KKCG Financing a.s.
Annual Report 2025
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Content of the Annual Report
CHARACTERISTICS OF THE COMPANY ........................................................................................................................ 3
RISK FACTORS ................................................................................................................................................................. 5
CORPORATE GOVERNANCE STATEMENT ................................................................................................................... 6
OTHER REGULATORY DISCLOSURES ........................................................................................................................ 10
ANNEX NO. 1 - REPORT ON RELATIONS
ANNEX NO. 2 – AUDITOR'S REPORT
ANNEX NO. 3 – FINANCIAL STATEMENTS
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CHARACTERISTICS OF THE COMPANY
GENERAL INFORMATION ABOUT KKCG FINANCING A.S. (THE “COMPANY”)
Company name: KKCG Financing a.s.
Registered office: Evropská 866/71, Praha 6 – Vokovice, 160 00, Czech Republic
Registered number: 215 31 455
VAT registration number: N/A
Register: Commercial Register administered by the Municipal Court in Prague, File number B
28853
Date of Establishment: 30 April 2024
Legal form: joint-stock company
Web: https://kkcg.com/en/investors/debt-investors-of-kkcg-financing-as-cz
Investor’s Hub: https://www.investors.kkcg.com
DESCRIPTION OF COMPANY’S LINE OF BUSINESS
The Company is a special purpose financing company (SPV) of the parent Group (as defined below), whose sole
shareholder is KKCG Group AG (formerly KKCG AG), a company established and existing under the laws of Switzerland,
having its registered office at Kapellgasse 21, 6004 Lucerne, Switzerland, registration number CHE-326.367.231 (“KKCG
Group AG”, together with all of its direct and indirect subsidiaries as “the Group”).
The purpose of the Company has been to issue the Bonds (as defined below) and provide financing to KKCG Group AG
in the form of an intragroup loan. The description and parameters of intragroup loan are provided in Notes 6 and 8.1 to the
Financial Statements. The proceeds were partly used to refinance existing debt within the parent Group. The rest of the
proceeds was used for acquisitions within the Group. The proceeds will not be used to finance gaming operations of the
Group.
The Company is an issuer of secured bonds KKCG FINAN 7.75/29 traded on the Regulated Market of the Prague Stock
Exchange a.s. under ISIN CZ0003563009 (the “Bonds”). The prospectus of the Bonds, the Final Terms and other
information relating to the Company and the Bonds can be found on Company’s website (see above).
GENERAL INFORMATION ABOUT THE PARENT COMPANY AND THE GROUP
The Company’s ability to repay the Bonds in the future depends on the solvency of the Group, which is inherently linked
to Group’s financial and operating performance. This part of the financial report therefore contains basic information about
the Group.
The Company is a part of the Group, the parent company of which is KKCG Group AG.
KKCG Group AG is wholly owned by KKCG Holding AG, a company organized and existing under the laws of Switzerland
and having its registered office in Switzerland. The sole shareholder of KKCG Holding AG is Valea Holding AG, a company
organized and existing under the laws of Liechtenstein and having its registered office in Liechtenstein. The sole
shareholder of Valea Holding AG is Valea Foundation, existing under the laws of Liechtenstein. Valea Foundation per se
is not controlled by any other person, nor does any other person hold shares in it. The designated sole beneficiary of Valea
Foundation is Mr. Karel Komárek.
The following persons are registered in Czech register of beneficial owners in relation to the Company:
1) Mr. Karel Komárek, born in March 1969, the nature of the beneficial owner's position: indirect beneficial owner;
beneficial owner pursuant to Section 4 of Act No. 37/2021 Coll. Details of the facts establishing beneficial
ownership: decisive influence in relation to the corporation(s) with direct shareholding, size of shareholding: 100%;
and
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2) Mr. Igor Rusek, born in July 1959, the nature of the beneficial owner's position: indirect beneficial owner; beneficial
owner pursuant to Section 4 of Act No. 37/2021 Coll., details of the facts constituting beneficial ownership:
decisive influence over corporation(s) with direct shareholding, size of shareholding: 100%.
PRINCIPAL ACTIVITY OF THE GROUP
The principal activities of the Group are very diversified. KKCG Group AG owns and operates a broad portfolio of
international companies, including Allwyn, MND Group, Avenga, Aricoma, Qinshift, KKCG Real Estate, among others.
Allwyn is a leading multi-national lotter operator with dominant market positions in Austria, Czech Republic, Greece,
Cyprus, Italy, the United Kingdom, and the United States.
MND Group is engaged in exploration, oil and natural gas production, drilling, renewable energy, storage and distribution,
operating in the Czech Republic, Austria, Ukraine, and Germany.
Avenga specializes in bringing personalization to the realm of digitalization. Through digital strategy services, Avenga
crafts custom-tailored transformation strategies that generate tangible commercial value.
Aricoma provides IT infrastructure, cloud services, cybersecurity, and public sector digitalization. Aricoma evolved into a
leading player in enterprise IT services.
KKCG Real Estate focuses on the area of Prague where it builds for the future, while creating exceptional architecture with
a strong emphasis on the surrounding environment, innovation, and sustainability. Projects include both residential and
commercial buildings.
ACCESS TO INFORMATION ABOUT THE GROUP
Additional information about the Group can be found on its webpage www.kkcg.com.
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RISK FACTORS
This part of this financial report contains a description of the principal risks and uncertainties the Company is facing.
Risks associated with a special purpose company
The Company was established for the purpose of issuing the Bonds, providing proceeds from the issue of the Bonds as
intragroup financing and subsequent administration of the loan. The Company does not carry out any other business
activity and therefore cannot generate on its own resources from other business activities to repay debts from the Bonds.
Although the liabilities arising under the Bonds are secured by a security interest in shares in Allwyn CH (as defined below),
the Company’s credit dependence on KKCG Group AG and its subsidiaries may still negatively affect the Company’s ability
to meet its debts from the Bonds. For all risks associated with the Company and the Bonds, please refer to Risk Factors,
which form part of the Bond Prospectus on pp. 10-11 and 27-30, available at
https://cdn.kkcg.com/Base_Prospectus_2024_KKCG_Financing_a_s_CZK_10_000_000_000_Bond_Programme_8fe2a
36eb0.pdf
Risk of secondary dependency
The Company is exposed to the risk of default on the intragroup loan, which was provided to KKCG Group AG on 17 July
2024, by means of which the proceeds from the issuance of the Bonds was provided to the parent company.
The Company's credit dependence on KKCG Group AG and its subsidiaries may negatively affect its ability to meet its
debts from the Bonds.
Although the Group is also active in other sectors (in particular through KKCG Technologies s.r.o. and its subsidiaries in
the information technology sector, MND Group AG and its subsidiaries in the energy sector and KKCG Real Estate a.s.
and its subsidiaries in the real estate sector), it is primarily exposed to risks affecting the lottery and gaming business of
the Allwyn group (see the information about the pledge below). Consequently, the Company’s ability to repay its debts
from the issuance of the Bonds may be adversely affected by all the risk factors relating to the Allwyn Group incl. the fact
that the business combination of OPAP S.A. and Allwyn International AG has been completed, which resulted in the fact
that Allwyn is publicly traded on the main market of the Athens Stock Exchange through company Allwyn AG, established
under the laws of Luxembourg, reg. No. B306096, with its seat at 17, Boulevard F.W. Raiffeisen, L-2411 Luxembourg
(“Allwyn Lux”). The risk connected to Allwyn Group, incl. risks connected to the fact that shares of Allwyn Lux are publicly
traded, are available on pp. 2-10 of the Information Document, available here:
https://www.athexgroup.gr/sites/default/files/hermes_3/2026-03/en/39661b7f-d07b-45c3-a61b-
7fd07b75c3b7/Allwyn%20AG%20%2824-Mar-2026%29.pdf, which contains the updated risk factors relating to Allwyn
Group.
Risks connected to the pledge
While the obligations of the Company under the Bonds are secured by a pledge of certain shares which KKCG Group AG
holds in Allwyn AG, with reg. No. CHE-366.705.452 and seat at Mühlenplatz 9, 6004 Luzern, Switzerland (“Allwyn CH”),
indirect controlling shareholder of Allwyn Lux, there are risks connected to this pledge. The primary risk is that the proceeds
of the enforcement of this pledge would not be sufficient to repay all the secured obligations, because the value of the
shares of Allwyn Lux may fluctuate and decrease over time, and any adverse developments in the financial performance
of the Allwyn Group, as well as development in capital markets and changes in investor perception, may also affect the
value of the shares. Given that the shares of Allwyn Lux are traded on a public market, their market price may be subject
to increased volatility. For all other risks associated with the security, common representative and security agent, please
refer the Risk Factors, which form part of the Bond Prospectus on pp. 11-15 available at
https://cdn.kkcg.com/Base_Prospectus_2024_KKCG_Financing_a_s_CZK_10_000_000_000_Bond_Programme_8fe2a
36eb0.pdf.
Credit risk, liquidity risk, currency risk, interest rate risk, operational risk
Please see the description of these risks in the chapter 12 (Risk Management) of the Financial Statements on p. 18 et seq.
below.
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CORPORATE GOVERNANCE STATEMENT
This part of the Annual Report is dedicated to the information required by Section 118(4) of the Czech Act No. 256/2004
Coll., on Capital Market Undertakings, as amended (the "Capital Market Undertakings Act"). The Company is not an
issuer under Section 118(1)(a) of the Capital Market Undertakings Act and therefore does not disclose the figures and
information under Section 118(5) of the Capital Market Undertakings Act.
Information on codes of corporate governance - Section 118(4)(a), (b) and (c) of the Capital Market Undertakings
Act
In the Czech Republic, apart from the general rules set out in the law, no binding corporate governance codes or processes
have been adopted. The Company did not engage in any entrepreneurial activities in 2025 and has no employees,
therefore it was not considered necessary to adopt its own corporate governance codes or processes beyond the
requirements set out in the applicable law.
The Company has adopted the following internal regulations already in 2024 - KKCG Compliance System, Dealing Code
and Dealing Procedures Manual.
Description of the main parameters of the internal control and risk management systems in relation to the financial
reporting process - Section 118(4)(d) of the Capital Market Undertakings Act
The internal control system includes control mechanisms created within the Company. It ensures, evaluates and minimises
operational, financial, legal and other risks of the Company. Work procedures are stipulated, and powers and
responsibilities are allocated within the control system. Results of the internal control are objectively and regularly
evaluated. In case of any findings, appropriate measures for rectification of the identified defects are determined.
Financial control of the financial reporting process is provided for by responsible individuals as a part of internal
management in the preparation of operations before their approval and in their course until their settlement.
The bookkeeping system is governed by the relevant provisions of the following laws, decrees and internal regulations:
Act No. 563/1991 Coll. on Accounting, as amended (the “Accounting Act”);
IFRS Accounting Standards as adopted by the European Union;
Decree No. 500/2002 Coll. implementing some provisions of Act No. 563/1991 Coll. for accounting entities which
are entrepreneurs using the double-entry accounting system, as amended;
Czech Accounting Standards for accounting entities keeping their books in accordance with Decree No. 500/2002
Coll., as amended;
Act No. 586/1991 Coll., on Income Taxes, as amended;
Act No. 235/2004 Coll., on Value Added Tax, as amended;
Act No. 593/1992 Coll., on Reserves for Determining the Income Tax Base, as amended;
internal bookkeeping policies and procedures.
The Company uses the double-entry accounting system for the accounting entity in accordance with binding IFRS
Accounting Standards issued by the International Accounting Standards Board (IASB) and adopted by the European Union
and keeps also another accounting system for tax purposes under the Czech Accounting Standards (CAS). Any changes
in charts of account may be made solely by the responsible department. Both accounting systems are processed by SW
Business. Balances of all accounts are checked at the cut-off date.
The Company also employs controlling tools that focus on the evaluation of key financial and non-financial performance
indicators with the aim of achieving the Company's objectives.
Financial accounting is controlled once a year by external auditors (a preliminary and final audit). Balances of all accounts
are duly evidenced in the process of documentary inventory. The finance team check as of the cut-off date of each quarter
the balances of accounts which contain records of tax payments, balances of cash and bank accounts, as well as accounts
where there were any significant movements. The finance team check the balances of all accounts twice a year at the cut-
off dates.
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The auditor of the Company for 2025 is PricewaterhouseCoopers Audit, s.r.o., having its registered office at Hvězdova
1734/2c, 140 00 Prague 4, Czech Republic.
Description of the rights attached to the relevant type of share or similar security representing an interest in the
issuer - Section 118(4)(e) Capital Market Undertakings Act
The Company issued registered shares in certificated form with identical rights and duties. The rights and obligations
attached to the shares are described in the Company's Articles of Association and relevant law, in particular the Act No.
90/2012 Coll, Business Corporations Act, as amended (the "Business Corporations Act"). The rights attached to the
Company's shares include, inter alia, the right to participate in the General Meeting and vote on matters within the scope
of the General Meeting, the right to a share in the profits and other own resources approved by the General Meeting for
distribution to shareholders, the right to request and receive explanations concerning the Company's affairs if such
explanations are necessary for the consideration of matters on the agenda of the General Meeting or for the exercise of
shareholder rights at the General Meeting, and the right to a share in the liquidation balance. The obligation attached to
shares is primarily payment for the subscribed shares within imposed deadlines.
The company issued two shares, each with a nominal value of CZK 1,000,000 per share. Each share carries 1 vote, the
total number of votes in the Company is 2. No restrictions on voting rights have been introduced in relation to any of the
shares. The Company has not adopted any specific dividend policy. The payment of dividends is governed by the relevant
provisions of the Business Corporations Act.
Description of the composition and decision-making procedures of the issuer's governing body and its
committees - Section 118(4)(f) of the Capital Market Undertakings Act
The Company's governing bodies consist of a management body (the Board of Directors) and a controlling body (the
Supervisory Board).
Board of Directors
The Company's statutory body is the Board of Directors, which currently consists of two members elected and revoked by
the Company's General Meeting. The term of office of the members of the Board of Directors is five years. The Board of
Directors elects and revoked its Chairperson, whose vote is decisive in the event of a tie.
The Board of Directors is responsible for the business management and proper accounting of the Company. It also submits
ordinary, extraordinary or interim financial statements to the General Meeting for approval and submits proposals for the
distribution of profits or the settlement of losses to the General Meeting in accordance with the Articles of Association. In
addition to the above duties, the Board of Directors is entrusted with all other powers, except those reserved to other bodies
of the Company by the Articles of Association, by law or by decision of a public authority.
The Board of Directors shall be governed by the policies and guidelines approved by the General Meeting, insofar as they
are in accordance with the law and the Articles of Association. However, no one is authorised to give instructions to the
Board of Directors concerning the conduct of business. This is without prejudice to the right of a member of the Board of
Directors to request the Company's General Meeting to give instructions concerning the conduct of business.
The Board of Directors shall meet as often as necessary to ensure the smooth running of the Company. The Board of
Directors may also adopt resolutions outside the meeting, in writing or by technical means (per rollam). A per rollam
resolution of the Board of Directors shall be adopted if a majority of all the members of the Board of Directors vote in favour
of it. The quorum of the Board of Directors shall be a majority of all its members . A resolution of the Board of Directors
shall be adopted if a majority of the members present vote in favour of the proposal. In the event of an equality of votes,
the Chairman of the Board of Directors shall have a casting vote.
The Board of Directors had the following two members until 5 August 2025:
- Mrs Iva Horčicová (Chairman of the Board)
- Mr Petr Luňák
Since 5 August 2025, Mr Petr Luňák was replaced by Mr Martin Kořistka.
Supervisory Board
Members of the Supervisory Board are elected and dismissed by the General Meeting for a term of five years. The
Supervisory Board supervises the performance of the Board of Directors' duties and the Company's activities. The
Supervisory Board reviews the ordinary, extraordinary, consolidated and, where applicable, interim financial statements
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and the proposal for the distribution of profits or other own resources or for the settlement of losses and submits its opinions
to the General Meeting. The Supervisory Board shall be entitled to inspect all documents and records relating to the
Company's business and to check that the accounting records are kept properly and in accordance with the facts and that
the Company's business or other activities are conducted in accordance with other laws and regulations and the Company's
Articles of Association.
The Supervisory Board of the Company is also responsible for the establishment of the Audit Committee.
Mr. Tomáš Borčin has been the sole member of the Supervisory Board since the Company was established (30 April
2024).
Audit Committee
The Supervisory Board, or its sole member respectively, established the Audit Committee as its advisory body on the date
on which the Company became a public interest entity (i.e. on 17 June 2024). The Audit Committee was established by a
resolution of the sole member of the Supervisory Board, which also adopted the Audit Committee Charter.
The Audit Committee performs duties pursuant to Section 44a of Act No. 93/2009, on Auditors, as amended, in particular
monitoring the effectiveness of internal control and risk management systems; monitoring the process of preparing financial
statements and submitting recommendations to the management or control body to ensure the integrity of accounting and
financial reporting systems; recommending the auditor to the control body; monitoring the process of statutory audit;
informing the control body of the results of the statutory audit; approving the provision of other non-audit services, etc.
At its first meeting, the Audit Committee adopted its Rules of Procedure, in accordance with the Articles of Association,
which set out the principles governing the Audit Committee's proceedings.
The members of the Audit Committee were until 5 August 2025:
- Mr Roland Ruprecht (Chairman of the Audit Committee from 25 September 2024)
- Mr Jan Hrazdira
- Mr Martin Kořistka
As of 5 August 2025, Mr Martin Kořistka was replaced in connection with his appointment to the Board of Directors of the
Company by Mrs Karla Červinková.
Description of the decision-making procedures and the basic scope of powers of the issuer's General Meeting -
Section 118(4)(g) of the Capital Market Undertakings Act
The General Meeting is the supreme body of the Company. Resolutions of the General Meeting may be adopted at the
General Meeting or outside the General Meeting (by per rollam voting).
The General Meeting is convened by the Board of Directors at least once per financial year. The General Meeting decides
by a majority of the votes of the shareholders present, unless the applicable law requires a different majority.
The competence of the General Meeting includes:
a) decision on amendments to the articles of association, unless the change is a result of an increase in the share
capital authorised by the Board of Directors or a change resulting from other legal circumstances,
b) decision on changes in the amount of the share capital and authorising the Board of Directors to increase the
share capital,
c) decision on offsetting a monetary claim towards the Company against the claim for repayment of the issue price,
d) decision on issue of convertible or preferred bonds,
e) election and dismissal of members of the Board of Directors,
f) election and dismissal of members of the Supervisory Board,
g) approval of the ordinary, extraordinary or consolidated financial statements and, in case the preparation of such
financial statements is prescribed by the relevant legislation, the interim financial statements,
h) decision on the distribution of profits or other own resources or on the settlement of loss,
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i) decision on filing of an application for admission of the Company's equity securities to trading on the European
regulated market or to delist such from trading on the European regulated market,
j) decision to wind-up the Company with liquidation,
k) appointment and dismissal of the liquidator,
l) approval of the final report on the progress of the liquidation and the proposal for the use of the liquidation balance,
m) Approving the transfer, usufructuary lease or pledge of the enterprise or any part thereof which would entail a
fundamental change in the current structure of the enterprise or a fundamental change in the line of business or
registered activities of the Company,
n) decision to take over the effects of acts done on behalf of the Company before its formation,
o) approval of the silent partnership agreement and other agreements establishing the right to share in the
Company's profits or other own resources,
p) giving strategic instructions to the Board of Directors not interfering with the business management of the
Company, except for the case when a member of the Board of Directors requests such instructions concerning
business management
q) approval of the principles governing the Supervisory Board,
r) approving legal actions of the Company which the General Meeting is legally entitled to prohibit,
s) appointment and removal of members of the Audit Committee,
t) other decisions which the law or these Articles of Association entrusted to the General Meeting.
If the Company has a single shareholder, the powers of the General Meeting shall be exercised by that shareholder. The
Company's sole shareholder is KKCG Group AG (formerly KKCG AG).
Description of the diversity policy applied to the issuer's management body - Section 118(4)(h), (i), and (j) of the
Capital Market Undertakings Act
As at the balance sheet date the Company does not exceed at least two thresholds pursuant to Section 1b(3) of the
Accounting Act, therefore does not meet the conditions pursuant to Section 118(4)(h) of the Capital Market Undertakings
for the purposes of the description of the diversity policy. In addition, the Company has no employees. In the course of its
business, the Company complies with all relevant legislation in this area, including the Czech Act No. 198/2009, the Anti-
Discrimination Act, as amended.
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OTHER REGULATORY DISCLOSURES
Summary of regulatory information required by sections 21(2) et seq. of the Accounting Act:
The Accounting Act requires certain information to be disclosed in the annual financial report of entities that are required
to have their financial statements audited. The Company hereby presents a summary containing either the required
information or references to the sections of other parts of the Annual Report where the relevant information is provided.
Subsequent events occurred after 31 December 2025 that are material to the purpose of the Annual Report are
described in Note 14 to the Financial Statements.
The prospects for the future expected business development of the Company are elaborated below in the section
Forward-looking Statements below.
The Company does not conduct any research or development activities.
The Company has not acquired any equity shares or equity interests in any other form during the period from 1
January 2025 to 31 December 2025. Therefore, the Annual Report does not contain a report on business activities
within the meaning of Section 307 the Business Corporations Act.
The Company complies with all legal regulations in the field of environmental protection and adheres to applicable
legislation. As to labour law relations, the Company did not have any employees in 2025.
As at the date of this Annual Report, the Company does not have a branch or other parts of its business
establishment abroad.
The Report on Relations pursuant to Section 82 of the Business Corporations Act forms part of this Annual Report
on page 11 et seq.
The Company has no further information to disclose according to special legal regulations in addition to those
specified in Corporate Governance Statement (above).
Forward-looking Statements
The Company plans to maintain its primary role of bond management in 2026. The Company plans to fulfil all of its
obligations under the Bonds. The fulfilment of its obligations depends, among others, on KKCG Group AG‘s ability to
manage its cashflows and timely pay instalments of its intragroup loan. KKCG Group AG does not show any signs of not
being able to fulfil its commitments towards the Company.
Statement by the Board of Directors
We hereby declare that, to the best of our knowledge, the Financial Statements attached to this Annual Report, which have
been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and financial performance of the Company. We further declare that, to the best of our
knowledge, the Annual Report under the law regulating the accounting contains a fair statement of the development and
performance of the Company and of the position of the Company, together with a description of the principal risks and
uncertainties it faces.
Date: Signature of the statutory body:
27 April 2026 Iva Horčicová Martin Kořistka
Chairman of Board of Directors
Member of Board of Directors
ANNEX NO. 1 - REPORT ON RELATIONS
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REPORT OF THE BOARD OF DIRECTORS OF KKCG FINANCING A.S. ON RELATIONS BETWEEN THE
CONTROLLING PERSON AND THE CONTROLLED PERSON, AND BETWEEN THE CONTROLLED
PERSON AND PERSONS CONTROLLED BY THE SAME CONTROLLING PERSON
KKCG Financing a.s., with its registered office at Evropská 866/71, Vokovice, 160 00, Prague 6, ID No.:
21531455, registered in the Commercial Register maintained by the Municipal Court in Prague under file No.
B 28853 (the “Company”), was a controlled person within the meaning of Section 74 et seq. of Act No. 90/2012
Coll., in the accounting period from 1 January 2025 to 31 December 2025 (the “Accounting Period”), on
Commercial Companies and Cooperatives, as amended (the “Business Corporations Act” or the “BCA”).
The Board of Directors of the Company, as a controlled person, in accordance with the provisions of Section
82 of the Business Corporations Act, has prepared this Report on Relations between the Controlling Person
and the Controlled Person and between the Controlled Person and Persons Controlled by the Same
Controlling Person (the “Report on Relations” and “Related Parties”). The Report on Relations has been
prepared in a breakdown based on the provisions of Section 82(2) and (4) of the BCA.
THE STRUCTURE OF RELATIONSHIPS BETWEEN THE COMPANY AND OTHER RELATED
PARTIES
Throughout the Accounting Period, the Company was part of the KKCG Group, consisting of companies
all of which are controlled, directly or indirectly, by KKCG Group AG, with its registered office at
Kapellgasse 21, 6004 Lucerne, Swiss Confederation, reg. no. CHE-326.367.231 (“KKCG Group AG”).
The Company is directly controlled by KKCG Group AG.
A list of all KKCG Group companies that are controlled, directly or indirectly, by KKCG Group AG, including
the Company, is attached as Annex 1 to this Report on Relations. Information on KKCG Group companies
is given as of 31 December 2025.
THE ROLE OF THE COMPANY
The role of the Company, as a controlled company, is to be the issuer of the Bonds (as defined below).
METHOD AND MEANS OF CONTROL
Control is exercised over the Company through 100% of the voting rights at the Company’s General
Meeting.
OVERVIEW OF IMPORTANT MEETINGS
During the Accounting Period, the Company did not enter into any transactions at the instigation of or in
the interest of KKCG Group AG or its controlled persons concerning assets exceeding 10% of the
Company’s equity as determined by the latest financial statements preceding the issuance of this report.
A SUMMARY OF INTERCOMPANY AGREEMENTS IN EFFECT DURING THE FINANCIAL YEAR
During the Accounting Period, no new agreements were entered into between the Company and KKCG
Group AG, or between the Company and other parties controlled by KKCG Group AG.
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During the Accounting Period, the following agreements between the Company and KKCG Group AG, or
between the Company and other parties controlled by KKCG Group AG, which were entered into prior to
the beginning of the Accounting Period, remained in effect:
5.1 Agreements concluded between the Company and KKCG Group AG (formerly KKCG AG):
Agreement on the Provision of a Contribution into other Capital Funds, effective from 11 July
2024;
Term Facility Agreement, effective from 12 July 2024;
Subscription Agreement with the other parties to the Subscription Agreement: Česká
spořitelna, a.s., J&T BANKA, a.s., Komerční banka, a.s., PPF banka a.s., effective from 12
July 2024.
5.2 Agreements concluded between the Company and KKCG Services a.s. (formerly KKCG
a.s.):
Agreement for Processing of payroll records, effective from 15 July 2024;
Amendment No. 1 to the Agreement for Processing of accounting records, financial
statements and tax returns, effective from 1 May 2024, concluded on 30 December 2024
and effective from 1 January 2025.
ASSESSMENT OF THE HARM SUFFERED AND COMPENSATION FOR IT
The Company did not suffer any loss as a result of the contracts entered into during the Accounting Period
between the Company and other KKCG Group entities or other actions taken by the Company in the
Accounting Period on behalf of or at the instigation of such entities.
EVALUATION OF THE ADVANTAGES, DISADVANTAGES AND RISKS ARISING FROM THE
RELATIONSHIP BETWEEN THE RELATED PARTIES
Membership in the KKCG Group, with KKCG Group AG as the controlling party, enables the Company to
benefit from the advantages consisting in particular in the sharing of know-how and information (to the
extent permitted by law and contractual agreements with third parties), the possibility to benefit from the
good reputation associated with the KKCG brand and the possibility to access intra-group and bank
financing for the Company (e.g., in the form of the possibility to provide collateral for the Company’s
financial obligations by other parties from the Group).
The Company has not identified any disadvantages or risks to it arising from the relationships between
the Related Parties.
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Annex No. 1: List of Related Parties
In Prague on 31 March 2026
On behalf of KKCG Financing a.s.
____________________ ____________________
Iva Horčicová Martin Kořistka
Chairman of the Board of Directors Member of the Board of Directors
ANNEX NO. 1
LIST OF RELATED PARTIES AS OF 31 DECEMBER 2025
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
"CCB" Congress Center Baden
Betriebsgesellschaft m.b.H.
Kaiser Franz Ring 1, 2500 Baden, Austria, reg. no. FN67046y
"Horyzonty" LLC L’vivska Oblast, L’viv, 79005, ulice Chubaia Hrytska 6C, Office 7, Ukraine, reg. no. 36828617
"Tynivske" LLC Chubaya Gritska str., building 6c, room 7, Lviv, 79005, Ukraine, reg. no. 45716077
3 Dering Street S.á r.l. (dříve/ formerly HEVF 2
New Bond Street S.á r.l.)
3 Gabriel Lippmann Street, 5365 Munsbach, Luxembourg, Grand Duchy of Luxembourg, reg. no.
B233966
Allwyn AG Mühlenplatz 9, 6004 Lucerne, Switzerland, reg. no. CHE-366.705.452
Allwyn Asia Holding a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
05266289
Allwyn Austria Holding 1 GmbH c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna, Austria, reg no. FN636509v
Allwyn Austria Holding 2 GmbH c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna, Austria, reg. no. FN38898d
Allwyn Austria Holding 3 GmbH c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna, Austria, reg. no. FN117154k
Allwyn Czech Republic Holding a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
24852104
Allwyn Entertainment Financing (UK) Plc 4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg. no. 13841508
Allwyn Entertainment Financing (US) LLC (dříve /
formerly Allwyn Services US LLC)
125 High Street, Suite 1704, Boston, MA-02110, USA, reg. no.
Allwyn Entertainment Ltd. Tolpits Lane, Watford, WD18 9RN, United Kingdom, reg. no. 13157556
Allwyn Greece & Cyprus Holding 2 Ltd
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic of Cyprus, reg.
no. HE287956
Allwyn Greece & Cyprus Holding Ltd
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic of Cyprus, reg.
no. HE320752
Allwyn Illinois LLC 222 W. Merchandise Mart Plaza Suite 2300, Chicago, IL-60654, USA, reg. no. 05886996
Allwyn Information Technology Systems Single
Member S.A.
Leoforos Kifisias 18 & Gkyzi, 15125 Maroussi, Athens, Greece, reg. no. 137792901000
Allwyn International AG Mühlenplatz 9, 6004 Lucerne, Switzerland, reg. no. CHE-149.109.354
Allwyn Investments Cyprus Ltd
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic of Cyprus, reg.
no. HE432870
Allwyn Italy Holding AG c/o Allwyn AG, Mühlenplatz 9, 6004 Lucerne, Switzerland, reg. no. CHE-157.693.004
Allwyn Lottery Solutions Limited 4th Floor 3 Dering Street, London, England, W1S 1AA, United Kingdom, reg. no. 07553980
Allwyn Management Services AG
c/o Allwyn International AG, Mühlenplatz 9, 6004 Lucerne, Switzerland, reg. no. CHE-
321.400.909
Allwyn North America Inc. 222 W. Merchandise Mart Plaza Suite 2300, Chicago, IL-60654, USA, reg. no. 70663287
Allwyn Services Czech Republic a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08993165
Allwyn Services UK Ltd 4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg. no. 08869774
Allwyn Slovensko a.s.
Žižkova 9, Bratislava - mestská časť Staré Město, post code 811 02, Slovak Republic,
identification no. 56627424
Allwyn Technology Services Limited 4th Floor 3 Dering Street, London, England, W1S 1AA, United Kingdom, reg. no. 02822300
Allwyn UK Holding B Ltd 4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg. no. 13849924
Allwyn UK Holding C Ltd 4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg. no. 14530228
Allwyn UK Holding Ltd 4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg. no. 13154201
Allwyn US Holding Inc. 251 Little Falls Drive, New Castle, Delaware 19808, USA, reg. no. 7177345
Ametyst Holding a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
23670134
Aricoma a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 04615671
Aricoma Capital a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 11834587
Aricoma Digital s.r.o.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 47117087
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
1
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
Aricoma Enterprise Applications s.r.o.(dříve /
formerly Internet Projekt, s.r.o.)
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 08526541
Aricoma Enterprise Cybersecurity a.s.
Voctářova 2500/20a, Libeň, post code 180 00, Prague 8, Czech Republic, identification no.
04772148
Aricoma Enterprise Cybersecurity s.r.o.
Krasovského 3986/14, post code 851 01, Bratislava, Slovak Republic, identification no.
31384072
Aricoma Group Finance a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 17848369
Aricoma Group Holding a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 17848601
Aricoma Shared Services s.r.o. (dříve / formerly
Aricoma Brand s.r.o.)
Hornopolní 3322/34, Moravská Ostrava, post code 702 00 Ostrava, Czech Republic, identification
no. 17867096
Aricoma Systems a.s. (dříve / formerly
AUTOCONT a.s.)
Hornopolní 3322/34, Moravská Ostrava, 702 00 Ostrava, Czech Republic, identification no.
04308697
Aricoma Systems s.r.o. (dříve / formerly
AUTOCONT s.r.o.)
Krasovského 14, Bratislava - mestská časť Petržalka, post code 851 01, Slovak Republic,
identification no. 36396222
Aricoma Systems SRL
Cantersteen 47, Brussels, Brussels-Capital Region, 1000, Kingdom of Belgium, reg. no.
0767.591.979
Avenga a.s. (dříve / formerly QINSHIFT a.s.)
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 17865522
Avenga AB (díve / formerly Qinshift AB ) Lilla Nygatan 7 3tr, 211 38 Malmö, Kingdom of Sweden, reg. no. 556588-5935
Avenga Academy DOO (dříve / formerly Qinshift
Academy DOO)
Vojvode Misica 9, 18 000 Nis, Republic of Serbia, reg. no. 29508429
Avenga Academy DOOEL (dříve / formerly
Qinshift Academy DOOEL)
11 Oktomvri 33A, 1000 Skopje, Republic of North Macedonia, reg. no. 6643140
Avenga AdTech sp. z o.o. (dříve / formerly
Clearcode Services Sp. z o.o.)
Św. Antoniego 2/4, 50-073 Wrocław, Poland, reg. no. 871153
Avenga AG (v likvidaci / in liquidation) Herrengasse 34, 6430 Schwyz, Switzerland, reg. no. CHE-137.888.208
Avenga Argentina SRL (dříve / formerly
Harriague y Asociados SRL)
Humberto Primo Ave 650, Capitalinas Tower 5000, Córdoba, Argentina, reg. č. 30-68095660-6
Avenga Capital a.s. (dříve / formerly QINSHIFT
CAPITAL a.s.)
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 17802733
Avenga Czechia s.r.o. (dříve / formerly Qinshift
Czechia s.r.o.)
Voctářova 2500/20a, Libeň, post code 180 00, Prague 8, Czech Republic, identification no.
27408787
Avenga d.o.o. Banja Luka (dříve / formerly
Qinshift d.o.o. Banja Luka)
Svetozara Markovica no.5, 78 000 Banja Luka, Bosnia and Herzegovina, reg. no. 57-01-0252-17
Avenga DOO (dříve / formerly Qinshift DOO) Vojvode Misica 9, 18 000 Nis, Republic of Serbia, reg. no. 20177861
Avenga DOOEL (dříve / formerly Qinshift DOOEL) 11 Oktomvri 33A, 1000 Skopje, Republic of North Macedonia, reg. no. 5323983
Avenga EAD (dříve / formerly Musala Soft EAD) 36 Dragan Tsankov blvd, Office 505, 1057 Sofia, Bulgaria, reg. no. 202569949
Avenga Germany GmbH Bahnhofsvorplatz 1, 50667 Cologne, Germany, reg. no. HRB79623
Avenga H2B .r.o. (dříve / formerly Qinshift H2B
s.r.o.)
Tuřanka 1519/115a, Brno, Slatina, post code 627 00, Czech Republic, identification no.
28223756
Avenga Holding Malta Ltd. (dříve / formerly
Perfectial Holding Limited)
68, Oakkhill 3, Old College street, Sliema, Malta, reg. no. C 76419
Avenga International GmbH Bahnhofsvorplatz 1. 50667 Cologne, Germany, reg. no. HRB97336
Avenga International Holding GmbH Bahnhofsvorplatz 1. 50667 Cologne, Germany, reg. no. HRB107505
Avenga Inwestycje Sp. z o.o. (dříve / formerly
ITK Inwestycje sp. z o.o. )
ul. Przyokopowa 26, 01-208 Warsaw, Poland, reg. no. 654511
Avenga IT (dříve / formerly Incluit LLC) 1065 SW 8th PMB 622. Miami. Fl 33156. United states, reg. no. L12000129508
Avenga IT Professionals Sp. z o.o. ul. Gwiaździsta 66, 53-413 Wrocław, Poland, reg. no. 210937
AVENGA LIMITED (dříve / formerly Next Peak
Limited)
4th Floor 3 Dering Street, London, United Kingdom, W1S 1AA, reg. no. 15250344
Avenga Malaysia Sdn. Bhd.
suite 15.2, level 15, The Gardens North Tower Lingkaran Syed Putra, Mid Valley City, 59200
Kuala Lumpur, reg. no. 1202542-M
Avenga Perfectial LLC (dříve / formerly Perfectial
LLC)
3422 Old Capitol Trail, Suite 700, Wilmington, Delaware 19808-6192, USA, reg. no. 5575406
Avenga Poland sp. z o.o. ul. Zielińskiego 22, 30-320 Kraków, Poland, reg. no. 518453
2
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
Avenga Services EOOD (dříve / formerly Musala
Services EOOD)
36 Dragan Tsankov blvd, Office 505, 1057 Sofia, Bulgaria, reg. no. 205329279
Avenga Services sp.z.o.o. ul. Przyokopowa 26, 01-208 Warsaw, Poland, reg. no. 984152
Avenga Slovakia s. r. o. (dříve / formerly
Qinshift Slovakia s.r.o.)
Mlynské Nivy 18890/5, post code 821 09, Bratislava, Slovak Republic, identification no.
35942487
Avenga Software Technologies J.S.C. (dříve /
formerly Qinshift Software Technologies J.S.C.)
Fulya Mah. Büyükdere Cad. Pekintaş Group Blok No: 32 İç Kapı No: 4 Şişli / İstanbul, Turkey,
reg. no. 352133
Avenga Solutions Malta Ltd. (dříve / formerly
Perfectial Solutions Limited)
68, Oakkhill 3, Old College street, Sliema, Malta, reg. no. C 76465
Avenga Switzerland GmbH (dříve / formerly
Qinshift Switzerland GmbH)
Itziker Dorf Strasse 57, 8627 Grüningen, Switzerland, reg. no. CHE–020.4.049.285-2
Avenga Technologies GmbH (dříve / formerly
Qinshift Germany GmbH)
Eduard-Schopf-Allee 1, 28217 Bremen, Germany, reg. no. 32267
Avenga Technologies Spain S.L. (dříve / formerly
Qinshift Espaňa S.L.)
Calle Barcas 2 2 - EDIFICIO EPOCA. 46002, Valencia, Spain, reg. no.B72432248
Avenga Technology Inc. (dříve / formerly
Qinshift USA Inc.)
2352 Main Street, Suite 200, Concord, MA-01742, USA, reg. no. 000873055
Avenga US Holding Corp.
Telos Legal Corp., 1012 College Road, Suite 201, in the City of Dover, County of Kent, zip code
19904, reg. no. 6993384
Avenga US LLC
c/o CORPORATION TRUST CENTER 1209 ORANGE STREET, WILMINGTON, New Castle 19801,
USA, reg. no. 7078267
Azúr a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
22172939
Blue Rosemarine Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08797200
Cachi Valle Aventuras S.A. (v likvidaci / in
liquidation)
Av. Francisco de Uriondo 330, 4400 Salta, Argentina, registr. no. IGTJ de Salta Folio 71/2
asiento 2465 L 10
CAI Hungary Kft. Lackner Kristóf u. 33/A, 9400 Sopron, Hungary, reg. no. 08-09-027729
Camelot UK Lotteries Limited 37-39 Clarendon Road, Watford, WD17 1JA, United Kingdom, reg. no. 02822203
Casino Odense K/S Claus Bergs Gade 7, 5000 Odense C, Denmark, reg. no. 14920293
Casino Sopron Kft. Lackner Kristóf u. 33/A, 9400 Sopron, Hungary, reg. no. 08-09-009273
Casino St. Moritz AG (in liquidation)
c/o Domenig & Partner Rechtsanwälte AG,Laupenstrasse 1, 3008 Bern, Switzerland, reg. no. CHE-
107.653.178
Casinos Austria (Liechtenstein) AG
Vorarlberger Strasse 210, 9486 Schaanwald, Principality of Liechtenstein, reg. no. FL-
0002.543.564-5
Casinos Austria (Swiss) AG c/o LIREX AG, Davidstrasse 1, 9000 St. Gallen, Switzerland, reg. no. CHE-100.189.949
Casinos Austria AG Liegenschaftsverwaltungs
und Leasing GmbH
Rennweg 44, 1038 Vienna, Austria, reg. no. FN 114288x
Casinos Austria Aktiengesellschaft Rennweg 44, 1038 Vienna, Austria, reg. no. FN 99639d
Casinos Austria International (Mazedonien)
Holding GmbH
Rennweg 44, 1038 Vienna, Austria, reg. no. FN 400167g
Casinos Austria International Belgium S.A. Rue Grétry 16-20, 1000 Brussels, Kingdom of Belgium, reg. no. 0502.785.246
Casinos Austria International GmbH Rennweg 44, 1038 Vienna, Austria, reg. no. FN131441x
Casinos Austria International Holding GmbH Rennweg 44, 1038 Vienna, Austria, reg. no. FN37681p
Casinos Austria International Ltd. 35-41 Wharf Street, 4870 Cairns, QLD, Australia, reg. no. ACN: 065998807, ABN: 31065998807
Casinos Austria Management GmbH Rennweg 44, 1038 Vienna, Austria, reg. no. FN38657z
CAST Casinos Austria Sicherheitstechnologie
GmbH
Rennweg 44, 1038 Vienna, Austria, reg. no. FN94404f
CIPHER SOLUTIONS, a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
10675680
Clarystone s.r.o.
Na Větrově 889/13, Lhotka, post code 142 00 Prague 4, Czech Republic, identification no.
27745422
CLS Beteiligungs GmbH Goldschmiedgasse 3, 1010 Vienna, Austria, reg. no. FN84419x
3
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
Cognni Ltd. Hamered 29, Tel Aviv-Yaffo, 6812511, Israel, Reg. No. 515729135
Collington II Limited
Custom House Plaza Block 6, International Financial Services Centre, Dublin 1, Republic of
Ireland, reg. no. 506335
Collington III Limited
International Financial Services Centre, Custom House Plaza Block 6, Dublin D01 X9Y5, Ireland,
reg. no. 789555
Complejo Monumento Güemes S.A. (v likvidaci /
in liquidation)
Av. Francisco de Uriondo 330, 4400 Salta, Argentina, reg. no. FOLIO 187/88 ASIENTO 2288
LIBRO 9
Consulting 4U s.r.o.
Wellnerova 134/7, Nová Ulice, post code 779 00, Olomouc, Czech Republic, identification no.
25851471
Coopera Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08682802
Core Value Global Holding LLC
c/o CORPORATION TRUST CENTER 1209 ORANGE STREET, WILMINGTON, New Castle 19801,
USA, reg. no. 7078263
CoreEmpl Company Inc. 831 Notch Tatnall St Suite 200, Wilmington, DE-19801, USA, reg. no. 6990013
Cuisino Ges. m.b.H. Rennweg 44, 1038 Vienna, Austria, reg. no. FN54015i
Deutsche Sportwetten GmbH Karmarschstr. 37-39, D-30159 Hannover, Germany, reg. no. HRB219939
Entretenimientos y Jegos de Azar (EN.J.A.S.A.)
S.A. (v likvidaci / in liquidation)
Del Milagro 142, 4400 Salta, Argentina, reg. no. IGTJ de Salta Folio 65/6 asiento 2462 L 10
Finance-Gate Software GmbH Köpenicker Str. 154, 10997 Berlin, Germany, reg. no. HRB 194193
FM&S Czech a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 04283112
Fortuna 1 ApS
c/o Casino Odense K/S, Claus Bergs Gade 7, 5000 Odense C, Kingdom of Denmark, reg. no.
14909087
FVE Mušov I s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 19174098
FVE Mušov II s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 17873517
FVE Orlová I s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 06763731
FVE Orlová II s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 19254504
FVE Tichá s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 28605233
GBL-1 LLC (Geological Bureau Lviv - 1) Lviv dictrict, Lviv, vul. Rustaveli, Ukraine, reg. no. 45982116
Geologichne byreau "Lviv” LLC L’vivska Oblast, L’viv, 79011, ul. Kubiyovicha 18, Office 6, Ukraine, reg. no. 31978102
GIST, s.r.o.
Collinova 421, Vìkoše, post code 500 03 Hradec Králové, Czech Republic, identification no.
60916851
G-JET s.r.o. Vinohradská 1511/230, , Czech Republic, identification no. 27079171
Glücks- und Unterhaltungsspiel
Betriebsgesellschaft m.b.H.
Rennweg 44, 1038 Vienna, Austria, reg. no. FN241637z
HELLENIC LOTTERIES S.A. (HELLENIC LOTTERIES
– COMPANY FOR THE PRODUCTION, OPERATION,
CIRCULATION, PROMOTION AND MANAGEMENT
OF LOTTERIES SINGLE MEMBER SOCIETE
ANONYME)
112 Athinon Avenue, GR 104 42, Athens, Greece, reg. no. 125891401000
HORSE RACES SINGLE MEMBER S.A. 112 Athinon Avenue, GR 104 42, Athens, Greece, reg. no. 132846101000
IGNIS HOLDING a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 07435304
Inmobiliara Ovale S.A. Ignacio Carrera Pinto 109, 2720426 San Antonio, Chile, reg. no. 14996/10019
INSTANT WIN GAMING North America Inc. 2723 S. State St. Suite 150, Ann Arbour MI, 48104, USA, reg. no. 802249423
INSTANT WIN GAMING (Gibraltar) Limited Madison Building, Midtown, Queensway, Gibraltar, reg. no. 121696
INSTANT WIN GAMING LIMITED 1st Floor 2 Old Street Yard, London, EC1Y 8AF, United Kingdom, reg no. 07852508
4
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
IPM – Industrial Portfolio Management a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
04572033
IT Service sp. z o.o. ul. Przyokopowa 26, 01-208 Warsaw, Poland, reg. no. 395960
JiBa Hold s.r.o.
Evropská 866/63, post code 160 00, Prague 6 - Vokovice, Czech Republic, identification no.
08590664
JNR Alfa, s.r.o.
Evropská 866/71, post code 160 00, Prague 6 - Vokovice, Czech Republic, identification no.
17875072
JNR Beta s.r.o. ( dříve / formerly SC Czech ACI,
s.r.o.)
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
10969551
JNR Sigma, s.r.o
Evropská 866/71, post code 160 00, Prague 6 - Vokovice, Czech Republic, identification no.
17875064
JTU Czech, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
02612020
KBOC Director s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 19666144
KBOC Investering B.V. 1101CT Amsterdam, Herikerbergweg 292, Kingdom of the Netherlands, reg. no. 52308944
KCT Data, s.r.o.
Valčíkova 1369/17, Libeň, post code 182 00 Prague 8, Czech Republic, identification no.
25730878
KKCG Advisory a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
22369074
KKCG Development a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08295484
KKCG Financing 2 a.s.
Dúbravská cesta 14, mestká časť Karlova Ves, post code 841 04, Bratislava, Slovak Republic,
identification no. 55970494
KKCG Financing a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
21531455
KKCG Industry B.V. 1101CT Amsterdam, Herikerbergweg 292, Kingdom of the Netherlands, reg. no. 27271144
KKCG LIQUIDITY SOLUTIONS LTD 5th Floor, 3 Dering Street, London, England, W1S 1AA, United Kingdom, reg. no. 16532781
KKCG Methanol Holdings LLC 108 Lakeland Ave., Dover, Delaware, 19901, United States of America, EI no. 36-4831670
KKCG Real Estate Financing a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
23781467
KKCG Real Estate Group a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
24291633
KKCG REAL ESTATE UK LTD 5th Floor, 3 Dering Street, London, England, W1S 1AA, United Kingdom, reg. no. 16287846
KKCG Services a.s. (dříve / formerly KKCG a.s.)
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
27107744
KKCG Structured Finance AG Kapellgasse 21, 6004 Lucerne, Switzerland, reg. no. CHE-292.174.442
KKCG TechLabs s.r.o.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 14042479
KKCG Technologies Finance s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
14038641
KKCG Technologies s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
07171234
KKCG UK Advisory Ltd 5th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg. no. 16075110
KKCG US Advisory LLC 125 High Street, Boston, MA-02110, United States of America, reg. no. 84-2817214
KKCG US Ventures, LLC
Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, United States of
America, reg. No. 39-4831616
Krč Alfa a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
24237761
Krč Beta a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
09810196
Krč Development, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
10969624
KrP stav. s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
07491697
Kynero Consulting a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
24193461
Leisure & Enterteinment S.A. (v likvidaci / in
liquidation)
Del Milagro 142, 4400 Salta, Argentina, reg. no. IGTJ de Salta Folio 253/4 asiento 3484 L 13
5
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
Liberty One Methanol LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States of America, EI. no.32-
0521898
Liberty One O&M LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States of America, EI. no. 30-
0975326
Liberty Two Methanol LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States of America, EI. no. 30-
0988055
LLC Avenga IT Ukraine (dříve / formerly LLC ITK
Ukraine)
118 B, V. Antonovycha str., Lviv, 79057, Ukraine, reg. no. 42686264
LLC Avenga Ukraine 1A, Kamyanets'ka Str., Lviv, 79034, Ukraine, reg. no. 44614060
LLC ITK Services Ukraine 118 B, V. Antonovycha str., Lviv, 79057, Ukraine, reg. no. 42685538
LTB Beteiligungs GmbH c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna, Austria, reg. no. FN84439a
LUSTET s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 08580871
MEDICEM Group a.s.
Kamenné Žehrovice, Karlovarská třída 20, post code 273 01, Czech Republic, identification no.
07118422
Medicem Inc. 125 High Street, Boston, MA-02110, United States of America, EI. no. 38-4126132
MEDICEM Technology s.r.o
Kamenné Žehrovice, Karlovarská třída 20, post code 273 01, Czech Republic, identification
no. 48036374
Metanol d.o.o. Lendava, Mlinska ulica 5, 9220 Lendava – Lendva, Slovenia, reg. no. 6564534000
Mindsquared a.s.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
09771492
MND "Tynivske" LLC Lviv region, Lviv, Rustaveli St., building 7, 79005, Ukraine, reg. no. 45693725
MND "Zhukivske" LLC Lviv region, Lviv, Rustaveli St., building 7, 79005, Ukraine, reg. no. 45859394
MND a.s. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 28483006
MND Austria a.s. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 19407904
MND BESS GmbH Maschweg 1, 29227 Celle, Germany, reg. no. HRB212002
MND BESS a.s. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 21140839
MND Drilling & Services a.s. Velkomoravská 900/405, post code 696 18, Lužice, Czech Republic, identification no. 25547631
MND Drilling Germany GmbH 29227 Celle, Maschweg 1, Germany, reg. no. HRB212091
MND Energie a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
29137624
MND Energy Storage a.s. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 27732894
MND Energy Storage Germany GmbH 64665 Alsbach-Hähnlein, Birkenweg 2, Germany, reg. no. HRB96046
MND G2P s.r.o. (dříve / formerly G2P Borkovany
s.r.o.)
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 17873592
MND Gas Storage a.s. (dříve / formerly Moravia
Gas Storage a.s.)
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 28506065
MND GasInvestUA s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 19237375
MND Germany GmbH 29227 Celle, Maschweg 1, Germany, reg. no. HRB207844
MND Group AG Kapellgasse 21, 6004 Lucerne, Switzerland, reg. no. CHE-448.401.517
MND Prodej a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
09002359
MND UK NORTH SEA LTD 4th Floor 3 Dering Street, London, United Kingdom, W1S 1AA, reg. no. 15921060
MND Ukraine a.s. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 08957517
MND Wind s.r.o. Úprkova 807/6, post code 695 01 Hodonín, Czech Republic, identification no. 17873568
6
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
Musala Soft DOOEL
3, Filip II Makedonski, Str., fl.4, office 4003, Skopje 1000, Republic of North Macedonia, reg. no.
7008040
Musala Soft Kosovo LLC Str.Mujo Ulqinaku No 5-, Ap.10 Qyteza Pejton, 1000 Pristina, Kosovo, reg. no. 810171728
Musala Soft LLC 16 Khartoum St, Floor 4, Heliopolis Cairo, Egypt, reg. no. 180934
NANO Advanced Electrolysis s.r.o. Jakubské náměstí 580/4, Brno-město, 602 00 Brno, Czech Republic, identification no. 19283768
NANO Advanced s.r.o. Jakubské náměstí 580/4, Brno-město, 602 00 Brno, Czech Republic, identification no. 26949211
NEOFACTO Luxembourg S.A.
12, avenue du Rock'n'Roll, L-4361 Esch-sur-Alzette, Luxembourg, Grand Duchy of Luxembourg,
reg. no. B131144
NetOp CLD Ltd. Hebron Road 24, Jerusalem, Israel, reg. no. 51-593482-6
Neurosoft Cyprus Ltd 11 Erechtheiou Street, Egomi, P.C. 2413, Nicosia, Cyprus, reg. no. ΗΕ245439
Neurosoft Romania Srl (dříve / formerly
Neurosoft Romania Software and Services Srl)
Loc. Voluntari, Oras Voluntari, Sos. Bucuresti Nord, Nr 10, Cladirea de Birouri O21, Bucharest,
Romania, reg. no. J23/1752/2009
NEUROSOFT S.A. (NEUROSOFT SOCIÉTÉ
ANONYME SOFTWARE PRODUCTION)
466 Irakliou Avenue & Kiprou Street, 141 22 Iraklio Attikis, Athens, Greece, reg. no.
084923002000
Nikolajka Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08797072
NOVECON a.s.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08270783
ÖLG Holding GmbH Rennweg 44, 1038 Vienna, Austria, reg. no. FN268558p
OPAP CYPRUS LTD
92 Athalassis Avenue, ANASTASIO BUILDING, Strovolos 2024, Nicosia, Republic of Cyprus, reg.
no. HE140568
OPAP ECO SINGLE MEMBER S.A. 112 Athinon Avenue, GR 104 42, Athens, Greece, reg. no. 175665901000
OPAP INTERNATIONAL LTD
92 Athalassis Avenue, ANASTASIO BUILDING, Strovolos 2024, Nicosia, Republic of Cyprus, reg.
no. HE145913
OPAP INVESTMENT LTD
92 Athalassis Avenue, ANASTASIO BUILDING, Strovolos 2024, Nicosia, Republic of Cyprus, reg.
no. HE297411
OPAP S.A. (Organization of Football Prognostics
S.A.)
112 Athinon Avenue, GR 104 42, Athens, Greece, reg. no. 003823201000
OPAP SPORTS LTD
92 Athalassis Avenue, ANASTASIO BUILDING, Strovolos 2024, Nicosia, Republic of Cyprus, reg.
no. HE133603
Oriv Holding a.s. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 11735376
Österreichische Klassenlotterie
Vertriebsgesellschaft m.b.H.
Rennweg 44, 1038 Vienna, Austria, reg. no. FN468412t
Österreichische Lotterien Gesellschaft m.b.H. Rennweg 44, 1038 Vienna, Austria, reg. no. FN54472g
Österreichische Sportwetten Gesellschaft m.b.H. Rennweg 44, 1038 Vienna, Austria, reg. no. FN196645i
Pernerova Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08682844
Powerplay Alpha Holdco LLC 251 Little Falls Drive, New Castle, Delaware 19808, USA
Powerplay Alpha Merger Sub LLC 2 Sun Court, Suite 400, Peachtree Corners, Gwinnett County, GA-30092, State of Georgia, USA
Precarpathian energy company LLC Ivano-Frankovska Oblast, Bohorodchany, 77701, ul. Shevchenka, Ukraine, reg. no. 36042045
Qinshift LLC (in liquidation)
FLLC SEAVUS, 25A Internatsionalnaya st., office 420, Minsk, 220 030, Republic of Belarus, reg.
no. 190835458
Qinshift S.R.L. Calea Ieșilor 8/1, et.5, of.8 , Chisinau, MD 2068, Republic of Moldova, reg. no. 1020600026584
Qinshift Sweden AB (dříve/formerly Aricoma
Group International AB )
Lilla Nygatan 7 3tr, 211 38 Malmö, Kingdom of Sweden, reg. no. 559235-9748
Rabcat Computer Graphics GmbH Rennweg 46-50/1/6 (1.OG), 1030 Vienna, Austria, reg. no. FN276027y
Relax Rezidence Cihlářka, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
05662079
Resultado Invest s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11660376
7
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
Rezervoarji d.o.o Lendava, Mlinska ulica 5, 9220 Lendava – Lendva, Slovenia, reg. no. 6564470000
Sabris Consulting s.r.o.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 04701780
Sabris Consulting SK s.r.o.
Krasovského 3986/14, Bratislava - municipal district Petržalka, post code 851 01, Slovakia,
identification no. 44118821
SALEZA, a.s. (v konkurzu, v úpadku, zahájeno
insolvenční řízení / in bankruptcy, insolvency
proceedings initiated)
K Žižkovu 851, post code 19093, Prague 9, Czech Republic, identification no. 47116307
SAZKA a.s.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
26493993
SAZKA DELTA AIF VARIABLE CAPITAL
INVESTMENT COMPANY LTD (v likvidaci / in
liquidation)
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic of Cyprus, reg.
no. HE314350
SAZKA DELTA MANAGEMENT LTD (v likvidaci / in
liquidation)
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic of Cyprus, reg.
no. HE314151
SAZKA FTS a.s.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
01993143
SAZKA Services s.r.o.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
05111901
SC Czech ACJ, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
10969560
SC Czech ADC, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11973609
SC Czech ADE, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11974265
SC Czech ADK, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11975300
SC Czech ADS, s.r.o.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11976870
SC Czech ADZ, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11977230
SC Czech AEO, s.r.o.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
17084172
SC Czech AER, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
117084458
SC Czech AGM, s.r.o.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
17875111
SDL ALFA, s.r.o. (dříve / formerly SC Czech ADV,
s.r.o.)
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11977051
SDL Beta, s.r.o. (dříve / formerly SC Czech AES,
s.r.o.)
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
17084539
SG Storage 2 s.r.o. Úprkova 807/6, post code 695 01, Hodonín, Czech Republic, identification no. 05781779
SPORTLEASE a.s.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
62361546
Springtide Ventures s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
01726587
Stoiximan Limited (Office/Branch in Cyprus) Themistokli Dervi 41, HAWAII TOWER, 1066, Nicosia, Republic of Cyprus, reg. no. ΑΕ 3438
Stoiximan Ltd 35 TRIQ ID-DEJQA, Valletta, VLT 1434, Malta, reg. no. C95597
Stoiximan Ltd Greek Branch Leoforos Kifisias no. 268, GR 152 32 Chalandri, Attica, Greece, reg. no. 155539301001
STR Czech s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
07728344
STZ Gama s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
11746777
SUPERMARINE, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
08062773
Sweetspot CZ s.r.o.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
09858636
TaxLabs s.r.o.
28. října 810/246, Mariánské Hory, post code 709 00 Ostrava, Czech Republic, identification no.
19632401
Theta Real s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
27631842
8
SPOLEČNOST / COMPANY Seat, Identification no. / Registration no.
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse 21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2025
TORA DIRECT SINGLE MEMBER S.A. (TORA
DIRECT SINGLE-MEMBER SOCIETE ANONYME FOR
THE PROVISION OF SERVICES)
112Athinon Avenue, GR 104 42 Athens, Greece, reg. no. 005641201000
TORA WALLET SINGLE MEMBER S.A. (TORA
WALLET SINGLE-MEMBER SOCIETE ANONYME
FOR ELECTRONIC MONEY SERVICES)
112 Athinon Avenue, GR 104 42 Athens, Greece, reg. no. 139861001000
UKRAINIAN INDEPENDENT GEOLOGICAL
COMPANY LLC
7 Shota Rustaveli Street, Lviv, 79005, Ukraine, reg. No. 40042114
US Methanol LLC 400 Capitol Street, Suite 200, Charleston WV 25301, United States, EI. no. 81-1952040
US Methanol Midco LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States of America, EI. no. 81-
1952040
VESTINLOG, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech Republic, identification no.
05629276
Viage Production S.A. Rue Grétry 16-20, 1000 Brussels, Kingdom of Belgium, reg. no. 0474.725.225
Vinohradská 230 a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, Czech Republic, identification
no. 26203944
WSC Sharplink growth II LIMITED 12350 – 3 Place Ville-Marie, Montréal, Quebec, H3B 0E7, Canada, reg. no. 3380969686
9
ANNEX NO. 2 – AUDITOR'S REPORT
PricewaterhouseCoopers Audit, s.r.o. Hvězdova 1734/2c, 140 00
Praha 4, Česká republika. T: +420 251 151 111
PricewaterhouseCoopers Audit, s.r.o., registered seat Hvězdova 1734/2c, 140 00 Prague 4, Czech
Republic, Identification Number: 40765521, registered with the Commercial Register kept
by the Municipal Court in Prague, Section C, Insert 3637, and in the Register of Audit Companies with
the Chamber of Auditors of the Czech Republic under Licence No. 021.
www.pwc.com/cz
Independent Auditor’s Report
To the shareholder of KKCG Financing a.s.
Report on the audit of the financial statements
Our opinion
In our opinion, the financial statements give a true and fair view of the financial position of KKCG Financing a.s.,
with its registered office at Evropská 866/71, Praha 6 - Vokovice (the “Company”) as at 31 December 2025,
and of the Company’s financial performance and cash flows for the year ended 31 December 2025
in accordance with IFRS Accounting Standards as adopted by the European Union.
What we have audited
The Company’s financial statements comprise:
• the statement of profit or loss and other comprehensive income for the year ended 31 December 2025;
• the statement of financial position as at 31 December 2025;
• the statement of changes in equity for the year ended 31 December 2025;
• the statement of cash flows for the year ended 31 December 2025; and
• the notes to the financial statements, comprising material accounting policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with the Act on Auditors, Regulation (EU) No. 537/2014 of the European
Parliament and of the Council (the “EU Regulation”) and Standards on Auditing of the Chamber of Auditors
of the Czech Republic consisting of International Standards on Auditing as supplemented and modified by related
application guidance (together the “Audit Regulations”). Our responsibilities under those regulations are further
described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements of the EU Regulation that are
relevant to audits of financial statements of public interest entities, the ethical requirements of the Act on Auditors
that are relevant to audits of financial statements in the Czech Republic and the International Code of Ethics
for Professional Accountants (including International Independence Standards) issued by the International Ethics
2
Standards Board for Accountants (IESBA Code) as adopted by the Chamber of Auditors of the Czech Republic
that are applicable to audits of financial statements of public interest entities. We have fulfilled our other ethical
responsibilities in accordance with the ethical requirements of the EU Regulation, the Act on Auditors
and the IESBA Code.
Our audit approach
Overview
The overall materiality level is set at 1% of total assets, which represents EUR 2.51 million.
Expected credit loss allowance (ECL) for issued loans.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement
in the financial statements. In particular, we considered where management made subjective judgements,
for example, in respect of significant accounting estimates that involved making assumptions and considering
future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management
override of internal controls including, among other matters, consideration of whether there was evidence of bias
that represented a risk of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance as to whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including
the overall materiality for the financial statements as a whole as set out in the table below. These, together
with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent
of our audit procedures and to evaluate the effect of misstatements, if any, both individually and in aggregate,
on the financial statements as a whole.
Overall Company materiality
EUR 2.51 million
How we determined it
Materiality for the Company was determined at 1 % of total assets
Rationale for the materiality
benchmark applied
The Company was established primarily to raise additional financing to be further
provided to KKCG Group AG. Consequently, total assets have been determined to be
the most appropriate basis for calculating overall materiality. A materiality level of 1%
of this basis aligns with commonly applied benchmarks for this type of public interest
entity.
3
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Expected credit loss allowance (ECL) for issued loans
The Company has provided a loan to KKCG Group AG
(the “Group”). The Company's ability to meet its obligations,
particularly from issued bonds, depends on the ability of the debtor
to repay the provided loan.
This credit risk and related potential losses are recognised through
expected credit loss allowances that reduce the carrying amount
of the loans. The expected credit loss depends on assessing
the probability of default and the expected loss given default.
IFRS 9 requires the calculation and disclosure of expected credit
losses based on modelling multiple probability weighted scenarios
(refer to the accounting policies in Note 3.1.1 and to the Note 6
to the financial statements). As stated in Note 6, the carrying amount
of the loan amounted to EUR 251 million as of 31 December 2025,
net of expected credit loss allowance assessed by management
at EUR 0.0 million.
When assessing expected credit loss allowance, we obtained
understanding of the Company's processes in this area.
We inspected loan documentation to understand its terms
and conditions, including interest rate and maturity date.
In addition, we performed the following procedures:
• We confirmed the existence and amount of the loan balance.
• We inspected the Debt Acknowledgement provided by the Group
to the Company.
• We inspected the Group Liquidity Assessment prepared by
the Management of the Group in April 2026 in order to prove
the ability of the Group to settle its liabilities towards
the Company in the upcoming 18 months.
• We examined Company's approach to determining the probability
of default. We considered the appropriateness of the loan
valuation model used by the Company, utilizing the work
of our experts in valuation models.
• We considered internally assigned credit rating of the debtor
and other information obtained in the course of the audit
and assessed whether the management’s estimate of expected
credit loss of EUR 0.0 million, while not being in full compliance
with IFRS 9, Financial Instruments, does not lead to a material
misstatement of the financial statements taken as a whole.
How we tailored our audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the financial statements as a whole, taking into account the structure of the Company, the accounting processes
and controls, and the industry in which the Company operates.
Reporting on other information in the annual report
The Board of Directors is responsible for the other information. As defined in paragraph 2(b) of the Act on Auditors,
the other information comprises the annual report but does not include the financial statements and our auditor’s
report thereon.
Our opinion on the financial statements does not cover the other information included in the annual report.
In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge about the Company obtained in the audit or otherwise appears to be materially misstated. In addition,
we assessed whether the other information has been prepared, in all material respects, in accordance with
applicable legal requirements, i.e. whether the other information complies with the legal requirements both in terms
of formal requisites and the procedure for preparing the other information in the context of materiality.
4
Based on the work undertaken in the course of our audit, to the extent we are able to assess it, in our opinion:
• the other information describing the facts that are also presented in the financial statements is, in all material
respects, consistent with the financial statements; and
• the other information has been prepared in accordance with the applicable legal requirements.
In addition, in the light of the knowledge and understanding of the Company and its environment obtained
in the course of the audit, we are required to report if we have identified material misstatements in the other
information. We have nothing to report in this regard.
Responsibilities of the Board of Directors, Supervisory Board and Audit Committee
of the Company for the financial statements
The Board of Directors is responsible for the preparation of the financial statements that give a true and fair view
in accordance with IFRS Accounting Standards as adopted by the European Union and for such internal control
as the Board of Directors determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Supervisory Board of the Company is responsible for overseeing the financial reporting process.
The Audit Committee of the Company is responsible for monitoring the financial statements’ preparation process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Audit Regulations will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Audit Regulations, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control.
5
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation.
We communicate with the Board of Directors, Supervisory Board and Audit Committee regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement showing that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the Board of Directors, Supervisory Board and Audit Committee,
we determine those matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law
or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
In compliance with Article 10(2) of the EU Regulation, we provide the following information, which is required
in addition to the requirements of International Standards on Auditing:
Consistency of the audit opinion with the additional report to the Audit Committee
We confirm that the audit opinion expressed herein is consistent with the additional report to the Audit Committee
of the Company, which we issued today in accordance with Article 11 of the EU Regulation.
Appointment of auditor and period of engagement
We were first appointed as auditors of the Company on 6 December 2024. This represents a total period
of uninterrupted engagement appointment of 2 years. Our appointment for the year ended 31 December 2025
was approved by the shareholder’s resolution on 28 November 2025.
6
Provided non-audit services
We declare that no services prohibited under Article 5 (1) of the EU Regulation, as amended by the Czech law
following Article 5 (3) of the EU Regulation, have been provided.
In addition to the statutory audit, no other services were provided by us to the Company.
Information on the compliance of the format of the financial statements with the requirements
of the European Single Electronic Format (“ESEF”) Regulation
The Board of Directors of the Company is responsible for the application of the European single electronic
reporting format to the Company’s financial statements to comply with the requirements of Article 3 of Commission
Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European
Parliament and of the Council with regard to regulatory technical standards on the specification of a single
electronic reporting format (the “ESEF Regulation”).
These requirements specify the Company’s obligation to prepare its annual report that includes financial
statements in a XHTML format. We confirm that the financial statements for the year ended 31 December 2025
comply with the ESEF Regulation in this regard.
The engagement partner on the audit resulting in this independent auditor’s report is Marek Richter.
27 April 2026
PricewaterhouseCoopers Audit, s.r.o.
represented by Partner
Marek Richter
Statutory Auditor, Licence No. 1800
ANNEX NO. 3 – FINANCIAL STATEMENTS
KKCG Financing a.s.
Financial Statements
For the year ended 31 December 2025
in accordance with IFRS Accounting Standards
as adopted by the European Union
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
2
Contents
Statement of profit or loss and other comprehensive income ..................................................................................... 4
Statement of financial position ........................................................................................................................................ 5
Statement of changes in equity ....................................................................................................................................... 6
Statement of cash flows ................................................................................................................................................... 7
1. General information ................................................................................................................................................. 8
1.1. Description ..................................................................................................................................................... 8
1.2. Principal activities: ........................................................................................................................................ 8
1.3. Governing bodies of the Company .............................................................................................................. 8
1.4. The sole shareholder of the Company as at 31 December 2025 ............................................................... 8
2. Basis for Preparation of the Financial Statements ............................................................................................... 8
2.1. Statement of compliance .............................................................................................................................. 8
2.2. Basis for measurement ................................................................................................................................. 8
2.3. Functional currency and presentation currency ......................................................................................... 8
2.4. Use of estimates and judgements ................................................................................................................ 9
2.5. Significant judgement, assumptions and estimation uncertainties .......................................................... 9
2.6. Reporting by segments ................................................................................................................................. 9
2.7. New standards and amendments applicable from 1 January 2025 ......................................................... 10
2.8. New and revised IFRS Accounting Standards issued by the IASB but not yet effective ...................... 10
3. Material Accounting Policy Information ............................................................................................................... 11
3.1. Impairment ................................................................................................................................................... 11
3.1.1. Financial assets (including trade receivables and other receivables) .................................................... 11
3.1.2. Financial income .......................................................................................................................................... 12
3.1.3. Financial expenses ...................................................................................................................................... 12
3.2. Income taxation ........................................................................................................................................... 12
3.3. Determination of Fair Value ........................................................................................................................ 12
4. Cash and cash equivalents ................................................................................................................................... 12
5. Trade receivables and other assets ..................................................................................................................... 13
6. Loans provided ...................................................................................................................................................... 13
6.1. Information on fair value ............................................................................................................................. 14
7. Equity ...................................................................................................................................................................... 14
7.1. Other capital funds ...................................................................................................................................... 15
7.2. Capital Management .................................................................................................................................... 15
8. Issued bonds .......................................................................................................................................................... 15
8.1. Issued bonds at amortised cost ................................................................................................................. 15
8.2. Information on fair value ............................................................................................................................. 17
9. Taxation .................................................................................................................................................................. 17
9.1. Income tax .................................................................................................................................................... 17
9.2. Effective tax rate .......................................................................................................................................... 17
10. Operating income and expenses .......................................................................................................................... 18
11. Interest revenue and expenses ............................................................................................................................. 18
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
3
12. Risk Management ................................................................................................................................................... 18
12.1. Credit risk ..................................................................................................................................................... 18
12.2. Credit risk by type of counterparty ............................................................................................................ 19
12.3. Credit risk by territory ................................................................................................................................. 19
12.4. Expected credit losses ................................................................................................................................ 20
12.5. Liquidity risk ................................................................................................................................................ 20
12.6. Currency risk ................................................................................................................................................ 21
12.7. Interest rate risk ........................................................................................................................................... 21
13. Related Parties ....................................................................................................................................................... 23
14. Significant subsequent events ............................................................................................................................. 25
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
4
Statement of profit or loss and other comprehensive income
Note
For the year
ended 31 Dec
2025
For the period
from 30 April
2024 to 31
Dec 2024
Interest revenue 11 20 136 9 020
Interest expense 11 -19 622 -8 845
Services 10 -132 -66
Other finance income/(costs)
77
-5
Profit before tax 459 104
Income tax
9
-97 -23
Profit for the year/period
362 81
Total comprehensive income for the yea
r
/
period 362 81
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
5
Statement of financial position
Note 31 Dec 2025 31 Dec 2024
Non-current assets
Loans provided 6 246 951 236 903
246 951 236 903
Current assets
Trade receivables and other assets 5 96 20
Loans provided 6 4 035 3 884
Cash and cash equivalents 4 381 138
4 512 4 042
Total assets 251 463 240 945
Current liabilities
Trade and other payables 7 6
Current income tax liabilities 9 73 23
Issued bonds 8 3 995 3 847
4 075 3 876
Non-current liabilities
Issued bonds 8 244 479 234 522
244 479 234 522
Total liabilities 248 554 238 398
Equity
Share capital 7 80 80
Other capital funds 7 2 386 2 386
Retained earnings 443 81
Total equity 2 909 2 547
Total Equity and liabilities 251 463 240 945
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
6
Statement of changes in equity
Share capital Other capital
funds
Retained earnings Total equity
Opening balance at
1 January 2025
80 2 386 81 2 547
Profit for the year - - 362 362
Total comprehensive
income for the year
- - 362 362
Transactions with owners in
their capacity as owners:
Contributions from parent - - - -
Balance at 31 Dec 2025 80 2 386 443 2 909
Share capital Other capital
funds
Retained earnings Total equity
Opening balance at
30 April 2024
80 - - 80
Profit for the period - - 81 81
Total comprehensive
income for the period
- - 81 81
Transactions with owners in
their capacity as owners:
Contributions from parent - 2 386 - 2 386
Balance at 31 Dec 2024 80 2 386 81 2 547
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
7
Statement of cash flows
Note For the year ended
31 Dec 2025
For the period from
30 April 2024 to
31 Dec 2024
OPERATING ACTIVITIES
Profit for the period 362 81
Adjustments for:
Net interest income - 514 - 175
Income tax expense 9 97 23
FX gain/losses -92 -
Operating cash flows before movements in
working capital
- 147 - 71
Decrease/(increase) in trade and other
receivables
- 72 - 20
Increase/(decrease) in trade and other payables -3 6
Income tax paid on ordinary activities -47 -
Cash flows generated from/(used in) operating
activities
-269 -85
INVESTING ACTIVITIES
Interest revenue received 11 19 985 4 776
Loan provided to parent company 6 - - 240 619
Received transaction fees - 4 075
Cash flows generated from/(used in) investing
activities
19 985 -231 768
FINANCING ACTIVITIES
Cash contribution to other capital funds 7 - 2 386
Proceeds from the issued bonds 8 - 238 237
Interest paid 11 - 19 473 - 4 637
Paid transaction fees - - 4 075
Cash flow generated from/(used in) financing
activities
- 19 473 231 911
Net increase/(decrease) in cash equivalents 243 58
Cash and cash equivalents at the beginning of
the period
138 80
Cash and cash equivalents at the end of the
period
4 381 138
The notes to the financial statements form an integral part of the financial statements.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
8
1. General information
1.1. Description
KKCG Financing a.s. (the “Company”) was established on 30 April 2024. The Company is registered in the
Commercial Register maintained by the Municipal Court in Prague under Section B, insert 28853. The registered
office of the Company is at Evropská 866/71, Vokovice, zip code 160 00 Prague 6, Czech Republic. Identification
number is 215 31 455.
1.2. Principal activities:
The Company was established for the purpose of issuance of securities – bonds and for management of own assets.
1.3. Governing bodies of the Company
Statutory representatives (Board of Directors) of the Company as at 31 December 2025:
Iva Horčicová
Martin Kořistka
Supervisory Board of the Company as at 31 December 2025:
Tomáš Borčin
1.4. The sole shareholder of the Company as at 31 December 2025
KKCG Group AG 100 %
Headquarters:
Kapellgasse 21
6004 Lucerne
The Swiss Confederation
The Company is part of the consolidation group of KKCG Group AG (the “Group”). The ultimate shareholder of the
Company is VALEA FOUNDATION, registered in Liechtenstein. The designated beneficiary of VALEA FOUNDATION
is Mr. Karel Komárek.
These financial statements are presented in thousands of EUR.
2. Basis for Preparation of the Financial Statements
2.1. Statement of compliance
The financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by
the European Union (“EU”).
The financial statements are unconsolidated.
2.2. Basis for measurement
The financial statements have been prepared on a going-concern basis using the historical cost method.
2.3. Functional currency and presentation currency
The Company operates as a financing special purpose vehicle (“SPV”) whose sole purpose is to raise funds
for and on behalf of its parent company whose functional currency is euro (“EUR”). In assessing functional currency
under IAS 21, management considered that the Company has no substantive standalone operations, operates
without significant autonomy, and is dependent on the parent for servicing its obligations. Accordingly, management
concluded that the Company operates as an extension of the parent’s financing activities. As a result, the functional
and presentation currency of the Company is EUR. All financial information presented in EUR is rounded
to the nearest thousand, unless stated otherwise.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
9
2.4. Use of estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting
estimates that affect the reported items of assets, liabilities, income and expenses. It also requires management to
exercise judgement in the process of applying the Company’s accounting policies. The resulting accounting estimates
will, by definition, seldom equal the related actual result.
2.5. Significant judgement, assumptions and estimation uncertainties
Information about assumption and estimate uncertainties that have a significant risk resulting in a material adjustment
in the following years is included in the following notes:
Note 6 – Loans provided;
Measurement of fair value
A number of the Company‘s accounting policies and disclosures require the measurement of fair values, for both
financial and non-financial assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values. This includes a
KKCG’s valuation team that has overall responsibility for overseeing all significant fair value measurements.
The valuation team regularly reviews significant unobservable input data and valuation adjustments. If third party
information, such as broker quotes or pricing services, is used to measure fair values, then the evaluation team
assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the
requirements of IFRS, including the level in the fair value hierarchy in which such valuation should be classified.
When measuring the fair value of an asset or a liability, the Company uses market data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the input data used in the valuation techniques
as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: input data that does not include quoted level 1 prices that can be determined for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: input data for a given asset or liability that cannot be identified in the market (unobservable in put data).
If the input data used to measure the fair value of an asset or a liability might be categorised in different level of the
fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value
hierarchy as the lowest level input that is significant to the entire measurement.
Presentation of cash-flow statement
The Company assessed the transactions connected with obtaining the bond financing and providing a loan to the
KKCG group. The Company considered that presenting obtaining the bond financing in financing category and
providing a loan to the KKCG group in investing category of cash-flow statement appropriately reflects the substance
of the transactions.
2.6. Reporting by segments
All revenues were generated in the territory of Switzerland from one counterparty and the whole Company represents
one operating segment. Most of the revenues are of financial nature from one counterparty and are described in detail
in Note 10 – Operating income and expenses, and in Note 11 – Interest income and expenses.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
10
2.7. New standards and amendments applicable from 1 January 2025
The preparation of these financial statements involved the use of the following new or amended standards and
interpretations, whose initial application is required for annual periods beginning on 1 January 2025. None of these
had material impact on the Company´s financial statements.
Standard/Amendment Title EU effective date
Amendments to IAS 21
The Effect of Changes in
Foreign Exchange Rates:
Lack of Exchangeability
(issued on 15 August
2023)
Effective from 1.1.2025
2.8. New and revised IFRS Accounting Standards issued by the IASB but not yet effective
The following new and revised IFRS Accounting standards were issued by the International Accounting Standards
Board and were not effective as of 31 December 2025. The Company has not early adopted these standards,
amendments and interpretations in preparing these financial statements and will apply them on the effective date set
by the IASB, which is expected to coincide with the date of endorsement by the EU.
Standard/Amendment Title
EU effective
date
Endorsed
by EU
IFRS 18
Presentation and Disclosure in Financial
Statements (issued 9 May 2024)
1/1/2027 Yes
IFRS 19
Subsidiaries without Public Accountability:
Disclosure (issued 9 April 2024)
Amendments to IFRS 19 Subsidiaries
without public accountability: Disclosures
(issued on 21 August 2025)
1/1/2027 No*
Amendments to IFRS 9
Financial Instruments and
IFRS 7 Financial Instruments
Amendments to the Classification and
Measurement of Financial Instruments
(issued 30 May 2024)
Contracts Referencing Nature-dependent
Electricity (issued 18 December 2024)
1/1/2026 Yes
Annual Improvements
Volume 11
Annual Improvements to IFRS (IFRS 1,
IFRS 7, IFRS 9, IFRS 10, IAS 7)
1/1/2026 Yes
Amendments to IAS 21 The
Effects of Changes in
Foreign Exchange Rates
Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates:
Translation to a Hyperinflationary
Presentation Currency (issued on 13
November 2025)
1/1/2027 No*
Amendments to IFRS 10
Consolidated Financial
Statements and IAS 28
Investments in Associates
and Joint Ventures
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
To be
determined
No
* EFRAG expects the endorsement process to be finished before the IASB effective date with the EU effective date
same as the IASB effective date.
The directors of the Company do not expect that the adoption of the above new standards and amendments will have
material impact on the Company´s financial statements in the future accounting periods.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
11
3. Material Accounting Policy Information
3.1. Impairment
3.1.1. Financial assets (including trade receivables and other receivables)
The Company measures allowances using expected credit loss (“ECL”) model for financial assets
at amortised cost, debt instruments at FVOCI and contract assets. Allowances are measured on either
of the following base:
twelve-month ECLs: ECLs that result from possible default events within the 12 months after
the reporting date;
lifetime ECLs: ECLs that result from all possible default events over the expected life of a financial
instrument.
The Company measures an allowance at an amount equal to lifetime ECLs except for those financial assets
for which credit risk has not increased significantly since initial recognition. For trade receivables and contract
assets, the Company will quantify allowances in the amount of expected credit losses for the duration in the
simplified regime.
The ECL model is based on the principle of expected credit losses. For the purposes of designing the ECL
model, the portfolio of financial assets is split into segments. Financial assets within each segment are
allocated to three stages (Stage I – III) or to a group of financial assets that are impaired at the date of the
first recognition of purchased or originated credit-impaired financial assets ("POCI"). At the date of the initial
recognition, the financial asset is included in Stage I or POCI. Subsequent to initial recognition, the financial
asset is allocated to Stage II if there was a significant increase in credit risk since initial recognition or to
Stage III if the asset has been credit impaired.
The Company assumes that the credit risk on a financial asset has increased significantly if:
(a) a financial asset or its significant portion is overdue for more than 30 days (if a financial asset or its
significant portion is overdue for more than 30 days and less than 90 days, and the delay does not
indicate an increase in counterparty credit risk, the individual approach shall be used and the financial
asset shall be classified in Stage I); or
(b) the Company negotiates with the debtor about debt’s restructuring (at the request of the debtor or the
Company) or;
(c) the probability of default (PD) of the debtor increases by 20%; or
(d) other material events occur which require individual assessment (e.g. development of an external rating
of the main credit risks).
At each balance sheet date, the Company assesses whether financial assets carried at amortised cost and
investments to equity instrument are credit impaired. A financial asset is credit impaired when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
The Company considers financial asset to be credit-impaired if:
(a) a financial asset or its significant part is overdue for more than 90 days; or
(b) legal action has been taken in relation to the debtor, the outcome or the actual process of which may
have an impact on the debtor’s ability to repay the debt; or
(c) insolvency proceedings or similar proceedings under the foreign legislation have been initiated in
respect of the debtor, which may lead to a declaration of bankruptcy and the application for the opening
of this proceeding has not been refused or rejected or the proceedings have not been discontinued
within 30 days of initiation ((b) and (c) are considered as "Default Event"); or
(d) the probability of default of the debtor increases by 100% compared to the previous rating; or
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
12
(e) other material events occur which require individual assessment (e.g. development of external ratings
of the main credit risks).
For the purposes of ECL calculation, the Company uses components needed for the calculation, namely
probability of default ("PD"), loss given default ("LGD") and exposure at default ("EAD"). In case of short-
term loans, the so-called "maturity adjustment" is also included in the calculation. Forward-looking
information means any macroeconomic factor projected for future, which has a significant impact on the
development of credit losses. ECLs are present values of probability-weighted estimate of credit losses. The
Group considers mainly expected growth of gross domestic product, reference interest rates, stock
exchange indices or unemployment rates.
Recognition of allowances
Allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of
the assets and the annual change is recognised in the income statement.
3.1.2. Financial income
Financial income comprises interest income on funds invested. Interest income is recognised in profit or loss
as it accrues, using the effective interest method.
3.1.3. Financial expenses
Financial expenses comprise interest expense on borrowings and foreign currency losses.
3.2. Income taxation
Income tax comprises current and deferred tax. Income tax is recognised in the Statement of comprehensive income.
Income tax payable is an estimate of tax (tax liability or tax receivable) calculated from taxable income or loss for the
reporting period, using tax rates enacted at the balance sheet date, and any adjustment to tax payable in respect of
previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will
be available against which the unused deductible temporary differences can be utilised. A deferred tax liability is
always recognised.
3.3. Determination of Fair Value
The Company’s accounting policies and disclosures require the determination of fair value for financial assets and
liabilities. Fair values of financial assets and liabilities at amortised cost have been determined by using quoted price
from stock exchange. Where applicable, further information about the assumptions made in determining fair values
is disclosed in the notes specific to that asset or liability.
4. Cash and cash equivalents
As of 31 Dec 2025 As of 31 Dec 2024
Cash at bank 381 138
Total 381 138
The Company assessed the need to recognise a credit loss allowance for receivables from banks (which are included
in Cash and cash equivalents) and concluded that the resulting allowance would be negligible. The Company
monitors the credit risk associated with banks and only deposits cash with reputable financial institutions that fulfil
Basel III criteria.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
13
5. Trade receivables and other assets
As of 31 December 2025, the Company records trade receivables and other assets amounting to EUR 96 thousand
(as of 31 December 2024: EUR 20 thousand). Credit risks and impairment losses in relation to trade and other
receivables are discussed in Note 12 -Risk management policies and disclosures.
6. Loans provided
As of 31 Dec 2025 As of 31 Dec 2024
Loans to entities other than credit institutions 246 951 236 903
of which: loans owed by the parent company 246 951 236 903
Accrued interest 4 035 3 884
Total 250 986 240 787
Long-term 246 951 236 903
Short-term 4 035 3 884
Total 250 986 240 787
Long-term loans include a loan principal which is based on the maturity of the Bond principal as of 12 July 2029 and
accrued interest, refer to Note 8 – Issued bonds.
Current loans as of 31 December 2025 include interest of EUR 4 035 thousand payable quarterly (as of 31 December
2024: EUR 3 884 thousand). The effective interest rate as of 31 December 2025 was 8.34% p.a (as of 31 December
2024: 8.34% p.a).
The loan provided to the parent company KKCG Group AG is classified as held-to-collect, measured at amortized
costs and categorised Stage 1 (being financial assets that have insignificant credit risk with no significant increase in
credit risk since recognition). Since the recognition of this loan, there has been no significant increase in credit risk.
Therefore, the Company evaluates that the expected credit losses from loans provided to related parties are not
material and consequently does not record any ECL provisions as of 31 December 2025 nor 31 December 2024.
The following table shows detailed information on the loan provided to the parent company KKCG Group AG:
As of 31 Dec
2025
Principal Accrued
interest
Unamortized
fee
Maturity Interest rate
p.a.
Effective
interest rate
Loan to
KKCG Group
AG
249 948 4 035 2 997 12 July 2029 7,9% 8,34%
Total 249 948 4 035 2 997 - - -
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
14
As of 31 Dec
2024
Principal Accrued
interest
Unamortized
fee
Maturity Interest rate
p.a.
Effective
interest rate
Loan to
KKCG Group
AG
240 619 3 884 3 716 12 July 2029 7,9% 8,34%
Total 240 619 3 884 3 716 - - -
6.1. Information on fair value
The following table shows the fair value of the interest-bearing instruments reported at amortised cost:
As of 31 Dec 2025 As of 31 Dec 2024
Carrying
amount
Fair Value
Carrying
amount
Fair Value
Loan to KKCG Group AG 249 948 252 921 240 787 243 627
Total 249 948 252 921 240 787 243 627
All interest-bearing financial instruments carried at amortised cost are included in Level 2 of the fair value hierarchy
(for more details on valuation methods refer to Note 2.5 – Significant judgement, assumptions and estimation
uncertainties). The fair value of unquoted fixed interest rate instruments was estimated based on estimated future
cash flows expected to be received discounted at current interest rates.
7. Equity
The authorised, issued and fully paid share capital as of 31 December 2025 consisted of 2 ordinary shares with
a nominal value of EUR 39 769 per share (CZK 1 000 000).
Ordinary shares represent a 100% share in the share capital of the Company. There are no special rights and
obligations associated with ordinary shares. The rights and obligations associated with registered ordinary shares
are defined in the Act No. 90/2012 Coll., on Business Corporations, as amended, and in the Articles of Association
of the Company in Parts V. and VI.. The shareholders of the Company are not limited in their rights attached to the
shares or in the payment of dividends. The shareholders have the right to receive dividends, right to participate at the
General Meeting of the Company while they have 1 vote per share with a nominal value of EUR 39 769
(CZK 1 000 000) and other rights according to Czech corporate law and Articles of Association of the Company.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
15
Number of shares Ownership Voting rights
KKCG Group AG 2 100% 100%
Total 2 100% 100%
Reconciliation of the number of issued shares at the beginning and end of the period.
Number of issued
shares
Shares issued as of 30 April 2024 2
Newly issued shares -
Shares issued as of 31 Dec 2024 2
Newly issued shares in 2025 --
Shares issued as of 31 Dec 2025 2
7.1. Other capital funds
On 15 July 2024, the sole shareholder invested EUR 2 386 thousand (CZK 60 000 thousand) in other capital funds.
7.2. Capital Management
The Company’s objectives when managing capital is to safeguard its ability to continue as a going concern and to
maintain a positive shareholders equity.
8. Issued bonds
As of 31 Dec 2025 As of 31 Dec 2024
Issued bonds at amortised cost 244 479 234 522
Accrued interest 3 995 3 847
Total 248 474 238 369
Long-term 244 479 234 522
Short-term 3 995 3 847
Total 248 474 238 369
8.1. Issued bonds at amortised cost
The following table shows detailed information on issued bonds:
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
16
As of 31
Dec 2025
ISIN Principal
Accrued
interest
Unamortised fee Maturity
Interest
rate (%)
Effectiv
e
interest
rate (%)
Issued
bond
CZ0003563
009
247 474 3 995 2 995 17 July 2029 7.75% 8.2%
Total - 247 474 3 995 2 995 - - -
As of 31
Dec 2024
ISIN Principal
Accrued
interest
Unamortised fee Maturity
Interest
rate (%)
Effectiv
e
interest
rate (%)
Issued
bond
CZ0003563
009
238 237 3 847 3 715 17 July 2029 7.75% 8.2%
Total - 238 237 3 847 3 715 - - -
Bonds 2029 (ISIN CZ0003563009)
The Company was formed with a purpose of issuing debt securities. As of the financial statements date, the Company
issued bonds in the aggregate amount of CZK 6 000 000 thousand with a fixed interest income of 7.75% p.a. payable
in 2029 (the “Bonds ”), while the interest is payable quarterly. The Bonds were accepted for trading on the regulated
market of the Prague Stock Exchange in the Czech Republic. The trading with the bonds was started on the issue
date, i.e. on 17 July 2024. The ISIN code of the bonds is ISIN CZ0003563009.
The base prospectus of the bond programme (the “Prospectus”) and the final terms of the Bonds (the “Final Terms”)
are available at https://kkcg.com/en/investors/debt-investors-of-kkcg-financing-as-cz
The liabilities of the Company arising from the Bonds are secured in favour of the bondholders by KKCG Group AG
in the form of pledge over 15% of shares held by KKCG Group AG in Allwyn AG. In addition, the whole loan provided
by the Company to KKCG Group AG is also pledged to the bondholders.
The Bonds carry primarily the right for the payment of the nominal value as of the Bond’s final maturity date and the
right for the payment of the yield from the Bonds. In addition, the Bonds carry the right of the bondholders to request
an early redemption of the Bonds in cases specified in the Prospectus and the Final Terms. Furthermore, the Bonds
carry the right to attend and vote at the meetings of the bondholders. All the rights attached to the Bonds are described
in detail in the Bond Prospectus and the Final Terms.
The Bonds contain two covenants – Leverage Ratio and Loan to Value Ratio, as defined in the Bond Prospectus.
The Leverage Ratio means that the ratio of the Consolidated Net Indebtedness (as defined in the Bond Prospectus)
to Consolidated EBITDA (as defined in the Bond Prospectus) of Allwyn AG and its direct and indirect subsidiaries will
be below 4.5. The Loan to Value Ratio means that the Indebtedness of the Company (as defined in the Bond
Prospectus) as a percentage of the aggregate Value of the Pledged Allwyn Shares (as defined in the Bond
Prospectus) is below or equal to 50%.
The Company's management has calculated the covenants as of 31 December 2025 using the available internal
financial information of the Allwyn Group and the Company has concluded that the covenants as of 31 December
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
17
2025 have been met. These covenants will be finalized and published on the issuer's website within the period
specified in the prospectus, i.e. by 31 May 2026.
8.2. Information on fair value
The following table shows the fair value of interest-bearing instruments reported at amortised cost:
As of 31 Dec 2025 As of 31 Dec 2024
ISIN
Carrying
amount
Fair Value
Carrying
amount
Fair Value
Issued bonds at
amortised value
ISIN
CZ0003563009
247 474 250 204 238 369 240 983
Total 247 474 250 204 238 369 240 983
All interest-bearing financial instruments carried at amortised cost are included in Level 1 of the fair value hierarchy
(for more details on valuation methods refer to Note 2.5 – Significant judgement, assumptions and estimation
uncertainties).
9. Taxation
9.1. Income tax
The Company recognised an income tax of EUR 97 thousand (as of 31 December 2024: EUR 23 thousand).
9.2. Effective tax rate
2025 2024
Tax at the domestic tax rate (21%) 21,00% 21,00%
Tax non-deductible expenses 0,13% 0,90%
Effective tax rate (tax base divided by profit
before tax)
21,13% 21,90%
Effective tax rate is 21,13% for year 2025.
Act No. 416/2023 Coll. on Top-up taxes for large multinational groups and large domestic groups was adopted on the
basis of the EU Council Directive 2022/2523 on ensuring a global minimum level of taxation for multinational
enterprise groups and large-scale domestic groups. The aim of the Top-up taxes is to eliminate competition between
states over different corporate tax rates by introducing a single minimum tax rate to ensure equal conditions for
entities around the world and allow states to better protect their tax income. Top-up taxes will be collected if the
calculated effective tax rate in the given jurisdiction is lower than 15%. Companies in the group whose consolidated
annual revenues reported in the consolidated financial statements of the highest parent entity amount
to the equivalent of at least EUR 750 mil. in at least 2 of the 4 reporting periods immediately preceding the given tax
period are liable for Top-up taxes.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
18
The Company is part of the Group, which is subject to legislation on top-up taxes outlined above. For fiscal year 2025,
the effective tax rate of the Group’s Czech operations exceeds the 15% threshold and hence the Company has no
additional tax liability for the year 2025 in relation to the Top-up taxes.
10. Operating income and expenses
Other operating expenses for services predominantly include the expenses relating to the formation of the Company,
bookkeeping and administration.
As of 31 December 2025, the fee to the statutory auditor amounts to EUR 45 thousand (as of 31 December 2024:
EUR 35 thousand) and includes a fee for the audit of the financial statements.
Other non-audit services were not provided by the auditor in the reporting period.
11. Interest revenue and expenses
Interest revenue relates to the provided loans and interest expense relates to the issued Bonds. The expenses relating
to the issue of the Bonds such as fees to banks, costs of the review of the Prospectus/Final Terms by an auditor, legal
services and similar expenses were recharged to KKCG Group AG.
Other financial gain/losses contain bank fees, FX gain/losses etc.
12. Risk Management
This section describes the financial risks to which the Company is exposed and the way in which it manages such
risks. The most important types of financial risks for the Company are credit risk, interest rate risk and liquidity risk.
12.1. Credit risk
Credit risk is the risk of financial loss imminent when a counterparty in a transaction in a financial instrument fails to
meet its contractual obligations. This risk arises for the Company primarily from loans as the Company provided a
loan to the parent company KKCG Group AG located in Switzerland. The Company manages the risk by analysing
the creditworthiness of the parent company and only providing the loan financing to it. The Company continuously
monitors credit risk. The carrying amount of the loan and other financial assets represents the maximum exposure to
credit risk. The Company has not recognised the expected credit losses due to insignificance. The loan is provided
to the Company’s sole shareholder and reflect the credit risk of this entity (as opposed to third parties). Loan provided
is to entity located in jurisdictions with low sovereign credit risk. This loan is provided as part of the Group’s cashflow
planning and treasury functions.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
19
12.2. Credit risk by type of counterparty
As of 31 Dec 2025
Enterprises (non-
financial institution)
Bank Total
Cash and cash equivalents - 381 381
Trade receivables and other assets 96 - 96
Financial instruments and other financial
assets
250 986 - 250 986
Total 251 082 381 251 463
As of 31 Dec 2024
Enterprises (non-
financial institution)
Bank Total
Cash and cash equivalents - 138 138
Trade receivables and other assets 20 - 20
Financial instruments and other financial
assets
240 787 - 240 787
Total 240 807 138 240 945
12.3. Credit risk by territory
As of 31 Dec 2025 Switzerland Other Total
Cash and cash equivalents - 381 381
Trade receivables and other assets - 96 96
Financial instruments and other financial
assets
250 986 - 250 986
Total 250 986 477 251 463
As of 31 Dec 2024 Switzerland Other Total
Cash and cash equivalents - 138 138
Trade receivables and other assets - 20 20
Financial instruments and other financial
assets
240 787 - 240 787
Total 240 787 158 240 945
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
20
12.4. Expected credit losses
For measuring credit risk and grading financial instruments (specifically loans provided) by the amount of credit risk, the
Company applies an approach based on risk grades estimated by external international rating agencies (Standard & Poor’s
‒ “S&P”, Fitch, Moody’s). Internal and external credit ratings are mapped on an internally defined master scale with a
specified range of probabilities of default.
The rating models are regularly reviewed. Despite the method used, the Group regularly validates the accuracy of ratings
estimates and appraises the predictive power of the models.
The loan provided to KKCG Group AG has been categorised in Stage 1 and assigned an internal credit rating A, which
corresponded to PD 0.51 %. LGD parameter considered in the calculation was 32 %. Calculated ECL has not been posted
as it was assessed immaterial by the Company’s management. There is a significant concentration of credit risk as the
balance is due from one counterparty.
The cash is placed with reputable financial institution, which represents a concentration risk, but assessed expected credit
losses were not considered significant.
12.5. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulties in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset.
By default, the Company ensures that it has sufficient cash on demand and assets within short-term maturity to meet
expected operational expenses for a period of 90 days, including servicing financial obligations; this excludes the
potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
The table below provides an analysis of financial liabilities by relevant maturity groupings based on the remaining
period from the reporting date to the contractual maturity date. For cases where there is a possibility of earlier
repayment, the Company chooses the most prudent method of assessment. For this reason, liabilities are expected
to be repaid as soon as possible and for assets they are expected to be repaid as soon as possible.
The following table shows the Company’s financial assets and liabilities by maturity:
As of 31 December
2025
Carrying
amount
Contractual
cash flow
Less
than 3
months
3 months to 1 year 1-5 years
Assets
Financial
instruments and
other financial
assets
250 986 320 110 4 877 14 632 300 601
Liabilities
Financial
instruments and
other financial
liabilities
248 474 302 681 4 544 13 632 284 505
Trade payables and
other payables
7 7 7 - -
Diff 17 422 326 1 000 16 096
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
21
As of 31 December
2024
Carrying
amount
Contractual
cash flow
Less
than 3
months
3 months to 1 year 1-5 years
Assets
Financial
instruments and
other financial
assets
240 787 330 912 4 752 14 257 311 903
Liabilities
Financial
instruments and
other financial
liabilities
238 369 325 939 4 616 13 848 307 475
Trade payables and
other payables
6 6 6 - -
Diff 4 967 130 409 4 428
12.6. Currency risk
The Company is exposed only to insignificant risk of changes in exchange rates as substantially all transactions are
carried out in the Czech crown.
12.7. Interest rate risk
The Company is exposed to no risk of interest rate fluctuations in its operations because interest-bearing assets and
interest-bearing liabilities have almost the same maturity date and are due almost in the same amount, while reflecting
the form of interest rates as both issued bonds and provided loan is bearing fixed interest rate. The table below
provides information on the extent of the Company’s interest rate risk according to the contractual maturity of financial
instruments.
Financial information concerning interest-bearing and non-interest-bearing assets and liabilities categorised by the
earlier of contractual interest repricing or maturity dates:
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
22
As of 31 Dec 2025
Less than 1
year
1 year to 5 years Total
Assets
Cash and cash
equivalents
381 - 381
Trade receivables and
other assets
96 - 96
Financial instruments
and other financial
assets
4 035
246 951 250 986
Total 4 512 246 951 251 463
Liabilities
Trade payables and other
payables
7 - 7
Financial instruments and
other financial payables
3 995 244 479 248 474
Total 4 002 244 479 248 481
Net interest rate risk 510 2 472 2 982
As of 31 Dec 2024
Less than 1
year
1 year to 5 years Total
Assets
Cash and cash
equivalents
138 - 138
Trade receivables and
other assets
20 - 20
Financial instruments
and other financial
assets
3 884 236 903 240 787
Total 4 042 236 903 240 945
Liabilities
Trade payables and other
payables
6 - 6
Financial instruments and
other financial payables
3 847 234 552 238 369
Total 3 853 234 552 238 375
Net interest rate risk 189 2 381 2 570
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
23
13. Related Parties
Relationships with related parties include relationships with shareholders and other entities, as set out in the following
table.
Summary of outstanding balances with the related parties
Receivables and other
financial assets
(as of 31 Dec 2025)
Payables and other
financial liabilities
(as of 31 Dec 2025)
To the parent company
From provided loan (note 6) 250 986 -
To key management personnel
From issued bonds 26
Companies controlled by end
shareholder
From other cost - 1
Total 250 986 27
Receivables and other
financial assets
(as of 31 Dec 2024)
Payables and other
financial liabilities
(as of 31 Dec 2024)
To the parent company
From provided loan (note 6)
To key management personnel
240 787 -
From issued bonds 4
Companies controlled by end
shareholder
From other cost - 4
Total 240 787 8
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
24
For the year ended 31 Dec 2025 Income Expense
To the parent company
From the interest 20 136 -
To key management personnel
From the interest - 126
Companies controlled by end
shareholder
From provided services - 18
Total 20 136 144
For the period from 30 April 2024 to
31 Dec 2024
Income Expense
To the parent company
From the interest 9 020 -
To key management personnel
From the interest - 8
Companies controlled by end
shareholder
From provided services - 12
Total 9 020 20
All transactions were under arm’s length basis. For transactions with shareholder, refer to Note 7.
Transactions with key management members
Members of the Board of Directors and the Supervisory Board of the Company received no monetary or non-monetary
benefits from the Company for the year ended 31 December 2025. The Company has not been charged any related
costs for their services from other group companies.
KKCG Financing a.s.
Financial statements for the year ended 31 December 2025 (in thousands of EUR)
25
14. Significant subsequent events
There were not any significant events after the balance sheet date that would have material impact on the statutory
financial statements as at 31 December 2025.
Date: Signature of the statutory body:
27 April 2026 Iva Horčicová Martin Kořistka
Chairman of Board of Directors
Member of Board of Directors