 730
6 050
Deferred income tax assets
10 488
6 438
Deferred income tax liabilities
758
387
The value of deferred tax as of the balance sheet date was significantly affected by the recognition of temporary
differences that result from the Group's RSU-based incentive program. As a result of the change in the balance
sheet item of liabilities under the incentive program, a positive temporary difference affecting the financial result
in the amount of PLN 3,679 thousand arose in 2024. In addition, the Group, applying the principle of prudence,
recognized a deferred tax asset on other balance sheet items only up to the amount of the deferred tax liability, i.e.
in the amount of PLN 758 thousand, as of December 31, 2024.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 45
Data for the period from 01.01.2024 to 31.12.2024
Deferred income tax assets
01.01.2024
Change
affecting
P&L
31.12.2024
Establishment of reserves
387
371
758
Incentive program liability
6 050
3 679
9 730
Settlement of tax losses with DataWalk S.A..
5 615
2 976
8 591
Write-downs of deferred tax assets
-5 615
-2 976
-8 591
Total
6 437
4 050
10 488
Deferred income tax liabilities
01.01.2024
Change
affecting
P&L
31.12.2024
Positive exchange differences
12
-12
0
Interest on deposits
1
46
47
Difference between tax and balance sheet depreciation
45
-34
11
Contract assets
129
40
169
Contractual obligations
200
331
531
Total
387
371
758
Data for the period from 01.01.2023 to 31.12.2023
Deferred income tax assets
01.01.2023
Change
affecting
P&L
31.12.2023
Balance sheet exchange differences
14
-14
0
Provisions for employee benefits
51
-51
0
Social Security unpaid
19
-19
0
Unpaid wages
24
-24
0
Establishment of reserves
353
34
387
Impairment losses on receivables
55
-55
0
Deferred income
554
-554
0
Incentive program liability
14 343
-8 293
6 050
Other
35
-35
0
Settlement of tax losses with DataWalk S.A..
4 335
1 280
5 615
Write-downs of deferred tax assets
- 4 335
- 1 280
-5 615
Total
15 447
-9 010
6 437

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 46
Deferred income tax liabilities
01.01.2023
Change
affecting
P&L
31.12.2023
Positive exchange differences
0
-12
12
Interest on deposits
122
121
1
Difference between tax and balance sheet depreciation
106
60
45
Contract assets
160
31
129
Contractual obligations
0
200
200
Total
389
1
387
For the valuation of deferred tax assets and deferred tax liabilities, the Group adopted tax rates determined on the
basis of the current legislation setting tax rates, in countries where Group companies are subject to income taxation.
For the parent company this is a tax rate of 19%, and for the subsidiary 21%.
Note 6 Contract assets and liabilities
Information on estimates
Contract assets primarily include goods provided or services rendered, before invoicing to the customer and before
payment of remuneration, excluding any amounts presented as receivables.
The Group estimates the amount of impairment losses on customer contract assets in accordance with the
requirements of IFRS 9 Financial Instruments. The simplified approach requires performing statistical analysis,
which involves making certain assumptions and applying professional judgment.
Assets from the balance sheet valuation of contracts are the result of the preponderance of the stage of completion
of services or delivery of goods in relation to invoices issued. For this type of asset, the Group has fulfilled its
performance obligation, but the right to receive consideration is subject to conditions other than the mere passage
of time, which distinguishes this asset from trade receivables.
Position
31.12.2024
31.12.2023
Contract assets
888
496
Contract liabilities
7 184
4 121
Contract assets
The contract assets presented in the consolidated statement of financial position relate to goods or services
provided to the customer, before the customer has paid the consideration or before the maturity date.
Data for the period from 01.01.2024 to 31.12.2024
Position
Value as of
01.01.2024
Implementation
of new benefit
obligations
without invoice
Reclassification
due to acquisition
of unconditional
right to payment
Impairment loss
Value as of
31.12.2024
Technical assistance
services
496
2 604
-2 285
0
815
Implementation contracts
0
397
-323
0
73
Total
496
3 001
-2 608
0
888
The increase in the value of assets from the balance sheet valuation of contracts is due in particular to the
recognition of revenues in particular from the performance of maintenance services for which the Group settles
with customers in arrears. The value of revenues was estimated in accordance with the degree of fulfillment of the
obligation to perform services for which the Group was not yet entitled to issue invoices as of December 31, 2024.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 47
Data for the period from 01.01.2023 to 31.12.2023
Position
Value as of
01.01.2023
Implementation
of new benefit
obligations
without invoicing
Reclassification
due to acquisition
of unconditional
right to payment
Impairment loss
Value as of
31.12.2023
Licenses transferred
286
0
-286
0
0
Technical assistance
services
297
2 260
-2 061
0
496
Implementation contracts
344
455
-799
0
0
Total
927
2 715
- 3 147
0
496
Contract liabilities
As part of its contract liabilities, the Group recognizes revenues from the provision of licenses, maintenance
services that are settled over time, as well as revenues from implementation services that result from the Group's
obligation to provide goods or services to a customer in exchange for which the Group has received remuneration
or the amount of remuneration is due.
Data for the period from 01.01.2024 to 31.12.2024
Contract liabilities
Value as of
01.01.2024
Increases
Reductions
Value as of
31.12.2024
Revenue from the provision of technical
assistance (maintenance) services
4 121
10 600
7 538
7 184
Revenue from implementation contracts
0
48
48
0
Total
4 121
10 648
7 586
7 184
Data for the period from 01.01.2023 to 31.12.2023
Contract liabilities
Value as of
01.01.2023
Increases
Reductions
Value as of
31.12.2023
Revenue from licensing with the right to use
66
0
66
0
Revenue from the provision of technical
assistance (maintenance) services
3 219
9 337
8 435
4 121
Revenue from implementation contracts
370
645
1 015
0
Revenue from other services
55
0
55
0
Total
3 710
9 982
9 571
4 121
Contract liabilities result from the Group's obligation to provide goods or services to a customer in exchange for
which the Group has received remuneration or the amount of remuneration is due. As of December 31, 2024, the
liabilities amounted to PLN 7,184 thousand (December 31, 2023: PLN 4,121 thousand).
Note 7.1 Trade receivables
Information on estimates
The Group estimates the amount of impairment losses on trade receivables in accordance with the requirements of
IFRS 9 Financial Instruments. The simplified approach requires performing statistical analysis, which involves
making certain assumptions and applying professional judgment.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 48
Trade receivables
31.12.2024
31.12.2023
From other gross units, including:
11 439
9 992
- invoiced receivables
11 439
9 730
- uninvoiced receivables
0
262
Write-down
-2 567
-388
Total
8 872
9 604
Note 7.2 Allowance for expected credit losses on trade receivables
Data for the period from 01.01.2024 to 31.12.2024
Allowances for trade
receivables
Value as of
01.01.2024
Increases
Reductions
Other
(differences
from
translation)
Value as of
31.12.2024
From other entities
388
2 321
-584
443
2 567
Total
388
2 321
-584
443
2 567
In 2024, the Group created allowances for trade receivables for a total of PLN 2,321 thousand. In addition to
making write-downs using the provision matrix, for one of the receivables, the Management Board made an
individual credit risk assessment. In the course of its determination, it was assumed that the expected credit losses
corresponded to 100% of its value, which noticeably increased the allowances in the period under review. The
differences from the translation are due to the inclusion of the Group's exercise of its right to bad debt relief for
VAT (an operation that does not affect the financial result).
Data for the period from 01.01.2023 to 31.12.2023
Allowances for trade
receivables
Value as of
01.01.2023
Increases
Reductions
Other
(differences
from
translation)
Value as of
31.12.2023
From other entities
1 029
344
984
0
388
Total
1 029
344
984
0
388

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 49
Note 7.3 Age structure of trade receivables
Trade receivables
31.12.2024
31.12.2023
Undetermined
7 868
6 256
Overdue, including:
3 572
3 736
- up to 90 days
1 235
3 547
- 90 - 180 days
9
189
- 180 - 360 days
0
0
- over 360 days
2 328
0
Impairment losses on receivables
-2 567
-388
Total
8 872
9 604
Note 7.4 Maturity structure of trade receivables
Trade receivables
31.12.2024
31.12.2023
Outstanding, due on time:
7 868
6 256
- up to 30 days
6 369
2 836
- 31 - 90 days
1 499
3 421
Overdue
3 572
3 736
Impairment losses on receivables
-2 567
-388
Total
8 872
9 604
Note 7.5 Currency structure of trade receivables
Trade receivables
31.12.2024
31.12.2023
Nominated in PLN
1 004
3 865
Nominated in USD
5 413
4 904
Nominated in EUR
0
835
Nominated in CAD
918
0
Nominated in GBP
1 537
0
Total
8 872
9 604
Note 8.1 Other receivables (short-term)
Information on estimates
The Group estimates the amount of impairment losses on other short-term receivables in accordance with the
requirements of IFRS 9 Financial Instruments. In a simplified approach, this requires performing a statistical
analysis, which involves making certain assumptions and applying professional judgment.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 50
Other receivables (short-term)
31.12.2024
31.12.2023
Advances on deliveries
75
56
On account of taxes and other public and legal benefits
920
1 358
Other receivables, including:
197
352
- bonds
166
3
- subsidies
0
345
- others
31
4
Total
1 192
1 766
The item of receivables for taxes and other public and legal benefits is the excess of input VAT over output VAT
at DataWalk S.A. This is due to operating expenses resulting from business development and the sales structure,
where sales to foreign entities predominate. .
Note 8.2 Allowance for expected credit losses on other receivables financials
The Group did not create allowances for other short-term receivables.
Note 9 Financial assets (short-term)
Financial assets (short-term)
31.12.2024
31.12.2023
In other units:
93
94
- bank deposits over 3 months
93
94
Total
93
94
As of December 31, 2024 as well as December 31, 2023. The Group classified as short-term financial assets bank
deposits (including interest accrued as of the balance sheet date), which had a maturity of more than 3 months as
of the balance sheet date.
Note 10 Accruals (long-term and short-term)
Accruals (non-current)
31.12.2024
31.12.2023
Subscriptions and license fees
0
154
Total
0
154
Accruals (short-term)
31.12.2024
31.12.2023
Subscriptions and license fees
827
1 444
Policies and insurance
50
47
Rents
46
11
Other
176
253
Total
1 099
1 755
As of December 31, 2024, the value of the item "Subscriptions and license fees" in short-term accruals is due in
particular to the Group's conclusion in July 2024 of a new agreement for the purchase of specialized databases

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 51
needed for the operation of DataWalk software, which are an integral part of DataWalk software. The costs of this
contract are accounted for on a straight-line basis over its term.
Note 11.1 Cash and cash equivalents
Cash and cash equivalents
31.12.2024
31.12.2023
Cash in bank accounts, including:
16 499
12 210
(a) cash
4 253
8 041
b) bank deposits of less than 3 months
12 246
4 169
Total
16 499
12 210
As of December 31, 2024, the Group had restricted cash (cash in the VAT account) of PLN 448 thousand, while
as of December 31, 2023, the balance of restricted cash (cash in the VAT account) was PLN 151 thousand.
In addition, as of December 31, 2024, the Group held bank deposits totaling PLN 93 thousand, which had
maturities of more than 3 months as of the balance sheet date, and were therefore classified as short-term financial
assets presented in Note 9 "Financial assets (short-term)."
The Group invests its surplus funds by entering into fixed-rate bank deposits, thus they are not subject to interest
rate risk.
Note 11.2 Currency structure of cash and cash equivalents
Cash and cash equivalents
31.12.2024
31.12.2023
Nominated in PLN
14 886
9 134
Nominated in EUR
13
58
Nominated in USD
1 600
3 018
Total
16 499
12 210

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 52
Note 12 Share capital
As of 31.12.2024
Position
Amount
Balance at beginning of period
513
Nominal value of shares increasing the share capital
50
Status at the end of the period
563
On June 14, 2024, District Court for Wroclaw-Fabryczna in Wroclaw, VI Economic Department of the National
Court Register, registered amendments to the Company's Articles of Association, adopted on the basis of a
resolution of the Issuer's Management Board May 21, 2024 on increasing the Company's share capital within the
limits of authorized capital through the issuance of new series R shares in a private placement, the exclusion of
preemptive rights of existing shareholders and amendments to the Company's Articles of Association, which the
Issuer announced in the text of ESPI Current Report No. 18/2024 dated May 21, 2024.
In connection with the registration of the aforementioned amendments to the Articles of Association, the
Company's share capital amounts to PLN 563,298.80 and is divided into 5,632,988 shares, with a par value of PLN
0.10 each.
Series of shares
Number of shares
(pcs.)
Number of votes
Shareholding
Share in the total
number of votes
A
725.000
1.450.000
12,87%
22,81%
B
525.000
525.000
9,32%
8,26%
C
150.000
150.000
2,66%
2,36%
D
70.000
70.000
1,24%
1,10%
E
150.000
150.000
2,66%
2,36%
F
167.000
167.000
2,96%
2,63%
G
220.000
220.000
3,91%
3,46%
H
321.500
321.500
5,71%
5,06%
I
207.000
207.000
3,67%
3,26%
J
470.000
470.000
8,34%
7,39%
K
320.000
320.000
5,68%
5,03%
L
355.000
355.000
6,30%
5,58%
M
457.548
457.548
8,12%
7,20%
N
327.000
327.000
5,81%
5,14%
O
421.000
421.000
7,47%
6,62%
P
246.940
246.940
4,38%
3,88%
R
500.000
500.000
8,88%
7,86%
Total
5.632.988
6.357 988
100,00%
100,00%

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 53
Status as of 31.12.2023
Position
Amount
Balance at beginning of period
513
Nominal value of shares increasing the share capital
0
Status at the end of the period
513
Series of shares
Number of shares
(pcs.)
Number of votes
Shareholding
Share in the total
number of votes
A
725.000
1.450.000
14,12%
24,75%
B
525.000
525.000
10,23%
8,96%
C
150.000
150.000
2,92%
2,56%
D
70.000
70.000
1,36%
1,19%
E
150.000
150.000
2,92%
2,56%
F
167.000
167.000
3,25%
2,85%
G
220.000
220.000
4,29%
3,76%
H
321.500
321.500
6,26%
5,49%
I
207.000
207.000
4,03%
3,53%
J
470.000
470.000
9,16%
8,02%
K
320.000
320.000
6,23%
5,46%
L
355.000
355.000
6,92%
6,06%
M
457.548
457.548
8,91%
7,81%
N
327.000
327.000
6,37%
5,58%
O
421.000
421.000
8,20%
7,19%
P
246.940
246.940
4,81%
4,22%
Total
5.132.988
5.857.988
100,00%
100,00%
The nominal value of one share = PLN 0.10.
Note 13.1 Share premium
Position
31.12.2024
31.12.2023
Premium from sale of shares above their nominal value
199 351
171 968
Total
199 351
171 968

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 54
Note 13.2 Changes in share premium from sale of shares above their nominal
value
Data for the period from 01.01.2024 to 31.12.2024
During the reporting period, there were changes in share premium from the sale of shares above their par value.
Position
Capital from sale of shares above their
nominal value
Balance at beginning of period
171 968
Valuation of financial instruments
0
Issue of shares above their nominal value
27 383
Status at the end of the period
199 351
In the second quarter of 2024, the Company issued series R shares, as a result of the transaction, after taking into
account the costs of the issue, the value of the balance sheet item "Share premium" increased by PLN 27,383
thousand.
The following table presents information on the issues mentioned above and how the total amount increasing the
item "Share premium" was determined.
Position
Capital from sale of shares above their
nominal value
Issuance of shares
27 500
Nominal value of shares increasing the share capital
50
Share issue costs
67
Issue of shares above their nominal value
27 383
Data for the period from 01.01.2023 to 31.12.2023
In 2023, there were no changes in capital from the sale of shares above their par value.
Note 14 Other capitals
Other capitals
31.12.2024
31.12.2023
Reserve capital
9 965
9 965
Total
9 965
9 965
Note 15 Retained earnings
Retained earnings
31.12.2024
31.12.2023
Losses to be covered by future profits
-213 863
-185 714

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 55
Note 16 Reserve capital
Information on estimates
The Company implements an incentive program using equity-settled share-based payment transactions. The
program is based on DataWalk shares and entitles the holder to receive equity instruments in the amount and under
the terms and conditions specified in the Regulations and the Participation Agreement. The program is recognized
in the financial statements in accordance with IFRS 2.
In order to comply with the provisions of IFRS 2, the Company recognizes an amount for services received during
the vesting period using the best available estimates of the number of equity instruments for which vesting will
occur. The entity adjusts these estimates, if necessary, if subsequent information indicates that the number of equity
instruments that will vest differs from previous estimates. At the vesting date, the entity adjusts the estimate to the
level of the number of equity instruments that will eventually vest.
Recognition of an incentive program requires the performance of an analysis that involves making certain
assumptions and applying professional judgment, particularly with regard to the number of equity instruments that
will vest during the reporting period as well as the valuation of options per share at the date of grant. At each
balance sheet date, the Company estimates the number of equity instruments that will vest during the reporting
period in order to recognize in the financial statements the corresponding increases in equity and the Company's
and the Group's expenses resulting from the incentive program.
Reserve capital
31.12.2024
31.12.2023
Incentive program
46 914
43 576
Total
46 914
43 576
Nature and rules of operation of the long-term equity-settled Incentive Program
On June 30, 2022. The General Meeting of DataWalk S.A. passed a resolution to introduce an Incentive Program
(the "Program") aimed at members of key personnel who are Employees, Associates or members of the
Management Board ("Eligible Persons") of the Company. The Regulations of the Program were adopted by the
Board of Directors of the Company by resolution dated August 31, 2022 and subsequently approved by the
Supervisory Board by resolution dated September 9, 2022 (the "Regulations").
The provisions of the Program shall be effective as of the date of adoption of the Regulations by the Supervisory
Board and shall remain in effect until terminated by the Management Board with the effects referred to in the
Regulations. The Management Board may at any time, with the approval of the Supervisory Board, decide to
terminate the Program or make changes to it.
The purpose of the Program is to attract and retain members of the Company's key personnel on a long-term basis
by creating additional market-attractive tools that allow key personnel to be fully identified and identified with the
Company, its long-term goals, motivating them to pay special attention to maintaining its dynamic growth, and
linking the interests of these individuals to the care of the Company's interests and, consequently, the interests of
its shareholders, thereby enabling them to participate in the Company's expected growth and, through this,
strengthening their relationship with the Company.
On December 30, 2024, the Extraordinary Shareholders' Meeting of DataWalk S.A. passed a resolution to
determine the maximum Entitlement Pool under the Stock Program, pursuant to which the previous Entitlement
Pool of a total of no more than 430,000 shares in the Company was increased to a maximum of 570,000 shares in
the Company.
With the above in mind, as of the balance sheet date of December 31, 2024, the maximum number of Entitlements
giving the right to subscribe for and/or acquire shares in the Company may not exceed a total of 570,000 shares in
the Company.
The Incentive Program is implemented by granting Participants who have been designated to participate in the
Incentive Program in accordance with the Regulations, and who have subsequently entered into an Incentive
Program Participation Agreement (the "Participation Agreement") with the Company, conditional entitlements to

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 56
subscribe for and/or acquire shares in the Company (the "Entitlements"). The granting of Entitlements is not
tantamount to their acquisition or exercise.
The Entitlements are not securities and do not include any claims under civil law (including commercial company
law) beyond the claim for the exercise of the Entitlements in accordance with the Program, and in particular do
not create any shareholder rights on the part of the Participant, including incorporating the right to vote, the right
to share in the Company's profit (dividends), or any other shareholder rights until the Company's Shares are
purchased or acquired. The entitlements are non-transferable to third parties and may not be encumbered by
property or bond rights, but are subject to inheritance.
The vesting of Entitlements by Participants occurs when the Conditions of Acquisition, defined as the fulfillment
of the financial or non-financial individual or Company criteria set forth in the Participation Agreement, are met,
taking into account:
(a) to maintain the Relationship for the period of time specified in the Participation Agreement, and/or
(b) fulfillment of additional criteria, if provided for in the Participation Agreement.
The Entitlements will be acquired free of charge.
The conditions related to the fulfillment of individual targets (performance vesting conditions) do not depend on
the market price of the Company's equity instruments and are therefore classified as non-market conditions.
Under IFRS 2, vesting conditions, other than market conditions, should not be taken into account when estimating
the fair value of shares or stock options at the measurement date. Instead, vesting conditions should be taken into
account by adjusting the number of equity instruments that are used in measuring the value of the entire transaction,
so that the value of the services recognized in exchange for the equity instruments granted takes into account the
number of instruments that will eventually vest.
The condition for the Exercise of the Entitlements is the fulfillment of the vesting conditions and the execution of
the Sale Transaction (non vesting condition) together.
Exercise of rights will occur if the following conditions are met together:
a. fulfillment of the Conditions of Acquisition specified each time in the individual Participation Agreement
(vesting conditions) - e.g. length of cooperation;
b. the occurrence of a "Sale Transaction", i.e. a situation in which all of the following conditions occur:
(i) an entity or group of entities acting in concert referred to in Art. 87 sec. 1 item 5 of the Act on Offering, will
exceed 50% of the total number of votes in the Company as a result of the announcement of a tender offer for the
sale of all shares in the Company, in accordance with the Act on Offering (hereinafter: "Tender Offer"), whereby,
for the purposes of calculating the total number of votes in the Company, the sum of the number of votes held -
regardless of the legal title - by all entities belonging to the same capital group and the number of votes from shares
is taken into account, even if the exercise of voting rights from them is limited or excluded by the Company's
Articles of Association or by agreement or by law, or a transformation, merger or division of the Company takes
place, which, in accordance with the applicable regulations, will not require the announcement of a Tender Offer;
and
(ii) FGP Venture will dispose of at least 587,500 (in words, five hundred and eighty-seven thousand five hundred)
of its shares in the Company or their equivalent received as a result of the Company's transformation, merger or
demerger (in response to the Tender Offer or independently of the Tender Offer), or an entity (acting alone, through
a group of companies or in concert with other entities), other than FGP Venture's shareholders as of June 30, 2022,
will reach more than 50% ownership in FGP Venture,
(iii) Notwithstanding the foregoing, a given transaction will not constitute a Sale Transaction unless it results in a
change of control, i.e.: a) an entity or group of entities acting in agreement exceeding 50% of the total number of
votes in the Company or ownership of 50% of the Company's assets, or b) achieving actual control over the

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 57
Company understood as achieving at least 30% of the total number of votes, or c) acquiring assets of the Company
representing at least 40% of the gross market value of all assets of the Company.
Under IFRS2, the Sale Transaction is understood as a condition other than vesting conditions (so-called non-
vesting condition).
According to the Regulations, the exercise of the Entitlements will take place within 6 months of the occurrence
of the Sale Transaction.
Due to the fact that the occurrence of the Sale Transaction is a probable future event, however, dependent on
factors not fully controlled by the Company and does not depend on the market price of the Company's shares - it
was not included in the valuation estimates of the Entitlement.
Exercise of the Entitlement acquired by the Participant consists in the acquisition or purchase of shares at the
nominal price. One Entitlement will entitle the Participant to subscribe for or acquire one share, with the proviso
that in the event that the nominal price of a share changes, i.e. does not amount to PLN 0.10 (in words: ten cents)
per share, the Participant will have the right to subscribe for or acquire a number of shares according to the formula
established in the Resolution of the Ordinary General Meeting of the Company No. 20 of June 30, 2022 on the
establishment of a share-based incentive program for members of key personnel of DataWalk S.A. (hereinafter:
"Resolution of the AGM").
Exercise of the Entitlement will occur either:
(i) directly using the institution of a share capital increase, the authorization of the Board of Directors to increase
the Company's share capital within the framework of authorized capital, or the purchase by the Company of its
own shares for the purpose of offering them to the Participants;
(ii) indirectly using the institution of a conditional share capital increase linked to the issue of registered
subscription warrants directed to the Participants;
(iii) or by any other appropriate means, including indirect acquisition by a third party - depending on the
Management Board's decision in this regard, as approved by the Supervisory Board.
If the Sale Transaction does not take place within the period indicated in the Terms and Conditions, in view of the
inability to fulfill the Performance Conditions, the Participation Agreement shall be automatically and immediately
terminated to the extent of the Eligibility in question, without any performance obligation on the part of the
Company. The Participant will not be entitled to any claims for payment, including any claims for damages against
the Company, its shareholders or Members of the Bodies.
In the event that the Sale Transaction occurs prior to the fulfillment of the specified Purchase Conditions, the
Participation Agreement shall be terminated to the extent of the respective Entitlements, and the Participant shall
forfeit any further participation in the Program to the aforementioned extent, including the right to acquire and
exercise the respective Entitlements. The Participant shall not be entitled to any claims against the Company, its
shareholders or Members of the Bodies, including any claims for payment, delivery of Shares or claims for
damages. However, if the Conditions of Acquisition of a given Participant included only the maintenance of the
Relationship on the terms set forth in the Regulations for the period of time specified in the Participation
Agreement, excluding the additional criteria referred to in the Regulations, while no Cause occurred, the
Conditions of Acquisition shall be deemed to have been fulfilled on the date of the Sale Transaction, and the
Participant shall be entitled to exercise the acquired Entitlements. The Participation Agreement may regulate
differently the consequences of the occurrence of a Sale Transaction prior to the fulfillment of the Purchase
Conditions.
Assumptions used to value the Program
Services received in the form of equity-settled share-based payments are measured indirectly at fair value on the
date of grant. The initial valuation of the program is based on the fair value of the underlying instruments. The

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 58
measurement of the value of goods or services received and the corresponding increase in equity takes into account
the extent to which the services have been provided.
The entity determines the fair value of the equity-settled liability by considering only market conditions and non-
vesting conditions, which means that vesting conditions and non-market conditions affect the valuation of the
increase in equity by adjusting the number of rights to subscribe for and/or acquire the Company's shares based on
estimates of performance to be met.
The value of one right to subscribe for and/or acquire Company shares is valued only once, at the date of grant. At
each reporting date, and ultimately at the date of settlement, the fair value of the recognized increase in equity may
be subject to revaluation as a result of adjusting the number of rights to take up and/or acquire Company shares.
The revaluation relates to the recognized portion of the increase in equity up to the vesting date. The full value of
the increase in equity is subject to revaluation from the vesting date to the settlement date. The cumulative net cost
and amounts recognized in the income statement that will ultimately be recognized in connection with the
transaction will be equal to the product of the vested rights to subscribe for and/or acquire Company shares and
the value of one right to subscribe for and/or acquire Company shares on the date of grant.
The effects of valuation adjustments on growth in equity during the vesting period are recognized immediately in
the income statement (in the corresponding expense item) to the extent that they relate to past services, and to the
extent that they relate to future services the effect of the valuation adjustment is spread over the remaining vesting
period.
This means that during the revaluation period, there may be a supplementary adjustment to the number of rights
to take up and/or acquire the Company's shares for previous periods, so that the recognized increase in equity at
each reporting date equals the total fair value of the increase in equity.
As of the balance sheet date of December 31, 2024, the Company has adjusted the number of rights to subscribe
for and/or acquire Company shares for which vesting has occurred based on the Company's internal estimates, and
thus revalued the corresponding increase in equity. A decision on the final number of rights vested by program
participants will be made upon the occurrence of events, as specified in the Regulations, giving eligible persons
the right to subscribe for and/or acquire Company shares.
The fair value of the entitlement to subscribe for and/or acquire the Company's shares on the date of grant is
determined based on the Black-Scholes-Merton model, where the underlying instrument is the market price of
DataWalk S.A. shares. The vesting will take place free of charge. Exercise of vested rights by the participant will
consist in the subscription and/or acquisition of shares at a nominal price, which on the date of grant was PLN
0.10 per share. The entitlement to subscribe for and/or acquire shares in the company does not give the right to
dividends, therefore the expected dividend rate is 0. There are no other market conditions in the valuation of the
rights to subscribe for and/or acquire shares in the Program. However, the total cost of the Program and the
corresponding increase in equity should be determined at each balance sheet date, taking into account other non-
market factors.
The expected volatility of the price was determined based on the annualized standard deviation of the stock return
using daily observations. The rate of return was expressed as an annual rate of interest with continuous
capitalization (annual continuous rate). In accordance with IFRS 2, in estimating expected volatility, the Company
considered:
(a) the volatility applied to options on the Company's shares traded on the stock exchange due to their availability;
(b) historical stock price volatility over the most recent possible time period, the length of which is generally
commensurate with the expected life of the option;
(c) the length of time that the entity's shares have been publicly traded, i.e. since 20/07/2012, so the Company is
not considered a newly listed entity, and historical volatility has been considered relatively stable over the long
term;
(d) appropriate and regular time frames for observing prices, which, in the Company's opinion, are consistent from
period to period - the entity uses the closing price of each day of the week. The observed prices are expressed in
the currency in which the strike price is set, i.e. PLN.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 59
The average annual percentage of forfeitures for vesting and/or acquisition of Company shares, based on
expectations of, for example, the number of employees and associates leaving the Company before the vesting
date, was assumed to be 0%. The Company periodically reviews these estimates and, in the event of material
deviations, updates them.
The grant of Entitlements to the Company's employees and associates who joined the Incentive Program from its
inception until the balance sheet date of December 31, 2024 was made in five tranches.
The table below shows the parameters adopted in the Entitlement valuation model for each tranche of the
Program.
Parameters adopted in
the valuation model
Tranche I
Tranche II
Tranche III
Tranche IV
Tranche V
Transaction side
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
Program valuation date
(Grant Date)
01.10.2022 r.
01.01.2023 r.
01.07.2023 r.
01.02.2024 r.
01.07.2024 r.
Valuation model
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-
Scholes-
Merton
The number of
Allowances granted
under the Participation
Agreements.
275,518 units.
118,710 units.
12,450 units.
42,300 units.
3,900 units.
Share price
136,26 PLN
91,35 PLN
60,00 PLN
33,90 PLN
63,30 PLN
Execution price
PLN 0.10
PLN 0.10
PLN 0.10
PLN 0.10
PLN 0.10
Expected rate volatility
4,16%
4,13%
3,56%
4,64%
4,91%
Average life expectancy
of the right to subscribe
to shares
5 years
5 years
5 years
5 years
5 years
Risk-free rate
7,14%
6,05%
5,45%
5,44%
5,04%
Fair value
136,19 PLN
91,28 PLN
59,92 PLN
33,82 PLN
63,22 PLN
At a further stage of the Incentive Program, the authorized bodies may designate further Incentive Program
Participants and offer them a certain number of Entitlements within the limit set by the Resolution of the AGM,
i.e. in a total number not exceeding 570,000 shares of the Company. The Company will announce these events in
separate announcements.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 60
Program inclusion in the period from January 1, 2024 to December 31, 2024.
The following table shows the number of vesting Entitlements granted to the Company's shares as of December
31, 2024, by vesting conditions and degree of exercise.
Conditions for vesting
Entitlements
granted
(in pcs.)
Degree of
fulfillment
of the
conditions
of
acquisition
Number of
acquired
rights
(in pcs.)
Estimated
number of
vested rights
as of the
balance
sheet date
(in pcs.)
Remains in
the process
of vesting
(in pcs.)
Acquired rights (vested
404 436
100%
404 436
0
0
Provision of services until
30.06.2025
8 200
69%
0
5698
2 502
Provision of services until
31.12.2025
2 000
53%
0
1051
949
Provision of services until
30.06.2026
750
25%
0
189
561
Total
415 386
99%
404 436
6 938
4 012
The following table presents the number of Entitlements for which the conditions for acquisition are estimated to
have been fulfilled, and thus the services are considered to have been rendered, together with the recognition in
expenses at weighted average fair value.
Specification
Quantity
Weighted
average fair
value
(in PLN)
Cost according
to weighted
average fair
value
(in PLN
thousands)
Estimated quantity of acquired Entitlements as of
01.01.2024
348 001
125,22
43 577
Estimated number of vested Entitlements during the
period resulting from the Participation Agreements
70 017
55,93
3 916
Number of lost Entitlements during the period
-6 644
87,00
-578
Estimated amount of acquired Entitlements as of
31.12.2024
411 374
114,04
46 915
The following table shows the inclusion of Program costs in the various line items of the financial statements.
Financial statement element
Position
Weighted average fair value
(in PLN thousands)
Income statement / Operating
expenses
Employee benefits -
Share-based payments
3 338
Equity
Financial result of the current year
3 338
Retained earnings
43 576
Reserve capital
46 915
During the period covered by the report, there was no expiration of the Entitlements. There were no Entitlements
that were exercised during the reporting period, as well as no Exercisable Entitlements as of the balance sheet date
of December 31, 2024.
As of the balance sheet date and as of the date of approval of these financial statements for publication, the Program
Entitlements were not exercisable, due to the fact that no Sale Transaction had occurred. In addition, the Group's
Management had not taken any actions, as well as was not in possession of any information indicating a high
probability of the occurrence of events, as a result of which, in the next 12 months, could result in the conclusion
of a Sale Transaction, and thus the commencement of the Program (share issue) process.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 61
The following table shows the settlement of the Program Entitlements by their exercise status and their fair value
as of December 31, 2024.
Specification
Number
of units
% of
Program
Fair value
(in PLN)
Cost at
fair value
(in PLN
thousands
)
The maximum number of Entitlements in the Program,
including:
570 000
- Entitlements granted under the Participation Agreements,
consisting of:
415 386
73%
113,49
47 141
- Tranche of 01.10.2022 taking into account the concluded
agreements of 01.10.2022
266 301
47%
136,19
36 268
- Tranche of 01.01.2023
93 835
16%
91,28
8 565
- Tranche of 01.07.2023
12 450
2%
59,92
746
- Tranche of 01.02.2024
38 900
7%
33,82
1 316
- Tranche of 01.07.2024
3 900
1%
63,22
247
- Number of Entitlements to be granted in future periods
154 614
27%
Entitlements granted under the Participation
Agreements, including:
415 386
73%
113,49
47 141
- There has been vesting (vested)
404 436
71%
115,00
46 510
- Remains in the process of vesting, including:
10 950
2%
57,58
630
a) for which it is estimated that the conditions for
acquisition have been met
6 938
1%
58,26
404
The number of lost Allowances from the beginning of the Program until December 31, 2024 totaled 37,492 units,
equivalent to 7% of the maximum number of Allowances in the Program.
As of the balance sheet date of December 31, 2024, the Incentive Program remains ongoing.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 62
Note 17 Lease liabilities (non-current and current)
Information on estimates
Lease payments are discounted by the Group using a marginal interest rate, the value of which is estimated based
on the value of the risk-free rate and the Group's credit risk premium. Some of the leases entered into contain
options to extend or terminate the lease. Management exercises judgment to determine the period for which it can
be assumed with reasonable certainty that such agreements will continue.
As of December 31, 2024, the Group was a party to an office space lease and a car lease which it is the lessee
Liabilities under leases
31.12.2024
31.12.2023
Long-term
427
33
Short-term
422
604
Total
849
637
Specification
31.12.2024
31.12.2023
Office space lease obligations
810
542
- up to 12 months
388
542
- over 12 months
422
0
Car lease liabilities
39
95
- up to 12 months
34
62
- over 12 months
5
33
Total
849
637
Leasing of office space
As of December 31, 2024, future minimum lease payments for office space are as follows:
Specification
31.12.2024
31.12.2023
Future minimum lease payments, including:
878
571
- in less than 1 year
439
571
- over a period of 1-2 years
439
0
Future interest costs
-68
-29
Present value of lease obligations, including:
810
542
- in less than 1 year
388
542
- over a period of 1-2 years
422
0
In June 2024, the Company concluded an annex extending the lease of office space for another 2 years, starting
from 01/01/2025, thus maintaining the continuity of the contract. At the same time, the annex provides for a
reduction in office space and new rates of monthly fees. With the above in mind, the Company recalculated the
lease liability accordingly, resulting in an increase in the balance as of 31.12.2024.
The effective interest rate on office space leases was 8.98% as of December 31, 2024, and 10.29% as of December
31, 2023.
Car leasing
As of December 31, 2024, future minimum car lease payments are as follows:

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 63
Specification
31.12.2024
31.12.2023
Future minimum lease payments, including:
41
101
- in less than 1 year
36
67
- over a period of 1-2 years
5
34
Future interest costs
-2
-6
Present value of lease obligations, including:
39
95
- in less than 1 year
34
62
- over a period of 1-2 years
5
33
The effective interest rate on the above car lease as of December 31, 2024 was: 5.69% or 7.85% or 10.03%,
depending on the contract signed.
Leasing costs recognized in the reporting period
In the period from January 1, 2024 to December 312024, the amounts of expenses arising from leases included in
the statement with the statement of comprehensive income were:
Specification
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
Amortization cost of right-of-use assets
603
621
Interest expense on lease liabilities
64
87
Costs of short-term leases
12
11
Leasing costs of low-value assets
0
0
Total
678
720
Note 18 Loans and borrowings (long-term and short-term)
The value of liabilities on account of loans and borrowings was recognized at amortized cost determined using the
effective interest rate. The fair value of borrowing liabilities is not materially different from the carrying value.
The Group's debt as of December 31, 2024 and December 31, 2023 is shown in the table below.
Borrower:
DataWalk Inc.
Subject of funding:
Mitigation of economic damage caused by the natural
disaster arising in the month of January 31, 2020 and
continuing thereafter
Funding institution:
U.S. Small Business Administration (SBA)
Amount of loan/borrowing according to the agreement [in
thousands of USD]:
150
Value of the liability as of the balance sheet date [in
thousands of USD]:
156
Value of liability as of December 31, 2023 [in thousands
of USD]:
159
Value of the liability as of the balance sheet date [in
thousands of PLN]:
641
Value of liability as of 31.12.2023 [in thousands of PLN]:
628
Effective interest rate:
fixed interest rate
Repayment term:
2050-07-01
Security:
Fixed assets
As of December 31, 2024, the Group's total debt amounted to PLN 641 thousand, and was secured by fixed assets
with a gross value of PLN 121 thousand.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 64
As of December 31, 2023, the Group's total debt amounted to PLN 628 thousand, and was secured by fixed assets
with a gross value of PLN 117 thousand.
During the reporting period, there were no defaults in the repayment of principal or interest on borrowings, nor
were there any violations of other terms and conditions of loan agreements that entitle the lender to demand early
repayment of the loan
Due to the fixed interest rate, the above financial liability does not involve interest rate risk.
Maturity structure of loans, borrowings and liabilities
Maturity structure of loans, borrowings and long-term financial
liabilities
31.12.2024
31.12.2023
Long-term, including:
605
593
- loans over a period of 1-2 years
36
35
- loans over a period of more than 2 years
569
558
Short-term
36
35
Currency structure of carrying value of loans, borrowings and financial liabilities
Currency structure of carrying value of loans, borrowings
and financial liabilities
31.12.2024
31.12.2023
In U.S. dollar currency (PLN equivalent)
641
628
Total
641
628
Fair value of financial liabilities
During the 12 months ended December 312024, the Group did not have any transfers in debt items between levels
of the fair value hierarchy. As of December 312024, the fair value of loans and advances did not differ materially
from their book value and was determined using models for which the inputs are not observable directly or
indirectly in active markets (Level 3)
Note 19 Incentive program liabilities
Information on estimates
The Group operates an incentive program using cash-settled share-based payment transactions. The program is
based on derivative financial instruments, entitling the holder to receive payment of a cash amount in the amount
and under the conditions specified in the Regulations and the Participation Agreement (so-called Restricted Stock
Units, hereinafter "RSUs"). This program is recognized in the consolidated financial statements in accordance with
IFRS 2.
In order to comply with the provisions of IFRS2, the Group recognizes an amount for services received during the
vesting period using the best available estimates of the number of equity instruments for which vesting will occur.
The entity adjusts these estimates, if necessary, if subsequent information indicates that the number of equity
instruments to be vested differs from previous estimates. At the vesting date, the entity adjusts the estimate to the
level of the number of equity instruments that will eventually vest.
Recognition of an incentive program requires the performance of an analysis that involves making certain
assumptions and applying professional judgment, particularly with regard to the number of equity instruments that
will vest during the reporting period as well as the valuation of the RSU. At each balance sheet date, the Group
estimates the number of equity instruments for which vesting will occur and their fair value during the reporting
period in order to recognize in the financial statements the relevant liabilities and the Group's expenses resulting
from the incentive program.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 65
The nature and operation of DataWalk Group's long-term cash-settled Incentive Program
On June 30, 2020. The General Meeting of DataWalk S.A. passed a resolution to introduce an Incentive Program
(the "Program") aimed at members of key personnel who are Employees, Associates or members of the
Management Board ("Eligible Persons") of the Group. The Regulations of the Program were adopted by the
Management Board of the Company and subsequently approved by the Supervisory Board by resolution dated
18.03.2022.
The provisions of the Program shall be effective as of the date of adoption of the Regulations by the Supervisory
Board and shall remain in effect until terminated by the Management Board with the effects referred to in the
Regulations. The Management Board may at any time, with the approval of the Supervisory Board, decide to
terminate the Program or make changes to it.
The purpose of the Program is to attract and retain members of key personnel on a long-term basis for both the
Company and/or its Subsidiaries by creating additional market-attractive tools to fully identify and identify key
personnel with the Group, its long-term goals, motivating them to pay special attention to the Group's long-term
performance, maintaining the Group's dynamic growth in value, and linking the interests of these individuals to
the interests of the Group and, consequently, to the interests of its shareholders, thereby linking the long-term
value of the Group to the long-term goals of the key personnel.
In the case of the Program, the entity required to settle the Program is that company which is the recipient of the
services billed under the Program and has entered into the relevant participation agreement with the Program
participant. Each of the companies, i.e. DataWalk S.A. and DataWalk Inc. is a party to agreements with Program
participants providing work or services to DataWalk S.A. or DataWalk Inc. respectively.
On December 30, 2024, the Extraordinary Shareholders' Meeting of DataWalk S.A. passed a resolution to
determine the maximum pool of RSUs under the Program, pursuant to which the previous pool in a total number
not exceeding 1,120,000 RSUs was reduced to a maximum of 980,000 RSUs.
With the above in mind, as of the balance sheet date of December 31, 2024, the number of RSUs that may be
granted in total to all Eligible Persons under the Program may not exceed 980,000 units.
The maximum duration of the Eligible Persons' right to exercise RSUs is 10 years from the signing of the Program
Participation Agreement, under which the Eligible Person becomes entitled to receive cash upon meeting certain
vesting conditions.
In share-based payment transactions, the Group receives services from Eligible Persons and incurs an obligation
to spend cash, which is based on the price (or value) of the Company's shares as compensation.
The Eligible Persons were offered to conclude agreements on participation in the Program (the "Participation
Agreement"), which set forth the terms and conditions for the Eligible Persons' entitlement to receive derivative
financial instruments within the meaning of the Act on Trading in Financial Instruments of July 29, 2005 (Journal
of Laws No. 183, item 1538, as amended) entitling them to receive payment of a cash amount in the amount and
under the terms and conditions set forth in the Regulations and the Participation Agreement (the so-called
Restricted Stock Units, hereinafter the "RSUs").
The conditions for the acquisition of RSUs imply the fulfillment of the established individual goals, if provided
for in the Participation Agreement, and/or the maintenance of the Employee and/or Associate and/or Board
Member status in the Group for the period specified in the Participation Agreement and under the terms of the
Regulations.
The conditions related to meeting individual performance targets (performance vesting conditions) do not depend
on the market price of the Group's equity instruments and are therefore classified as non-market conditions.
The terms and conditions related to maintaining the status of Employee and/or Associate and/or Member of the
Board of Directors in the Group (service period vesting condition) are concluded for a period of up to 4 years,
taking into account the period of service to the Group prior to approval of the Regulations. Vesting takes place on
an annual basis.
Under IFRS 2, vesting conditions, other than market conditions, should not be taken into account when estimating
the fair value of shares or stock options at the measurement date. Instead, vesting conditions should be taken into

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 66
account by adjusting the number of equity instruments that are used in measuring the value of the entire transaction,
so that the value of the services recognized in exchange for the equity instruments granted takes into account the
number of instruments that will eventually vest.
The condition for Realization of payments under the provisions of the Program is the fulfillment of the vesting
conditions (vesting conditiods) and the execution of the Sales Transaction (non vesting condition) together.
A Sale Transaction means a situation in which all of the following occur:
(i) an entity or a group of entities acting in concert, referred to in Article 87 of the Polish Offering Act, will exceed
50% of the total number of votes in the Company as a result of a tender offer for the sale of all shares in the
Company, referred to in Article 74 Section 1 or 2 or Article 91 Section 5 of the Polish Offering Act. 5 of the Polish
Act on Public Offering, whereby for the purposes of calculating the total number of votes in the Company, the
sum of the number of votes held - regardless of legal title - by all entities belonging to the same capital group and
the number of votes attached to the shares is taken into account, even if the exercise of voting rights therefrom is
limited or excluded under the Company's Articles of Association or under an agreement or provisions of law, or a
transformation, merger or division of the Company takes place, which would not require the announcement of a
tender offer pursuant to Article 92 of the Polish Act on Public Offering; and
(ii) FGP Venture will dispose of at least [587,500] (in words, [five hundred eighty-seven thousand five hundred])
of the Company's shares held or their equivalent received as a result of the Company's transformation, merger or
demerger (in response to the tender offer referred to in (i) or independently of that tender offer), or an entity (acting
alone, through a group of companies or in concert with other entities) other than FGP Venture's shareholders as of
June 30, 2020, will reach more than 50% of the shares in FGP Venture,
(iii) Notwithstanding the foregoing, a given transaction shall not constitute a Sale Transaction unless it results in
a change of control within the meaning of Article 409A, i.e. (a) exceeding by an entity or group of entities acting
in concert 50% of the total number of votes in the Company or ownership of 50% of the Company's assets, or (b)
achieving actual control over the Company understood as achieving at least 30% of the total number of votes, or
(c) acquiring assets of the Company representing at least 40% of the gross market value of all assets of the
Company;
According to the Regulations of the Program, the one-time payment resulting from the exercise of RSUs will be
settled within 90 days of the occurrence of the Sale Transaction, but no later than March 14 of the year following
the year in which the Sale Transaction occurred.
Under IFRS2, the Sale Transaction is understood as a condition other than vesting conditions (so-called non-
vesting condition).
Due to the fact that the occurrence of the Sale Transaction is a probable future event, however, dependent on
factors that are not filled by the Group, and does not depend on the market price of the Group's shares - it has not
been included in the valuation estimates of the RSU.
The realization of RSUs consists in a one-time payment by the Group of a cash amount in the amount equal to the
product of the number of RSUs granted and the value of RSUs specified in the Regulations, which will depend on
the value/price of the shares from the Sale Transaction, less mandatory deductions for advance income tax, social
security, health insurance contributions or any other public and legal dues in the part charged to the Participant,
which the Group, as the payer, is obliged to deduct under applicable regulations. Once the RSUs have been
exercised, i.e., as to which the cash amount due has been paid, the Participant is not entitled to any additional cash
or non-cash benefits from the Group under the Program.
If the Sale Transaction does not take place within the period indicated in the Participation Agreement entered into
with the relevant Participant of the right to receive RSUs, in view of the inability to fulfill the Performance
Conditions, the Participation Agreement shall be automatically and immediately terminated to the extent of the
RSUs in question, without any performance obligation on the part of the Company or the Subsidiary. The
Participant shall not be entitled to any claims for payment, including any claims for damages against the Company,
the Subsidiary, their shareholders or members of their bodies.
In the event that a Sale Transaction occurs prior to the fulfillment of the specified Award Conditions, the
Participation Agreement shall be terminated to the extent covering the RSUs in question, and the Participant shall
forfeit any further participation in the Program to the aforementioned extent, including the right to award and
exercise the RSUs in question. The Participant will not be entitled to any claims for payment, including any claims

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 67
for damages against the Company, the Subsidiary, their shareholders or members of their bodies. However, if the
Terms and Conditions of Award of a given Participant included only the maintenance of the status of Employee
and/or Associate and/or Board Member in the Company and/or Subsidiary on the terms and conditions set forth in
the Terms and Conditions for the period of time specified in the Participation Agreement, excluding additional
individual objectives referred to in the Terms and Conditions, while no Cause occurred, the Participant will be
awarded RSUs as of the date of the Sale Transaction in such amount as if the Sale Transaction had occurred after
the expiration of the aforementioned required minimum period of maintenance of status as an Employee and/or
Associate and/or Member of the Board of Directors in the Company and/or Subsidiary. The Participation
Agreement may regulate differently the consequences of the occurrence of a Sales Transaction prior to the
fulfillment of the Conditions of Allocation.
Assumptions used to value the Program
Employee services received in the form of cash-settled share-based payments are measured indirectly at the fair
value of the liability at the date of grant. The initial measurement of the liability is based on the fair value of the
underlying instruments. Measurement of the liability takes into account the extent to which services have been
rendered.
The entity determines the fair value of a cash-settled liability by considering only market conditions and non-
vesting conditions, which means that vesting conditions and non-market conditions affect the valuation of the
liability by adjusting the number of rights to receive cash based on estimates of performance to be met.
At each reporting date, and ultimately at the date of settlement, the fair value of the recognized liability is subject
to remeasurement. The remeasurement applies to the recognized portion of the liability up to the vesting date. The
full amount is subject to remeasurement from the vesting date to the settlement date. The cumulative net cost and
amounts recognized in the income statement that will ultimately be recognized in connection with the transaction
will be equal to the amount paid to settle the liability.
The effects of remeasurement during the vesting period are recognized immediately in the income statement (in
the corresponding expense item) to the extent that they relate to past services, and to the extent that they relate to
future services, the effect of remeasurement is spread over the remaining vesting period.
This means that in the revaluation period there is a supplementary adjustment for previous periods, so that the
recognized liability at each reporting date is equal to the total fair value of the liability.
As of the balance sheet date of December 31, 2024, the Group has valued the RSUs for which vesting has occurred
based on the Group's internal estimates. A decision on the final number of RSUs granted and their value has not
been made as of the date of the financial statements, as there were no events specified in the Regulations giving
Eligible Persons the right to grant and benefit from the RSUs granted.
The fair value of RSUs as of the balance sheet date of December 31, 2024 was determined based on the market
price of DataWalk S.A. shares. Under the terms of the Regulations, the value of the RSUs will be determined
based on the share price from the Sale Transaction. The RSUs will be granted at no cost to the Eligible Persons.
RSUs do not carry the right to dividends and therefore the expected dividend yield is 0. There are no other market
conditions in the valuation of RSUs in the Program. In this situation, the valuation of the RSUs at a given balance
sheet date should be equal to the fair value of the Company's shares at that date. On the other hand, the total cost
of the Program should be determined at each balance sheet date taking into account other non-market factors. The
Company performed a sample simulation of the valuation of the RSU using the Black-Scholes model to confirm
the validity of this approach, and the result of the valuation confirms that it is reasonable to take the valuation of
the RSU at the fair value of the shares under the aforementioned assumptions.
The average annual percentage of forfeitures for RSUs, based on expectations of, for example, the number of
employees and associates leaving the Group before the vesting date, was assumed to be 0%. The Group
periodically reviews these estimates and, in the event of material deviations, updates them.
Recognition of the Program for the period from January 1, 2024 to December 31, 2024.
The following table shows the number of RSUs granted as of December 31, 2024, by vesting conditions and degree
of exercise.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 68
Conditions for vesting
Entitlement
s granted
(in pcs.)
Degree of
fulfillment
of the
conditions
of
acquisition
Number of
rights
acquired (in
pcs.)
Estimated
number of
vested
rights as of
the balance
sheet date
(in pcs.)
Remains in
the process
of vesting
(in pcs.)
Acquired rights (vested)
862 490
100,00%
862 490
0
0
Provision of services until
30.06.2025
13 500
71,52%
0
9 655
3 845
Provision of services until
31.12.2025
16 250
50,77%
0
8 250
8 000
Provision of services until
30.06.2026
12 475
45,81%
0
5 715
6 760
Provision of services until
31.12.2026
14 625
28,38%
0
4 150
10 475
Provision of services until
30.06.2027
2 775
37,84%
0
1 050
1 725
Provision of services until
31.12.2027
750
25,33%
0
190
560
Total
922 865
93,46%
862 490
29 010
31 365
In accordance with IFRS 2, the Group has updated the fair value of RSUs as of the balance sheet date of December
31, 2024.
Accordingly, the Group has determined the following events affecting the estimates:
• the fair value as of December 31, 2024 differed from the value obtained as of the previous balance sheet date
(the difference resulting from the change in the Company's share price),
• further RSUs for which the acquisition conditions are estimated to have been met should have been valued and
recognized,
• There were no events that resulted in the need to adjust the cost of the Program for RSUs lost as a result of
non-fulfillment of vesting conditions.
The following table shows the items affecting the conversion of the value of the liability and the cost of the Program
recognized in the consolidated financial statements.
Specification
Quantity
Weighted average
fair value
(in PLN)
Cost according to
weighted average
fair value
(in PLN
thousands)
Estimated number of vested rights as of
01.01.2024
814 310
36,30
29 560
Estimated number of vested rights as of
December 31, 2023.
814 310
20,30*
16 530
Estimated number of vested rights during the
period
77 190
56,60
4 369
Number of rights lost during the period
0
0
Estimated number of vested rights as of
31.12.2024
891 500
56,60
50 459
* The difference between the weighted average fair values of RSUs as of December 31, 2024.
and December 31, 2023.
There were no expirations of RSUs during the reporting period. In addition, there were no RSUs that have been
exercised, as well as no exercisable RSUs as of the balance sheet date of December 31, 2024.
The total cost of the Program recognized in the financial statements for the 12 months ended December 31, 2024,
estimated according to vested rights, was PLN 20,899 thousand.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 69
The following table presents the inclusion of the Program's costs in individual items of the consolidated financial
statements, along with information on the involvement of individual companies in the Issuer Group in the
implementation of the Program.
Specification
Position
DataWalk
S.A.
DataWalk
Inc.
DataWalk
Group
Estimated number of vested
rights as of 31.12.2024 (pcs.).
-
72 925
818 575
891 500
Profit and loss account /
Operating expenses (PLN
thousand)
Employee benefits -
Share-based payments
3 378
17 521
20 899
Equity (thousands of PLN)
Financial result of the current
year
3 378
17 521
20 899
Equity (thousands of PLN)
Retained earnings
749
28 810
29 559
Short-term liabilities
(PLN thousands)
Incentive program liabilities
4 128
46 331
50 459
The total carrying amount of consolidated liabilities under the Program as of December 31, 2024 was PLN 50,459
thousand.
As of the balance sheet date and as of the date of approval of these financial statements for publication, the
liabilities under the Program were not due, due to the fact that no Sale Transaction had taken place. In addition,
the Group's Management had not taken any actions, nor was it in possession of any information indicating a high
probability of the occurrence of events as a result of which, in the next 12 months, a Sale Transaction could be
concluded, and thus the process of Program execution (cash settlement) could be initiated.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 70
The following table shows the settlement of RSUs under the Program by exercise status and their fair values as of
December 31, 2024.
Specification
Number of
units
% of
Program
Fair value
(in PLN)
Cost at
fair value
(in PLN
thousands)
The maximum number of units in the
Program, including:
980 000
100%
56,60
55 468
- RSUs granted under the Participation
Agreements, consisting of:
922 865
94%
56,60
52 234
- Tranche of 01.04.2022
781 650
80%
56,60
44 241
- Tranche of 01.07.2022
10 500
1%
56,60
594
- Tranche of 01.01.2023
10 250
1%
56,60
580
- Tranche of 01.05.2023
37 000
4%
56,60
2 094
- Tranche of 01.07.2023
17 225
2%
56,60
975
- Tranche of 01.01.2024
5 750
1%
56,60
325
- Tranche of 01.02.2024
52 490
5%
56,60
2 971
- Tranche of 01.07.2024
8 000
1%
56,60
453
- Number of RSUs to be granted in future
periods
57 135
6%
56,60
3 234
RSUs granted under the Participation
Agreements, including:
922 865
94%
56,60
52 234
- There has been vesting (vested)
862 490
88%
56,60
48 817
- Remains in the process of vesting,
including:
60 375
6%
56,60
3 417
(a) for which it is estimated that the
conditions for acquisition have been met
29 010
3%
56,60
1 642
As of the balance sheet date of December 31, 2024, the Incentive Program remains ongoing.
Note 20 Trade payables
Trade payables
31.12.2024
31.12.2023
Towards other entities, including:
2 263
2 808
- invoiced liabilities
2 263
2 808
Total
2 263
2 808
Note 20.1 Maturity structure of trade payables
Trade payables
31.12.2024
31.12.2023
- up to one month
2 201
2 728
- over a month to 3 months
62
57
- overdue
0
23
Total
2 263
2 808

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 71
Note 20.2 Currency structure of trade payables
Trade payables
31.12.2024
31.12.2023
Nominated in PLN
2 135
2 306
Nominated in USD
128
446
Nominated in EUR
0
56
Total
2 263
2 808
Note 21 Other liabilities (short-term)
Other liabilities (short-term)
31.12.2024
31.12.2023
Towards other entities, including:
929
657
a) due to taxes and other public and legal services
672
393
(b) wages
254
262
(c) others
3
2
Total
929
657
Note 22.1 Other provisions (short-term)
Information on estimates
The Group estimates the value of liabilities based on its assumptions and methodology by assessing the probability
of an outflow from the Group of funds containing economic benefits. It recognizes as liabilities those amounts
whose probability and timing of expenditure at the balance sheet date is high. Provisions for sales commissions
mostly depend on estimates of the value of sales revenues achieved by the Group.
Other provisions (short-term)
31.12.2024
31.12.2023
Provisions for pensions and similar benefits, including:
171
218
a) for unused leave
171
218
Other reserves, including:
1 545
1 215
(a) provision for audit of financial statements
380
227
(b) provision for financial statements and accounting services
104
186
(c) provision for sales commissions
587
582
(d) provision for bonuses
123
0
(e) legal and consulting services
146
62
(f) cloud services
185
128
(g) other reserves
20
30
Total
1 716
1 433
Provision for sales commissions
In this provision item, the Group recognizes expected liabilities related to commissions payable to sales and
implementation service providers in connection with sales processes performed for the Group.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 72
Note 22.2 Change in other provisions (short-term)
Data for the period from 01.01.2024 to 31.12.2024
Specification
Value as of
01.01.2024
Increases
Use of
Solution
Value as of
31.12.2024
Provisions for pensions and
similar benefits, including:
218
32
80
0
171
a) for unused leave
218
32
80
0
171
Other reserves, including:
1 215
5 174
4 785
59
1 545
(a) provision for audit of
financial statements
323
178
121
0
380
(b) provision for financial
statements and accounting
services
89
449
427
7
104
(c) provision for sales
commissions
582
1 812
1 785
23
587
(d) provision for bonuses
0
123
0
0
123
(e) legal and consulting
services
62
375
276
15
146
(f) cloud services
128
1 332
1 274
0
185
(g) other reserves
30
904
901
14
20
Total
1 433
5 206
4 865
59
1 716
Data for the period from 01.01.2023 to 31.12.2023
Specification
Value as of
01.01.2023
Increases
Use of
Solution
Value as of
31.12.2023
Provisions for pensions and
similar benefits, including:
431
37
250
0
218
a) for unused leave
431
37
250
0
218
Other reserves, including:
1 495
5 854
5 781
354
1 215
(a) provision for audit of
financial statements
95
260
128
0
227
(b) provision for financial
statements and accounting
services
178
518
474
37
186
(c) provision for sales
commissions
807
1 536
1 761
0
582
(d) provision for royalties
46
0
46
0
0
(e) provision for bonuses
115
100
0
215
0
(f) legal and consulting
services
166
547
564
86
62
(g) cloud services
0
2 250
2 122
0
128
(h) other reserves
88
643
686
15
30
Total
1 926
5 892
6 031
354
1 433

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 73
Note 23.1 Sales revenue - by type
Information on estimates
The Company performs performance obligations, among which some, particularly those related to the fulfillment
of contracts in the area of DataWalk software implementation, are valued according to the degree of progress of
the service. Preparation of this type of valuation requires estimation of the remaining costs to be incurred and
revenues in order to measure the degree of progress of work under a given contract. The degree of progress of the
contract may be determined in two ways: a) according to the documented advancement of work on the contract
(possible documents: minutes of receipt of successive stages of work, settlement of working hours on the
contract), b) if it is not possible to assess the degree of progress of work, it is possible to assume that the degree
of progress of the contract is proportional to the costs incurred during the period. The preparation of the valuation
and the resulting revenue recognition in each case requires the exercise of professional judgment and appropriate
estimates. The Company is not a party to agreements under which it would be a lessor.
Sales revenue
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
License sales
8 323
11 971
Deployments
6 125
4 171
Technical assistance
10 018
9 266
Other income
166
356
Total
24 632
25 764
Note 23.2 Sales revenue - territorial structure
Sales revenue
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Sales Poland
7 225
6 860
Sales North and South America.
8 535
14 159
Other regions
8 873
4 745
Total
24 632
25 764
Note 23.3 Sales revenue - customer groups
Sales revenue
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Government sector
10 530
13 427
Private sector
14 102
12 337
Total
24 632
25 764

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 74
Note 23.4 Sales revenue - by method of recognition in the income statement
Sales revenue
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Revenue recognized at a point in time:
8 489
12 326
- license sales
8 323
11 971
- other income
166
355
Revenue recognized over time:
16 143
13 437
- sales of implementation services
6 125
4 171
- sales of assistance services
10 018
9 266
Total
24 632
25 764
Other performance obligations
As of December 31, 2024, the Group analyzed the total amount of the transaction price attributable to performance
obligations that remained wholly or partially unfulfilled as of the balance sheet date and decided to use the practical
exception for performance obligations that are part of a contract with an expected original term of up to 12 months.
As a result of the analysis, it was determined that, as of December 31, 2024, all performance obligations valued
according to the stage of completion arise from contracts ending before December 31 2025. In the case of
DataWalk (maintenance) contracts, the vast majority are indefinite term contracts with a notice period of less than
12 months, so the Group considers the resulting performance obligations to be short-term and has decided to take
advantage of the practical exception mentioned above.
Note 24 Cost by nature
Costs by type
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Depreciation
3 664
4 586
Consumption of materials and energy
137
207
Third-party services
26 336
30 098
Taxes and fees
75
225
Salaries, including:
37 887
-3 914
- wages
13 649
23 060
- Incentive program costs (settled in cash)
20 899
-38 897
- Incentive program costs (equity-settled)
3 338
11 923
Social security and other benefits
3 272
4 665
Other costs by type
1 297
1 977
Total costs by nature
72 669
37 843
Cost of sales, including:
0
0
- value of goods and materials sold
0
0
Total
72 669
37 843

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 75
Note 25 Other operating income
Other operating income
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Profit on disposal of non-financial fixed assets
64
40
Other operating income, including:
295
798
- rental income
270
398
0
380
- others
25
20
Total
359
838
Note 26 Other operating expenses
Other operating expenses
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Loss on disposal of non-financial fixed assets
39
3
Revaluation of non-financial fixed assets
3 260
9 029
Other operating expenses
8
242
- others
8
242
Total
3 307
9 273
As a result of the asset impairment test carried out as of the balance sheet date of December 31, 2024, in view of
the result obtained and based on the principle of prudence, the Company's Management Board decided to write
down the value of assets in the total amount of PLN 3,260 thousand.
Details of the impairment charge are presented in Note 30 - "Asset impairment tests" to these consolidated financial
statements.
Note 27 Financial income
Financial income
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Interest of other entities, including:
267
1 242
- interest on deposits and bank accounts
267
1 242
Total
267
1 242
Note 28 Finance costs
Financial costs
01.01.2024 - 31.12.2024
01.01.2023 - 31.12.2023
Interest of other entities, including:
86
110
- interest lease
64
87
- interest other
22
23
Others, including:
105
109
- exchange rate differences
105
109
Total
191
219

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 76
Note 29 Income tax
Information on estimates
When the Group determines that it is probable that the approach taken to a selected tax issue or group of tax issues
will be accepted by a tax authority, the Group determines taxable income or tax loss, tax base, unused tax losses,
unused tax credits and tax rates taking into account the approach taken in its tax return. In determining such
probability, the Group assumes that tax authorities authorized to audit and challenge the approach to a tax issue
will conduct such an audit and have access to all necessary information.
If the Group determines that it is probable that the tax authority will not accept the Group's approach to a selected
tax issue or group of tax issues, then the Group shows the effects of such uncertainty in the tax accounting treatment
in the period in which it made such determination. When estimating the value of an income tax liability, the Group
either selects the most probable value resulting from among the scenarios that have been outlined, or determines
the expected value of such liability by determining it using a weighted average (probability) for possible outcomes.
The choice of one of the above methods depends on which one more accurately reflects the way in which the
uncertainty may materialize.
Reconciliation of the effective tax rate
A reconciliation of income tax on pre-tax profit/(loss) at the statutory tax rate to income tax calculated at the
Group's effective tax rate for the year ended December 31, 2024 and December 31, 2023 is as follows:
Specification
31.12.2024
31.12.2023
Profit (loss) before taxation
-52 640
-19 140
Tax rate applied by the parent company
19%
19%
Income tax at the parent company's domestic rate
-10 002
-3 637
Reconciliation of income tax on account of:
Application of a different tax rate in Group companies (+/-)
173
390
Non-taxable income (-)
-112
-74
Permanently non-deductible costs (+)
1 366
5 558
Use of previously unrecognized tax losses (-)
0
0
Unrecognized deferred tax asset on deductible temporary differences (+)
2 655
6 771
Reversal of allowance for deferred tax asset
2 240
0
Reversal of allowance for tax loss asset
0
0
Income tax
-3 679
9 909
The average tax rate used
7%
-47%

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 77
Note 30 Asset impairment tests
Information on estimates
Under IAS 36, an entity is required to assess at each balance sheet date whether there are indications that any of
the assets may have been impaired. If there is an indication that an asset may have been impaired, it is necessary
to perform an impairment test to estimate its recoverable amount.
Paragraph 10 of the aforementioned standard introduces regulations that indicate that regardless of whether there
are indications that an asset is impaired, an entity is required to perform an annual impairment test for, among
other things, intangible assets with an indefinite useful life or an intangible asset that is not yet available for use,
by comparing its carrying amount with its recoverable amount.
The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of cash inflows from other assets or other groups of assets. If this is the case, the
recoverable amount is determined at the level of the cash-generating unit to which the asset belongs.
An impairment test may be performed on any date within an annual period, provided that it is performed on the
same date each year. Different intangible assets may be tested for impairment on different dates. However, if such
an intangible asset was initially recognized during the current annual period, the asset shall be tested for
impairment before the end of the current annual period.
IAS 36 indicates that the test measures the recoverable amount of an asset. The recoverable amount corresponds
to fair value less costs to sell or value in use of the asset or cash-generating unit, whichever is higher
The standard defines value in use as "the present value of the estimated future cash flows expected to be derived
from the continued use of an asset or cash-generating unit." According to paragraph 6 of IAS 36, a cash-generating
unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets. The determination of what constitutes a cash-generating unit involves
subjective judgment. If the recoverable amount of a single asset cannot be determined, an entity identifies the
smallest set of assets that generate substantially independent cash inflows.
Assessing indications of impairment, as well as testing, requires extensive estimates and professional judgment,
particularly related to estimating future cash flows from operations, the value of the discount rate, or the cost of
bringing the asset to market.
Impairment of non-financial assets in relation to the cash-generating unit responsible for the creation and
development of the DataWalk platform and the sale of DataWalk software licenses
The determination of the recoverable amount was carried out at the level of the cash-generating unit (hereinafter
"CGU") using the DCF model. The recoverable value of the CGU determined under the test corresponds to its
value in use. The CGU, responsible for the creation and development of the DataWalk platform and the sale of
DataWalk software licenses, is part of the DataWalk S.A. operating segment.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 78
The following table shows the carrying value of assets allocated to the CGU under test as of December 31, 2024.
Asset
Value tested as of 31.12.
Before recognition of impairment loss during the
period
Development work in progress
2 513
Development work completed
19 743
Property, plant and equipment
31
Right-of-use assets
246
Total
22 533
In performing this year's CGU impairment test, common assets in the form of property, plant and equipment and
right-of-use assets contributing to future cash flows derived from the CGU under test were identified and allocated
on a reasonable and consistent basis.
The following key assumptions were used in the calculation:
The Company's management has prepared cash flow forecasts for a period of 5 years starting from the estimates
for 2025. The adopted revenue and cost forecasts are in line with the assumptions on the basis of which the budget
for the following years was prepared. At the same time, the above values reflect the Management's past experience
from the development of both DataWalk S.A. and the DataWalk Group.
The value of cash inflows was prepared using the prudent valuation method, which means that only those inflows
related to sales were included in the forecast period:
• maintenance services from the installed customer base according to 2024 prices and ranges,
• extensions to already sold licenses for a small number of additional users according to 2024 prices and
range,
• several small new licenses per year at the prices adopted for 2024. Following the principle of prudent
valuation, the Company decided not to include in the adopted revenue forecast the potential impact of
price increases for products and services, which were adopted in the price list for 2025.
These projections were based on historical and statistical data on, among other things, the degree of renewal of
maintenance services by existing customers, as well as the extension of licenses to additional users. Taking into
account the fact that the current version of the software is an off-the-shelf product bringing a certain stream of
revenue from customers without the need to continue significant development and investment work, future cash
flows generated from the CGU were estimated at the operating level.
The cost calculations have been built on the experience of the Board of Directors and key managers, and take into
account the resources necessary and commensurate to provide services and customer care to the extent consistent
with the assumptions made for CGU revenues, as well as all general and administrative expenses associated with
operating the business. The projected cash outflows take into account both historical and planned costs, expected
changes resulting from industry developments or changes in the areas that determine business operations in Poland
and around the world.
The projections of cash outflows include necessary operating costs directly related to the day-to-day operation of
the asset group under test, as well as indirect costs attributable to the process of using the assets assigned to the
CGU.
Management regularly analyzes adopted business objectives, budgets, updates financial forecasts and investment
plans, so that it can efficiently respond to any changes in both the organization and its market environment.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 79
Information on the methods used to assess the values assigned to each key assumption:
Position
Value over the forecast
period
(years 2025-2029)
Long-term value
after the forecast
period
Method of calculation
Sales value
- Historical results,
including maintenance
sales to existing
customers
- Historical results,
including sales to
existing customers of
license extensions in
terms of new users,
- Assuming the sale of
one new small license
per year.
0%
- For some customers, the financial
forecasts assume revenue growth for each
period of 5% (indexation), while in other
cases a constant revenue level has been
filed,
- The value of sales of new licenses and
extensions to those already sold was
assumed at the level derived from the most
recent historical data,
- The assumed sales growth for each
period of the detailed forecast was
developed in a conservative variant,
- The company assumed that from the
current version of the software, it will be
able to generate stable revenues for a
period of 5 years, then assumed that the
residual value, as well as the growth rate
after the forecast period, is 0.
EBIT margin
Historical data, based on management estimates.
Capital expenditures
(CAPEX)
-
-
The company prepared the forecast by
assuming in the valuation model that the
estimated expenses related solely to the
maintenance of the current version of the
software are expensed in the period.
Pre-tax discount rate
12,42%
12,42%
Based on the CAPM model.
Discount rate used
previously
16,61%
16,61%
Based on the CAPM model.
As a result of the test, the recoverable amount of the CGU as of the balance sheet date was PLN 19,273 thousand.
As a result, the total amount of the impairment allowance in 2024 was estimated at PLN 3,260 thousand and was
fully recognized in the income statement under other operating expenses.
The following table shows the amounts of the impairment loss recognized in 2024 by asset group.
Asset
Value tested as of
31.12.2024
Before recognition of
impairment loss during
the period
Value of impairment
loss recognized during
the period
Value tested as of
31.12.2024
After recognition of
impairment loss during
the period
Development work in
progress
2 513
-414
2 099
Development work completed
19 743
-2 809
16 934
Property, plant and
equipment
31
-5
26
Right-of-use assets
246
-32
214
Total
22 533
-3 260
19 273
The write-down was applied in full to the operating segment, which is DataWalk S.A. The write-down is non-cash
in nature and has no impact on the Issuer's current financial position.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 80
Note 31 Information on business segments
SEGMENT INFORMATION FOR REPORTING PURPOSES
DataWalk Group operates in the global IT market in the field of data analytics (so-called Big Data), offering
companies and institutions a unique technology, confirmed by European and US patents, in the form of the
DataWalk analytics platform, which it creates, develops, sells and implements. The Group provides licenses for
its own product in the enterprise IT sector, introducing agile methodologies to highly complex and advanced
analytical environments.
Under IFRS 8, an operating segment is a distinguishable part of the Group's operations for which separate financial
information is available that is subject to regular evaluation by the chief operating decision maker related to how
resources are allocated and how performance is evaluated.
The DataWalk Group has the following operating segments:
• A segment including DataWalk S.A., generating revenues from platform sales and deployment,
particularly in EMEA (Europe, Middle East, Africa) and Asia, whose performance is regularly reviewed
by the Issuer's Board of Directors as the main decision-making body.
• A segment comprising DataWalk Inc. that generates revenues resulting from sales and implementation
activities related to the DataWalk platform primarily in the United States and the rest of the Americas,
the results of which are regularly reviewed by the entity's Board of Directors as the primary decision-
making body. The results of the subsidiary included in this segment are subject to periodic review by the
subsidiary's Board of Directors, and are also subject to regular review by the Board of Directors of
DataWalk S.A.
During the period covered by the financial statements, the Group did not make any changes to its organizational
structure that would necessitate a change in the breakdown of its reportable segments.
Data for the period from 01.01.2024 to 31.12.2024
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Sales revenue from external customers
16 098
8 535
0
24 632
Transactions between segments
2 442
0
-2 442
0
Total segment operating income
18 540
8 535
-2 442
24 632
Segment operating result
-30 368
-22 349
0
-52 717
Interest income*
267
0
0
267
Other financial income
0
0
0
0
Interest expense**
64
22
0
86
Other financial costs
0
105
0
105
Significant non-cash items
15 200
17 693
0
32 893
- depreciation
3 655
9
0
3 664
- costs from the incentive program
6 717
17 521
0
24 238
- write-down of intangible assets
3 260
0
0
3 260
- loss (gain) on expected credit losses
1 568
163
0
1 731
Income tax
0
-3 679
0
-3 679
Net profit (loss), including:
-30 164
-18 797
0
-48 961
- result attributable to shareholders of the
parent company
-30 164
-18 797
0
-48 961
- result attributable to non-controlling interests
0
0
0
0
Capital expenditures
6 060
0
0
6 060
* Interest income from bank deposits.
** Interest expense on loans, borrowings and leases.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 81
Data as of 31.12.2024
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including but not limited to:
20 096
9 730
0
29 826
- intangibles
0
0
0
0
Current assets, including but not limited to:
23 172
14 506
-9 022
28 656
- trade receivables
5 515
8 476
-5 119
8 872
- accruals
569
4 433
-3 903
1 099
- cash
14 920
1 579
0
16 499
Long-term liabilities, including but not
limited to:
427
605
0
1 032
- liabilities on account of credits, loans
0
605
0
605
- lease liabilities
427
0
0
427
Current liabilities, including but not limited
to:
14 996
57 034
-9 022
63 008
- liabilities on account of credits, loans
0
36
0
36
- lease liabilities
422
0
0
422
- liabilities under the incentive program
4 128
46 331
0
- trade payables
2 869
4 512
-5 119
2 263
- contractual obligations
5 711
5 375
-3 903
7 184
Data for the period from 01.01.2023 to 31.12.2023
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Sales revenue from external customers
11 605
14 159
0
25 764
Transactions between segments
7 676
0
-7 676
0
Total segment operating income
19 281
14 159
-7 676
25 764
Segment operating result
-47 417
27 254
0
-20 163
Interest income*
1 242
0
0
1 242
Other financial income
0
0
0
0
Interest expense**
87
23
0
110
Other financial costs
109
109
Significant non-cash items
25 639
-39 350
0
-13 711
- depreciation
4 566
20
0
4 586
- costs from the incentive program
12 517
-39 491
0
-26 974
- write-down of intangible assets
9 029
0
0
9 029
- write-down of deferred tax assets
-473
121
0
-352
Income tax
715
8 293
0
9 009
Net profit (loss), including:
-47 086
18 937
-28 149
- result attributable to shareholders of the
parent company
-47 086
18 937
0
-28 149
- result attributable to non-controlling interests
0
0
0
0
Capital expenditures
12 370
0
0
12 370
* Interest income from bank deposits.
** Interest expense on loans, borrowings and leases.
Due to a change in the Management Board's view of operating segments in 2024, revenue in the amount of PLN
2,184 thousand was transferred from the DataWalk Inc. segment to DataWalk S.A. for comparability of data for
2023. As a result, the items "Segment operating profit" and "Net profit (loss)" of the DataWalk Inc. segment

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 82
decreased by PLN 2,184 thousand and the aforementioned items in the DataWalk S.A. segment increased by this
amount.
Data as of 31.12.2023
Specification
DataWalk S.A.
DataWalk Inc.
Eliminations
Total
Fixed assets, including but not limited to:
20 267
6 059
0
26 326
- intangibles
19 111
0
0
19 111
Current assets, including but not limited to:
21 258
11 128
-6 456
25 929
- trade receivables
7 797
7 027
-5 221
9 604
- accruals
663
2 329
-1 236
1 755
- cash
10 446
1 764
0
12 210
Long-term liabilities, including but not
limited to:
33
593
0
625
- liabilities on account of credits, loans
0
593
0
593
- lease liabilities
33
0
0
33
Current liabilities, including but not limited
to:
10 282
35 393
-6 456
39 218
- liabilities on account of credits, loans
0
35
0
35
- lease liabilities
604
0
0
604
- liabilities under the incentive program
749
28 810
29 559
- trade payables
4 385
3 644
-5 221
2 808
- contractual obligations
2 801
2 556
-1 236
4 121

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 83
INFORMATION ON GEOGRAPHICAL AREAS
The geographic breakdown of sales revenues was presented according to the headquarters of the purchasing
contractor's country:
Information on geographical areas
01.01.2024 -
31.12.2024
01.01.2023 -
31.12.2023
Sales in Poland, including:
License sales
1 915
2 101
Services (implementation and technical assistance)
5 310
4 719
Other activities
0
40
Total sales in Poland
7 225
6 860
Sales in North and South America, including:
License sales
3 487
7 818
Services (implementation and technical assistance)
4 898
6 047
Other activities
150
294
Total sales in North and South America.
8 535
14 159
Sales in other countries, including:
License sales
2 921
2 053
Services (implementation and technical assistance)
5 935
2 671
Other activities
17
20
Total sales in other countries
8 873
4 744
Total sales revenue
24 632
25 764
INFORMATION ON MAJOR CUSTOMERS
Data for the period from 01.01.2024 to 31.12.2024
For the period from January 1 to December 31, 2024, revenue from sales to two customers individually exceeded
10% of the Group's sales revenue and totaled PLN 8,342 thousand. Revenues from sales to the first of these
customers amounted to PLN 5,473 thousand and were attributed to the DataWalk S.A. segment. In turn, revenues
from sales to the second of these customers amounted to PLN 2,869 thousand and were attributed to the DataWalk
Inc. segment. There are no formal relationships between the Group companies and these customers other than
those arising from business relationships.
Data for the period from 01.01.2023 to 31.12.2023
For the period from January 1 to December 31, 2023, revenue from sales to one customer exceeded 10% of the
Group's sales revenue individually and amounted to PLN 5,462 thousand. Revenues from sales to this customer
were allocated to the DataWalk Inc. segment. There are no formal relationships between Group companies and
this customer other than those arising from business relationships.
Note 32 Proposal as to the method of distribution of profit/loss for the
financial year
According to the proposal of the Company's Management Board, the net loss in 2024 should be fully covered by
the profits that the Company will make in the following years.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 84
In accordance with Resolution No. 8 of the Company's Ordinary General Meeting of June 28, 2024 on how to
cover the net loss for fiscal year 2023, the net loss in 2023 should be fully covered by profits generated in
subsequent years.
Note 33 Information on joint ventures
No joint ventures.
Note 34 Objectives and principles of financial risk management
The Group's operations may be exposed to the following financial risks:
• credit risk,
• liquidity risk,
• Market risk, including currency risk, interest rate risk and other price risk.
Credit risk - is the risk that arises when one party to a financial instrument fails to meet its obligations to the
Group and causes the Group to incur financial losses. Credit risk arises in the case of receivables, cash and cash
equivalents, deposits, deposits made.
Sales made in the Group's various business segments are largely directed to a group of well-established customers
and are made on deferred payment terms. Systematic payment of liabilities by counterparties results in relatively
low exposure to individual credit risk. The Group uses internal procedures and mechanisms to limit this element
of risk: appropriate selection of customers, a system of verification of new customers and ongoing monitoring of
receivables.
The Company consistently collects overdue receivables and writes down receivables on an ongoing basis. To
calculate the allowances, the Company uses the provision matrix method, under which allowances are determined
for receivables included in different overdue ranges. As of the balance sheet date, the Company used the following
provision matrix:
Range of overdue receivables
Credit risk
not determined
3,0%
0-30 days
3,0%
31-60 days
20,0%
61-90 days
35,0%
91-180 days
65,0%
over 180 days
90,0%
This method takes into account historical data on credit losses and the impact of significant and identifiable future
factors (e.g., market or macroeconomic).
The Group deposits its cash holdings in reliable (selected on the basis of ratings) financial institutions. The above
measures implemented by the Group are aimed at reducing credit risk as much as possible. Considering the level
of ratings, the Group estimates that the credit risk of the financial institutions it uses is relatively low.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 85
Name of the financial
institution
Rating
Percentage of cash
placed within the
institution
as of 31.12.2024
Percentage of cash
placed within the
institution
as of 31.12.2023
Santander Bank Polska S.A.
BBB+
90%
86%
BMO Bank
AA-
10%
14%
Sources:
https://www.santander.pl/relacje-inwestorskie/informacje-o-spolce/rating#ratingi=2
https://www.fitchratings.com/entity/bmo-harris-bank-na-83171014
Liquidity risk - is the risk that arises when the Group encounters difficulties in meeting its financial obligations.
The Group ensures that liquidity is maintained at an appropriate, safe level.
In the opinion of management, the Group is exposed to liquidity risk due to factors such as:
• The possibility of difficulties in obtaining new contracts,
• The possibility of prolonged sales processes,
• The possibility that key contracts may not be completed within the expected timeframe,
• The possibility of payment delays,
• The possibility of impeded access to external financing.
According to management, the Group monitors the occurrence of the above factors in a manner that allows the
Group to adequately minimize its liquidity risk. The Group manages liquidity risk by striving to maintain an
adequate amount of working capital, constantly monitoring projected and actual cash flows and analyzing the
maturity profiles of financial assets and liabilities.
With the above in mind, in the course of management's analysis of circumstances affecting the entity's ability to
continue as a going concern, significant uncertainties were identified regarding events and circumstances that may
cast doubt on the entity's ability to continue as a going concern. Details regarding the above are described in the
"Basis for preparation of financial statements - including description of circumstances indicating a threat to the
going concern" section of this report.
The following table shows where in this report you can find information on the maturity of financial assets and
financial liabilities.
Position
Maturity dates of financial
instruments (note no.)
Financial assets
-
Long-term receivables
4.1
Trade receivables
7.1
Other receivables that are financial assets
8.1
Bank deposits over 3 months
9
Cash and cash equivalents
11.1
Financial liabilities
-
Lease obligations
17
Credits and loans (long-term and short-term)
18
Trade payables
20
Other liabilities that are financial liabilities
21
Market risk - is the risk that arises when the fair value of a financial instrument or future cash flows associated
with it will fluctuate due to changes in market prices. This risk includes three types of risk: currency risk, interest
rate risk, other price risk.

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 86
Currency risk - is the risk when the fair value of a financial instrument or future cash flows associated with it
fluctuate due to changes in exchange rates. Due to the nature of the Group's operations, in which revenue streams
are generated in four primary currencies, i.e. USD, GBP, EUR and PLN, while costs are incurred mainly in PLN
and USD as long as this state of affairs continues, it is exposed to the risk of rapid changes in foreign exchange
rates, including in particular the strengthening of the PLN against foreign currencies. Monetary resources held in
currency are also exposed to this risk.
Interest rate risk - is the risk that arises when the fair value of a financial instrument or the future cash flows
associated with it fluctuate due to changes in market interest rates. The Group invests surplus funds in interest-
bearing assets (bank deposits) with fixed interest rates, hence it is not exposed to interest rate risk.
The main interest rate risk is related to debt instruments. In 2024, the Group did not use external debt instruments
with variable interest rates (loans and bonds) and therefore was not significantly exposed to changes in cash flows
due to changes in interest rates.
Other price risks - are risks that arise when the fair value of a financial instrument or the future cash flows
associated with it fluctuate due to changes in market prices (other than those arising from interest rate or currency
risk), regardless of whether these changes are caused by factors specific to individual financial instruments or their
issuer, or by factors relating to all similar financial instruments traded in the market. The Group does not use
financial instruments with price risk and is therefore not exposed to other price risks
SENSITIVITY ANALYSIS
Currency risk 01.01.2024 - 31.12.2024
Financial instruments by
balance sheet items
Value expressed in currency:
Value after
conversion
EUR
USD
GBP
Financial assets
Trade receivables
0
1 100
298
6 047
Cash, including:
3
5
0
36
- cash on hand and in accounts
3
5
0
36
Financial liabilities
Bank loans
0
0
0
0
Trade payables
0
-179
0
-734
Total exposure to foreign
exchange risk
3
926
299
5 349

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 87
Currency risk 01.01.2023 - 31.12.2023
Financial instruments by
balance sheet items
Value expressed in currency:
Value after
conversion
EUR
USD
GBP
Financial assets
Trade receivables
192
1 246
0
5 739
Cash, including:
13
767
0
3 076
- cash on hand and in accounts
13
767
0
3 076
Financial liabilities
Bank loans
0
-159
0
-627
Trade payables
-13
-113
0
- 502
Total exposure to foreign
exchange risk
192
1 741
0
7 685
Analysis of sensitivity to currency risk
Position
Rate
fluctuati
ons
Impact on financial results:
Impact on equity:
EUR
USD
GBP
togeth
er
EUR
USD
GBP
togeth
er
As of 31.12.2024
Exchange rate increase
10%
1
380
154
535
1
380
154
535
The decline in the
exchange rate
-10%
-1
-380
-154
-535
-1
-380
-154
-535
Status as of 31.12.2023
Exchange rate increase
10%
-84
685
0
601
-84
685
0
601
The decline in the
exchange rate
-10%
84
-685
0
-601
84
-685
0
-601

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 88
Classification of financial instruments under IFRS 9
Financial assets by category
according to IFRS 9
Financial assets
measured at
amortized cost
Beyond IFRS 9
Total
As of 31.12.2024
Fixed Assets:
Receivables
172
0
172
Current assets:
Contract assets
888
0
888
Trade receivables
8 872
0
8 872
Other receivables
4
1 188
1 192
Bank deposits over 3 months
93
0
93
Cash and cash equivalents
16 499
0
16 499
Total category of financial assets
26 526
1 188
27 715
Financial assets by category
according to IFRS 9
Financial assets
measured at
amortized cost
Beyond IFRS 9
Total
Status as of 31.12.2023
Fixed Assets:
Receivables
152
0
152
Current assets:
Contract assets
496
0
496
Trade receivables
9 604
0
9 604
Other receivables
59
1 706
1 766
Bank deposits over 3 months
94
0
94
Cash and cash equivalents
12 210
0
12 210
Total category of financial assets
22 615
1 706
24 322

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 89
Financial liabilities by category
according to IFRS 9
Financial liabilities
measured at
amortized cost
Beyond IFRS 9
Total
As of 31.12.2024
Long-term liabilities:
Credits, loans, other debt instruments
605
0
605
Lease obligations
0
427
427
Current liabilities:
Trade payables
2 263
0
2 263
Credits, loans, other debt instruments
36
0
36
Lease obligations
0
422
422
Incentive program liabilities
0
50 459
50 459
Liability under contracts
7 148
0
7 148
Other liabilities
0
929
929
Total category of financial liabilities
10 087
52 237
62 324
Financial liabilities by category
according to IFRS 9
Financial liabilities
measured at
amortized cost
Beyond IFRS 9
Total
Status as of 31.12.2023
Long-term liabilities:
Credits, loans, other debt instruments
593
0
593
Lease obligations
0
33
33
Incentive program liabilities
Current liabilities:
2 808
0
2 808
Trade payables
35
0
35
Credits, loans, other debt instruments
0
604
604
Lease obligations
0
29 559
29 559
Liability under contracts
4 121
0
4 121
Other liabilities
0
657
657
Total category of financial liabilities
7 557
30 853
38

Consolidated financial statements of the DataWalk Capital Group
for the 12-month period ended December 31, 2024
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 90
Note 35 Transactions with related parties
Data for the period from 01.01.2024 to 31.12.2024
• During the 12 months of 2024, DataWalk S.A. recognized revenue from sales to DataWalk Inc. in the
total amount of USD 2,386 thousand, which, translated at the average exchange rate of the National Bank
of Poland announced the day before the transaction date, amounted to PLN 9,598 thousand. The balance
of mutual settlements on this account as of the balance sheet date of 31.12.2024 amounted to USD 1,069
thousand, which, translated at the exchange rate as of the balance sheet date, is equivalent to PLN 4,385
thousand.
• During the 12 months of 2024, DataWalk S.A. recognized the cost of third-party services to DataWalk
S.A. in the total amount of USD 406 thousand, which, translated at the average exchange rate of the
National Bank of Poland announced the day before the transaction date, amounted to PLN 1,546
thousand. The balance of mutual settlements on this account as of the balance sheet date of 31.12.2024
amounted to USD 179 thousand, which, translated at the exchange rate as of the balance sheet date, is
equivalent to PLN 734 thousand.
• In 2024, DataWalk S.A. made capital contributions to DataWalk Inc. totaling $2,000 thousand.
The transactions entered into by the Issuer with its subsidiary DataWalk Inc. were concluded at arm's
length.
Data for the period from 01.01.2023 to 31.12.2023
• In the 12-month period of 2023. DataWalk S.A. recognized:
- Revenues from sales to DataWalk Inc. in the total amount of 2,373 thousand USD, which translated at
the average exchange rate of the National Bank of Poland announced the day before the transaction date
amounted to PLN 9,860 thousand.
- other operating income to DataWalk Inc. for a total of $112 thousand, which translated at the average
exchange rate of the National Bank of Poland announced the day before the date of the transaction
amounted to PLN 347 thousand.
- The balance of mutual settlements on this account as of the balance sheet date of 31.12.2023 amounted
to USD 830 thousand, which the exchange rate as of the balance sheet date is equivalent to PLN 3,266
thousand.
• In the 12-month period of 2023. DataWalk S.A. recognized:
- the cost of third-party services to DataWalk S.A. in the total amount of USD 535 thousand, which
translated at the average exchange rate of the National Bank of Poland announced the day before the date
of the transaction amounted to PLN 2,117 thousand.
- The balance of mutual settlements on this account as of the balance sheet date of 31.12.2023 amounted
to $497 thousand, which at the exchange rate as of the balance sheet date is equivalent to PLN 1,955
thousand .
• 2023. DataWalk S.A. made capital contributions to DataWalk Inc. totaling $4,000 thousand.
• The transactions entered into by the Issuer with its subsidiary DataWalk Inc. were concluded at arm's
length.

Other notes to the consolidated financial
statements
DataWalk Capital Group

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 92
Off-balance sheet liabilities
Contingent liabilities including guarantees and sureties granted by the Group, including promissory notes
The Company's off-balance sheet items include low-value asset lease agreements and collateral for proper
execution of project co-financing agreements under sub-measure 2.3.4. Protection of industrial property of the
Operational Program Inteligent Development, 2014-2020 co-financed by the European Regional Development
Fund, concluded with the Polish Agency for Enterprise.
As of the balance sheet date of December 31, 2024, DataWalk S.A. had four funding agreements, where the funds
raised by the Company were used to cover costs related to the process of obtaining industrial property rights
protection in the international mode (patents) for the Issuer's inventions. The term of each project ended on
December 31, 2023. In the event of termination of a particular agreement, the Company is obliged to return the
entire subsidy received under that agreement, together with interest at the rate specified for tax arrears. In
connection with the conclusion of each agreement, the Company is required to provide collateral in the form of a
blank promissory note for a period of 3 years from the date of completion of the project. The total value of the
subsidy received as of December 31, 2024 was PLN 603 thousand, while as of December 31, 2023, it was PLN
259 thousand.
As of the date of approval for publication of this report, no risks are identified that could result in the need to repay
the subsidy received.
Information on court case settlements
During the period from January 1, 2024 to December 31, 2024, there were no significant settlements from
litigation.
Employment
Specification
Average employment
in 2024
Total
Average employment
in 2024
White-collar workers
Average employment
in 2024
Manual workers
Average employment
(per FTE)
24
24
0
Specification
Average employment
in 2023.
Total
Average employment
in 2023.
White-collar workers
Average employment
in 2023.
Manual workers
Average employment
(per FTE)
38
38
0
Capital risk management
The Group manages capital in order to maintain its ability to continue its operations, taking into account the
implementation of planned investments, so that it can generate returns for shareholders and benefit other
stakeholders in the future, as well as to maintain an optimal capital structure to reduce its cost.
The Group monitors capital based on the adjusted equity ratio and the ratio of loans, borrowings and other financial
liabilities/EBITDA adjusted, among other factors.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 93
The adjusted equity ratio is calculated as the ratio of net tangible assets (i.e., equity less intangible assets and after
excluding the impact of the RSU-based incentive program this item) to total assets (i.e., total assets after excluding
the impact of the aforementioned incentive program on the value of deferred tax assets).
Loans, borrowings and other financial liabilities means the total amount of loans, borrowings and leases payable,
while adjusted EBITDA is operating profit plus major non-cash items, viz:
• depreciation,
• total incentive program costs, i.e., cash-settled and equity-settled ,
• write-downs of assets and also
• Loss (gain) on expected credit losses.
The Management Board decided to adjust the aforementioned ratios for the costs of the incentive program both
due to the materiality of this item in the overall balance sheet total and operating profit, as well as due to the future
and contingent nature of the liability resulting from the implementation of the implemented incentive program and
the fact that the recognized costs are currently non-cash in nature and have no impact on the Group's current
financial position.
In order to maintain liquidity and creditworthiness to obtain external financing at a reasonable cost level, the Group
aims to maintain an adjusted equity ratio of no less than 0.4, while the ratio of loans, borrowings and other financial
liabilities/EBITDA adjusted to 2.0.
Specification
31.12.2024
31.12.2023
I
Equity
-5 558
12 412
II
Intangible assets
19 033
19 111
III
RSU-based incentive program liabilities
50 459
29 559
IV
Effect of incentive program liability on deferred tax asset
9 730
6 050
V
Balance sheet total
58 482
52 255
Adjusted equity (I - II + III - IV)
16 138
16 810
Adjusted total assets (V - IV)
48 752
46 205
Adjusted equity ratio
0,33
0,36
Specification
31.12.2024
31.12.2023
Operating profit
-52 717
-20 164
Depreciation
3 664
4 586
Total incentive program costs
24 238
-26 974
Asset write-downs + loss (gain) on expected credit losses
4 991
8 677
Adjusted EBITDA
-19 823
-33 874
Credits, loans and other financial obligations
1 490
1 264
Ratio Loans, advances and other financial liabilities/EBITDA adjusted
-0,08
-0,04
In the course of the Management Board's analysis of circumstances affecting the entity's ability to continue as a
going concern, significant uncertainties were identified regarding events and circumstances that may cast doubt
on the entity's ability to continue as a going concern. Details of the above are described in the section "Basis for
preparation of financial statements - including description of circumstances indicating a threat to the going
concern" of this report.
Entity authorized to audit financial statements
The audit was conducted by UHY ECA Audyt Spółka z ograniczoną odpowiedzialnością, based in Warsaw, at
Połczyńska 31A.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 94
The following table presents information with respect to the net remuneration of the auditor paid or payable for
the year ended December 31, 2024 and December 31, 2023 by type of service (data in thousands of PLN):
Remuneration of the entity authorized to audit the
financial statements
12 months
until December 31, 2024
12 months
until December 31, 2023
Mandatory audit of annual financial statements
101
57
Audit of annual financial statements of Group entities*
159
138
Other assurance services, including review of financial
statements
74
38
Total
334
233
*In addition, another firm in the UHY network performed an audit of the annual financial statements for a
DataWalk Group company in the United States, which was subject to review by the Company's Audit Committee.
Remuneration of the Management Board and Supervisory Board
Management
Remuneration received as part of in DataWalk S.A..
Members of the Company's Management Board are entitled to non-financial benefits to which all employees are
entitled, i.e.: medical care, sports package and life insurance coverage. In the case of a Member of the Management
Board who has taken advantage of a selected additional benefit, the benefits are added to his/her gross base salary,
which, according to the regulations, constitute additional income for the employee. Members of the Management
Board may also be entitled to cash bonuses granted on the basis of a resolution of the Supervisory Board, which
will depend on the Company's achievement of established business objectives or the Company's financial
performance.
The following table presents the gross remuneration of individual members of the Company's Management Board
for their functions at DataWalk S.A. for 2024 and the comparative period (data in thousands of PLN), excluding
remuneration in the form of financial instruments, including securities or derivative financial instruments.
Name
Reporting period
Fixed remuneration
Variable
remuneration*
Total remuneration
Pawel Wieczynski
2024
496
0
496
2023
561
0
561
Krystian Piećko
2024
46
0
46
2023
43
0
43
Luke Socha
2024
392
63
455
2023
434
0
434
Source: Issuer.
* Variable remuneration includes vested cash bonuses awarded pursuant to a resolution of the Supervisory Board.
In accordance with the Remuneration Policy, members of the Board of Directors may receive remuneration in the
form of financial instruments, including securities or derivative financial instruments. This is intended to maintain
long-term cooperation with members of the Company's governing bodies as key personnel by creating additional
market-attractive tools to fully identify and identify key personnel with the Group.
Details of the financial instruments offered to members of the Company's Management Board, which was done
with the approval of the Supervisory Board, are presented below.
Conditional rights granted to members of the Management Board under incentive programs organized by
DataWalk S.A.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 95
The following table presents the total number of conditionally granted entitlements to subscribe for and/or acquire
shares in the Company (the "Entitlements"), or RSUs as of December 31, 2024. The data presented relates to
incentive program participation agreements to which DataWalk S.A. is a party.
Name
Type of
settlement
Tranche
(grant
date)
Total number
of
conditionally
granted rights
(in pcs.)
Vesting
period
(vesting
date)
Eligibility,
for which
vesting
conditions
have been met
as of
31.12.2024.
(in pcs.)
Entitlements
for which
vesting
conditions
have not been
met
as of
31.12.2024.
(in pcs.)
Pawel
Wieczynski
Cash (RSU)
01.05.2023
45 000
31.12.2024
45 000
0
Luke Socha
Capital
instruments
(Company
shares)
01.02.2024
3 600
31.12.2024
3 600
0
01.01.2023
13 000
31.12.2024
4 600
0
31.12.2023
8 400
0
Source: Issuer.
The condition for the Realization of both Entitlements and RSUs is the combined fulfillment of the Vesting or
Acquisition Conditions (vesting conditions) and the execution of the Sale Transaction (non vesting condition),
respectively.
Since, as of the date of this report, the cumulative fulfillment of the aforementioned conditions has not occurred,
the number and value of Entitlements and RSUs resulting from the participation of the aforementioned members
of the Board of Directors in either the Stock Program or the RSU Program are only estimates, and their ultimate
receipt and ability to be exercised (through the subscription/acquisition of shares or receipt of cash settlement,
respectively) is a future and uncertain event, they have been presented separately from the gross remuneration
values shown in the table above.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 96
Estimated value of remuneration of members of the Management Board under incentive programs organized by
DataWalk S.A.
The following table presents the estimated amount of variable remuneration based on financial instruments for
members of the Company's Management Board for their functions at DataWalk S.A. for the years 2022 - 2024,
i.e. the period of the previous term.
Name
Reporting period
Estimated number of
IFRS2 allowances for
which vesting conditions
will be met (in units).
Variable remuneration -
incentive program*
(in thousands of PLN)
Pawel Wieczynski
2024
27 000
1 894**
2023
18 000
653
2022
0
0
Krystian Piećko
2024
0
0
2023
0
0
2022
0
0
Luke Socha
2024
5 906
332
2023
10 694
976
2022
0
0
* Variable remuneration - incentive program includes the recognized cost of the RSU Program or the Share Program
implemented by DataWalk S.A. calculated in accordance with IFRS2 during the period.
** The cost in 2024 is due to the valuation of newly acquired entitlements, as well as the revaluation as of December 31, 2024
of RSUs for which acquisition conditions were met in prior periods - in accordance with IFRS2.
During the reporting period and up to the date of this report, there were no redemptions or expirations of Rights
or RSUs granted to members of the Company's Board of Directors, no Rights or RSUs that have been exercised,
and no Rights or RSUs that are exercisable.
The nature and principles of operation at the Company are detailed in Notes 16 and 19 to these financial statements.
Remuneration received at other DataWalk Group companies
The gross remuneration of the members of the Management Board of DataWalk S.A. in other companies of the
DataWalk Group is the sum of remuneration under the employment contract, as well as income from benefits in
the subject of medical care and insurance. Remuneration in foreign currency was translated at the average exchange
rate for the fiscal period, calculated as the arithmetic average of the exchange rates announced by the National
Bank of Poland on the last day of the month of the year.
The following table presents the gross remuneration of DataWalk S.A.'s Management Board members in other
DataWalk Group companies for 2024 (data in thousands of PLN):
Name
Reporting period
Fixed
remuneration
Variable
remuneration*
Total
remuneration
Krystian Piećko
2024
1 323
0
1 323
2023
1 373
0
1 373
Source: Issuer.
* Variable remuneration includes vested cash bonuses awarded pursuant to a resolution of the Supervisory Board.
In addition, with the approval of the Company's Supervisory Board, Mr. Krystian Piećko joined an incentive
program within a subsidiary of DataWalk Inc. using cash-settled share-based payment transactions.
Conditional rights granted to members of the Company's Board of Directors under the incentive program
organized by DataWalk Inc.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 97
The following table presents the total number of conditionally granted RSUs as of December 31, 2024. The data
presented relates to RSU Program participation agreements to which DataWalk Inc. is a party.
Name
Type of
settlement
Tranche
(grant date)
Total
number of
conditionally
granted
RSUs
(in pcs.)
Vesting
period
(vesting date)
Eligibility,
for which
vesting
conditions
have been
met
as of
31.12.2024.
(in pcs.)
Entitlements
for which
vesting
conditions
have not
been met
as of
31.12.2024.
(in pcs.)
Krystian
Piećko
Cash (RSU)
01.04.2022
45 000
02.04.2022
45 000
0
Source: Issuer.
The condition for the Realization of both Entitlements and RSUs is the combined fulfillment of the Vesting or
Acquisition Conditions (vesting conditions) and the execution of the Sale Transaction (non vesting condition),
respectively.
Since, as of the date of this report, the cumulative fulfillment of the aforementioned conditions has not occurred,
the number and value of Entitlements and RSUs resulting from the participation of the aforementioned members
of the Board of Directors in either the Stock Program or the RSU Program are only estimates, and their ultimate
receipt and ability to be exercised (through the subscription/acquisition of shares or receipt of cash settlement,
respectively) is a future and uncertain event, they have been presented separately from the gross remuneration
values shown in the table above.
Estimated value of compensation of members of the Board of Directors under the incentive program organized by
DataWalk Inc.
The following table presents the variable remuneration based on financial instruments covering members of the
Management Board of DataWalk S.A. in other companies of the DataWalk Group for 2024 and the comparable
period.
Name
Type of settlement
Reporting period
Estimated number
of IFRS2 allowances
for which vesting
conditions have
been met
Variable
remuneration -
incentive program*.
Krystian Piećko
Cash (RSU)
2024
0
914**
2023
0
-2 477***
2022
45 000
4 111****
Source: Issuer.
* Variable remuneration - incentive program includes the recognized cost of the RSU Program implemented by DataWalk Inc. during the
period. In accordance with IFRS2.
** The cost in 2024 results from the revaluation as of December 31, 2024 of RSUs for which the acquisition conditions were met in prior
periods - in accordance with IFRS2.
*** The cost in 2023 results from the revaluation as of 31.12.2023 of RSUs for which the acquisition conditions were met in prior periods - in
accordance with IFRS2.
**** Cost in 2022 results from the valuation as of 31.12.2022 of RSUs for which the acquisition conditions have been met - in accordance
with IFRS2. Prior to 2022, the RSU Program was not in effect.
During the reporting period, as well as up to the date of this Report, there were no redemptions or expirations of
Rights or RSUs granted to members of the Company's Board of Directors, no Rights or RSUs that have been
exercised, and no Rights or RSUs that are exercisable.
The nature and principles of operation at the Company are detailed in Notes 16 and 19 to these financial statements.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 98
Supervisory Board
The following table presents the gross remuneration of Supervisory Board Members for their positions in
DataWalk S.A. for 2024 and the comparative period (data in thousands of PLN):
Name
2024
2023
Grzegorz Dymek
42
43
Wojciech Dyszy
17
17
Filip Paszke
13
39
Roman Pudełko
21
42
Ola Malm
10
20
Piotr Bindas
28
0
Rafał Wasilewski
19
0
Ireneusz Wąsowicz
8
0
Source: Issuer.
Members of the Supervisory Board of DataWalk S.A. did not hold positions and were not employed in other
companies of the DataWalk Group in 2024, nor were they covered by an incentive program.
Loans to members of management and supervisory bodies granted by the
Group
During the accounting period, the Group had no such transactions with members of the Board of Directors or with
their spouses, relatives and affinities.
Explanatory commentary on seasonality or cyclicality of operations
The Group does not record seasonality of revenues. The variation in revenues recorded between individual quarters
of accounting periods is due to fortuitous factors affecting the dates on which contracts with customers are
concluded and revenues from these contracts are invoiced. In the future, it cannot be ruled out that - due to the
characteristics of the industry - revenues higher than in other quarters will be achieved by the Group in the fourth
quarter of the calendar year.
Information on events relating to previous years
Up to the date of these consolidated financial statements, there were no events relating to prior years that were not,
but should have been, included in these financial statements for fiscal year 2023.
Information on events after the balance sheet date
As of the date of these consolidated financial statements for the 12-month period ended December 31, 2024, there
have been no events after the balance sheet date that have not been but should have been included in these financial
statements.

Consolidated financial statements of the DataWalk Group
For the 12-month period ended December 31, 2024.
(all amounts are in thousands of zlotys unless otherwise stated)
Page | 99
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Pawel Wieczynski
Krystian Piećko
Luke Socha
CEO
Board Member
Board Member
Wrocław, on April 3, 2025.