AUTOHELLAS A.T.E.E.

Tourist and Trading Société Anonyme

31 Viltanioti Str., Kifissia, Attica

ANNUAL

FINANCIAL

REPORT

2025

ANNUAL FINANCIAL REPORT 2025

for the year 1 January 2025 - 31 December 2025

In accordance with Article 4 of codified law 3556/2007

Annual Financial Report 31.12.2025

CONTENTS OF THE ANNUAL FINANCIAL REPORT

A. STATEMENT OF THE BOARD OF DIRECTORS ..................................................................................................................... 3

B. INDEPENDENT AUDITOR’S REPORT .................................................................................................................................. 4

C. ANNUAL BOARD OF DIRECTORS REPORT ....................................................................................................................... 14

D. LIMITED ASSURANCE REPORT OF CERTIFIED AUDITOR ACCOUNTANT ON THE SUSTAINABILITY STATEMENT ........... 103

E. ANNUAL FINANCIAL STATEMENTS ................................................................................................................................ 108

F. INFORMATION ACCORDING TO ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE COMPANY DURING FISCAL YEAR 2025

.......................................................................................................................................................................................... 179

The attached annual financial statements of the Group and the Company were approved by the Board of Directors on 17

March 2026 and have been published on www.autohellas.gr.

Annual Financial Report 31.12.2025

A. STATEMENT OF THE BOARD OF DIRECTORS

(According to Article 4 paragraph 2c of Law 3556/2007 as amended by Article 16 of Law 5164/2024 and Article 96 of

Law 4548/2018 as amended by Article 5 of Law 5164/2024)

The members of the Board of Directors Emmanouela Vasilaki, Chairwoman, Eftichios Vassilakis, Chief Executive Officer

and Konstantinos Deligiannis, Member, under the aforementioned capacity, declare to the best of their knowledge that:

a)The Annual Group and Company Financial Statements for the fiscal year ended on 31/12/2025, which have been

prepared in accordance with the applicable set of accounting standards, accurately and truthfully present the assets and

liabilities, the net position, and the results of the company "Autohellas Tourist and Trading Société Anonyme" (hereinafter

referred to as "Company"), as well as the companies included in the consolidation taken as a whole.

b) The Board of Directors' Annual Report accurately presents the progress, performance, and position of the Company,

as well as the companies included in the consolidation taken as a whole, including a description of the main risks and

uncertainties they face, and was prepared in accordance with the sustainability reporting standards referred to in Article

154A of Law 4548/2018 (A' 104) and the specifications approved pursuant to paragraph 4 of Article 8 of Regulation (EU)

2020/852 of the European Parliament and of the Council of 18 June 2020, regarding the establishment of a framework

to facilitate sustainable investments and amending Regulation (EU) 2019/2088 (L 198).

Kifissia, 18 March 2026

Emmanouela Vasilaki

Eftichios Vassilakis

Konstantinos Deligiannis

Chairwoman

CEO and

Executive Member

Annual Financial Report 31.12.2025

B. INDEPENDENT AUDITOR’S REPORT

PricewaterhouseCoopers SA, GEMI: 001520401000, T: +30 210 6874400, www.pwc.gr

Athens: 65 Kifissias Avenue, 15124 Marousi | T:+30 210 6874400 || Thessaloniki: Agias Anastasias & Laertou, 55535 Pylaia | T: +30 2310 488880,

Ioannina: 2 Plateia Pargis, 1st floor, 45332 | T: +30 2651 313376 || Patra: 2A 28is Oktovriou & 11 Othonos Amalias, 26223 | T: +30 2616 009208

Rhodes: 82 Afstralias, 851 00

This audit report and the financial statements that are referred to herein have been translated

for the original documents prepared in the Greek language. The audit report has been issued

with respect to the Greek language financial statements and in the event that differences exist

between the translated financial statements and audit report and the respective original Greek

language documents, the Greek language documents will prevail.

Independent auditor’s report

To the Shareholders of AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME

Report on the audit of the separate and consolidated financial statements

Our opinion

We have audited the separate and consolidated financial statements of AUTOHELLAS TOURIST AND

TRADING SOCIÉTÉ ANONYME (Company or/and Group) which comprise the separate and

consolidated statement of financial position as at December 31, 2025, the separate and consolidated

statements of profit or loss, other comprehensive income, changes in equity and cash flow statements

for the year then ended, and notes to the separate and consolidated financial statements, comprising

material accounting policy information.

In our opinion, the separate and consolidated financial statements present fairly, in all material

respects the separate and consolidated financial position of the Company and the Group as at

December 31, 2025, their separate and consolidated financial performance and their separate and

consolidated cash flows for the year then ended in accordance with International Financial Reporting

Standards, as adopted by the European Union and comply with the statutory requirements of Law

4548/2018.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have

been transposed into Greek Law. Our responsibilities under those standards are further described in

the “Auditor’s responsibilities for the audit of the separate and consolidated 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 and the Group in accordance with the Code of Ethics for

Professional Accountants issued by the International Ethics Standards Boards of Accountants (IESBA

Code) and the ethical requirements of Law 4449/2017 and of Regulation (EU) No 537/2014, that are

relevant to the audit of the separate and consolidated financial statements in Greece. We have fulfilled

our ethical responsibilities in accordance with the requirements of the IESBA Code, the Law

4449/2017 and the Regulation (EU) No 537/2014.

We declare that the non-audit services that we have provided to the Company and its subsidiaries are

in accordance with the aforementioned provisions of the applicable law and that we have not provided

non-audit services that are prohibited under Article 5 par. (1) of Regulation (EU) No 537/2014.

The non-audit services that we have provided to the Company and its subsidiaries, during the year

ended as at December 31, 2025, are disclosed in the note 43 of the separate and consolidated

financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in

our audit of the separate and consolidated financial statements of the year under audit. These matters

were addressed in the context of our audit of the separate and consolidated 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

Estimation of the useful lives and residual values of

vehicles

Property, plant and equipment includes vehicles

amounting EUR 668 million for the Company and

EUR 824 million for the Group as at 31 December

2025, that are measured at cost less accumulated

depreciation and impairment. The book values of

vehicles are significant and form the basis of the

Company’s and the Group’s rental and leasing

operations.

The estimation of the useful lives of vehicles, in

accordance with IAS 16 "Property, Plant and

Equipment", is based on historic performance as

well as expectations about future use and therefore

requires a degree of judgement to be applied by

management. Residual values are determined

taking into account generally accepted market

forecasts adjusted where necessary to take into

account factors specific to the vehicles.

Management is required to assess the useful life

and residual value of an asset periodically and

changes should either be accounted for as an

impairment charge or as a change in accounting

estimate through prospective depreciation.

Due to its significance as well as the degree of

complexity and judgement required in estimating

useful lives and calculating residual values of

vehicles, it is considered a key audit matter.

For more information, refer to notes 2, 3 and 7 of

the financial statements.

Our audit approach included obtaining an

understanding of the vehicles management

process as designed and implemented at the

Company and the Group.

We evaluated and reviewed management’s

process relating to useful lives and residual

values assessment for vehicles and

examined the criteria used to identify

impairment indicators, with a focus on the

timely detection of impairments.

We tested the appropriateness of the

approach used and the reasonableness of

key assumptions applied by management.

Furthermore, we also reviewed historical

disposals of vehicles and the profit or loss

derived from these disposals to assess if the

followed approach reflects past performance.

We determined that the approach for

determining useful lives and residual values

of vehicles forms a reasonable basis for

management’s assessment and that the

available evidence supported the key

assumptions used.

The disclosures in the financial statements

are adequate and consistent with the

requirements of relevant accounting

standards.

Revenue recognition

The Company’s and the Group’s revenue streams

include vehicle operating lease and finance lease

income, vehicle sales and income from other

additional vehicle related services, which is an

important determinant of the Group’s profitability.

Τhe Group focuses on revenue as a key

performance measure which could create an

incentive for revenue to be recognised before the

risks and rewards have been transferred, resulting

in a significant audit risk associated with revenue

recognition. Furthermore, there exists an inherent

risk around the accuracy of revenue recorded given

the impact of changing pricing models.

Based on these factors, there is a heightened risk

that revenue is not completely or accurately

recorded or that revenue is not recognised in the

correct year.

Due to the significant risk associated with revenue

recognition and the increased work effort from the

audit team, the recognition of revenue is

considered a key audit matter.

For more information, refer to notes 2 and 31 of the

financial statements.

Our audit procedures included obtaining an

understanding of the various revenue

streams, considering the appropriateness of

the Group’s revenue recognition accounting

policies and assessing compliance of these

policies with relevant standards.

Our audit approach included understanding

the systems and process that are relevant to

revenue recognition, holding discussions with

relevant Company and Group employees to

validate processes and re-performing key

process.

Furthermore, we performed relevant

substantive audit procedures around the

various revenue streams, which focused on

the adequacy and consistency of the

accounting policies applied, by conducting

audit procedures over the point of transfer of

risk and rewards. Our audit procedures

included:

•Analytical review procedures on the different

revenue streams.

•Sample testing of transactions during the

year of all material revenue streams.

•Revenue cut-off procedures.

•Testing of sales returns and credit notes

issued after year end.

•Sample third party confirmation of annual

revenue and trade receivables at yearend.

Our procedures concluded that revenue

recognition for the Group’s revenue streams

is consistent with the Company’s and the

Group’s accounting policies and relevant

standards. Based on our work, we noted no

significant issues regarding the accuracy of

revenue reported for the year under audit.

The disclosures in the financial statements

are adequate and consistent with the

requirements of relevant accounting

standards.

Other Information

The members of the Board of Directors are responsible for the other information. The other

information, which is included in the Annual Report

, in accordance with Law 3556/2007, is the

Statements of Board of Directors members and the Board of Directors’ Report (but does not include

the financial statements and our auditor’s report thereon), which we obtained prior to the date of this

auditor’s report.

Our opinion on the separate and consolidated financial statements does not cover the other

information including the Management Report of the Board of Directors.

In connection with our audit of the separate and consolidated financial statements, our responsibility is

to read the other information identified above and, in doing so, consider whether the other information

is materially inconsistent with the separate and consolidated financial statements or our knowledge

obtained during the audit, or otherwise appears to be materially misstated.

We considered whether the Board of Directors’ Report includes the disclosures required by Law

4548/2018 and the Corporate Governance Statement provides the information referred to in items (a),

(b), (e) and (f) of paragraph 1 of article 152 of Law 4548/2018.

Based on the work undertaken in the course of our audit, in our opinion:

● The information given in the Board of Directors’ Report for the year ended at December 31, 2025

is consistent with the separate and consolidated financial statements,

● The Board of Directors’ Report has been prepared in accordance with the applicable legal

requirements of articles 150, and 153 of Law 4548/2018, excluding the sustainability reporting

requirements for which a relevant limited assurance report dated 17.03.2026 was issued in

accordance with International Standard on Assurance Engagements 3000 (Revised) “Assurance

Engagements Other than Audits or Reviews of Historical Financial Information”,

● The Corporate Governance Statement provides the information referred to items (c) and (d) of

paragraph 1 of article 152 of Law 4548/2018.

In addition, in light of the knowledge and understanding of the Company and Group and their

environment obtained in the course of the audit, we are required to report if we have identified material

misstatements

in the Board of Directors’ Report and other information that we obtained prior to the

date of this auditor’s report. We have nothing to report in this respect.

Responsibilities of Board of Directors and those charged with governance for the separate and

consolidated financial statements

The Board of Directors is responsible for the preparation and fair presentation of the separate and

consolidated financial statements in accordance with International Financial Reporting Standards, as

adopted by the European Union and comply with the requirements of Law 4548/2018, and for such

internal control as the Board of Directors determines is necessary to enable the preparation of

separate and consolidated financial statements that are free from material misstatement, whether due

to fraud or error.

In preparing the separate and consolidated financial statements, the Board of Directors is responsible

for assessing the Company’s and Group’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

Board of Directors either intends to liquidate the Company and Group or to cease operations, or has

no realistic alternative but to do so.

The Audit Committee (article 44 of Law 4449/2017) of the Company is responsible for overseeing the

financial reporting process of the Company and the Group.

Auditor’s responsibilities for the audit of the separate and consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the separate and consolidated

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 ISAs, that have been

transposed into Greek Law, 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

separate and consolidated financial statements.

As part of an audit in accordance with ISAs that have been transposed into Greek Law, we exercise

professional judgment and maintain professional scepticism throughout the audit. We also:

● Identify and assess the risks of material misstatement of the separate and consolidated financial

statements, whether due to fraud or error, by designing and performing 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 and Group’s internal control.

● Evaluate the appropriateness of accounting policies and methods used and the reasonableness

of accounting estimates and related disclosures made by the Board of Directors.

● Conclude on the appropriateness of 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 and Group’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 separate and

consolidated 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 and Group to cease to continue

as a going concern.

● Evaluate the overall presentation, structure and content of the separate and consolidated

financial statements, including the disclosures, and whether the separate and consolidated

financial statements represent the underlying transactions and events in a manner that achieves

fair presentation.

● Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding

the financial information of the entities or business units within the Group as a basis for forming

an opinion on the consolidated financial statements. We are responsible for the direction,

supervision and review of the audit work performed for the purposes of the group audit. We

remain solely responsible for our audit opinion.

We communicate with those charged with governance 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 those charged with governance with a statement that we have complied with relevant

ethical requirements regarding independence, and to communicate with them all relationships and

other matters that may reasonably be thought to bear on our independence, and where applicable,

related safeguards.

From the matters communicated with those charged with governance, we determine those matters

that were of most significance in the audit of the separate and consolidated financial statements of the

year under audit and are therefore the key audit matters. We describe these matters in our auditor’s

report.

Report on other legal and regulatory requirements

1. Additional Report to the Audit Committee

Our opinion on the separate and consolidated financial statements is consistent with our, as per

article 11 of Regulation (EU) 537/2014 required, Additional Report to the Audit Committee of the

Company.

2. Appointment

We were first appointed as auditors of the Company by the decision of the annual general meeting of

shareholders on 25.04.2018. Our appointment has been continuously renewed by the decision of the

annual general meeting of shareholders for a total uninterrupted period of appointment of 8 years.

3. Operating Regulation

"The Company has an Operating Regulation in accordance with the content provided by the provisions

of article 14 of Law 4706/2020".

4. Assurance Report on the European Single Electronic Format

Subject Matter

We undertook the reasonable assurance engagement to examine the digital files of the Company

AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME (hereinafter referred to as the

“Company and / or Group”), which were compiled in accordance with the European Single Electronic

Format (ESEF), and which include the Company and the Group’s separate and consolidated financial

statements for the year ended December 31, 2025, in XHTML “213800DNMN314TEZPP87-2025-12-

31-1-en” format, as well as the intended XBRL “213800DNMN314TEZPP87-2025-12-31-1-en” file with

the appropriate markup, on the aforementioned consolidated financial statements , including other

explanatory information (Notes to the financial statements), (hereinafter referred to as the “Subject

Matter”), in order to determine that it was prepared in accordance with the requirements set out in the

Applicable Criteria section.

Applicable Criteria

The Applicable criteria for the European Single Electronic Format (ESEF) are defined by the European

Commission Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989

(hereinafter “ESEF Regulation”) and the 2020 / C 379/01 Interpretative Communication of the

European Commission of 10 November 2020, as provided by Law 3556/2007 and the relevant

announcements of the Hellenic Capital Market Commission and the Athens Stock Exchange.

In summary, these criteria provide, inter alia, that:

• All annual financial reports should be prepared in XHTML format.

• For consolidated financial statements in accordance with International Financial Reporting

Standards, the financial information stated in the Statement of Comprehensive Income, the

Statement of Financial Position, the Statement of Changes in Equity and the Statement of Cash

Flows, as well as the financial information included in the other explanatory information, should be

marked-up with XBRL 'tags' and ‘block tag’, according to the ESEF Taxonomy, as in force. The

technical specifications for ESEF, including the relevant classification, are set out in the ESEF

Regulatory Technical Standards.

Responsibilities of the management and those charged with governance

The management is responsible for the preparation and submission of the separate and consolidated

financial statements of the Company and the Group, for the year ended December 31, 2025, in

accordance with the requirements set by the ESEF Regulatory Framework, as well as for those

internal controls that management determines as necessary, to enable the compilation of digital files

free of material error due to either fraud or error.

Auditor’s responsibilities

Our responsibility is to issue this Report regarding the evaluation of the Subject Matter, based on our

work performed, which is described below in the “Scope of Work Performed” section.

Our work was carried out in accordance with International Standard on Assurance Engagements 3000

(Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”

(hereinafter “ISAE 3000).

ISAE 3000 requires that we plan and perform our work to obtain reasonable assurance about the

evaluation of the Subject Matter in accordance with the Applicable Criteria. In the context of the

procedures performed, we assess the risk of material misstatement of the information related to the

Subject Matter.

We believe that the evidence we have obtained is sufficient and appropriate and supports the

conclusion expressed in this assurance report.

Code of Conduct and quality management

We are independent of the Company and the Group, throughout the duration of this engagement and

have complied with the requirements of the Code of Ethics for Professional Accountants issued by the

International Ethics Standards Boards of Accountants (IESBA Code) and the ethical requirements of

Law 4449/2017 and of Regulation (EU) 537/2014.

Our audit firm applies International Standard on Quality Management (ISQM) 1 “Quality Management

for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance or Relates

Services Engagements” and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Scope of work performed

The assurance work we performed covers the subjects included in the No. 214/4/11-02-2022 Decision

of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and in the “Guidelines

in relation to the work and assurance report of Certified Public Accountants on the European Single

Electronic Format (ESEF) of issuers with securities listed on a regulated market in Greece”, as issued

by the Institute of Certified Public Accountants of Greece on 14/02/2022, so as to obtain reasonable

assurance that the financial statements of the Company prepared by the management comply, in all

material respects, with the Applicable Criteria.

Inherent limitations

Our work covered the items listed in the “Scope of Work performed” section to obtain reasonable

assurance based on the procedures described. In this context, the work we performed could not

absolutely ensure that all matters that could be considered material weaknesses would be revealed.

Conclusion

Based on the procedures performed and the evidence obtained, we conclude that the separate and

consolidated financial statements of the Company and the Group for the year ended December 31,

2025, in XHTML file format “213800DNMN314TEZPP87-2025-12-31-1-en”, as well as the provided

XBRL file “213800DNMN314TEZPP87-2025-12-31-1-en” with the appropriate marking up, on the

aforementioned consolidated financial statements, including the other explanatory information, have

been prepared, in all material respects, in accordance with the requirements of the Applicable Criteria.

PricewaterhouseCoopers S.A. Athens, 18 March 2026

Certified Auditors – Accountants The Certified Auditor Accountant

65 Kifissias Avenue

151 24 Marousi

SOEL Reg. 113

Andreas Riris

SOEL Reg. No 65601

Annual Financial Report 31.12.2025

C. ANNUAL BOARD OF DIRECTORS REPORT

   
Annual Financial Report 31.12.2025 
 
 
 
 
15 
 
 
 
 
 
 
CONTENTS OF THE ANNUAL BOARD OF DIRECTORS REPORT 
 
THE GROUP AND ITS OPERATIONS ............................................................................................................................................... 16 
FINANCIAL RESULTS OVERVIEW .................................................................................................................................................... 17 
FINANCIAL RATIOS ........................................................................................................................................................................ 18 
PARTICIPATIONS – CONSOLIDATED COMPANIES ......................................................................................................................... 21 
OTHER NON-CONSOLIDATED SIGNIFICANT PARTICIPATIONS....................................................................................................... 23 
BRANCHES ..................................................................................................................................................................................... 23 
DEVELOPMENT AND PROSPECTS .................................................................................................................................................. 24 
INFORMATION RELATED TO TREASURY SHARES........................................................................................................................... 27 
SIGNIFICANT EVENTS DURING THE YEAR ...................................................................................................................................... 28 
MAIN RISKS AND UNCERTAINTIES ................................................................................................................................................ 28 
RELATED PARTY TRANSACTIONS ................................................................................................................................................... 29 
CORPORATE GOVERNANCE STATEMENT ...................................................................................................................................... 30 
DIVIDEND POLICY .......................................................................................................................................................................... 48 
SIGNIFICANT EVENTS AFTER THE REPORTING DATE ..................................................................................................................... 48 
SUSTAINABILITY STATEMENT ........................................................................................................................................................ 49 
1. General Disclosures ................................................................................................................................................ 49 
2. Environment ........................................................................................................................................................... 67 
3. Society .................................................................................................................................................................... 82 
4. Corporate Governance ........................................................................................................................................... 96 
 
 
   

Annual Financial Report 31.12.2025

Board of Directors Report for “Autohellas Tourist and Trading Société Anonyme” (hereinafter referred to as

“Company”), on the Consolidated and Standalone Financial Statements for the fiscal year 01.01.2025-31.12.2025

This annual Management Report of the Company's Board of Directors concerns the fiscal year from 1 January – 31 December 2025

and provides summarized financial information on the annual financial statements and the results of the Company and the

Autohellas Group and constitutes the annual report of paragraph 4 of Article 153 of Law 4548/2018 (hereinafter, the "Report").

The Report was prepared in accordance with the provisions of Article 4 Law 3556/2007, the relevant decisions of the Board of

Directors of the Hellenic Capital Market Commission, the provisions of Articles 151 to 154 Law 4548/2018 as these were amended

under Law 5164/2024, and the relevant provision of the Law 4706/2020.

The Report includes, among other information:

▪ a depiction of the development and the performances of the activities of the Company and of its financial position, the results,

the overall course of the Company and the Group during the period under review, as well as the changes that were made,

▪ the significant events that took place during the financial year and their effect on the Financial Statements,

▪ the main risks and uncertainties that may arise for the Company and the Group,

▪ the transactions that were carried out between the Company and its related parties,

▪ the Corporate Governance Statement,

▪ the Sustainability Statement,

▪ the significant events which took place after 31.12.2025.

Autohellas Group of Companies (hereinafter referred to as the "Group") included in the consolidated financial statements, other

than the Company, the Subsidiaries and Associates/Joint Ventures that are further presented in this report, under the sections

titled “PARTICIPATIONS – CONSOLIDATED COMPANIES”.

The Financial Statements (consolidated and standalone), the Independent Auditor’s Report, the Board of Directors Report of the

Company and the Sustainability Statement are posted at the address: https://www.autohellas.gr/en/investors/financial-

statement/financial-statements/

THE GROUP AND ITS OPERATIONS

Autohellas Tourist and Trading Société Anonyme, with the distinctive title “Autohellas”, was incorporated in Greece in 1962 and

its shares are traded on the Athens Stock Exchange. The Company’s registered office is at Viltanioti 31, Kifissia, Attica, Greece. The

Company’s website address is www.autohellas.gr.

The Company’s main activities are short – term (renting) and long-term lease and Fleet Management. Renting activities covers the

needs of incoming tourism, as well as individuals and companies for occasional, small duration rentals up to 1-year long. Fleet long

term rentals (leasing) and fleet management refer to period above one year. Renting and fleet management activities are further

undertaken internationally through a number of subsidiaries in 8 countries in Portugal, Bulgaria, Cyprus, Romania, Serbia,

Montenegro, Croatia and Ukraine.

Annual Financial Report 31.12.2025

The Company is one of the largest national franchisees of Hertz International and has the exclusive right to use the Hertz brand

name and trademark in Greece, to receive information and know-how relating to the operation of car rental system, as well as

any improvements in designing and implementing rental services under the Hertz system. The Company renewed this right in the

year 1998 with validity until 31 December 2023. In May 2021, a 2‑year extension of the right was signed, until 31 December 2025,

while in November 2025 a new extension was signed until 30.06.2026, so that there is a safe margin of duration of the right for

the completion of the negotiations for the long‑term renewal of the right. The particularly long duration of the contract was given

to the Company due to its great success in representing Hertz in Greece during the previous thirty years.

Additionally, the Group proceeded to a 5‑year renewal, with a right of extension for an additional 5 years, of the contracts with

Hertz International for the exclusive right to use the Hertz trademarks in Bulgaria, Cyprus, Romania, Serbia, Croatia, Montenegro,

with validity from 1 January 2026.

In parallel with the renting and fleet management activities, the Group undertakes the trading of cars and spare parts as well as

after‑sales support activities in Greece through Greek subsidiaries, namely:

▪ “AUTOTECHNICA HELLAS SA” - The trade of new and used cars and the provision of after sales support.

▪ “HYUNDAI HELLAS SA” - The exclusive import and distribution of new cars and spare parts of the HYUNDAI brand

▪ “KIA HELLAS SA” - The exclusive import and distribution of new cars and spare parts of the KIA brand

▪ “TECHNOCAR SA” - The exclusive import and distribution of new cars and spare parts of the brands SEAT, CUPRA and XPENG

▪ “CHANGAN HELLAS SA” - The exclusive import and distribution of CHAGAN brands

▪ “ELTREKKA SA” and its 100% subsidiary, “FASTTRAK SA” - The import and distribution of aftermarket car parts

In addition, the Group, as part of its car trade activity in Greece, participates with a percentage of 51% in the joint venture with

Samelet Motors Ltd under the name "ORNOS SOCIÉTÉ ANONYME", which owns 100% of the share capital of the company under

the name "ITALIAN MOTION SINGLE MEMBER SOCIÉTÉ ANONYME " and which is responsible for the import and distribution of a

total of 5 Stellantis brands, namely Abarth, Alfa Romeo, Fiat, Fiat Professional, Jeep, as well as the import and distribution of

Leapmotor cars in the Greek market.

FINANCIAL RESULTS OVERVIEW

The key financial highlights for the Company for the year ended 31 December 2025 are as follows:

Group

Company

2025

2024

Δ%

2025

2024

Δ%

Revenue

1,034,107,805

985,687,604

4.9%

345,863,985

310,247,840

11.5%

EBITDA

294,697,632

278,406,977

5.9%

195,682,818

180,287,939

8.5%

Operating profit

123,303,993

130,283,149

-5.4%

97,466,792

94,374,843

3.3%

Profit before income tax (EBT)

97,800,927

105,391,512

-7.2%

77,291,357

78,551,053

-1.6%

Profit for the period (EAT)

84,069,382

89,498,486

-6.1%

69,080,169

69,283,354

-0.3%

Profit after tax and minority

interests

80,044,685

84,891,662

-5.7%

69,080,169

69,283,354

-0.3%

Annual Financial Report 31.12.2025

The Group’s revenue is analysed as follows:

Group

2025

2024

Δ%

Income from short and long term car rentals

383,699,829

353,031,398

8.7%

Sales of new and used cars and spare parts and

rendering of after-sales services

531,290,488

514,453,630

3.3%

Sales of used fleet

119,117,488

118,202,576

0.8%

Total

1,034,107,805

985,687,604

4.9%

The Company’s revenue is analysed as follows:

Company

2025

2024

Δ%

Income from short and long term car rentals

247,380,329

220,144,496

12.4%

Sales of new and used cars and spare parts and

rendering of after-sales services

197,781

-100.0%

Sales of used fleet

98,483,656

89,905,563

9.5%

Total

345,863,985

310,247,840

11.5%

FINANCIAL RATIOS

(i) Growth Ratios

Group

Company

2025

2024

2025

2024

1. Revenue growth

4.9%

-1.7%

11.5%

9.6%

2. Profit after tax and minority interests growth

-5.7%

9.9%

-0.3%

12.9%

The above ratios show the variation of sales and earnings before tax for both the company and the group between 2025 and the

previous year 2024.

(ii) Profitability Ratios

Group

Company

2025

2024

2025

2024

3. Profit before tax / Revenue

9.5%

10.7%

22.3%

25.3%

4. Profit after tax / Revenue

8.1%

9.1%

20.0%

22.3%

The above ratios present the final net profit before and after tax as a percentage of the company’s turnover.

Group

Company

2025

2024

2025

2024

5. Return on equity

14.4%

18.3%

16.0%

19.7%

The above ratio shows the group’s and Company’s net income as a percentage of shareholder’s equity.

Annual Financial Report 31.12.2025

(iii) Financial leverage ratios

Group

Company

2025

2024

2025

2024

6. Bank debt / Equity

1.52

1.60

1.77

1.90

The above ratios present bank loans as a percentage of total shareholders’ equity.

(iv) Financial structure ratios

Group

Company

2025

2024

2025

2024

7. Current assets / Total assets

22%

24%

11%

This ratio shows the percentage of current assets on total Company assets.

Group

Company

2025

2024

2025

2024

8. Total liabilities / Equity

2.08

2.28

2.17

2.32

This ratio reflects the Company’s financial sufficiency.

Group

Company

2025

2024

2025

2024

9. Tangible and intangible assets / Equity

1.72

1.83

1.69

1.78

This ratio shows what percentage of the Company’s own capital has been converted into assets.

Group

Company

2025

2024

2025

2024

10. Current assets / Current liabilities

1.14

1.10

0.97

0.99

This ratio reflects the Company’s liquidity.

Annual Financial Report 31.12.2025

ALTERNATIVE PERFORMANCE RATIOS (“APR”)

The Group uses Alternative Performance Ratios “APR” for decision making, strategic planning and performance evaluation

purposes. These ratios assist in improved and more complete understanding of financial results of the Group and are considered

along with financial results in accordance with IFRS.

Group

Company

2025

2024

2025

2024

11. Adjusted EBITDA

134,051,767

138,959,775

84,108,692

81,832,405

Reconciliation with the financial statements:

Earnings before tax, financing & investing activities,

depreciation & amortisation (EBITDA)

294,697,632

278,406,977

195,682,818

180,287,939

Depreciation of vehicles

(160,645,865)

(139,447,202)

(111,574,126)

(98,455,534)

Adjusted EBITDA

134,051,767

138,959,775

84,108,692

81,832,405

Adjusted EBITDA is, the EBITDA as it derives from the Financial Statements prepared in accordance with IFRS less cars depreciation.

Group

Company

2025

2024

2025

2024

12. Adjusted EBT

97,690,644

104,793,398

77,181,074

77,952,939

Reconciliation with the financial information:

Profit before tax (EBT)

97,800,927

105,391,512

77,291,357

78,551,053

Amortisation of unwinding of discount and bond loan costs

(110,283)

(598,114)

(110,283)

(598,114)

Adjusted EBT

97,690,644

104,793,398

77,181,074

77,952,939

Adjusted EBT is EBT as it derives from the Financial Statements prepared in accordance with IFRS after exclusion of one-off events

occurred in the year which are not a result of the ordinary operations of the Company. This ratio is used to present results just

from usual operating activities of the Entity and the Group.

Group

Company

2025

2024

2025

2024

13. Free Cash Flows

223,076,502

154,585,245

157,054,827

86,750,177

Reconciliation with the financial information:

Net cash generated from operating activities

(7,804,191)

(54,494,496)

(44,191,656)

(84,518,833)

Plus: Purchases of renting vehicles

366,668,759

343,541,498

301,957,385

265,851,320

Less: Finance leasing purchases of renting vehicles

(16,670,578)

(16,259,181)

(2,227,246)

(4,676,747)

Less: Sales of renting vehicles

(119,117,488)

(118,202,576)

(98,483,656)

(89,905,563)

Free Cash Flows

223,076,502

154,585,245

157,054,827

86,750,177

This ratio is used to present available cash from operating activities of the Entity and the Group before used cars sales and before

purchases of new rental cars for the year. This APR is used from the Group for better evaluation of cash performance, debt

repayment capacity and dividend distribution.

Annual Financial Report 31.12.2025

PARTICIPATIONS – CONSOLIDATED COMPANIES

(i) Subsidiaries

Company

Headquarters

Ownership

interest held

AUTOHELLAS TOURIST AND TRADING

SOCIETE ANONYME

Kifissia,

Attica

Parent

AUTOTECHNICA EOOD

Sofia,

Bulgaria

100%

First consolidation on 30.09.2003, due to its acquisition in 2003.

AUTOTECHNICA (CYPRUS) LIMITED

Nicosia,

Cyprus

100%

First consolidation on 31.12.2005, due to its incorporation in 2005.

AUTOTECHNICA FLEET SERVICES S.R.L.

Bucharest,

Romania

100%

First consolidation on 31.03.2007, due to its incorporation in 2007.

AUTOTECHNICA HELLAS S.A.

Kifissia,

Attica

100%

First consolidation on 31.03.2008, due to its incorporation in 2008.

AUTOTECHNICA SERBIA DOO

Belgrade,

Serbia

100%

First consolidation on 31.03.2010, due to its incorporation in 2010.

AUTOTECHNICA MONTENEGRO DOO

Podgorica,

Montenegro

100%

First consolidation on 31.12.2010, due to its incorporation in 2010.

AUTOTECHNICA FLEET SERVICES LLC

Kiev,

Ukraine

100%

First consolidation on 31.03.2015, due to its incorporation in 2015.

AUTOTECHNICA FLEET SERVICES DOO

Zagreb,

Croatia

100%

First consolidation on 30.06.2015, due to its incorporation in

Quarter 2 of 2015.

HYUNDAI HELLAS S.A.

Kifissia,

Attica

70%

First consolidation on 31.12.2017, due to its acquisition on

December 2017 through participation in DERASCO TRADING

LIMITED-Indirect Participation.

KIA HELLAS S.A.

Kifissia,

Attica

70%

First consolidation on 31.12.2017, due to its acquisition on

December 2017 through participation in DERASCO TRADING

LIMITED-Indirect Participation.

DERASCO TRADING LIMITED

Nicosia,

Cyprus

100%

First consolidation on 31.12.2017, due to its acquisition in

December 2017.

ELTREKKA S.A.

Kifissia,

Attica

100%

First consolidation on 31.05.2019, after acquiring 100% stake.

FASTTRAK S.A.

Kifissia,

Attica

100%

Indirect participation through its consolidation in ELTREKKA S.A.

TECHNOCAR SINGLE MEMBER S.A.

Kifissia,

Attica

100%

First consolidation on 01.07.2019, after spin-off

HR - ALUGUER DE AUTOMÓVEIS S.A.

Lisbon, Portugal

89.56%

First consolidation on 31.12.2022 due to its acquisition in October

2022.

CHANGAN HELLAS SINGLE MEMBER S.A.

Kifissia, Attica

100%

First consolidation on 30.06.2025, due to its incorporation in 2025.

The consolidated financial statements of the company cover the company and its subsidiaries of the above table i. (the Group).

Subsidiaries are enterprises which are controlled by the parent company. Subsidiaries are fully consolidated from the date on

which the control thereon is obtained and cease to be consolidated from the date on which the control ceases.

Annual Financial Report 31.12.2025

(ii) Associates/Joint Ventures

Company

Headquarters

Ownership

interest

held

SPORTSLAND SPORT FACILITIES -

TOURISM AND HOTELS S.A. (Joint

Venture)

Kifissia,

Attica

50%

First integration on 31.03.2008, due to its incorporation in 2008

CRETE GOLF S.A. (Associate)

Heraklion,

Crete

45.033%

First integration on 31.03.2015, due to increase in Company’s

participation in its capital in 2015

INSTACAR S.A. (Associate)

Kifissia,

Attica

48.52%

First integration on 08.07.2022, due to increase in Company’s

participation in its capital in 2022

ELECION ENERGY PRODUCTION AND

TRADING OF ELECTRICITY SOCIETE

ANONYME (Associate)

Palaio Faliro,

Attica

33.33%

First integration on 04.08.2022 due to increase in Company’s

participation in its capital in 2022

ORNOS SOCIETE ANONYME (Joint

Venture)

Kifissia,

Attica

51%

First integration on 06.10.2022 due to its incorporation in 2022

Associates are companies on which substantial influence is exercised. These companies are presented in the consolidated financial

statements using the equity method.

Joint ventures are jointly controlled companies. These companies are presented in the consolidated financial statements using

the equity method.

Concise description of associates and joint ventures

• SPORTSLAND S.A.

“SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.” was founded in 2008. The company owns in Asopia a large expanse

of land plots, where it plans to develop the said tourism investment, proceeding each year with the acquisition of additional land

plots in the area. It is a company that has gathered large areas of land in the wider region and in which complex investments are

planned to be made, which will combine sports and leisure activities, creating an integrated leisure hub.

The participation of the Company in the share capital of SPORTSLAND amounts as at 31.12.2025 to €7,280,000, which corresponds

to a percentage of 50% of the share capital of the said company. The remaining 50% belonged as at 31.12.2025 to the company

“TOURISM ENTERPRISES OF MESSINIA SOCIÉTÉ ANONYME”.

During the fiscal year the Company participated in a share capital increase of the SPORTSLAND paying €125,000, maintaining its

percentage at 50%.

• CRETE GOLF S.A.

“CRETE GOLF S.A.” is an associate company of Autohellas, whose main activity concerns the operation of a golf course in the

Municipality of Hersonissos in Heraklion, Crete. The company was founded in August 1997 and meets high specifications for

hosting international tournaments. Since early 2017, a new five‑star hotel unit also operates at the company’s facilities, which

complements the operation of the Golf course and contributes to further increasing quality tourism in Crete.

The participation of the Company in the share capital of CRETE GOLF amounts as at 31.12.2025 to €6,502,281, which corresponds

to a percentage of 45.033% of the share capital of the said company.

• INSTACAR S.A.

INSTACAR SOCIÉTÉ ANONYME constitutes an associate company of the Autohellas Group through the 100% subsidiary “DERASCO

TRADING LIMITED”. INSTACAR has as its main activity the rental of vehicles through an online subscription service. The company

has developed a platform for flexible vehicle rental addressed to individuals and businesses.

Annual Financial Report 31.12.2025

The participation of DERASCO TRADING in the share capital of INSTACAR, after successive increases, amounts as at 31.12.2025 to

€13,627,014.

During the fiscal year, the Group, through DERASCO TRADING, acquired from an existing shareholder the entirety of their

participation in INSTACAR for €4,230,848. Following this transaction, the Group’s participation in INSTACAR amounted to 48.52%

as at 31.12.2025.

• ELECION ENERGY S.A.

“ELECION ENERGY PRODUCTION AND TRADING OF ELECTRICITY SOCIETE ANONYME” set to operate in electricity generation from

RES through a photovoltaic plant at the Asopia site, within the Municipal Units of Oinofyta and Tanagra. The development of the

above photovoltaic plant will take place on land to be leased by ELECION ENERGY from the company “SPORTSLAND SPORT

FACILITIES - TOURISM AND HOTELS S.A.”, in which the Company holds a 50% stake.

In July 2025, the Company acquired 205,000 shares of ELECION ENERGY S.A., which were transferred to it by Taaleri SolarWind III

Holdings Sàrl for €283,333, in the context of a pro‑rata disposal of the latter’s entire stake to the remaining shareholders. Following

the transaction, the Company’s holding amounts in total to 820,000 shares, representing 33.33% of the share capital and voting

rights of ELECION ENERGY, compared to 615,000 shares and a 25% stake prior to the transaction.

• ORNOS S.A.

“ORNOS SOCIÉTÉ ANONYME” is a joint company of the Autohellas and Samelet groups and is responsible for the import and

distribution of five Stellantis Brands—specifically Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep—as well as the import and

distribution of Leapmotor vehicles in the Greek market.

The Company’s participation in the share capital of ORNOS SOCIÉTÉ ANONYME as at 31.12.2025 amounts to €18,870,000, which

corresponds to a 51% stake in the share capital of the said company.

OTHER NON-CONSOLIDATED SIGNIFICANT PARTICIPATIONS

The Company maintains a significant stake in “AEGEAN AIRLINES S.A.”, amounting to 12.11%. With the aforementioned company,

the Company has synergies, indicatively exclusive cooperation for the promotion of car rentals to its customers.

Additionally, the Company participates with a percentage of 12.88%. in the share capital of the company “TRADE ESTATES REIC”,

which is active in real estate development, looking forward to synergies which, with the gradual transition to new technologies

and especially to electric mobility, will be able to provide innovative solutions and services to common customers.

BRANCHES

The Group maintains a total of 143 branches in Greece and in 8 countries abroad which cover the renting activity as at the

publication date of the financial statements. Due to increased seasonality during the summer season, the operating branches

increase depending on local demand. Additionally, the Group maintains 34 branches which cover the car and spare parts trade

activity.

Annual Financial Report 31.12.2025

DEVELOPMENT AND PROSPECTS

In 2025, the markets in which the Group operates recorded growth mainly in the sector of short‑term and long‑term rentals,

representing the Hertz brand.

The increase in passenger traffic in Greece showed growth exceeding 6%, positively affecting the short‑term rentals. Despite the

high availability of cars in the market, the prices of short‑term rentals remained at last year’s levels. The upward trend of tourism

activity was maintained throughout the year, with slightly higher increases in the first and last quarter, improving the seasonality

of arrivals.

In the long‑term leasing sector, corporate fleet registrations recorded an increase of 12% in 2025, further strengthening the share

they represent in total registrations, which amounts to 59%. This increase confirms once again the ongoing preference for leasing

over ownership. The Company’s long‑term rentals recorded growth that exceeded the increase in corporate fleets, further

improving the Company’s market share.

In the car trading sector, total registrations in Greece recorded an increase of 5%, with the Group following this increase and

maintaining the market share of the brands it represents (Hyundai, Kia, SEAT/Cupra, FIAT, Jeep, Alfa Romeo) at the levels of 2024.

Despite the increased availability of vehicles in the market and pricing pressures, the Group’s commercial activity managed to

maintain profitability at a satisfactory level.

As part of the modernization of its systems, and following the change of its front‑office operating system in 2023, the Company in

2025 also completed the transition to a new ERP system (back office). These actions form part of a wider investment plan for the

Group’s transition to systems that provide speed, flexibility and advanced technological capabilities.

For 2026, the Group aims for another year of growth. Nevertheless, the recent geopolitical tensions in the Middle East have

created conditions of uncertainty in the international economic environment. The Group closely monitors developments and

assesses potential impacts on its activities, which to a limited extent depend on international travel flows and tourism, while it is

not possible at present to reliably estimate the magnitude of potential effects. In any case, the Group has the required resilience

and flexibility to adjust to demand as a result of its structure.

(i) Short and long term rentals in Greece

In 2025, the activity in the Long‑term Rentals (Leasing) sector maintained its positive momentum, contributing to the further

strengthening of the Group’s presence and market share in the Greek market. Despite the demanding economic environment and

the challenges that characterized the year, the demand for long‑term leasing services remained at satisfactory levels, with

businesses and professionals increasingly turning to flexible mobility solutions for the more effective management of their

corporate fleets. Interest from private individuals also continued to rise, as they increasingly shift from owning their personal

vehicle to using a vehicle with services that relieve them from unpredictable costs.

During the year, the Company placed particular emphasis on the further development and utilization of technological tools

through digital applications, with the aim of the continuous upgrade of the experience of its customers. These initiatives focused

on providing immediate access to information related to the leases, as well as on the ability to address individualized needs.

At the same time, developments in the regulatory framework related to the reduction of emissions, combined with the gradual

transition towards electrification, continued to affect the shaping of the corporate leasing market. These trends strengthened the

interest in more sustainable and flexible fleet‑funding models. In this context, the Company proceeded with the development of

new long‑term lease programs, while leveraging synergies within the Group, with the aim of further strengthening its metrics and

maintaining its growth path.

Annual Financial Report 31.12.2025

Finally, we should highlight the importance that was attributed to the continuous training and professional development of the

Company’s human resources. Through specialized training programs and educational initiatives, the knowledge and skills of

employees were strengthened, with the aim of adapting to developments in the sector, providing more effective customer service,

and continuously improving the quality of the services provided.

The prospects for 2026 appear positive due to the strong first quarter. Nevertheless, the existing geopolitical environment has

created a degree of uncertainty. The Group has the structure and the flexibility to adapt to any potential stagnation or slowdown

in the market’s growth rate, as it has also demonstrated in the past.

The Short‑term Rentals (Rent a Car) sector in 2025 recorded improvement across all key performance indicators. The effective

management of the fleet and bookings contributed to the further strengthening of the fleet utilization rate. At the same time, the

consistent focus on the quality of the service provided, combined with the continuation of the extensive fleet renewal program,

led to a further improvement in the customer satisfaction index. Despite the continuing market pressures, the Company managed

to achieve a slight increase in the average daily selling rate compared to the previous year. This result derived both from the

improved management of the distribution channels, with emphasis on the direct channels, and from the more effective utilization

of the newer fleet. Furthermore, during 2025 the expansion of the activity on the island of Milos was successfully completed,

further strengthening the geographic footprint of the Company. The increase in inbound tourism also contributed significantly to

the positive results of the year, with the year closing with a 6.1% increase in air arrivals.

For 2026, the objective remains the achievement of similarly positive operational and qualitative indicators. The maintenance, as

well as the further strengthening, of the Company’s leading position in the Greek market constitutes a key strategic priority, with

continuous emphasis on the improvement of services and the maximization of customer satisfaction.

At an operational level, the maintenance of a high fleet utilization rate and the protection of the average daily rate to the maximum

possible extent continue to be critical objectives. The continuous renewal and upgrade of the fleet, with the enrichment of popular

car models, will continue, taking into account the extent to which demand will require it.

However, the current liquidity conditions, as a result of the geopolitical uncertainty in the Middle East, impose increased caution

on the estimates for 2026. The initial estimates predicted a mild increase in tourist activity compared to 2025; however, the market

remains in a wait‑and‑see stance, with the evolution of pre‑bookings being a decisive factor for the subsequent estimates.

In any case, Autohellas’ flexibility to readjust the level of investment in the fleet even within the tourist season constitutes a

significant advantage, allowing effective control and immediate adaptation to the prevailing market conditions. A decisive role is

also consistently played by the strong presence in the domestic market, which remains at the core of the Company’s strategy and

functions as a stability factor.

(ii) Trade of cars and spare parts

The partial temporary adjustment of the CO₂ emissions limit by the EU ultimately led to increased car production by manufacturers

and to an increase of 5.1% in the Greek market compared to 2024. This increase was driven mainly by the corporate sales market

(+12%), whereas the private (retail) market recorded a decrease (-3.2%). With regard to the market for fully electric cars in Greece,

it recorded an increase of 2.3% compared to 2024.

In this context, the Group’s import companies recorded a 7% increase in total sales volume, while the increase in fully electric cars

was notable at 89.4%. Despite the significant increase in turnover, the change in the mix of sales channels led to a marginal

decrease in profitability. Additionally, during the last quarter of 2025, the Group commenced the import and distribution of cars

of the Chinese manufacturers Changan and Xpeng, further expanding its footprint in the market, diversifying its brand portfolio,

and strengthening its ability to drive the evolution of the automotive sector.

Annual Financial Report 31.12.2025

In 2026, the focus will be on the improvement of the provided after-sales services and on the further expansion of digitalization /

CRM, as well as on synergies among the brands. The development of the new brands will be supported through investments in

human resources, facilities, communication, and network expansion, so as to effectively manage their product expansion.

During 2026, uncertainty regarding the pace of transition to electrification will continue to exist, as it depends directly on relevant

EU decisions. However, the transition towards the so-called electrified powertrains, namely hybrid and plug-in hybrid, is now

clearly evident. In this development, the Group’s import companies will launch a series of new models in 2026, which will

contribute to the further improvement of their market share in these categories of vehicles.

The Retail activity in car sales during 2025 maintained profitability at satisfactory levels, despite the decline recorded in the retail

market segment.

At the same time, during the last quarter of 2025, two new sales points for new cars were added in Athens, directly connected to

the new brands that were recently integrated into the Group. Used-car sales remained at the levels of the previous year, while

the after-sales services activity recorded a significant increase both in sales and in profitability—an evolution directly linked to

investments in both human resources and infrastructure.

In 2026, the primary objective remains the increase of the market share of the brands represented.

At the same time, investment in new sales points will continue for the further strengthening of the Group’s presence in Retail.

Simultaneously, particular emphasis is placed on used-car sales, where, through a targeted strategy, a significant increase in sales

volume will be pursued. In the area of after-sales services, the primary objective is the development of synergies through

investments—mainly in facilities—that will improve the performance, operation, and profitability of the activity.

(iii) International Short term and Long term Rentals

The Company operates, through its subsidiaries, in the markets of the Balkans, Cyprus and Portugal. In the markets of the Balkans

and Cyprus, tourist traffic in 2025 was higher compared to the levels of 2024, with a particularly positive impact on short‑term

rentals, in combination with the increase in rental prices, improved fleet management and the optimization of the fleet mix.

With regard to corporate rentals, in the markets of the Balkans the market share remained stable, while in Cyprus it increased

significantly, focusing both on long‑term rentals to small and medium‑sized enterprises and on flexible forms of leasing, despite

inflationary pressures and the increasing intensity of price competition.

Tourism in Portugal in 2025 continued to record a positive growth rate, exceeding the levels of 2024 by 4.7%. The car‑rental

market, anticipating the increased demand, recorded a strengthening of the fleet, particularly with electric vehicles. The full

restoration of vehicle availability led to a normalization and decline in prices, despite the increase in arrivals. The particularly

competitive environment that was formed had a negative impact on the Portuguese subsidiary. Faced with these challenges, the

Company placed emphasis on the effective utilization of the fleet by increasing revenue per vehicle, on the renewal and upgrade

of the fleet with vehicles that match the needs of tourists, on the upgrade of existing facilities as well as the creation of new ones,

on investment in new systems and on the continuous training of personnel to improve customer service.

For 2026, the Portuguese subsidiary aims at increasing revenues and achieving profitability through various strategic actions. Key

initiatives include the improvement of the customer satisfaction rate and the optimization of pricing policy. At the same time, the

creation of a new body‑shop facility will allow the maximization of fleet availability. Finally, the subsidiary will focus on the sale of

used cars directly to consumers as well as to dealers.

Annual Financial Report 31.12.2025

INFORMATION RELATED TO TREASURY SHARES

Following the Ordinary General Meeting of the Company’s shareholders of 15 July 2020, by virtue of which a share buyback

program of the Company was approved in accordance with article 49 of Law 4548/2018 and the specific terms set out in that

decision, as well as the decision of the Company’s Board of Directors dated 23 July 2020 issued in implementation thereof, the

Company proceeded, during the financial years 2020–2022, with successive acquisitions of its own shares as follows:

During the 2020 financial year, a total of 394,071 own shares were acquired, each with a nominal value of €0.08 and a total

purchase value of €1,576,999, corresponding to 0.8104% of the Company’s share capital.

During the 2021 financial year, a total of 95,936 own shares were acquired, each with a nominal value of €0.08 and a total purchase

value of €715,443, corresponding to 0.1973% of the Company’s share capital.

During the 2022 financial year, a total of 37,993 own shares were acquired, each with a nominal value of €0.08 and a total purchase

value of €367,256, corresponding to 0.0781% of the Company’s share capital.

The acquisitions were carried out through successive transactions, in accordance with the terms set by Law 4548/2018, Regulation

(EU) 596/2014 and the Delegated Regulation (EU) 2016/1052 of the Commission of 8 March 2016, as well as the applicable

provisions of stock‑exchange legislation regarding the purchase price and daily volume of the acquired shares, and in any case at

a purchase price within the limits set by the above decisions of the General Meeting of 15.7.2020 and the Board of Directors of

23.7.2020.

In 2023, in accordance with the provisions of Law 3556/2007, Regulation (EU) 596/2014 of the European Parliament and the

related provisions of the Athens Stock Exchange Regulation, and pursuant to the decision of the Ordinary General Meeting of the

Company’s shareholders dated 20.04.2023 and the decision of its Board of Directors dated 24.05.2023, the Company proceeded

with the distribution of 20,000 free shares, with a total value of €271,840, within the framework of the above‑approved resolution.

In 2024, a total of 84,810 own shares were acquired, each with a nominal value of €0.08 and a total purchase value of €975,818,

corresponding to 0.1744% of the Company’s share capital. In addition, in accordance with the above provisions, 19,000 free shares

were distributed, with a total value of €217,360.

In 2025, in accordance with article 49 of Law 4548/2018 and in execution of the resolutions of the Annual Ordinary General

Meeting of Shareholders and the Board of Directors, the Company proceeded with successive purchases of a total of 91,940 own

shares, with a value of €1,038,765.

Furthermore, in accordance with the provisions of Law 3556/2007, Regulation (EU) 596/2014 of the European Parliament and the

related provisions of the Athens Stock Exchange Regulation, and pursuant to the decision of the Ordinary General Meeting of the

Company’s shareholders dated 08.04.2025 and the decision of its Board of Directors dated 28.04.2025, the Company proceeded

with the allocation of 63,500 free shares, with a total value of €212,301, within the framework of the above‑approved resolution.

As a result, as at 31.12.2025, the Company held a total of 602,250 own shares, each with a nominal value of €0.08 and a total

value of €4,253,015, corresponding to 1.2386% of its share capital.

Annual Financial Report 31.12.2025

SIGNIFICANT EVENTS DURING THE YEAR

• In May 2025, Autohellas Group announced a partnership with CHANGAN, one of the largest electric‑vehicle manufacturers in

China, for the distribution in Greece of fully electric and plug‑in hybrid vehicles. Within this framework, the Company

established the wholly‑owned subsidiary CHANGAN Hellas Single‑Member Société Anonyme, based in Greece, with an initial

share capital of €100,000 and activity related to the import and distribution of vehicles. On 23 July 2025, the process for

increasing the share capital of the newly established subsidiary was completed.

Following the €750,000 increase, the share capital amounts to €850,000 as at 31.12.2025.

• On 22 July 2025, Autohellas proceeded with the signing of contractual documents for the renewal of the existing securitisation

agreement, with the main changes being the possibility to increase the Class A Notes by €70 million with the participation of

a second investor (Alpha Bank), the further improvement of the financial terms, and the extension of the maturity of the

revolving period by an additional year compared to the original agreement, namely until July 2027.

MAIN RISKS AND UNCERTAINTIES

The section below describes the main risks and uncertainties that is possible to affect the Group.

(i) Exchange rate risk

The Group is exposed to foreign exchange risk from future transactions, from recognised monetary assets and liabilities

denominated in currencies other than the functional currency of the respective entity, as well as from its net investments in

foreign subsidiaries.

The Group, via its subsidiaries, is operating in Portugal, Bulgaria, Romania, Cyprus, Serbia, Montenegro, Croatia and Ukraine. The

existing operations of the Group abroad refer both in short-term and long-term leases. Due to these operations, the Group

transacts with clients and suppliers outside the European Economic Area and consequently holds assets and liabilities which are

expressed in different currencies than the Euro, which is the reporting currency of the Group. More specifically, the Group’s

subsidiaries in Romania, Serbia and Ukraine have liabilities/assets in RON, RSD and UAH respectively. However, these subsidiaries

do not expose the Group into a material exchange rate risk due to their size and the currencies that they use.

(ii) Interest rate risk

The Company and the Group are exposed to debt instruments which may be based on either floating or fixed interest rates.

International markets are closely monitored, and exposure to different types of financing is selected on a case-by-case basis with

the aim of minimizing interest rate risk. Additionally, interest rate swap products may be used to hedge interest rate risk

(iii) Credit risk

The Company does not have any substantial credit risk. Retail sales are mainly made through credit cards and electronic banking

transactions and by exception in cash. Wholesales take place only after a thorough check on the customer’s financial reliability

has been conducted, and in most cases advance payments or guarantees are obtained. In addition, the company and its

subsidiaries pay close attention to its credit collection period and act accordingly. Potential credit risk exists also for the Group's

cash, but for the deposit products are used recognised financial institutions with high credit standing. Additionally, in most of

these cases, the Group has debt obligations of a higher amount.

Annual Financial Report 31.12.2025

(iv) Liquidity risk

The Group's liquidity is monitored on an ongoing basis. Effective management of liquidity risk requires the maintenance of

sufficient cash and marketable securities, as well as the availability of financing through adequate bank credit lines to meet

obligations as they become due and to close positions. Due to the dynamic nature of its activities, the Group has ensured flexibility

by maintaining unused credit lines. Additionally, the Company has secured financing for the purchase of vehicles for long-term

leases through the securitisation of receivables.

(v) Market price risk

With regard to market price risk, the Company and consequently the Group as at 31.12.2025 are exposed to the fluctuation risk

of the stock price of Aegean Airlines S.A., Trade Estates REIC. For 2025, there was a positive effect on the other comprehensive

income of the Company and consequently of the Group.

The Company and the Group are also exposed in the potential used car price reduction risk. The Group’s ability to sell its used car

fleet could be reduced due to several reasons, including the macroeconomic environment, changes in the operational model of

the Rent a Car sector, regulatory changes (such as changes in taxation, in environmental frameworks, as well as an over-supply of

new cars in the market), that will result in a reduction towards the demand of used cars and the subsequent reduction in their

prices. The Company and the Group have been dealing even to date with the risk of a reduction in resale prices through continuous

market research and marketability-based fleet configuration. At the same time, the Company is making adjustments to the

depreciation rates if required so that the residual book value does not deviate significantly from market prices.

Finally, the Group and the Company are exposed to the risk of changes in real estate prices. In the first half of 2008, there was a

change in the measurement method of properties, which are no longer valued at depreciable acquisition value but at their fair

value. This results in changes in the real estate market affecting fair values. The Company carries out a reassessment of the fair

value of the properties on an annual basis. As of 31.12.2024, the result from the valuation of properties was a profit of €1,071,268

for investment properties and €2,187,110 for own-used properties, while for the year ended 31.12.2025, the result was a profit

of €2,096,817 for investment properties and €2,149,936 for own-used properties.

(vi) Sales seasonality

Rent-a-car sales (short – term rentals) are traditionally extremely seasonable in the Greek market, as they depend heavily on

tourist arrivals. It is indicative that 53% of total RaC sales in Greece, is generated during the July – September period while this

figure for the foreign countries stands at 40% for the summer months. As a result, short – term sales can be affected substantially

by events that have an impact on the tourism market, especially if such events take place at the beginning of the season. A key

factor in smoothing out seasonality is sales for long-term car rentals, as they are evenly distributed over time.

RELATED PARTY TRANSACTIONS

All transactions to and from related parties are made under standard market conditions. Significant transactions with related

parties as defined by IAS 24 (and in the case of legal entities controlled by them, as defined by IAS 27) are described in detail in

note 41 of the Annual Consolidated and Standalone Financial Statements for the year ended 31 December 2025.

The Company complied with the provisions of articles 99 to 101 of Law 4548/2018 for the transactions of the Company from and

to its related parties in their entirety.

Annual Financial Report 31.12.2025

CORPORATE GOVERNANCE STATEMENT

i.Corporate Governance Code

The Company applies the principles of corporate governance as defined by the relevant applicable legislative framework.

The Company has voluntarily decided to apply the Hellenic Corporate Governance Code, which was issued in July 2021 by the

Hellenic Corporate Governance Council (hereinafter referred to as the "Code"). The Code is adapted to Greek law and business

reality and has been drafted on the basis of the principle of "comply or explain". The Company had not adopted, for the closing

fiscal year 2025, corporate governance practices beyond the requirements of the legislation in force.

The Code can be found at the following web addresses in Greek and English respectively:

https://www.esed.org.gr/web/guest/code-listed

https://www.esed.org.gr/en/code-listed

This declaration defines the way in which the Company applies the Code and its deviations.

ii.Deviations from the Corporate Governance Code and justification thereof

The following are the cases and reasons why the Company deviated from the recommendations of Corporate Governance

Code.

Hellenic Corporate Governance Code

Explanation of reasons for non-compliance

The company has a framework for filling positions and succession of the

members of the Board of Directors, in order to identify the needs for

filling positions or replacements and to ensure each time the smooth

continuation of the management and the achievement of the company's

purpose.

The company ensures the smooth succession of the members of the

Board of Directors with their gradual replacement in order to avoid the

lack of management.

The succession framework shall in particular take into account the

findings of the Board of Directors evaluation in order to achieve the

required changes in composition or skills and to maximize the

effectiveness and collective suitability of the Board of Directors.

The Remunerations and Candidacy Committee completed the

mapping of the framework for filling positions and the succession

of members of the Board of Directors during the year, and within

a short period, the relevant proposal for its approval will be

submitted to the Board of Directors.

The contracts of the executive members of the Board of Directors provide

that the Board of Directors may require the return of all or part of the

bonus awarded, due to breach of contractual terms or inaccurate

financial statements of previous fiscal years or in general based on

incorrect financial data, used for the calculation of this bonus.

There is no provision of such a term. As a result, a relevant

assessment can be made based on the provisions of the Greek

Law.

iii. Composition and operation of administrative, management and supervisory bodies of the Company and their committees

a) General Meeting of Shareholders

The General Meeting of the Company's shareholders, in accordance with its Articles of Association, is the supreme governing body

and decides on every corporate affair, while its legal decisions bind all shareholders.

Annual Financial Report 31.12.2025

The General Meeting of Shareholders is convened by the Board of Directors and meets at its headquarters at least once every

fiscal year at the latest until the tenth (10th) calendar day of the ninth month after the end of the fiscal year, in order to decide

on the approval of annual financial statements and for the election of auditors. Based on the provisions of the article 10 par. 2 of

the Company’s Charter, in the General Assembly the shareholders, other persons entitled by the law to participate or some of

them, can participate remotely by audiovisual or other electronic means, if this is decided by the Board of Directors. The same can

apply to persons who attend the Shareholders’ General Meeting after the permission of the Chairman, in accordance with article

127 par. 2 of law 4548/2018, provided that the Board of Directors provides this possibility, in accordance with the previous

paragraph, and the Chairman of the General Assembly approves it. The Board of Directors determines by the aforementioned

decision the details for the realization of the above in accordance with the related provisions and taking sufficient measures to

ensure compliance with provisions of article 125 par. 1 of law 4548/2018.

The General Meeting shall be convened at least 20 days prior to its holding by an invitation indicating the building with the exact

address, date and time of the meeting, the topics of discussion clearly, the shareholders entitled to participate, as well as precise

instructions for the way in which shareholders will be able to participate in the meeting and exercise their rights in person or by

proxy. The invitation shall be made public as defined by the legislation and uploaded in Greek and English on the Company's

website and shall indicate further (a) the rights of minority shareholders referred to in Article 141 par. 2, 3, 6 and 7 of Law

4548/2018, indicating the deadline within which any right may be exercised, or alternatively, the final date by which those rights

may be exercised, (b) the procedure for exercising the right to vote through a representative and in particular the forms which

the Company uses for this purpose, (c) determines the date of registration by law, noting that only persons who are shareholders

at that date have the right to participate and vote at the General Meeting; (d) discloses the place where the full text of the

documents and draft decisions provided for by law are available, and (e) indicates the website address of the Company, where

the information of par. 3 and 4 of Article 123 of Law 4548/2018, are available.

The members of the Board of Directors as well as the auditors of the Company are entitled to attend the General Meeting, in

order to provide information and briefing on issues of their competence, which are put up for discussion, and on the questions or

clarifications requested by the shareholders. Moreover, in the meeting are attending the Chairman of the Audit Committee as

well as the Chief Internal Auditor. The Chairman of the General Meeting of the shareholders has sufficient time for the submission

of questions from the shareholders. The Chairman of the General Meeting may, under his responsibility, permit the presence at

the General Meeting of persons, who do not have a shareholder capacity or are not representatives of shareholders, to the extent

that this is not contrary to the Company’s interest.

Decisions shall be taken by means of a vote in order to ensure that all shareholders participate in the results, whether they attend

the meeting in person or vote through an authorized representative.

The rights of the shareholders of the Company are defined in the Articles of Association and by Law 4548/2018, are available.

Communication with the shareholders

The communication with the shareholders is ensured through the operation of the Investment Relations Department of the

Company, which implements the communication policy with the shareholders of the Company. Included in the aforementioned

department, the Company maintains a single Shareholders and Corporate Communications Unit, which is responsible for the

information and support of the shareholders concerning the exercise of their rights and on the other hand makes the necessary

announcements to the investing public.

The Board of Directors has appointed the Head of the Shareholders and Corporate Communications Department having as main

tasks the direct, accurate and equal information of the Company's shareholders as well as their support regarding the exercise of

their rights, based on the applicable law and the Articles of Association of the Company. Furthermore, regarding corporate

communications, it is responsible for ensuring the compliance of the Company with the current institutional framework and the

communication of the Company with the competent authorities, namely the Hellenic Capital Market Commission, the Stock

Exchange and other competent organizations.

Furthermore, the Company maintains an active website where useful information is posted for both shareholders and investors

under the responsibility of the head of the Shareholders and Corporate Communications Department.

Annual Financial Report 31.12.2025

b) Board of Directors

Role of the Board of Directors

The Board of Directors is the supreme executive body which, acting collectively, exercises the management of the Company and

exercises control over all its activities. The Board of Directors manages the corporate property, represents the Company and

decides on all issues that concern it with a view of promoting the corporate purpose. The mission of the Board of Directors is to

ensure the sustainability and smooth operation of the Company, the correct and lawful management of its assets, the protection

of the value of the shareholders' investment, the defense of the corporate interest and the strengthening of the long-term

economic value of the Company. It is responsible for the complete and effective control of the Company's activities and acts in

accordance with the provisions of the law and the Articles of Association.

Composition of the Board of Directors

In accordance with the Articles of Association of the Company, as in force, the Board of Directors may consist of five to twelve

members.

The Board of Directors is composed of executive, non-executive and independent non-executive members and operates in

accordance with the regulations governing its operation, the Charter of Operations of the Company, the applicable legislation and

the Articles of Association of the Company.

The members of the Board of Directors are elected by the General Meeting of the Company's shareholders, which delineates their

number within the limits provided by the Company's Articles of Association, as well as its independent members, except in the

case of replacement of missing members, in which case the Board of Directors shall also decide in accordance with the law and

the articles of association. The Board of Directors, after its election, decides on the qualifications of its members as executive or

non-executive, as well as on the roles assigned to each of its members.

Operation and Responsibilities of the Board of Directors

The Board of Directors shall decide on any matter concerning the Company, shall formulate the corporate strategy and shall

perform any action except for those which, either by the laws governing the operation of the Company or by the Articles of

Association, fall under the responsibility of the General Meeting.

It operates in accordance with the applicable legislation, the Company's Articles of Association, the Company's Charter of

Operations, its Rules of Procedure, as well as the Company's policies, including the policy and procedures for the prevention and

treatment of situations of conflict of interest, the suitability policy of members of the Board of Directors and the evaluation

procedure of its members.

In addition, in order to provide sufficient information when making decisions regarding transactions between related parties,

including transactions of its subsidiaries, the Board of Directors has approved and applies a procedure of transactions of related

parties by both the parent company and the subsidiaries.

The procedure of transactions with related parties provides in particular:

▪ The legislative and regulatory framework with which the Company and its subsidiaries must comply;

▪ The responsibilities of the Company and its subsidiaries, as well as the roles and obligations of the departments and

directorates of the Company and its subsidiaries involved in the management of transactions with related parties;

▪ Defining and identifying related parties;

▪ The procedure of managing and approving the conclusion of transactions with related parties;

▪ Cases of transactions excluded from the prior approval scheme;

▪ The legal notification procedures for concluding transactions with related parties.

In addition to the procedure concerning the transactions with related parties, the Company has adopted a conflict of interest

policy, which includes further procedures for the prevention of conflicts of interest in cases of transactions with related parties,

in order to avoid conflicts of interest of members of the Board of Directors, as contracting parties in the relevant transaction.

Annual Financial Report 31.12.2025

Finally, the Company has established a policy of suitability of the members of the Board of Directors (hereinafter referred to as

the "Suitability Policy") which aims at ensuring quality staffing, efficient operation and fulfillment of the role of the Board of

Directors, based on the overall strategy and mid and long term business pursuits of the Company with a view to promoting the

corporate interest. It includes the principles concerning the selection or replacement of the members of the Board of Directors

and the renewal of the term of office of the existing members, the criteria for the assessment of the collective and individual

suitability of the members of the Board of Directors, the provision of diversity criteria.

The monitoring of the implementation of the Suitability Policy constitutes the responsibility of the Board of Directors. The Board

of Directors is supported by the Committees and the Internal Audit, Regulatory Compliance and Risk Management Units whenever

deemed necessary

The Suitability Policy is uploaded on the Company’s website (https://www.autohellas.gr/wp-content/uploads/2021/07/POLITIKI-

KATALLILOTITAS.pdf).

Within 2025, the Board of Directors, following a recommendation by the Candidacy and Remuneration Committee, approved the

revision of the Suitability Policy of the members of the Board of Directors, in order to fully align it with the requirements of the

new legislative framework and particularly Law 5178/2025 regarding balanced gender representation. The Suitability Policy is

subject to the final approval of the Ordinary General Assembly of the Company’s shareholders.

Chairman of the Board of Directors (Executive member)

The Chairman of the Board of Directors, who is an executive member, has the following indicative responsibilities:

• Defines the topic on the agenda of the meetings of the Board of Directors, ensures the proper organization of the work of the

Board of Directors, convenes a meeting of its members and directs its meetings.

• Presides over the Board of Directors, ensures the organization of its work and the effective conduct of meetings.

• Represents the Company before any authority.

• Facilitates the effective participation of the non-executive members of the Board of Directors in their work and ensures

constructive relations between them.

• Ensures the timely and correct information of the members of the Board of Directors, as well as its effective communication

with all shareholders, with a view to the fair and equal treatment of the interests of shareholders.

• Assumes all the responsibilities assigned to him/her by the Board of Directors in case he/she is executive.

Vice-Chairman of the Board of Directors (Independent Non-Executive)

As the Chairman of the Board of Directors is an executive member, the Vice-Chairman of the Board of Directors is, in accordance

with the Greek legislation, a non-executive member and in this case an independent non-executive member. The Vice-Chairman

of the Board of Directors is responsible for supporting the Chairman, acting as a liaison between the Chairman and the members

of the Board of Directors, coordinating the independent non-executive members and leading the evaluation of the Chairman.

The vice-chairman shall not replace the Chairman in his/her executive duties.

Chief Executive Officer

The Chief Executive Officer reports to the Board of Directors and has the following indicative responsibilities:

• Ensures and controls the implementation of strategic decisions as defined by the Board of Directors and the management of

the Company’s affairs.

• Draws up the guidelines in the Company’s Directorates and oversees and ensures its smooth, orderly and efficient operation,

in line with the strategic objectives, operational plans and action plan as defined by the decisions of the corporate bodies.

• Is responsible for the effective communication of the Board of Directors with the shareholders.

• Provides sufficient information to the Board of Directors regarding events and developments concerning the Company.

• Coordinates and supervises the individual Directorates of the Company.

• Proposes the future strategy of the Company and evaluates the business opportunities presented.

Annual Financial Report 31.12.2025

Pursuant to the decision of the Extraordinary General Meeting of 31.03.2021 and 01.09.2021 on the election of a new member

of the Board of Directors and of the Board of Directors on restructuring, the Board of Directors consists of 4 executive, 2 non-

executive and 4 non-executive and independent members with a five-year (5) term of office.

The following table presents the members of the current Board of Directors, their capacity, as well as the start and end dates of

their current term.

Name

Capacity

Term start

Term end

Emmanouela Vasilaki

Chairwoman of the Board of Directors, Executive Member

31.03.2021

31.03.2026

Marinos Yannopoulos

Vice-Chairman, Independent Non-Executive Member

31.03.2021

31.03.2026

Eftichios Vassilakis

Chief Executive Officer, Executive Member

31.03.2021

31.03.2026

George Vassilakis

Executive Member

31.03.2021

31.03.2026

Konstantinos Deligiannis

Executive Member

24.11.2023

31.03.2026

Garyfallia Pelekanou

Non-Executive Member

31.03.2021

31.03.2026

Konstantinos Sfakakis

Independent Non-Executive Member

31.03.2021

31.03.2026

Nikolaos Goulis

Independent Non-Executive Member

31.03.2021

31.03.2026

Polyxeni Kazoli

Independent Non-Executive Member

01.09.2021

31.03.2026

Philippe M. Costeletos

Non-Executive Member

25.01.2023

31.03.2026

The CVs of the Members of the Board of Directors of the Company have been set available on the Company’s website at

https://www.autohellas.gr/en/investors/corporate-governance/board-of-directors/

The aforementioned CVs reflects the knowledge, skills and experience required by the BOD to exercise its responsibilities, in

accordance with the suitability policy and the business model strategy of the Company.

It is noted that the independence criteria set out in Article 9 of Law 4706/2020 continue to be met by the above non-executive

members of the Board of Directors who have been designated as independent by the General Meeting of the Company’s

shareholders, as also confirmed through the work of the Company’s Candidacy and Remuneration Committee during its meetings

held on 16.03.2026 and 11.03.2025. The Board of Directors was informed of the results of the aforementioned work of the

Candidacy and Remuneration Committee and re-examined the fulfilment of the independence criteria for its independent non-

executive members during its meetings held on 17.03.2026 and 12.03.2025.

Other professional commitments of members of the Board of Directors

As provided by the Company's current suitability policy, the members of the Board of Directors must have the time required for

the smooth execution of their duties. The expected time required for each candidate member of the Board of Directors to devote

to his duties is determined by the Company according to its needs and is communicated to the candidate member. When

determining the sufficiency of time, the status and responsibilities assigned to the member of the Board of Directors by the

Company are taken into account in advance.

In addition, the members of the Board of Directors must inform about the number of positions they may hold on other boards of

directors and the qualities they hold at the same time, as well as about their other professional or personal commitments and

conditions to the extent that they are capable of influencing the time they have in the exercise of their duties as members of the

Company's Board of Directors.

Annual Financial Report 31.12.2025

In addition to being a member of the Company's Board of Directors, the other professional commitments undertaken and

maintained by the members of the Board of Directors are listed below on 31.12.2025:

Name

Company

Capacity

Marinos Giannopoulos

PLOMARI DISTILLERY

Independent, Non-executive BoD Member

X-PM CONSULTING

Managing Partner

Eftichios Vassilakis

AEGEAN AIRLINES SA

Chairman, Executive BoD Member

TRADE ESTATES REIC

Non-executive BoD Member

FELIX HOLDINGS Sarl

Shareholder

HERACLION ARCHAEOLOGICAL MUSEUM

BoD Member

LAMDA DEVELOPMENT SA

Non-executive BoD Member

SPORTSLAND SA

Chairman & Chief Executive Officer

CRETE GOLF SA

Chairman, Executive BoD Member

TEMES SA

Non-executive BoD Member

GROUND DYNAMΙC HOLDING S.A.

Chairman, Executive BoD Member

SETE

Vice-Chairman

HELLENIC FEDERATION OF ENTERPRISES (SEV)

Vice-Chairman

ENDEAVOR Greece SA

BoD Member

PHAEA S.A

Non-executive BoD Member

George Vassilakis

HYUNDAI HELLAS INDUSTRIAL & TRADING SA

Vice- Chairman & Chief Executive Officer

KIA HELLAS INDUSTRIAL & TRADING SA

Vice- Chairman & Chief Executive Officer

TECHNOCAR SINGLE MEMBER TRADING SA

Chairman & Chief Executive Officer

AUTOTECHNICA HELLAS SINGLE MEMBER SA

Chairman & Chief Executive Officer

AEGEAN AIRLINES SA

Non-executive BoD Member

HELLENIC ASSOCIATION OF MOTOR VEHICLES

IMPORTERS REPRESENTATIVES

Chairman

SPORTSLAND SA

Non-executive BoD Member

GOLF RESIDENCES S.A.

Non-executive BoD Member

DREPANI VILLAS SA

Chairman & Chief Executive Officer

SARONIC GARDENS SINGLE-MEMBER PRIVATE

COMPANY

Administrator

SARONIC BAY SINGLE-MEMBER PRIVATE

COMPANY

Administrator

SARONIC VISTA SINGLE-MEMBER PRIVATE

COMPANY

Administrator

WHISPER HOLDINGS SA

Chairman & Chief Executive Officer

BOATSILVER LIMITED

Legal representative

Garyfallia Pelekanou

ADVANTAGE FSE

CFO, Executive BoD Member

Konstantinos Sfakakis

LAMDA DEVELOPMENT SA

Independent Member of the Audit Committee

HELLENIC ACCOUNTING AND OVERSIGHT BOARD

Independent, Non-executive BoD Member

HELLENIC FEDERATION OF ENTERPRISES (SEV)

Advisor of the BoD

Nikolaos Goulis

CHRYSI EFKAIRIA SA

Chairman & Chief Executive Officer

MyJobNow PC

Administrator

ERIMITIS PC

Administrator

DIAMOUDIA PC

Administrator

Polyxeni Kazoli

HCGC

Chairwoman

METLEN

Independent, Non-executive BoD Member

Philippe M. Costeletos

RIT CAPITAL

Chairman

TAMBRE ADVANDED REPRODUCTIVE MEDICINE

Chairman

ZENO PARTNERS

Chairman

VANGEST GROUP

Non-executive Director

COLOSSEUM DENTAL GROUP

Non-executive Group

YALE UNIVERSITY COUNCIL

BoD Member

Annual Financial Report 31.12.2025

Board of Directors Meetings

The Board of Directors shall meet either at the headquarters of the Company or by teleconference with regard to some or all of

its members, whenever the Law, the Articles of Association or the needs so require, and also takes decisions without a meeting

with the drawing and signature by all members of the relevant minutes.

The following table shows the participation of the members of the Board of Directors in the meetings, either by physical presence

or by teleconference, which took place during the fiscal year:

Name

Capacity

Participation in

total meetings

Emmanouela Vasilaki

Chairwoman of the Board of Directors, Executive Member

3/3

Marinos Yannopoulos

Vice-Chairman, Independent Non-Executive Member

3/3

Eftichios Vassilakis

Chief Executive Officer, Executive Member

3/3

George Vassilakis

Executive Member

3/3

Konstantinos Deligiannis

Executive Member

3/3

Garyfallia Pelekanou

Non-Executive Member

3/3

Konstantinos Sfakakis

Independent Non-Executive Member

3/3

Nikolaos Goulis

Independent Non-Executive Member

3/3

Polyxeni Kazoli

Independent Non-Executive Member

3/3

Philippe M. Costeletos

Non-Executive Member

2/3

Evaluation of the Board of Directors Members

The Board of Directors has established a procedure for the evaluation of the members in order to ensure the effective functioning

of the Board of Directors and the fulfillment of its role as the highest governing body of the Company, responsible for the

formulation of the strategy and the supervision of the management and adequate control. The evaluation procedures and the

frequency with which they are applied aim at the timely identification of points that may need improvement, the appropriate

information and the initiation of actions, so as to ensure the effective functioning of the Board of Directors.

The members of the Board of Directors are evaluated annually: (a) on a collective basis, taking into account the composition,

diversity and effective cooperation of the members of the Board of Directors on the fulfillment of their duties and (b) on an

individual basis concerning the assessment the contribution of each member to the successful operation of the Board of Directors,

taking into account the status of the member (executive, non-executive, independent), participation in committees, the

assumption of specific responsibilities/projects, the time devoted, the behavior and the use of the member’s knowledge and

experience.

In addition, through the evaluation of the effectiveness of the Committees of the Board of Directors, namely the Audit Committee

and the Candidacy and Remuneration Committee, their contribution to the constructive fulfillment of the support of the Board of

Directors is assessed and evaluated.

Responsible for organising the evaluation of the Committees of the Board of Directors are their Chairpersons.

It is noted that the above evaluations for the year 2024 have been completed without identifying any material weaknesses. For

2025 they are in progress and are expected to be completed within the first quarter of 2026 as foreseen by the relevant Company

policy.

Annual Financial Report 31.12.2025

Remuneration of the Board of Directors

The remuneration of the members of the Board of Directors, as well as their compensation, shall be determined in accordance

with the law governing the operation of the Company, and in particular the provisions of Law 4548/2018, as well as in accordance

with the applicable remuneration policy for the members of the Board of Directors (hereinafter referred to as the "Remuneration

Policy") as approved and / or amended by the General Meeting of the Company's shareholders.

The members of the Board of Directors, the General Manager and the Deputy General Manager, provided that the role exists, fall

within the scope of the Remuneration Policy. Its aim is to align the interests of the members of the Board of Directors with the

long-term interests, the business strategy and the sustainability of the Company and it defines the framework within which the

remuneration of the members of the Board of Directors, executive and non-executive is determined.

For the total remuneration and compensation, pursuant to the provisions of the law annually, the remuneration report as provided

for by Law 4548/2018 is prepared, approved by the Board of Directors and submitted to the Ordinary General Meeting for voting,

and which, in view of its approval by the Ordinary General Meeting is checked for completeness by the external auditors of the

Company. The information on the remuneration report shall also be examined by the Candidacy and Remuneration Committee,

hich shall provide its opinion to the Board of Directors before submitting the report to the General Meeting.

During the Ordinary General Meeting of shareholders that will take place within 2026 concerning the approval of the financial

results 2025, the Remuneration Report related to the paid remunerations to the Board of Directors Members during 2025, will be

submitted according to article 112 of Law 4548/2018 as well as the Company’s Remuneration Policy of the Board of Directors.

The Remuneration Policy as well as the remuneration report is made available on the website of the Company:

https://www.autohellas.gr/en/investors/corporate-governance/policies/

c) Committees of the Board of Directors

(i) Audit Committee

The Audit Committee shall be composed of three (3) members, independent in their majority, and shall operate in accordance

with Article 44 of Law 4449/2017 as amended by Article 74 of Law 4706/2020, Articles 10, 15 and 16 of Law 4706/2020 and EU

Regulation No 537/2014, the Hellenic Corporate Governance Code that the Company has voluntarily adopted and the provisions

of its Charter of Operations.

The Audit Committee operates in the aim of supporting the Company’s Board of Directors in the effective fulfillment of its tasks

related to financial information, the supervision of the internal Control system and the regular audit of the Company.

The main tasks of the Audit Committee include, inter alia, the monitoring of the financial information process and the submission

of recommendations or proposals to ensure its integrity, the monitoring of the effectiveness of the internal Control systems, risk

management and internal audit of the Company and the monitoring of the mandatory audit of the annual and consolidated

financial statements of the Company and its results.

The operating principles and tasks of the Committee are described in detail in its Charter which is available on the Company’s

website (https://www.autohellas.gr/en/investors/corporate-governance/policies/).

The current Audit Committee is an independent committee, consisting of two independent non-executive members of the Board

of Directors of the Company and a third, non-member of the Board of Directors, elected by the General Meeting of the

shareholders of the Company. The members of the Audit Committee are as follows:

Name

Position

Konstantinos Sfakakis

Chairman of the Audit Committee,

Independent - Non-Executive Member of the Board of Directors of the Company

Eleni Igglezou

Member of the Audit Committee

Not a member of the Board of Directors of the Company

Marinos Yannopoulos

Member of the Audit Committee,

Independent - Non-Executive Member of the Board of Directors of the Company

Annual Financial Report 31.12.2025

Each of the above members meets the requirements of the Law and the Charter of the Audit Committee. In particular, the

members of the Committee as a whole have sufficient knowledge of the sector in which the Company operates, while two of the

three members, i.e. the majority of them, are independent of the Company within the meaning of the provisions of Law

4706/2020. The criterion of adequate knowledge and experience in audit and accounting is met by all members of the Audit

Committee.

The Audit Committee shall meet at regular intervals, at least four (4) times per year annually, and extraordinarily when required.

The meetings of the Audit Committee shall be attended by all its members. It is at the discretion of the Audit Committee to invite,

whenever appropriate, key executives involved in the governance of the Company, including the CEO, the Director of Finance and

the Head of the Internal Audit Service, to attend specific meetings or specific topics of the agenda. The Audit Committee met

eleven (11) times during the fiscal year 2025 with all its members present (i.e. 100% participation rate).

Report on the activities of the Audit Committee for the fiscal year 2025

“Dear Shareholders,

This report was issued on the basis of the provisions of Law 4449/2017 as amended by Article 75 of Law 4706/2020 and

refers to the work of the Audit Committee (hereinafter referred to as the “Committee”) for the period 1.1-31.12.2025,

based on its responsibilities, as described in detail in its Charter, which is available on the Company's website.

During the fiscal year ended, the Committee met eleven (11) times, and where it was deemed appropriate, key executives

and external certified auditors-accountants of the Company were involved. Minutes were kept during the meeting,

wherein the agenda items and any decisions of the Committee were described.

More specifically, the Committee proceeded to the following:

In relation to the external audit

- Reviewed and examined the procedure for carrying out the mandatory audit of the annual financial statements of the

Company and the Group and the review of the first half of 2025, as well as the contents of the reports of the certified

external auditor. Specifically, the Committee met four (4) times with the certified auditor of the Company. Two times

before the start of the audit procedures with a view to informing the Committee and reviewing the audit plan of the

external auditors and two times after the completion of the audit and before the publication of the financial statements

of the Group to discuss any findings.

- Examined the key audit matters and the risks that could have an impact on the financial information, as they are

mentioned in the Report of the independent certified auditor and informed the Company’s Board of Directors about the

result of the mandatory audit.

- Confirmed the independence of the certified auditor. The auditing firm PricewaterhouseCoopers stated in writing its

independence, as well as the independence of its executives involved in the mandatory audit.

- Confirmed that the conditions for changing the certified auditor for the regular audit of the fiscal year were not met and

proposed the re-election of the auditing firm PricewaterhouseCoopers.

- Reviewed the total fees of the external auditors for the audit work carried out and verified that the provision of the EU

directive 537/2014 were met.

- Reviewed and approved the additional fees of the statutory auditors, which related, among others, to non-audit services

concerning the Parent Company’s compliance letters, the calculation of certain defined financial ratios of the Company,

non-audit services related to the Parent Company’s compliance letters regarding the calculation of certain defined

financial ratios of the Group.

- Was informed about changes in the current regulatory framework.

In relation to the financial information process

- Reviewed and evaluated the process of preparation of Financial Information, followed by the Company during the

issuance of the annual and semi-annual financial statements and informed the Board of Directors accordingly.

- Reviewed and evaluated the process of drafting the Group's summary financial results for the first and third quarters of

the fiscal year.

- Reviewed the Corporate Announcements for the financial results and submitted proposals where deemed necessary.

- It was extensively informed through meetings by the competent bodies of the Management and the certified auditors

on the important audit issues, the important judgments, assumptions and estimates in the preparation of the financial

statements.

- It held meetings with the directors of finance of the Group companies, the internal audit officer, the IT manager and

other executives of the Company and was informed about important issues.

Annual Financial Report 31.12.2025

- Made recommendations to the Board of Directors on the six month and annual financial statements based on the results

of the audit work of the external auditors, the internal audit officer and the above meetings.

In relation to the Internal Control System, the Risk Management and Regulatory Compliance Units, and Internal Audit

- Reviewed and evaluated the work of the Internal Audit Unit with respect to its adequacy and effectiveness.

- Informed of all audits conducted during the period under review, their findings, the corrective actions agreed with senior

management, and informed the Board of Directors accordingly.

- Reviewed the quarterly activity reports of the Internal Audit Unit for the fiscal year 2025 and informed the Board of

Directors accordingly.

- Evaluated the staffing of the Internal Audit Unit and informed the Board of Directors.

- Reviewed and approved the annual audit program of the Internal Audit Unit, which was prepared based on the main

risks faced by the Group companies.

- Was informed, through a relevant written statement of the internal audit officer on the independence of the internal

audit unit.

- Evaluated the performance of the Chief Internal Auditor.

- Verified the process of compliance of the Company with the requirements of the Corporate Governance Law 4706/2020

through the work of the Internal Audit Unit.

- During the 2025 fiscal year, the Chair of the Committee maintained continuous communication and collaboration with

the Head of the Internal Audit Unit to monitor the audit work and the overall functioning of the Unit.

- Reviewed and approved the work of the Risk Management and Regulatory Compliance Unit.

- Reviewed the activity reports of the Regulatory Compliance and Risk Management Unit.

- Proceeded to the review and evaluation of the work of the Regulatory Compliance and Risk Management Unit with a

view to the adequacy and effectiveness of the Company’s risk management procedures.

- Was informed of and studied new risks identified and recorded during the fiscal year under review, as well as the related

control points

- Examined the proposal submitted by the audit firm for the assignment of the evaluation of the adequacy and

effectiveness of the Company’s Internal Control System (ICS), as well as the evaluation of the Company’s Corporate

Governance System (CGS). In this context, the suitability of the proposed evaluator, PricewaterhouseCoopers, was

assessed in terms of independence in accordance with paragraph 1 of Article 9 of Law 4706/2020, objectivity, and proven

relevant professional experience and training. In addition, the firm’s past performance, quality of delivered work, and

professional reputation were taken into account.

- Approved and recommended to the Board of Directors the assignment to the audit firm “PricewaterhouseCoopers S.A.”

of (a) the evaluation of the adequacy and effectiveness of the Company’s Internal Control System, for the reference

period 01.01.2023 to 31.12.2025, and (b) the evaluation of the Company’s Corporate Governance System, for the

reference period 01.01.2024 to 31.12.2025, in accordance with the requirements of Law 4706/2020 and the relevant

decisions of the Board of Directors of the Hellenic Capital Market Commission.

- Monitored the progress of the aforementioned evaluation.

Regarding Non-Financial Information and Sustainable Development

- Reviewed and evaluated the process of preparing Non-Financial Information, which was followed by the Company

during the issuance of the annual financial statements, and informed the Board of Directors accordingly.

- Approved the assignment of the limited assurance audit of the Sustainability Statement for the year 2025 to the audit

firm Grant Thornton.

Annual Financial Report 31.12.2025

- Held two meetings with the above auditors, during which the work plan was presented, the results of the double

materiality analysis were extensively discussed, and the progress of the work for the preparation of the 2024

Sustainability Report was reviewed.

- Was informed of the results of the aforementioned agreed-upon procedures.

Other activities of the Committee during the fiscal year

- Evaluated the performance and effectiveness of the Audit Committee through the completion of a relevant

questionnaire and informed the Board of Directors accordingly.

- Prepared and sent the information letters to the Board of Directors regarding the Committee’s activities during the 2025

fiscal year.

- Prepared the Committee’s report of activities, which was included in the Corporate Governance Statement and

submitted to the Company’s Annual General Meeting of Shareholders.

- Approved the minutes of its meetings.

In relation to the Sustainable Development Policy followed

The Group, underlining the organization’s sincere commitment to the principles of Corporate Responsibility and

Sustainable Development, has issued and follows Sustainable Development Policy. The policy covers all the activities of

the Company and the Group in Greece and abroad and binds the Company and all its subsidiaries.

The fundamental commitments of corporate responsibility and sustainable development are defined as follows:

- Providing high-quality services that meet the needs and requirements of customers.

- Maintaining a modern working environment focused on the safety and support of employees, enabling them to

achieve their targets and evolve both professionally and personally.

- Operating in an environmentally responsible manner, aiming for the continuous reduction of the carbon footprint of

the Group's activities.

- Enhancing contribution to society through actions supporting vulnerable groups and advocating for health,

culture, and education.

- Engaging responsibly by implementing best corporate governance practices.

More detailed information on the Group's performance in corporate responsibility and sustainable development, as well

as the actions it implements in each area, is presented in the Sustainability Statement, which is part of the Annual Report.

Finally, it should be noted that during the completion of its duties, the Committee had unhindered and full access to all

information in order to carry out its tasks effectively.

FOR THE AUDIT COMMITTEE

THE CHAIRMAN

KONSTANTINOS SFAKAKIS”

Annual Financial Report 31.12.2025

(ii) Candidacy and Remuneration Committee

The Candidacy and Remuneration Committee shall assist the Board of Directors in relation to the nomination of the members of

the Board of Directors and the remuneration of the members of the Board of Directors and the executives of the Company. It is

appointed by the Board of Directors of the Company and consists of at least three (3) non-executive members, of which at least

two (2) are independent non-executive members. The independent non-executive members of the Board of Directors shall always

constitute the majority of the members of the Committee.

The Candidacy and Remuneration Committee of the Company for 2025 consisted of the following members:

Name

Position

Marinos Yannopoulos

Chairman of the Committee,

Independent - Non-Executive Member of the Board of Directors of the Company

Nikolaos Goulis

Member of the Committee,

Independent - Non-Executive Member of the Board of Directors of the Company

Polixeni Kazoli

Member of the Committee,

Independent - Non-Executive Member of the Board of Directors of the Company

The term of office of the Committee shall be the same as that of the Board of Directors, i.e. until 31.3.2026.

The Candidacy and Remuneration Committee shall meet at regular intervals, at least four (4) times annually, and extraordinarily

when required. Within the fiscal year it met five (5) times with all its members present (i.e. 100% participation rate).

The Candidacy and Remuneration Committee operates in accordance with its Charter of Operations, which has been posted on

the Company's website (https://www.autohellas.gr/ependytikes-plirofories/etairiki-diakyvernisi/epitropi-ypopsifiotiton-

apodoxon/).

Report on the activities of the Candidacy and Remuneration Committee

“Dear Shareholders,

The purpose of this report is to describe the actions of the Company’s Candidacy and Remuneration Committee (the

“Committee”).

The Committee was established by the decision of the Board of Directors dated 14.07.2021, based on the provisions of

Law 4706/2020. It was formed through its decision dated 19.07.2021, and it convened with all members present five (5)

times within the accounting period. Minutes were kept during the meetings, describing the agenda items and any

decisions made by the Committee.

More specifically, the Committee, in compliance with its rules of procedure, proceeded to the following:

- Reviewed the fulfilment of the conditions of independence of the independent non-executive members of the Board

of Directors.

- Reviewed the suitability policy of the members of the Board of Directors and recommended its revision in order to

fully align it with the requirements of the new legislative framework, in particular Law 5178/2025 on gender-balanced

representation.

- Reviewed the annual remuneration report under Article 112 of Law 4548/2018 and made recommendations where

deemed necessary.

- Reviewed the process for the preparation and the timely submission of the special report under Law 5178/2025 on

gender-balanced representation.

- Confirmed the publication of the relevant report on the Company’s website.

- Reviewed the annual remuneration report under Article 112 of Law 4548/2018 and made recommendations where

deemed necessary.

- Completed the mapping of the framework for the appointment and succession of members of the Board of Directors,

with the aim of its final approval by the Board of Directors.

Annual Financial Report 31.12.2025

- Met with executives of the Company and was informed about the activities of the Human Resources Department,

developments regarding the Company's remuneration framework, and the evaluation process.

- Initiated and organized the process of self-evaluation of the Company’s Board of Directors, upon completion of which

it prepared a relevant report and informed the Board of Directors thereof.

- Evaluated the performance and effectiveness of its operations.

FOR THE CANDIDACY AND REMUNERATION COMMITTEE

THE CHAIRMAN

MARINOS YANNOPOULOS»

Information about the number of Company’s shares held by the BOD members as well as the upper Management.

Name

Capacity

No of shares

Emmanouela Vasilaki

General Manager-Chairwoman of BoD

197,413

Konstantintos Deligiannis

Executive Member of BoD

24,000

Antonia Dimitrakopoulou

Chief Financial Officer

20,000

Evangelos Fytalis

Leasing Sales Director

47,624

Alexios Karamalis

RaC Sales Director

8,375

Constantinos Siambanis

Chief Accountant

8,000

Zacharias Vitzilaios

Head of Investor Relations

13,641

Despina Psistaki

RaC Retail Director

5,000

Gregory Theodosopoulos

After Sales & Facilities Director

4,000

Andreas Christoforidis

General Manager HYUNDAI, KIA, CUPRA, SEAT, FIAT, ALFA

ROMEO, JEEP, LEAPMOTOR, XPENG, CHANGAN

20,758

The CVs of the Company’s executives can be found in the company’s site address:

https://www.autohellas.gr/en/investors/corporate-governance/upper-management-personnel/

Description of the diversity policy applicable to the Company's administrative, management and supervisory bodies

The Company and the Group provide equal opportunities to all its employees and prospective employees, at all levels of the

hierarchy, and avoids all kinds of discrimination. The same policy of diversity and equality applies to its administrative,

management and supervisory bodies, in the effort to cultivate an environment of equality and non-discrimination.

Management and employees are evaluated on the basis of their education and professional background, knowledge of the subject

of the Company and their leadership skills, experience and efficiency. Evaluation decisions of all kinds are free from unlawful

discrimination.

In the Board of Directors and in the Committees of the Company, the greatest possible diversity is sought, in terms of gender, age

and the educational and professional history of the members, as is also shown by what was presented above regarding the

Members of the Board of Directors and of the Committees. The objective is to have within the Company pluralism of opinions,

skills, knowledge and experience, which meet the Company's objectives. The adoption and implementation of this policy results

in the creation of a working environment without discrimination and prejudice.

Specifically, regarding the criterion of gender-balanced representation, the Company meets the required percentage set forth by

the provisions of Law 5178/2025, as the Board of Directors consists of a total of 10 members, of which 3 are women and 7 are

men, representing a female proportion of 30%. It should be noted that one of the women is an executive member.

Further details regarding the diversity of the Company are set out in the Sustainability Statement.

Annual Financial Report 31.12.2025

iv. Description of the main characteristics of the Internal Audit and Risk Management Systems of the Company in relation to the

process of preparation of the financial statements.

Internal Control system

The Internal Control system is defined as the set of internal audit mechanisms and procedures, including risk management, internal

audit and regulatory compliance, which continuously covers every activity of the Company and contributes to its safe and effective

operation.

Under the responsibility of the Board of Directors, the Internal Control system is periodically evaluated on the basis of the

approved evaluation policy and procedure followed by the Company. The policy shall include the general principles concerning

the scope and periodicity of the Internal Control system audit, the scope of the assessment, any significant subsidiaries that will

be included in the evaluation, assignment and monitoring of the results of the evaluation.

In addition, a relevant Internal Control system Evaluation Procedure is applied, which includes the individual selection stages of

the candidates to be evaluated by the competent body, the process of proposal, selection and approval of the assignment of the

evaluation by the competent body, as well as the competent person / body responsible for monitoring and compliance of the

agreed project.

In relation to the process of the preparation the financial statements as key controls, the following are mentioned:

- Segregation of duties

- Determination of restricted access rights for users of the system, based on the tasks falling within their responsibilities

- Existence of a group exclusively engaged in the preparation of financial statements of parent and consolidated

- Conducting audits by Senior Executives of the Financial Director at each stage of preparation of the financial statements

- Verifications and checks of the exported reports of various information systems

- Control of consolidation process

- Confirmation of trade receivables and liabilities by confirmation letters

- Regular and ad-hoc stock counts

- Competent and experienced executives

In addition to the above, the procedures followed during the preparation of financial statements and relevant controls are subject

to audit by the Company’s Internal Audit Unit.

Internal Audit Unit

The Internal Audit Unit is an independent organizational unit within the Company, with a view to monitoring and improving the

Company's functions and policies regarding its Internal Control system. It is independent from the other operational units of the

Company and reports administratively to the CEO and functionally to the Audit Committee, which is also its supervisory body.

The Head of the Internal Audit Unit is appointed by the Board of Directors of the Company, upon proposal of the Audit Committee,

is a full-time and exclusive employee, personally and functionally independent and objective in the performance of his / her duties

and has the appropriate knowledge and relevant professional experience. Each member of the Internal Audit Unit for the exercise

of his / her duties must follow the applicable legislation, the International Standards for the Professional Practice of Internal

Auditing of the Institute of Internal Auditors, the decisions of the Management and the Audit Committee, science and modern

theory and practice.

It also has to comply with the Code of Ethics of the Institute of Internal Auditors and is expected to apply and defend the following

principles:

Annual Financial Report 31.12.2025

• Integrity

• Objectivity

• Confidentiality

• Adequacy

Detailed description of the tasks and principles of operation of the Unit are included in the charter of operations of the Unit

approved by the Audit Committee and the Board of Directors of the Company.

Responsibilities of the Internal Audit Unit

The Internal Audit Unit has the following indicative responsibilities:

▪ Monitors, controls and evaluates in particular:

o The implementation of the Charter of Operations and the Internal Control system, in particular as regards the

adequacy and correctness of the financial and non-financial information provided, risk management, regulatory

compliance and the Corporate Governance Code adopted by the Company,

o Compliance with legislation,

o Quality assurance mechanisms,

o Corporate governance mechanisms; and

o Compliance with the commitments contained in the Company's prospectuses and business plans concerning the

use of funds raised from the regulated market.

▪ Issues reports to the audited units with the findings, the risks arising from them and the improvement proposals, if any.

The above reports, following the incorporation of the relevant views by the audited units, the agreed actions, if any, or

the acceptance of the risk of not taking action by them, the limitations in its scope, if any, the final internal audit proposals

and the results of the response of the audited units of the Company to its proposals shall be submitted every three

months to the Audit Committee.

▪ Submits reports to the Audit Committee at least every three months, including its most important issues and proposals,

on the tasks referred to in (a) and (b) above, which the Audit Committee shall present and submit together with its

observations to the Board of Directors. In exceptional cases and where circumstances arise, special reports shall be

submitted upon the recommendation of the Audit Committee. In general, the Head of the Internal Audit Unit has regular

meetings and communication with the Audit Committee to discuss issues within its competence, as well as problems that

may arise from internal audits.

▪ Plays a leading role in the implementation of the monitoring of the Internal Control system of the Company and examines

the effectiveness of the existing controls.

▪ The Head of the Unit submits to the Audit Committee an annual audit program and the requirements of the necessary

resources, as well as the impact of limiting the resources or the audit work of the unit in general.

The annual audit program shall be prepared on the basis of an assessment of the risks of the Company, having previously taken

into account the opinion of the Audit Committee as well as on matters identified by the Management and the Audit Committee.

During the completion of their duties, the Internal Audit Unit shall have access to any organizational unit of the Company and shall

be informed of any information required for the performance of its duties.

More specifically, during the performance of his / her duties, the Head of the Unit is entitled to be informed of any book,

document, file, bank account and portfolio of the Company and to have full and free access to the records, physical facilities and

personnel of the Company. He or she is entitled, in general, to be informed of any data necessary for the exercise of his/her duties.

Compliance and Risk Management Unit

The Company has established a Risk Management and Regulatory Compliance Unit which is responsible for the review of the risk

identification and assessment process, the management and response procedures of the Company to them and the procedures

for monitoring the development of risks and on the other hand establishes and applies appropriate and updated policies and

procedures, in order to achieve in a timely manner the full and continuous compliance of the Company with the applicable

regulatory framework.

Annual Financial Report 31.12.2025

It consists of two arms which act as a single unit. The Risk Management and Regulatory Compliance Unit is administratively

subordinated to the CEO and reports to the Audit Committee.

Its main responsibilities regarding risk management are the following:

• Identifying, evaluating and reporting the most important risks, as well as finding appropriate methods to minimize them.

• The preparation and renewal of the risk and safety register.

• Makes recommendations about the risk profile and risk appetite of the Company.

• Makes recommendations about risk management policies and procedures.

• Makes recommendations about the overall risk management strategy.

• Assesses capital requirements on existing and future risks.

• Submits risk assessment reports and other reports.

The Risk Management and Regulatory Compliance Unit, within its competence on regulatory compliance, supports the Internal

Audit Unit in the management of regulatory compliance risk. Supervises and coordinates the compliance of the Company with the

current institutional framework, the rules of the Hellenic Capital Market Commission and other supervisory authorities, as well as

the internal rules adopted.

The Risk Management and Regulatory Compliance Unit in the above framework essentially functions as a second line defense unit

of the rules and procedures for the timely and continuous compliance of the Company with the applicable regulatory framework

and its internal charter of operations.

The main responsibilities of the Risk Management and Regulatory Compliance Unit as regards the part of regulatory compliance

are the following:

• Establishes appropriate and up-to-date policies and procedures, in order to achieve in a timely manner the full and continuous

compliance of the Company with the applicable legal and regulatory framework and to check the degree of achievement of this

purpose.

• Monitors and controls on a continuous basis the Company’s compliance with regulatory and legislative requirements.

• Supervises legislative and regulatory risk support procedures.

• Advises on regulatory issue.

v.Results of the evaluation process of the Company’s Internal Control System (ICS) for the period from 01-01-2023 to 31-12-2025,

in accordance with the provisions of item (i) of paragraph 3 and paragraph 4 of Article 14 of Law 4706/2020 and Decision

1/891/30.09.2020 of the Board of Directors of the Hellenic Capital Market Commission, as in force (hereinafter the “Regulatory

Framework”).

The Board of Directors assigned to PricewaterhouseCoopers Audit Firm S.A. the evaluation of the adequacy and effectiveness of

the Company’s Internal Control System (“ICS”) and those of its significant subsidiaries, namely AUTOTECHNICA HELLAS SINGLE-

MEMBER TECHNICAL AND TRADING SOCIETE ANONYME and HYUNDAI HELLAS INDUSTRIAL & COMMERCIAL SOCIETE ANONYME,

for the period from 01.01.2023 to 31.12.2025, in accordance with the applicable regulatory framework.

The scope of the work, with respect to the areas assessed, focused on the following pillars:

• Control Environment

• Risk Management

• Review of control mechanisms and control safeguards (Control Activities)

• Information and Communication System

• Monitoring of the Internal Control System (Monitoring)

The conclusion of the independent evaluator, Ms. Styliani-Georgia Gounari, Certified Public Accountant and Statutory Auditor

(SOEL Reg. No. 51331), as included in the final report on the evaluation of the adequacy and effectiveness of the ICS dated

18.03.2026, states the following:

Annual Financial Report 31.12.2025

“Based on the work performed, as described above in the paragraph ‘Scope of Work Performed’, and the evidence obtained

regarding the evaluation of the adequacy and effectiveness of the Company’s Internal Control System and those of its significant

subsidiaries, with reference date 31 December 2025, nothing has come to our attention that would indicate a material weakness

in the Internal Control System of the Company and its significant subsidiaries, in accordance with the Regulatory Framework.”

vi.Results of the evaluation process of the Company’s Corporate Governance System (CGS) for the period from 01-01-2024 to 31-

12-2025, in accordance with the provisions of Article 4 of Law 4706/2020.

The Board of Directors, within the framework of its obligations arising from paragraph 1 of Article 4 of Law 4706/2020, evaluated

the implementation and effectiveness of the Company’s Corporate Governance System as of the reference date 31 December

2025.

In the context of the above evaluation, the Company assigned to PricewaterhouseCoopers S.A. to conduct the evaluation for the

period from 01-01-2024 to 31-12-2025.

The conclusion of the independent evaluator, Ms. Styliani-Georgia Gounari, Certified Public Accountant and Statutory Auditor

(SOEL Reg. No. 51331), as included in the final report on the evaluation of the adequacy and effectiveness of the Corporate

Governance System dated 18.03.2026, states the following:

“Based on the work performed, as described above in the paragraph ‘Scope of Work Performed’, and the evidence obtained

regarding the evaluation of the adequacy and effectiveness of the Company’s Corporate Governance System and those of its

significant subsidiaries, with reference date 31 December 2025, nothing has come to our attention that would indicate a material

weakness in the Internal Control System of the Company and its significant subsidiaries, in accordance with the Regulatory

Framework.”

vii. The information required in cases c, d, f, h and i of par. 1 of Article 10 of Directive 2004/25/EC of the European Parliament

and of the Council of 21 April 2004 takeover bids, are stated below.

Information of Article 4 (par.7) L.3556/2007

a) Company’s share capital structure

Following the decision of the Extraordinary General Meeting of Shareholders dated September 01, 2021, it was decided to cancel

230.236 treasury shares of nominal value of EUR 0.08 each that the Company had acquired and held by virtue of the decision of

the Annual General Meeting of Shareholders of 24.4.2012 in accordance with article 16 of the then applicable Law 2190/1920,

with a consequent reduction of its share capital by the amount of EUR 18,418.88. Following the above reduction due to the

cancellation of the shares, the Company's share capital now amounts to EUR 3,889,981.12, divided into 48,624,764 common

registered shares with a nominal value of €0.08 each.

The Company's shares are listed for trading in the Securities Market of the Athens Stock Exchange.

The rights of the Company's shareholders arising from its share are proportional to the capital percentage which the paid value of

the share corresponds to. Each share confers all the rights provided by the law and the Articles of Association of the Company,

and in particular:

• Right to dividend from the Company's annual profits or liquidation proceedings. After the withholding of (a) a statutory reserve

from the Company's net profits in accordance with article 158 Law 4548/2018 and (b) other credit items in the income statement,

not derived from realized profits, and (c) the payment of the minimum dividend of Article 161 Law 4548/2018, in accordance with

a relevant decision of the General Meeting, the remaining net profits, as well as any other profits that may arise and be distributed,

in accordance with Article 159 Law 4548/2018, are distributed according to the definitions of the Articles of Association and the

decisions of the General Meeting. As to the remainder of issues of distribution of profits, the provisions of Law 4548/2018 apply,

as in force;

• Right to take over the contribution at the time of liquidation or, respectively, the capital depreciation which corresponds to the

share, if decided by the General Meeting;

Annual Financial Report 31.12.2025

• Right of pre-emption to any increase in the share capital of the Company in cash and to the subscription of new shares;

• Right to obtain a copy of the financial statements and reports of the auditors-certified accountants and the Company’s BoD;

• Right to participate in the General Meeting, which is specialized in the following individual rights: legalization, presence,

participation in the discussions, and submission of proposals on items of the agenda, recording of opinions in the Minutes and

voting;

• The General Meeting of the Company’s Shareholders reserves all its rights during liquidation;

The liability of the Company's shareholders is limited to the nominal value of the shares they hold.

b) Restrictions on corporate shares’ transfer

Corporate shares are transferred as prescribed by the Law and there are no restrictions on their transfer provided by its Articles

of Association, especially as they are intangible shares listed on the Athens Stock Exchange.

c) Significant, direct or indirect participations according to Article 4(7) Law 3556/2007

On 31.12.2025, the company under the name MAIN STREAM S.A. owned 61.25% of the total voting rights in the Company. The

above company is controlled by Mr. Eftichios Vassilakis

d) Shares, conferring special control rights

There are no corporate shares, conferring special controlling rights to their holders.

e) Restrictions on the right to vote

The Company's articles of association do not provide for restrictions on the right to vote arising from its shares.

f) Company shareholders' agreements

The Company is not aware of the existence of agreements between its shareholders, which entail restrictions on the transfer of

its shares or on the exercise of the voting rights deriving from its shares.

g) Rules for appointing and replacing members of the Board of Directors and amending the statutes

The Board of Directors consists of five to twelve members, elected by the General Assembly for a five-year term, which cannot in

any case exceed six years.

The rules provided for in the Company's Articles of Association for the appointment and replacement of the members of its Board

of Directors as well as for the amendment of its provisions do not differ from those provided for in Law 4548/2018, as applicable

and/or in Law 4706/ 2020, as applicable.

h) Authority of the Board of Directors to issue new or purchase own shares

In accordance with the provisions of article 24 par. 1 of Law 4548/2018, the Company's Board of Directors has the right, following

a relevant decision of the General Assembly subject to the publicity formalities of article 13 of Law 4548/2018, to increase the

share capital of the Company partially or fully by issuing new shares, by its decision taken by a majority of at least two-thirds (2/3)

of all its members. In this case, the share capital may be increased by an amount that cannot exceed three times the capital existing

on the date the Board of Directors was granted the authority to increase the capital. The above authority of the Board of Directors

may be renewed by the General Assembly for a period not exceeding five years for each granted renewal. The validity of each

renewal starts from the expiration of the validity period of the previous one. The decisions of the General Assembly to grant or

renew the authority to increase the capital by the board of directors are submitted to the public according to law.

Annual Financial Report 31.12.2025

According to article 49 par. 1 of Law 4548/2018, the Company may, itself or with a person acting in its name but on its behalf,

acquire its shares that have already been issued, but only after the approval of the General Assembly which defines the terms and

conditions of the intended acquisitions and, in particular, the maximum number of shares that may be acquired, the duration for

which approval is granted, which cannot exceed twenty-four (24) months and, in case of acquisition due to compelling reason, the

minimum and maximum limits of the acquisition value. The decision of the General Assembly is made public. These acquisitions

are made under the responsibility of the members of the Board of Directors under the conditions of article 49 par. 2 of Law

4548/2018.

Regarding the acquisition of own shares by the Company, detailed information is listed above in the section “INFORMATION

REFERRING TO THE ACQUISITION OF OWN SHARES”.

i) Material agreements that come into force, are amended or expire in the event of a change of control following a public

offer

There are no agreements that come into force, are amended or expire in the event of a change in control of the Company following

a public offer.

j) Agreements with members of the Board of Directors or Company staff regarding compensation in case of resignation, etc.

There are no agreements of the Company with members of its Board of Directors or with its staff, which provide for the payment

of compensation specifically in case of resignation or dismissal without valid reason or termination of their term or employment

due to a public proposal.

k) Explanatory report on the additional information of article 4, paragraph 7 of Law 3556/2007

With reference to the information in paragraph 9, we note the following events that occurred during the period from 01.01.2025

to 31.12.2025.

Significant direct or indirect holdings

On 31.12.2025, the company under the name MAIN STREAM S.A. owned 61.25% of the total voting rights in the Company. The

above company is controlled by Mr. Eftichios Vassilakis.

DIVIDEND POLICY

According to the resolution of the Ordinary General Meeting of the Company’s shareholders held on April 8, 2025, the dividend

for the fiscal year 2024 was set at € 0.85 per share.

Of the total distribution amounting to €40,843,310.90, an amount of €18,843,610.53 derives from reserves related to dividends

from participations and subsidiaries for the 2024 financial year, an amount of €2,811,559.79 derives from the Company’s annual

net profits for the 2024 financial year, and an amount of €19,188,140.58 derives from the distribution of reserves under Article

48 of the Greek Income Tax Code, as further detailed in the relevant resolutions of the Ordinary General Meeting.

For the year ended 31 December 2025, the proposal of the Board of Directors for the distribution of dividends to shareholders

during 2026 is € 0.85 per common share and will be proposed to the upcoming Ordinary General Meeting.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

The recent geopolitical tensions in the Middle East have created conditions of uncertainty in the international economic

environment. The Group is closely monitoring developments and assessing potential effects on its activities, which to a limited

extent depend on international travel flows and tourism.

To date, no material impact has been observed on the Group’s activities.

Based on the data available so far, it is not possible to reliably estimate the magnitude of potential impacts, as these depend on

the duration and intensity of the geopolitical developments and their possible effect on tourism in the wider region.

Annual Financial Report 31.12.2025

SUSTAINABILITY STATEMENT

1. General Disclosures

i. General information

Introduction

The Autohellas Group Sustainability Statement presents the Group’s performance on environmental, social and governance (ESG)

matters, offering stakeholders a detailed and transparent view of how the Group manages sustainability‑related topics.

This section provides a concise overview of the material sustainability‑related impacts, risks and opportunities, as well as

Autohellas Group’s principles regarding the preparation of its Sustainability Statement. These principles form the foundation for

the Group’s sustainability reporting, guiding the preparation and presentation of its Sustainability Statement.

Basis for preparation

The Sustainability Statement is prepared in accordance with the requirements of the EU Corporate Sustainability Reporting

Directive (CSRD) and the corresponding European Sustainability Reporting Standards (ESRS), issued by the European Financial

Reporting Advisory Group (EFRAG), as well as Law 5164/2024, which incorporates the Directive into the Greek legal framework.

In addition, the Statement has been prepared based on the guidelines of the “ESG Reporting Guide of the Athens Stock Exchange

(AthEx).” This guide includes a set of key performance indicators that assess the company’s performance and align its activities

with specific criteria.

The Group has adopted the following time horizons, as referred to in ESRS 1, paragraph 6.4, for short‑, medium‑ and long‑term

horizons for reporting purposes:

• Short‑term horizon: Within 1 year

• Medium‑term horizon: Between 1 and 5 years

• Long‑term horizon: More than 5 years

The above time horizons are aligned with those used in the Financial Statements.

Scope

The Sustainability Statement covers the same reporting period as the Financial Statements, namely from 1 January to 31 December

2025.

The data are consolidated in accordance with the same principles applied in the Financial Statements, unless otherwise stated.

The consolidated ESG quantitative data relate to the parent company Autohellas Tourist and Trading Société Anonyme

(hereinafter “the Company”) and the subsidiaries controlled by the Company (together, “the Group”), as disclosed in Note 12 of

the Financial Statements. All subsidiaries of Autohellas Group are included in the consolidated Sustainability Statement, and none

are excluded in accordance with Articles 19a(9) or 29a(8) of Directive 2013/34/EU. Associates and joint ventures are excluded

from the consolidated ESG data.

The data included in the Environment, Social and Governance sections of the Sustainability Statement have been assessed as

material based on the Group’s Double Materiality Assessment (“DMA”). Additional data that were included in previous

Sustainability Statements of the Group, but were assessed as falling below the current thresholds of the double materiality

assessment, have been included in the appendix, as they are requested by certain ESG ratings and stakeholders.

Annual Financial Report 31.12.2025

Autohellas conducted a Double Materiality Assessment to evaluate its sustainability‑related impacts, risks and opportunities (IRO).

The assessment was based on a defined set of selection criteria and was aligned with the guidelines of the European Sustainability

Reporting Standards (ESRS). The Group performs a thorough evaluation of its impacts, risks and opportunities—whether positive

or negative, actual or potential—on both people and the environment, taking into consideration its value chain.

Measurement basis

The accounting policies were applied consistently throughout the financial year. The calculation factors and data sources are

presented in the relevant sections of the Statement.

Where required, comparative figures have been restated to align with the measurement methods applied to the current year’s

disclosures. Such instances are identified in the corresponding sections.

Accounting estimates and judgements

Certain data are based on estimates and assessments, which are reviewed and re‑evaluated periodically in line with experience,

developments in ESG reporting, and other relevant factors. Any changes are reflected in both the current and comparative figures.

Information on key estimates, judgments and assumptions is provided in the relevant sections of the ESG quantitative data.

Autohellas Group is committed to continuously enhancing its Sustainability Statement, ensuring an accurate and transparent

representation of its material direct and indirect impacts. The Company prioritizes the use of internal records and primary data,

seeking to expand their scope while reducing reliance on estimates or external sources.

Sources of estimation and outcome uncertainty

When measurements include data from the upstream and/or downstream value chain that are derived from estimates or indirect

sources, this is indicated in the corresponding section. The related explanation includes the specific metrics concerned, the

methodology applied, the level of accuracy of the results, and any planned actions to improve accuracy in the future.

With respect to disclosures on sources of uncertainty and measurement, there are no quantitative indicators or monetary amounts

subject to a high level of uncertainty, and no additional sources of uncertainty, assumptions, approaches or judgments used during

measurement have been reported. Regarding the sources of estimates applied and the uncertainty of outcomes, Autohellas Group

defines the assumptions adopted and discloses information on the sources of uncertainty relating to the relevant quantitative

metrics and/or monetary amounts. With respect to the analysis of climate‑related risks and opportunities in accordance with ESRS

requirements, uncertainties exist regarding the level of exposure to such risks, as the assessment supported by climate models is

expected to be completed during the next financial year.

Changes in the preparation or presentation of sustainability information

The current Sustainability Statement constitutes the second publication in which the Group presents sustainability information

aligned with the European Sustainability Reporting Standards (ESRS), as required by the Corporate Sustainability Reporting

Directive (CSRD) and Law 5164/2024. On this basis, the comparative year presented is 2024, and no changes have arisen compared

to the previous year.

Disclosures arising from other legislation or from generally accepted sustainability reporting frameworks

The Statement does not include information derived from additional reporting standards.

Annual Financial Report 31.12.2025

Reporting process and external review

The Group regularly evaluates its sustainability reporting process. It addresses risks related to incomplete or inconsistent

sustainability reporting, as well as potential inaccuracies or errors in data collection. To mitigate these risks, the Group has

implemented control mechanisms for reviewing quantitative and qualitative data across its business units and functions, as well

as a reporting process with automated data‑input checks within the reporting systems.

In addition, the Group has engaged external auditors to perform a review of the Autohellas Group Sustainability Statement within

the framework of a limited assurance engagement, as described in the independent auditor’s limited assurance report on the

Sustainability Statement. The assurance process is risk‑based, with the auditors providing updates on their risk assessments to the

Audit Committee and management, as well as to the Board of Directors during the review of the annual report.

The Sustainability Statement is approved by the Board of Directors.

ii. Sustainability Governance

Autohellas Group has established a sustainability governance framework that ensures clear oversight and management of

sustainability‑related matters. Oversight of sustainability risks is embedded within the Board of Directors and the Sustainability

Committee, ensuring that sustainability issues are addressed within the broader context of corporate governance.

Board of Directors

The Board of Directors is the highest governing body for sustainability and is responsible for approving sustainability policies,

overseeing material sustainability‑related impacts, risks and opportunities (IROs), and ensuring compliance with ESRS reporting

requirements. The Board reviews sustainability performance annually and evaluates progress against key environmental, social

and governance (ESG) commitments, including climate transition, responsible business conduct and corporate social responsibility

initiatives.

The Board of Directors is composed of members with diverse expertise in key areas relevant to the Company’s activities, such as

automotive services, fleet management, finance and international mobility solutions. Board members possess extensive

experience in corporate governance, risk management and strategic planning, ensuring a comprehensive understanding of the

operational and geographical context in which the Company operates. The biographies of the members of the Board of Directors

are available on the Group’s corporate website (https://www.autohellas.gr/ependytes/etairiki-diakyvernisi/anotata-diefthintika-

stelexi/). Collectively, the Board oversees business development, financial sustainability and adaptation to evolving regulatory

frameworks, ensuring that decision‑making processes are aligned with industry best practices and market trends.

Statistical information regarding the composition of the Board of Directors is presented in the table below:

Metrics

2025

2024

Number of executive members

Number of non-executive members

Number of board members

Board's gender diversity ratio

0.43 (3/7)

Percentage of male board members

70%

Percentage of female board members

30%

Percentage of independent board members

40%

Average age of board members

63.30

62.30

Average tenure of board members

12.68

11.68

Annual Financial Report 31.12.2025

Autohellas Group ensures that the Board of Directors and senior management have access to sustainability expertise through

external advisers, regulatory updates and industry best practices. Although sustainability is not a formal competency requirement

for Board members, training and advisory support are provided to strengthen ESG risk‑management capabilities and compliance.

This approach ensures that sustainability factors are effectively incorporated into corporate decision‑making processes and

governance frameworks.

At present, Autohellas Group does not have an employee or workforce representative serving as a member of the Board of

Directors. However, the Group maintains active communication with employees through internal communication channels,

human‑resources policies and stakeholder‑engagement initiatives, ensuring that workforce concerns and perspectives are taken

into account in corporate decision‑making. Workforce‑related matters—such as workplace‑environment policies, training and

sustainability initiatives—are managed through the Human Resources Department and the Candidacy and Remuneration

Committee, which provide information to management and the Board of Directors on workforce‑related risks and opportunities.

Sustainability Committee

The Sustainability Committee manages sustainability‑related impacts, risks and opportunities (IROs), ensuring that the Group’s

sustainability objectives are aligned with the Company’s strategy, regulatory requirements and stakeholder expectations. The

Committee is responsible for identifying and assessing material sustainability matters, integrating them into corporate policies

and monitoring their impact on operations, supply chains and financial performance. It collaborates with the relevant business

units to ensure the effective management of sustainability risks, the capture of opportunities and the alignment of reporting

practices with CSRD and ESRS disclosure standards.

The Sustainability Committee is also responsible for reviewing and updating policies that incorporate responsibilities related to

sustainability‑related impacts, risks and opportunities, reflecting evolving regulatory requirements, stakeholder expectations and

business priorities. These policies cover key areas such as climate change, corporate governance, anti‑corruption, data protection

and workforce well‑being. They apply to employees, suppliers, business partners and key stakeholders, ensuring that sustainability

commitments are upheld across the Company’s operations and value chain.

Through the Sustainability Committee, the Board of Directors and senior executive management oversee sustainability objectives,

ensuring alignment with the material topics identified in the Double Materiality Assessment (DMA). Key areas of focus include

emissions reduction, fleet electrification, energy efficiency and responsible business practices. Progress is monitored through

structured reporting, with updates provided to management and the Board of Directors. The Sustainability Committee evaluates

ESG performance and recommends adjustments, ensuring that sustainability‑related risks and opportunities are proactively

managed and embedded in the Company’s strategy.

The Board of Directors, in collaboration with its committees, is in the early stages of establishing a structured process for receiving

updates on material sustainability‑related impacts, risks and opportunities. At present, sustainability topics are reported to the

governing bodies on an ad‑hoc basis, with the intention of developing a more structured annual review cycle as the Company

further strengthens its sustainability governance mechanisms.

Audit Committee

The Audit Committee of Autohellas plays a critical role in overseeing both the accuracy of reporting and the effective

implementation of the Company’s sustainability policy. It ensures that Autohellas’ sustainability disclosures are transparent,

reliable and fully compliant with Greek legislation as well as EU regulations and guidelines. This includes reviewing the ESG

(Environmental, Social and Governance) reports to ensure that the information provided is comprehensive, accurate and truly

reflects the Company’s sustainability efforts. In addition, the Audit Committee ensures that the sustainability policy is properly

implemented across all levels of the organisation, integrating key sustainability objectives into both operational practices and

strategic decision‑making.

Annual Financial Report 31.12.2025

Candidacy & Remuneration Committee

The Candidacy & Remuneraon Commiee of Autohellas plays a key role in aligning the Company’s leadership with its

sustainability objecves, overseeing the selecon of Board members and senior execuves who are commied to advancing

sustainability iniaves.

Autohellas applies a Remuneraon Policy for the members of the Board of Directors, prepared in accordance with Arcles 110 and

111 of Law 4548/2018 and inially approved by the General Meeng of shareholders on 18 December 2019. It has since been

revised on 15 July 2020, 31 March 2021 and 18 April 2024. The purpose of the policy is to align remuneraon with the Company’s

long‑term business strategy, shareholder interests and sustainable development.

Its scope covers the members of the Board of Directors and, where applicable, the General Manager and Deputy General Manager.

The remuneraon structure includes xed remuneraon, variable remuneraon and other benets. Variable remuneraon is

granted only to the execuve members of the Board of Directors and is linked to performance evaluaon, achievement of personal

or corporate objecves and the nancial results of the Company and the Group, while also taking into account compliance with

corporate policies, including those related to corporate social responsibility, sustainable development and regulatory compliance.

Responsibility for seng and implemenng the Remuneraon Policy lies with the Board of Directors, which submits its content to

the General Meeng of shareholders for approval. The Candidacy & Remuneraon Commiee supports the Board in the

development of the policy, reviews variable remuneraon and oversees its implementaon. Once approved by the General

Meeng, the policy is published on the Company’s corporate website.

The proporon of variable remuneraon within Autohellas Group that is directly linked to sustainability‑related objecves and

impacts currently stands at 0%. The Company’s exisng remuneraon policy does not formally include sustainability performance

criteria.

However, in line with the Company’s Remuneraon Policy, variable remuneraon (bonuses) is awarded exclusively to execuve

members of the Board of Directors and is linked to their performance evaluaon and the Company’s nancial results. The structure

is based on the achievement of personal or corporate objecves and contribuon to the Group’s nancial and operaonal

performance, while also considering compliance with corporate policies, including those related to corporate social responsibility,

sustainable development and regulatory compliance. This reects an early‑stage assessment of execuve variable remuneraon

with regard to sustainability consideraons, although such criteria are not yet quaned.

Recognising the increasing importance of aligning remuneraon with sustainability objecves and the recommendaons of the

ESRS, the Company intends to examine the possibility of integrang specic sustainability indicators into its variable remuneraon

policy in future periods. This assessment will take into account industry best pracces, stakeholder expectaons and internal

strategic priories, with the aim of strengthening the link between execuve incenves and long‑term sustainability.

Further details on the roles of the Audit Commiee and the Candidacy & Remuneraon Commiee are provided in the Corporate

Governance Statement included in the Board of Directors’ Report.

Due Diligence

Building on its existing practices, the Group is in the process of establishing due‑diligence procedures in key areas such as human

rights, supply‑chain management and stakeholder engagement, ensuring alignment with the relevant OECD Guidelines.

A table follows, mapping the sections of this Sustainability Statement where information related to the Group’s due‑diligence

practices is disclosed. The table serves as a useful tool for clearly and systematically illustrating how due‑diligence‑related

information is distributed throughout the full text of the Statement. This disclosure does not introduce additional due‑diligence

obligations nor does it alter the role of the administrative, management or supervisory bodies.

Annual Financial Report 31.12.2025

Key elements of due diligence

Paragraphs in the Sustainability Statement

Integration of due diligence into governance, strategy, and business

model

1. General disclosures / Sustainability governance

1. General disclosures / Strategy and Business Model Resilience

Engagement with affected stakeholders at all key stages of due

diligence

1. General disclosures / Due diligence

Identification and assessment of adverse impacts

1. General disclosures / Impacts, risks and opportunities

management

Implementation of measures to address these adverse impacts

2.2 Climate Change mitigation

3.1 Own Workforce

3.2 Consumers and End-Users

4.1 Business Conduct

Monitoring and disclosure of the effectiveness of these efforts

2.2 Climate Change mitigation

3.1 Own Workforce

3.2 Consumers and End-Users

4.1 Business Conduct

Risk Management and Internal Controls related to Sustainability Reporting

The Company applies an internal control and risk‑management system, as described in the Internal Charter of Operations, which

supports the reliability of the information disclosed in the consolidated report, including the Sustainability Statement. The system

encompasses the operation of the Internal Audit Unit, the Risk Management and Regulatory Compliance Unit, as well as related

compliance and risk‑management procedures.

The Board of Directors oversees the effectiveness of the internal control system—namely the Internal Audit, Risk Management

and Regulatory Compliance Unit —while the Audit Committee supports its work by monitoring the financial and non‑financial

reporting process and the effectiveness of these units.

Within this framework, the Company periodically assesses the adequacy and effectiveness of the internal control and

corporate‑governance system. The results of the relevant audits and evaluations are considered by the competent governing

bodies and are incorporated into the internal processes and functions that support the collection, processing and disclosure of

corporate information, including sustainability‑related information.

Annual Financial Report 31.12.2025

iii. Disclosure requirements covered

ESRS disclosure requirement

Chapter

General Disclosures

BP-1

General basis for preparation of the sustainability statement

General Disclosures

BP-2

Disclosures in relation to specific circumstances

General Disclosures

GOV-1

The role of the administrative, management, and supervisory bodies

General Disclosures

GOV-2

Information provided to and sustainability matters addressed by the undertaking’s

administrative, management, and supervisory bodies

General Disclosures

GOV-3

Integration of sustainability-related performance in incentive schemes

General Disclosures

GOV-4

Statement on Due Diligence

General Disclosures

GOV-5

Risk management and internal controls over sustainability reporting

General Disclosures

SBM-1

Strategy, business model, and value chain

General Disclosures

SBM-2

Interests and views of stakeholders

General Disclosures

SBM-3

Material impacts, risks, and opportunities and their interaction with strategy and

business model

General Disclosures

IRO-1

Description of the process to identify and assess material impacts, risks, and

opportunities

General Disclosures

IRO-2

Disclosure requirements in ESRS covered by the undertaking’s sustainability

statement

General Disclosures

Environment - Climate change

E1.GOV-3

Integration of sustainability-related performance in incentive schemes

Climate change mitigation

E1-1

Transition plan for climate change mitigation

Climate change mitigation

E1.SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

Climate change mitigation

E1.IRO-1

Description of the processes to identify and assess material climate-related

impacts, risks and opportunities

Climate change mitigation

E1-2

Policies related to climate change mitigation and adaptation

Climate change mitigation

E1-3

Actions and resources in relation to climate change policies

Climate change mitigation

E1-4

Targets related to climate change mitigation and adaptation

Climate change mitigation

E1-5

Energy consumption and mix

Climate change mitigation

E1-6

Gross scopes 1, 2, 3 and Total GHG emissions

Climate change mitigation

Social - Own workforce

S1.SBM-2

Interests and views of stakeholders

Own workforce

S1.SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

Own workforce

S1-1

Policies related to own workforce

Own workforce

S1-2

Processes for engaging with own workforce and workers’ representatives about

impacts

Own workforce

S1-3

Processes to remediate negative impacts and channels for own workforce to raise

concerns

Own workforce

S1-4

Taking action on material impacts on own workforce, and approaches to managing

material risks and pursuing material opportunities related to own workforce and

effectiveness of those actions

Own workforce

S1-6

Characteristics of the undertaking’s employees

Own workforce

S1-8

Collective bargaining coverage and social dialogue

Own workforce

S1-9

Diversity metrics

Own workforce

S1-12

Persons with disabilities

Own workforce

S1-13

Training and skills development metrics

Own workforce

S1-14

Health and safety metrics

Own workforce

Annual Financial Report 31.12.2025

ESRS disclosure requirement

Chapter

Social - Consumers and end-users

S4.SBM-2

Interests and views of stakeholders

Consumers and end-users

S4.SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

Consumers and end-users

S4-1

Policies related to consumers and end-users

Consumers and end-users

S4-2

Processes for engaging with consumers and end-users about impacts

Consumers and end-users

S4-3

Processes to remediate negative impacts and channels for consumers and end-

users to raise concerns

Consumers and end-users

S4-4

Taking action on material impacts on consumers and end-users, and approaches to

managing material risks and pursuing material opportunities related to consumers

and end-users, and effectiveness of those actions

Consumers and end-users

S4-5

Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

Consumers and end-users

Governance

G1.GOV-1

The role of the administrative, supervisory and management bodies

Business conduct

G1.IRO-1

Description of the processes to identify and assess material impacts, risks and

opportunities

Business conduct

G1-1

Business conduct policies and corporate culture

Business conduct

G1-2

Management of relationships with suppliers

Business conduct

G1-3

Prevention and detection of corruption and bribery

Business conduct

G1-4

Incidents of corruption or bribery

Business conduct

G1-5

Political influence and lobbying activities

Business conduct

G1-6

Payment practices

Business conduct

iv. Business Model and Value Creation

Value Chain

Autohellas Group manages a rental fleet of more than 65,000 vehicles and operates through over 170 service locations across 9

countries. At the heart of the Group’s operations is its workforce, which now exceeds 1,800 employees in Greece and abroad. The

geographical distribution of the Group’s workforce is presented in the chapter “Own Workforce” of this Sustainability Statement.

Autohellas Group offers comprehensive and innovative mobility solutions, continuously investing in technological advancements,

fleet upgrade and excellent customer service. Its business model places particular emphasis on the integration of hybrid and

electric vehicles, reflecting the Group’s commitment to sustainable mobility solutions.

The core activities of Autohellas Group include:

• Short‑term and long‑term vehicle rentals for individuals, businesses and public‑sector entities

• Import, trade and retail sale of new vehicles and spare parts, enhancing market competitiveness

• Sale of used vehicles and spare parts, ensuring a structured approach to vehicle life‑cycle management

• After‑sales services, including vehicle repair and maintenance and customer support, strengthening customer loyalty and

extending asset life cycles

These activities support Autohellas Group’s mission to provide flexible, cost‑efficient and high‑quality mobility services, securing

a strong market position both in Greece and internationally.

The Group’s total revenue from its business activities is allocated across three operating segments and is presented in Note 6 of

the Consolidated Financial Statements.

Annual Financial Report 31.12.2025

Autohellas Group has no revenue from activities related to coal, oil, natural gas or other fossil fuels. Likewise, the Group does not

generate revenue from the production of chemicals, controversial weapons, or the cultivation and production of tobacco.

Key Inputs and Resources

Autohellas Group’s business activities are supported by four key resources, ensuring service reliability, operational efficiency and

long‑term sustainability.

• Vehicle Fleet

The Group’s vehicle fleet is the core asset that enables its rental, leasing and sales activities. The fleet is continuously renewed

through purchases from car manufacturers, dealers and importers, ensuring modern, cost‑efficient and increasingly

electrified vehicles.

• Infrastructure

The Group operates through a network of company‑owned service locations, storage facilities and maintenance centers,

ensuring uninterrupted fleet operations and high‑quality customer service.

• Financial Capital

The Group secures financial resources through strategic partnerships with financial institutions, investors and corporate

clients, enabling fleet expansion, investments in infrastructure and technological innovation.

• Human Capital

A skilled and well‑trained workforce is essential for maintaining service quality, operational effectiveness and customer

experience. The Group invests in continuous training and professional development for its employees.

Through these key resources, the Group optimises operational performance, ensures sustainable fleet management and delivers

high‑quality mobility solutions to its broad customer base.

Key Outputs and Value Created

Autohellas Group generates economic, social and environmental value for a wide range of stakeholders, reinforcing its

commitment to responsible business development and sustainable mobility.

• Customers

A broad spectrum of customers—including individuals, corporate clients, fleet managers and tourism‑related users—benefit

from flexible, cost‑efficient and high‑quality mobility solutions. The Company’s rental services, leasing offerings,

fleet‑management services and used‑vehicle sales provide convenience, affordability and access to modern vehicle options

tailored to their needs.

• Employees

The Company fosters a supportive and development‑oriented work environment, offering training, career‑advancement

opportunities and competitive compensation. Employees play a critical role in delivering excellent customer service, ensuring

operational efficiency and maintaining the fleet, thereby supporting long‑term business success and market leadership.

• Shareholders and Investors

Autohellas Group’s financial stability, revenue diversification and long‑term strategic planning create value for investors and

shareholders. The Company’s focus on sustainable fleet investments, expansion into new markets and digital transformation

supports profitability, risk management and corporate resilience.

Annual Financial Report 31.12.2025

• Communities and Society

Autohellas Group actively contributes to local economies by creating jobs, participating in corporate‑responsibility initiatives

and supporting environmentally friendly business practices. Investments in fleet electrification, energy efficiency and

emissions reduction are aligned with global climate objectives, ensuring a positive social and environmental impact.

By integrating its key inputs within a structured value‑creation approach, Autohellas Group delivers long‑term benefits to its

stakeholders, reinforcing its commitment to sustainability, innovation and corporate responsibility.

Stakeholder Engagement

Meaningful stakeholder engagement is a fundamental factor in ensuring transparency, accountability and the long‑term

sustainability of the Group’s activities. Autohellas Group has established structured communication channels with key stakeholder

groups in order to understand their expectations, address their concerns and integrate their feedback into decision‑making

processes. By strengthening open dialogue and maintaining continuous communication, Autohellas Group enhances its ability to

create shared value.

Stakeholder engagement within Autohellas Group is carried out through both formal and informal mechanisms, ensuring a

comprehensive understanding of the diverse perspectives that influence its business activities. The Group regularly collaborates

with employees, shareholders, investors, customers, suppliers, local communities and regulatory authorities, among others. Each

stakeholder group is approached with tailored communication strategies that promote transparency, strengthen relationships

and foster trust.

Autohellas Group integrates stakeholder feedback into its strategy and risk‑management processes through continuous dialogue,

direct communication with key stakeholder representatives and structured internal assessments. The information gathered from

interactions with shareholders, investors, customers, suppliers, employees and regulatory authorities is evaluated by the

respective management teams and incorporated into strategic decision‑making. For example, recurring discussions with investors

and shareholders provide valuable insights into financial and governance priorities, while collaboration with suppliers and dealers

helps identify operational risks and opportunities to improve service quality and sustainability.

At the executive level, stakeholder concerns are regularly reviewed during management meetings, where key issues such as

market trends, regulatory developments and customer expectations are analysed. Any emerging risks or material matters

identified through these interactions are considered within the Group’s broader risk‑assessment framework, influencing both

mitigation strategies and long‑term planning. In addition, feedback from employees and business partners concerning operational

efficiency, ethical business practices and sustainability commitments is taken into account when shaping corporate policies and

enhancing internal controls.

Through this structured yet dynamic engagement process, Autohellas Group ensures that stakeholder input directly contributes

to strengthening resilience, aligning corporate strategy with evolving expectations and reinforcing its commitment to sustainable

development.

Stakeholders

Communication channels

Main topics of interest

Frequency of

communication

Shareholders

• Annual General Meeting

• Shareholder services and corporate

announcements department

• Press releases, announcements

• Presentations of financial results

• Annual financial report

• Corporate website

• Growth and profitability

• Maintenance of reputation

• Sustainable development and

compliance with regulations

• Good corporate governance and

business ethics

• Transparency in relationships with

stakeholders

• Proper risk management

Monthly and whenever

deemed necessary

Annual Financial Report 31.12.2025

Stakeholders

Communication channels

Main topics of interest

Frequency of

communication

Investors

• Press releases, announcements

• Investor relations department

• Presentations of financial results

• Annual financial report

• Corporate website

• Growth and profitability

• Maintaining reputation and enhancing

competitiveness

• Sustainable development

• Good corporate governance and

business ethics

• Proper risk management

• Strong social and environmental

performance

Quarterly and

whenever deemed

necessary

Employees

• Notification via the Group’s website

• Continuous communication between

Management & Human Resources on

internal operational issues

• Notification via e-mail and

newsletters

• Training programmes and events

• Preserving jobs

• Fair remuneration & evaluations

• Occupational health and safety

• Growth and development opportunities

• Communication with Management

• Transparency, open dialogue, and

updates

Daily

Customers

• Customer service department

• Personal contact with specialised

personnel of Autohellas Group

• Annual satisfaction surveys

• Telephone and electronic

communication

• Salesperson visits and meetings

• Mass media

• Social media

• E-mail

• Announcements, newsletters

• High standards in products, specifically

in vehicles

• Quality and reliability of the services

provided

• Competitive pricing

• Responsible notification and customer

service

• Innovation and technology

• Flexibility

• Protection of personal data

• Transparency, information, service and

equal treatment

• Maintaining long‑term partnerships

• Ensuring sustainability

Daily

Suppliers

• E-mail

• Regular communication via the

procurement departments of

Autohellas Group companies

• Meetings

• Social media

• Stable, mutual, and beneficial

partnership

• Open and direct communication with

Autohellas Group

• Timely payments

• Complaint resolution and flexibility

Daily

Financial

institutions

• Electronic and telephone

communication

• Periodic meetings

• Press releases, announcements

• Annual financial report

• Corporate website

• Timely and reliable information

• Financial performance of Autohellas

Group

• Proper risk management

• Timely payments

• Group transparency and sustainability

Monthly and whenever

deemed necessary

Local community

• Electronic and telephone

communication with local

organizations

• Press releases

• Participation in activities of local

organizations and associations

• Social initiatives and participation in

local events (sponsorships and

donations)

• Employment opportunities

• Support of local suppliers

• Notification regarding Autohellas Group

actions

Whenever deemed

necessary

State &

Authorities

• Regular electronic and telephone

communication

• Participation in workshops and

conferences

• Transparency and ongoing updating

• Legal and regulatory compliance

Whenever deemed

necessary

Annual Financial Report 31.12.2025

Strategy and Business Model Resilience

Autohellas Group is committed to identifying and managing risks and opportunities arising from the transition to a sustainable

economy, as well as the broader impacts of environmental, social and governance (ESG) factors on its operations. The Group aims

to conduct a thorough analysis of climate‑related transition risks and physical risks, recognising that proactive assessment is

essential for the long‑term resilience of its business model, strategy and financial performance.

The assessment of material climate‑related risks has been integrated into the Group’s existing risk‑management framework. To

ensure resilience against identified risks, Autohellas recognises the importance of a strategic approach that focuses both on

mitigating climate impacts and adapting to them. The Group emphasises the continuous monitoring and evaluation of emerging

threats, while also leveraging opportunities arising from the transition to a low‑carbon economy. In addition, it implements

risk‑management practices to address both immediate and long‑term material risks, especially those related to fleet emissions,

regulatory developments and evolving customer preferences.

The transition to more sustainable business practices supports the mitigation of transition risks associated with climate change.

This includes the gradual electrification of the fleet, the adoption of low‑emission technologies and efforts to improve energy

efficiency across all operations. To strengthen its ability to respond to climate challenges in the short, medium and long term, the

Group maintains flexibility in adjusting the composition of its fleet and service portfolio to meet evolving regulatory and market

requirements. Furthermore, Autohellas Group recognises the importance of employee training on sustainability matters, ensuring

that staff are adequately prepared to support customers in transitioning to greener mobility solutions. By prioritising these

strategies, the Group enhances its resilience while pursuing long‑term financial and operational stability.

Identification of Sustainability Impacts, Risks and Opportunities

Sustainability‑related impacts, risks and opportunities are systematically assessed and fully integrated into Autohellas Group’s

broader corporate risk‑management framework, ensuring complete alignment of ESG factors with strategic planning, operational

activities and key investment decisions.

In 2025, Autohellas Group continued its efforts to embed sustainability‑related impacts, risks and opportunities into the

Company’s broader risk‑management framework. The Company conducted a Double Materiality Assessment (DMA) in order to

further enhance the identification and evaluation of environmental, social and governance (ESG) impacts, risks and opportunities.

Particular emphasis was placed on climate‑related risks, reflecting the growing importance of managing the effects of climate

change on operational activities, regulatory compliance and financial performance. Events during the year further highlighted the

need for proactive risk‑mitigation measures to address evolving sustainability‑related challenges. Specifically, climate impacts,

risks and opportunities influence the Group’s fleet‑transition strategies, capital investments and resource allocation. At the same

time, impacts and risks related to water management are taken into account in infrastructure decisions, operational planning and

facility management, with the aim of strengthening resilience to water scarcity and related disruptions.

Factors related to employee health and safety are embedded within operational policies and practices, shaping decisions regarding

working conditions, safety‑training programmes and emergency preparedness. In addition, opportunities for employee training

and development significantly influence decisions regarding resource allocation for skills enhancement, sustainability awareness

and capacity‑building initiatives.

Annual Financial Report 31.12.2025

Risk‑Management Process

The Board of Directors holds ultimate responsibility for monitoring risks and maintaining a robust risk‑management and

internal‑control system. Autohellas Group has established an Enterprise Risk Management (ERM) process that systematically

identifies, assesses, reports and mitigates key operational, strategic and sustainability‑related risks across the organisation. Each

identified risk is assigned to a risk owner within the Executive Management Team, who is supported by risk‑management officers

responsible for implementing mitigation strategies within their respective areas.

The ERM framework follows a structured assessment methodology that evaluates risks based on their potential impact on financial

performance, operational continuity, regulatory compliance, reputation and business resilience. A two‑dimensional risk matrix is

used to assess both the severity of potential risks and the likelihood of their occurrence.

The Executive Management Team, the Audit Committee and the Board of Directors review and assess the most significant risks

on a semi‑annual basis, ensuring that emerging risks are addressed appropriately and that mitigation strategies remain effective.

Double Materiality Assessment Methodology

In parallel with the ERM process, Autohellas Group conducts an annual update of its Double Materiality Assessment (DMA), which

focuses on identifying sustainability‑related risks across environmental, social and governance domains. This assessment ensures

that sustainability‑related risks and opportunities are integrated into strategic planning and risk‑management processes.

This process is carried out in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the relevant

European Sustainability Reporting Standards (ESRS). Going forward, the Group will continue to strengthen the integration of

sustainability risks within the ERM framework, ensuring that ESG factors form an integral part of corporate decision‑making and

operational strategies.

Autohellas Group applies a structured and data‑driven approach to identifying, assessing and prioritising the material impacts,

risks and opportunities associated with its business activities. This process is informed by industry benchmarking, expert

consultation, stakeholder feedback and regulatory review, ensuring a comprehensive evaluation of sustainability factors.

The identification and assessment process includes benchmarking against industry peers and best practices, ensuring alignment

with evolving market trends and regulatory requirements. The Group closely monitors regulatory and policy developments—

particularly those related to the EU Green Deal, the CSRD and climate‑transition regulations—to anticipate compliance risks and

strategic opportunities.

Stakeholder engagement is also a fundamental component, with insights from investors, customers, suppliers and employees

contributing to the assessment of ESG‑related risks and opportunities. In addition, Autohellas reviews operational data such as

fleet emissions and resource consumption to quantify potential environmental and social impacts.

To prioritise risks and opportunities, Autohellas conducts materiality assessments that categorise impacts based on their financial,

operational, regulatory and reputational significance. Scenario analysis and stress‑testing are key tools used to evaluate

climate‑related risks, enabling the Group to anticipate vulnerabilities and adapt its long‑term strategy accordingly. Continuous

monitoring of sustainability indicators is embedded into business operations, supported by data‑analytics and reporting tools to

track progress toward ESG commitments.

Annual Financial Report 31.12.2025

The Group’s due‑diligence framework ensures that potential and actual impacts on people, the environment and business

continuity are regularly reviewed and integrated into strategic decision‑making. This proactive approach enables Autohellas to

adapt to emerging risks, seize sustainability‑driven opportunities and strengthen corporate resilience, in line with ESRS reporting

requirements.

Autohellas Group has established a systematic approach for identifying, assessing, prioritising and monitoring

sustainability‑related impacts, risks and opportunities. This approach is guided by a due‑diligence framework, stakeholder

collaboration, expert insight and industry benchmarking, integrating environmental, social and governance (ESG) factors into the

Group’s overall risk‑management and strategic‑planning processes.

Methodologies and assumptions applied in identifying impacts, risks and opportunities

The Group applies a data‑driven and risk‑based approach to assessing the materiality of sustainability‑related impacts, risks and

opportunities. This process incorporates both quantitative and qualitative analysis of internal and external data sources, industry

standards, regulatory requirements and expert assessments.

The identification process integrates information from regulatory frameworks such as the Corporate Sustainability Reporting

Directive (CSRD), the EU Taxonomy and the commitments of the Paris Agreement, as well as industry‑specific risks related to

mobility and vehicle‑rental services. The underlying assumptions are based on historical performance data, predictive models and

scenario analysis to forecast future trends and potential regulatory developments affecting fleet management, emissions and

sustainable‑mobility solutions.

Process for identifying, assessing, prioritising and monitoring potential and actual impacts

Autohellas systematically evaluates sustainability impacts using risk‑classification models, materiality methodologies and

sustainability‑reporting frameworks. The process includes the following stages:

• Preliminary analysis and data collection: The Group gathers sustainability‑related data, regulatory developments and market

trends to identify emerging risks and opportunities.

• Impact assessment: Each impact is evaluated based on its severity, likelihood of occurrence, and its economic, environmental

and social consequences.

• Prioritisation and categorisation: Impacts are classified as 1‑Low, 2‑Low‑Medium, 3‑Medium, 4‑Medium‑High, 5‑High priority,

taking into account their significance to stakeholders, financial performance and regulatory compliance.

• Monitoring and continuous improvement: A review mechanism ensures that risks and opportunities are reassessed regularly,

with findings integrated into the Group’s strategic decision‑making process.

Focus on specific activities, business relationships and geographical areas with heightened risk

The risk‑identification process prioritises areas where Autohellas is most exposed to sustainability‑related impacts, such as:

• Fleet management: Emissions from leased and rental vehicles contribute to climate‑related risks.

• Geographical exposure: Operating in regions with varying environmental regulations affects the Group’s compliance

strategies.

Stakeholder consultation and engagement with specialised external advisers

Autohellas engages with internal and external stakeholders to ensure a holistic approach to sustainability‑related risks and

opportunities. This includes incorporating insights from sustainability advisers, industry publications, ESG‑rating organisations and

academic research to enhance the decision‑making process.

Annual Financial Report 31.12.2025

In the next steps, the Group will further enhance its stakeholder‑engagement initiatives by collecting direct customer feedback

through structured surveys, targeted focus groups and qualitative interviews. This initiative aims to gain an in‑depth

understanding of customer expectations, preferences and concerns regarding mobility trends, vehicle electrification and service

improvements. These efforts will help Autohellas align its strategic priorities with customer expectations, identify new

opportunities for service innovation and ensure that sustainability initiatives remain customer‑centric and market‑relevant.

Prioritisation of negative and positive impacts for determining materiality

Negative impacts are prioritised based on their severity, likelihood of occurrence, regulatory compliance and stakeholder

concerns, ensuring that the most significant sustainability issues are reported transparently. Positive impacts, such as the

electrification of the fleet and opportunities for sustainable finance, are assessed in terms of their potential scale, strategic

alignment and business value.

Process for identifying and monitoring financially material risks and opportunities

Autohellas integrates the assessment of financial impacts into its ESG risk‑management framework. Sustainability‑related risks

are evaluated in terms of their potential financial consequences, including regulatory fines, shifts in market demand and

fluctuations in operating costs.

Opportunities are assessed based on competitive advantages, cost savings and revenue generation from low‑emission mobility

solutions.

Identification of dependencies on stakeholders and business relationships

Autohellas Group recognises that sustainability‑related impacts and dependencies are interconnected with risks and

opportunities, influencing both its short‑term operational resilience and its long‑term strategic positioning. The Group

systematically analyses how its business activities, stakeholder relationships and value‑chain dependencies contribute to material

sustainability impacts and how these, in turn, generate financial and non‑financial risks and opportunities.

Autohellas operates within a complex ecosystem of stakeholders, including suppliers, customers, regulatory authorities, investors,

employees and local communities. Each stakeholder group contributes to dependencies that affect the Group’s exposure to risks

and opportunities:

• Human capital: Skilled personnel represent a critical strategic dependency, as employee expertise and adaptability are

decisive for implementing sustainability initiatives, improving customer experience and driving innovation in fleet

management. Training the workforce in emerging mobility trends, digital transformation and ESG best practices is essential

for maintaining operational efficiency and regulatory compliance.

• Suppliers: The Group relies on vehicle manufacturers for the procurement of its fleet, making it dependent on the

sustainability practices, emission‑reduction strategies and supply‑chain transparency of its suppliers.

• Customers and market demand: Consumer preferences for low‑emission vehicles, electric mobility and sustainable

transportation solutions are evolving due to regulatory incentives and heightened climate‑change awareness. Autohellas

depends on demand trends, where failure to adapt to the transition toward zero‑emission fleets poses a commercial risk,

whereas timely investment in charging infrastructure and green leasing options creates competitive advantage.

• Regulatory authorities and policymakers: The Group’s operating framework is shaped by European and national regulatory

requirements relating to fleet emissions, carbon taxation and vehicle‑taxation policies. The tightening of environmental

regulations entails compliance risk, while early adoption of sustainability measures aligns the Group with future mobility

incentives and subsidies for low‑emission vehicles.

Annual Financial Report 31.12.2025

• Investors and financial institutions: Investors increasingly integrate ESG performance into their investment criteria.

Autohellas’ ability to attract sustainability‑linked financing depends on its progress in fleet electrification, emissions reduction

and transparency in corporate governance. Strong ESG performance creates an opportunity for lower cost of capital, while

failure to meet sustainability expectations may lead to reputational and financing‑related risk.

Assessment of the Likelihood, Magnitude and Nature of Identified Risks and Opportunities

Each risk and opportunity is assessed based on the following criteria:

• Likelihood of occurrence (e.g., regulatory developments, pace of technology adoption)

• Magnitude of potential impact (e.g., financial losses, reputational damage, operational disruption)

• Short‑, medium‑ and long‑term effects on the Company’s strategy and risk exposure

Prioritisation of Sustainability‑Related Risks in Relation to Other Risks

Autohellas integrates sustainability‑related risks into its overall Enterprise Risk Management (ERM) framework, ensuring that

environmental, social and governance (ESG) risks are assessed alongside financial, operational, strategic and regulatory risks. The

prioritisation of these risks is based on their likelihood of occurrence, the magnitude of their impact and their alignment with the

Company’s long‑term business objectives, ensuring that sustainability factors are embedded in decision‑making processes at both

Board and executive‑management level.

Sustainability risks—particularly climate‑transition risks, regulatory‑compliance risks and supply‑chain dependencies—have been

classified as strategic business risks due to their potential impact on fleet procurement, financial performance and

customer‑demand trends. The Board of Directors, with the support of the Regulatory Compliance and Risk Management Unit,

reviews sustainability risks as part of the overall risk‑assessment process, ensuring they are monitored, mitigated and integrated

into the Company’s strategy.

Compared with traditional financial and operational risks, sustainability‑related risks are gaining increasing priority due to evolving

EU regulatory requirements (e.g., CSRD, EU Taxonomy, and fleet‑decarbonisation policies) and rising market expectations for

sustainable mobility solutions. Risks such as carbon‑pricing mechanisms, mandatory fleet‑electrification targets and

ESG‑compliance obligations within the supply chain are now considered high‑priority due to their direct financial and strategic

implications.

Autohellas prioritises sustainability‑related risks based on materiality assessments, taking into account potential financial

exposure, reputational impact and business‑continuity risks. Climate‑transition risks, for example, are assessed not only in terms

of compliance costs but also as strategic opportunities, such as access to green financing, the expansion of low‑emission vehicle

offerings and the strengthening of the Company’s competitive position.

Furthermore, Autohellas recognises that sustainability risks often intersect with other categories of corporate risk, such as

supply‑chain disruptions, technological developments and shifting consumer preferences. For this reason, sustainability risks are

not treated as standalone risks but are integrated into broader assessments of financial and operational risks. This ensures that

investment decisions, fleet strategy and long‑term growth planning are aligned with the Group’s climate and ESG objectives.

Decision‑Making and Internal‑Control Processes

Sustainability‑related risks and opportunities are reviewed at both Board and executive‑management level, with the findings

incorporated into investment decisions, fleet‑procurement policies and carbon‑emission‑reduction strategies. Internal‑control

procedures ensure compliance with ESG disclosure standards and regulatory requirements.

Annual Financial Report 31.12.2025

Integration of Impact and Risk Assessment into Overall Risk Management

Sustainability‑related risk assessments are embedded into Autohellas’ overall risk‑management processes, ensuring alignment

with corporate governance, compliance monitoring and strategic risk‑mitigation measures. Exposure to ESG risks is incorporated

into business‑risk reporting, scenario planning and stress‑testing exercises.

Integration of Opportunity Management into Overall Strategy

Autohellas identifies opportunities linked to sustainable mobility, fleet electrification and shifting consumer preferences toward

low‑emission vehicles. These opportunities are embedded into business‑development strategies, investment planning and

partnerships with automotive manufacturers.

Input Parameters for Identifying, Assessing and Managing Impacts, Risks and Opportunities

Autohellas relies on scientific data, regulatory frameworks, industry reports and internal performance indicators to assess material

risks and opportunities.

The key input parameters include:

• Regulatory‑compliance trends and EU policy roadmaps

• Emission forecasts

• Technology‑adoption projections for electric and hybrid vehicles

• Market‑demand analysis for sustainable mobility solutions

Non‑material ESRS Topics

In accordance with the requirements of the European Sustainability Reporting Standards (ESRS), Autohellas Group assessed

sustainability topics for their materiality based on their potential impacts on people, the environment and the Company’s financial

performance. Following this comprehensive double‑materiality assessment, certain sustainability topics were determined not to

be material for the Group’s operations and stakeholders.

The following topics were assessed as non‑material:

• ESRS E2 – Pollution

• ESRS E3 – Water and marine resources

• ESRS E4 – Biodiversity and ecosystems

• ESRS E5 – Circular economy

• ESRS S2 – Workers in the value chain

• ESRS S3 – Affected communities

v. Double Materiality Assessment (DMA)

Autohellas Group applies a structured materiality‑assessment process to identify the material impacts, risks and opportunities

(IROs) disclosed in its sustainability reporting. This process ensures that disclosures reflect both the significance of sustainability

factors for stakeholders and their potential financial implications for the Company.

The identification and prioritisation of material information follow the double‑materiality approach, incorporating both impact

materiality (how the Company affects people and the environment) and financial materiality (how sustainability‑related factors

affect the Company’s financial position and performance).

Annual Financial Report 31.12.2025

The table below presents the results of Autohellas Group’s double materiality assessment, outlining the identified impacts, risks

and opportunities for each ESRS topical standard.

The descriptions of impacts, risks and opportunities are further detailed within each topical section of the Sustainability Statement.

ESRS

ESRS Topic

Impacts, Risks and Opportunities (IRO)

Type

Actual/

Potential

Impact

Type

Company

specific

Time

Horizon

Value

chain

Climate change

Emissions from internal-combustion engines of vehicle fleet

+++

↑↔↓

Reduction in emissions due to increased adoption of electric and hybrid

vehicles

+++

↑↔↓

Faster depreciation and uncertainty in the resale of electric (BEV) and

hybrid (PHEV) vehicles due to technological advancements.

+++

↔

Reduced operating costs due to lower maintenance needs of EVs

compared to ICE vehicles

+++

↔

Increased demand driven by customer awareness of sustainable mobility

solutions

+++

↔

Tax benefits from support measures for low-emission vehicles (below 50g

CO₂/km)

↔

Reduction in financing costs through sustainability-linked financing with

favorable terms

↔

Own workforce

Occupational health and safety

+++

↔

Occupational hazards from machinery handling

+++

↔

Hazards due to extreme weather conditions

+++

↔

Training and upskilling opportunities

+++

↔

Talent attraction and retention

+++

↔

Operational efficiency

+++

↔

Consumers &

End Users

High product and service quality

+++

↓

Reputational harm due to inadequately maintained vehicle fleet

↓

Reputational harm from customer personal data breach

↓

Business

Conduct

Compliance and ethical business practices

↑↔↓

Compliance with regulatory and legal requirements

↑↔↓

Table index:

• Column “Type”: “I” indicates Impact, “R” indicates Risk, “O” indicates Opportunity

• Column “Actual/Potential”: “A” indicates Actual impact, “P” indicates Potential impact

• Column “Company Specific”: “x” indicates whether impact, risk, or opportunity is company-specific

• Column “Time Horizon”: “+++” indicates Long-term, “++” indicates Medium-term, “+” indicates Short-term time horizon

compared to base year 2024

• Column “Value Chain”: “↑” indicates Upstream, “↔” indicates Own Operations, “↓” indicates Downstream effects on value

chain

In the Environment subsection, a resilience analysis has been carried out, identifying physical risks as well as transition risks and

opportunities.

Annual Financial Report 31.12.2025

2. Environment

2.1 Disclosures in accordance with the EU Taxonomy Regulation

The EU Taxonomy is the European Union’s classification system for economic activities that, under certain conditions, can be

considered environmentally sustainable or activities that enable the transition toward environmental sustainability. According to

the EU Taxonomy Regulation, companies and organisations can attract capital to develop and further expand their sustainable

activities, provided they meet specific criteria.

The criteria that determine the level of environmental sustainability of certain economic activities are defined by the EU Taxonomy

Regulation (EU) 2020/852. To achieve sustainability in its economic development, the European Union has established six

environmental objectives, the attainment of which will promote sustainable development within the Union. Specifically, the

environmental objectives at the core of the EU Taxonomy framework are:

1. Climate change mitigation

2. Climate change adaptation

3. Sustainable use and protection of water and marine resources

4. Transition to a circular economy

5. Pollution prevention and control

6. Protection and restoration of biodiversity and ecosystems

The delegated acts adopted under the EU Taxonomy Regulation provide the technical screening criteria that must also be met in

order for an economic activity to be considered aligned with the taxonomy. At the time of publication of this report, the eligible

activities under the Taxonomy have been defined through two delegated acts. In 2021, the EU adopted the first delegated act,

Regulation (EU) 2021/2139, as amended by Regulation (EU) 2023/2485, which established activities and technical screening

criteria for substantial contribution to environmental objectives 1–2 above, including the DNSH criteria applicable to the other

objectives. In addition, in 2023, the second delegated act, Regulation (EU) 2023/2486, was published, covering activities that

contribute substantially to environmental objectives 3–6 above. Finally, in early 2026, the EU adopted Delegated Regulation (EU)

2026/73, which amends the delegated acts mentioned above.

Achieving one or more of the aforementioned objectives grants an economic activity the status of sustainable, transitional or

enabling, depending on its alignment with the Taxonomy framework. Specifically, depending on whether the activity can currently

be performed in a fully sustainable manner, whether it can support the transition of the economy towards a more sustainable

model or whether it enables other activities to be carried out sustainably, economic activities are categorised into different

sub‑groups. To be considered aligned with the EU Taxonomy, an economic activity must meet all of the following criteria:

• Contributes substantially to one or more of the environmental objectives defined in the Regulation

• Does no significant harm (DNSH) to any of the environmental objectives defined in the Regulation

• Is carried out in compliance with the minimum safeguards established under the Regulation

• Meets the technical screening criteria set by the European Commission for each economic activity in relation to the

achievement of the Taxonomy’s environmental objectives

The provisions of the Taxonomy framework applicable at the date of this report require companies within its scope to disclose the

amount and proportion of activities that are eligible, non‑eligible and aligned with all of the above objectives, as part of their total

turnover, capital expenditure and operating expenditure, and to perform the corresponding alignment assessments for all such

activities. All quantitative information is accompanied by specific qualitative information for all objectives (1–6). The Group applied

Regulation (EU) 2020/852, as supplemented by Commission Delegated Regulation (EU) 2021/2139, Commission Delegated

Regulation (EU) 2021/2178, Commission Delegated Regulation (EU) 2023/2485 and Commission Delegated Regulation (EU)

2023/2486 to identify eligible activities.

Annual Financial Report 31.12.2025

In line with the recent updates and clarifications to the broader EU sustainability‑reporting framework, the Group will, for the

financial year 2025, continue to fully apply the mandatory provisions of the EU Taxonomy Regulation (EU) 2020/852 and the

supplementary delegated acts for the disclosure of eligibility and alignment indicators, as defined for this period. In subsequent

reporting periods, the Group will adjust its methodology accordingly, in line with the applicable legislative requirements.

Compliance with these criteria is monitored on an ongoing basis and reported annually, including within the non‑financial section

of the relevant annual financial statements. As part of the EU Taxonomy reporting process, we disclose in the following section

the key performance indicators related to our economic activities for the 2025 financial year.

Activities of Autohellas Group

The Group thoroughly examined its activities through the lens of the EU Taxonomy in order to identify the share of its eligible and

aligned activities under this framework. This process forms the basis of its Taxonomy disclosures in the annual financial statements

and has also been applied in the current reporting period, during which the following eligible activities were identified:

• CCM 6.5. Transport by motorcycles, passenger cars and light commercial vehicles

Following the identification of the eligible activities, Autohellas Group recognised the importance of sustainable mobility and is

committed to continuously assessing the key fleet‑related activities in accordance with the criteria described in Annex I of the

Climate Delegated Acts, particularly those relating to Climate Change Mitigation. As part of this ongoing effort, Autohellas actively

reviews the technical specifications and emission standards of its fleet, with a strong emphasis on expanding its portfolio with

low‑ and zero‑emission vehicles. The Group acknowledges the importance of offering low‑ and/or zero‑CO₂‑emission vehicles in

the markets in which it operates and is taking the necessary measures to ensure that its fleet‑investment decisions and upgrade

initiatives progressively align with these standards.

Statement on activities related to nuclear energy and fossil gas

Activities related to nuclear energy

The undertaking conducts, finances or has exposures to research, development, demonstration and

deployment of innovative electricity‑generation installations that produce energy from nuclear processes

with minimal waste from the fuel cycle.

The undertaking conducts, finances or has exposures to the construction and safe operation of new nuclear

installations for the generation of electricity or process heat, including for district heating or industrial

processes such as hydrogen production, as well as their safety upgrades, using the best available

technologies

The undertaking conducts, finances or has exposures to the safe operation of existing nuclear installations

that generate electricity or process heat, including for district heating or industrial processes such as

hydrogen production from nuclear energy, as well as their safety upgrades.

Activities related to fossil gas

The undertaking conducts, finances or has exposures to the construction or operation of

electricity‑generation installations that produce electrical energy using fossil gas.

The undertaking conducts, finances or has exposures to the construction, renovation and operation of

combined heat/cooling and power generation installations using fossil gas

The undertaking conducts, finances or has exposures to the construction, renovation and operation of

heat‑generation installations that produce heat/cooling using fossil gas.

The Group is not involved in any of the activities listed in the table above and therefore does not report any of the KPI table

templates 2–5 of Annex XII of Regulation (EU) 2021/2178.

Annual Financial Report 31.12.2025

Group economic activities under the EU Taxonomy

EU CCM 6.5 Transport by motorcycles, passenger cars and light commercial vehicles

EU Taxonomy activity description:

This activity includes the purchase, financing, rental, leasing and operation of vehicles classified as category M1, N1, and those

falling within the scope of Regulation (EC) No 715/2007 of the European Parliament and of the Council, or category L (two‑ and

three‑wheel vehicles and quadricycles).

Description of Autohellas eligible activity:

The Group purchases, rents and leases vehicles within the above categories as part of its core business operations, which include

short‑term car rentals and long‑term leasing services for corporate clients.

Minimum Safeguards

In compliance with Article 18 of the EU Taxonomy Regulation, Autohellas also assessed its activities against the Minimum Social

Safeguards. The Group ensures alignment with international human‑rights standards, workers’ rights and anti‑corruption

measures, referring specifically to the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business

and Human Rights.

• Human Rights & Workers’ Rights:

Autohellas promotes human rights and fair labour practices across all its operations and supply chains. The Group ensures

compliance with ILO conventions, protecting workers’ rights to fair remuneration, safe and healthy working conditions,

non‑discrimination and freedom of association. Employees receive training on ethical business conduct and human‑rights policies.

The Group also has grievance‑mechanism channels in place, enabling employees and stakeholders to report concerns related to

human‑rights violations.

• Anti‑Bribery & Corruption:

Autohellas applies a zero‑tolerance policy against corruption, bribery and any form of unethical business conduct. All employees

and business partners are required to comply with the Group’s Anti‑Bribery & Corruption Policy, which is aligned with national

and European regulatory requirements. Controls, due‑diligence procedures and whistle‑blowing mechanisms are in place to

identify and prevent corruption risks. Any violation results in disciplinary action and legal consequences where applicable.

• Taxation:

Autohellas follows a transparent and responsible tax policy, ensuring compliance with national and international tax laws. The

Group does not engage in aggressive tax planning or artificial arrangements that could result in tax avoidance. Its tax strategy is

aligned with local regulations, and tax disclosures are reported in the financial statements in accordance with applicable

accounting standards.

• Fair Competition:

As a listed company, Autohellas is committed to adhering to competition laws and antitrust regulations to ensure a fair and open

market environment. Employees receive updates on changes related to competition‑law compliance, and the Company upholds

fair and ethical business practices across all its markets.

Annual Financial Report 31.12.2025

Qualitative information

• Accounting Policy:

The figures presented in this report have been calculated and are disclosed in accordance with the International Financial

Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the related interpretations issued

by the IFRS Interpretations Committee (IFRIC). Their preparation requires the use of estimates in applying the Group’s accounting

principles. Double counting has been avoided, as the Group’s activities contribute exclusively to the sustainable objective of

Climate Change Mitigation. The assessment process ensures accurate data allocation, in alignment with the EU Taxonomy

reporting principles, thereby ensuring transparency and consistency in sustainability disclosures.

This report presents the proportion of total turnover from the sale of goods or provision of services, as well as the total capital

and operating expenditures of the Group’s economic activities that correspond to activities classified as non‑eligible, eligible or

aligned for EU Taxonomy purposes, according to the description of those activities and taking into account the corresponding

NACE activity codes, as well as the relevant technical screening criteria set out in Delegated Regulations (EU) 2021/2139, (EU)

2023/2486 and (EU) 2022/1214. The Group’s economic activities were reviewed and ultimately included or excluded both with

respect to eligibility and alignment with the technical screening criteria set out in the respective Delegated Acts. Based on the

above, the calculation of the KPIs was performed using the following elements of the Group’s financial reporting:

• Proportion of total turnover:

Calculated based on total net revenue from the sale of goods and the provision of services. The numerator includes activities

considered eligible under the Taxonomy Regulation and the corresponding technical screening criteria, provided that such revenue

does not include own‑use and intra‑group transactions. The Group’s total turnover is presented in the Statement of Profit or Loss

and in Note 31 of the Financial Statements.

• Proportion of total capital expenditure:

Calculated based on capitalised expenditures incurred for additions to assets or processes corresponding to eligible economic

activities. The numerator includes activities considered eligible under the Taxonomy Regulation and the corresponding technical

screening criteria. The Group’s total figures regarding additions to assets and right‑of‑use assets are presented in the Statement

of Cash Flows of the Financial Statements.

• Proportion of total operating expenditure:

Calculated based on operating expenditures related to the repair and maintenance of assets or processes corresponding to eligible

economic activities. The numerator includes activities considered aligned under the Taxonomy Regulation and the relevant

technical screening criteria.

The information presented in this report complies with the requirements of the Taxonomy Regulation and the relevant Delegated

Regulations issued up to the date of publication. The associated guidelines include a degree of interpretative flexibility and

continue to evolve as part of the ongoing reporting process. In this context, Autohellas pays close attention to regulatory

developments and adjusts its approach accordingly, based on the applicable assumptions and methodology.

Annual Financial Report 31.12.2025

Turnover – Eligibility of economic activities for EU Taxonomy

Financial year 2025

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code (2)

Turnover (3)

Proportio

n of

Turnover

2025 (4)

Climate

Change

Mitigation

(5)

Climat

Chang

Adapt

ation

(6)

Wat

(7)

Poll

utio

n (8)

Circu

lar

Econ

omy

(9)

Biodive

rsity

(10)

Clima

Chang

Mitig

ation

(11)

Climat

Chang

Adapt

ation

(12)

Poll

utio

(14)

Circu

lar

Econ

omy

(15)

Biodive

rsity

(16)

Minim

Safegu

ards

(17)

Proporti

on of

Taxono

my-

aligned

(A.1.) or

-eligible

(A.2.)

turnover

2024

(18)

Categor

enablin

activity

(19)

Categor

transiti

onal

activity

(20)

€000

Y; N; N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy-aligned)

Turnover of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities)

EL; N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL; N/EL

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM/CCA 6,5

960,201,663

93%

N/EL

93%

Turnover of Taxonomy-eligible but not

environmentally sustainable activities (not

Taxonomy-aligned activities) (A.2)

960,201,663

93%

A. Turnover of Taxonomy-eligible activities (A.1+A.2)

960,201,663

93%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities

73,906,142

TOTAL

1,034,107,805

100%

Capital Expenditure – Eligibility of economic activities for EU Taxonomy

Financial year 2025

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code (2)

CapEx (3)

Proportio

n of CapEx

2025 (4)

Climate

Change

Mitigation

(5)

Climat

Chang

Adapt

ation

(6)

Wat

(7)

Poll

utio

n (8)

Circu

lar

Econ

omy

(9)

Biodive

rsity

(10)

Clima

Chang

Mitig

ation

(11)

Climat

Chang

Adapt

ation

(12)

Poll

utio

(14)

Circu

lar

Econ

omy

(15)

Biodive

rsity

(16)

Minim

Safegu

ards

(17)

Proporti

on of

Taxono

my-

aligned

(A.1.) or

-eligible

(A.2.)

CapEx

2024

(18)

Categor

enablin

activity

(19)

Categor

transiti

onal

activity

(20)

€000

Y; N; N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy-aligned)

CapEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities)

EL; N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL; N/EL

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM/CCA 6,5

349,998,181

94%

N/EL

95%

CapEx of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities) (A.2)

349,998,181

94%

95%

A. CapEx of Taxonomy-eligible activities (A.1+A.2)

349,998,181

94%

95%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities

20,929,186

TOTAL

370,927,367

100%

Annual Financial Report 31.12.2025

Operating expenditure – Eligibility of economic activities for EU Taxonomy

Financial year 2025

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code (2)

OpEx (3)

Proportio

n of OpEx

2025 (4)

Climate

Change

Mitigation

(5)

Climat

Chang

Adapt

ation

(6)

Wat

(7)

Poll

utio

n (8)

Circu

lar

Econ

omy

(9)

Biodive

rsity

(10)

Clima

Chang

Mitig

ation

(11)

Climat

Chang

Adapt

ation

(12)

Poll

utio

(14)

Circu

lar

Econ

omy

(15)

Biodive

rsity

(16)

Minim

Safegu

ards

(17)

Proporti

on of

Taxono

my-

aligned

(A.1.) or

-eligible

(A.2.)

OpEx

2024

(18)

Categor

enablin

activity

(19)

Categor

transiti

onal

activity

(20)

€000

Y; N; N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy-aligned)

OpEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities)

EL; N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL; N/EL

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM/CCA 6,5

46,758,628

21%

N/EL

24%

OpEx of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities) (A.2)

46,758,628

21%

24%

A. OpEx of Taxonomy-eligible activities (A.1+A.2)

46,758,628

21%

24%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities

174,297,624

79%

TOTAL

221,056,249

100%

2.2 Climate Change Mitigation

i. Strategy and Business model

Autohellas Group’s climate strategy focuses primarily on strengthening electrification and, more broadly, on the provision of zero‑

and low‑emission vehicles (≤50 g CO₂/km) to support the limitation of global warming to 1.5°C, in line with the Paris Agreement.

The Group’s targeted approach includes the systematic increase of the proportion of low‑ and zero‑emission vehicles in the rental

fleet, incorporating hybrid and fully electric vehicles with the objective of reducing the overall emissions intensity. The Group

monitors Scope 1 and Scope 2 emissions regularly, aiming to mitigate the impacts of climate change.

Beyond fleet renewal, the Group also places emphasis on improving energy efficiency across its facilities and promotes a culture

of sustainable development among employees through targeted training and awareness programmes.

At the same time, Autohellas recognises that the predominance of internal‑combustion‑engine (ICE) vehicles in the rental fleet

entails significant risks of locked‑in greenhouse‑gas emissions. For this reason, the Group consistently implements fleet‑renewal

strategies and strengthens electrification. Through the gradual integration of low‑ and zero‑emission vehicles and improvements

in operational efficiency, Autohellas seeks a substantial reduction in emissions intensity, demonstrating proactive and

forward‑looking management of transition risks in alignment with its long‑term emissions‑reduction objectives.

It is noted that Autohellas Group is not exempt from the EU Paris‑Aligned Benchmark (EU PAB) indicators, as it does not operate

in sectors that result in automatic exclusion under Delegated Regulation (EU) 2020/1818, such as fossil‑fuel extraction,

high‑emission electricity generation or the manufacture of controversial weapons.

Governance and oversight

Autohellas Group manages climate‑related matters directly through the Board of Directors, ensuring oversight and accountability

at the highest level. The Board monitors the implementation of the Company’s climate strategy and may adjust its approach based

on evolving sustainability priorities and regulatory requirements.

Annual Financial Report 31.12.2025

At present, climate‑related performance indicators have not been incorporated into the remuneration structure or

management‑evaluation frameworks. Executive compensation is determined based on broader financial and operational criteria,

without specific linkage to greenhouse‑gas (GHG)‑emission‑reduction targets or other sustainability parameters.

Policies and Targets

Autohellas Group recognises the importance of formal policies relating to climate‑change mitigation and adaptation; however, it

does not currently have explicit, formalised climate policies in place. The Group supports targeted electrification through the

acquisition of electric and hybrid vehicles—which generate lower CO₂ emissions compared with conventional petrol or diesel

vehicles—in its short‑term rental operations, as well as through partnerships. It is also actively reducing the impact of fleet‑related

emissions through practical measures such as fleet electrification, the integration of vehicles that meet strict emission standards

(≤50 g CO₂/km), and the implementation of energy‑efficiency improvements across its operational facilities. Climate‑adaptation

considerations are also examined informally through initiatives aimed at strengthening the resilience and continuity of fleet

operations and infrastructure against potential climate‑related disruptions. The formalisation and documentation of these

measures into explicit policies represent an area for improvement, with the Group committed to developing formal policies in the

near future.

Resilience Analysis

Recognising the significance of climate change, Autohellas Group conducted a resilience analysis of its business model and strategy

under three different climate scenarios. The analysis covered the most significant part of the Group’s activities and facilities—

namely Greece—taking into account its value chain. Both physical risks and transition‑related risks and opportunities were

assessed. The resilience analysis is expected to be extended prospectively to include the Group’s foreign operations.

For the assessment of physical/material risks, climate data were collected and analysed from ensemble simulations based on

EURO‑CORDEX 11 (European Coordinated Regional Climate Downscaling Experiment), as provided by the European Centre for

Medium‑Range Weather Forecasts (ECMWF) for climate scenarios RCP 2.6, RCP 4.5 and RCP 8.5 (RCP: Representative

Concentration Pathways). For the assessment of transition risks and related opportunities, scenarios from the Network for

Greening the Financial System (NGFS) were used, based on data analysis from models for Greece and Eastern Europe. The

scenarios applied and their key assumptions are presented below:

• Low‑Emission Scenario (RCP 2.6 from EU‑CORDEX 11 and Net Zero from NGFS)

This scenario is based on low‑emission climate projections aiming to limit the rise in global average temperature to close

to 1.5°C through the early implementation of ambitious climate policies, a significant reduction in greenhouse‑gas

emissions and the acceleration of technological innovation. A central feature of the scenario is the achievement of global

net‑zero carbon‑dioxide emissions by 2050. This rapid transition entails increased investment and operational

requirements for businesses and organisations, affecting operating costs and long‑term business planning. At the same

time, the strengthening of the regulatory framework and the tightening of climate‑policy measures heighten transition

risks but also create significant opportunities due to stricter compliance requirements, changes in energy markets and

growing pressure from consumers, investors and other stakeholders for the adoption of sustainable services and

products. Additionally, the prices of liquid fuels rise, directly affecting operating costs, while the development of

renewable‑energy technologies accelerates.

• Emission‑Mitigation Scenario (RCP 4.5 from EU‑CORDEX 11 and Nationally Determined Contributions (NDCs) from NGFS)

In this scenario, global warming is expected to peak mid‑century and subsequently stabilise at approximately 2.5–3°C

above pre‑industrial levels. The scenario reflects the continuation of historical social, economic and technological trends

throughout the 21st century. Mitigation efforts focus primarily on improvements in energy efficiency, increased

deployment of renewable‑energy sources (RES), and the application of carbon‑capture and storage technologies.

Transition risks are expected to remain relatively moderate, as market and regulatory pressures increase gradually.

However, physical climate risks intensify over the medium‑ to long‑term horizon due to higher temperature increases

and the more frequent occurrence of extreme weather events.

Annual Financial Report 31.12.2025

• High‑Emissions Scenario – Hot House World (RCP 8.5 from EU‑CORDEX 11 and Current Policies from NGFS)

In this scenario, the future evolution of the climate reflects a trajectory in which global economic growth continues with

a strong dependence on fossil fuels and is characterised by the absence of meaningful strengthening of climate policies.

Global warming is expected to exceed 4°C above pre‑industrial levels, making it the most adverse scenario referenced in

the relevant literature. Greenhouse‑gas emissions continue to rise until approximately 2080, leading to extremely high

levels of warming, with the increase in global average temperature approaching 3°C within this century. These

developments significantly amplify physical climate risks and increase the likelihood of irreversible changes to the climate

and ecosystems. From a transition perspective, the scenario assumes the continuation of existing policies without further

ambition to reduce emissions. Within this framework, energy prices do not diverge materially from current levels, while

renewable energy sources remain limited in the energy mix, reducing incentives to shift toward a low‑carbon economy.

At the same time, the accelerating rise in temperature leads to more frequent and severe extreme‑weather events,

causing increased physical and material damages, intense pressure on critical natural resources and substantial strain on

infrastructure and operational functionality. Consequently, physical and material climate risks escalate considerably over

the medium‑ and long‑term horizon, making this scenario critical for assessing a company’s resilience under severe

climate‑stress conditions.

Given the nature and long‑term characteristics of climate‑related risks—particularly with respect to their physical dimension—

the Group must assess potential impacts over time horizons longer than five years. These horizons are determined based on asset

lifetimes as well as the characteristics of the Group’s business model and operating structure. Accordingly, the scenarios presented

above were evaluated across the following time horizons:

Short-term

Medium-term

Long-term

0–1 year | 2025–2026

1–5 years | 2026–2030

>5 years | 2030–2050

As part of this analysis, chronic and acute physical risks related to temperature, water, wind and solid mass, as well as transition

risks and opportunities related to policy/legal matters, technology, market changes and reputation, were identified and assessed.

In the initial stages of the analysis, emphasis was placed on identifying those risks and opportunities most likely to affect the

Group’s operations, financial performance and long‑term resilience.

To assess the sensitivity of the Group’s business model and facilities, an industry analysis and literature review were conducted to

identify risks and opportunities relevant to its activities and business model. In addition, to estimate the magnitude of potential

financial impacts, relevant economic data were collected and analysed. Indicatively, these data included the Group’s energy

consumption from electricity and fossil fuels, greenhouse‑gas emissions and the cost of insurance for its assets.

The likelihood of facilities being affected by climate‑related risks or opportunities was assessed through statistical analysis of the

three scenarios, examined over short‑, medium‑ and long‑term time horizons. The assessment considered the severity and

duration of each change in combination with a sensitivity analysis of the Group’s facilities and operations.

The assessment of the potential magnitude of financial impacts arising from physical and transition risks, as well as opportunities

relevant to the Group’s activities and facilities, was conducted through internal meetings with responsible executives. The final

score for each risk and opportunity resulted from combining the likelihood of occurrence and the magnitude of impact, with

overall risk classification derived from the product of these two parameters. Risks and opportunities were categorised into five

levels: low, low‑medium, medium, medium‑high and high. Those falling within the medium‑high and high categories were

identified as material.

The results of the Resilience Analysis for the assessed risks and opportunities are presented in the tables below:

Annual Financial Report 31.12.2025

Physical Risks

More intense under the High

‑

Emissions Scenario

Title

Description

Final Risk Score

Short-

term

Medium-

term

Long-term

The increasing frequency,

duration, and intensity of

heatwaves may negatively

affect employees’ health and

safety as well as the

efficiency of the services

provided, creating pressures

on the company’s

operational performance.

Frequent and intense heatwaves (acute physical risks) can cause immediate

disruptions to the Group’s operations, such as reduced performance or failures

in cooling systems, electrical equipment and IT infrastructure, as well as

temporary reductions in the availability/reliability of the fleet due to

overheating and emergency maintenance. At the same time, they significantly

burden employees’ Health & Safety (heat stress, dehydration, increased risk of

accidents), leading to more absences, the need for shift adjustments, and

reduced productivity, resulting in pressures on business continuity.

Moderate

High

Transition Risks

More intense under the Low

‑

Emissions Scenario

Title

Description

Final Risk Score

Short-

term

Medium-

term

Long-term

Risk of increased operating

costs due to stricter

regulatory obligations related

to GHG emissions.

The tightening of the regulatory framework for limiting greenhouse gas

emissions may result in increased operating expenses for the Group, particularly

due to the need to renew and decarbonise the vehicle fleet, to comply with new

regulatory requirements, and due to potential indirect or direct carbon charges.

Delays in complying with new environmental regulations may lead to a loss of

competitive advantage and reduced attractiveness of the services offered to

customers with heightened sustainability requirements.

Low

Moderate

High

Transition risk arising from

faster depreciation and

uncertainty of residual values

of BEVs/PHEVs due to

technological developments.

When procuring/purchasing electric vehicles for leasing purposes, there is a risk

that their residual values (resale value) may decrease significantly by the time

of resale, due to rapid technological advancement and changes in the used-car

market. This may lead to lower disposal revenues, increased

depreciation/impairment charges, and overall higher fleet management costs

for the Group

Low

Moderate

High

Risk of increased capital and

operating expenditures due

to mandatory investments in

energy upgrades and

sustainable practices within

the framework of the energy

transition.

The need for energy modernisation and the implementation of green

investments within the framework of the transition to a low-emission economy

may increase the Group’s capital and operating expenditures, affecting its

overall operating cost

Low

Moderate

High

Opportunities related to Climate Change

More intense under the Low

‑

Emissions Scenario

Title

Description

Final Opportunity Score

Short-

term

Medium-

term

Long-term

Utilisation of renewable

energy sources to reduce

energy costs and strengthen

the Group’s energy

resilience.

The upgrading of infrastructure with green and clean energy production systems

enables the Group to significantly reduce energy expenses and improve its

efficiency. In addition, it reduces the environmental impacts of its activities,

facilitates compliance with new environmental regulations, and contributes to

strengthening corporate credibility and responsibility towards the market and

stakeholders.

Moderate

High

Increase in customer demand

for the zero- or low-emission

vehicles offered by the

Group, which support

sustainability while also

contributing to its

profitability

The increasing customer demand for zero- or low-emission vehicles creates

significant growth opportunities for the Group, as these vehicles align with

sustainability principles and the evolving environmental expectations of the

market. At the same time, the strengthening of sustainable financing options for

consumers and businesses may generate increased turnover for the Group. The

expansion of the offering of such vehicles enhances the attractiveness of the

Group’s services, contributes to differentiation from competitors, and can

support improved profitability through the attraction of new customers,

increased loyalty, and the utilisation of higher value-added products.

Moderate

High

Annual Financial Report 31.12.2025

According to the results of the assessment, material physical risks are estimated to be of low intensity in the short‑ and

medium‑term horizons; however, they intensify over the long‑term horizon, with the greatest exposure arising under the

high‑emissions scenario in the long term. In particular, the increasing frequency, duration and intensity of heatwaves in the

long‑term horizon may cause operational disruptions, affecting both supporting infrastructure and the activity and performance

of the workforce.

At the same time, material transition risks are identified in the same scenario, showing a tendency to escalate over the long‑term

horizon. Specifically, the tightening of the legislative and regulatory framework for GHG emissions may lead to increased operating

and compliance costs, with potential negative implications for the Group’s financial performance. In addition, the decline in

residual values when procuring/purchasing electric vehicles—due to technological advancements—as well as the need for energy

upgrade across the Group may result in lower revenues and higher operating and capital costs in the medium‑ and long‑term

horizon.

Conversely, under the same low‑emissions scenario in both the short‑ and long‑term horizons, material opportunities emerge,

such as the increased demand for low‑ and zero‑emission vehicles and the reduction of the Group’s energy costs through

investments in renewable‑energy generation projects. These opportunities can have a positive contribution to profitability,

strengthen the attractiveness of the Group’s services, and enhance its competitive position.

Autohellas Group leverages the findings of the analysis by integrating them into its operational planning, with the aim of

strengthening its preparedness against potential climate‑related risks. Heat‑stress risks are addressed through the

implementation of emergency measures in accordance with government directives, while transition risks are mitigated through

continuous monitoring and application of the applicable legislation, as well as the adoption of sustainable practices and solutions.

In future years, the Group will assess whether the scenarios used for the sustainability reporting and ESRS requirements can also

be incorporated into the assumptions of the financial statements. Overall, the Group considers that it possesses the necessary

adaptive capacity in the short‑ and medium‑term and that, by maintaining existing good practices and implementing

sustainability‑driven initiatives, it can preserve the long‑term resilience of its business model and competitive position.

Transition Plan

Autohellas Group recognises the importance of a structured transition plan to address sustainability‑related risks and

opportunities and to ensure the long‑term resilience and viability of the business. Although the Group has not yet formally adopted

a transition plan, it is currently assessing the macroeconomic environment, market trends and the regulatory and compliance

framework, and is committed to developing a comprehensive programme that will define clear targets and pathways for reducing

its environmental footprint and enhancing long‑term sustainability.

Furthermore, the Group intends to integrate its future transition plan into its overall business strategy and financial planning. This

integration will ensure that sustainability parameters are embedded in decision‑making processes, investment priorities and

operational frameworks.

The transition plan will align with the Group’s strategic objectives, focusing on key areas such as fleet electrification, energy

efficiency, emissions reduction and responsible supply‑chain management. Financial planning will include the necessary capital

expenditures and operational investments required to support the implementation of transition initiatives, ensuring that

sustainability goals are achieved without compromising financial stability and growth.

Once formally developed by the Sustainability Committee, the transition plan will be subject to review and approval by the Board

of Directors. The Board will oversee its implementation, monitoring progress and adjusting strategies as needed to address

emerging risks and opportunities.

Annual Financial Report 31.12.2025

i. Impacts, risks and opportunities management

Autohellas Group systematically identifies and assesses climate‑related impacts, risks and opportunities through structured

internal evaluations. The Group recognises that its operations have a significant environmental footprint due to the high

proportion of internal‑combustion‑engine (ICE) vehicles in its fleet, which contribute substantially to air pollution and

greenhouse‑gas emissions. Conversely, the increasing integration of electric and hybrid vehicles into the Group’s fleet has a

positive effect on local air quality and reduces overall emissions, aligning its operations more closely with sustainability objectives.

The analysis below presents the main identified impacts, risks and opportunities for Autohellas Group relating to climate‑change

mitigation, along with the actions undertaken to address them:

• Impacts

Description

Type

Emissions from internal-combustion engines of vehicle fleet

Actual negative

impact

Reduction in emissions due to increased adoption of electric and hybrid vehicles

Actual positive

impact

Autohellas recognises that a significant proportion of its rental fleet consists of vehicles powered by internal‑combustion engines

(ICE). These vehicles contribute substantially to greenhouse‑gas emissions, negatively affecting urban air quality and exacerbating

climate change. Moreover, as the majority of the Group’s operational emissions arise from fuel consumption within its fleet, this

represents a material environmental footprint that the Group actively seeks to reduce through targeted fleet‑renewal and

optimisation strategies.

Conversely, the Group’s continuous investments in fleet electrification and the integration of hybrid vehicles are beginning to

deliver notable positive impacts. The gradual incorporation of electric and hybrid vehicles into the rental fleet significantly reduces

fleet‑emissions intensity, contributing positively to improvements in local air quality and to the mitigation of global climate

change. Hybrid vehicles emit substantially fewer pollutants—up to 80% lower emissions compared with traditional

internal‑combustion‑engine vehicles—thereby enhancing public health and environmental quality, particularly in densely

populated urban areas.

Although the Group has made steady progress toward fleet electrification, the rate at which electric vehicles (EVs) and hybrid

vehicles are being integrated remains gradual. This slower transition is influenced by various external factors, such as limited

charging infrastructure and consumer uncertainty regarding electric‑vehicle technology. It is noted that electrification is supported

by tax, financial and other incentives within the regulatory framework of Greece and the European Union more broadly, aiming

to increase the adoption of zero‑ and low‑emission vehicles by both individuals and businesses.

• Risks

Description

Type

Faster depreciation and uncertainty in the resale of electric (BEV) and hybrid (PHEV) vehicles due to technological

advancements.

Risk

The rapid pace of technological developments in the market for battery‑electric (BEV) and plug‑in hybrid electric vehicles (PHEV)

creates uncertainty regarding their residual values and resale dynamics, leading to faster depreciation and financial uncertainty

for the Group. To address this, Autohellas Group closely monitors market trends and technological advancements and strategically

manages fleet‑renewal cycles by evaluating the useful life of its vehicles.

Annual Financial Report 31.12.2025

• Opportunities

Description

Type

Reduced operating costs due to lower maintenance needs of EVs compared to ICE vehicles

Opportunity

Increased demand driven by customer awareness of sustainable mobility solutions

Opportunity

Tax benefits from support measures for low-emission vehicles (below 50g CO₂/km)

Opportunity

Reduction in financing costs through sustainability-linked financing with favorable terms

Opportunity

The ability to reduce operating costs through electric vehicles (EVs), compared with traditional internal‑combustion‑engine (ICE)

vehicles, represents a significant opportunity for Autohellas. Specifically, EVs have far fewer moving parts and therefore require

less frequent maintenance and repairs, limited mainly to consumables and parts subject to natural wear such as filters, tyres and

brakes. In addition, the number of service visits required for an electric vehicle is lower than that of an ICE vehicle, thereby freeing

human resources and increasing the service‑capacity availability of the Group’s owned facilities and workshops. With respect to

energy consumption—and despite inflation‑driven increases in electricity prices—energy costs remain lower than fuel

consumption. All the above contribute to reducing the total cost of ownership of an electric vehicle over its full life cycle, positively

influencing the Group’s overall operational efficiency and profitability.

Furthermore, rising consumer awareness and preference for sustainable mobility solutions present another important

opportunity for Autohellas Group. As customers become more environmentally conscious and show increasing demand for

eco‑friendly products and services, the Group is well positioned to capture greater market share by expanding its offering of

electric and hybrid vehicles. Meeting this demand through targeted marketing strategies and tailored product offerings can

strengthen customer loyalty and brand differentiation, further reinforcing Autohellas Group’s position in the competitive market.

In addition, the Group benefits from favourable tax incentives and regulatory support measures specifically designed to promote

electric vehicles and low‑emission vehicles. Electric vehicles and those emitting less than 50 g CO₂/km qualify for financial

incentives and tax relief, such as accelerated depreciation, significantly improving the economic attractiveness of transitioning to

electric and hybrid fleets.

Finally, Autohellas Group recognises a valuable opportunity to reduce financing costs through access to sustainability‑linked

financing, which generally offers more favourable terms—such as lower interest rates—to support companies in achieving their

climate‑transition objectives. This opportunity is directly linked to the Company’s significant investment plan amounting to €450

million (2022–2026), implemented through co‑financing agreements under Greece’s National Recovery and Resilience Plan

(“Greece 2.0”). This initiative includes €225 million from the Recovery and Resilience Facility, €135 million financed by Greek banks

and €90 million contributed directly by Autohellas Group. This investment aims at the gradual renewal and expansion of the fleet

through the acquisition of electric and hybrid vehicles that meet strict emission standards (≤ 50 g CO₂/km). The vehicles acquired

under this plan emit approximately 80% fewer pollutants compared with their predecessors, significantly advancing the Group’s

efforts to mitigate climate change.

ii. Metrics, targets and accounting policies

Targets

The Group aims to reduce the intensity of its direct greenhouse‑gas emissions arising from its operations through the adoption of

cleaner technologies and the improvement of operational processes. The Group is also committed to reducing energy and

resource consumption across its facilities. Although the Group has not yet formally adopted a transition plan, it is currently

assessing the prevailing macroeconomic environment, market trends, and the institutional and regulatory compliance framework,

and is committed to developing a comprehensive programme that will establish clear targets and pathways for reducing its

environmental footprint and enhancing long‑term sustainability.

Annual Financial Report 31.12.2025

Specifically, the Group seeks to achieve measurable annual reductions in its Scope 1 and Scope 2 greenhouse‑gas emissions by

targeting yearly decreases in emissions intensity, calculated in tonnes of CO₂ equivalent (tCO₂e) per million euros of revenue, as

reported in its consolidated financial statements. By setting these intensity‑based targets, the Group ensures comparability and

transparency in its climate performance, consistently linking its economic growth to its environmental impact.

With respect to fleet management, Autohellas Group is committed to gradually increasing the share of low‑ and zero‑emission

vehicles in its fleet, aiming for a significant reduction in the average fleet‑emissions intensity. This commitment—requiring

substantial capital expenditure—will be supported in part by the Group’s co‑financed investment plan referenced above. By 2030,

the Group aims to materially reduce emissions from the total rental fleet, prioritising the acquisition of electric vehicles and

vehicles emitting ≤50 grams of CO₂ per kilometre.

The Group also aims to achieve improvements in the energy efficiency of its operations, particularly by pursuing continuous annual

reductions in total energy consumption across its facilities.

Finally, Autohellas Group intends to conduct a detailed resilience analysis of its business model and climate strategy, as well as to

develop a structured transition plan to address sustainability‑related risks and opportunities and ensure the long‑term resilience

and viability of the business.

Metrics

To transparently demonstrate progress and maintain accountability, Autohellas Group systematically measures and reports the

following key performance indicators:

Metrics

2025

2024

GHG emissions intensity, location-based (total GHG emissions per net revenue)

1,441.73

146.62

GHG emissions intensity, market-based (total GHG emissions per net revenue)

1,441.19

145.70

GHG intensity of Scope 1 emissions (GHG emissions per net revenue)

147.21

142.29

GHG intensity of Scope 2 emissions - location based (GHG emissions per net revenue)

3.02

4.22

GHG intensity of Scope 2 emissions - market based (GHG emissions per net revenue)

2.48

3.31

GHG intensity of Scope 3 emissions (GHG emissions per net revenue)

1,291.50

0.10

Net revenue used to calculate GHG intensity (€ millions)

1,034

986

Financial resources allocated to action plan (OpEx) (€)

Financial resources allocated to action plan (CapEx) (€)

Total emissions (using location-based Scope 2 emissions) (tn CO2eq)

1,490,746

144,519

Total emissions (using market-based Scope 2 emissions) (tn CO2eq)

1,490,188

143,619

Total Scope 1 emissions (tn CO2eq)

152,216

140,257

Percentage of Scope 1 GHG emissions included in regulated emission trading schemes (EU ETS) (%)

Total location-based emissions from electricity (grid average) (tn CO2eq)

3,121

4,159

Total market-based emissions from electricity (tn CO2eq)

2,563

3,259

Total Scope 3 emissions (tn CO2eq)

1,335,409

103

Biogenic emissions of CO2 from the combustion or bio-degradation of biomass, not included in Scope 1 GHG

emissions (tn CO2eq)

6,793

6,514

Share of contractual Scope 2 emissions (GOs or RECs) (%)

Biogenic emissions of CO2 from the combustion or bio-degradation of biomass, not included in Scope 2 GHG

emissions (tn CO2eq)

Percentage of GHG Scope 3 calculated using primary data (%)

Biogenic emissions of CO2 from combustion or bio-degradation of biomass that occur in value chain not included

in Scope 3 GHG emissions (tn CO2eq)

Reduction of absolute GHG emissions (tn CO2eq)

(1,346,567.36)

Percentage reduction of total GHG emissions compared to the base year (%)

-938%

GHG emissions intensity reduction (GHG emissions per net revenue)

(1,295.33)

Total fossil energy consumed (MWh)

587,376

554,955

Total nuclear energy consumed (MWh)

368

277

Total renewable energy consumed (MWh)

1,936

1,454

Electricity consumption from renewable sources (excluding renewable electricity produced by the company)

(MWh)

1,812

1,362

Percentage of electricity consumed

1.36%

1.50%

Total renewable fuels consumed (MWh)

Energy from renewable sources produced and consumed (self-generated, non-fuel) (MWh)

124

Total energy consumption (MWh)

589,680

556,686

Fuel consumption from coal or coal products consumption (MWh)

Fuel consumption from crude oil and petroleum products (MWh)

561,272

534,856

Annual Financial Report 31.12.2025

Metrics

2025

2024

Fuel consumption from crude oil and petroleum products in high climate impact sectors (MWh)

946

1,165

Heating, cooling, or steam purchased and consumed from renewable sources (excluding renewable electricity

produced by the company)

Total natural gas consumption (MWh)

2,393

2,748,564

Total other fossil fuel consumption

Heating, cooling, or steam purchased and consumed from fossil sources (excluding renewables)

Total renewable energy produced (MWh)

124

Total non-renewable energy produced (MWh)

Energy intensity ratio (total energy consumption/net revenue from activities in high climate impact sectors)

Total energy consumption from activities in high climate impact sectors (MWh)

5,302

5,942

Percentage of energy consumption from nuclear sources in total energy consumption (%)

0.062%

0.050%

Percentage of renewable sources in total energy consumption (%)

0.328%

0.261%

Percentage of fossil sources in total energy consumption (%)

99.61%

99.69%

Net revenue from activities in high climate impact sectors (€ millions)

527

511

Net revenue from activities other than in high climate impact sectors (€)

507

474

Total emissions removed by carbon removal initiatives within the company's own operations (tn CO2eq)

Total emissions removed by carbon removal initiatives within the company's upstream or downstream value

chain (tn CO2eq)

Total emissions removed by carbon removal initiatives within the company's value chain (tn CO2eq)

Total emissions removed by carbon removal initiatives out of the company's upstream or downstream value chain

(tn CO2eq)

Total amount of carbon credits outside value chain that are verified against recognised quality standards and

cancelled

Total amount of carbon credits outside value chain planned to be cancelled in future

Reversals

Percentage of reduction projects (%)

Percentage of removal projects (%)

Percentage for recognised quality standard (%)

Percentage issued from projects in European Union (%)

Percentage that qualifies as corresponding adjustment (%)

Current year gross Scope 1 greenhouse gas emissions covered by internal carbon pricing schemes and Percentage

of gross Scope 1 greenhouse gas emissions covered by internal carbon pricing schemes (tn CO2eq)

Current year gross Scope 2 greenhouse gas emissions covered by internal carbon pricing schemes and Percentage

of gross Scope 2 greenhouse gas emissions covered by internal carbon pricing schemes (tn CO2eq)

Current year gross Scope 3 greenhouse gas emissions covered by internal carbon pricing schemes and Percentage

of gross Scope 3 greenhouse gas emissions covered by internal carbon pricing schemes (tn CO2eq)

Carbon price applied for each metric tonne of greenhouse gas emission (€)

Accounting Policies

Scope 1 emissions arise primarily from fuel consumption in the Group’s rental‑fleet vehicles, over which the Group maintains

operational control. This category also includes corporate vehicles used for the Group’s own operational needs. In addition, Scope

1 emissions include emissions resulting from the consumption of natural gas and heating oil at the Group’s facilities.

Emissions generated by leased and rental vehicles during their use by customers are estimated based on standardised

fuel‑consumption factors per vehicle category and average mileage data.

Annual Financial Report 31.12.2025

Scope 2 emissions are associated with the consumption of electricity at the Group’s facilities, which is supplied by external energy

providers. Electricity is used both to meet the energy needs of building facilities—including heating—and for charging electric and

plug‑in hybrid fleet vehicles at the Group’s owned charging points. The calculation of consumption for Scope 2 emissions is based

on the energy‑consumption quantities stated on the invoices issued by energy providers. For the calculation of market‑based

emissions, the emission factors provided by the Public Authority for Energy & Environmental Resource Management and local

suppliers are used, while for location‑based emissions, the emission factors of the local energy grid are applied.

Regarding Scope 3 emissions, Autohellas Group has calculated additional categories in order to provide a comprehensive

representation of the indirect emissions associated with its value chain. The Greenhouse Gas Protocol categories that were

calculated are as follows:

• Category 1 Purchased goods and services

• Category 2 Capital goods

• Category 3 Fuel‑ and energy‑related activities (not included in Scope 1 or Scope 2)

• Category 4 Upstream transportation and distribution

• Category 11 Use of sold products

• Category 13 Downstream leased assets

• Category 15 Investments

The total fossil energy consumed and the total renewable energy consumed include the share of electricity derived from fossil

fuels and renewable sources within the overall electricity‑supply mix. These indicators provide a comprehensive view of total

energy consumption and its distribution between traditional (fossil) and sustainable (renewable) energy sources.

The total nuclear energy consumed refers exclusively to the proportion of energy derived from nuclear sources within the

electricity‑supply mix.

Finally, it should be noted that Autohellas Group does not apply carbon‑pricing mechanisms, such as internal carbon pricing or

emissions‑trading systems, and does not participate in voluntary offsetting programmes, greenhouse‑gas removals or mitigation

projects financed through carbon credits. In addition, the Group does not procure Guarantees of Origin (GOs) for the electricity it

consumes, meaning that its energy supply is not certified as originating from renewable sources.

2.3 Water and Marine Resources

Autohellas Group operates an extensive network of more than 140 car‑rental locations, several of which are situated in island

regions that may face increasing water scarcity due to geographical constraints, heightened seasonal tourism and climate‑related

variability. Within these operating conditions, Autohellas Group primarily uses water for vehicle cleaning, either at

company‑owned washing facilities or through contracted partners, and discharges most of this water into municipal wastewater

systems.

i. Impacts, risks and opportunities management

Although water scarcity is not currently a critical operational constraint for Autohellas, the Group recognises its strategic

importance as a vital natural resource and the potential impact it may have on rental operations. However, at present, the Group

does not have sufficient data or information to support a substantiated water‑impact assessment, nor can it establish reliable

assumptions on this matter.

Annual Financial Report 31.12.2025

Accordingly, although the Group recognises the importance of water management within the sustainability context, it is not

currently able—based on available data—to classify it as a material topic within its strategy. At the same time, the Group is

committed to revisiting the issue and pursuing the collection of the necessary information in order to draw reliable conclusions

and conduct a substantiated assessment in the future.

The nature of the Group’s operations—primarily short‑term, but also long‑term vehicle rentals—requires the regular cleaning of

vehicles, which demands significant water usage and may affect water consumption in areas experiencing water scarcity.

To mitigate this impact, Autohellas Group is committed to implementing targeted actions to reduce water consumption in its

fleet‑cleaning operations. The Group will explore and adopt water‑free or low‑water‑use maintenance solutions where feasible,

significantly reducing its dependence on water sources.

Autohellas will also initiate awareness and training programmes for employees responsible for fleet cleaning, highlighting best

practices for effective water management.

Related Policies

At present, Autohellas Group has not established a dedicated water‑management policy. However, recognising the increasing

importance of water resources and the evolving regulatory landscape, the Group is actively developing a comprehensive

water‑management strategy. This strategy, planned for implementation over the medium term, includes intermediate milestones

and preparatory actions. Its development is being overseen by the Sustainability Committee in cooperation with the Risk and

Compliance Management Unit, ensuring alignment with regulatory expectations and international best practices.

ii. Metrics and targets

Metric

2025

2024

Total water withdrawal

52,866

45,597

The Company and the Group are committed to exploring ways to improve the monitoring and reporting processes related to the

consumption, storage, reuse, recycling and disposal of water.

3. Society

3.1 Own Workforce

i. Strategy

Autohellas Group fosters a safe, inclusive and dynamic working environment in which all employees benefit from healthy working

conditions, equal opportunities for professional development and a strong commitment to the protection of human rights and

diversity. Through a comprehensive human‑capital development and management system, employees are supported with

competitive remuneration and continuous training. By emphasising responsible professional conduct, Autohellas promotes both

individual and collective growth, shaping a workplace culture characterised by dedication, engagement and long‑term

cooperation.

Autohellas has developed a comprehensive framework for identifying and addressing key impacts, risks and opportunities related

to its workforce. These elements are fully integrated into the Company’s overall strategy and business model, ensuring alignment

with its long‑term objectives.

Annual Financial Report 31.12.2025

The Group’s workforce consists of directly employed staff who cover a wide range of roles across the organisation, while the

Group also collaborates occasionally with freelancers or personnel provided by third‑party employment‑service providers to meet

specific operational needs. Autohellas is committed to ensuring that all individuals contributing to its activities—regardless of their

employment arrangement—are supported by the same high standards of health, safety and overall well‑being, reflecting its

commitment to maintaining a positive and inclusive working environment.

By integrating workforce‑related risks and opportunities into its strategic framework, Autohellas Group reaffirms its commitment

to placing employee well‑being at the centre of its operational and sustainability practices. This proactive approach not only

safeguards the health and safety of its workforce but also contributes to enhanced efficiency and productivity, cultivating a

supportive and motivating working environment. Through this strategy, the Company ensures that employee well‑being remains

a key driver of its long‑term success while simultaneously advancing its broader sustainability and growth objectives.

Autohellas has zero tolerance for human‑rights violations and sets targets for their elimination. The Group’s activities are

conducted primarily in countries with strong labour legislation and effective enforcement mechanisms, while its workforce

consists almost exclusively of directly employed staff, which further reduces these risks.

The total number of the Group’s own workforce at the reporting date is presented below:

31.12.2025

31.12.2024

Greeece

1,302

1,327

Portugal

286

283

Other Countries*

216

211

Total own workforce

1,804

1,821

*The other countries in which Autohellas Group maintains its own workforce are Cyprus, Bulgaria, Romania, Serbia, Montenegro,

Croatia, and Ukraine.

ii. impacts, risks and opportunities management

Autohellas has developed a detailed understanding of specific risks and opportunities relating to different groups within its

workforce, analysing the characteristics, working environment and responsibilities that may expose certain employee groups to

elevated risks. This approach includes identifying roles or activities that may require greater physical effort, increased exposure

to safety hazards or higher levels of stress, as well as implementing targeted measures to mitigate these risks. Employees in

operational positions may face different challenges compared with those in administrative roles. The material risks and

opportunities arising from these impacts are closely linked to specific employee groups—for example, employees in demanding,

high‑intensity roles benefit from strengthened health and safety protocols, while specialised professionals require continuous

training to adapt to new technologies and sustainability practices. By proactively addressing these risks and opportunities,

Autohellas ensures that all employees—regardless of role or working environment—are supported and protected, reinforcing its

commitment to a safe, inclusive and resilient workforce.

The analysis below presents the key impacts and risks identified in relation to Autohellas Group’s workforce, as well as the actions

undertaken to address them:

Annual Financial Report 31.12.2025

• Health and safety-related impacts

Description

Type

Occupational health and safety

Possible negative

impact

Autohellas Group recognises the importance of maintaining a safe and healthy working environment. Safeguarding occupational

health and safety across all of the Group’s facilities and operational sites enhances employee well‑being and morale, directly

contributing to the Company’s sustained productivity and efficiency.

To effectively manage and prevent potential health and safety impacts at work, the Group implements a health‑and‑safety policy

that is consistently applied across all facilities. Regular occupational‑safety training programmes and targeted

employee‑awareness initiatives reinforce these policies, further supported by periodic safety inspections and risk assessments. In

addition, the incident‑reporting and corrective‑action framework ensures the ongoing monitoring and improvement of

occupational‑safety performance.

• Health and safety-related risks

Description

Type

Occupational hazards from machinery handling

Risk

Hazards due to extreme weather conditions

Risk

Autohellas Group has identified a risk related to potential occupational hazards associated with the handling of machinery and

equipment, primarily affecting employees in technical environments such as body shops, workshops and car‑wash facilities. These

risks could lead to employee injuries, health issues and disruptions to the continuity of business operations.

In 2025, four workplace accidents were recorded. To mitigate this risk, the Group places particular emphasis on ensuring that

employees possess the necessary skills and safety knowledge. Regular inspections and preventive maintenance of equipment

complement the training initiatives, while strict adherence to regulations concerning personal protective equipment (PPE) and

safe‑operation standards further strengthens employee protection. Accident reporting and continuous monitoring contribute to

the ongoing improvement of safety procedures related to machinery use.

To effectively manage this risk, the Group has in place emergency‑preparedness and crisis‑management plans, which are

reinforced through regular training programmes and emergency‑response drills for employees. Ongoing assessment of facility

vulnerabilities and the proactive implementation of resilience measures further enhance the Group’s ability to manage and

respond effectively to emergency situations. In parallel, clear and reliable communication protocols have been established for

emergency scenarios, ensuring a rapid and coordinated response.

Another risk identified by Autohellas Group relates to hazardous incidents that may arise from extreme weather events such as

storms, floods or heatwaves, as well as other unforeseen natural emergency situations. These events may endanger employee

safety, business‑continuity operations and the integrity of the Company’s assets.

Annual Financial Report 31.12.2025

• Impacts related to employee training and skill development

Description

Type

Training and upskilling opportunities

Actual positive

impact

The positive impact arising from the training and upskilling opportunities provided by Autohellas Group is widely recognised. By

investing in targeted employee‑development programmes, the Group strengthens its workforce with modern skills, knowledge

and expertise tailored to the requirements of the industry. These training programmes contribute to aligning workforce

capabilities with evolving market needs, technological advancements and sustainability objectives.

• Opportunities related to employee training and skill development

Description

Type

Talent attraction and retention

Opportunities

Operational efficiency

Opportunities

Autohellas Group recognises the strategic opportunity arising from its commitment to employee training and development,

particularly with respect to talent attraction and retention. The availability of comprehensive training initiatives, combined with

clear opportunities for career progression, significantly enhances the Group’s attractiveness as an employer of choice,

strengthening workforce stability and supporting long‑term competitiveness.

To maximise this opportunity, Autohellas promotes internal career pathways and advancement opportunities while maintaining

competitive remuneration and comprehensive benefits packages. In addition, ongoing employee‑engagement initiatives—

supported by regular satisfaction surveys and targeted internal actions—foster a positive and inclusive workplace culture. Effective

communication regarding development opportunities and career prospects further enhances the Group’s reputation as a

desirable employer.

Strengthening workforce skills represents an important opportunity for Autohellas Group to achieve higher operational efficiency.

A well‑trained and capable workforce enables streamlined processes, optimal resource utilisation, reduced operational errors and

increased adaptability to industry developments.

To effectively leverage this opportunity, Autohellas systematically updates its employee‑training and development programmes,

integrating industry best practices and emerging trends with the aim of enhancing operational performance. At the same time,

the Group actively encourages employee participation in continuous‑improvement initiatives, promoting the identification and

implementation of measures to boost efficiency. The effectiveness of these strategies is monitored through key operational

performance indicators linked to workforce capabilities, thereby ensuring the continuous improvement of operational efficiency

and competitiveness.

Policies

Autohellas maintains strict policies and procedures to ensure compliance with international labour standards and human‑rights

principles across all its operations and its supply chain. There are no exceptions within the Company’s workforce, as Autohellas is

committed to providing equal opportunities and protection to all employees, regardless of role or type of employment.

Autohellas Group maintains policies that prioritise employee health, safety, development and equal opportunities. The Group

ensures a safe and secure working environment by implementing occupational‑health‑and‑safety practices across all its facilities,

placing particular emphasis on minimising risks associated with machinery use and extreme weather conditions.

Annual Financial Report 31.12.2025

The Group’s Health and Safety Policy reflects the Company’s strong commitment to creating a safe and supportive environment

for all individuals involved in its activities, without exception. The Policy aligns with internationally recognised standards, such as

ISO 45001, and complies with local regulatory requirements, ensuring the highest levels of conformity. In developing the Policy,

the Company carefully considers the needs and interests of key stakeholders, including employees, external partners and the

wider community. The Policy incorporates practical measures such as regular risk assessments, tailored training programmes,

clearly defined emergency‑response procedures and a continuous effort to enhance workplace safety.

The Board of Directors holds ultimate responsibility for its implementation. To ensure transparency and accessibility, the Policy is

communicated through multiple channels, including the Company’s internal network, training sessions and communications from

the Risk and Compliance Management Unit and the Human Resources Department. This ensures that all individuals affected by

the Policy or responsible for implementing it are fully informed and empowered to contribute to a safe and healthy working

environment.

Respect for human rights and labour standards is embedded in Autohellas Group’s management practices, with strict prohibition

of violations such as forced labour, child labour and modern slavery. Employees can confidentially report any concerns or

violations through the established grievance mechanism, ensuring prompt investigation and appropriate action. All employees

are paid above the statutory minimum wage, in accordance with the national legislation of each respective country. Autohellas

Group recognises the importance of aligning its human‑rights practices with international standards. In this context, the Group

intends to explore the possibility of conducting a Human Rights Impact Assessment (HRIA) in line with the UN Guiding Principles

on Business and Human Rights. The potential implementation of such an assessment will be examined during the next reporting

period, reflecting the Group’s ongoing commitment to responsible business conduct and continuous improvement in

human‑rights governance.

Although Autohellas does not currently maintain a dedicated policy exclusively focused on diversity, equality and inclusion, it

remains fully compliant with national and European legislation on anti‑discrimination and equal treatment. Promoting equal

opportunities and fostering a multicultural and inclusive working environment is a fundamental principle for Autohellas. By

recognising and respecting the diverse backgrounds and lifestyles of its employees, the Group actively supports all employees by

providing fair and equal opportunities for professional development and advancement.

In addition to the aforementioned policies, Autohellas Group has designed and implements a Violence and Harassment Policy,

reflecting the Company’s firm commitment to ensuring a safe, respectful and inclusive working environment for all employees,

external partners and stakeholders. The Policy defines violence and harassment as any behaviour, act, practice or threat that may

cause physical, psychological, sexual or economic harm, whether occurring as a single incident or repeatedly. It explicitly refers to

harassment that violates personal dignity or creates an intimidating, hostile or offensive environment, including gender‑based

harassment, sexual harassment and discrimination based on sexual orientation, gender identity or gender expression.

The Policy applies to all individuals working with or for the Company, regardless of their employment status, including

employees, external partners, trainees and interns. It covers incidents occurring within the workplace, during business travel, in

Company‑provided areas (such as rest spaces, changing rooms or accommodation), as well as through professional

communications, including digital platforms. The Company strictly prohibits all forms of violence and harassment, including

gender‑based and sexual harassment, adopting a zero‑tolerance approach toward such behaviours. Autohellas is committed to

receiving, investigating and addressing all complaints with absolute confidentiality and respect for human dignity, ensuring that

no obstacles hinder the reporting of incidents.

Annual Financial Report 31.12.2025

The policy places emphasis on critical areas of implementation, such as employee training and awareness on the identification

and prevention of workplace violence and harassment, the conduct of risk assessments, and the promotion of a culture of respect,

diversity and inclusion. The Head of the Regulatory Compliance Unit, in collaboration with the Head of the Internal Audit Unit, is

responsible for managing incidents, supporting affected employees and ensuring that all cases are handled with discretion and

fairness. In addition, Autohellas ensures that all employees, during the onboarding process, are informed about their rights, the

relevant legal framework, and the procedures for reporting and addressing incidents, fostering a working environment where

respect and safety are paramount.

The Group systematically monitors the effectiveness of these policies through regular employee‑training programmes, structured

grievance‑submission processes, continuous incident logging and workforce feedback, ensuring their ongoing and effective

implementation.

Engagement with Own Workforce

Autohellas Group maintains regular and transparent communication with its employees through structured channels such as the

open‑door policy and the internal intranet platform. Employees can openly raise concerns, suggestions or comments directly with

supervisors and senior management, ensuring continuous exchange of views and timely responsiveness. This is particularly

important given the absence of formal employee representatives. Senior management, supported by departmental heads, holds

operational responsibility for ensuring effective employee engagement across the Organisation. Autohellas Group evaluates the

effectiveness of these engagement practices through regular employee‑satisfaction surveys and analysis of workforce feedback.

Employee engagement takes place on a regular basis throughout the year through scheduled team meetings, discussions with

supervisors and participation in internal employee‑satisfaction surveys. Team meetings and discussions with management occur

periodically as part of the departments’ day‑to‑day operations, while structured employee surveys are conducted at regular

intervals to collect systematic feedback on working‑environment issues, skills development and organisational culture.

The conclusions drawn from employee engagement directly inform the Company’s decisions, particularly on matters concerning

occupational safety, training and skills‑development initiatives, working conditions and diversity and inclusion policies. Through

these processes, the Group ensures that employee perspectives are incorporated into the shaping of workplace practices, thereby

strengthening workforce satisfaction, operational efficiency and organisational resilience.

Addressing Negative Impacts

Autohellas Group recognises the importance of promptly addressing any concerns raised by its workforce, particularly when these

may have a negative impact on employees. The Group has established procedures to manage and remedy such impacts in an

immediate and effective manner.

Employees at Autohellas have access to multiple internal channels to express concerns or needs directly. These include direct

communication with supervisors and management teams through the Group’s established “open‑door” policy, as well as

electronic channels such as the corporate intranet, which enables confidential and efficient issue reporting.

In addition, the Company implements a Reporting Management Policy, through which it encourages the timely reporting of

potential misconduct or irregularities.

Reports/complaints may be submitted anonymously through the following methods:

• In writing, addressed to the Head of the Regulatory Compliance Unit.

• By email, at whistleblowing@autohellas.gr

• Through the We Act TOGETHER platform.

Annual Financial Report 31.12.2025

Employees, customers and suppliers of the Company are encouraged to submit reports concerning criminal acts, suspected

incidents of unlawful behaviour, cases of mismanagement or serious irregularities/omissions in relation to the Company’s

regulations, policies and procedures. This channel is managed internally, strengthening employee trust and ensuring absolute

confidentiality.

Within the framework of the Reporting Management Policy, the confidentiality of the report and its associated data is

safeguarded, as well as the protection of the reporter’s anonymity, even in cases where a report is subsequently found to be

incorrect or unfounded. At the same time, the Company maintains a zero‑tolerance policy toward any form of threat, retaliation,

sanction or adverse discriminatory treatment against the reporter, the reported individual or any person participating in the

investigation process. In this context, appropriate measures may be taken in cases of retaliatory acts or threats, without prejudice

to the rights of the individuals involved in accordance with applicable legislation.

Autohellas systematically monitors and records issues reported through these mechanisms. The Group maintains detailed records

of submitted concerns, ensures timely responses and evaluates the effectiveness of corrective actions. Regular reviews by senior

management confirm that these channels remain effective and reliable. To further support continuous improvement, Autohellas

periodically conducts internal employee surveys to assess employee awareness and trust in these processes. The results of these

surveys, along with employee feedback, are used to strengthen engagement and communication practices.

iii. Metrics and targets

Targets

To further strengthen health and safety standards and address the needs of employees, Autohellas Group has set the following

targets, which are expected to be achieved by 2026:

• Conduct emergency‑preparedness drills covering at least 20% of the Group’s employees. These drills are essential to ensure

that employees are prepared for emergency situations, enabling rapid and effective responses in critical circumstances.

• Provide additional health‑and‑safety training for employees working in operational facilities (high‑risk areas). This ensures

that personnel in these locations possess the necessary knowledge and skills to perform their duties safely, thereby reducing

the likelihood of accidents and injuries.

• Enhance the reporting framework for employee training and upskilling initiatives. This will enable more effective monitoring

of performance and progress toward targets. It includes systematic recording of participation rates, training hours and

skills‑development outcomes, ensuring greater transparency and facilitating the evaluation of progress toward strategic

workforce‑development objectives.

Metrics

2025

2024

Total employees

1,804

1,821

Male employees

1,358

1,378

Female employees

446

443

Percentage of female employees

25%

24%

Employees in Greece

1,302

1,327

Employees in Portugal

286

283

Employees in other countries

216

211

Permanent employees (male)

1,186

1,184

Permanent employees (female)

394

391

Temporary employees (male)

172

194

Temporary employees (female)

Total turnover

404

352

Rate of turnover

22%

19%

Percentage of its total employees covered by collective bargaining agreements.

97.67%

97.97%

In the EEA, whether it has one or more collective bargaining agreements and, if so,

the overall percentage of its employees covered by such agreement(s) for each

country

100%

Annual Financial Report 31.12.2025

Metrics

2025

2024

Percentage of employees covered by workers’ representatives (%)

0.0%

Number of men at top management level

Percentage of men at top management level (%)

77.8%

71.4%

Number of women at top management level

Percentage of women at top management level (%)

22.2%

28.6%

Number of employees aged <30

293

322

Percentage of employees aged <30 (%)

16.2%

17.7%

Number of employees aged 30-50

958

986

Percentage of employees aged 30-50 (%)

53.1%

54.1%

Number of employees aged >50

553

513

Percentage of employees aged >50 (%)

30.7%

28.2%

Percentage of employees that earn below the applicable adequate wage benchmark

0.0%

Male employees that participated in regular performance and career development reviews (%)

0.0%

Female employees that participated in regular performance and career development reviews (%)

0.0%

Number of reviews in proportion to the agreed number of reviews by the management (%)

0.0%

Average number of training hours per male employee

9.36

11.72

Average number of training hours per female employee

21.00

24.00

Total average number of training hours per employee

12.14

14.81

Percentage of people in its own workforce who are covered by health and safety management system based on

legal requirements and (or) recognised standards or guidelines (%)

100%

Fatalities as a result of work-related injuries or work-related ill health (for own employees)

Number of fatalities as result of work-related injuries and work-related ill health of other workers working on

undertaking's sites

Recordable work-related accidents

Recordable work-related accidents rate

1.10

2.27

Gender pay gap %)

9.0%

14.0%

Annual total remuneration ratio

41.26

65.20

Incidents of discrimination, including harassment

Complaints filed through channels for people in the company’s own workforce to raise concerns

Complaints filed to National Contact Points for OECD Multinational Enterprises

Fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and

complaints filed

Severe human rights incidents connected to the company’s workforce

Number of severe human rights issues and incidents connected to own workforce that are cases of non respect of

UN Guiding Principles and OECD Guidelines for Multinational Enterprises

Notes:

• For top management, the Company applies the ESRS definition of top management as one and two levels below the

administrative and supervisory bodies.

• Total departures include, in accordance with the relevant ESRS definition, dismissals, retirements, voluntary resignations, as

well as any work‑related fatalities.

• Regarding the disclosure of the extent to which employees are entitled to and make use of family‑related leave, and the

extent to which they are covered by social protection against loss of income due to significant life events—and, where not

applicable, the countries in which such coverage does not apply—the Company intends to consider the publication of the

relevant information in future Reports.

3.2 Consumers and End Users

Autohellas Group is committed to upholding the highest standards of responsibility toward consumers and end‑users, ensuring

that its services meet superior levels of quality, safety and customer satisfaction. The Group’s approach to customer responsibility

lies at the core of its operations and is overseen by Management, integrating policies and procedures designed to protect

consumer rights, promote transparency and ensure compliance with applicable regulatory requirements, including EU

consumer‑protection legislation.

Annual Financial Report 31.12.2025

Autohellas Group serves a wide range of end‑users across its value chain, each with distinct needs and expectations. The

Company’s services are designed to meet the mobility needs of individuals relying on transportation solutions for various

purposes, ensuring safety, convenience and sustainability.

The primary end‑user groups include:

• Short‑term rental customers

Short‑term rentals are offered to (i) leisure travellers renting vehicles for holiday or personal trips, (ii) professionals, executives or

employees travelling for business purposes, (iii) individuals temporarily renting vehicles for personal use, often as an alternative

to car ownership, and (iv) companies, businesses and professionals seeking flexible, temporary or seasonal mobility solutions.

• Long‑term leasing customers

Long‑term leases are offered to (i) company employees and professionals using leased vehicles as work tools, (ii) companies that

provide vehicles to their executives as part of their employment benefits, and (ii) private individuals who prefer vehicle use over

ownership.

• Private buyers

These are individuals purchasing new or used vehicles through the Group’s automotive sales network, as well as customers

receiving maintenance and repair services after the sale of their vehicle.

• Indirect end‑users

These consumers are individuals who purchase vehicles through dealers associated with the Group’s import subsidiaries. As a

result, the Group indirectly influences service standards and the quality of the vehicles.

Autohellas Group recognises that certain groups of end‑users require tailored mobility solutions and additional support to ensure

safety, accessibility and an overall high‑quality service experience. Specifically, these customers may require vehicles designed for

easy entry and exit, equipped with assistive features, and complemented by supplementary rental‑support services. In addition,

Autohellas is committed to accommodating the needs of people with disabilities by providing specially adapted vehicles with

accessibility modifications such as wheelchair ramps, hand controls and customised seating. Finally, for families travelling with

young children, the Company ensures the availability of safe, legally compliant child seats, spacious vehicles and flexible rental

options, effectively addressing the unique mobility needs of families.

i. Impacts, risks and opportunities management

The Group monitors potential impacts, risks and opportunities through customer‑evaluation mechanisms, incident‑reporting

systems and internal process controls.

Autohellas Group serves a wide range of end‑users who may experience material impacts arising from the Group’s business

activities and service standards. These impacts relate to risks associated with personal‑data protection and access to critical

service‑related information. While the Group does not inherently provide harmful products, some consumers may face concerns

related to data protection, reliance on clear product information or financial risks associated with rental and purchasing

arrangements. The table below categorises end‑users according to specific material‑impact risks and dependencies, ensuring

targeted risk mitigation and enhanced service delivery.

Categories of material Impacts

Groups of End Users affected

Data Protection/Privacy Risks

Short & Long-Term Rental Customers

Dependence on Accurate Information

All end-users groups

The analysis below presents the main identified impacts and risks associated with Autohellas Group’s consumers and end‑users,

as well as the actions undertaken to address them:

Annual Financial Report 31.12.2025

• Impacts

Description

Type

High product and service quality

Actual positive

Impact

Autohellas Group recognises that the provision of high‑quality products and services has a positive impact on customer

satisfaction, trust and loyalty. By maintaining strict transparency and high standards across its rental, sales and after‑sales

operations, the Group directly enhances the customer experience and supports the resilience of the business.

In addition, maintaining a well‑serviced, safe and diverse fleet directly strengthens consumer confidence, reinforces brand trust

and promotes long‑term customer relationships.

To achieve these outcomes, Autohellas Group systematically implements maintenance and inspection processes, regularly invests

in fleet upgrade with reliable vehicles, and actively incorporates customer feedback to promptly address potential concerns.

Furthermore, employee training is continuously enhanced to strengthen awareness of quality assurance, customer safety and

transparent communication, ensuring sustained positive impacts and operational effectiveness.

Moreover, the Group invests strategically in digitalisation initiatives to simplify customer interactions, introducing online

reservations, digital contracts and user‑friendly self‑service options. These digital enhancements not only facilitate efficient and

accessible customer experiences but also contribute to operational sustainability by reducing resource use associated with

traditional administrative processes

• Risks

Description

Type

Reputational harm due to inadequately maintained vehicle fleet

Risk

Autohellas Group recognises customer safety as a material risk, given the inherent hazards associated with vehicle operation and

road safety. This risk may arise from potential gaps in vehicle maintenance, inconsistent adherence to safety protocols and

variability in road‑safety practices. In particular, insufficient fleet maintenance could result in elevated accident risks, while

inadequate road‑safety measures may jeopardise customer safety, potentially affecting individuals as well as the Company’s

reputation.

To effectively mitigate these risks, Autohellas Group systematically implements comprehensive fleet‑maintenance programmes,

ensuring that vehicles undergo stringent inspections and comply with strict quality and safety standards. Structured vehicle checks

and preventive‑maintenance programmes—supported by advanced diagnostic tools and specialised staff training—form a key

component of this process. Vehicles undergo detailed safety inspections before each rental, with particular focus on critical safety

features such as airbags, braking systems (ABS), tyre condition and lighting systems.

The Group continuously invests in advanced vehicle‑diagnostic technologies, preventive‑maintenance solutions and specialised

staff training to proactively identify and remedy safety issues before they develop into risks.

The Group maintains accurate records to ensure timely maintenance interventions, reducing the likelihood of breakdowns during

customer use. In addition, customers are proactively informed of upcoming service schedules and required maintenance intervals,

increasing transparency and reinforcing customer trust. Continuous communication through timely service reminders helps

ensure that vehicles remain in optimal condition, further supporting the fleet’s reliability and safety performance. Road‑safety

measures are further enhanced through safety inspections and compliance checks that align with regulatory best practices.

Annual Financial Report 31.12.2025

It is noted that no road accidents related to inadequately maintained vehicles occurred during the year.

Description

Type

Reputational harm from customer personal data breach

Risk

Autohellas Group recognises data protection and cybersecurity as operational risks, given the high volume of rental and retail‑sales

transactions conducted with customers. Due to the extensive collection of personal data from private customers—including

identification details, payment information and personal preferences—the Group acknowledges that risks associated with the

collection, storage and processing of data may lead to legal liabilities, financial penalties under GDPR regulations and potential

reputational damage in the event of a data breach or non‑compliance incident.

To manage and mitigate these risks, Autohellas continuously strengthens its cybersecurity by implementing technical measures

such as advanced data encryption, secure information systems and regular cybersecurity audits.

In addition, the Group invests in ongoing training programmes to educate employees on GDPR compliance and data‑protection

best practices, ensuring that all staff understand their responsibilities and obligations. Internal processes clearly define proper

data‑handling procedures, customer‑consent protocols and regular personal‑data‑protection checks, ensuring continuous

compliance with applicable regulatory requirements.

It is noted that no customer data‑breach incidents were recorded during the year.

Policies and Procedures Relating to Customers

The policies relating to customers are integrated into the Group’s overall risk‑management framework and are reviewed

periodically to address emerging challenges and evolving consumer expectations. The Board of Directors and senior management

oversee the effectiveness of these policies, ensuring that customer concerns are addressed in a timely and responsible manner.

• Customer Rights:

Autohellas Group’s commitment to human rights extends to customers and end‑users through adherence to internationally

recognised standards such as the UN Guiding Principles on Business and Human Rights (UNGPs), the OECD Guidelines for

Multinational Enterprises and the ILO Declaration on Fundamental Principles and Rights at Work. The Group’s approach includes

non‑discrimination in service delivery, protection of customer privacy and ensuring access to complaint‑handling mechanisms.

Respect for customer rights is embedded in the Group’s Code of Conduct, which explicitly prohibits unfair treatment and

discrimination in customer interactions. Further information on the Autohellas Code of Conduct and the Human Rights Policy is

provided in the chapter “Business Conduct” of the Sustainability Statement.

Beyond the Code of Conduct and the Human Rights Policy, the Group has developed and implemented policies and procedures

governing its relationship with customers and end‑users, applicable to all customer categories, including private renters, corporate

short‑term and long‑term rental clients and vehicle purchasers. These policies cover critical areas such as customer satisfaction,

vehicle safety, complaint resolution and sustainable mobility.

• Customer Satisfaction and Service‑Quality Process:

Autohellas’ Customer Satisfaction and Service‑Quality Process underscores the Group’s commitment to providing high‑quality

services across all its operations, including short‑term and long‑term car rentals and vehicle sales. With a customer‑centric

approach, Autohellas prioritises understanding and meeting customer needs, offering flexible solutions and personalised services

to enhance the overall customer experience.

Annual Financial Report 31.12.2025

Autohellas Group is committed to providing high‑quality services in car rental, leasing and sales, ensuring that customer needs

are met through flexible and personalised solutions. As part of fulfilling this commitment, the Net Promoter Score (NPS) is used

on a monthly basis to assess customer needs and maintain direct engagement with them. In addition, customer‑satisfaction

surveys are conducted across the Group’s companies, with each company applying a framework tailored to its specific operations.

Autotechnica Hellas conducts regular customer‑satisfaction surveys. These surveys assess and record customer evaluations and

satisfaction levels, comments and complaints, as well as areas for improvement, which are taken into account to optimise internal

processes and enhance customer service.

Finally, mystery‑shopper surveys are carried out as one of the most reliable methods for evaluating the quality level of Autohellas

Group’s services and products. The purpose of these surveys is to better and more effectively assess the services provided and

identify areas requiring improvement.

Through the above measures, Autohellas actively collects and analyses customer feedback to drive continuous improvement of

its service quality, reflecting the Group’s commitment to long‑term customer satisfaction and trust.

• Privacy and Personal‑Data Protection Policy:

Autohellas is committed to protecting customer data by ensuring compliance with applicable data‑protection laws and

maintaining strict privacy standards. With a robust personal‑data‑protection policy, the Company safeguards personal information

collected through rental, leasing and sales activities, ensuring secure processing and confidentiality. Data‑security measures are

continuously enhanced to prevent unauthorised access and data breaches. Customer consent and transparency are prioritised,

with clear disclosures on data collection, use and retention. Autohellas also takes stakeholder interests into account, aligning its

practices with evolving regulatory requirements. By embedding privacy into its operations, the Company strengthens trust and

ensures responsible data management at all points of interaction.

• Vehicle Safety and Maintenance Process:

Autohellas adheres to the highest standards of vehicle maintenance, aiming to ensure the safety, reliability and optimal

performance of its vehicles for customers. The Company implements a rigorous maintenance programme, performing regular

inspections, repairs and preventive work in line with manufacturer guidelines and industry best practices. Customer safety remains

a top priority, supported by strict quality checks and continuous monitoring to prevent mechanical issues. In addition, regular

feedback from customers/drivers and operational data is used to enhance maintenance processes. Through these efforts,

Autohellas guarantees a well‑maintained fleet, reinforcing customer trust and delivering a seamless mobility experience. The

Company enforces strict safety controls and regular inspections to ensure the roadworthiness of its vehicles.

• Complaint‑Handling and Dispute‑Resolution Process:

Autohellas has established a comprehensive Complaint‑Handling and Dispute‑Resolution Policy to ensure fair, transparent and

effective management of customer concerns. The Process provides a structured explanation of how complaints can be submitted

through various channels, such as customer‑service departments, digital communication platforms and dedicated service centres.

All complaints are carefully reviewed, documented and assessed to determine appropriate solutions, with a commitment to

prompt and effective resolution.

Autohellas values customer feedback and incorporates findings into its continuous efforts to improve service quality. The Company

prioritises transparency by clearly communicating the complaint‑resolution process and expected response times. Dedicated

teams handle disputes professionally, ensuring fair outcomes aligned with Autohellas’ commitment to customer satisfaction.

In addition to the above policies, and with the aim of providing immediate customer support, Autohellas operates a

customer‑service department that is available 24 hours a day, 7 days a week, to handle customer requests and reservations at any

time. Communication can take place by phone or electronically through the online contact form.

Annual Financial Report 31.12.2025

Customer Communication Framework

Engagement with customers and end‑users is a fundamental pillar of Autohellas Group’s business strategy. The Group applies a

multi‑layered approach to consumer interaction, integrating direct evaluation mechanisms, digital platforms and structured

surveys.

The methods used by the Group for the systematic collection of customer feedback are presented in the table below:

• Customer Service Department:

To ensure immediate customer support, the Group operates a customer‑service department available 24 hours a day, 7 days a

week, to handle customer requests and reservations at any time. Communication can take place by phone or electronically

through the online contact form.

• Mystery Shopper Survey:

The “mystery shopper” method is used as a tool to evaluate the quality of the Group’s services and products. Its purpose is to

collect objective data on the customer experience and identify both strengths and areas for improvement in the services provided.

This allows for more accurate and effective assessment of service performance and the identification of areas in need of

enhancement.

• Customer‑Satisfaction Surveys:

Autohellas conducts customer‑satisfaction surveys with different application frameworks for each Group company. Specifically,

Autotechnica Hellas conducts monthly customer‑satisfaction surveys in collaboration with ICAP, one of the largest

business‑information groups. The survey assesses and records customer evaluations and satisfaction, comments and complaints,

as well as improvement areas. At the end of each month, ICAP delivers a detailed report with the survey findings.

• Digital Communication Channels:

Autohellas leverages digital communication channels to interact with customers and the community. The Group maintains a strong

presence on social‑media platforms, while direct contact with customers is ensured via corporate email and the online

communication form.

• Specialised Customer‑Service Call Centres:

Through Autohellas’ specialised customer‑service call centres, more immediate and effective support is achieved.

• Net Promoter Score (NPS):

Through the Net Promoter Score (NPS) evaluation form, the Group assesses customer needs and satisfaction levels on a monthly

basis.

• E-commerce:

Through the Hertz online store, the Group promotes and internally circulates key evaluations and feedback collected from its

customers.

Customers are engaged through satisfaction surveys, customer‑service hotlines, digital evaluation forms and educational

initiatives that provide guidance on vehicle safety, data protection and sustainable mobility options. Engagement occurs at various

stages, from onboarding to feedback collection after a transaction. Responsibility for ensuring effective consumer engagement

lies with the Directors of Long‑Term and Short‑Term Rentals and the Directors of Car Sales, who report directly to senior

management and oversee the effectiveness of all customer‑interaction channels.

Annual Financial Report 31.12.2025

To ensure that consumer insights inform business decisions, the Group systematically evaluates customer feedback, complaint

trends and emerging consumer expectations. The conclusions drawn from these interactions contribute to product and service

improvements, operational adjustments and policy enhancements. The Group has also taken proactive measures to engage

vulnerable consumer groups, ensuring accessibility and non‑discriminatory service provision. The effectiveness of engagement

mechanisms is assessed through key performance indicators such as customer‑satisfaction scores, number of complaints and

service‑quality evaluations.

Consumer Complaints & Grievance Mechanisms

Autohellas Group has established comprehensive procedures to provide and activate corrective measures in relation to

human‑rights impacts that may affect consumers and end‑users. Customers have access to structured complaint‑handling

mechanisms, which include online reporting channels, direct communication with customer‑service representatives and

escalation pathways to independent mediation bodies where necessary. The “We ACT Together” Reporting Platform provides an

additional channel for stakeholders to anonymously report ethical concerns, with strict protections against retaliation. These

mechanisms are continuously monitored to ensure accessibility, effectiveness and reliability. The Group communicates available

reporting channels to consumers and monitors issue‑resolution rates to assess effectiveness. All communication channels are

included in service documents, such as offers, rental agreements and invoices.

In cases where material adverse impacts on consumers have been identified, the Group takes immediate action to remedy the

situation. Corrective measures may include revision of service agreements, provision of refunds, enhancement of vehicle‑safety

measures or strengthening of data‑protection protocols. If a consumer‑related issue indicates systemic risks, the Group conducts

a root‑cause analysis and implements broader policy changes. Furthermore, Autohellas Group continuously works to create

positive consumer outcomes by expanding its low‑emission vehicle fleet, enhancing digital services and improving accessibility for

diverse customer groups.

It is noteworthy that no serious human‑rights incidents related to end‑users were recorded during the year.

Performance Monitoring & Consumer Evaluation

Autohellas Group has defined clear targets linked to consumer performance, ensuring ongoing improvements in customer

satisfaction, safety and accessibility. Consumers participate in the definition and monitoring of these targets through regular

consultations, surveys and advisory committees. Performance against these targets is monitored through periodic reviews, and

adjustments are made based on consumer feedback.

The Group’s strategic decision‑making is shaped by the interests, views and rights of its consumers. Consumer well‑being is

embedded in the business model, influencing fleet management, service offerings and sustainability initiatives. The Group

considers all consumers and end‑users who may be significantly affected by its operations, products and business relationships.

Where negative impacts arise, they are evaluated to determine whether they stem from broader systemic issues—such as

data‑protection risks in digital services—or from isolated incidents, such as safety concerns related to specific vehicles.

Beyond mitigating risks, Autohellas Group actively seeks opportunities to generate positive outcomes for consumers. This includes

expanding eco‑friendly mobility options, improving digital accessibility and increasing transparency across its services. The Group

also assesses whether customers with specific sensitivities may face heightened risks and adapts its service models accordingly.

By maintaining a structured and transparent approach to customer responsibility, Autohellas Group ensures that its services are

aligned with internationally recognised human‑rights principles, delivering both value and protection to its customers.

Annual Financial Report 31.12.2025

ii. Metrics and targets

The Company and the Group, with the objective of maximising customer satisfaction, have set the following targets regarding

customer‑evaluation mechanisms:

Activity

Metric

Target

Short-Term Rentals

NPS Rental Score

Score > 45,2 (EMEA Average)

Short-Term Rentals

Complaints Ratio

% Rentals below 1%

Long-Term Rentals

NPS After Sales Score

Score > 38 (Car Sector Average)

Long-Term Rentals

Call Center Service Level

Score over 90%

4. Corporate Governance

4.1 Business Conduct

Autohellas Group is committed to the highest standards of corporate governance, transparency and business ethics. The Group’s

corporate‑governance framework is designed to ensure compliance with applicable laws and regulations, promote integrity across

all operations, and strengthen trust among its stakeholders.

Business ethics constitute a fundamental pillar of Autohellas Group’s long‑term strategy, supported by clearly defined policies

aimed at preventing corruption, safeguarding fair supplier relationships and maintaining a responsible corporate culture.

i. Ethical governance and corporate culture

Autohellas Group operates under a Code of Conduct that sets out the ethical standards and expectations for its employees,

business partners and suppliers. The Company complies with the United Nations Convention against Corruption through the

implementation of its Anti‑Bribery/Anti‑Corruption Policy, under which it commits to conducting its activities with integrity and

in accordance with applicable anti‑corruption legislation. The Company follows a zero‑tolerance approach to bribery, corruption

and any form of unethical behaviour and requires employees and third parties acting on its behalf to adhere to the relevant

principles and procedures.

Autohellas Group is committed to maintaining high standards of ethics and transparency, which contribute to creating a fair and

trustworthy business environment.

Strict adherence to applicable laws and regulations enhances the confidence of investors, customers and other stakeholders, while

reducing the risk of legal and operational impacts.

Within this context, the Group has identified one material positive impact and one material risk related to corporate culture and

governance:

• Impacts

Description

Type

Compliance and ethical business practices

Actual positive

Annual Financial Report 31.12.2025

• Risks

Description

Type

Compliance with regulatory and legal requirements

Risk

Compliance with the European Regulatory Framework and New Directives

Within the context of modern regulatory requirements, Autohellas is required to comply with a series of new as well as existing

directives and regulations, which affect both its financial obligations and its environmental, social and governance practices.

- CSRD (Corporate Sustainability Reporting Directive): The new sustainability‑reporting directive increases transparency

and disclosure requirements on ESG matters. The Group must ensure that the data it publishes are reliable, accurate and

consistent with the European Sustainability Reporting Standards (ESRS), requiring enhanced data‑collection and analysis

systems.

- GDPR (General Data Protection Regulation): Personal‑data protection is a critical legal matter, with increased

requirements for the processing, storage and security of customer, employee and partner data. Non‑compliance can lead

to severe financial penalties and reputational damage.

The Group has identified a related risk linked to customer personal data, further analysed in the section “Consumers and

End‑Users” of the Sustainability Statement.

- Anti‑Money Laundering (AML) Directives: Autohellas is required to implement strict transaction‑monitoring and

due‑diligence procedures to prevent financial crime, corruption and fraud.

- Tax Transparency and BEPS (Base Erosion and Profit Shifting): International and EU requirements on tax transparency

and the prevention of profit shifting impose strict documentation and reporting obligations on the Group.

- Further related information is disclosed in Note 37(iv) of the Financial Statements.

Complexity and Continuous Monitoring of Legal Developments

The increasing complexity of the regulatory environment requires Autohellas to maintain mechanisms for the continuous

monitoring of legal and regulatory changes. Legal requirements differ across the countries in which the Group operates, making

ongoing collaboration with legal and tax advisors essential.

Frequent legislative amendments necessitate rapid adaptation of internal processes to avoid legal and financial penalties. The risk

of non‑compliance is amplified by the multifaceted nature of regulatory requirements, covering areas ranging from financial

transparency to environmental and social responsibility.

Impacts of Non‑Compliance

Non‑compliance with the aforementioned regulatory requirements may result in significant adverse impacts, such as financial

penalties and fines from regulatory authorities, loss of investors and financing opportunities—since failure to meet ESG standards

can affect access to green financing. In addition, non‑compliance may lead to disruptions in cooperation with international

suppliers and customers who require adherence to specific regulatory frameworks, as well as legal claims and litigation, resulting

in increased costs and reputational risk.

Annual Financial Report 31.12.2025

ii. Impacts, risks and opportunities management

To manage the material impacts, risks and opportunities related to business conduct and corporate culture, Autohellas has

adopted a comprehensive set of policies aligned with international best practices. These policies aim to uphold high ethical

standards across all Group activities, fostering a corporate culture characterised by integrity, transparency and accountability.

These policies include, among others, the following:

Code of Conduct

The Code of Conduct sets out the ethical principles and guidelines for responsible business practices, ensuring compliance with

local and international legislation, as well as respect for human rights and environmental standards. Core values include integrity,

transparency, accountability, fairness, respect for diversity and commitment to sustainability—promoting a culture of trust and

responsible decision‑making across all activities. The Code applies to all employees, suppliers and business partners of the Group.

It is approved by the Company’s Board of Directors, as are any amendments, and is implemented across all Autohellas Group

companies. Responsibility for monitoring its implementation lies with the Human Resources Department, which ensures its

integration into staff‑awareness and training processes. The Code of Conduct is included in the onboarding package for newly

hired employees, and all employees are required to sign a declaration of acceptance and commitment to its principles upon initial

issuance or revision. Employees may contact the Human Resources Department for guidance or clarifications regarding its

application.

Internal Regulation of Operation

The Company applies an Internal Regulation of Operation prepared in accordance with Article 14 of Law 4706/2020 on corporate

governance, the Company’s Articles of Association, the Hellenic Corporate Governance Code of SEV adopted by the Company, and

the applicable regulatory and legislative framework governing its operations. The Regulation defines the organisational and

operational framework of the Company and includes, among others, the organisational structure, the responsibilities of the Board

of Directors and its committees, and the key features of the internal‑control, risk‑management and compliance systems. It also

includes policies and procedures relating to regulatory compliance, the management of inside information, transactions with

related parties, the prevention of conflicts of interest, the periodic evaluation of the corporate‑governance system and the

internal‑control system, as well as the Company’s sustainability policy.

The Regulation applies to members of the Board of Directors and its committees, the Chief Executive Officer, General Managers,

senior executives and all Company employees. It may also apply to partners providing services to the Company under

independent‑services or project contracts, where the cooperation is based on a relationship of trust or explicitly stipulated in the

agreement. These individuals are bound by the provisions of the Regulation and must perform their duties in line with corporate

decisions, policies, procedures and their supervisors’ instructions.

The Board of Directors holds ultimate responsibility for the implementation of the Regulation and the overall supervision of the

corporate‑governance framework. It is responsible for the management and oversight of the Company’s activities and for ensuring

the effectiveness of internal‑control, risk‑management and compliance systems.

The Regulation is approved by the Board of Directors and enters into force upon approval. A summary of the Regulation and any

amendments are published on the Company’s website. Its suitability and effectiveness are periodically assessed by the Board of

Directors, senior management and the Internal Audit Department, and any need for modification is reviewed by the Board.

Annual Financial Report 31.12.2025

The Regulation aims to ensure the Company’s compliance with the applicable legislative and regulatory framework governing its

operations, as well as the orderly and lawful functioning of its corporate bodies and processes. In this context, it contributes to

risk management, enhances transparency and safeguards the effective operation of the Company’s corporate‑governance

mechanisms.

Whistleblowing Policy

The Group’s Whistleblowing Policy provides a safe and confidential channel for reporting incidents of unethical conduct,

irregularities or violations of laws, regulations or corporate policies. Reports can be submitted without fear of retaliation, as the

Company ensures strict confidentiality and the protection of individuals who file a complaint. Through this policy, Autohellas

encourages the immediate reporting of any concern, with the aim of reinforcing its values and cultivating a culture of responsibility

and trust.

All employees and stakeholders are expected to adhere to the principles outlined in the Group’s policies, supporting a culture of

integrity and trust. All policies are accessible to stakeholders through the Company’s website and internal communication

channels, ensuring transparency and active participation. Responsibility for their implementation lies with the Board of Directors.

Furthermore, to ensure stakeholders remain fully informed, beyond training sessions, seminars and activity‑specific informational

material, Autohellas maintains a dedicated Risk and Compliance Management Unit that provides continuous support, guidance

and updates, ensuring effective application and understanding of its policies.

Anti‑Money Laundering (AML) Policy

The Group applies an Anti‑Money Laundering Policy designed to prevent money‑laundering activities and the circumvention of

international sanctions by ensuring compliance with the applicable regulatory framework. The Policy requires customer

due‑diligence procedures, identification and verification of customer details and beneficial ownership, checks against

international sanctions lists and transaction‑monitoring mechanisms to detect suspicious activity, supported by procedures for

record‑keeping and employee‑training programmes.

The Policy applies to the parent Company and its subsidiaries in Greece and abroad, covering activities and customer transactions

within the business relationship and applying to employees involved in initiating or monitoring such transactions.

Responsibility for implementing and overseeing the Policy is assigned to the Group’s Anti‑Money Laundering and Sanctions

Compliance Officer (the “Compliance Officer”), who holds full responsibility for the relevant programme and monitors the

Company’s and its subsidiaries’ compliance with the applicable obligations.

Board of Directors and Executive Training Policy

The Company implements a training policy for members of the Board of Directors, senior executives and other key personnel, in

accordance with the provisions of Law 4706/2020, Law 4548/2018 and the Corporate Governance Code it follows. The objective

of the Policy is to support the effective performance of duties by Board members and executives through continuous development

of knowledge and skills related to the Company’s operations and the regulatory framework governing them. Training sessions are

carried out on a regular basis—under an annual training plan approved by the Board of Directors—as well as on an ad‑hoc basis

when needs arise due to legislative changes, the introduction of new services or findings from internal‑audit reviews.

The Policy applies to members of the Board of Directors, senior executives and other Company personnel. Responsibility for

implementing the training policy lies with the Human Resources Department, which designs and delivers the relevant training

plan. The Board’s Candidacy and Remuneration Committee supports the process by assessing Board members under the Suitability

Policy and informing the Human Resources Department when additional knowledge or skill enhancement is required, so that the

appropriate training programme can be designed.

Annual Financial Report 31.12.2025

100

For the Head of the Internal Audit Unit and the Head of the Risk Management and Regulatory Compliance Unit, training needs are

determined with the support of the Audit Committee. The full text of the training policy is included in Annex II of the Company’s

Internal Regulation of Operation.

To ensure that all internal stakeholders are fully informed about the above policies, Autohellas has established a comprehensive

training programme aimed at cultivating a strong ethical culture within the organisation. The Company provides training on

business conduct to all employees, with particular emphasis on anti‑corruption, anti‑bribery, conflicts of interest and compliance

with legislative and regulatory requirements. Newly hired employees are required to complete the training during their

onboarding process in order to understand the Company’s ethical standards from the outset. In addition, refresher training is

conducted whenever necessary to ensure that stakeholders remain informed about the latest legal developments, Company

policies and best practices. Training is tailored to different audiences, with senior management receiving more specialised content

relating to governance, risk management and oversight of ethical practices.

The Company also applies additional controls and monitoring systems in these high‑risk areas in order to mitigate potential ethical

risks and ensure compliance with internal policies and external legislation. Autohellas has established clear procedures for

investigating incidents involving violations of business conduct, including cases of corruption and bribery. Investigations are

conducted independently of the management hierarchy to ensure impartiality. The Group regularly assesses its corporate culture,

integrating feedback from employees, governance assessments and compliance audits to strengthen ethical practices.

The Company has also established a structured process for reporting, investigating and addressing incidents of unlawful or

policy‑violating behaviour. A whistleblowing platform is available, enabling both identified and anonymous reports. In compliance

with Directive (EU) 2019/1937, Autohellas protects whistleblowers from retaliation, ensuring that reports are handled

confidentially and investigated impartially.

Although Autohellas operates in a sector where animal‑welfare issues are not applicable, the Company acknowledges the related

disclosure requirement and confirms that it does not currently maintain any specific policies on this matter. Should future activities

require such policies, the Company will take appropriate steps to ensure compliance.

iii. Anti-Bribery and Anti‑Corruption

Operating under a Code of Conduct that sets high ethical standards and expectations, Autohellas has formally established and

implemented an Anti‑Bribery and Anti‑Corruption Policy, which is communicated in detail to all stakeholders. This policy is aligned

with the principles of the United Nations Convention against Corruption (UNCAC), as further outlined above, and strictly prohibits

all forms of corruption, including bribery, money laundering and extortion, reinforcing the Company’s commitment to the highest

standards of business ethics.

To ensure the effectiveness of the policy, Autohellas has adopted a robust framework that includes regular training programmes

aimed at raising awareness of anti‑corruption legislation and corporate ethical principles. In addition to ad‑hoc training provided

to all personnel, all newly hired employees must attend relevant training during their onboarding to understand Autohellas’

zero‑tolerance policy towards corruption and bribery from the outset. The training programme covers critical areas such as

identifying and preventing incidents of corruption and bribery, understanding legal requirements, the importance of transparency

in business activities, the consequences of non‑compliance and the available channels for reporting potential incidents. For

members of the administrative, managerial and supervisory bodies, the training is even more extensive, focusing on their distinct

roles and responsibilities regarding compliance oversight and management of ethical risks throughout the organisation. This

process is facilitated through the Board Training Policy. These specialised training sessions also cover topics such as strategic

oversight of ethical practices, corporate governance and risk management, tailored to the responsibilities of the Company’s

governing bodies. The Anti‑Bribery and Anti‑Corruption Policy is available to all employees through the corporate intranet.

Annual Financial Report 31.12.2025

101

Metrics and Targets

Although the relevant policies are already in place, Autohellas is committed to continuously strengthening its anti‑corruption

practices. The Company’s future targets include:

• Updating the Anti‑Corruption Policy with the aim of (i) conducting an annual review and adaptation of the relevant policies

in line with regulatory requirements and best practices, and (ii) achieving a minimum rate of internal training coverage relating

to awareness of these policies.

• Further enhancement of staff training: Delivery of refresher training to employees of the Group’s Greek subsidiaries, covering

at least 50% of employees. These training sessions will be implemented within the next 12 months, with the support and

oversight of the Risk Management and Regulatory Compliance Unit.

During the year, Autohellas did not face any legal consequences related to anti‑corruption and anti‑bribery legislation, with no

convictions or fines recorded. This reflects the Company’s consistent commitment to business ethics, regulatory compliance and

safeguarding corporate integrity.

Metrics

2025

2024

Compliance audits conducted

Number of whistleblower reports received and resolved

Number of legal cases related to corruption

Amount of fines paid for anti-corruption violations

iv. Political contributions and public‑policy engagement

Autohellas Group does not engage in lobbying activities and does not provide monetary or non‑monetary political contributions

to government officials, political parties or advocacy organisations. The Company maintains a neutral position on political matters

and ensures that its business activities remain independent from undue political influence. The Board of Directors is responsible

for overseeing compliance with the Company’s political‑neutrality policy and for ensuring that no lobbying activities or political

contributions take place within Autohellas Group. Autohellas Group does not appoint individuals to its administrative,

management or supervisory bodies who have held equivalent positions in public administration within the two years preceding

their appointment, as this is not aligned with the Company’s governance practices.

The Company is not registered in the EU Transparency Register nor in any equivalent lobbying register, as it does not engage in

activities that would require such registration.

v. Responsible supply‑chain management

Autohellas Group applies a Supplier Evaluation Process to ensure that its suppliers comply with environmental, social and

governance (ESG) criteria. Beyond operational requirements, Autohellas assesses its suppliers based on their commitment to

ethical business practices and sustainability standards.

Autohellas Group does not maintain a formal policy specifically aimed at preventing late payments; however, it adheres to

contractual terms and prevailing industry standards when processing supplier payments. In cases of delays, the Company

communicates directly with suppliers to facilitate the timely settlement of outstanding obligations.

Annual Financial Report 31.12.2025

102

From 1 January 2026 onwards, the relevant indicators (average invoice‑payment time and the percentage of on‑time payments)

will be systematically monitored and optimised through the implementation of the new ERP (back office) system, which aims to

improve efficiency and strengthen financial‑management processes.

Up to 31.12.2025, Autohellas did not face any legal proceedings related to late payments.

vi. Governance Oversight

The Board of Directors oversees the operations of Autohellas Group and its adherence to principles of business ethics. It is

responsible for ensuring that the corporate‑governance framework is aligned with international best practices, legal requirements

and stakeholder expectations.

The Company has implemented a structured Enterprise Risk Management (ERM) framework, which integrates corruption and

bribery risks into broader corporate‑risk assessments. Risk‑mitigation strategies are continuously adjusted based on emerging

threats and compliance developments.

Members of the Board of Directors receive training on corporate governance, business ethics and regulatory compliance to ensure

they possess the necessary knowledge for effective oversight of the Company. In addition, Autohellas Group discloses whether

any member of the Board has held positions in the public sector within the past two years, ensuring transparency and preventing

potential conflicts of interest.

Based on the above, the report of the Certified Auditor and the annual financial statements as at 31 December 2025, we consider

that you have at your disposal all necessary information to proceed with the approval of the annual financial statements for the

financial year ended 31 December 2025, and the approval of the overall management by the Board of Directors.

Kifissia, 18 March 2026

The Board of Directors

Emmanouela Vasilaki

Chairwoman of the Board of Directors

Eftichios Vassilakis

CEO and Executive Member of the Board of

Directors

Annual Financial Report 31.12.2025

103

D. LIMITED ASSURANCE REPORT OF CERTIFIED AUDITOR ACCOUNTANT ON THE

SUSTAINABILITY STATEMENT

Independent Auditor’s Limited Assurance Report on

AUTOHELLAS TOURIST AND TRADING SΟCIÉTÉ

ANONYME Sustainability Statement

To the Shareholders of AUTOHELLAS TOURIST AND TRADING SΟCIÉTÉ ANONYME

We have conducted a limited assurance engagement on the consolidated Sustainability Statement of AUTOHELLAS

TOURIST AND TRADING SΟCIÉTÉ ANONYME (hereinafter the “Company” and/or "Group"), included in section

"Sustainability Report" of the Management Report (hereinafter the “Sustainability Report”), for the period from 01.01.2025

to 31.12.2025.

Limited assurance conclusion

Based on the procedures performed, as described below in the paragraph "Scope of Work Performed", and the evidence

obtained, nothing has come to our attention that causes us to believe that:

• the Sustainability Statement has not been prepared in all material respects, in accordance with Article 154 of Law

4548/2018 as amended and effective by Law 5164/2024, which transposed Article 29(a) of EU Directive

2013/34/EU into the Greek legislation.

• the Sustainability Statement does not comply with the European Sustainability Reporting Standards (hereinafter

“ESRS”), in accordance with Regulation (EU) 2023/2772 of the Commission of July 31, 2023 and Directive (EU)

2022/2464 of the European Parliament and the Council of December 14, 2022

• the process followed by the Company to identify and assess of material risks and opportunities (the "Process"), as

set out in the Note of the Sustainability Report, does not comply with "Impact, Risk, and Opportunity Management"

of ESRS 2 "General Disclosures"

• the disclosures in section "Disclosures according to EU Taxonomy" of the Sustainability Statement do not comply

with Article 8 of EU Regulation 2020/852.

Basis for the conclusion

The limited assurance engagement was conducted in accordance with International Standard on Assurance Engagements

3000 (Revised), “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” (hereinafter

“ISAE 3000”).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a

reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is

substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been

performed.

Our responsibilities are further described in the section “Auditor’s Responsibilities”.

Professional Ethics and Quality Management

We are independent of the Company, throughout this engagement and have complied with the requirements of the Code of

Ethics for Professional Accountants of the International Ethics Standards Board for Accountants (IESBA Code), the ethics

and independence requirements of Law 4449/2017 and EU Regulation 537/2014.

Our auditing firm applies the International Standard on Quality Management 1 (ISQM1) "Quality Management for Audit Firms

that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements" and

therefore maintains a comprehensive quality management system that includes documented policies and procedures

regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Responsibilities of the Group’s Management for the Sustainability Report

The Company’s Management is responsible for the design and the implementation of an appropriate process to determine

the required information to be included in the Sustainability Statement in accordance with the ESRS, as well as for the

disclosure of the process in section “Sustainability Governance” in the Sustainability Report.

More specifically, this responsibility includes:

• Obtaining an understanding of the context in which the Company’s and the Group's activities and business

relationships take place and understanding the affected stakeholders.

• Identifying the actual and potential impacts (both negative and positive) related to sustainability matters, as well as

the risks and opportunities that affect, or could reasonably be expected to affect, the Company’s and the Group's

financial position, financial performance, cash flows, access to funding or cost of capital in the short, medium or

long term.

• Assessing the materiality of the identified impacts, risks and opportunities related to sustainability matters through

the selection and application of appropriate thresholds; and

• Formulating assumptions that are reasonable under the circumstances.

The Company’s and the Group’s Management is further responsible for the preparation of the Sustainability Report, in

accordance with Article 154 of Law 4548/2018, as amended and in force by Law 5164/2024, which transposed Article 29(a)

of the EU Directive 2013/34 into the Greek Legislation.

In this context, the Company’s and the Group’s Management is responsible for:

• Compliance of the Sustainability Statement with the ESRS

• Preparing the disclosures in Section "Disclosures according to EU Taxonomy” of the Sustainability Report, in

compliance with the requirements of Article 8 of EU Regulation 2020/852.

• Designing and implementing such internal control procedures as Management determines are necessary to ensure

that the Sustainability Statement is free from material misstatement, whether due to fraud or error; and

• Selecting and implementing appropriate reporting methods, including assumptions and estimates about individual

disclosures in the Sustainability Statement that have been evaluated as reasonable under the circumstances.

The Company’s Audit Committee is responsible for supervising the process of the preparation of the Company's

Sustainability Report.

Inherent limitations in preparing the Sustainability Report

As mentioned in Note to the Sustainability Statement " "Methodologies and Assumptions Applied in Identifying

Impacts, Risks, and Opportunities", the data used are derived from customers or counterparties and include estimates

from third-party providers or sector-average values. The assumptions are based on historical performance data,

predictive models, and scenario analysis to forecast future trends and potential regulatory developments. These

estimates are based on recognized frameworks available at the time of the analysis, however, there is a high level of

uncertainty due to limitations in methodologies and data, as well as the dependence of the measurements on third-

party data.

In reporting forward-looking information under ESRS, the Group’s Management is required to prepare forward-looking

information based on disclosed assumptions regarding future events and possible future actions of the Group. The

actual outcome of these actions may be different, as anticipated events do not often occur as expected.

Additionally, the Section " Climate Change Mitigation" of the Sustainability Statement, includes information related to

the processes for assessing material climate-related impacts, risks, and opportunities, as well as their interaction with

the strategy and business model.

Our assignment covered the items listed in the "Scope of Work Performed" section to obtain limited assurance based

on the procedures included in the Program. Our assignment does not constitute an audit or review of historical

financial information in accordance with applicable International Standards on Auditing or International Standards on

Assurance Engagements, and therefore we do not express any assurance other than that set out in the "Scope of

Work Performed" section.

Auditor’s Responsibilities

This limited assurance report has been prepared in accordance with the provisions of Article 154C of Law 4548/2018

and Article 32A of Law 4449/2017.

Our responsibility is to prepare and perform the limited assurance engagement to obtain limited assurance as to

whether the Sustainability Statement is free from material misstatement, due to fraud or error, and to issue a limited

assurance report that includes our conclusion. An error may arise from fraud or misstatement and is considered

material when, individually or in the aggregate, it could reasonably be expected to affect the financial decisions of

users made on the basis of the Sustainability Statement taken as a whole.

In the context of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional

judgment and maintain our professional scepticism throughout the engagement.

Our responsibilities with respect to the Sustainability Report, in relation to the Process, include:

• Conducting risk assessment procedures, including an understanding of the relevant internal control

procedures, to identify risks related to whether the Process followed by the Group to determine the

information reported in the Sustainability Statement does not meet the applicable requirements of the ESRS,

but not for the purpose of providing a conclusion regarding the effectiveness of the internal controls on the

Process; and

• Preparing and conducting procedures to assess whether the Process to identify the information reported in

the Sustainability Statement is consistent with the description of the Process as disclosed in Section “Impact,

Risk and Opportunity Management [ESRS 2 IRO-1] και [ESRS2 SBM-3]” of the Report.

We are further responsible for:

• Conducting risk assessment procedures, including an understanding of the relevant internal controls, to

identify those disclosures that may be materially misstated, whether due to fraud or error, but not for the

purpose of expressing a conclusion regarding the effectiveness of the Group's internal controls.

• Preparing and conducting procedures related to those disclosures of the Sustainability Report, in which a

material error is likely to occur. The risk of not detecting a material misstatement resulting from fraud is higher

than that resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentation or the deviation from the internal controls.

Scope of Work Performed

Our engagement includes performing procedures and obtaining assurance evidence for the purpose of forming a

limited assurance conclusion and covers only the limited assurance procedures set out in the assurance programme

issued by the 22.01.2025 decision of the ELTE's (hereinafter "Program"), as formulated for the purpose of issuing a

limited assurance report on the Group's Sustainability Report.

Our engagement was limited to the Greek version of the 2025 Sustainability Statement. Therefore, in the event of any

inconsistency in translation between the Greek and English versions, as far as our conclusions are concerned, the

Greek version of the Statement prevails.

Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and which do

not provide all of the evidence that would be required to provide a reasonable level of assurance.

Athens, March 17

, 2026

The Certified Public Accountant

Christina Tsironi

Registry Number SOEL 36671

Annual Financial Report 31.12.2025

108

E. ANNUAL FINANCIAL STATEMENTS

   
Annual Financial Report 31.12.2025 
 
 
 
 

 
CONTENTS OF ANNUAL FINANCIAL STATEMENTS 
 
 
I. STATEMENT OF FINANCIAL POSITION ...................................................................................................................................... 110 
II. STATEMENT OF PROFIT OR LOSS ............................................................................................................................................ 111 
III. STATEMENT OF OTHER COMPREHENSIVE INCOME ............................................................................................................... 112 
IV. STATEMENT OF CHANGES IN EQUITY .................................................................................................................................... 113 
V. STATEMENT OF CASH FLOWS ................................................................................................................................................. 114 
VI. NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................................... 115 
 Gerenal information .................................................................................................................................... 115 
 Summary of material accounting policies ................................................................................................... 115 
 Critical estimates, judgements and errors .................................................................................................. 132 
 Financial risk management ......................................................................................................................... 133 
 Fair value hierarchy ..................................................................................................................................... 140 
 Segmental analysis ...................................................................................................................................... 142 
 Property, plant and equipment ................................................................................................................... 143 
 Right-of-use assets ...................................................................................................................................... 145 
 Investment property ................................................................................................................................... 146 
 Intangible assets.......................................................................................................................................... 147 
 Goodwill ...................................................................................................................................................... 148 
 Investments in subsidiaries ......................................................................................................................... 149 
 Investments accounted for using the equity method ................................................................................. 150 
 Deferred tax ................................................................................................................................................ 152 
 Financial assets at fair value through other comprehensive income ......................................................... 154 
 Financial assets at fair value through profit or loss .................................................................................... 155 
 Derivative financial instruments and hedge accounting ............................................................................. 155 
 Trade and other receivables ....................................................................................................................... 156 
 Inventories .................................................................................................................................................. 156 
 Cash and cash equivalents .......................................................................................................................... 157 
 Share capital and share premium ............................................................................................................... 157 
 Other reserves............................................................................................................................................. 158 
 Dividends ..................................................................................................................................................... 160 
 Non-controlling interests ............................................................................................................................ 160 
 Borrowings .................................................................................................................................................. 161 
 Lease liabilities ............................................................................................................................................ 164 
 Securitisation .............................................................................................................................................. 166 
 Post-employment benefits .......................................................................................................................... 167 
 Trade and other payables ........................................................................................................................... 168 
 Provisions .................................................................................................................................................... 169 
 Revenue ...................................................................................................................................................... 169 
 Expenses ...................................................................................................................................................... 170 
 Employee benefit expenses ........................................................................................................................ 170 
 Other income .............................................................................................................................................. 171 
 Other gains/(losses) - net ............................................................................................................................ 171 
 Finance income/(costs) ............................................................................................................................... 172 
 Income tax expense .................................................................................................................................... 173 
 Investing activities ....................................................................................................................................... 174 
 Contingent assets and liabilities .................................................................................................................. 174 
 Commitments.............................................................................................................................................. 175 
 Related party transactions .......................................................................................................................... 176 
 Earnings per share ....................................................................................................................................... 177 
 Auditors’ fees .............................................................................................................................................. 178 
 Events after the reporting date ................................................................................................................... 178 
 
   

Annual Financial Report 31.12.2025

110

I. STATEMENT OF FINANCIAL POSITION

Group

Company

Amounts in €

Note

31.12.2025

31.12.2024

31.12.2025

31.12.2024

ASSETS

Property, plant and equipment

943,037,980

834,526,919

726,681,808

623,763,397

Right-of-use assets

60,157,668

57,881,262

15,075,417

16,356,288

Investment property

32,327,851

35,738,402

72,769,665

67,268,204

Intangible assets

17,004,125

17,780,313

2,054,406

877,504

Goodwill

43,457,435

Investments in subsidiaries

101,917,291

101,067,291

Investments accounted for using the equity method

51,878,567

43,048,917

33,550,614

33,142,281

Deferred tax assets

191,727

168,263

Financial assets at fair value through other comprehensive

income

191,197,086

134,247,357

191,197,086

134,247,357

Financial assets at fair value through profit or loss

2,123,527

2,114,694

1,000,455

Trade and other receivables

67,665,972

58,315,848

65,670,019

56,089,726

Total non-current assets

1,409,041,938

1,227,279,410

1,209,916,761

1,033,812,503

Inventories

129,812,502

139,974,443

68,826

87,899

Trade and other receivables

160,900,793

137,316,423

88,731,633

74,933,232

Current tax assets

1,440,764

3,313,042

999,821

2,769,003

Other assets

457,909

Cash and cash equivalents

96,709,493

97,817,080

65,987,070

52,541,937

Assets held for sale

2,419,193

Total current assets

391,740,654

378,878,897

155,787,350

130,332,071

Total assets

1,800,782,592

1,606,158,307

1,365,704,111

1,164,144,574

EQUITY

Share capital

3,889,981

Share premium

130,553

Treasury shares

(4,253,015)

(3,426,551)

(4,253,015)

(3,426,551)

Other reserves

181,711,960

105,790,093

194,716,510

162,048,235

Retained earnings

385,560,315

367,781,104

236,935,347

188,274,031

Equity attributable to owners of the parent

567,039,794

474,165,180

431,419,376

350,916,249

Non-controlling interests

17,346,749

15,722,694

Total equity

584,386,543

489,887,874

431,419,376

350,916,249

LIABILITIES

Borrowings

502,035,365

476,441,422

434,790,259

421,301,943

Grants

6,868,436

5,936,256

6,868,436

5,936,256

Lease liabilities

33,826,545

32,946,684

9,404,173

9,473,145

Securitisation

290,000,000

220,000,000

290,000,000

220,000,000

Deferred tax liabilities

33,126,969

27,958,744

30,692,652

23,538,706

Post-employment benefits

2,553,608

2,414,384

1,222,242

1,086,039

Trade and other payables

2,443,149

3,230,974

184,357

Provisions

1,966,898

2,237,995

Total non-current liabilities

872,820,970

771,166,459

772,977,762

681,520,446

Trade and other payables

258,989,372

269,005,497

128,871,499

110,117,425

Current tax liabilities

1,780,101

2,339,601

Borrowings

58,193,500

53,343,205

25,155,262

14,275,155

Grants

1,984,212

1,624,565

1,984,212

1,624,565

Lease liabilities

22,398,647

18,269,314

5,296,000

5,690,734

Provisions

229,247

521,792

Total current liabilities

343,575,079

345,103,974

161,306,973

131,707,879

Total liabilities

1,216,396,049

1,116,270,433

934,284,735

813,228,325

Total equity and liabilities

1,800,782,592

1,606,158,307

1,365,704,111

1,164,144,574

The notes on pages 115 to 178 are an integral part of these financial statements.

Annual Financial Report 31.12.2025

111

II. STATEMENT OF PROFIT OR LOSS

Group

Company

Amounts in €

2025

2024

2025

2024

Revenue

1,034,107,805

985,687,604

345,863,985

310,247,840

Cost of sales

(841,671,518)

(788,900,664)

(259,017,804)

(224,574,026)

Gross profit

192,436,287

196,786,940

86,846,181

85,673,814

Distribution costs

(53,849,761)

(52,785,373)

(4,637,852)

(5,584,063)

Administrative expenses

(43,998,873)

(40,455,381)

(19,092,582)

(17,358,915)

Impairment losses on financial assets - net

(228,843)

(250,232)

Other income

26,662,277

25,710,427

31,185,684

30,415,739

Other gains/(losses) - net

2,282,906

1,276,768

3,165,361

1,228,268

Operating profit

123,303,993

130,283,149

97,466,792

94,374,843

Finance income

6,579,367

7,807,113

5,981,206

7,024,819

Finance costs

(36,272,901)

(35,440,344)

(26,156,641)

(22,848,609)

Finance costs - net

(29,693,534)

(27,633,231)

(20,175,435)

(15,823,790)

Share of profit/(loss) of investments accounted for

using the equity method

4,190,468

2,741,594

Profit before income tax

97,800,927

105,391,512

77,291,357

78,551,053

Income tax expense

(13,731,545)

(15,893,026)

(8,211,188)

(9,267,699)

Profit for the year

84,069,382

89,498,486

69,080,169

69,283,354

Profit attributable to:

Owners of the parent

80,044,685

84,891,662

69,080,169

69,283,354

Non-controlling interests

4,024,697

4,606,824

Profit for the year

84,069,382

89,498,486

69,080,169

69,283,354

Earnings per share

Basic and diluted

1.67

1.77

1.44

EBIT & EBITDA Reconciliation

Group

Company

Amounts in €

2025

2024

2025

2024

Profit for the year

84,069,382

89,498,486

69,080,169

69,283,354

(+) Investing activities

(10,161,673)

(9,471,813)

(21,156,968)

(19,631,374)

(+) Finance costs - net

29,693,534

27,633,231

20,175,435

15,823,790

(+) Income tax expense

13,731,545

15,893,026

8,211,188

9,267,699

Earnings before tax, financing & investing activities

(EBIT)

117,332,788

123,552,930

76,309,824

74,743,469

(+) Depreciation and amortisation

177,364,844

154,854,047

119,372,994

105,544,470

Earnings before tax, financing & investing activities,

depreciation & amortisation (EBITDA)

294,697,632

278,406,977

195,682,818

180,287,939

The notes on pages 115 to 178 are an integral part of these financial statements.

Annual Financial Report 31.12.2025

112

III. STATEMENT OF OTHER COMPREHENSIVE INCOME

Group

Company

Amounts in €

2025

2024

2025

2024

Profit for the year

84,069,382

89,498,486

69,080,169

69,283,354

Other comprehensive income

Items that are or may be reclassified to profit or loss

Changes in the fair value of debt instruments at fair

value through other comprehensive income

(106,877)

(15,437)

(106,877)

(15,437)

Changes in the fair value of cash flow hedges -

effective portion

2,336,969

Changes in the fair value of cash flow hedges -

reclassified to profit or loss

(9,897,454)

Exchange differences on translation of foreign

operations

414,193

(46,551)

Related tax

23,513

1,666,702

23,513

1,666,702

330,829

(5,955,771)

(83,364)

(5,909,220)

Items that will not be reclassified to profit or loss

Changes in the fair value of equity investments at fair

value through other comprehensive income

50,811,553

(14,400,300)

50,811,553

(14,400,300)

Revaluation of property, plant and equipment

3,721,220

3,985,961

2,473,919

2,194,123

Remeasurement of post-employment benefit

obligations

(31,244)

(71,544)

(57,644)

(49,811)

Related tax

(811,795)

(861,171)

(531,580)

(471,749)

53,689,734

(11,347,054)

52,696,248

(12,727,737)

Other comprehensive income for the year, net of tax

54,020,563

(17,302,825)

52,612,884

(18,636,957)

Total comprehensive income for the year

138,089,945

72,195,661

121,693,053

50,646,397

Total comprehensive income attributable to:

Owners of the parent

134,064,540

67,592,049

121,693,053

50,646,397

Non-controlling interests

4,025,405

4,603,612

Total comprehensive income for the year

138,089,945

72,195,661

121,693,053

50,646,397

The notes on pages 115 to 178 are an integral part of these financial statements

Annual Financial Report 31.12.2025

113

IV. STATEMENT OF CHANGES IN EQUITY

Group

Amounts in €

Note

Share capital

and share

premium

Treasury

Other

reserves

Retained

earnings

Non

controlling

interests

Total equity

Balance as at 1 January 2024

4,020,534

(2,558,952)

114,788,773

324,762,969

14,874,902

455,888,226

Profit for the year

8,019,770

76,871,892

4,606,824

89,498,486

Other comprehensive income

(17,247,021)

(52,592)

(3,212)

(17,302,825)

Total comprehensive income for the year

(9,227,251)

76,819,300

4,603,612

72,195,661

Acquisition of treasury shares

(975,818)

Distribution of treasury shares

108,219

109,141

217,360

Dividends paid / payable

(33,681,735)

(3,755,820)

(37,437,555)

Transfers

228,571

(228,571)

Total transactions with owners

(867,599)

228,571

(33,801,165)

(3,755,820)

(38,196,013)

Balance as at 31 December 2024

4,020,534

(3,426,551)

105,790,093

367,781,104

15,722,694

489,887,874

Balance as at 1 January 2025

4,020,534

(3,426,551)

105,790,093

367,781,104

15,722,694

489,887,874

Profit for the year

80,044,685

4,024,697

84,069,382

Other comprehensive income

54,044,934

(25,079)

708

54,020,563

Total comprehensive income for the year

54,044,934

80,019,606

4,025,405

138,089,945

Acquisition of treasury shares

(1,038,765)

Distribution of treasury shares

212,301

479,849

692,150

Dividends paid / payable

(8,019,770)

(32,823,541)

(2,401,350)

(43,244,661)

Transfers

29,896,703

(29,896,703)

Total transactions with owners

(826,464)

21,876,933

(62,240,395)

(2,401,350)

(43,591,276)

Balance as at 31 December 2025

4,020,534

(4,253,015)

181,711,960

385,560,315

17,346,749

584,386,543

Company

Amounts in €

Note

Share capital

and share

premium

Treasury

Other

reserves

Retained

earnings

Total equity

Balance as at 1 January 2024

4,020,534

(2,558,952)

161,802,728

171,445,735

334,710,045

Profit for the year

18,843,611

50,439,743

69,283,354

Other comprehensive income

(18,598,104)

(38,853)

(18,636,957)

Total comprehensive income for the year

245,507

50,400,890

50,646,397

Acquisition of treasury shares

(975,818)

Distribution of treasury shares

108,219

109,141

217,360

Dividends paid / payable

(33,681,735)

Total transactions with owners

(867,599)

(33,572,594)

(34,440,193)

Balance as at 31 December 2024

4,020,534

(3,426,551)

162,048,235

188,274,031

350,916,249

Balance as at 1 January 2025

4,020,534

(3,426,551)

162,048,235

188,274,031

350,916,249

Profit for the year

69,080,169

Other comprehensive income

52,657,846

(44,962)

52,612,884

Total comprehensive income for the year

52,657,846

69,035,207

121,693,053

Acquisition of treasury shares

(1,038,765)

Distribution of treasury shares

212,301

479,849

692,150

Dividends paid / payable

(38,031,751)

(2,811,560)

(40,843,311)

Transfers

18,042,180

(18,042,180)

Total transactions with owners

(826,464)

(19,989,571)

(20,373,891)

(41,189,926)

Balance as at 31 December 2025

4,020,534

(4,253,015)

194,716,510

236,935,347

431,419,376

The notes on pages 115 to 178 are an integral part of these financial statements.

Annual Financial Report 31.12.2025

114

V. STATEMENT OF CASH FLOWS

Group

Company

Amounts in €

Note

2025

2024

2025

2024

Cash flows from operating activities

Profit before income tax

97,800,927

105,391,512

77,291,357

78,551,053

Adjustments for:

Depreciation of property, plant and equipment

148,225,238

131,604,496

113,385,498

99,729,661

Depreciation of right-of-use assets

26,693,703

20,764,208

5,766,976

5,585,738

Amortisation of intangible assets

2,445,903

2,485,343

220,520

229,071

Impairment of property, plant and equipment

2,456,338

187,170

323,983

7,013

Impairment losses on financial assets - net

228,843

250,232

Impairment of investments accounted for using the equity method

1,000,000

Changes in the fair value of investment property

(769,289)

(716,274)

(2,096,817)

(1,071,268)

Changes in the fair value of financial assets at fair value through profit or loss

(8,833)

(7,361)

Changes in the fair value of derivatives - ineffective portion

177,812

Profit from disposal of property, plant and equipment

(42,265,662)

(51,612,247)

(33,485,112)

(40,691,975)

Profit from sale of stocks

(565,238)

Dividend income

(10,711,968)

(9,632,435)

(21,011,968)

(20,456,276)

Share of profit/(loss) of investments accounted for using the equity method

(4,190,468)

(2,741,594)

Finance costs - net

29,693,534

27,633,231

20,175,435

15,823,790

Foreign exchange gains/(losses) - net

(20,864)

71,956

Other non-cash transactions

790,055

1,043,291

802,433

210,069

250,367,457

224,334,102

161,372,305

138,529,450

Changes in working capital

Decrease / (increase) in inventories

29,571,541

(8,868,264)

19,073

(13,335)

Decrease / (increase) in trade and other receivables

(5,132,875)

(21,743,855)

2,965,601

(8,624,736)

Increase / (decrease) in trade and other payables

(7,534,772)

13,834,910

20,303,338

(12,028,302)

Increase / (decrease) in provisions

44,337

(811,738)

78,559

33,192

Purchases of renting vehicles

(366,668,759)

(343,541,498)

(301,957,385)

(265,851,320)

of which: Finance leasing purchases of renting vehicles

16,670,578

16,259,181

2,227,246

4,676,747

Sales of renting vehicles

119,117,488

118,202,576

98,483,656

89,905,563

(213,932,462)

(226,668,688)

(177,879,912)

(191,902,191)

Cash generated from / (used in) operations

36,434,995

(2,334,586)

(16,507,607)

(53,372,741)

Interest paid

(34,076,513)

(30,322,017)

(25,689,610)

(22,487,727)

Proceeds from sale of derivatives

569,000

Income tax paid

(10,162,673)

(22,406,893)

(1,994,439)

(9,227,365)

Net cash generated from / (used in) operating activities

(7,804,191)

(54,494,496)

(44,191,656)

(84,518,833)

Cash flows from investing activities

Payment for capital increase in subsidiary

(850,000)

(5,037)

Payments for investments accounted for using the equity method

(4,639,181)

(2,075,000)

(408,333)

(75,000)

Payments for financial assets at fair value through other comprehensive income

(7,478,828)

(3,445,574)

(7,478,828)

(3,445,574)

Payments for stocks

(1,164,746)

Payments for property, plant and equipment

(19,257,705)

(16,838,129)

(9,500,098)

(2,663,276)

Payments for intangible assets

(1,671,481)

(926,766)

(1,397,422)

(336,435)

Payments for investment property

(67,404)

(170,753)

(67,404)

(170,753)

Proceeds from sale of property, plant and equipment

7,479,909

12,354,229

1,733,450

6,824,485

Proceeds from sale of financial assets at fair value through other comprehensive

income

1,233,775

4,500,000

1,233,775

4,500,000

Proceeds from sale of stocks

1,729,984

Interest received

6,579,367

7,807,113

5,981,206

7,024,819

Interest received from loans to related parties

208,142

11,682

7,483

Dividends received

10,711,968

9,632,435

21,011,968

20,456,276

Loans granted to related parties

(7,000,000)

(1,500,000)

Loan repayments received from related parties

15,000

1,500,000

Net cash generated from / (used in) investing activities

(13,901,438)

11,429,475

10,258,314

32,682,226

Cash flows from financing activities

Purchases of treasury shares

(1,038,765)

(975,818)

(1,038,765)

(975,818)

Proceeds from borrowings

194,366,801

471,869,872

63,732,005

366,887,297

of which: New finance leases

(16,670,578)

(16,259,181)

(2,227,246)

(4,676,747)

Proceeds from securitisation

70,000,000

40,000,000

70,000,000

40,000,000

Repayments of borrowings

(146,061,631)

(356,031,941)

(35,954,792)

(284,112,500)

Capital repayments of finance leases

(18,155,561)

(26,709,204)

(1,582,048)

(2,120,267)

Repayment of operating leases

(18,594,580)

(10,228,766)

(4,704,385)

(4,274,167)

Dividends paid

(43,247,644)

(37,434,658)

(40,846,294)

(33,678,838)

Net cash generated from / (used in) financing activities

20,598,042

64,230,304

47,378,475

77,048,960

Net increase / (decrease) in cash and cash equivalents

(1,107,587)

21,165,283

13,445,133

25,212,353

Cash and cash equivalents at the beginning of the year

97,817,080

76,651,797

52,541,937

27,329,584

Cash and cash equivalents at the end of the year

96,709,493

97,817,080

65,987,070

52,541,937

The notes on pages 115 to 178 are an integral part of these financial statements.

Annual Financial Report 31.12.2025

115

VI. NOTES TO THE FINANCIAL STATEMENTS

1. Gerenal information

AUTOHELLAS Tourist and Trading Société Anonyme was incorporated in Greece in 1962 and its shares are traded of the Athens

Stock Exchange. At the date of approval of the financial statements the company MAIN STREAM S.A. owns the 61.25% of

Autohellas’ shares.

The Group, through its subsidiaries and associates, operates in Greece, Portugal, Bulgaria, Cyprus, Romania, Serbia, Montenegro,

Croatia and Ukraine.

The Group’s principal activities comprise car rentals and car sales.

The Company’s registered office is at Viltanioti 31, Kifissia, Attica, Greece. The Company’s website address is www.autohellas.gr.

These financial statements were approved by the Board of Directors on 17 March 2026 and are subject to the approval of the

Annual General Meeting of the Shareholders.

The annual financial statements, the independent auditor’s reports and the Board of Directors’ reports of the companies that are

incorporated in the consolidated financial statements of the Group are posted in the Company’s website www.autohellas.gr.

The amounts of the financial statements are presented in Euros, unless otherwise stated.

The financial statements have been prepared based on a going concern basis.

2. Summary of material accounting policies

2.1 Basis of preparation

These financial statements consist of the standalone financial statements of Autohellas (the “Company”) and the consolidated

financial statements of the Company and its subsidiaries (together “Autohellas” or the “Group”) for the year ended

31 December 2025, in accordance with International Financial Reporting Standards (“IFRS”), as adopted by the European Union

(EU).

These financial statements have been prepared on a historical cost basis with the exception of certain financial assets, certain

classes of property, plant and equipment and investment property which are measured at fair value. The accounting policies have

been consistently applied to all the years presented, unless otherwise stated.

2.2 New standards, amendments to standards and interpretations:

Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning

on or after 1 January 2025. The Group’s evaluation of the effect of these new standards, amendments to standards and

interpretations is as follows.

Annual Financial Report 31.12.2025

116

(i) Standards and Interpretations effective for the current financial year

• IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ (Amendments) - Lack of exchangeability (effective for annual

periods beginning on or after 1 January 2025)

These amendments require companies to apply a consistent approach in assessing whether a currency can be exchanged

into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.

The adoption of the above amendments had no material impact on the Annual Group and Company Financial Statements.

(ii) Standards and Interpretations effective for subsequent periods

• IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (effective for annual periods beginning on or after 1

January 2027)

IFRS 18 was issued in April 2024. It sets out requirements on presentation and disclosures in financial statements and

replaces IAS 1. Its objective is to make it easier for investors to compare the performance and future prospects of entities

by changing the requirements for presenting information in the primary financial statements, particularly the statement

of profit or loss. The new standard:

• requires presentation of two new defined subtotals in the statement of profit or loss—operating profit and profit

before financing and income taxes.

• requires disclosure of management-defined performance measures—subtotals of income and expenses not

specified by IFRS that are used in public communications to communicate management’s view of an aspect of a

company’s financial performance. To promote transparency, a company will be required to provide a

reconciliation between these measures and totals or subtotals specified by IFRS.

• enhances the requirements for aggregation and disaggregation to help a company to provide useful information.

• requires limited changes to the statement of cash flows to improve comparability by specifying a consistent

starting point for the indirect method of reporting cash flows from operating activities and eliminating options

for the classification of interest and dividend cash flows.

The new standard has retrospective application. It has not yet been endorsed by the EU

• IFRS 19 'Subsidiaries without Public Accountability: Disclosures’ and Amendments to IFRS 19 (effective for annual

periods beginning on or after 1 January 2027))

IFRS 19, issued in May 2024, introduced reduced disclosure requirements for eligible subsidiaries. Eligible subsidiaries are

those which do not have public accountability (as described in a relevant paragraph in IFRS for Small and Medium-sized

Entities) and belong to a parent that prepares and publishes consolidated financial statements in accordance with IFRS.

These subsidiaries will continue to apply the recognition, measurement and presentation requirements in other IFRS, but

they can replace the disclosure requirements in those standards with reduced disclosure requirements. The standard is

available for adoption in consolidated, separate, or individual financial statements of eligible subsidiaries that choose to

apply it.

IFRS 19, issued in May 2024, introduced reduced disclosure requirements for eligible subsidiaries. Eligible subsidiaries are

those which do not have public accountability (as described in a relevant paragraph in IFRS for Small and Medium-sized

Entities) and belong to a parent that prepares and publishes consolidated financial statements in accordance with IFRS.

These subsidiaries will continue to apply the recognition, measurement and presentation requirements in other IFRS, but

they can replace the disclosure requirements in those standards with reduced disclosure requirements. The standard is

available for adoption in consolidated, separate, or individual financial statements of eligible subsidiaries that choose to

apply it.

The new standard has retrospective application. It has not yet been endorsed by the EU.

Annual Financial Report 31.12.2025

117

• Narrow scope amendments to IFRS 9 and IFRS 7, ‘Financial Instruments: Disclosures’ (effective for annual periods

beginning on or after 1 January 2026)

These amendments issued in May 2024:

(a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception

for some financial liabilities settled through an electronic cash transfer system;

(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal

and interest (SPPI) criterion);

instruments with features linked to the achievement ESG targets); and;

(d) update the disclosures for equity instruments designated at fair value through other comprehensive income

(FVOCI).

When an entity first applies the amendments, it is not required to restate comparative information, and is only permitted

to do so if possible without the use of hindsight.

• Annual Improvements to IFRS Standards Volume 11 (effective for annual periods beginning on or after 1 January 2026)

The amendments include clarifications, simplifications, corrections and changes aimed at improving the consistency of 5

IFRS Standards namely IFRS 9 'Financial Instruments', IFRS 1 'First-time Adoption of International Financial Reporting

Standards', IFRS 7 'Financial Instruments: Disclosures', IFRS 10 'Consolidated Financial Statements' and IAS 7 'Statement

of Cash Flows'. None of these are expected to have a significant impact on the Group's consolidated financial statements.

• Amendments to IFRS 9 and IFRS 7, ‘Contracts Referencing Nature-dependent electricity’ (effective for annual periods

beginning on or after 1 January 2026)

These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity

because the source of its generation depends on uncontrollable natural conditions (such as weather) and specifically only

to the nature-dependent electricity component of these contracts (not to electricity certificates).Contracts in scope

include both contracts to buy or sell, physically or virtually, nature-dependent electricity and financial instruments that

reference such electricity. The amendments:

• address how IFRS 9 ‘own-use’ requirements would apply for physical PPAs.

• permit hedge accounting if these contracts are used as hedging instruments; and

• add to IFRS 7 new disclosure requirements to enable investors to understand the effect of these

contracts on a company’s financial performance and cash flows.

Some of the amendments are subject to prospective application and others to retrospective application.

• Narrow scope amendments to IAS 21, ‘The Effects of Changes in Foreign Exchange Rates: Translation to a

Hyperinflationary Presentation Currency’ (effective for annual periods beginning on or after 1 January 2027)

The amendments are only relevant for entities that have a presentation currency of a hyperinflationary economy, and

either its own functional currency or that of its foreign operation(s) is that of a non-hyperinflationary economy.

Annual Financial Report 31.12.2025

118

All amounts (including comparatives) are required to be translated using the closing rate at the date of the most recent

statement of financial position. In addition, there is an exception for entities with a functional and presentation currency

that is the currency of a hyperinflationary economy to not re-translate comparatives of foreign operation(s) with the

functional currency of a non-hyperinflationary economy.

The amendments have not yet been endorsed by the EU.

The Group and the Company are assessing the potential impacts of adopting the aforementioned amendments on the Annual

Standalone and Consolidated Financial Statements.

2.3 Principles of consolidation, equity accounting and business combinations

(i) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when

the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those

returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control

is transferred to the Group. They are deconsolidated from the date that control ceases

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised

losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies

of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or

loss, the statement of other comprehensive income, the statement of changes in equity and the statement of financial position

respectively.

(ii) Business combinations

The acquisition method of accounting is used by the Group to account for all business combinations, regardless of whether equity

instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

• fair values of the assets transferred

• liabilities incurred to the former owners of the acquired business

• equity interests issued by the Group

• fair value of any asset or liability resulting from a contingent consideration arrangement, and

• fair value of any pre-existing equity interest in the subsidiary.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited

exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the

acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share

of the acquired entity’s net identifiable assets.

Acquisition-related costs are expensed as incurred.

The excess of the

• consideration transferred,

• amount of any non-controlling interest in the acquired entity, and

• acquisition-date fair value of any previous equity interest in the acquired entity

• over the fair value of the net identifiable assets acquired is recorded as goodwill.

If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised

directly in profit or loss as a bargain purchase.

Annual Financial Report 31.12.2025

119

When the settlement of any part of the cash consideration is deferred, amounts payable in the future are discounted to their

present value on the swap date. The discount rate used is the incremental borrowing rate of the group, which is the rate at which

similar lending could be obtained from an independent financier under comparable terms and conditions. The contingent

consideration is classified as either equity or financial liability. Amounts classified as a financial liability are then remeasured at

fair value, with changes in fair value recognised in profit or loss.

The Group recognises non-controlling interests in an acquiree either at fair value or at the non-controlling interest's proportionate

share of the net identifiable assets of the acquired entity. This decision is made on a per acquisition basis.

(iii) Associates

Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case

where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity

method of accounting (see (v) below), after initially being recognised at cost.

(iv) Joint arrangements

Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures.

The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint

arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Interests in joint ventures are accounted for using the equity method (see (v) below), after initially being recognised at cost in the

consolidated statement of financial position.

(v) Equity method

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the

Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in

other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates

and joint ventures are recognised as a reduction in the carrying amount of the investment.

When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any

other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made

payments on behalf of the other entity.

Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the

Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment

of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure

consistency with the policies adopted by the Group.

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in 2.9

below.

The Company accounts for investments in associates and joint ventures using the historical cost method.

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(vi) Changes in ownership interests

Transactions with non-controlling interests that do not result in change of control are accounted for as equity transactions. A

movement in participation rates leads to an adjustment of controlling and non controlling interest's book value so as to reflect

the relation among the participations in the subsidiary. Any difference between the adjustment of non controlling interest and

the fair value of any consideration paid or received is recorded in a separate reserves account in equity.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant

influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit

or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest

as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income

in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean

that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a

proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where

appropriate.

The Company accounts for investments in subsidiaries, associates and joint ventures in its standalone financial statements at cost

less impairment.

2.4 Segment reporting

The segments are determined on the basis of internal reporting to the Group’s Board of Directors (as chief operating decision

maker) which makes strategic decisions based on its assessment of performance and position of the Group.

Consequently, segment information is presented in the consolidated financial statements in respect of the Group’s car leasing and

car sales and related service activities in Greece and abroad.

2.5 Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic

environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Euros

(EUR), which is Autohellas’ functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets

and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.

Foreign exchange gains and losses are recognised on a net basis in the results in other gains/(losses) except for foreign exchange

gains or losses related to borrowings which are recognised in the results in finance costs.

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Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date

when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of

the fair value gain or loss.

Exchange differences from equity securities, measured at fair value through Profit or Loss are recognised in the results, while

those from equity securities measured at fair value through other comprehensive income are recognised in Other Comprehensive

Income.

(iii) Group Companies

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have

a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date

of that statement of financial position

• income and expenses for each statement of profit or loss and statement of other comprehensive income are

translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the

rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the

transactions),

• the resulting exchange differences are recognised in other comprehensive income, and

• the share capital and reserves are translated at the exchange rates in force on the dates of the transactions

When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange

differences are reclassified to profit or loss, as part of the gain or loss on sale.

2.6 Revenue recognition

Revenue represents the fair value of the consideration received or receivable for the sale of goods and services in the ordinary

course of business of the Group.

(i) Operating lease income

Leasing income from operating lease instalments is recognised on a straight-line basis over the lease term, based on the total of

the contractual payments divided by the number of months of the lease term. End of contract fees may consist of fees charged to

clients for deviations from the contractual terms related to contract duration, excess of mileage and extensive wear and tear of

the vehicle. The fees are recognised upon termination of the lease contract.

(ii) Revenue from rents on buildings/land

Rental revenues are recognised on a straight-line basis over the term of the rental agreement.

(iii) Finance lease & other interest income

Interest income from finance lease contracts is recognised using the effective interest method. Payments collected from the lease

are allocated between reducing the net investment in the lease and recognising interest income. Other interest income mainly

includes income from interest-bearing assets, which is recognised using the effective interest method.

(iv) Vehicles and spare parts sales

Vehicle and Spare Cars sales include revenue from the sale of new and used cars of the auto-trade sector, sales of used cars upon

termination of their lease contract and sales of new vehicle spare cars. Revenue from vehicle sales are recognised when ownership

is transferred.

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(v) Other services income and commissions

Additional services include fees charged for fleet management services, repair & maintenance services, damage & insurance

services, charges for car transportation and preparation services during sale, charges for the issuance of car certificates and

registration. Commissions include fees for mediating customer financing with financial institutions. Revenue from fleet

management services is recognised on a straight-line basis.

(vi) Dividends

Dividends are accounted as income, when the right to receive payment is established, in other words on the date the dividends

are declared and approved.

(vii) Revenue Recognition

The Group recognises revenue, other than revenue from car rentals recognised in accordance with IFRS 16, upon transfer of

promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in

exchange for those goods or services based on the following five step approach:

Step 1: Identify the contracts with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

2.7 Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable

income tax rate for each country adjusted by changes in deferred tax assets and liabilities attributable to temporary differences

and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the

reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is

subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax

authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets

and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not

recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial

recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects

neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted

or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset

is realised or the deferred income tax liability is settled.

The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property

will be recovered entirely through sale.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary

differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of

investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences

and it is probable that the differences will not reverse in the foreseeable future.

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Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and

when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the

entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the

liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in

equity, respectively.

2.8 Leases

(i) The Group as a lessee

The Group recognises for all leases a right-of-use asset as well as a corresponding lease liability, at the date on which the leased

asset is available for use by the Group. Each lease payment is divided between the liability and the finance cost.

Right-of-use assets and lease liabilities arising from the lease are initially measured at present value. Lease liabilities include the

net present value of the following leases:

• fixed rents (including substantially fixed payments), reduced by any lease receivable

• floating rates that depend on an index or interest rate, which are initially measured using the index or interest rate at the

start of the lease term

• rentals related to extension rights that are likely to be exercised.

• amounts expected to be paid by the group based on guaranteed residual values

• price of purchase option, if it is probable that the Group will exercise that option, and

• payment of a penalty for termination of the lease if the duration of the lease indicates that Group will exercise the right to

terminate the lease.

Lease payments are discounted using the interest rate included in the lease. If this rate cannot be directly determined, the

incremental borrowing rate is used, that is, the rate at which the lessee would be liable if he borrowed the necessary funds to

purchase similar asset, for a similar period, with similar collateral and in a similar economic environment.

After their initial recognition, lease liabilities are increased for financial cost and reduced by lease payments.

The cost of the right to use the asset consists of:

• the amount of the initial measurement of the lease liability

• any rents paid at the start date of the lease period or earlier, less any incentives leases have received

• any initial direct costs incurred by the lessee and

• an estimate of the costs incurred by the lessee in disassembling and removing the underlying asset, restoring the premises

where it has been located or restoring the underlying asset in the condition provided by the terms and conditions of the

lease.

Right of use assets are depreciated using the straight-line method over the shorter of the useful life of the asset and the lease

term. When the valuation of the present value has been done under assumption that lease will exercise option to purchase

underlying asset, then the right of use is amortised over the useful life of the underlying asset.

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Payments related to short-term leases for all categories of assets other than airport premises and low-value leases are recognised

using the straight-line method as an expense. Short-term leases are leases of twelve months or less.

(ii) Group as lessor

Leases where substantially all the risks and rewards incidental to ownership of an asset are not transferred to the lessee are

classified as operating leases.

Income from operating leases, where the Group is the lessor, is recognised equally over the entire lease period.

Leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee are classified

as finance leases. The Group as a lessor records a finance lease receivable at the amount of its net investment which equals the

present value of the future minimum lease payments receivable (including any guaranteed residual value by the lessee) and the

unguaranteed residual value accruing to the Group, after any accumulated impairment losses. The finance lease receivables are

presented within the caption ‘Trade and other receivables’.

Unearned finance income is the difference between the gross investment in the lease and the net investment in the lease. Over

the lease term, the instalments charged to the clients are apportioned between a reduction in the net investment in the lease and

finance lease income.

All cars under long-term and short-term operating leases are included in property, plant and equipment and rights-of-use assets.

2.9 Impairment of assets

Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or changes in

circumstances indicate that it might be impaired.

Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not

be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable

amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of

assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are

largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the

end of each reporting period.

2.10 Cash and cash equivalents

For presentation purposes in the statement of cash flows, cash and cash equivalents include cash, demand deposits and other

highly liquid short-term investments with maturities of up to three months, which can be immediately converted into specified

amounts of cash and which are subject to immaterial risk of change in their value

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2.11 Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They

are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially

at the amount of consideration that is unconditional unless they contain significant financing components, when they are

recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and

therefore measures them subsequently at amortised cost using the effective interest method.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest

method, less loss allowance. See note 4.1 for a description of the Group’s impairment policies.

2.12 Inventories

Inventories are stated at the lower of cost and net realisable value. Costs are assigned to new and used cars on the basis of their

individual cost while costs are assigned to spare parts on the basis of weighted average costs. Net realisable value is the estimated

selling price in the ordinary course of business less the estimated costs necessary to make the sale.

2.13 Investments and other financial assets

(i) Classification

The Group classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through OCI or through profit or loss), and

• those to be measured at amortised cost.

Financial assets with embedded derivatives are treated as a whole for SPPI testing and classification purposes (Solely Payments of

Principal and Interest) on the principal amount outstanding.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash

flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For

investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable

election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income

(FVOCI).

The Group reclassifies debt instruments when and only when its business model for managing those assets changes.

(ii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to

purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have

expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

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(iii) Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value

through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction

costs of financial assets carried at FVPL are expensed in profit or loss.

(a) Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow

characteristics of the asset. The Group measures its debt instruments at fair value through other comprehensive income or

through profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate

method.

(b) Equity instruments

The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present

fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair

value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue

to be recognised in profit or loss as other income when the Group’s right to receive payments is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains/(losses) in profit or

loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at fair value through

other comprehensive income are not reported separately from other changes in fair value.

Details on how the fair value of financial instruments is determined are disclosed in note Error! Reference source not found.

(iv) Impairment

For investments in debt instruments measured at fair value through other comprehensive income, the Group determines the

impairment loss against expected credit losses. The relevant methodology depends on whether there is a significant increase in

credit risk.

For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to

be recognised from initial recognition of the receivables. See note 4.1 for further details.

2.14 Property, plant and equipment

Land and buildings are recognised at fair value based on periodic valuations, every 1 to 2 years, by external independent valuers,

less subsequent depreciation for buildings. A revaluation surplus is credited to fair value reserves in shareholders’ equity. All other

property, plant and equipment is recognised at historical cost less depreciation. Historical cost includes expenditure that is directly

attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured

reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs

and maintenance are charged to profit or loss during the reporting period in which they are incurred.

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Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive

income and accumulated in reserves in shareholders’ equity. To the extent that the increase reverses a decrease previously

recognised in profit or loss, the increase is first recognised in profit or loss. Decreases that reverse previous increases of the same

asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other

decreases are charged to profit or loss.

Land is not depreciated. Depreciation on the remaining property, plant & equipment categories is calculated using the straight-

line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:

Estimated Asset category useful lives Buildings 20 - 25 years Machinery 6 years Vehicles 6 - 8 years Furniture, fittings and equipment 10 years IT equipment 5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than

its estimated recoverable amount (note 2.9).

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

When revalued assets are sold, the Group transfers any amounts included in other reserves in respect of those assets to retained

earnings.

2.15 Investment property

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is

classified as investment property. In its standalone financial statements, the Company classifies all land and buildings rented to

subsidiaries as investment property. Investment properties consist of land and buildings that are rented either to subsidiaries and

related parties of the Group or to third parties.

Investment property is measured initially at cost. After initial recognition, investment property is carried at fair value.

2.16 Intangible assets

(i) Goodwill

Goodwill is measured as described in note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is

not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it

might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include

the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-

generating units or groups of cash-generating units that are expected to benefit from the business combination in which the

goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal

management purposes, being the operating segments as presented in note 11.

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(ii) Acquired software

Acquired software is recognised at cost less depreciation and any impairments. They are depreciated using the straight-line

method over their estimated useful lives of 10 - 20 years.

(iii) Franchise agreement

The trademark franchise agreement concerns the commercial cooperation between the licensor and the licensee and is recognised

in the intangible assets at present value. It is then amortised using the straight-line method over the term of the contract.

2.17 Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are

unpaid. The amounts are usually paid within 6 months of recognition. Trade and other payables are presented as current liabilities

unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and

subsequently measured at amortised cost using the effective interest method.

2.18 Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at

amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit

or loss over the period of the borrowings using the effective interest method.

Borrowings are derecognised from the statement of financial position when the obligation specified in the contract is discharged,

cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred

to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit

or loss as finance costs.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at

least 12 months after the reporting period.

2.19 Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the

employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and

are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented within other

payables in the statement of financial position.

(ii) Post-employment obligations

Post-employment obligations are related with defined benefit and defined contribution pension plans.

The liability or asset recognised in the statement of financial position in respect of defined benefit pension plans is the present

value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by

independent actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest

rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms

approximating to the terms of the related obligation.

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The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included

in employee benefit expense in the profit or loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the

period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of

changes in equity and in the statement of financial position.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised

immediately in profit or loss as past service costs.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a

mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.

The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an

asset to the extent that a cash refund or a reduction in the future payments is available.

(iii) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an

employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier

of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises

costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an

offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees

expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to

present value.

2.20 Share capital

Share capital comprises the ordinary shares of the Company. Ordinary shares are classified as equity. Incremental costs directly

attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Where the Company reacquires its own equity instruments ('treasury shares'), the consideration paid, including any directly

attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders as

treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any

consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is

included in equity attributable to the Company’s equity holders.

2.21 Dividend distribution

Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period

in which the dividends are approved by the General Meeting of the shareholders.

2.22 Earnings per share

(i) Basic earnings per shares

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average

number of ordinary shares outstanding during the financial year excluding treasury shares.

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(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion

of all dilutive potential ordinary shares.

2.23 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest currency unit unless otherwise

stated.

2.24 Provisions

Provisions for legal claims, service warranties and make good obligations are recognised when the group has a present legal or

constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation,

and the amount can be reliably estimated.

Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an

outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised

even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

2.25 Derivative financial instruments and hedge accounting

Derivatives are initially recognised at fair value on the date of entering into a derivative contract and then remeasured at fair value

at the end of each accounting period. Accounting for subsequent changes in fair value depends on whether the derivative is

designated as a hedging instrument and, if so, the nature of the item being hedged. The group identifies certain derivatives as an

interest rate hedge related to the cash flows of the recognised loans (cash flow hedge). At the inception of the hedging

relationship, the group documents the financial relationship between the hedging instruments and the hedged items, including

whether the changes in the cash flows of the hedging instruments are expected to offset the changes in the cash flows of the

hedged items. The group documents the scope of its risk management and strategy for undertaking hedging transactions. The fair

values of derivative financial instruments specified in hedging relationships are disclosed in note 17. The movements of the

hedging reserve in equity are shown in note 22.

(i) Derivatives that meet the hedging requirements

The effective part of the changes in fair value of derivatives that are designated and characterised as accounting cash flow hedges

is recognised under cash flow hedge reserve in equity. The profit or loss relating to the ineffective part is recognised immediately

under profit or loss in “Other gains/(losses) - net”.

The amounts accumulated in equity are reclassified in periods when the hedged item affects profits or losses. Profits or losses

related to the effective part of interest rate swaps that offset the floating rate loans are recognised in the results under financial

expenses at the same time as the interest expense of the hedged loans.

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,

any accumulated deferred gain or loss has been recognised in equity at that time remains in equity until the respective hedged

cash flows affect profit or loss.

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In addition, if the cash flows of the hedged items are no longer expected to rise, the accumulated profit or loss that has been

recognised in equity is reclassified immediately under profit or loss.

(ii) Derivatives that do not qualify for hedge accounting

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that

does not qualify for hedge accounting are recognised immediately in the profit or loss statement and are included under Other

gains/(losses).

2.26 Assets held for sale

Non‑current assets or disposal groups are classified as held for sale when it is highly probable that they will be recovered primarily

through a sale transaction and not through continued use. These assets are measured at the lower of their carrying amount and

their fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial

assets, and investment property measured at fair value, as well as groups of insurance contracts within the scope of IFRS 17

Insurance Contracts, which are explicitly excluded from this requirement.

Impairment losses are recognised for any initial or subsequent decrease in the fair value less costs to sell of the asset (or disposal

group). Subsequent gains are recognised for any later increases in the fair value less costs to sell of an asset (or disposal group),

but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised up to the date

of sale of the non‑current asset (or disposal group) is recognised on the date of derecognition.

Non‑current assets (including those forming part of a disposal group) are not depreciated while they are classified as held for sale.

Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.

Non‑current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately

from other assets in the Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented

separately from other liabilities in the Statement of Financial Position.

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3. Critical estimates, judgements and errors

The preparation of financial statements in accordance with IFRS requires the use of certain significant accounting estimates and

the exercise of judgment by Management in the process of applying the accounting principles. It also requires the use of

calculations and assumptions that affect the amounts of assets and liabilities, the disclosure of contingent claims and liabilities at

the date of the financial statements, and the amounts of income and expenses during the reporting period. Although these

calculations are based on management's best knowledge of current conditions and activities, actual results may ultimately differ

from these calculations. Areas involving complex transactions involving a high degree of subjectivity or assumptions and estimates

that are material to the financial statements are noted below.

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including

expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the

circumstances.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are

more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.

(i) Estimation of current tax payable and current tax expense

The Group is subject to income taxes in various jurisdictions. There are many transactions and calculations for which the ultimate

tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for

potential cases that might arise in the foreseeable future based on assessment of the probabilities as to whether additional taxes

will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such

differences will impact the income tax provision in the period in which such determination is made.

(ii) Estimated goodwill impairment

The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the cash generating

units (CGUs) is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash

flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-

year period are extrapolated using estimated growth rates that are consistent with forecasts specific to the industry in which each

CGU operates. The sensitivity to estimates and assumptions used is presented in note 11.

(iii) Estimation of pension benefit obligation

The Group provides pension benefit plans as an employee benefit in certain territories. Determining the value of these plans

requires several actuarial assumptions and estimates about discount rates, future salary increases and future pension increases.

Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

(iv) Useful lives and residual values of vehicles

Vehicles are depreciated over their estimated useful lives based on their estimated residual values. These estimates are reviewed

taking into account relevant market related factors. Given market volatility and the large number of different vehicles, the

estimation of the residual values involves a high degree of judgement. A change in these accounting estimates leads to a change

in depreciation which will have an effect in the current period and/or is expected to have an impact in subsequent periods.

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(v) Estimation of fair values of land and buildings and investment property

The Group assigns independent valuations of investment property, land and buildings which are classified as tangible assets in

order to determine their fair value.

Fair value is based on active market prices, adjusted if necessary, for differences in the nature, geography or status of the specific

asset. If this information is not available, the Group applies alternative valuation methods, such as recent prices in less active

markets or discounted cash flow projections. Valuations are performed by professional appraisers possessing recognised and

relevant professional qualifications and have recent experience in the geographic location and in the category of the investment

properties under valuation.

Disclosures relating to the determination of fair values and the valuation techniques used are presented in note 5.

(vi) Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses

judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history,

existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions

and inputs used are disclosed in note 4.1.

(vii) Impairment of investments in subsidiaries

Investments in subsidiaries are reviewed for impairment when events or changes in circumstances indicate that their carrying

amount may not be recoverable, in accordance with the accounting policy stated in note 2.9.

(viii) Business combinations

On the acquisition of a company or business, a determination of the fair value and the useful lives of tangible and intangible

assets acquired is performed, which requires the application of judgement. Future events could cause the assumptions used by

the Group to change which could have an impact on the results and net position of the Group. Further information on business

combination is given in note 2.3 and note 12.

4. Financial risk management

4.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, cash flow and fair value

interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the

volatility of financial markets and seeks to minimise potential adverse effects on the Group’s cash flows.

The Group’s risk management is predominantly controlled by a central treasury department (group treasury) under policies

approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close co-operation with the

Group’s operating units. The board provides written principles for overall risk management, as well as policies covering specific

areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative

financial instruments, and investment of excess liquidity.

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(i) Market risk

(a) Foreign exchange risk

The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that

are denominated in currencies other than the local entity’s functional currency, as well as net investments in foreign operations.

The Group, via its subsidiaries, is operating in Portugal, Bulgaria, Cyprus, Romania, the Republic of Serbia, Montenegro, Croatia

and Ukraine. The existing operations of the Group abroad refer both in short-term and long-term leases of cars. Due to these

operations, the Group transacts with clients and suppliers and holds assets and liabilities which are expressed in different

currencies than the Euro, which is the reporting currency of the Group. More specifically, the Group’s subsidiaries in Romania, the

Republic of Serbia, Croatia and Ukraine have liabilities/assets in RON, RSD, HRK and UAH respectively. However, these subsidiaries

do not expose the Group to a material exchange rate risk due to their size and the currencies that they use.

(b) Cash flow risk due to changes in interest rates

The cost of borrowing is based on floating interest rates, which expose the Group to cash flow risk due to interest rate fluctuations.

In 2025, 51.9% of the Group's bank borrowings and 45.4% of the Company's bank borrowings are at floating interest rates. The

change is due to the replacement during the year of floating rate borrowings with fixed rate borrowings, aiming to reduce the

Group's exposure to interest rate fluctuations. More details are provided in note 25. In previous years, to hedge against interest

rate risk, the Group had entered into interest rate swap agreements applying hedge accounting. More details are provided in note

17.

The Group's and the Company's overall exposure to changes in interest rates comes from financing through bank borrowing,

finance leases and securitisation of receivables and amounts at the end of the reference period to:

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Total financing 886,446,906 786,199,446 764,497,916 668,192,468

Sensitivity analysis of floating interest rates

The results of the Group and the Company are affected by fluctuations in interest income from cash and cash equivalents and in

financing interest expenses due to changes in interest rates.

Impact on profit before tax:

Group Company 2025 2024 2025 2024 Interest rates – increase by 50 bps (2,071,609) (2,498,886) (1,527,292) (1,963,643) Interest rates – decrease by 50bps 2,071,609 2,498,886 1,527,292 1,963,643

The accounting policy for interest rate risk hedging is described in note 2.25.

The Group’s exposure to equity securities price risk arises from investments held by the Group and classified in the statement of

financial position either as at fair value through other comprehensive income (note 15) or at fair value through profit or loss (note

16).

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The Group’s equity investments that are publicly traded on the Athens Stock Exchange are classified as at fair value through other

comprehensive income.

(ii) Credit risk

(a) Risk management

Credit risk arises from cash and cash equivalents, as well as credit exposures to wholesale and retail customers, including

outstanding receivables.

If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, credit control

assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual

risk limits are set based on internal or external ratings in accordance with limits set by the board. Compliance with credit limits by

wholesale customers is regularly monitored by line management.

There is no significant concentration of credit risk. Sales to retail customers are required to be settled in cash or using major credit

cards, mitigating credit risk. Wholesale operations are conducted after the assessment of the credit-worthiness of the

counterparty, while in most cases, guarantees are received. At the same time, the Company and its subsidiaries continuously

monitor the aging of their claims and take necessary action, as the case may be. Cash and cash equivalents of the company and

its Greek subsidiaries, that represent around 80% of the Group’s total cash and cash equivalents are invested in Greek systemic

financial institutions. As far as foreign subsidiaries are concerned, cash and cash equivalents are invested mainly to local

subsidiaries of international, investment-grade, financial institutions with high credit ratings. Cash and cash equivalents are

invested in for short-term. Potential credit risk is also present in the Group's cash flows. Additionally, in most of these cases, the

Group has debt obligations of a higher amount.

(b) Security of claims

For the majority of trade receivables from wholesale customers, the Group obtains security in the form of guarantees which can

be offset with the claimed amounts if the counterparty is in default under the terms of the agreement.

The Group has the following types of financial assets that are subject to the expected credit loss model:

•Trade receivables

•Finance lease receivables

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was

immaterial.

Trade receivables and lease receivables

The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses, in which an expected loss

provision is used for the entire life of trade receivables and finance lease receivables.

Expected loss rates are based on the sales payment profile for a 12-month period prior to 31 December 2025 and the

corresponding historical credit losses incurred during that period. Historical loss rates are adjusted to reflect current and future

information about macroeconomic factors affecting customers' ability to repay their obligations.

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Based on the above, the loss provision for the Group and the Company was determined as follows for both trade receivables and

car lease receivables:

Group 31.12.2025 31.12.2024 Expected Gross carrying Expected Gross carrying Note loss rate amount loss rate amount Current 0.68% 135,675,440 1.35% 115,067,200 More than 30 days past due 14.37% 3,694,718 20.50% 2,754,162 More than 60 days past due 23.44% 1,168,779 37.27% 855,034 More than 90 days past due 36.81% 486,318 50.02% 465,240 More than 120 days past due 91.20% 8,051,857 88.34% 7,855,745 Total trade receivables 18 6.21% 149,077,112 7.57% 126,997,381 Loss allowance 18 9,251,546 9,608,086

Company 31.12.2025 31.12.2024 Expected Gross carrying Expected Gross carrying Note loss rate amount loss rate amount Current 0.46% 90,634,304 1.15% 74,081,299 More than 30 days past due 14.28% 1,097,207 4.28% 667,546 More than 60 days past due 27.67% 234,432 13.12% 260,470 More than 90 days past due 45.22% 134,202 19.33% 79,773 More than 120 days past due 87.42% 1,411,852 77.86% 1,741,093 Total trade receivables 18 2.07% 93,511,997 2.97% 76,830,181 Loss allowance 18 1,935,836 2,283,286

The loss allowances movement for trade and lease receivables reconcile is as follows:

Group Company 2025 2024 2025 2024 Balance at the beginning of the year 9,608,086 9,786,688 2,283,286 2,481,236 Increase in loss allowance recognised in profit or 707,687 626,286 - - loss during the year Write-off of loss allowance on receivables deemed (562,358) (544,896) (347,450) (197,950) irrecoverable Unused amount reversed (478,845) (260,198) - - Exchange differences (23,024) 206 - - Balance at the end of the year 9,251,546 9,608,086 1,935,836 2,283,286

Trade receivables and lease receivables are written off when there is no reasonable expectation of recovery. Indicators that there

is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the

Group, and a failure to make contractual payments for a reasonable period of time.

Impairment losses on trade receivables and lease receivables are presented as net impairment losses within operating profit.

Subsequent recoveries of amounts previously written off are credited against the same line item.

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Other financial assets at amortised cost

There are no other financial assets at amortised cost which include loans to related parties and key management personnel and

other receivables.

(iii) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding

through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At

the end of the reporting period the Group held deposits at call of €96,709,493 (2024 - €97,817,080) that are expected to readily

generate cash inflows for managing liquidity risk. Due to the dynamic nature of the underlying businesses, the Group maintains

flexibility in funding by maintaining availability under committed credit lines. In addition, the Company through Securitisation of

Future Receivables has assured the financing for the purchase of long-term lease vehicles.

(a) Financing arrangements

The Group and the Company had access to the following undrawn borrowing facilities at the end of the reporting period:

Group Company 2025 2024 2025 2024 Unused bank credit lines 374,122,652 340,407,121 184,424,394 248,552,234

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice, while the bank loan

facilities may be drawn at any time and have an average maturity of 3 – 5 years.

(b) Maturities of financial liabilities

The tables below analyse the Group’s and the Company’s financial liabilities into relevant maturity groupings based on their

contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12

months equal their carrying balances as the impact of discounting is not significant.

Maturity of borrowings in fair value, including interest, as of 31.12.2025 and 2024 for the Company and the Group is as follows:

Group Trade and Operating Borrowings & Finance lease 31 December 2025 other Securitisation lease Total grant liabilities payables liabilities Within 1 year 258,989,372 78,701,969 7,858,620 12,277,636 11,837,178 369,664,775 Between 1 and 5 years 2,443,149 533,096,267 305,022,858 16,954,680 16,567,233 874,084,187 Over 5 years - 13,577,903 - - 2,973,991 16,551,894 Total contractual 261,432,521 625,376,139 312,881,478 29,232,316 31,378,402 1,260,300,856 cash flows Carrying amount 261,432,521 569,081,513 290,000,000 27,365,393 28,859,799 1,176,739,226 Trade and Operating Borrowings & Finance lease 31 December 2024 other Securitisation lease Total grant liabilities payables liabilities Within 1 year 269,005,497 75,306,871 7,002,409 12,069,365 8,093,515 371,477,657 Between 1 and 5 years 3,230,974 493,441,352 242,258,898 18,807,730 13,553,767 771,292,721 Over 5 years - 46,375,229 - - 2,925,821 49,301,050 Total contractual 272,236,471 615,123,452 249,261,307 30,877,095 24,573,103 1,192,071,428 cash flows Carrying amount 272,236,471 537,345,448 220,000,000 28,853,998 22,362,000 1,080,797,917

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Company Operating Trade and Borrowings & Finance lease 31 December 2025 Securitisation lease Total other payables grant liabilities liabilities Within 1 year 128,871,499 43,120,360 7,858,620 1,603,532 4,130,834 185,584,845 Between 1 and 5 years - 462,682,593 305,022,858 4,420,145 4,290,970 776,416,566 Over 5 years - 13,577,903 - - 1,277,956 14,855,859 Total contractual cash flows 128,871,499 519,380,856 312,881,478 6,023,677 9,699,760 976,857,270 Carrying amount 128,871,499 468,798,169 290,000,000 5,699,747 9,000,426 902,369,841 Operating Trade and Borrowings & Finance lease 31 December 2024 Securitisation lease Total other payables grant liabilities liabilities Within 1 year 110,301,782 33,809,922 7,002,409 1,523,950 4,673,400 157,311,463 Between 1 and 5 years - 435,856,071 242,258,898 3,836,879 5,386,073 687,337,921 Over 5 years - 46,375,229 - - 758,656 47,133,885 Total contractual cash flows 110,301,782 516,041,222 249,261,307 5,360,829 10,818,129 891,783,269 Carrying amount 110,301,782 443,137,919 220,000,000 5,054,549 10,109,330 788,603,580

4.2 Capital management

The Group’s objectives when managing capital are to:

▪ safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and

benefits for other stakeholders, and

▪ maintain an optimal capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return

capital to shareholders, issue new shares or sell assets to reduce debt

In consistency with market practices, the Group monitors capital on the basis of the following gearing ratio:

Net debt (as the difference between cash and cash equivalents and borrowings, including finance lease liabilities and

securitisation)

divided by

Total “Equity” (as shown in the statement of financial position, including non-controlling interests)

During 2025, the Group’s strategy was to maintain a gearing ratio within 1 to 2 for both the Group and the Company. The gearing

ratios at 31 December 2025 and 31 December 2024 were as follows:

Group Company Note 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Borrowings 25 560,228,865 529,784,627 459,945,521 435,577,098 Grants 25 8,852,648 7,560,821 8,852,648 7,560,821 Finance lease liabilties 26 27,365,393 28,853,998 5,699,747 5,054,549 Securitisation 27 290,000,000 220,000,000 290,000,000 220,000,000 Less: Cash and cash equivalents 20 (96,709,493) (97,817,080) (65,987,070) (52,541,937) Net debt 789,737,413 688,382,366 698,510,846 615,650,531 Total equity 584,386,543 489,887,874 431,419,376 350,916,249 Gearing ratio 1.35 1.41 1.62 1.75

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(a) Loan covenants

Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants:

• Net Debt to Equity

• Net Debt to Earnings before tax, financing & investing activities, depreciation & amortisation (EBITDA)

• Earnings before tax, financing & investing activities (EBIT) to Net Interest Costs

• Total Liabilities less Cash and cash equivalents to Equity

The Group is in compliance with these covenants throughout the reporting period.

(b) Externally imposed capital requirements regarding equity

There are certain limitations regarding equity, deriving from current Societe Anonyme legislation and in particular from Law

4548/2018. The limitations are as follows:

• The purchase of own shares - with the exception of purchasing shares with sole purpose to be distributed among its´

employees - cannot exceed 10% of the company’s share capital and cannot result in the reduction of equity to an amount less

than the amount of the share capital increased by the reserves, for which distribution is forbidden by law.

• In case total equity of the Company becomes less than half (1/2) of the capital, the Board of Directors is obliged to convene

the general meeting, within a period of six (6) months from the end of the year, on the dissolution of the company or the

adoption of another measure. The auditors of the Company have the same obligation, if the Board of Directors does not

convene within the above deadline.

• Annually, at least 1/20th of the company’s net profit is deducted to form a statutory reserve, which will be used exclusively

to balance, prior to any dividend distribution, the debit balance in Income Statement. Forming such a reserve is not obligatory,

once it reaches 1/3rd of the company’s share capital.

• The payment of an annual dividend to shareholders in cash, at an amount equal to at least 35% of the company’s net earnings,

after deducting the statutory reserve and the net result from the valuation of the company’s assets and liabilities at fair value,

is obligatory. The above does not apply if the general assembly decides it by a majority of at least 65% of the paid-up share

capital. In this case, dividend that hasn’t been distributed and up to an amount equal to 35% of the above mentioned net

earnings, has to be reported as a “Reserve to be Capitalised”, within 4 years’ time by an issue of new shares, given to eligible

shareholders. Finally, a general shareholders meeting can decide not to distribute dividend, if it is decided by a majority of

over 70% of the paid-up share capital.

The Company is in compliance with all obligations deriving from all relevant provisions and regulations relating to equity.

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5. Fair value hierarchy

To determine the reliability of the data used to determine fair value, the Group has classified non-financial and financial assets

and liabilities measured at fair value into the three levels of the IFRS 13 hierarchy. A description of each level is provided below .

• Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the

reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These

instruments are included in level 1.

• Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques

which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant

inputs required to fair value an instrument are observable, the instrument is included in level 2.

• Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The Group has classified its financial instruments in the aforementioned 3 levels as follows:

31 December 2025 Note Level 1 Level 2 Level 3 Total Financial assets at fair value through other comprehensive income Listed equity securities 15 186,223,310 - - 186,223,310 Listed debt securities 15 4,973,776 - - 4,973,776 Financial assets at fair value through profit or loss Unlisted equity securities 16 - - 2,123,527 2,123,527 191,197,086 - 2,123,527 193,320,613 31 December 2024 Note Level 1 Level 2 Level 3 Total Financial assets at fair value through other comprehensive income Listed equity securities 15 132,087,704 - - 132,087,704 Listed debt securities 15 2,159,653 - - 2,159,653 Financial assets at fair value through profit or loss Unlisted equity securities 16 - - 2,114,694 2,114,694 134,247,357 - 2,114,694 136,362,051

In addition as at 31.12.2025, the Group owned own-used land and buildings and investment properties measured at fair value

amounting to €107,282,112 (2024: €97,138,366) and €32,327,851 (2024: €35,738,402) respectively, classified as level 3.

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Valuation techniques used to determine level 3 fair values:

(i) Land & buildings and investment property

The Group obtains independent valuations for its investment properties as well as for land and buildings classified as property,

plant and equipment at least every 1 or 2 years. The last independent valuation of land and buildings was performed in January

2026 as at 31.12.2025.

At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account

the most recent independent valuations. The directors determine a property’s value within a range of reasonable fair value

estimates.

The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available

the directors consider information from a variety of sources including:

• the current prices in an active market for properties of different nature or recent prices of similar properties in less active

markets, adjusted to reflect those differences

• the discounted cash flow projections based on reliable estimates of future cash flows

• capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from

an analysis of market evidence

The fair value of real estate is estimated using the income approach method, the sales comparison approach, the replacement

cost method (when no comparative rentals or sales are available) and the residual value method in cases of empty lots or

calculation of building balance value.

The value of owned-used and investment properties is also estimated using the above-mentioned methods depending on the use

of the property. The value of land is calculated using the sales comparison approach, when such data exists, or using the residual

method or a combination of the two.

(ii) Unlisted securities

The value of unlisted securities is determined based on the management’s estimates of the expected future profitability of unlisted

securities, taking into consideration comparative data of similar assets.

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6. Segmental analysis

The Group has three operating segments related to car rentals in Greece, trade of cars, spare parts and related services in Greece

as well as the car rentals and car sales abroad.

International Car rentals & Trade of cars - Elimination activity of car 2025 Note sales of used cars spare parts & entries & other Total rentals and cars (Greece) services (Greece) activities sales Revenue from third parties 31 326,546,495 526,922,169 180,639,141 - 1,034,107,805 Inter-segment revenue 19,317,490 217,701,885 793,136 (237,812,511) - Cost of sales 32 (260,198,158) (660,595,266) (153,728,381) 232,850,287 (841,671,518) Gross profit 85,665,827 84,028,788 27,703,896 (4,962,224) 192,436,287 Distribution costs 32 (4,637,852) (52,340,486) (3,591,998) 6,720,575 (53,849,761) Administrative expenses 32 (19,092,582) (16,569,391) (12,870,149) 4,533,249 (43,998,873) Impairment losses on financial assets - - 303,121 (531,964) - (228,843) net Other income from third parties 34 12,791,458 11,280,283 2,590,536 - 26,662,277 Other inter-segment income 8,094,226 4,570,157 404 (12,664,787) - Other gains / (losses) - net 35 1,837,833 244,885 200,188 - 2,282,906 Finance income 36 5,981,205 542,317 55,845 - 6,579,367 Finance costs 36 (26,156,641) (4,747,714) (5,368,546) - (36,272,901) Share of profit / (loss) from investments 13 - 4,894,596 - (704,128) 4,190,468 accounted for using the equity method Profit before tax 64,483,474 32,206,556 8,188,212 (7,077,315) 97,800,927 Income tax expense 37 (7,659,457) (6,056,957) (874,195) 859,064 (13,731,545) Profit for the period 56,824,017 26,149,599 7,314,017 (6,218,251) 84,069,382 Depreciation & amortisation 7,8,10 (116,986,853) (5,908,609) (54,469,382) - (177,364,844) Non current assets 1,122,361,930 73,147,472 213,532,536 - 1,409,041,938 Total assets 1,272,433,169 279,601,511 248,747,912 - 1,800,782,592 Total liabilities (926,664,174) (128,451,755) (161,280,120) - (1,216,396,049)

International Car rentals & Trade of cars - Elimination activity of car 2024 Note sales of used cars spare parts & entries & other Total rentals and cars (Greece) services (Greece) activities sales Revenue from third parties 31 290,228,094 511,234,502 184,225,008 - 985,687,604 Inter-segment revenue 20,019,746 194,551,804 109,257 (214,680,807) - Cost of sales 32 (224,574,026) (616,819,273) (150,998,122) 203,490,757 (788,900,664) Gross profit 85,673,814 88,967,033 33,336,143 (11,190,050) 196,786,940 Distribution costs 32 (5,584,063) (49,369,938) (3,644,089) 5,812,717 (52,785,373) Administrative expenses 32 (17,358,915) (16,227,502) (13,133,413) 6,264,449 (40,455,381) Impairment losses on financial assets - - 237,225 (487,457) - (250,232) net Other income from third parties 34 12,114,639 10,098,424 3,497,364 - 25,710,427 Other inter-segment income 7,477,258 3,367,228 - (10,844,486) - Other gains / (losses) - net 35 1,873,274 (814,733) 218,227 - 1,276,768 Finance income 36 7,024,820 718,448 63,845 - 7,807,113 Finance costs 36 (22,848,609) (5,215,517) (7,376,218) - (35,440,344) Share of profit / (loss) from investments 13 - 3,084,675 - (343,081) 2,741,594 accounted for using the equity method Profit before tax 68,372,218 34,845,343 12,474,402 (10,300,451) 105,391,512 Income tax expense 37 (9,267,699) (6,346,798) (1,582,778) 1,304,249 (15,893,026) Profit for the period 59,104,519 28,498,545 10,891,624 (8,996,202) 89,498,486 Depreciation & amortisation 7,8,10 (103,826,704) (5,189,196) (45,838,147) - (154,854,047) Non current assets 949,027,135 70,062,838 208,189,437 - 1,227,279,410 Total assets 1,073,576,806 293,770,420 238,811,081 - 1,606,158,307 Total liabilities (801,692,598) (164,732,353) (149,845,482) - (1,116,270,433)

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7. Property, plant and equipment

Group Buildings & Furniture, Assets Note Land leasehold Machinery Vehicles fittings and under Total improvements equipment construction Cost or Fair value Balance as at 1 January 2024 51,945,273 83,664,876 9,667,943 873,403,201 35,377,120 2,474,770 1,056,533,183 Exchange differences - (6,601) 13,275 (18,297) (27,814) - (39,437) Additions 894,368 1,271,560 766,756 304,090,085 2,566,916 564,800 310,154,485 Revaluation surplus 120,158 8,390,281 - - - - 8,510,439 Impairment (187,170) - - - - - (187,170) Write-offs - - (37,331) (2,153,294) (368,102) - (2,558,727) Disposals - - (3,233) (5,416,256) (11,924) - (5,431,413) Transfers to inventory - - - (203,790,213) - - (203,790,213) Transfers to investment property 9 1,171,959 (237,809) - - - - 934,150 Transfers from right-of-use assets 8 - - - 22,720,349 - - 22,720,349 Transfers to intangible assets 10 - - - - - (1,053,506) (1,053,506) Other transfers 10,619 1,206,762 35,200 3,678 - (1,256,259) - Balance as at 31 December 2024 53,955,207 94,289,069 10,442,610 988,839,253 37,536,196 729,805 1,185,792,140 Balance as at 1 January 2025 53,955,207 94,289,069 10,442,610 988,839,253 37,536,196 729,805 1,185,792,140 Exchange differences - (746) - (185) (5,978) - (6,909) Additions 6,844,611 2,606,361 635,586 337,688,688 1,978,671 1,127,064 350,880,981 Revaluation surplus 330,970 8,792,513 - - - - 9,123,483 Impairment (860,421) - - - - (176,896) (1,037,317) Write-offs - (488,006) (228,910) (1,331,235) (4,434,494) - (6,482,645) Disposals - (85,420) (170) (4,507,437) (242,821) - (4,835,848) Transfers to inventory - - - (210,076,279) - - (210,076,279) Transfers to investment property 9 2,390,001 1,571,138 - - - - 3,961,139 Transfers from right-of-use assets 8 - - - 18,889,723 - - 18,889,723 Transfers to assets held for sale (2,419,193) - - - - - (2,419,193) Balance as at 31 December 2025 60,241,175 106,684,909 10,849,116 1,129,502,528 34,831,574 1,679,973 1,343,789,275 Accumulated depreciation Balance as at 1 January 2024 - (43,475,275) (6,349,463) (242,356,539) (30,202,697) - (322,383,974) Exchange differences - 210 (13,275) 59,642 16,347 - 62,924 Depreciation charge 32 - (3,350,018) (766,161) (126,043,492) (1,444,825) - (131,604,496) Revaluation surplus - (4,524,478) - - - - (4,524,478) Write-offs - 5,566 41,031 1,265,178 425,814 - 1,737,589 Disposals - - 3,233 326,427 312 - 329,972 Transfers to inventory - - - 112,802,231 - - 112,802,231 Transfers to investment property 9 - 238,085 - - - - 238,085 Transfers from right-of-use assets 8 - - - (7,923,074) - - (7,923,074) Balance as at 31 December 2024 - (51,105,910) (7,084,635) (261,869,627) (31,205,049) - (351,265,221) Balance as at 1 January 2025 - (51,105,910) (7,084,635) (261,869,627) (31,205,049) - (351,265,221) Exchange differences - 733 - 178 5,912 - 6,823 Depreciation charge 32 - (3,910,643) (719,916) (142,032,281) (1,562,398) - (148,225,238) Revaluation surplus - (5,402,263) - - - - (5,402,263) Impairment - - - (1,419,021) - - (1,419,021) Write-offs - 488,006 228,910 490,861 4,434,494 - 5,642,271 Disposals - - - 1,206,274 16,568 - 1,222,842 Transfers to inventory - - - 106,048,500 - - 106,048,500 Transfers to investment property 9 - 286,105 - - - - 286,105 Transfers from right-of-use assets 8 - - - (7,646,093) - - (7,646,093) Balance as at 31 December 2025 - (59,643,972) (7,575,641) (305,221,209) (28,310,473) - (400,751,295) Net book value as at 1 January 2024 51,945,273 40,189,601 3,318,480 631,046,662 5,174,423 2,474,770 734,149,209 Net book value as at 31 December 53,955,207 43,183,159 3,357,975 726,969,626 6,331,147 729,805 834,526,919 2024 Net book value as at 31 December 60,241,175 47,040,937 3,273,475 824,281,319 6,521,101 1,679,973 943,037,980 2025

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Company Buildings & Furniture, Assets Note Land leasehold Machinery Vehicles fittings and under Total improvements equipment construction Cost or fair value Balance as at 1 January 2024 32,133,507 35,642,011 1,938,962 685,664,335 14,864,718 1,133,104 771,376,637 Additions 894,368 482,586 147,853 229,163,019 618,141 520,329 231,826,296 Revaluation surplus 181,415 6,537,186 - - - - 6,718,601 Impairment (7,013) - - - - - (7,013) Write-offs - - (36,508) (1,302,109) (368,102) - (1,706,719) Disposals - - - (5,416,256) (234) - (5,416,490) Transfers to inventory - - - (126,672,360) - - (126,672,360) Transfers to investment property 9 290,517 (387,325) - - - - (96,808) Transfers from right-of-use assets 8 - - - 2,125,812 - - 2,125,812 Other transfers 10,619 1,206,762 35,200 - - (1,252,581) - Balance as at 31 December 2024 33,503,413 43,481,220 2,085,507 783,562,441 15,114,523 400,852 878,147,956 Balance as at 1 January 2025 33,503,413 43,481,220 2,085,507 783,562,441 15,114,523 400,852 878,147,956 Additions 6,844,611 1,912,637 78,489 277,132,148 440,403 223,957 286,632,245 Revaluation surplus 746,989 7,129,193 - - - - 7,876,182 Impairment (323,983) - - - - - (323,983) Write-offs - (488,006) (228,910) (1,148,210) (4,392,411) - (6,257,537) Disposals - - - (4,495,822) (1,790) - (4,497,612) Transfers to inventory - - - (140,827,373) - - (140,827,373) Transfers to investment property 9 (1,715,999) (1,907,346) - - - - (3,623,345) Transfers from right-of-use assets 8 - - - 3,098,410 - - 3,098,410 Balance as at 31 December 2025 39,055,031 50,127,698 1,935,086 917,321,594 11,160,725 624,809 1,020,224,943 Accumulated depreciation Balance as at 1 January 2024 - (20,584,204) (1,705,871) (192,024,468) (12,718,617) - (227,033,160) Depreciation charge 32 - (1,809,335) (145,340) (97,323,206) (451,780) - (99,729,661) Revaluation surplus - (4,524,478) - - - - (4,524,478) Write-offs - - 36,508 515,997 368,101 - 920,606 Disposals - - - 326,024 234 - 326,258 Transfers to inventory - - - 76,509,545 - - 76,509,545 Transfers to investment property - 238,085 - - - - 238,085 Transfers from right-of-use assets 8 - - - (1,091,754) - - (1,091,754) Balance as at 31 December 2024 - (26,679,932) (1,814,703) (213,087,862) (12,802,062) - (254,384,559) Balance as at 1 January 2025 - (26,679,932) (1,814,703) (213,087,862) (12,802,062) - (254,384,559) Depreciation charge 32 - (2,186,391) (88,833) (110,634,196) (476,078) - (113,385,498) Revaluation surplus - (5,402,263) - - - - (5,402,263) Write-offs - 488,006 228,910 421,056 4,392,411 - 5,530,383 Disposals - - - 709,767 1,790 - 711,557 Transfers to inventory - - - 74,822,533 - - 74,822,533 Transfers to investment property 9 - 286,105 - - - - 286,105 Transfers from right-of-use assets 8 - - - (1,721,393) - - (1,721,393) Balance as at 31 December 2025 - (33,494,475) (1,674,626) (249,490,095) (8,883,939) - (293,543,135) Net book value as at 1 January 2024 32,133,507 15,057,807 233,091 493,639,867 2,146,101 1,133,104 544,343,477 Net book value as at 31 December 33,503,413 16,801,288 270,804 570,474,579 2,312,461 400,852 623,763,397 2024 Net book value as at 31 December 39,055,031 16,633,223 260,460 667,831,499 2,276,786 624,809 726,681,808 2025

The Company's and the Group's vehicles are subject to short-term and long-term leases.

Land and buildings are presented in depreciated fair value which is determined by independent valuators. More details concerning

land and buildings’ valuation methods are presented in Note 3(v) and 5.

As at the reporting date, the Group, in order to secure its loan obligations, has registered first-class mortgage notes on properties

in favor of the Representatives and on behalf of the Creditors, for a total amount of €106,472,000. At the same time, variable

insurance contracts have been concluded on the Group's cars for a total amount of €166,352,434.

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As at the reporting date, the Company, in order to secure its loan obligations, has registered first-class mortgage notes on

properties in favor of the Representatives and on behalf of the Creditors, for a total amount of €104,272,000. At the same time,

variable insurance contracts have been concluded on the Company's cars amounting to €166,352,434, and a pledge has been

established on all the shares of the Company's subsidiary in Romania.

The properties are presented at fair value based on updated valuations by a certified valuator, which is reflected in the financial

statements of the Group and the Company.

Management systematically assesses the impact of climate change on the useful lives, residual values and total book value of the

Group's assets to determine if adjustments are required. Management concluded that no adjustments are required as at

31.12.2025.

(i) Assets held for sale

During the fiscal year, the Group’s Management decided to proceed with the sale of a land plot in Bulgaria with a total carrying

amount of €2,839,139, including capitalised expenses related to unfinished construction works.

Based on the expected selling price of €2,479,193 and the estimated selling expenses of €60,000, the asset was measured at

€2,419,193, resulting in the recognition of an impairment loss of €420,000 in the Statement of Profit or Loss.

As at the reporting date, the asset is presented under the category “Assets held for sale” in the Statement of Financial Position,

and its sale is expected to be completed within the next twelve months.

8. Right-of-use assets

Group Note. Buildings Vehicles Total Cost Balance as at 1 January 2024 22,221,317 58,191,987 80,413,304 Additions 15,078,009 20,737,760 35,815,769 Terminated leases (10,612,241) - (10,612,241) Transfers to property, plant and equipment - (22,720,349) (22,720,349) Balance as at 31 December 2024 26,687,085 56,209,398 82,896,483 Balance as at 1 January 2025 26,687,085 56,209,398 82,896,483 Additions 12,969,748 27,732,160 40,701,908 Terminated leases (4,199,223) (12,584,512) (16,783,735) Transfers to property, plant and equipment 7 - (18,889,723) (18,889,723) Balance as at 31 December 2025 35,457,610 52,467,323 87,924,933 Accumulated depreciation Balance as at 1 January 2024 (10,367,376) (12,237,764) (22,605,140) Depreciation charge 32 (7,360,498) (13,403,710) (20,764,208) Terminated leases 10,431,053 - 10,431,053 Transfers to property, plant and equipment 7 - 7,923,074 7,923,074 Balance as at 31 December 2024 (7,296,821) (17,718,400) (25,015,221) Balance as at 1 January 2025 (7,296,821) (17,718,400) (25,015,221) Depreciation charge 32 (8,080,119) (18,613,584) (26,693,703) Terminated leases 3,365,829 12,929,737 16,295,566 Transfers to property, plant and equipment 7 - 7,646,093 7,646,093 Balance as at 31 December 2025 (12,011,111) (15,756,154) (27,767,265) Net book value as at 1 January 2024 11,853,941 45,954,223 57,808,164 Net book value as at 31 December 2024 19,390,264 38,490,998 57,881,262 Net book value as at 31 December 2025 23,446,499 36,711,169 60,157,668

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Company Note Buildings Vehicles Total Cost Balance as at 1 January 2024 15,106,310 6,041,913 21,148,223 Additions 9,561,994 4,676,747 14,238,741 Terminated leases (9,866,924) - (9,866,924) Transfers to property, plant and equipment - (2,125,812) (2,125,812) Balance as at 31 December 2024 14,801,380 8,592,848 23,394,228 Balance as at 1 January 2025 14,801,380 8,592,848 23,394,228 Additions 3,623,269 2,266,994 5,890,263 Terminated leases (1,123,548) - (1,123,548) Transfers to property, plant and equipment 7 - (3,098,410) (3,098,410) Balance as at 31 December 2025 17,301,101 7,761,432 25,062,533 Accumulated depreciation Balance as at 1 January 2024 (10,064,297) (2,319,938) (12,384,235) Depreciation charge 32 (4,453,410) (1,132,328) (5,585,738) Terminated leases 9,840,279 - 9,840,279 Transfers to property, plant and equipment 7 - 1,091,754 1,091,754 Balance as at 31 December 2024 (4,677,428) (2,360,512) (7,037,940) Balance as at 1 January 2025 (4,677,428) (2,360,512) (7,037,940) Depreciation charge 32 (4,827,046) (939,930) (5,766,976) Terminated leases 1,096,407 - 1,096,407 Transfers to property, plant and equipment 7 - 1,721,393 1,721,393 Balance as at 31 December 2025 (8,408,067) (1,579,049) (9,987,116) Net book value as at 1 January 2024 5,042,013 3,721,975 8,763,988 Net book value as at 31 December 2024 10,123,952 6,232,336 16,356,288 Net book value as at 31 December 2025 8,893,034 6,182,383 15,075,417

Expenses related to low-value or short-term leases accounted for in accordance with IFRS 16, par. 6, are shown in line “Rental

costs” in Note 32.

9. Investment property

Group Company Note 2025 2024 2025 2024 Balance at the beginning of the year 35,738,402 36,023,610 67,268,204 66,167,460 Additions 67,404 170,753 67,404 170,753 Net gain/(loss) from fair value adjustment 35 769,289 716,274 2,096,817 1,071,268 Transfer from PPE 7 (4,247,244) (1,172,235) 3,337,240 (141,277) Balance at the end of the year 32,327,851 35,738,402 72,769,665 67,268,204

Investment properties are presented at fair value determined at each reporting date by independent valuators. More information

regarding investment property valuation methods is presented in notes 3(v) and 5.

The following amounts have been recognised in profit or loss regarding investment property:

Group Company Note 2025 2024 2025 2024 Rental income from operating leases 34 1,598,695 1,187,056 3,805,340 2,969,783 Fair value gain/(loss) recognised in other 35 769,289 716,274 2,096,817 1,071,268 gains/(losses)

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10. Intangible assets

Group Company Trademarks Note Software Total Software Total & licences Cost Balance as at 1 January 2024 19,026,452 3,540,374 22,566,826 2,651,937 2,651,937 Exchange differences - (72) (72) - - Additions - 926,765 926,765 336,435 336,435 Write-offs (45,249) 114 (45,135) - - Transfers from property, plant and equipment 7 - 1,053,506 1,053,506 - - Balance as at 31 December 2024 18,981,203 5,520,687 24,501,890 2,988,372 2,988,372 Balance as at 1 January 2025 18,981,203 5,520,687 24,501,890 2,988,372 2,988,372 Exchange differences - (1,982) (1,982) - - Additions - 1,671,481 1,671,481 1,397,422 1,397,422 Balance as at 31 December 2025 18,981,203 7,190,186 26,171,389 4,385,794 4,385,794 Accumulated amortisation Balance as at 1 January 2024 (1,919,991) (2,363,783) (4,283,774) (1,881,797) (1,881,797) Exchange differences - 2,405 2,405 - - Amortisation charge 32 (1,906,995) (578,348) (2,485,343) (229,071) (229,071) Write-offs 45,249 (114) 45,135 - - Balance as at 31 December 2024 (3,781,737) (2,939,840) (6,721,577) (2,110,868) (2,110,868) Balance as at 1 January 2025 (3,781,737) (2,939,840) (6,721,577) (2,110,868) (2,110,868) Exchange differences - 216 216 - - Amortisation charge 32 (1,902,911) (542,992) (2,445,903) (220,520) (220,520) Balance as at 31 December 2025 (5,684,648) (3,482,616) (9,167,264) (2,331,388) (2,331,388) Net book value as at 1 January 2024 17,106,461 1,176,591 18,283,052 770,140 770,140 Net book value as at 31 December 2024 15,199,466 2,580,847 17,780,313 877,504 877,504 Net book value as at 31 December 2025 13,296,555 3,707,570 17,004,125 2,054,406 2,054,406

The trademarks & licenses of the Group include the valuation of Hertz brand franchise agreement in Portugal amounting to

€13,213,476.

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11. Goodwill

Group 2025 2024 Balance at the beginning of the year 43,457,435 43,457,435 Acquisition of subsidiary - - Balance at the end of the year 43,457,435 43,457,435

Goodwill arises from (a) the acquisition of HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS INDUSTRIAL & TRADING

SA in 2017 amounting to €25,939,818, (b) the acquisition of AUTOTECHNICA FLEET SERVICES d.o.o. in Croatia in 2016 amounting

to €1,312,539, (c) DERASCO TRADING LIMITED amounting to €45,473 and (d) the acquisition of HR - ALUGUER DE AUTOMÓVEIS

S.A. in 2022 amounting to €16,159,605.

(i) Goodwill per operating segment

Goodwill is monitored by management at the level of the three operating segments presented in note 6.

31.12.2025 31.12.2024 Trade of cars - spare parts & services 25,985,291 25,985,291 International activity of car rentals and cars sales 17,472,144 17,472,144 Total goodwill 43,457,435 43,457,435

(ii) Impairment testing of goodwill

The Group tests goodwill on an annual basis, by assessing cash generating units (CGUs) for potential impairment. The recoverable

amount of CGUs was determined by value-in-use calculations that require the use of assumptions. The calculations used cash flow

forecasts based on management-approved budgets covering a period of five years. Cash flows beyond the five-year period are

calculated on the basis of the assumptions set out below, which are consistent with the forecasts for the industry in which each

CGU operates.

The basic assumptions adopted as at 31 December 2025 for the testing of goodwill arising from the acquisition of HR - ALUGUER

DE AUTOMÓVEIS S.A. are the following:

• Discount rate: 6% - 8% (2024: 8% -10%)

• Sales Growth Rate: 4% - 5% (2024: 3% - 5%)

• Perpetuity Growth Rate: 2% (2024: 2%)

The basic assumptions adopted as at 31 December 2025 for the testing of goodwill arising from the acquisition of AUTOTECHNICA

FLEET SERVICES d.o.o. are the following:

• Discount rate: 8% - 10% (2024: 8 -10%)

• Sales Growth Rate: 2% - 4% (2024: 2 -4%)

• Perpetuity Growth Rate: 1% (2024: 1%)

It is noted that in 2018, the year of the first full consolidation of HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS

INDUSTRIAL & TRADING SA after their acquisition in December 2017, the former's revenue amounted to €60.5 million with profit

before tax of €5.8 million and the latter's revenue amounted to €30.8 million with profit before tax of €1.9 million. In 2025 the

revenue of HYUNDAI HELLAS amounted to €200.9 million with profit before tax of €12.9 million and the revenue of KIA HELLAS

amounted to €99.3 million with profit before tax of €6.3 million. It is evident that the development of the 2 subsidiaries in the last

5 years is particularly important. Therefore, the assumptions under which impairment of their goodwill would arise are unrealistic.

Impairment testing as of 31 December 2025 has not resulted in an impairment of goodwill. Additionally, if the assumptions used

as at 31 December 2025 were further aggravated by 10%, the carrying value of goodwill would still not require any impairment.

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12. Investments in subsidiaries

Company 2025 2024 Balance at the beginning of the year 101,067,291 101,063,962 Capital increase of subsidiary 850,000 5,037 Write-off - (1,708) Balance at the end of the year 101,917,291 101,067,291

In May 2025, Autohellas Group announced a partnership with CHANGAN, one of the largest electric‑vehicle manufacturers in

China, for the distribution in Greece of fully electric and plug‑in hybrid vehicles. Within this framework, the Company established

the wholly‑owned subsidiary CHANGAN Hellas Single‑Member Société Anonyme, based in Greece, with an initial share capital of

€100,000 and activity related to the import and distribution of vehicles. On 23 July 2025, the process for increasing the share

capital of the newly established subsidiary was completed. Following the €750,000 increase, the share capital amounts to

€850,000.

(i) Breakdown of subsidiaries

The interests held in subsidiaries and their carrying amounts at 31 December are as follows:

Country of % of ownership interest Carrying value Pincipal Name of entity incorporation 31.12.2025 31.12.2024 31.12.2025 31.12.2024 activities AUTOTECHNICA HELLAS SINGLE Greece 100% 100% 300,000 300,000 Car and spare parts trade MEMBER SA Car and spare parts trade & AUTOTECHNICA EOOD Bulgaria 100% 100% 3,012,047 3,012,047 Car rentals AUTOTECHNICA (CYPRUS) LIMITED Cyprus 100% 100% 3,078,811 3,078,811 Car rentals AUTOTECHNICA FLEET SERVICES SRL Romania 100% 100% 6,500,000 6,500,000 Car rentals AUTOTECHNICA SERBIA DOO Serbia 100% 100% 4,000,000 4,000,000 Car rentals AUTOTECHNICA MONTENEGRO DOO Montenegro 100% 100% 1,000,000 1,000,000 Car rentals AUTOTECHNICA FLEET SERVICES DOO Croatia 100% 100% 4,467,787 4,467,787 Car rentals AUTOTECHNICA FLEET SERVICES LLC Ukraine 100% 100% 200,000 200,000 Car rentals DERASCO TRADING LIMITED Cyprus 100% 100% 20,131,000 20,131,000 Holding company HYUNDAI HELLAS INDUSTRIAL & Greece 70%* 70%* - - Car and spare parts trade TRADING SA KIA HELLAS INDUSTRIAL & TRADING Greece 70%* 70%* - - Car and spare parts trade SA TECHNOCAR SINGLE MEMBER Greece 100% 100% 10,050,000 10,050,000 Car and spare parts trade TRADING SA ELTREKKA SA Greece 100% 100% 1,086,817 1,086,817 Spare parts trade FASTTRAK SA Greece 100%* 100%* - - Spare parts distribution HR - ALUGUER DE AUTOMÓVEIS S.A. Portugal 89.56% 89.56% 47,240,829 47,240,829 Car rentals CHANGAN HELLAS SA Greece 100% - 850,000 - Car and spare parts trade (*indirect investments)

(ii) Indirect investments

The companies HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS INDUSTRIAL & TRADING SA are indirect investments

(70%) through the 100% subsidiary DERASCO TRADING LIMITED.

FASTTRAK S.A. is an indirect investment (100%) through the 100% subsidiary ELTREKKA S.A..

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13. Investments accounted for using the equity method

Carrying value

Group % of ownership Nature of Measurement Country of Name of entity incorporation 31.12.2025 31.12.2024 relationship method 31.12.2025 31.12.2024 SPORTSLAND S.A. Greece 50% 50% Joint venture 5,546,343 5,524,689 CRETE GOLF S.A. Greece 45.033% 45.033% Associate 5,123,101 5,362,006 INSTACAR S.A. Greece 48.52% 38.44% Associate Equity method 12,672,732 8,751,746 ELECION ENERGY S.A. Greece 33.33% 25% Associate 783,625 552,306 ORNOS S.A. Greece 51% 51% Joint venture 27,752,766 22,858,170 Total 51,878,567 43,048,917 Company % of ownership Nature of Measurement Country of Name of entity incorporation 31.12.2025 31.12.2024 relationship method 31.12.2025 31.12.2024 SPORTSLAND S.A. Greece 50% 50% Joint venture 7,280,000 7,155,000 CRETE GOLF S.A. Greece 45.033% 45.033% Associate 6,502,281 6,502,281 Acquisition cost ELECION ENERGY S.A. Greece 33.33% 25% Associate 898,333 615,000 ORNOS S.A. Greece 51% 51% Joint venture 18,870,000 18,870,000 Total 33,550,614 33,142,281

(i) Short description of associates and joint ventures

• SPORTSLAND S.A.

“SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.” was founded in 2008. The company owns in Asopia a large expanse

of land plots, where it plans to develop the said tourism investment, proceeding each year with the acquisition of additional land

plots in the area. It is a company that has gathered large areas of land in the wider region and in which complex investments are

planned to be made, which will combine sports and leisure activities, creating an integrated leisure hub.

• CRETE GOLF S.A.

“CRETE GOLF S.A.” is an associate company of Autohellas, whose main activity concerns the operation of a golf course in the

Municipality of Hersonissos in Heraklion, Crete. The company was founded in August 1997 and meets high specifications for

hosting international tournaments. Since early 2017, a new five‑star hotel unit also operates at the company’s facilities, which

complements the operation of the Golf course and contributes to further increasing quality tourism in Crete.

• INSTACAR S.A.

INSTACAR SOCIÉTÉ ANONYME constitutes an associate company of the Autohellas Group through the 100% subsidiary “DERASCO

TRADING LIMITED”. INSTACAR has as its main activity the rental of vehicles through an online subscription service. The company

has developed a platform for flexible vehicle rental addressed to individuals and businesses.

• ELECION ENERGY S.A.

“ELECION ENERGY PRODUCTION AND TRADING OF ELECTRICITY SOCIETE ANONYME” set to operate in electricity generation

from RES through a photovoltaic plant at the Asopia site, within the Municipal Units of Oinofyta and Tanagra. The development

of the above photovoltaic plant will take place on land to be leased by ELECION ENERGY from the company “SPORTSLAND

SPORT FACILITIES - TOURISM AND HOTELS S.A.”, in which the Company holds a 50% stake.

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• ORNOS S.A.

“ORNOS SOCIÉTÉ ANONYME” is a joint company of the Autohellas and Samelet groups and is responsible for the import and

distribution of five Stellantis Brands—specifically Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep—as well as the import and

distribution of Leapmotor vehicles in the Greek market.

(ii) Changes during the year

• INSTACAR S.A.

During the fiscal year, the Group, through DERASCO TRADING, acquired from an existing shareholder the entirety of their

participation in INSTACAR for €4,230,848. Following this transaction, the Group’s participation in INSTACAR amounted to 48.52%

as at 31.12.2025.

• ELECION ENERGY S.A.

In July 2025, the Company acquired 205,000 shares of ELECION ENERGY S.A., which were transferred to it by Taaleri SolarWind III

Holdings Sàrl for €283,333, in the context of a pro‑rata disposal of the latter’s entire stake to the remaining shareholders. Following

the transaction, the Company’s holding amounts in total to 820,000 shares, representing 33.33% of the share capital and voting

rights of ELECION ENERGY, compared to 615,000 shares and a 25% stake prior to the transaction.

• SPORTSLAND S.A.

During the fiscal year the Company participated in a share capital increase of the SPORTSLAND paying €125,000, maintaining its

percentage at 50%.

(iii) Financial data of associates and joint ventures

The summary financial data of the Group's associates and joint ventures are summarised below.

Associates Joint ventures Summarised Statement of Financial Position 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Current assets Cash and cash equivalents 3,945,605 2,463,220 3,912,573 5,516,841 Other current assets 12,965,920 8,600,043 63,354,010 62,082,808 Total current assets 16,911,525 11,063,263 67,266,583 67,599,649 Non-current assets 132,725,439 96,870,229 47,389,894 47,917,165 Current liabilities Financial liabilities (excluding trade payables) 34,817,863 24,854,437 4,100,000 - Other current liabilities 8,377,514 4,791,197 38,082,062 46,647,332 Total current liabilities 43,195,377 29,645,634 42,182,062 46,647,332 Non-current liabilities Financial liabilities (excluding trade payables) 77,062,831 50,140,305 8,930,899 8,496,217 Other non-current liabilities 5,586,569 2,830,049 6,063,755 11,994,725 Total non-current liabilities 82,649,400 52,970,354 14,994,654 20,490,942 Equity 23,792,187 25,317,504 57,479,761 48,378,540

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Associates Joint ventures Summarised statement of comprehensive income 2025 2024 2025 2024 Revenue 37,055,392 25,470,716 171,373,595 155,820,002 Finance income 40,363 2,921 492,417 502,078 Depreciation and amortisation (12,771,621) (9,159,511) (1,804,826) (1,848,725) Finance costs (6,197,133) (4,217,548) (1,633,470) (1,912,303) Income tax expense - - (1,001,680) (1,302,236) Profit/(loss) for the year (1,525,317) (491,500) 9,394,060 5,839,286 Total comprehensive income (1,525,317) (491,500) 9,394,060 5,839,286

14. Deferred tax

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against

current tax liabilities and when the deferred income taxes relate to the same taxation authority.

(i) Net amounts of deferred tax assets and liabilities

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Deferred tax liabilities 33,126,969 27,958,744 30,692,652 23,538,706 Deferred tax assets (191,727) (168,263) - - Deferred tax (net) 32,935,242 27,790,481 30,692,652 23,538,706

(ii) Gross amounts of deferred tax assets and liabilities

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Deferred tax liabilities 42,689,654 37,474,952 37,436,253 30,638,007 Deferred tax assets (9,754,412) (9,684,471) (6,743,601) (7,099,301) Deferred tax (net) 32,935,242 27,790,481 30,692,652 23,538,706

The biggest part of deferred tax assets and liabilities is long-term.

(iii) Total movement in deferred tax

Group Company Note 2025 2024 2025 2024 Balance at the beginning of the year 27,790,481 24,039,931 23,538,706 18,884,300 Charged / (credited) to the income statement 37 4,356,479 4,566,660 6,645,879 5,849,359 Charged/(credited) to other comprehensive 788,282 (805,531) 508,067 (1,194,953) income Exchange differences - (10,579) - - Balance at the end of the year 32,935,242 27,790,481 30,692,652 23,538,706

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(iv) Movement in deferred tax assets

Group Property, plant Right-of-use Intangible assets Other Total and equipment assets Balance as at 1 January 2024 (1,006,316) (2,104,496) (87,380) (4,315,812) (7,514,004) Charged / (credited) to the income statement 3,889 (1,713,358) (90,094) 1,318,723 (480,840) Charged/(credited) to other comprehensive (15,741) - - (1,663,307) (1,679,048) income Exchange differences - - (10,579) - (10,579) Balance as at 31 December 2024 (1,018,168) (3,817,854) (188,053) (4,660,396) (9,684,471) Balance as at 1 January 2025 (1,018,168) (3,817,854) (188,053) (4,660,396) (9,684,471) Charged / (credited) to the income statement (34,622) 371,086 (221,212) (178,320) (63,068) Charged/(credited) to other comprehensive (6,873) - - - (6,873) income Reclassification 523,168 - - (523,168) - Balance as at 31 December 2025 (536,495) (3,446,768) (409,265) (5,361,884) (9,754,412)

The remainder of the Group's other deferred tax assets includes mainly temporary differences attributable to provisions, accrued

liabilities and income of subsequent years.

Company Retirement benefit Lease liabilities Deferred revenue Total obligations Balance as at 1 January 2024 (243,333) (1,066,830) (3,200,709) (4,510,872) Charged / (credited) to the income statement 15,543 (1,157,221) 227,514 (914,164) Charged/(credited) to other comprehensive income (10,958) - (1,663,307) (1,674,265) Balance as at 31 December 2024 (238,748) (2,224,051) (4,636,502) (7,099,301) Balance as at 1 January 2025 (238,748) (2,224,051) (4,636,502) (7,099,301) Charged / (credited) to the income statement (17,283) 243,959 141,706 368,382 Charged/(credited) to other comprehensive income (12,682) - - (12,682) Balance as at 31 December 2025 (268,713) (1,980,092) (4,494,796) (6,743,601)

The above tables concerning movements in deferred tax assets exclude offsetting balances of deferred tax assets and liabilities

within the same tax jurisdiction.

(v) Movement in deferred tax liabilities

Group Property, plant Right-of-use Property, plant Other Total and equipment assets and equipment Balance as at 1 January 2024 24,560,411 2,021,813 3,567,639 1,404,072 31,553,935 Charged / (credited) to the income statement 3,882,476 1,560,381 (395,357) - 5,047,500 Charged/(credited) to other comprehensive 876,911 - - (3,394) 873,517 income Balance as at 31 December 2024 29,319,798 3,582,194 3,172,282 1,400,678 37,474,952 Balance as at 1 January 2025 29,319,798 3,582,194 3,172,282 1,400,678 37,474,952 Charged / (credited) to the income statement 4,700,900 (351,744) (396,870) 467,261 4,419,547 Charged/(credited) to other comprehensive 818,668 - - (23,513) 795,155 income Balance as at 31 December 2025 34,839,366 3,230,450 2,775,412 1,844,426 42,689,654

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Company Property, plant Right-of-use Other Total and equipment assets Balance as at 1 January 2024 22,243,726 1,109,243 42,203 23,395,172 Charged / (credited) to the income statement 5,645,496 1,118,027 - 6,763,523 Charged/(credited) to other comprehensive income 482,707 - (3,395) 479,312 Balance as at 31 December 2024 28,371,929 2,227,270 38,808 30,638,007 Balance as at 1 January 2025 28,371,929 2,227,270 38,808 30,638,007 Charged / (credited) to the income statement 6,548,302 (270,802) (3) 6,277,497 Charged/(credited) to other comprehensive income 544,262 - (23,513) 520,749 Balance as at 31 December 2025 35,464,493 1,956,468 15,292 37,436,253

The above tables concerning movements in deferred tax liabilities exclude offsetting balances of deferred tax assets and liabilities

within the same tax jurisdiction.

15. Financial assets at fair value through other comprehensive income

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Equity securities Listed securities 186,223,310 132,087,704 186,223,310 132,087,704 Unlisted securities Listed securities 4,973,776 2,159,653 4,973,776 2,159,653 191,197,086 134,247,357 191,197,086 134,247,357

Financial assets at fair value through other comprehensive income comprise shares of “AEGEAN AIRLINES S.A.” and “TRADE

ESTATES REIC” as well as investments in bank and corporate bonds which are not held for trading, and which the Group and the

Company have irrevocably elected to recognise under this category. These are strategic investments, and the Group and the

Company consider this classification to be more appropriate.

In 2023 Autohellas participated in the share capital increase of “TRADE ESTATES REAL ESTATE INVESTMENT COMPANY” through

contribution of property worth €7,999,967, while in the context of the company’s share capital increase through a public offering

and private placement, 938,968 new shares were allocated via Private Placement to the existing shareholder “AUTOHELLAS

TOURIST AND TRADING SOCIÉTÉ ANONYME”. Subsequently, within 2023, the Company purchased 784,589 shares through the

Athens Stock Exchange.

In January 2025, and in accordance with Article 19 of Regulation (EU) No. 596/2014 and the relevant Delegated Regulations (EU)

522/2016 and (EU) 957/2016, as well as Implementing Regulation (EU) 523/2016, and based on the concept of a closely associated

legal entity, the Company disclosed the acquisition of 3,013,220 shares of Trade Estates REIC, at an average price of €1.50 and a

total value of €4,519,830.

During 2024, the Company acquired through the regulated market of the Athens Stock Exchange 247,694 shares of the listed

company “AEGEAN AIRLINES S.A.”, increasing its ownership percentage to 12.11%.

Additionally, in the same year, the Company acquired through the regulated market of the Athens Stock Exchange 120,000 shares

of the listed company “ATHENS INTERNATIONAL AIRPORT S.A.”, corresponding to 0.04% of its share capital. During the first half

of 2025, the Company proceeded with an additional purchase of 4,279 shares of the same company through the regulated market.

Subsequently, the Company fully liquidated its participation in the said company, receiving total proceeds of €1,233,775.

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During 2025, the Company participated in the public offering of a corporate bond issued by GEK TERNA S.A. through public

subscription, with a total amount of up to €500 million and a seven‑year duration, with a final yield range of approximately 3.20%–

3.50%. The Group’s investment amounts to €2,921,000 and corresponds to 2,921 bonds.

The movement in financial assets at fair value through other comprehensive income is analysed as follows:

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Balance at the beginning of the year 134,247,357 149,708,520 134,247,357 149,708,520 Additions of listed securities 7,478,828 3,445,574 7,478,828 3,445,574 Disposals (1,233,775) (4,491,000) (1,233,775) (4,491,000) Net gain/(loss) from changes in the fair value 50,704,676 (14,415,737) 50,704,676 (14,415,737) recognised in other comprehensive income Balance at the end of the year 191,197,086 134,247,357 191,197,086 134,247,357

16. Financial assets at fair value through profit or loss

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Equity securities Unlisted securities 2,123,527 2,114,694 1,000,455 1,000,455 2,123,527 2,114,694 1,000,455 1,000,455

The movement in financial assets at fair value through profit or loss is analysed as follows:

Group Company 2025 31.12.2024 2025 31.12.2024 Balance at the beginning of the year 2,114,694 2,107,332 1,000,455 1,000,455 Fair value adjustment 8,833 7,362 - - Balance at the end of the year 2,123,527 2,114,694 1,000,455 1,000,455

Financial assets at fair value through profit or loss also comprise:

- 10% participation in iTeam Technology Solutions S.A., amounting to €1 mil,

- 0,26% participation in HD Insurance limited, amounting to €500 thousand,

- participation in Iberis Bluetech Fund, amounting to €623 thousand, and

- fully impaired investments in Spotmechanic Limited and Mobiag LDA.

17. Derivative financial instruments and hedge accounting

During the financial years 2021 to 2023, the Company used interest rate swap contracts for cash‑flow hedging purposes, with a

total notional amount of €275,000,000, all of which had been terminated as at 31.12.2024. The Company proceeded with the

termination of all interest rate swap contracts, partly due to the repayment of a portion of the bond loans associated with these

contracts and partly due to the conversion of the terms of the remaining associated borrowings from variable to fixed interest

rates.

Specifically, during the previous financial year 2024, the Company reclassified to profit or loss the cumulative deferred gain from

prior years amounting to €9,897,454, receiving a net amount of €569,000. The ineffective portion of the hedging instruments was

also recognised in profit or loss, amounting to a loss of €177,812.

During the financial year 2025, there was no transaction or event related to interest rate swap contracts.

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18. Trade and other receivables

Group Company Note 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Trade receivables 149,077,112 126,997,381 93,511,997 76,830,181 Less: provision for impairment of trade receivables 4.1 (9,251,546) (9,608,086) (1,935,836) (2,283,286) Trade receivables - net 139,825,566 117,389,295 91,576,161 74,546,895 Prepayments 30,169,879 37,809,746 19,053,794 15,589,217 Other receivables 51,356,838 40,827,091 37,777,174 34,823,246 Less: provision for impairment of other receivables (380,000) (782,980) - - Receivables from related parties 41 594,482 389,119 5,994,523 6,063,600 Receivables from loans to related parties 41 7,000,000 - - - Total 228,566,765 195,632,271 154,401,652 131,022,958

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Non-current portion 67,665,972 58,315,848 65,670,019 56,089,726 Current portion 160,900,793 137,316,423 88,731,633 74,933,232 Total 228,566,765 195,632,271 154,401,652 131,022,958 More details about the Group’s impairment policies and the calculation of the loss allowance are provided in note 4.1.

In the current environment affected by the energy and the financial crisis, the Group actively monitors the recoverability of trade

receivables to ensure that any impairment provisions are reflected in a timely manner and in accordance with Management's best

estimate of potential losses, as required by IFRS 9. The fair value of trade and other receivables approximates the carrying value.

Other receivables primarily relate to the securitisation reserve and items associated with the securitisation, as well as billings

related to other income, e.g., rents, contracts, etc. The non-current other receivables are due and payable within 2 to 3 years from

the end of the reporting period.

Further information relating to balances with related parties and key management personnel is set out in note 41.

19. Inventories

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 New cars 95,072,901 105,667,204 - - Used cars 15,126,836 14,768,475 - - Parts & accessories 19,091,559 18,604,363 - - Other 521,206 934,401 68,826 87,899 Total 129,812,502 139,974,443 68,826 87,899

During the year, an inventory impairment was recognised at the net realizable value of €193,423 as an expense and is included in

the cost of sales.

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20. Cash and cash equivalents

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Cash in hand 255,609 215,796 153,145 89,386 Cash at bank 31,739,458 48,663,858 10,109,925 14,054,551 Time deposits 64,714,426 48,937,426 55,724,000 38,398,000 Total 96,709,493 97,817,080 65,987,070 52,541,937

The effective interest rate on time deposits was 3.23%-3.8% and 2%-2.8% for 2025 and 2024 respectively,

21. Share capital and share premium

Number of Ordinary shares Share premium Treasury shares Total shares Balance as at 1 January 2024 48,624,764 3,889,981 130,553 (2,558,952) 1,461,582 Treasury shares acquired - - - (975,818) (975,818) Distribution of treasury shares - - - 108,219 108,219 Balance as at 31 December 2024 48,624,764 3,889,981 130,553 (3,426,551) 593,983 Balance as at 1 January 2025 48,624,764 3,889,981 130,553 (3,426,551) 593,983 Treasury shares acquired - - - (1,038,765) (1,038,765) Distribution of treasury shares - - - 212,301 212,301 Balance as at 31 December 2025 48,624,764 3,889,981 130,553 (4,253,015) (232,481) (i) Share capital

The Company’s share capital amounted as at 31 December 2025 to € 3,889,981 divided into 48,624,764 common registered shares

with a nominal value of €0.08 each. All shares are common, have been paid in full, participate in earnings and are entitled to voting

rights.

(ii) Treasury shares

During the fiscal year, in accordance with Article 49 of Law 4548/2018 and in implementation of the decisions of the Annual

General Meeting of Shareholders and the decision of the Board of Directors, the Company proceeded with successive purchases

of a total of 91,940 treasury shares with a value of €1,038,765.

Additionally, in accordance with the provisions of Law 3556/2007, Regulation (EU) 596/2014 of the European Parliament and the

relevant provisions of the Athens Stock Exchange Regulation, and pursuant to the decision of the Company’s Annual General

Meeting of shareholders dated 08.04.2025 and the decision of its Board of Directors dated 28.04.2025, the Company proceeded

with the distribution of 63,500 free shares of the Company, with a total value of €212,301, within the framework of the decision

approved by the aforementioned Annual General Meeting.

Following the above, as at 31.12.2025 the Company held a total of 602,250 treasury shares with a nominal value of €0.08 each,

with a total value of €4,253,015, which correspond to 1.2386% of its share capital.

The movement of the Company's own shares is reflected in the table below:

Number of Cost of tresury shares shares Balance as at 1 January 2024 508,000 2,558,952 Acquisition of shares 84,810 975,818 Distribution of treasury shares (19,000) (108,219) Balance as at 31 December 2024 573,810 3,426,551 Acquisition of shares 91,940 1,038,765 Distribution of treasury shares (63,500) (212,301) Balance as at 31 December 2025 602,250 4,253,015

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22. Other reserves

Group Financial assets at fair value through Revaluation Statutory Special Hedging Other Total other reserve reserve reserve reserve reserves comprehensive income Balance as at 1 January 2024 93,311,521 18,022,859 7,892,591 (11,190,741) 5,897,179 855,364 114,788,773 Changes in the fair value of debt instruments at fair value through other (15,437) - - - - - (15,437) comprehensive income - gross Changes in the fair value of debt instruments at fair value through other 3,396 - - - - - 3,396 comprehensive income - tax Changes in the fair value of equity investments at fair value through other (14,400,300) - - - - - (14,400,300) comprehensive income - gross Changes in the fair value of cash flow - - - - 2,336,969 - 2,336,969 hedges (effective portion) - gross Changes in the fair value of cash flow - - - - (514,134) - (514,134) hedges (effective portion) - tax Changes in the fair value of cash flow hedges (reclassified to profit or loss) - - - - - (9,897,454) - (9,897,454) gross Changes in the fair value of cash flow - - - - 2,177,440 - 2,177,440 hedges (reclassified to profit or loss) - tax Revaluation of property, plant and - 3,985,961 - - - - 3,985,961 equipment - gross Revaluation of property, plant and - (876,911) - - - - (876,911) equipment - tax Exchange differences on translation of - - - - - (46,551) (46,551) foreign operations Transfer from/(to) retained earnings - - 229,068 8,019,770 - (497) 8,248,341 Balance as at 31 December 2024 78,899,180 21,131,909 8,121,659 (3,170,971) - 808,316 105,790,093 Balance as at 1 January 2025 78,899,180 21,131,909 8,121,659 (3,170,971) - 808,316 105,790,093 Changes in the fair value of debt instruments at fair value through other (106,877) - - - - - (106,877) comprehensive income - gross Changes in the fair value of debt instruments at fair value through other 23,513 - - - - - 23,513 comprehensive income - tax Changes in the fair value of equity investments at fair value through other 50,811,553 - - - - - 50,811,553 comprehensive income - gross Revaluation of property, plant and - 3,721,220 - - - - 3,721,220 equipment - gross Revaluation of property, plant and - (818,668) - - - - (818,668) equipment - tax Exchange differences on translation of - - - - - 414,193 414,193 foreign operations Dividends paid / payable - - - (8,019,770) - - (8,019,770) Transfer from/(to) retained earnings (238,198) - 148,365 29,980,378 - 6,158 29,896,703 Balance as at 31 December 2025 129,389,171 24,034,461 8,270,024 18,789,637 - 1,228,667 181,711,960

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Company Financial assets at fair value through Revaluation Statutory Special Hedging Other Total other reserve reserve reserve reserve reserves comprehensive income Balance as at 1 January 2024 93,311,521 10,733,515 4,870,218 46,509,258 5,897,179 481,037 161,802,728 Changes in the fair value of debt instruments at fair value through other (15,437) - - - - - (15,437) comprehensive income - gross Changes in the fair value of debt instruments at fair value through other 3,396 - - - - - 3,396 comprehensive income - tax Changes in the fair value of equity investments at fair value through other (14,400,300) - - - - - (14,400,300) comprehensive income - gross Changes in the fair value of cash flow - - - - 2,336,969 - 2,336,969 hedges (effective portion) - gross Changes in the fair value of cash flow - - - - (514,134) - (514,134) hedges (effective portion) - tax Changes in the fair value of cash flow hedges (reclassified to profit or loss) - - - - - (9,897,454) - (9,897,454) gross Changes in the fair value of cash flow - - - - 2,177,440 - 2,177,440 hedges (reclassified to profit or loss) - tax Revaluation of property, plant and - 2,194,123 - - - - 2,194,123 equipment - gross Revaluation of property, plant and - (482,707) - - - - (482,707) equipment - tax Transfer from retained earnings - - - 18,843,611 - - 18,843,611 Balance as at 31 December 2024 78,899,180 12,444,931 4,870,218 65,352,869 - 481,037 162,048,235 Balance as at 1 January 2025 78,899,180 12,444,931 4,870,218 65,352,869 - 481,037 162,048,235 Changes in the fair value of debt instruments at fair value through other (106,877) - - - - - (106,877) comprehensive income - gross Changes in the fair value of debt instruments at fair value through other 23,513 - - - - - 23,513 comprehensive income - tax Changes in the fair value of equity investments at fair value through other 50,811,553 - - - - - 50,811,553 comprehensive income - gross Revaluation of property, plant and - 2,473,919 - - - - 2,473,919 equipment - gross Revaluation of property, plant and - (544,262) - - - - (544,262) equipment - tax Dividends paid / payable - - - (38,031,751) - - (38,031,751) Transfer to retained earnings (238,198) - - 18,280,378 - - 18,042,180 Balance as at 31 December 2025 129,389,171 14,374,588 4,870,218 45,601,496 - 481,037 194,716,510

(i) Statutory reserve

The statutory reserve is created under the provisions of Greek law according to which an amount of at least 5% of the profit (after

tax) for the year must be transferred to the reserve until it reaches one third of the paid share capital. The statutory reserve can

only be used with the approval of the Annual General Meeting of shareholders to offset accumulated losses and therefore cannot

be used for any other purpose.

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(ii) Special reserve

This reserve relates to special reserves from income taxed by special tax scheme formed based on special provisions of Greek tax

legislation and refers to a) earnings from sale of a non-listed company which are tax-exempted since they are not distributed. In

any other case they would not be exempted from regular tax regulation and b) dividends received.

(iii) Hedging reserve

The hedging reserve comprises the cash flow hedge reserve. The cash flow hedge reserve is used to recognise the effective portion

of gains or losses from derivatives that are designated and qualify as cash flow hedges, as described in note 2.25. The amounts

are then reclassified to the statement of profit or loss, as appropriate.

(iv) Other reserves

Other reserves were created from the merger of VAKAR S.A., VELMAR S.A. and TECHNOCAR S.A. In addition, Other Reserves

include exchange differences arising on translation of the foreign controlled entities are recognised in other comprehensive

income as described in note 2.5 and accumulated in a separate reserve within equity. The cumulative amount is reclassified to

profit or loss when the net investment is disposed of.

Other reserves also include the portion of the net income carried forward every year that comes from tax-free profits and profits

taxed under special provisions by using up the tax liability. The aforementioned reserves can be capitalised or distributed following

the approval of the Annual General Meeting, after taking into consideration the restrictions that may apply. In case of

capitalisation or distribution, tax is calculated at the current tax rate.

23. Dividends

According to the resolution of the Ordinary General Meeting of the Company’s shareholders held on April 8, 2025, the dividend

for the fiscal year 2024 was set at € 0.85 per share.

Of the total distribution amounting to €40,843,310.90, an amount of €18,843,610.53 derives from reserves related to dividends

from participations and subsidiaries for the 2024 financial year, an amount of €2,811,559.79 derives from the Company’s annual

net profits for the 2024 financial year, and an amount of €19,188,140.58 derives from the distribution of reserves under Article

48 of the Greek Income Tax Code, as further detailed in the relevant resolutions of the Ordinary General Meeting.

For the year ended 31 December 2025, the proposal of the Board of Directors for the distribution of dividends to shareholders

during 2026 is € 0.85 per common share and will be proposed to the upcoming Ordinary General Meeting.

24. Non-controlling interests

The non-controlling interests arise from the companies Hyundai Hellas, Kia Hellas and HR Aluguer de Automóveis and the change

in the balance of the non-controlling interests is presented in the following table as follows:

2025 2024 Balance at the beginning of the year 15,722,694 14,874,902 Profit for the year attributable to non-controlling interests 4,024,697 4,606,824 Other comprehensive income attributable to non-controlling interests 708 (3,212) Dividends paid to non-controlling interests (2,401,350) (3,755,820) Balance at the end of the year 17,346,749 15,722,694

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Condensed financial data of Hyundai Hellas, Kia Hellas and HR Aluguer de Automóveis are presented in the table below:

HR Aluguer de Hyundai Kia 2025 Automóveis Hellas Hellas (Group) Non-current assets 4,558,840 3,535,332 73,539,027 Current assets 54,704,825 40,922,289 19,042,876 Non-current liabilities 2,127,853 1,696,166 34,304,028 Current liabilities 27,707,259 22,161,749 39,376,553 Revenue 200,944,979 99,267,918 96,842,612 Profit/(loss) before tax 12,855,004 6,273,796 (4,428,180) Profit/(loss) for the year 9,749,314 4,826,844 (3,334,772) Dividends paid 4,004,000 4,000,500 - HR Aluguer de Hyundai Kia 2024 Automóveis Hellas Hellas (Group) Non-current assets 5,131,240 3,822,841 76,101,291 Current assets 86,681,237 41,631,165 17,956,232 Non-current liabilities 2,836,222 2,455,442 37,181,743 Current liabilities 65,295,352 23,225,226 34,639,685 Revenue 175,679,310 89,695,475 104,085,035 Profit/(loss) before tax 13,400,755 7,076,652 (929,915) Profit/(loss) for the year 10,313,737 5,490,189 (1,286,913) Dividends paid 12,005,000 - 1,478,159

25. Borrowings

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Non-current Bank borrowings 301,701,929 275,814,358 234,790,259 221,301,943 Common Bond Loan €200 mil. 200,000,000 200,000,000 200,000,000 200,000,000 Other borrowings 333,436 627,064 - - Total non-current borrowings 502,035,365 476,441,422 434,790,259 421,301,943 Current Short-term portion of long-term bank borrowings 42,047,042 31,025,024 25,155,262 14,275,155 Bank borrowings 2,857,239 15,560,529 - - Bank overdrafts 12,445,741 6,021,910 - - Other borrowings 843,478 735,742 - - Total current borrowings 58,193,500 53,343,205 25,155,262 14,275,155 Total borrowings 560,228,865 529,784,627 459,945,521 435,577,098

The fair value of the borrowings approximates the carrying value as at 31 December of 2025 and 2024.

The weighted average interest rates of the short-term and long-term borrowings of the Group and the Company in 2025 are

mentioned in note 36.

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(i) Movements in Borrowings

Group Long-term Short-term Total borrowings borrowings Balance as at 1 January 2024 389,639,464 43,983,809 433,623,273 Exchange differences 19,113 14,901 34,014 New financing 378,568,304 77,042,387 455,610,691 Recognition of grant from RRF (5,592,118) - (5,592,118) Repayments - (356,031,941) (356,031,941) Loan amortisation - 635,982 635,982 Transfer from RRF grant 1,504,726 - 1,504,726 Transfers (287,698,067) 287,698,067 - Balance as at 31 December 2024 476,441,422 53,343,205 529,784,627 Balance as at 1 January 2025 476,441,422 53,343,205 529,784,627 Exchange differences (7,175) (1,635) (8,810) New financing 75,961,166 101,735,057 177,696,223 Recognition of grant from RRF (3,297,159) - (3,297,159) Repayments - (146,061,631) (146,061,631) Loan amortisation - 110,283 110,283 Transfer from RRF grant 2,005,332 - 2,005,332 Transfers (49,068,221) 49,068,221 - Balance as at 31 December 2025 502,035,365 58,193,500 560,228,865

Company Long-term Short-term Total borrowings borrowings Balance as at 1 January 2024 346,872,060 14,058,398 360,930,458 New financing 362,210,550 - 362,210,550 Recognition of grant from RRF (5,592,118) - (5,592,118) Repayments - (284,112,500) (284,112,500) Loan amortisation - 635,982 635,982 Transfer from RRF grant 1,504,726 - 1,504,726 Transfers (283,693,275) 283,693,275 - Balance as at 31 December 2024 421,301,943 14,275,155 435,577,098 Balance as at 1 January 2025 421,301,943 14,275,155 435,577,098 New financing 46,504,759 15,000,000 61,504,759 Recognition of grant from RRF (3,297,159) - (3,297,159) Repayments - (35,954,792) (35,954,792) Loan amortisation - 110,283 110,283 Transfer from RRF grant 2,005,332 - 2,005,332 Transfers (31,724,616) 31,724,616 - Balance as at 31 December 2025 434,790,259 25,155,262 459,945,521

The most important changes regarding the Group's new borrowings are the following:

• Drawdowns of the Recovery and Resilience Facility loans amounting to €46.5 million

The most important changes regarding the Group's loan repayments are the following:

• Autohellas bond loan repayments amounting to €9.5 million

• Repayments of Recovery and Resilience Fund loans amounting to €11 million

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(ii) Grants from Recovery and Resilience Fund

In September 2022, the Company signed its first Bond Loan Agreement under the National Recovery and Resilience Plan “Greece

2.0,” which falls within the framework of co-financing by systemic banks with the Recovery and Resilience Fund (RRF). The total

amount of the loan agreement was €136,077,485, of which €85,048,428 was covered by the RRF with a fixed interest rate from

the Fund's resources, and the remaining €51,029,057 was covered by a systemic bank with a variable contractual interest rate

(EURIBOR + margin). The proceeds of the loan are intended for the financing of zero or low-emission vehicles, specifically those

with less than 50g CO2/km.

In February 2023, the Company proceeded again with the signing of a 2nd Bond Loan agreement under the National Recovery and

Resilience Plan “Greece 2.0”, which falls within the co‑financing framework of the systemic banks with the RRF. The total amount

of the loan agreement amounts to €104,000,000, of which the amount of €65,000,000 relates to the RRF with a fixed interest rate

from the Fund’s resources, and the remaining amount of €39,000,000 relates to a systemic bank with a floating contractual interest

rate (EURIBOR + margin). The financing relates to zero‑ or low‑emission vehicles, specifically those emitting less than 50g CO2/km.

During 2025, the Company repaid the outstanding balance of this loan amounting to €4 million.

In November 2024, the Company signed its third Bond Loan Agreement under the National Recovery and Resilience Plan “Greece

2.0,” which falls within the framework of co-financing by systemic banks with the RRF. The total amount of the loan agreement

was €120,000,000, of which €75,000,000 was covered by the RRF with a fixed interest rate from the Fund's resources, and the

remaining €45,000,000 was covered by a systemic bank with a variable contractual interest rate (EURIBOR + margin). The proceeds

of the loan are intended exclusively for the financing of electric vehicles.

The total financing of the above-mentioned contracts is intended to cover the Company's purchasing needs for electric and plug-

in hybrid vehicles in the coming years.

The Company has recognised a total amount of indirect grant, relating to the renewal and expansion of its fleet for the period

2022–2026 with the aim of its energy upgrade, amounting to €12,875,978, as calculated from the difference between the

conventional co‑financing interest rate and the RRF interest rate. During the fiscal year, an amount of €2,005,332 was

derecognised from the grants and an equivalent amount increased the Company’s borrowings, resulting in the remaining RRF

grant balance amounting to €8,852,648 as at 31.12.2025.

(iii) Common Bond Loan (CBL)

In January 2024, the Company proceeded to issue a bond loan through a public offer to the investment public in Greece for a total

amount of €200 million, divided into up to 200,000 dematerialized, common, registered bonds with a nominal value of €1,000

each, with a duration of five (5) years.

The completion of the Public Offer took place on 19.01.2024, and according to the aggregate allocation data produced using the

Electronic Offer Book of the Athens Stock Exchange, a total of 200,000 dematerialized, common, registered bonds of the Company

with a nominal value of €1,000 each were allocated (the "Bonds") resulting in the raising of funds amounting to €200 million.

The total valid demand expressed by investors who participated in the Public Offering amounted to €453.46 million. The broad

response of the investing public resulted in the Public Offering being covered by 2.3 times and the total number of participating

investors rising to 8,253. The sale price of the Bonds was set at even, i.e. €1,000 per Bond. The final yield of the Notes and the

interest rate were set at 4.25% per annum.

The Bonds allocated, based on the valid demand expressed for the yield of 4.25%, are as follows: a) 140,000 Bonds (70% of all

issued Bonds) were allocated to Private Investors, out of a total number of 211,551 Bonds, for the for which a valid demand was

expressed (i.e. 66.2% of the expressed demand was satisfied in the specific category of investors and the specific performance)

and b) 60,000 Bonds (30% of the total Bonds issued) were distributed to Special Investors for a total number of 238,606 Bonds,

for which a valid demand was expressed (i.e. 25.1% of the expressed demand was met in the specific category of investors and

the specific yield).

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The Bonds were made available for coverage by the investing public through a public offer within the Greek territory, using the

Electronic Offer Book service of the Athens Stock Exchange, registered in the Intangible Securities System and admitted to trading

in the Fixed Income Securities Category of the Regulated Market of the Athens Stock Exchange.

The funds raised, amounting to €200 million at the balance sheet date, have been used as follows:

• An amount of €100 million was allocated for the payment of the debt of the Company's existing bank loan.

• An amount of €56 million was allocated for car purchases and for the renewal and upgrading of the car fleet

• An amount of €39.4 million was allocated to cover working capital financing needs.

• An amount of €4.6 million was allocated to cover the issuance costs of the CBL

26. Lease liabilities

The Group's lease liabilities are related to vehicle and real estate leases. The maturity of the lease liabilities is analysed in note

4.1.

(i) Finance lease liabilities

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Finance lease liabilities - minimum lease payments Within 1 year 12,277,636 12,069,365 1,603,532 1,523,950 1-5 years 16,954,680 18,807,730 4,420,145 3,836,879 Total 29,232,316 30,877,095 6,023,677 5,360,829 Less: Future finance charges on finance leases (1,866,923) (2,023,097) (323,930) (306,280) Present value of finance lease liabilities 27,365,393 28,853,998 5,699,747 5,054,549

The present value of finance lease liabilities is analysed as follows:

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Within 1 year 11,313,000 10,965,967 1,453,032 1,392,795 1-5 years 16,052,393 17,888,031 4,246,715 3,661,754 Over 5 years - - - - Total 27,365,393 28,853,998 5,699,747 5,054,549

(ii) Operating lease liabilities

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Operating lease liabilities - minimum lease payments Within 1 year 11,837,178 8,093,515 4,130,834 4,673,400 1-5 years 16,567,233 13,553,767 4,290,970 5,386,073 Over 5 years 2,973,991 2,925,821 1,277,956 758,656 Total 31,378,402 24,573,103 9,699,760 10,818,129 Less: Future finance charges on operating leases (2,518,603) (2,211,103) (699,334) (708,799) Present value of operating lease liabilities 28,859,799 22,362,000 9,000,426 10,109,330

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The present value of operating lease liabilities is analysed as follows:

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Within 1 year 11,085,647 7,303,347 3,842,968 4,297,939 1-5 years 14,965,058 12,286,105 3,924,563 5,086,910 Over 5 years 2,809,094 2,772,548 1,232,895 724,481 Total 28,859,799 22,362,000 9,000,426 10,109,330

(iii) Movement in lease liabilities

Group Finance lease Operating lease Total liabilities liabilities Balance as at 1 January 2024 39,304,021 14,519,191 53,823,212 Repayments (26,709,204) (10,228,766) (36,937,970) New financing 16,259,181 18,379,692 34,638,873 Terminated leases - (308,117) (308,117) Balance as at 31 December 2024 28,853,998 22,362,000 51,215,998 Balance as at 1 January 2025 28,853,998 22,362,000 51,215,998 Repayments (18,155,561) (18,594,580) (36,750,141) New financing 16,670,578 25,985,102 42,655,680 Terminated leases (3,622) (892,723) (896,345) Balance as at 31 December 2025 27,365,393 28,859,799 56,225,192 Company Finance lease Operating lease Total liabilities liabilities Balance as at 1 January 2024 2,498,069 4,849,235 7,347,304 Repayments (2,120,267) (4,274,167) (6,394,434) New financing 4,676,747 9,561,994 14,238,741 Terminated leases - (27,732) (27,732) Balance as at 31 December 2024 5,054,549 10,109,330 15,163,879 Balance as at 1 January 2025 5,054,549 10,109,330 15,163,879 Repayments (1,582,048) (4,704,385) (6,286,433) New financing 2,227,246 3,623,269 5,850,515 Terminated leases - (27,788) (27,788) Balance as at 31 December 2025 5,699,747 9,000,426 14,700,173

Finance costs related to leases are presented in note 36.

The above breakdown into finance and operating leases has been made for information purposes and is not required by IFRS 16.

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27. Securitisation

In July 2024, the Company entered into a €220 million financing agreement through the securitisation of receivables with the

National Bank of Greece (NBG). This agreement replaced the existing agreement with JP Morgan. The securitisation is related to

receivables from long-term lease contracts (Asset Backed Securitisation). This financing is non-recourse to other assets of the

Company. The purpose of this financing is to finance the purchase of cars for the needs of replacing and expanding the fleet of

long-term leases.

In July 2025, the Company proceeded again with an amendment of the agreements and added a new investor, Alpha Bank, with

an amount of €70 million, with an equal increase in the senior notes of Autowheel DAC. The amount of the financing as at

31.12.2025 amounted to €290,000,000 and the expected revolving duration of this financing is 24 months from the date of the

latest amendment.

Autohellas (Transferor) proceeded with the sale of business receivables arising from long-term lease contracts to Autowheel DAC

(Acquirer) under the provisions of securitisation according to Law 3156/2003. Autowheel DAC is a special purpose vehicle based

in Dublin, Ireland, with the exclusive purpose of acquiring business receivables as defined in paragraph 2 of Article 10 of Law

3156/2003. The securitisation transaction involves the true sale of receivables to the special purpose vehicle Autowheel DAC.

These business receivables include future lease payments from long-term leases and the estimated proceeds from the sale of

related vehicles, the ownership of which remains with the Company.

Autohellas, under a contract with Autowheel DAC, acts as the Servicer for a fee, meaning it is responsible for monitoring and

collecting receivables from customers whose lease payments have been transferred and subsequently transferring them to

Autowheel DAC. Its role is exclusively to collect on behalf of the noteholders (through Autohellas as the servicer) for the repayment

of the Notes issued and to generally serve the interests of the noteholders until their repayment.

Autowheel DAC is not controlled by Autohellas. The securitisation agreement is a non-recourse agreement to other assets of

Autohellas. Evaluating the criteria of IFRS regarding the independence and autonomy of Autowheel, its legal isolation as a separate

entity, its design and purpose, and the fact that Autohellas does not have decision-making power in this entity, Autowheel DAC is

not consolidated in the consolidated financial statements of Autohellas.

Autowheel DAC, with the proceeds received from the purchase of business receivables, issues Series A and Series B Notes. The

Series A Notes (Senior Notes) were acquired by the investors (NBG and Alpha Bank) and the Series B Notes (Subordinated Notes)

were acquired by Autohellas in compliance with European legislation for the retention of minimum risk by the Transferor. Only

after the full repayment of the Series A Notes can the repayment of the Series B Notes begin.

This securitisation has a 24-month replenishment period ending on 20.07.2027. During this period, Autohellas retains the ability

to transfer new business receivables from long-term lease contracts each month to maintain the securitisation amount at the

desired level. Only after the replenishment period has elapsed, and only if it is not renewed, does the repayment of the notes by

Autowheel DAC begin.

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Below is a maturity analysis by year of the non-discounted business receivables on 31.12.2025:

Period Securitisation Year 1 132,752,078 Year 2 128,013,080 Year 3 96,610,091 Year 4 55,416,330 Year 5 + 14,446,547 Total 427,238,126

The weighted average interest rate of the securitisation has been included in the calculations of note 36.

28. Post-employment benefits

For the Company and the Group entities based in Greece, the benefit obligations relate to the requirements under law 2112/1920

as amended by law 4093/2012 based on the years of employment of each employee. The liability is measured and depicted on

the basis of the expected entitlement of each employee at the reporting date or in the interim financial statements, discounted

to the present value, in relation to the expected time of payment.

(i) Amounts in the Statement of Financial Position

The amounts recognised in the Statement of Financial Position and the movements in the net benefit obligation over the year are

as follows:

Group Company 2025 2024 2025 2024 Balance at the beginning of the year 2,414,384 2,206,863 1,086,039 1,003,036 Amounts recognised in profit or loss: Current service cost 285,782 250,884 107,074 94,350 Interest expense 67,120 65,767 30,192 29,890 Past service cost and (gains)/losses on 734,180 253,765 261,608 184,876 settlements/curtailments Total 1,087,082 570,416 398,874 309,116 Amounts recognised in other comprehensive income: (Gain) / Loss from change in demographic assumptions - 1,033 - 1,248 (Gain) / Loss from change in financial assumptions (2,404) 21,718 (965) 7,937 Experience (gain) / losses 33,648 48,793 58,609 40,627 Total 31,244 71,544 57,644 49,812 Other Benefits paid (979,102) (434,439) (320,315) (275,925) Total (979,102) (434,439) (320,315) (275,925) Balance at the end of the year 2,553,608 2,414,384 1,222,242 1,086,039

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(ii) Actuarial assumptions

The principal actuarial assumptions used for the Group and the Company are as follows:

Group Company 2025 2024 2025 2024 Economic assumptions: Discount rate 2.80% 2.78% 2.80% 2.78% Inflation rate 2.00% 2.00% 2.00% 2.00% Salary growth rate 2.10% 2.10% 2.10% 2.10%

(iii) Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions

constant, would have affected the defined benefit obligation by the amounts shown below:

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Increase in discount rate by 0.5% (31,764) (56,922) (23,596) (22,343) Decrease in discount rate by 0.5% 61,406 59,230 24,626 23,034 Increase in salary growth rate by 0.5% 55,446 52,265 19,416 17,928 Decrease in salary growth rate by 0.5% (53,518) (50,960) (18,742) (17,323)

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice,

this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the benefit

obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with

the projected unit credit method at the end of the reporting period) has been applied as when calculating the benefit liability

recognised in the Statement of Financial Position.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

29. Trade and other payables

Group Company Note 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Trade payables 134,343,033 151,833,351 37,877,117 18,004,637 Amounts due to related parties 41 4,174,084 2,426,573 10,687,520 14,648,729 Guarantees 34,340,527 35,711,066 30,909,344 30,892,370 Accrued expenses 30,076,000 27,639,601 10,733,699 10,282,334 Deferred income 2,598,808 1,481,836 - - Social security funds and other taxes 7,242,247 6,438,479 2,827,023 2,078,471 Advances from customers 23,403,093 17,760,626 12,035,127 7,561,518 Dividends payable 119,666 122,649 119,666 122,649 OECD Pillar II top-up tax 240,940 220,562 184,357 184,357 Other liabilities 24,894,123 28,601,728 23,497,646 26,526,717 Total 261,432,521 272,236,471 128,871,499 110,301,782

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31.12.2024 31.12. 31.12.2024 31.12. Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Non-current portion 2,443,149 3,230,974 - 184,357 Current portion 258,989,372 269,005,497 128,871,499 110,117,425 Total 261,432,521 272,236,471 128,871,499 110,301,782

The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term

nature as at 31 December 2025 and 2024.

Amounts paid by leasing customers as guarantees are presented in the line of the same name in the first table of the note.

Other liabilities mainly concern guarantees given on the retail sales of the Car Trade activity.

30. Provisions

Provisions for the Group amounting to €2,196,145 for 2025 (2024: €2,759,787) mainly concern guarantees for products and

services provided by the Group’s importing companies.

Management has assessed the effect of climate change and the negative impact it may have on the Group's activities and assets.

In this assessment, management took into account the wide geographical dispersion of the Group's facilities in Greece and Europe,

as well as the extensive insurance coverage against extreme weather phenomena and climatic disasters on its assets, and

concluded that there is no need to form a relevant provision in the financial statements as at 31.12.2025.

31. Revenue

Group Company 2025 2024 2025 2024 Income from short and long term car rentals 383,699,829 353,031,398 247,380,329 220,144,496 Sales of new and used cars and spare parts and rendering 531,290,488 514,453,630 - 197,781 of after-sales services Sales of used fleet 119,117,488 118,202,576 98,483,656 89,905,563 Total 1,034,107,805 985,687,604 345,863,985 310,247,840

Further breakdown by operating segment is presented in note 6.

The Group's revenues are recognised at a specific point in time.

(i) Future minimum lease payments receivable

The future minimum lease payments receivable on non-cancellable operating car leases of are as follows:

Group Company 2025 2024 2025 2024 Within 1 year 160,670,598 158,430,063 128,777,000 126,816,352 1-5 years 264,278,586 285,140,608 216,595,000 231,155,258 Over 5 years - - - - Total 424,949,184 443,570,671 345,372,000 357,971,610

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32. Expenses

(i) Breakdown of expenses by nature

Group Company Note 2025 2024 2025 2024 Changes in inventories recognised as an expense 538,449,297 509,959,267 66,004,840 50,331,458 Depreciation of property, plant and equipment 7 148,225,238 131,604,496 113,385,498 99,729,661 Depreciation of right-of-use assets 8 26,693,703 20,764,208 5,766,976 5,585,738 Amortisation of intangible assets 10 2,445,903 2,485,343 220,520 229,071 Impairment of inventories 19 193,423 234,795 - - Impairment of property, plant and equipment 7 2,456,338 187,170 323,983 7,013 Employee benefits expenses 33 80,012,371 74,453,058 28,915,800 26,906,186 Third parties' fees 32,819,523 36,284,197 13,687,247 12,539,055 Repairs and maintenance costs 18,842,317 18,831,189 22,196,259 21,888,577 Rental costs 12,409,346 17,823,627 1,711,294 1,509,130 Transportation costs 9,826,650 10,035,278 1,016,010 799,160 Advertising costs 20,104,393 18,915,424 3,806,762 4,110,532 Utilities expenses 5,326,634 3,905,025 2,258,483 2,864,414 Provisions 353,681 1,832,155 - - Other expenses 41,361,335 34,826,186 23,454,566 21,017,009 Total 939,520,152 882,141,418 282,748,238 247,517,004

Other operating expenses include insurance costs, vehicle circulation and registration fees, and general operating costs.

(ii) Breakdown of expenses by function in the Statement of Profit or Loss

Group Company 2025 2024 2025 2024 Cost of sales 841,671,518 788,900,664 259,017,804 224,574,026 Distribution costs 53,849,761 52,785,373 4,637,852 5,584,063 Administrative expenses 43,998,873 40,455,381 19,092,582 17,358,915 939,520,152 882,141,418 282,748,238 247,517,004

33. Employee benefit expenses

Group Company Note 2025 2024 2025 2024 Wages and salaries 61,371,765 57,377,525 23,437,452 21,851,520 Social security costs 12,204,316 11,695,382 3,898,372 3,736,932 Termination benefits 410,160 70,695 - - Defined contribution plan expenses 82,037 70,187 - - Defined benefit plan expenses 28 1,087,082 570,417 398,874 309,117 Other employee benefit expenses 4,857,011 4,668,852 1,181,102 1,008,617 Total 80,012,371 74,453,058 28,915,800 26,906,186

The total number of employees of the Group and the Company is presented below:

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Group Company 2025 2024 2025 2024 Number of employees – Year average 1,895 1,866 528 517 Number of employees – Reporting date 1,804 1,821 461 452

34. Other income

Group Company 2025 2024 2025 2024 Dividend income from subsidiaries - - 10,300,000 10,823,841 Dividend income from financial assets at fair value through 10,711,968 9,632,435 10,711,968 9,632,435 other comprehensive income Interest income from loans to related parties 208,142 - - 7,483 Interest income from financial assets held as investments 145,000 352,910 145,000 352,910 Rental income from investment property 1,598,695 1,187,056 3,805,340 2,969,783 Income from reversal of other provisions 861,474 2,671,234 - - Income from commissions and services 12,121,016 10,291,774 4,243,659 3,453,568 Other 1,015,982 1,575,018 1,979,717 3,175,719 Total 26,662,277 25,710,427 31,185,684 30,415,739

Future minimum lease payments receivable

The total future minimum lease payments receivable on non-cancellable operating leases of investment property are as follows:

Group Company 2025 2024 2025 2024 Within 1 year 646,948 569,693 3,242,492 2,689,254 1-5 years 1,393,722 800,336 11,506,426 8,593,120 Over 5 years 9,832 - 6,857,817 5,638,404 Total 2,050,502 1,370,029 21,606,735 16,920,778

35. Other gains/(losses) - net

Group Company Note 2025 2024 2025 2024 Profit from disposal of property, plant and 7 945,022 958,582 1,006,296 948,140 equipment Profit from sale of financial assets at fair value 9 - 9,000 - 9,000 through other comprehensive income Changes in the fair value of investment property 9 769,289 716,274 2,096,817 1,071,268 Impairment losses on investments accounted for 13 - - - (1,000,000) using the equity method Changes in the fair value of financial assets at fair 16 8,833 7,361 - - value through profit or loss Changes in the fair value of derivatives - ineffective 17 - (177,812) - (177,812) portion Foreign exchange gains/(losses) - net (38,927) (40,008) (20,423) - Other items 598,689 (196,629) 82,671 377,672 Total 2,282,906 1,276,768 3,165,361 1,228,268

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36. Finance income/(costs)

Group Company 2025 2024 2025 (29,833,878)2024 Finance income Interest income from finance leases with buy-back option 4,942,631 3,852,448 4,925,259 3,843,934 Other interest income 1,636,736 3,954,665 1,055,947 3,180,885 Finance income 6,579,367 7,807,113 5,981,206 7,024,819 Finance costs Interest paid/payable on bank loans (27,819,440) (33,860,886) (23,541,264) Finance charges relating to lease liabilities (2,395,831) (4,904,271) (603,782) (577,834) Amortisation of bond loan issuance costs (110,283) (598,114) (110,283) (598,114) Other interest costs and bank charges (4,590,591) (4,511,228) (1,857,085) (1,695,067) Commissions and expenses for letters of guarantee (1,346,734) (1,463,462) (44,227) (41,171) Gain/(loss) from cash flow hedges - effective portion - 9,897,455 - 9,897,455 Net foreign exchange gains/(losses) on financing activities (10,022) 162 (22,848,609)- - Finance costs (36,272,901) (35,440,344) (26,156,641) Finance costs - net (29,693,534) (27,633,231) (20,175,435) (15,823,790)

During 2025, the Company recorded interest income from term deposits. The interest rate on term deposits ranged between

1.35%-2.68% and 2.0%-2.8% for the fiscal years 2025 and 2024 respectively. It is noted that the income for 2024 appears increased

compared to that of 2025, as the Company had proceeded with the purchase of short‑term Greek Government Treasury Bills,

which generated a benefit of €1.5 million.

The line item “Gain/(loss) from cash flow hedging contracts – effective portion”, which concerns the year 2024, includes the

benefit recognised from the transfer of the gain arising from the termination of interest rate swap agreements and the

discontinuation of the cash-flow hedge accounting policy, amounting to €9,897,455.

The weighted average interest rate on the Group’s short‑term and long‑term borrowings in 2025 ranged between 3.23% – 3.80%

respectively (2024: The weighted average interest rate was 3.78% – 5.20%).

The weighted average interest rate on the Company’s short‑term and long‑term borrowings in 2025 ranged between 3.18% –

3.73% respectively (2024: The weighted average interest rate was 3.72% – 5.13%).

Annual Financial Report 31.12.2025

173

37. Income tax expense

(i) Amounts recognised in profit or loss

Group Company Note 2025 2024 2025 2024 Current tax 8,532,314 11,429,086 1,401,471 3,345,043 Adjustments in respect of prior years 822,374 (323,282) 163,838 (111,060) OECD Pillar II top-up tax 20,378 220,562 - 184,357 Total current tax 9,375,066 11,326,366 1,565,309 3,418,340 Deferred tax 14 4,356,479 4,566,660 6,645,879 5,849,359 Total 13,731,545 15,893,026 8,211,188 9,267,699

(ii) Amounts recognised in other comprehensive income

The breakdown of income tax amounts recognised in other comprehensive income appears in the movement of Other Reserves

(Note 22).

(iii) Reconciliation of effective tax rate

The income tax of the Company and the Group differs from the theoretical amount that would arise using the applicable tax rate

on the results of the Company and the Group. The difference is as follows:

Group Company Note 2025 2024 2025 2024 Profit before tax 97,800,927 105,391,512 77,291,357 78,551,053 Tax calculated at domestic tax rate applicable to profits in the respective 22,224,111 24,658,793 17,004,098 17,281,232 countries Changes in tax rates 37,389 - - - Income not subject to tax (11,764,512) (11,117,117) (9,804,011) (9,018,025) Expenses not deductible for tax purposes 2,981,223 1,692,673 847,265 931,195 Tax losses for which no deferred income 40,393 646,815 - - tax asset was recognized OECD Pillar II top-up tax 20,378 220,562 - 184,357 Other 192,563 (208,700) 163,836 (111,060) Total tax 13,731,545 15,893,026 8,211,188 9,267,699

(iv) OECD “Pillar II” model rules

The Group is subject to the standard rules of OECD Pillar II (OECD Pillar Two – Global Anti-Base Erosion Rules). Under these rules,

the Group is required to pay a supplemental tax (top-up tax) for the difference between the jurisdictional GloBE effective tax rate

and the minimum rate of 15%.

The Group has applied the mandatory IAS 12 exemption regarding the recognition and disclosure of information on deferred tax

assets and liabilities related to income taxes under Pillar Two.

During the financial year, the Group recognised an estimated top‑up tax related to Pillar Two rules amounting to €20,378 for the

jurisdiction of Bulgaria (2024: €36,205). For the jurisdiction of Cyprus, no corresponding top‑up tax arose for 2025 (2024:

€184,357).

Annual Financial Report 31.12.2025

174

38. Investing activities

The Investing Activities included in the EBIT/EBITDA Reconciliation, as presented in Statement of Profit or Loss, include the

following amounts:

Group Company Note 2025 2024 2025 2024 Share of net profit/(loss) of investments accounted for using the equity method, excluding those 13 (704,128) (343,081) - - related to the main activities of the Group Dividend income 34 10,711,968 9,632,435 21,011,968 20,456,276 Interest income from financial assets held as 34 145,000 352,910 145,000 352,910 investments Changes in the fair value of derivatives - ineffective 35 - (177,812) - (177,812) portion Changes in the fair value of financial assets at fair 35 8,833 7,361 - - value through profit or loss Impairment losses on investments accounted for 35 - - - (1,000,000) using the equity method Total 10,161,673 9,471,813 21,156,968 19,631,374

39. Contingent assets and liabilities

The Group has contingent liabilities towards banks, other guarantees and other issues that might arise in the normal course of

business. No material charges are expected from these contingent liabilities.

(i) Unaudited fiscal years

The unaudited fiscal years are as follows:

Company Country Years AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME Greece See Note 39(i) AUTOTECHNICA EOOD Bulgaria 2016-2024 AUTOTECHNICA (CYPRUS) LIMITED Cyprus 2016-2024 DERASCO TRADING LIMITED Cyprus 2016-2024 AUTOTECHNICA FLEET SERVICES SRL Romania 2016-2024 AUTOTECHNICA SERBIA DOO Serbia 2016-2024 AUTOTECHNICA MONTENEGRO DOO Montenegro 2016-2024 AUTOTECHNICA FLEET SERVICES DOO Croatia 2016-2024 AUTOTECHNICA FLEET SERVICES LLC Ukraine 2016-2024 HR - ALUGUER DE AUTOMÓVEIS S.A. Portugal See Note 39(i) AUTOTECHNICA HELLAS SINGLE MEMBER S.A. Greece See Note 39(i) HYUNDAI HELLAS S.A. Greece See Note 39(i) KIA HELLAS S.A. Greece See Note 39(i) ELTREKKA S.A. Greece See Note 39(i) FASTTRAK S.A. Greece See Note 39(i) TECHNOCAR SINGLE MEMBER TRADING SOCIÉTÉ ANONYME Greece See Note 39(i) CHANGAN HELLAS SINGLE MEMBER S.A. Greece See Note 39(i)

The corporate income tax rate of legal entities in Greece for the year 2025 is 22% (2024: 22%).

Annual Financial Report 31.12.2025

175

The respective income tax rates for 2025 for the international activity are as follows:

Country Rate Portugal 21% Bulgaria 10% Cyprus 12.50% Romania 16% Serbia 15% Montenegro 9-15% Ukraine 18% Croatia 18%

Greek tax regulations and related clauses are subject to interpretation by the tax authorities and administrative courts of law. Tax

returns are filed annually. The profits or losses declared for tax purposes remain provisional until such time as the tax authorities

examine the tax declarations and the records of the tax payer and a final assessment is issued. From the fiscal year 2011 and

onwards, the tax returns are subject to the audit tax certificate process (as described below). Net operating losses which are tax

deductible, can be carried forward against taxable profits for a period of five years from the year they are generated.

The Company recognises provisions for taxes that may arise from audits of unaudited fiscal years, based on its experience.

(ii) Tax audit certificate

Regarding the Company and the subsidiaries based in Greece, the years 2011 to 2024 have been audited by the elected by

L. 4548/2018 tax auditor, in accordance with article 82 of L.2238/1994 and article 65A of Law 4771/13, and the relevant tax

compliance reports have been issued. According to POL. 1006/05.01.2016, companies that submitted a tax compliance report

without remarks for tax violations are not excluded from conducting a regular tax audit by tax authorities. Therefore, it is possible

that tax authorities will demand to conduct their tax audit. However, the Company’s management estimates that the results from

potential regular tax audits from tax authorities, if conducted, will not have a significant effect on the company’s financial position.

Similarly, the tax audit for the Parent Company and its subsidiaries based in Greece for the year 2025 is carried out by the statutory

auditor. Upon completion of the tax audit, management does not expect to incur significant tax liabilities other than those

recorded and reflected in the financial statements.

(iii) Other contingent liabilities

The subsidiary company HYUNDAI HELLAS S.A. was audited for withholding tax on dividends for the 2020 tax year. By final

assessment No. 944/15.12.2025, an amount of €3,008,853 was imposed, plus a penalty of €1,504,427 and additional late‑payment

interest. The company paid 50% of the liability during the financial year and filed an administrative appeal in January 2026 before

the Dispute Resolution Directorate. Management considers the acceptance of the administrative appeal to be highly probable.

40. Commitments

There are no capital commitments regarding the acquisition of tangible and intangible assets.

Annual Financial Report 31.12.2025

176

41. Related party transactions

The Group is controlled by Autohellas which is the direct parent company. Investments in subsidiaries are presented in note 12.

(i) Compensation of key management personnel

Group Company 2025 2024 2025 2024 Key management compensation 6,182,719 6,519,493 3,006,847 2,612,084

(ii) Transactions with related parties

Group Company 2025 2024 2025 2024 Sales of goods - Subsidiaries - - 18,989,603 19,650,688 - Associates & Joint Ventures 3,670,103 575,751 223,086 - - Other related companies 19,228 - - - Sales of services - Subsidiaries - - 6,036,150 5,905,167 - Associates & Joint Ventures 16,070,799 12,757,045 13,898,585 11,162,843 - Other related companies 1,684,319 1,855,803 1,683,831 1,836,502 Purchases of goods - Associates & Joint Ventures 16,727,525 15,302,313 - - Purchases of services - Subsidiaries - - 22,075,298 21,995,736 - Associates & Joint Ventures 162,782 20,406 1,500 4,447 - Other related companies 1,382,841 1,520,361 1,215,706 1,356,655 Purchases of PPE - Subsidiaries - - 108,875,407 92,971,009 - Associates & Joint Ventures 23,899,349 20,778,193 23,655,566 20,778,193 Rental income - Subsidiaries - - 2,385,963 1,941,150 - Associates & Joint Ventures 168,200 127,296 168,200 127,296 - Other related companies 256,989 209,797 256,989 209,797 Rental costs - Associates & Joint Ventures 1,500 - 1,500 - Income from dividends - Subsidiaries - - 10,300,000 10,823,841 - Financial assets at fair value through other 10,711,968 9,020,610 10,711,968 9,020,610 comprehensive income 74,755,603 62,167,575 220,479,352 197,783,934

Annual Financial Report 31.12.2025

177

(iii) Outstanding balances arising from transactions with related parties

Group Company 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Receivables - Subsidiaries - - 5,716,112 5,782,410 - Associates & Joint Ventures 565,185 300,909 249,426 193,018 - Other related companies 29,297 88,210 28,985 88,172 594,482 389,119 5,994,523 6,063,600 Payables - Subsidiaries - - 7,854,635 12,993,905 - Associates & Joint Ventures 4,043,843 2,233,477 2,730,448 1,484,513 - Other related companies 130,241 193,096 102,437 170,311 4,174,084 2,426,573 10,687,520 14,648,729

(iv) Loans to related parties

Group Company 2025 2024 2025 2024 Balance at the beginning of the year - 15,000 - - Loans given 7,000,000 - - 1,500,000 Loans repaid - (15,000) - (1,500,000) Interest charged 208,142 - - 7,483 Interest received (208,142) - - (7,483) Balance at the end of the year 7,000,000 - - -

(v) Terms and conditions

Other related parties comprise AEGEAN AIRLINES S.A. and OLYMPIC AIR S.A.. The Company's sales to related parties mainly

concern the provision of consulting services, administrative support, car sales and car rentals. Sale prices are usually determined

by market conditions. The sales of services and goods to the Company, mainly concern car maintenance and repair services as

well as car sales under the usual market conditions.

42. Earnings per share

Group Company 2025 2024 2025 2024 Profit attributable to the ordinary equity holders of the 80,044,685 84,891,662 69,080,169 69,283,354 company Weighted average number of ordinary shares 48,022,514 48,050,954 48,022,514 48,050,954 Basic earnings per share 1.67 1.77 1.44 1.44

There are no dilutive potential ordinary shares for the Group or the Company, therefore diluted earnings per share equal basic

earnings per share.

Annual Financial Report 31.12.2025

178

43. Auditors’ fees

The statutory auditor of the Company, certain member firms of the statutory auditor’s network, as well as other audit firms,

received fees for the following services:

Group Company 2025 2024 2025 2024 Statutory auditor Statutory audit 200,000 194,000 103,000 100,000 Tax certificate 99,000 96,400 42,000 41,500 Other non-audit services 73,000 55,300 72,000 44,500 372,000 345,700 217,000 186,000 Statutory auditor network Statutory audit 142,500 134,000 - - Other non-audit services 22,000 1,750 - - 164,500 135,750 - - Other audit firms Statutory audit 95,404 87,200 - - Other assurance services 45,000 40,000 45,000 40,000 140,404 127,200 45,000 40,000 Total 676,904 608,650 262,000 226,000

44. Events after the reporting date

The recent geopolitical tensions in the Middle East have created conditions of uncertainty in the international economic

environment. The Group is closely monitoring developments and assessing potential effects on its activities, which to a limited

extent depend on international travel flows and tourism.

To date, no material impact has been observed on the Group’s activities.

Based on the data available so far, it is not possible to reliably estimate the magnitude of potential impacts, as these depend on

the duration and intensity of the geopolitical developments and their possible effect on tourism in the wider region.

Kifissia, 18 March 2026

Chairwoman

CEO

Chief Financial Officer

Accounting Supervisor

Emmanouela Vasilaki

ICN: A02909501

Eftichios Vassilakis

ICN: AN 049866

Antonia Dimitrakopoulou

ICN: A01662193

Constantinos Siambanis

ICN: AP 516088

Annual Financial Report 31.12.2025

179

F. INFORMATION ACCORDING TO ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE

COMPANY DURING FISCAL YEAR 2025

Annual Financial Report 31.12.2025

180

AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME had disclosed over the period 01/01/2025 – 31/12/2025 the following

information, which is posted on the Company’s website www.autohellas.gr as well as the website of the Athens Exchange

www.athexgroup.gr.

Date

Subject

Website

12.11.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.11.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

10.11.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

07.11.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

05.11.2025

Press Release Financial Figures 3rd Quarter and Nine months

2025

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

19.09.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

19.09.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.09.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

12.09.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.09.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

10.09.2025

Press Release – 2nd Quarter and Half one results 2025

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

09.06.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

06.06.2025

Trade Acknowledgements in compliance with Law 3340/2007,

the provisions of the Regulation (EU) No 596/2014 of the

European Parliament and of the Council and the decision of

the Board of Directors of the Capital Market Commission

3/347/12.7.2005

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

06.06.2025

Free distribution of Company’s shares to executives

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

06.06.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

05.06.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

04.06.2025

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

02.06.2025

Press Release – 1st Quarter 2025

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

13.05.2025

AUTOHELLAS Becomes the Importer of CHANGAN in Greece

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

08.04.2025

Dividend Payment for 2024

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

08.04.2025

Decisions of the Annual General Meeting

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

19.03.2025

Conference Call Invitation to present and discuss The “Full

Year 2024 Financial Results”

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A1 – Invitation to General Meeting

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A2 – Draft Desicions

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A3 – Yearly Economic Report 2024

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A4 – Remuneration Report

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

Annual Financial Report 31.12.2025

181

Date

Subject

Website

18.03.2025

A5 – Audit Committee Report to GM

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A6 – Independent-Non-Executive-Directors-Report

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A7 – Mail voting form

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A8 – Representative-delegate appointment form for

participation with mail vote

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A9 – Representative-delegate appointment form for

participation via teleconference

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A10 – Announcement on shares and voting rights

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A11 – Exercising minority shareholders’ rights

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A12 – Terms and conditions for participation from distance

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

A13 – Information on personal data protection

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

18.03.2025

List of documents for Ordinary General Meeting

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

12.03.2025

Press Release Year 2024 Financial Results

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.02.2025

Financial Calendar 2025

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

15.01.2025

2nd Interest Payment Period of the Common Bond Loan

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

WEBSITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

The Company’s Annual Financial Statements, the Independent Auditor’ s Report and the Board of Directors Report for the year

ended 31 December 2025 have been published on the Company’s official website: www.autohellas.gr.

The financial statements of the subsidiaries will be published on the Company's website when they are ready for publication.