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20-F false true 2025-12-31 --12-31 2025 false false 333-283142 MASTERBEEF GROUP E9 Unit 1509-10, Tower 1, Ever Gain Plaza Unit 1509-10, Tower 1, Ever Gain Plaza 88 Container Port Road 88 Container Port Road Kwai Chung Kwai Chung HK HK 0000 0000 Ka Chun Lam +852 3953 9388 ryan.lam@takmoon.com Ordinary Shares, par value US$0.0005 MB NASDAQ 17155000 0.0005 No No Yes Yes Non-accelerated Filer true false false false International Financial Reporting Standards false true The Company has adopted a Cybersecurity Policy governing the establishment and application of certain procedures and safeguards to identify potential cybersecurity risks and, in the event of a cybersecurity breach, the protocol for disclosing to the Securities and Exchange Commission, including possible remedies. We review cybersecurity risk as part of our overall risk-management program. This ensures that cybersecurity risk management remains a meaningful priority in our business strategy and operations. Our risk management strategy for cybersecurity generally includes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in; vertical-align: top">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Identification: We aim to proactively identify the manners in which our business could be materially impacted by cybersecurity risks including:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cybersecurity Incidents - <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_902_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250101__20251231_zVnwodaH0Qik">an unauthorized occurrence on or conducted through its information system that jeopardizes the confidentiality, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbF_c20250101__20251231_zwaAYw71Eu22">integrity, or availability of its information systems or any information residing therein</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cybersecurity Threats - any potential occurrence that may result in an unauthorized effort to adversely affect the confidentiality, integrity, or availability of its information systems or any information residing therein.</td></tr> </table> <div style="border-bottom: Black 1pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">107</td></tr></table></div> <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: left">2. </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Assessment: We periodically assess our risks relating to cybersecurity threats, including risks relating to our reliance on third parties. In so doing, we consider the likelihood and impact that could result from the manifesting of such risks, together with the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks, together with the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks, including evaluating and if available obtaining cyber liability insurance, and aligning such cyber-risk management policies with the Company’s business needs by integrating cyber-risk analysis into significant business decisions. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: left">3. </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Management: If deemed appropriate, we design and implement reasonable safeguards to address any identified gaps in our existing processes and procedures, including annual cybersecurity awareness training emphasizing the use of strong passwords on all systems and aligning cyber-risk management policies with the Company’s needs by integrating cyber-risk analysis into significant business decisions and ensuring that the Company’s organization structure supports such cybersecurity goals. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">4. </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Evaluation: If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident or Threat is “material” (.i.e. is there a substantial likelihood that a reasonable shareholder would consider it important in making an investment decision or if it would have significantly altered the “total mix” of information made available?), assessing among other factors potential or actual financial impacts, reputational damage, and operational disruptions.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">5. </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Report: Establish and monitor an incident response approach requiring our Chief Financial Officer to report to us, the full Board of Directors and legal counsel any cybersecurity concerns or events.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">6. </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Disclosure: To ensure compliance with SEC requirements and maintain overall stakeholder confidence in the Company, all material and known facts regarding the cybersecurity breach will be recorded, including their nature, scope, and financial implications; and a Form 6-K will be prepared and filed within four (4) business days after the determination that a “material” cybersecurity incident has occurred.</td></tr> </table> an unauthorized occurrence on or conducted through its information system that jeopardizes the confidentiality, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbF_c20250101__20251231_zwaAYw71Eu22">integrity, or availability of its information systems or any information residing therein false false The Company did <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_909_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_zBGw4M8DF6qk">not have any material cybersecurity breaches during the year ended December 31, 2025. false The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_c20250101__20251231_zhCRZUGrwwqf">Audit Committee of our Board of Directors is the governance body involved in, and ultimately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90B_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zZOeMx5X7pd3">responsible for, cybersecurity oversight. They will generally coordinate with our Chief Financial Officer in this regard. If needed, the full Board would be updated on cybersecurity risks and incidents. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity matters. Audit Committee of our Board of Directors is the governance body involved in, and ultimately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90B_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zZOeMx5X7pd3">responsible for, cybersecurity oversight. true 6732 We have audited the accompanying consolidated statements of financial position of MasterBeef Group and its Subsidiaries (collectively, the “Group”) as of December 31, 2025 and 2024 and the related consolidated statements of profit or loss and other comprehensive income/(loss), changes in equity/(deficit), and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024 and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Onestop Assurance PAC Singapore

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">General</td></tr></table> MasterBeef Group (the “Company”, and together with its subsidiaries, the “Group”) is a limited liability company incorporated in Cayman Islands. The Company is listed on Nasdaq since April 10, 2025 and dual listed on the Quotation Board of the Frankfurt Stock Exchange since September 3, 2025. The principal activity of the Company is investment holding. The principal activities of the subsidiaries (together with the Company, collectively referred to as the “Group”) are:- Information about subsidiaries Details of the Company’s subsidiaries are as follows: Schedule of subsidiary <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Place of incorporation/ operation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Percentage of issued capital held</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Principal activities</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 28%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 22%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">2025</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">2024</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 30%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Masterbeef Limited </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">British Virgin Islands</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterbeefLimitedMember_zDskUAux2a61" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterbeefLimitedMember_zLYWnmy7js89" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span id="xdx_902_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterbeefLimitedMember_zL1JEFfSDGhg" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Moon Holdings Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonHoldingsLimitedMember_ztNTQjcyQ2Tk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonHoldingsLimitedMember_zMiagqXxe3Ec" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonHoldingsLimitedMember_zx98KVtT1ZBa" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Luk Koon Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LukKoonLimitedMember_zU0G6CLHt9Y7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LukKoonLimitedMember_zYsasOCuXHn6" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LukKoonLimitedMember_zki38I7Q24Al" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseHotpotLimitedMember_z6Hhozu2DbVb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseHotpotLimitedMember_zfITaHILhjC7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseHotpotLimitedMember_zT1bvyk8wyCg" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Master Beef Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterBeefHotpotLimitedMember_zdWbVGECP9h9" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterBeefHotpotLimitedMember_z6PCexGSNzA" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterBeefHotpotLimitedMember_zl0Iq0gRATce" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Able Force Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleForceLimitedMember_z436sJjTpZE2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleForceLimitedMember_z5nBhJbBiDwj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleForceLimitedMember_zUfWuRd5sw7b" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Amazing Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AmazingHotpotLimitedMember_zLEIUarXOqa9" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AmazingHotpotLimitedMember_zEhufsSqDwX1" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AmazingHotpotLimitedMember_zqb9UKnHvZ9e" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">All You Can Eat Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatHotpotLimitedMember_z2xLwSExNuI9" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatHotpotLimitedMember_ze69GZGYRqkf" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatHotpotLimitedMember_z9ZzurXi2rd8" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">People Mountain People Sea Hotpot Limited </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_zf5FhzSRWYw8">Hong Kong</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_z0lUNHUYV0Nf" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_zf1ggCKPYyKc" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_zuzq6hhraT0e" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Mrs Beef Taiwanese Hotpot Limited </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_zsUUE8Re0nl2">Hong Kong</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_z7msBdlEH4b8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_zyKymYqogDL8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_zCcHjcrdQQsg" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Mrs Beef Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefLimitedMember_zPxgWKxDYzm2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefLimitedMember_z0QQzu3K31wd" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefLimitedMember_zWvtCdNe5kPe" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Mrs Beef Hotpot Limited *β</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefHotpotLimitedMember_fKg_____zBlF1EHncuK2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefHotpotLimitedMember_fKg_____z32lBpQjN5Pi" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefHotpotLimitedMember_fKg_____zeTpwZuqm5H3" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Zone Corporation Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____zWJYcMWyDuE8">Hong Kong</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____z3GiY0ajP0G2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____zdnP2tdlmXRa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____zXz9bWrHBdFf" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Sharp Harbour Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SharpHarbourLimitedMember_fKg_____zN0rHaA0H0ij" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SharpHarbourLimitedMember_fKg_____zqmGMKPlLmd" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SharpHarbourLimitedMember_fKg_____zautEvd2u095" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Anping Grill Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillLimitedMember_z8fZNUSaSx4k" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillLimitedMember_zaJdpG74Ro33" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillLimitedMember_ziyU2UpAhoG6" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Anping Grill (HK) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillHKLimitedMember_zIsSN47D8g9k" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillHKLimitedMember_zA7aRKviVBGd" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillHKLimitedMember_z2HCa5NFr18i" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Barbecue Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBarbecueLimitedMember_zc0WCfGOl7Gj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBarbecueLimitedMember_zSbIkg6Qup3j" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBarbecueLimitedMember_zUBumtYWINIe" title="Principal activities">Provision of catering services</td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements December 31, 2025, 2024 and 2023 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">General (continued)</td></tr></table> Information about subsidiaries (Continued) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Place of incorporation/ operation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Percentage of issued capital held</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Principal activities</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 36%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 16%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2025</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2024</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 26%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">All You Can Eat Grill Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatGrillLimitedMember_zReK0lluvvGe" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatGrillLimitedMember_z860loUfxMn4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatGrillLimitedMember_zLlwq0RUebjk" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Cool Sky Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CoolSkyLimitedMember_zUfNq49c1Lyk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CoolSkyLimitedMember_zAuePE4Jbsid" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CoolSkyLimitedMember_zDWxXwvWoeBh" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese All You Can Eat Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____zWATshk67lie">Hong Kong</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____zme7i1G4EvD2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____z4mh9abpmhDk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____zRp3kfecFTxg" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Wide Fame Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WideFameLimitedMember_fKg_____z8uoj1VgfGUh" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WideFameLimitedMember_fKg_____zkajVTW0Ji0i" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WideFameLimitedMember_fKg_____zo9wurHr5XT2" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Chubby Bento Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoLimitedMember_fIw_____z9nkmZIA3O6c" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoLimitedMember_fIw_____zZ7UAmNy1nke" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoLimitedMember_fIw_____zoBs5hqE27ta" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Chubby Bento (HK) Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoHKLimitedMember_fIw_____z49zlu3ZSrOa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoHKLimitedMember_fIw_____zKNLj3TTVqse" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoHKLimitedMember_fIw_____zGnIPbMFbROf" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">All You Can Eat Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatLimitedMember_fIw_____zGSjXKZWspYj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatLimitedMember_fIw_____ziPWe13sF5F2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatLimitedMember_fIw_____z7SmkSU3ShS5" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Bento Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zzNbmU4sBnD1">Hong Kong</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zeorrLcUWVsl" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zNP49zLxSLXa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zebCPJtx8rM" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Total Rise Corporation Limited * #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_ztjqCuINCbj9">Hong Kong</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_z1i7tzBD9oZa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_zE8KWXR20Dxi" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_z9dkP0tRjVJ1" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Able Castle Corporation Limited *#!</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___zZpWIX06IQN2">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___zax49bcBYOGb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___zeozGWNPyccg" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___z2Txk4a8gPx7" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Beauti-Linkage Limited *#!</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BeautiLinkageLimitedMember_fKiAjICE___zfwUsqRlPDx6">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BeautiLinkageLimitedMember_fKiAjICE___zzIKU4sVfV4h" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BeautiLinkageLimitedMember_fKiAjICE___zXNWTBtwO7hb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___z7CLAT3lIHNh" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Glory Zone Corporation Limited *#!</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___z801OKT5R947">Hong Kong</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___zUi22ylUZPpi" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___zvtWGOFFSPu8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___zmm40iYzfC2b" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Bao Pot Taiwanese Claypot Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____zq0Kg1NBXo85">British Virgin Islands</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____zehCmrn4LLUh" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____z6TKlDWuPqc7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____zpMxDKq5xXdj" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Bao Pot Taiwanese Claypot (HK) Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zc8VK2cISVak">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zvd1T2V96QAj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zwLrVwt58N1i" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zDLGUj4Cl8x4" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Claypot Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____z3n4UN4nBB4h">Hong Kong</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____z5aIHrOZ9Ja4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____zb6vwoDaaJfe" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____zgepbdPxCoK8" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">General’s Feast Limited ^</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastLimitedMember_fXg_____zGleajJCE6Sb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastLimitedMember_fXg_____zO4VUTfHSJua" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastLimitedMember_fXg_____zZw1LFfh9XXe" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Generals Feast (HK) Limited !</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zMf9vnYakbWd">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zYJjAGypHR0d" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zAFy0aCmtTqe" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zMRCwuRfE7Wi" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Vast Happiness Limited *ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastHappinessLimitedMember_fKg_____z0V0X6pMG4B3" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastHappinessLimitedMember_fKg_____zIsWFahoo7I4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastHappinessLimitedMember_fKg_____zqiHCBYnHz5i" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Moon Food Supplies (BVI) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zI0dpiuODPik">British Virgin Islands</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zDtfBNv9L6Sh" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zEDCxq70hJD5" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zqA12haOZeNa" title="Principal activities">Provision of investment holding</td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">General (continued)</td></tr></table> Information about subsidiaries (Continued) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Place of incorporation/ operation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Percentage of issued capital held</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Principal activities</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 36%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 16%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2025</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2024</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 26%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Moon Food Supplies Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesLimitedMember_zsmWeU3hKnsa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesLimitedMember_zhGDExWv2Ub6" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesLimitedMember_zcsTtJTVSUbk" title="Principal activities">Provision of food supply</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Mei Food Supplies Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Taiwan</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMeiFoodSuppliesLimitedMember_zxFewqIS7mb8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMeiFoodSuppliesLimitedMember_zEAYtiWyB2r1" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMeiFoodSuppliesLimitedMember_zMHQE8CmQj5j" title="Principal activities">Provision of food supply</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Sweeties Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesLimitedMember_zqv8ktxT5wx7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesLimitedMember_zTuZknG5YDRl" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesLimitedMember_zFz0q7o05Bg9" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Sweeties (HK) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesHKLimitedMember_zs8x9G7y5hL5" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesHKLimitedMember_zyXpo8qCCQZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesHKLimitedMember_zhamHilQRt05" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Big Assets Limited *ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BigAssetsLimitedMember_fKg_____zzlukYSfvMCk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BigAssetsLimitedMember_fKg_____zhIlEfUCLgIb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BigAssetsLimitedMember_fKg_____zHaOWgO2Act8" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">House of Talent (BVI) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentBVILimitedMember_zxMVJ92THPBf" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentBVILimitedMember_z13lWhzoIMgb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentBVILimitedMember_z5AIR8bi2CJ5" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">House of Talent Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentLimitedMember_zvoOqUxJwbAl" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentLimitedMember_z6JyRQ8ogr68" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentLimitedMember_zUmjDYaudEJe" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Worvity Limited ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityLimitedMember_zlvfoCSVO98a" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityLimitedMember_zpZygkE1wKla" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityLimitedMember_z3o3VJz1Gk97" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Worvity (HK) Limited *ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____z7E8GCJCy4F6" title="Place of incorporation/operation">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____zE4cVWyyqzak" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____zUGjNLfElyE5" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____zKf8Pf2w8xP4" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top"> <td>Wider Rise Limited *ꝺ</td> <td> </td> <td><span id="xdx_904_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____zkMc0xAxGDf5" title="Place of incorporation/operation">Hong Kong</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____z2dNq1iP8yLd" style="text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____zRMg4SnguSw4" style="text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____zxMpLqVMnh99" title="Principal activities">Provision of catering services</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: top; text-align: left"> <td style="width: 0.25in">*</td> <td>The entities have/had yet to commence its business.</td></tr> <tr style="vertical-align: top; text-align: left"> <td>#</td> <td>The entities were disposed of on May 14, 2024. For details, please refer to Note 11.</td></tr> <tr style="vertical-align: top; text-align: left"> <td>β</td> <td>The entities were disposed of on June 23, 2025.</td></tr> <tr style="vertical-align: top; text-align: left"> <td id="xdx_F0D_zWPnVqBKkaQ3">^</td> <td>The entities were incorporated in 2024.</td></tr> <tr style="vertical-align: top; text-align: left"> <td id="xdx_F08_zQscVPowneWf">!</td> <td>The entities were acquired in 2024.</td></tr> <tr style="vertical-align: top; text-align: left"> <td>ꝺ</td> <td>The entities were acquired in 2025.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information</td></tr></table> <p id="xdx_847_ecustom--DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory_zEbiBOJbDTSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements</td></tr></table> These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) and Interpretations issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements are presented in Hong Kong dollars (“HK$”), which is also the functional currency of the Company. Translations of the consolidated statements of financial position, consolidated statements of profit or loss, consolidated statements of comprehensive (loss)/income and consolidated statements of cash flows from HK$ into US Dollar (“US$”) as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the rate of HK$7.7833 = US$<span id="xdx_90E_ecustom--CurrencyExchangeRateTranslation_iI_uPure_c20251231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--USDMember_zQPr50VV78h6" title="Currency exchange rate translation">1, as the prevailing rate as of December 31, 2025 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForApplicationOfAmendmentsToIFRSExplanatory_zpkB8lhnKQcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Application of amendments to IFRS</td></tr></table> In preparing the consolidated financial statements, the Group has applied the following amendments to IFRS issued by the IASB, for the first time, which are mandatorily effective for the Group’s annual period beginning on January 1, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify">Amendments to IAS 21</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 62%; text-align: justify">Lack of Exchangeability</td></tr> </table> The application of the amendments to IFRS in the current year has had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Going concern</td></tr></table> The Group incurred a loss of HK$52,527,733 for the year ended December 31, 2025. This condition indicates the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and therefore, the Group may not be able to realise its assets and discharge its liabilities in the normal course of business. The consolidated financial statements have been prepared on a going concern basis according to below reason: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Group has entered into loan agreements and supplemental letters dated February 11, 2025 with the directors of the Group and the related companies which had previously provided loans to the Group’s operating subsidiaries, pursuant to which the directors and the related companies agreed that the Group would not be required to repay such loans until 24 months later.</td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif">ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Directors agreed not to request repayment of the amount due to them of HK$44,685,941 for at least twelve months from the date of these financial statements until the Group is in a position to do so without impairing its liquidity and financial position. </td></tr> </table> <p id="xdx_84E_ecustom--DescriptionOfAccountingPolicyForApplicationOfNewAndAmendmentsToHongKongFinancialReportingStandardsExplanatory_zkBGZKzjvuRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"> Based on the above, the directors are of the opinion that the Group will have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due for at least the next twelve months from the end of the reporting period. Accordingly, the consolidated financial statements have been prepared on a going concern basis. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.4</td><td style="text-align: justify">Changes in accounting policy as a result of application of the HKICPA guidance on the accounting implications of the abolition of the Mandatory Provident Fund (“MPF”) – Long Service Payment (“LSP”) offsetting mechanism in Hong Kong</td> </tr></table> In June 2022, the Government of the Hong Kong Special Administrative Region (“HKSAR”) gazetted the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022 (the “Amendment Ordinance”) which abolishes the use of the accrued benefits derived from employers’ mandatory MPF contributions to offset severance payment and LSP (the “Abolition”). The Abolition will officially take effect on May 1, 2025 (the “Transition Date”). In addition, under the Amendment Ordinance, the last month’s salary immediately preceding the Transition Date (instead of the date of termination of employment) is used to calculate the portion of LSP in respect of the employment period before the Transition Date. In July 2023, the HKICPA published “Accounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong” which provides guidance for the accounting for the offsetting mechanism and the impact arising from abolition of the MPF-LSP offsetting mechanism in Hong Kong. In light of this, the Group has implemented the guidance published by the HKICPA in connection with the LSP obligation retrospectively so as to provide more reliable and more relevant information about the effects of the offsetting mechanism and the Abolition. This has no material impact on the Group’s results and financial position for the prior periods, and the Group recognised total charges of HK$972,221 in the consolidated statements of profit or loss for the year ended December 31, 2025. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <p id="xdx_84D_ecustom--DescriptionOfAccountingPolicyForSignificantJudgementsAndEstimatesExplanatory_z1ly87rOX4Y2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Significant judgements and estimates</td></tr></table> The preparation of these consolidated financial statements in conformity with IFRS require the directors of the Company to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors have considered the development, selection and disclosure of the Group’s critical accounting judgements and estimates. Estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below: Useful lives of property, plant and equipment The Group’s management determines the estimated useful lives and the related depreciation charge for the Group’s property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. Management will increase the depreciation charge where useful lives are less than previously estimated lives, or will write off or write down technically obsolete or non-strategic assets that have been abandoned or sold. Actual economic lives may differ from estimated useful lives. Periodic review could result in a change in depreciable lives and therefore depreciation charge in the future periods. Impairment of non-financial assets The Group assesses whether there are any indicators of impairment for all non-financial assets (including the right-of-use assets) at the end of each reporting period. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Deferred tax assets Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Certain subsidiaries of the Group have tax loss carry forwards amounting to approximately HK$60,921,000 (2024: HK$33,355,000). The loss does not expire and the Company has no temporary taxable differences which could partly support the recognition of deferred tax assets. Also, there are no tax planning opportunities available that would further provide a basis for recognition. If the Group was able to recognise all unrecognised deferred tax assets, loss would decrease by approximately HK$10,052,000 for the year ended December 31, 2025 (2024: HK$5,504,000). Further details are contained in Note 14. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Significant judgements and estimates (continued)</td></tr></table> Valuation of inventories Management reviews the inventory listing on a periodic basis. This review involves comparison of the carrying value of the inventory items with the respective net realisable value. The purpose is to ascertain whether an allowance is required to be made in the consolidated financial statements for any obsolete and slow-moving items. Leases – Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in a lease, and therefore, it uses an incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group “would have to pay”, which requires estimation when no observable rates are available or when it needs to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating). <p id="xdx_843_ecustom--DescriptionOfAccountingPolicyForMaterialAccountingPolicyInformationExplanatory_zY0YeihQ7yYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of consolidation</td></tr></table> These consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended December 31, 2025 and 2024. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the group the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the contractual arrangement with the other vote holders of the investee;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">rights arising from other contractual arrangements; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the group’s voting rights and potential voting rights.</td></tr></table> The financial statements of subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Property, plant and equipment</td></tr></table> Property, plant and equipment are stated at cost, less provisions for depreciation and impairment loss, if any. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable cost of bringing the asset to its working condition and location for its intended use. Expenditure incurred after the item has been put into operation, such as repairs and maintenance and overhaul costs, is normally charged to the consolidated statements of profit or loss in the period in which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in future economic benefits expected to be obtained from the use of the item, the expenditure is capitalised as an additional cost of the item. When an item of property, plant and equipment is sold, its cost and accumulated depreciation are removed from the consolidated financial statements and any gain or loss resulting from the disposal, being the difference between the net disposal proceeds and the carrying amount of the asset, is included in the consolidated statements of profit or loss. <p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentDepreciationRateExplanatory_zMdxpsJL8F52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> Schedule of property, plant and equipment of depreciation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 1in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Leasehold improvements (included the reinstatement costs)</td> <td style="width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"> <span id="xdx_901_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zJmSgK0g1qdg" title="Depreciation rate, property, plant and equipment">20% per annum or over the terms of lease</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Plant and machinery</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PlantAndMachineryMember_zZTgox6FEcHb" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office equipment</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember_zwrVTGVNTQd5" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Motor vehicle</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_904_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zHC8BdzS5KU3" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> </table> An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the consolidated statements of profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Impairment of non-financial assets</td></tr></table> Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories and financial assets), the recoverable amount of the asset is estimated. An asset’s recoverable amount is the higher of the value in use of the asset or cash-generating unit to which it belongs and its fair value less costs to sell, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. Similarly, at each reporting date, inventories are assessed for impairment by comparing the carrying amount of each item of inventory (or group of similar items) with its selling price less costs to complete and sell. If an item of inventory (or group of similar items) is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in consolidated profit or loss. An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statements of profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Impairment of non-financial assets (continued)</td></tr></table> An assessment is made at the end of each reporting period as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation), had no impairment loss been recognised for the asset in prior years. A reversal of such impairment loss is credited to the consolidated statements of profit or loss in the period in which it arises. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">d)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inventories</td></tr></table> Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average cost basis and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets</td></tr></table> Financial assets are recognised when a Group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place. Financial assets are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). Transaction costs that are directly attributable to the acquisition of financial assets (other than financial assets at fair value through profit or loss (“FVTPL”)) are added to the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are recognised immediately in consolidated statements of profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> Classification and subsequent measurement of financial assets Financial assets that meet the following conditions are subsequently measured at amortised cost: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the financial asset is held within a business model whose objective is to collect contractual cash flows; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></table> Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></table> All other financial assets are subsequently measured as FVTPL, except that at the date of initial application/initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 Business Combinations applies. A financial asset is classified as held for trading if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it has been acquired principally for the purpose of selling in the near term; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it is a derivative that is not designated and effective as a hedging instrument.</td></tr></table> In addition, the Group may irrevocably designate a financial asset that is required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td style="width: 0.25in">(i)</td> <td>Amortised cost and interest income</td></tr> </table> Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost and debt instruments / receivables subsequently measured at FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired (see below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td>Impairment of financial assets</td> </tr> </table> The Group recognises a loss allowance for expected credit losses (“ECL”) on financial assets which are subject to impairment under IFRS 9 (including trade receivables, other receivables, amounts due from related companies and amounts due from shareholders). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessments are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. The Group always recognises lifetime ECL for trade receivables. The ECL on these assets are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings. For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td>Impairment of financial assets (continued)</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.25in">(i)</td> <td>Significant increase in credit risk</td></tr> </table> In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an actual or expected significant deterioration in the operating results of the debtor; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.</td></tr></table> Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.25in">(ii)</td> <td>Definition of default</td></tr> </table> For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group). Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td>Impairment of financial assets (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.5in">(iii)</td> <td>Credit-impaired financial assets</td></tr> </table> A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">significant financial difficulty of the issuer or the borrower;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a breach of contract, such as a default or past due event;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(d)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(e)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the disappearance of an active market for that financial asset because of financial difficulties.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.5in">(iv)</td> <td>Write-off policy</td></tr> </table> The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in consolidated statements of profit or loss. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.5in">(v)</td> <td>Measurement and recognition of ECL</td></tr> </table> The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights. Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition. Where ECL is measured on a collective basis or specifically for cases where evidence at the individual instrument level may not yet be available, the financial instruments are grouped on the following basis: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Nature of financial instruments (i.e. the Group’s trade and other receivables and contract assets are each assessed as a separate group. Amount due from shareholder is assessed for expected credit loss on an individual basis);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Past-due status;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Nature, size and industry of debtors; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">External credit ratings where available.</td></tr></table> The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics. Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortised cost of the financial asset. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">f)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Derecognition of financial assets</td></tr></table> A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statements of financial position) when: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">the rights to receive cash flows from the asset have expired; or</td></tr> <tr style="vertical-align: top; text-align: left"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td> </td> <td>●</td> <td style="text-align: justify">The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.</td></tr> </table> When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risk and rewards of ownership of the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in consolidated statements of profit or loss. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">g)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial liabilities</td></tr></table> Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and loans and borrowings, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables, other payables, loan from related companies, loan from directors, amount due to directors, amounts due to related companies and, lease liabilities. Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows:- Financial liabilities at fair value through profit or loss. Financial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination to which IFRS 3 applies, (ii) held for trading or (iii) they are designated as at FVTPL. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">g)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial liabilities (continued)</td></tr></table> A financial liability is held for trading if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it has been acquired principally for the purpose of repurchasing it in the near term; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.</td></tr></table> A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the Grouping is provided internally on that basis; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL.</td></tr></table> For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in consolidated statements of profit or loss, unless the recognition of the effects of changes in the liability’s credit risk in consolidated other comprehensive income would create or enlarge an accounting mismatch in profit or loss. For financial liabilities that contain embedded derivatives, such as convertible loan notes, the changes in fair value of the embedded derivatives are excluded in determining the amount to be presented in consolidated other comprehensive income. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the consolidated statements of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in the consolidated statements of profit or loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in consolidated statements of profit or loss. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">h)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leases</td></tr></table> Definition of a lease A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts entered into or modified or arising from business combinations on or after the date of initial application, the Group assesses whether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed. The Group as a lessee Allocation of consideration to components of a contract For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand- alone price of the lease component and the aggregate stand-alone price of the non-lease components. Short-term leases The Group applies the short-term lease recognition exemption to leases of warehouse that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognised as expense on a straight-line basis or another systematic basis over the lease term. Right-of-use assets The cost of right-of-use asset includes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the amount of the initial measurement of the lease liability;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">any lease payments made at or before the commencement date, less any lease incentives received;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">any initial direct costs incurred by the Group; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.</td></tr></table> Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">h)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Leases (continued)</td></tr> </table> The Group as a lessee (continued) Right-of-use assets (continued) Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. The Group presents right-of-use assets that do not meet the definition of investment property or inventory in “property, plant and equipment”, the same line item within which the corresponding underlying assets would be presented if they were owned. Refundable rental deposits Refundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets. Lease liabilities At the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The lease payments include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">fixed payments (including in-substance fixed payments) less any lease incentives receivable;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">amounts expected to be payable by the Group under residual value guarantees;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the exercise price of a purchase option if the Group is reasonably certain to exercise the option; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">payments of penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.</td></tr></table> After the commencement date, lease liabilities are adjusted by interest accretion and lease payments. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">h)</td> <td style="text-align: justify">Leases (continued)</td></tr> </table> The Group as a lessee (continued) Lease liabilities (continued) The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the lease payments change due to changes in market rental rates following a market rent review/expected payment under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a lease contract is modified and the lease modification is not accounted for as a separate lease.</td></tr></table> The Group presents lease liabilities as a separate line item on the consolidated statements of financial position. Lease modifications The Group applied the practical expedient, the Group accounts for a lease modification as a separate lease if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the modification increases the scope of the lease by adding the right to use one or more underlying assets; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.</td></tr></table> For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When the modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">h)</td> <td style="text-align: justify">Leases (continued)</td></tr> </table> Sublease When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign currency translation</td></tr></table> These financial statements are presented in Hong Kong dollars, which is the Company’s functional currency. Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are initially recorded using the functional currency rates ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rates of exchange ruling at the end of the reporting period. All differences are taken to consolidated statements of profit or loss. Differences arising on settlement or translation of monetary items are recognised in the consolidated statements of profit or loss with the exception of monetary items that are designated as part of the hedge of the group’s net investment of a foreign operation. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item. The functional currency of the overseas branch and subsidiaries is currency other than the Hong Kong dollars. As at the end of the reporting period, the assets and liabilities of the entity are translated into the presentation currency of the Company at the exchange rates ruling at the end of the reporting period, and their income and expense items are translated into Hong Kong dollars at the spot rates for the year. The resulting exchange differences are recorded in other comprehensive income and the cumulative balance is included in exchange reserve in the consolidated statements of changes in equity. On disposal of a foreign entity, the deferred cumulative amount recognised in exchange reserve relating to that particular foreign operation is recognised in the consolidated statements of profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate. For the purpose of the consolidated statements of cash flows, the cash flows of the overseas branch and subsidiaries are translated into Hong Kong dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of overseas branch and subsidiaries which arise throughout the year are translated into Hong Kong dollars at the spot rates for the year. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">j)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Provision</td></tr></table> A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in the finance costs in the consolidated statements of profit or loss. Provision for reinstatement costs Provisions for the costs to reinstate leased assets to their original condition, as required by the terms and conditions of the leases, are recognised at the date of inception of the leases at the Group’s directors best estimate of the expenditure that would be required to reinstate the assets. Estimates are regularly reviewed and adjusted as appropriate for new circumstances. The provision for reinstatement costs will be expected to be materialised in one to five years in accordance with the lease terms. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">k)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Revenue recognition</td></tr></table> Under IFRS 15, the Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same. Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the group performs;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the Group’s performance creates and enhances an asset that the customer controls as the group performs; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the Group’s performance does not create an asset with an alternative use to the group and the group has an enforceable right to payment for performance completed to date.</td></tr></table> Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service. A contract liability represents the group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">k)</td> <td style="text-align: justify">Revenue recognition (continued)</td></tr> </table> Further details of the group’s revenue recognition policies are as follows:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Catering income</td></tr></table> Revenue from restaurant operation is recognised at the point in time when the catering services to the customers are completed. Loyalty programme The Group operates a loyalty programme where customers accumulate reward points from qualified purchases. The reward points earned through qualified purchases entitle the customers to discount for future purchases and are considered as a separate performance obligation arising from transactions with customers. The Group estimates the value of the future redemption obligation based on the estimated value of the products or services for which the reward points are expected to be redeemed based on the historical redemption pattern, including an estimate of the lapse of reward points that will not be redeemed. Subsequently, the contract liability is recognised as revenue at the point in time when the customers redeem the reward points in future purchases, or when the Group is legally released from its obligation when the reward points expire 12 months after the initial sale. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sales of goods</td></tr></table> Revenue from the sale of goods is recognised at the point in time when control of the asset is transferred to the customer. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">iii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Management fee income</td></tr></table> The Group provide consultancy and management services to customers. Revenue from providing services is recognised in the accounting period in which the services are rendered. The control of the services is transferred to the customer when the customer simultaneously receives and consumes the benefits of the services as the Group performs, therefore, revenue is recognised progressively over time. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">iv)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bank interest income</td></tr></table> Bank interest income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">v)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Rental income</td></tr></table> Rental income is recognised on a time proportion basis over the lease terms. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">vi)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sundry income</td></tr></table> Sundry income is recognised when the right to receive payment is established. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">l)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Borrowing costs</td></tr> </table> All borrowing costs are charged to the consolidated statements of profit or loss in the period in which they are incurred. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">m)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Retirement benefits costs</td></tr> </table> The group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees in Hong Kong. Contributions are made based on a percentage of the employees’ basic salaries and are charged to the consolidated statements of profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the group in an independently administered fund. For LSP obligation, the Group accounts for the employer MPF contributions expected to be offset as a deemed employee contribution towards the LSP obligation in terms of HKAS 19.93(a) and it is measure on a net basis. The estimated amount of future benefit is determined after deducting the negative service cost arising from the accrued benefits derived from the Group’s MPF contributions that have been vested with employees, which are deemed to be contributions from the relevant employees. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">n)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Income tax</td></tr> </table> Income tax represents the sum of current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the group operates. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible temporary differences; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.</td></tr></table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">n)</td> <td style="text-align: justify">Income tax (continued)</td></tr> </table> Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilised, except:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible temporary differences; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.</td></tr></table> The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated, without discounting, at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied to the same taxable entity by the same taxation authority. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">o)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Cash and cash equivalents</td></tr> </table> Cash and cash equivalents comprise cash on hand and demand deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">p)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Government grants</td></tr> </table> Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 12pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">q)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Share-based payments</td></tr> </table> The Group has an equity-settled share option granted to an advisor. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefit expense. The cumulative expense recognised for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the consolidated statements of profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Details of the Company’s subsidiaries are as follows: Schedule of subsidiary <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Place of incorporation/ operation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Percentage of issued capital held</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Principal activities</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 28%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 22%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">2025</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center">2024</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 30%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Masterbeef Limited </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">British Virgin Islands</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterbeefLimitedMember_zDskUAux2a61" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterbeefLimitedMember_zLYWnmy7js89" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span id="xdx_902_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterbeefLimitedMember_zL1JEFfSDGhg" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Moon Holdings Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonHoldingsLimitedMember_ztNTQjcyQ2Tk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonHoldingsLimitedMember_zMiagqXxe3Ec" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonHoldingsLimitedMember_zx98KVtT1ZBa" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Luk Koon Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LukKoonLimitedMember_zU0G6CLHt9Y7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LukKoonLimitedMember_zYsasOCuXHn6" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LukKoonLimitedMember_zki38I7Q24Al" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseHotpotLimitedMember_z6Hhozu2DbVb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseHotpotLimitedMember_zfITaHILhjC7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseHotpotLimitedMember_zT1bvyk8wyCg" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Master Beef Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterBeefHotpotLimitedMember_zdWbVGECP9h9" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterBeefHotpotLimitedMember_z6PCexGSNzA" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MasterBeefHotpotLimitedMember_zl0Iq0gRATce" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Able Force Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleForceLimitedMember_z436sJjTpZE2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleForceLimitedMember_z5nBhJbBiDwj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleForceLimitedMember_zUfWuRd5sw7b" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Amazing Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AmazingHotpotLimitedMember_zLEIUarXOqa9" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AmazingHotpotLimitedMember_zEhufsSqDwX1" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AmazingHotpotLimitedMember_zqb9UKnHvZ9e" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">All You Can Eat Hotpot Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatHotpotLimitedMember_z2xLwSExNuI9" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatHotpotLimitedMember_ze69GZGYRqkf" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatHotpotLimitedMember_z9ZzurXi2rd8" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">People Mountain People Sea Hotpot Limited </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_zf5FhzSRWYw8">Hong Kong</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_z0lUNHUYV0Nf" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_zf1ggCKPYyKc" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--PeopleMountainPeopleSeaHotpotLimitedMember_zuzq6hhraT0e" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Mrs Beef Taiwanese Hotpot Limited </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_zsUUE8Re0nl2">Hong Kong</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_z7msBdlEH4b8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_zyKymYqogDL8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefTaiwaneseHotpotLimitedMember_zCcHjcrdQQsg" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Mrs Beef Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefLimitedMember_zPxgWKxDYzm2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefLimitedMember_z0QQzu3K31wd" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefLimitedMember_zWvtCdNe5kPe" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Mrs Beef Hotpot Limited *β</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefHotpotLimitedMember_fKg_____zBlF1EHncuK2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefHotpotLimitedMember_fKg_____z32lBpQjN5Pi" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--MrsBeefHotpotLimitedMember_fKg_____zeTpwZuqm5H3" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Zone Corporation Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____zWJYcMWyDuE8">Hong Kong</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____z3GiY0ajP0G2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____zdnP2tdlmXRa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ZoneCorporationLimitedMember_fKg_____zXz9bWrHBdFf" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Sharp Harbour Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SharpHarbourLimitedMember_fKg_____zN0rHaA0H0ij" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SharpHarbourLimitedMember_fKg_____zqmGMKPlLmd" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SharpHarbourLimitedMember_fKg_____zautEvd2u095" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Anping Grill Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillLimitedMember_z8fZNUSaSx4k" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillLimitedMember_zaJdpG74Ro33" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillLimitedMember_ziyU2UpAhoG6" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Anping Grill (HK) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillHKLimitedMember_zIsSN47D8g9k" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillHKLimitedMember_zA7aRKviVBGd" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnpingGrillHKLimitedMember_z2HCa5NFr18i" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Barbecue Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBarbecueLimitedMember_zc0WCfGOl7Gj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBarbecueLimitedMember_zSbIkg6Qup3j" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBarbecueLimitedMember_zUBumtYWINIe" title="Principal activities">Provision of catering services</td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements December 31, 2025, 2024 and 2023 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">General (continued)</td></tr></table> Information about subsidiaries (Continued) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Place of incorporation/ operation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Percentage of issued capital held</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Principal activities</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 36%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 16%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2025</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2024</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 26%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">All You Can Eat Grill Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatGrillLimitedMember_zReK0lluvvGe" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatGrillLimitedMember_z860loUfxMn4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatGrillLimitedMember_zLlwq0RUebjk" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Cool Sky Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CoolSkyLimitedMember_zUfNq49c1Lyk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CoolSkyLimitedMember_zAuePE4Jbsid" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CoolSkyLimitedMember_zDWxXwvWoeBh" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese All You Can Eat Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____zWATshk67lie">Hong Kong</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____zme7i1G4EvD2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____z4mh9abpmhDk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseAllYouCanEatLimitedMember_fKg_____zRp3kfecFTxg" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Wide Fame Limited *</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WideFameLimitedMember_fKg_____z8uoj1VgfGUh" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WideFameLimitedMember_fKg_____zkajVTW0Ji0i" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WideFameLimitedMember_fKg_____zo9wurHr5XT2" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Chubby Bento Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoLimitedMember_fIw_____z9nkmZIA3O6c" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoLimitedMember_fIw_____zZ7UAmNy1nke" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoLimitedMember_fIw_____zoBs5hqE27ta" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Chubby Bento (HK) Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoHKLimitedMember_fIw_____z49zlu3ZSrOa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoHKLimitedMember_fIw_____zKNLj3TTVqse" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ChubbyBentoHKLimitedMember_fIw_____zGnIPbMFbROf" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">All You Can Eat Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatLimitedMember_fIw_____zGSjXKZWspYj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatLimitedMember_fIw_____ziPWe13sF5F2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AllYouCanEatLimitedMember_fIw_____z7SmkSU3ShS5" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Bento Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zzNbmU4sBnD1">Hong Kong</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zeorrLcUWVsl" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zNP49zLxSLXa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseBentoLimitedMember_fIw_____zebCPJtx8rM" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Total Rise Corporation Limited * #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_ztjqCuINCbj9">Hong Kong</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_z1i7tzBD9oZa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_zE8KWXR20Dxi" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TotalRiseCorporationLimitedMember_fKiAj_z9dkP0tRjVJ1" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Able Castle Corporation Limited *#!</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___zZpWIX06IQN2">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___zax49bcBYOGb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___zeozGWNPyccg" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___z2Txk4a8gPx7" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Beauti-Linkage Limited *#!</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BeautiLinkageLimitedMember_fKiAjICE___zfwUsqRlPDx6">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BeautiLinkageLimitedMember_fKiAjICE___zzIKU4sVfV4h" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BeautiLinkageLimitedMember_fKiAjICE___zXNWTBtwO7hb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AbleCastleCorporationLimitedMember_fKiAjICE___z7CLAT3lIHNh" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Glory Zone Corporation Limited *#!</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___z801OKT5R947">Hong Kong</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___zUi22ylUZPpi" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___zvtWGOFFSPu8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GloryZoneCorporationLimitedMember_fKiAjICE___zmm40iYzfC2b" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Bao Pot Taiwanese Claypot Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____zq0Kg1NBXo85">British Virgin Islands</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____zehCmrn4LLUh" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____z6TKlDWuPqc7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotLimitedMember_fIw_____zpMxDKq5xXdj" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Bao Pot Taiwanese Claypot (HK) Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zc8VK2cISVak">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zvd1T2V96QAj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zwLrVwt58N1i" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BaoPotTaiwaneseClaypotHKLimitedMember_fIw_____zDLGUj4Cl8x4" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Claypot Limited #</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____z3n4UN4nBB4h">Hong Kong</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____z5aIHrOZ9Ja4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____zb6vwoDaaJfe" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseClaypotLimitedMember_fIw_____zgepbdPxCoK8" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">General’s Feast Limited ^</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastLimitedMember_fXg_____zGleajJCE6Sb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastLimitedMember_fXg_____zO4VUTfHSJua" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastLimitedMember_fXg_____zZw1LFfh9XXe" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Generals Feast (HK) Limited !</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zMf9vnYakbWd">Hong Kong</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zYJjAGypHR0d" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zAFy0aCmtTqe" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GeneralsFeastHKLimitedMember_fXg_____zMRCwuRfE7Wi" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Vast Happiness Limited *ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastHappinessLimitedMember_fKg_____z0V0X6pMG4B3" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastHappinessLimitedMember_fKg_____zIsWFahoo7I4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastHappinessLimitedMember_fKg_____zqiHCBYnHz5i" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Moon Food Supplies (BVI) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zI0dpiuODPik">British Virgin Islands</td> <td> </td> <td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zDtfBNv9L6Sh" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zEDCxq70hJD5" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesBVILimitedMember_zqA12haOZeNa" title="Principal activities">Provision of investment holding</td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">General (continued)</td></tr></table> Information about subsidiaries (Continued) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Place of incorporation/ operation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Percentage of issued capital held</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Principal activities</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 36%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 16%"> </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2025</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">2024</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 26%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Moon Food Supplies Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesLimitedMember_zsmWeU3hKnsa" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesLimitedMember_zhGDExWv2Ub6" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMoonFoodSuppliesLimitedMember_zcsTtJTVSUbk" title="Principal activities">Provision of food supply</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Tak Mei Food Supplies Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Taiwan</td> <td> </td> <td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMeiFoodSuppliesLimitedMember_zxFewqIS7mb8" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMeiFoodSuppliesLimitedMember_zEAYtiWyB2r1" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TakMeiFoodSuppliesLimitedMember_zMHQE8CmQj5j" title="Principal activities">Provision of food supply</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Sweeties Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesLimitedMember_zqv8ktxT5wx7" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesLimitedMember_zTuZknG5YDRl" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesLimitedMember_zFz0q7o05Bg9" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Taiwanese Sweeties (HK) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesHKLimitedMember_zs8x9G7y5hL5" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesHKLimitedMember_zyXpo8qCCQZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TaiwaneseSweetiesHKLimitedMember_zhamHilQRt05" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Big Assets Limited *ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BigAssetsLimitedMember_fKg_____zzlukYSfvMCk" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BigAssetsLimitedMember_fKg_____zhIlEfUCLgIb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--BigAssetsLimitedMember_fKg_____zHaOWgO2Act8" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">House of Talent (BVI) Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentBVILimitedMember_zxMVJ92THPBf" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentBVILimitedMember_z13lWhzoIMgb" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentBVILimitedMember_z5AIR8bi2CJ5" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">House of Talent Limited</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">Hong Kong</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentLimitedMember_zvoOqUxJwbAl" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentLimitedMember_z6JyRQ8ogr68" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HouseOfTalentLimitedMember_zUmjDYaudEJe" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Worvity Limited ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif">British Virgin Islands</td> <td> </td> <td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityLimitedMember_zlvfoCSVO98a" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityLimitedMember_zpZygkE1wKla" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityLimitedMember_z3o3VJz1Gk97" title="Principal activities">Provision of investment holding</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Worvity (HK) Limited *ꝺ</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____z7E8GCJCy4F6" title="Place of incorporation/operation">Hong Kong</td> <td> </td> <td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____zE4cVWyyqzak" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____zUGjNLfElyE5" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WorvityHKLimitedMember_fKg_____zKf8Pf2w8xP4" title="Principal activities">Provision of catering services</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: top"> <td>Wider Rise Limited *ꝺ</td> <td> </td> <td><span id="xdx_904_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____zkMc0xAxGDf5" title="Place of incorporation/operation">Hong Kong</td> <td> </td> <td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____z2dNq1iP8yLd" style="text-align: center" title="Percentage of issued capital held">100</td> <td> </td> <td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20240101__20241231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____zRMg4SnguSw4" style="text-align: center" title="Percentage of issued capital held">-</td> <td> </td> <td><span id="xdx_905_ecustom--PrincipalActivitiesOfBusinessOfSubsidiary_c20250101__20251231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WiderRiseLimitedMember_fKg_____zxMpLqVMnh99" title="Principal activities">Provision of catering services</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: top; text-align: left"> <td style="width: 0.25in">*</td> <td>The entities have/had yet to commence its business.</td></tr> <tr style="vertical-align: top; text-align: left"> <td>#</td> <td>The entities were disposed of on May 14, 2024. For details, please refer to Note 11.</td></tr> <tr style="vertical-align: top; text-align: left"> <td>β</td> <td>The entities were disposed of on June 23, 2025.</td></tr> <tr style="vertical-align: top; text-align: left"> <td id="xdx_F0D_zWPnVqBKkaQ3">^</td> <td>The entities were incorporated in 2024.</td></tr> <tr style="vertical-align: top; text-align: left"> <td id="xdx_F08_zQscVPowneWf">!</td> <td>The entities were acquired in 2024.</td></tr> <tr style="vertical-align: top; text-align: left"> <td>ꝺ</td> <td>The entities were acquired in 2025.</td></tr> </table>

Masterbeef Limited

British Virgin Islands

Provision of investment holding

Tak Moon Holdings Limited

Hong Kong

Provision of investment holding

Luk Koon Limited

Hong Kong

Provision of catering services

Taiwanese Hotpot Limited

Hong Kong

Provision of catering services

Master Beef Hotpot Limited

Hong Kong

Provision of catering services

Able Force Limited

Hong Kong

Provision of catering services

Amazing Hotpot Limited

Hong Kong

Provision of catering services

All You Can Eat Hotpot Limited

Hong Kong

Provision of catering services

People Mountain People Sea Hotpot Limited

Hong Kong

Provision of catering services

Mrs Beef Taiwanese Hotpot Limited

Hong Kong

Provision of catering services

Mrs Beef Limited

Hong Kong

Provision of catering services

Mrs Beef Hotpot Limited

Hong Kong

Provision of catering services

Zone Corporation Limited

Hong Kong

Provision of catering services

Sharp Harbour Limited

Hong Kong

Provision of catering services

Anping Grill Limited

British Virgin Islands

Provision of investment holding

Anping Grill (HK) Limited

Hong Kong

Provision of catering services

Taiwanese Barbecue Limited

Hong Kong

Provision of catering services

All You Can Eat Grill Limited

Hong Kong

Provision of catering services

Cool Sky Limited

Hong Kong

Provision of catering services

Taiwanese All You Can Eat Limited

Hong Kong

Provision of catering services

Wide Fame Limited

Hong Kong

Provision of catering services

Chubby Bento Limited

British Virgin Islands

Provision of investment holding

Chubby Bento (HK) Limited

Hong Kong

Provision of investment holding

All You Can Eat Limited

Hong Kong

Provision of catering services

Taiwanese Bento Limited

Hong Kong

Provision of catering services

Total Rise Corporation Limited

Hong Kong

Provision of catering services

Able Castle Corporation Limited

Hong Kong

Provision of catering services

Beauti-Linkage Limited

Hong Kong

Provision of catering services

Glory Zone Corporation Limited

Hong Kong

Provision of catering services

Bao Pot Taiwanese Claypot Limited

British Virgin Islands

Provision of investment holding

Bao Pot Taiwanese Claypot (HK) Limited

Hong Kong

Provision of catering services

Taiwanese Claypot Limited

Hong Kong

Provision of catering services

General’s Feast Limited

British Virgin Islands

Provision of investment holding

Generals Feast (HK) Limited

Hong Kong

Provision of investment holding

Vast Happiness Limited

Hong Kong

Provision of catering services

Tak Moon Food Supplies (BVI) Limited

British Virgin Islands

Provision of investment holding

Tak Moon Food Supplies Limited

Hong Kong

Provision of food supply

Tak Mei Food Supplies Limited

Taiwan

Provision of food supply

Taiwanese Sweeties Limited

British Virgin Islands

Provision of investment holding

Taiwanese Sweeties (HK) Limited

Hong Kong

Provision of catering services

Big Assets Limited

Hong Kong

Provision of catering services

House of Talent (BVI) Limited

British Virgin Islands

Provision of investment holding

House of Talent Limited

Hong Kong

Provision of catering services

Worvity Limited

British Virgin Islands

Provision of investment holding

Worvity (HK) Limited

Hong Kong

Provision of catering services

Wider Rise Limited

Hong Kong

Provision of catering services <p id="xdx_847_ecustom--DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory_zEbiBOJbDTSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements</td></tr></table> These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) and Interpretations issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements are presented in Hong Kong dollars (“HK$”), which is also the functional currency of the Company. Translations of the consolidated statements of financial position, consolidated statements of profit or loss, consolidated statements of comprehensive (loss)/income and consolidated statements of cash flows from HK$ into US Dollar (“US$”) as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the rate of HK$7.7833 = US$<span id="xdx_90E_ecustom--CurrencyExchangeRateTranslation_iI_uPure_c20251231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--USDMember_zQPr50VV78h6" title="Currency exchange rate translation">1, as the prevailing rate as of December 31, 2025 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table>

Translations of the consolidated statements of financial position, consolidated statements of profit or loss, consolidated statements of comprehensive (loss)/income and consolidated statements of cash flows from HK$ into US Dollar (“US$”) as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the rate of HK$7.7833 = US$1, as the prevailing rate as of December 31, 2025 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate.

7.7833 1 <p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForApplicationOfAmendmentsToIFRSExplanatory_zpkB8lhnKQcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Application of amendments to IFRS</td></tr></table> In preparing the consolidated financial statements, the Group has applied the following amendments to IFRS issued by the IASB, for the first time, which are mandatorily effective for the Group’s annual period beginning on January 1, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify">Amendments to IAS 21</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 62%; text-align: justify">Lack of Exchangeability</td></tr> </table> The application of the amendments to IFRS in the current year has had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Going concern</td></tr></table> The Group incurred a loss of HK$52,527,733 for the year ended December 31, 2025. This condition indicates the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and therefore, the Group may not be able to realise its assets and discharge its liabilities in the normal course of business. The consolidated financial statements have been prepared on a going concern basis according to below reason: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Group has entered into loan agreements and supplemental letters dated February 11, 2025 with the directors of the Group and the related companies which had previously provided loans to the Group’s operating subsidiaries, pursuant to which the directors and the related companies agreed that the Group would not be required to repay such loans until 24 months later.</td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif">ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Directors agreed not to request repayment of the amount due to them of HK$44,685,941 for at least twelve months from the date of these financial statements until the Group is in a position to do so without impairing its liquidity and financial position. </td></tr> </table>

-52527733

44685941 <p id="xdx_84E_ecustom--DescriptionOfAccountingPolicyForApplicationOfNewAndAmendmentsToHongKongFinancialReportingStandardsExplanatory_zkBGZKzjvuRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"> Based on the above, the directors are of the opinion that the Group will have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due for at least the next twelve months from the end of the reporting period. Accordingly, the consolidated financial statements have been prepared on a going concern basis. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.4</td><td style="text-align: justify">Changes in accounting policy as a result of application of the HKICPA guidance on the accounting implications of the abolition of the Mandatory Provident Fund (“MPF”) – Long Service Payment (“LSP”) offsetting mechanism in Hong Kong</td> </tr></table> In June 2022, the Government of the Hong Kong Special Administrative Region (“HKSAR”) gazetted the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022 (the “Amendment Ordinance”) which abolishes the use of the accrued benefits derived from employers’ mandatory MPF contributions to offset severance payment and LSP (the “Abolition”). The Abolition will officially take effect on May 1, 2025 (the “Transition Date”). In addition, under the Amendment Ordinance, the last month’s salary immediately preceding the Transition Date (instead of the date of termination of employment) is used to calculate the portion of LSP in respect of the employment period before the Transition Date. In July 2023, the HKICPA published “Accounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong” which provides guidance for the accounting for the offsetting mechanism and the impact arising from abolition of the MPF-LSP offsetting mechanism in Hong Kong. In light of this, the Group has implemented the guidance published by the HKICPA in connection with the LSP obligation retrospectively so as to provide more reliable and more relevant information about the effects of the offsetting mechanism and the Abolition. This has no material impact on the Group’s results and financial position for the prior periods, and the Group recognised total charges of HK$972,221 in the consolidated statements of profit or loss for the year ended December 31, 2025. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <p id="xdx_84D_ecustom--DescriptionOfAccountingPolicyForSignificantJudgementsAndEstimatesExplanatory_z1ly87rOX4Y2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Significant judgements and estimates</td></tr></table> The preparation of these consolidated financial statements in conformity with IFRS require the directors of the Company to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors have considered the development, selection and disclosure of the Group’s critical accounting judgements and estimates. Estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below: Useful lives of property, plant and equipment The Group’s management determines the estimated useful lives and the related depreciation charge for the Group’s property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. Management will increase the depreciation charge where useful lives are less than previously estimated lives, or will write off or write down technically obsolete or non-strategic assets that have been abandoned or sold. Actual economic lives may differ from estimated useful lives. Periodic review could result in a change in depreciable lives and therefore depreciation charge in the future periods. Impairment of non-financial assets The Group assesses whether there are any indicators of impairment for all non-financial assets (including the right-of-use assets) at the end of each reporting period. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Deferred tax assets Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Certain subsidiaries of the Group have tax loss carry forwards amounting to approximately HK$60,921,000 (2024: HK$33,355,000). The loss does not expire and the Company has no temporary taxable differences which could partly support the recognition of deferred tax assets. Also, there are no tax planning opportunities available that would further provide a basis for recognition. If the Group was able to recognise all unrecognised deferred tax assets, loss would decrease by approximately HK$10,052,000 for the year ended December 31, 2025 (2024: HK$5,504,000). Further details are contained in Note 14. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Significant judgements and estimates (continued)</td></tr></table> Valuation of inventories Management reviews the inventory listing on a periodic basis. This review involves comparison of the carrying value of the inventory items with the respective net realisable value. The purpose is to ascertain whether an allowance is required to be made in the consolidated financial statements for any obsolete and slow-moving items. Leases – Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in a lease, and therefore, it uses an incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group “would have to pay”, which requires estimation when no observable rates are available or when it needs to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating). 60921000 33355000

10052000

5504000

<p id="xdx_843_ecustom--DescriptionOfAccountingPolicyForMaterialAccountingPolicyInformationExplanatory_zY0YeihQ7yYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of consolidation</td></tr></table> These consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended December 31, 2025 and 2024. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the group the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the contractual arrangement with the other vote holders of the investee;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">rights arising from other contractual arrangements; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the group’s voting rights and potential voting rights.</td></tr></table> The financial statements of subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Property, plant and equipment</td></tr></table> Property, plant and equipment are stated at cost, less provisions for depreciation and impairment loss, if any. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable cost of bringing the asset to its working condition and location for its intended use. Expenditure incurred after the item has been put into operation, such as repairs and maintenance and overhaul costs, is normally charged to the consolidated statements of profit or loss in the period in which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in future economic benefits expected to be obtained from the use of the item, the expenditure is capitalised as an additional cost of the item. When an item of property, plant and equipment is sold, its cost and accumulated depreciation are removed from the consolidated financial statements and any gain or loss resulting from the disposal, being the difference between the net disposal proceeds and the carrying amount of the asset, is included in the consolidated statements of profit or loss. <p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentDepreciationRateExplanatory_zMdxpsJL8F52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> Schedule of property, plant and equipment of depreciation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 1in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Leasehold improvements (included the reinstatement costs)</td> <td style="width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"> <span id="xdx_901_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zJmSgK0g1qdg" title="Depreciation rate, property, plant and equipment">20% per annum or over the terms of lease</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Plant and machinery</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PlantAndMachineryMember_zZTgox6FEcHb" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office equipment</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember_zwrVTGVNTQd5" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Motor vehicle</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_904_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zHC8BdzS5KU3" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> </table> An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the consolidated statements of profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Impairment of non-financial assets</td></tr></table> Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories and financial assets), the recoverable amount of the asset is estimated. An asset’s recoverable amount is the higher of the value in use of the asset or cash-generating unit to which it belongs and its fair value less costs to sell, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. Similarly, at each reporting date, inventories are assessed for impairment by comparing the carrying amount of each item of inventory (or group of similar items) with its selling price less costs to complete and sell. If an item of inventory (or group of similar items) is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in consolidated profit or loss. An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the consolidated statements of profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Impairment of non-financial assets (continued)</td></tr></table> An assessment is made at the end of each reporting period as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation), had no impairment loss been recognised for the asset in prior years. A reversal of such impairment loss is credited to the consolidated statements of profit or loss in the period in which it arises. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">d)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inventories</td></tr></table> Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average cost basis and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets</td></tr></table> Financial assets are recognised when a Group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place. Financial assets are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). Transaction costs that are directly attributable to the acquisition of financial assets (other than financial assets at fair value through profit or loss (“FVTPL”)) are added to the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are recognised immediately in consolidated statements of profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> Classification and subsequent measurement of financial assets Financial assets that meet the following conditions are subsequently measured at amortised cost: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the financial asset is held within a business model whose objective is to collect contractual cash flows; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></table> Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></table> All other financial assets are subsequently measured as FVTPL, except that at the date of initial application/initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 Business Combinations applies. A financial asset is classified as held for trading if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it has been acquired principally for the purpose of selling in the near term; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it is a derivative that is not designated and effective as a hedging instrument.</td></tr></table> In addition, the Group may irrevocably designate a financial asset that is required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td style="width: 0.25in">(i)</td> <td>Amortised cost and interest income</td></tr> </table> Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost and debt instruments / receivables subsequently measured at FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired (see below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td>Impairment of financial assets</td> </tr> </table> The Group recognises a loss allowance for expected credit losses (“ECL”) on financial assets which are subject to impairment under IFRS 9 (including trade receivables, other receivables, amounts due from related companies and amounts due from shareholders). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessments are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. The Group always recognises lifetime ECL for trade receivables. The ECL on these assets are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings. For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td>Impairment of financial assets (continued)</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.25in">(i)</td> <td>Significant increase in credit risk</td></tr> </table> In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an actual or expected significant deterioration in the operating results of the debtor; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.</td></tr></table> Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.25in">(ii)</td> <td>Definition of default</td></tr> </table> For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group). Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">e)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial assets (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1in"> </td> <td>Impairment of financial assets (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.5in">(iii)</td> <td>Credit-impaired financial assets</td></tr> </table> A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">significant financial difficulty of the issuer or the borrower;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a breach of contract, such as a default or past due event;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(d)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">(e)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the disappearance of an active market for that financial asset because of financial difficulties.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.5in">(iv)</td> <td>Write-off policy</td></tr> </table> The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in consolidated statements of profit or loss. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.5in">(v)</td> <td>Measurement and recognition of ECL</td></tr> </table> The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights. Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition. Where ECL is measured on a collective basis or specifically for cases where evidence at the individual instrument level may not yet be available, the financial instruments are grouped on the following basis: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Nature of financial instruments (i.e. the Group’s trade and other receivables and contract assets are each assessed as a separate group. Amount due from shareholder is assessed for expected credit loss on an individual basis);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Past-due status;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Nature, size and industry of debtors; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">External credit ratings where available.</td></tr></table> The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics. Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortised cost of the financial asset. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">f)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Derecognition of financial assets</td></tr></table> A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statements of financial position) when: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 1.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">the rights to receive cash flows from the asset have expired; or</td></tr> <tr style="vertical-align: top; text-align: left"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td> </td> <td>●</td> <td style="text-align: justify">The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.</td></tr> </table> When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risk and rewards of ownership of the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in consolidated statements of profit or loss. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">g)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial liabilities</td></tr></table> Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and loans and borrowings, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables, other payables, loan from related companies, loan from directors, amount due to directors, amounts due to related companies and, lease liabilities. Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows:- Financial liabilities at fair value through profit or loss. Financial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination to which IFRS 3 applies, (ii) held for trading or (iii) they are designated as at FVTPL. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">g)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial liabilities (continued)</td></tr></table> A financial liability is held for trading if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it has been acquired principally for the purpose of repurchasing it in the near term; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.</td></tr></table> A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the Grouping is provided internally on that basis; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL.</td></tr></table> For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in consolidated statements of profit or loss, unless the recognition of the effects of changes in the liability’s credit risk in consolidated other comprehensive income would create or enlarge an accounting mismatch in profit or loss. For financial liabilities that contain embedded derivatives, such as convertible loan notes, the changes in fair value of the embedded derivatives are excluded in determining the amount to be presented in consolidated other comprehensive income. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the consolidated statements of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in the consolidated statements of profit or loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in consolidated statements of profit or loss. MasterBeef Group and its subsidiaries <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="vertical-align: top; width: 0.5in; text-align: left">2.6</td><td style="text-align: justify">Material accounting policy information (continued)</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">h)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leases</td></tr></table> Definition of a lease A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts entered into or modified or arising from business combinations on or after the date of initial application, the Group assesses whether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed. The Group as a lessee Allocation of consideration to components of a contract For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand- alone price of the lease component and the aggregate stand-alone price of the non-lease components. Short-term leases The Group applies the short-term lease recognition exemption to leases of warehouse that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognised as expense on a straight-line basis or another systematic basis over the lease term. Right-of-use assets The cost of right-of-use asset includes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the amount of the initial measurement of the lease liability;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">any lease payments made at or before the commencement date, less any lease incentives received;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">any initial direct costs incurred by the Group; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.</td></tr></table> Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">h)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Leases (continued)</td></tr> </table> The Group as a lessee (continued) Right-of-use assets (continued) Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. The Group presents right-of-use assets that do not meet the definition of investment property or inventory in “property, plant and equipment”, the same line item within which the corresponding underlying assets would be presented if they were owned. Refundable rental deposits Refundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets. Lease liabilities At the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The lease payments include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">fixed payments (including in-substance fixed payments) less any lease incentives receivable;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">amounts expected to be payable by the Group under residual value guarantees;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the exercise price of a purchase option if the Group is reasonably certain to exercise the option; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">payments of penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.</td></tr></table> After the commencement date, lease liabilities are adjusted by interest accretion and lease payments. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">h)</td> <td style="text-align: justify">Leases (continued)</td></tr> </table> The Group as a lessee (continued) Lease liabilities (continued) The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the lease payments change due to changes in market rental rates following a market rent review/expected payment under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">a lease contract is modified and the lease modification is not accounted for as a separate lease.</td></tr></table> The Group presents lease liabilities as a separate line item on the consolidated statements of financial position. Lease modifications The Group applied the practical expedient, the Group accounts for a lease modification as a separate lease if: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the modification increases the scope of the lease by adding the right to use one or more underlying assets; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.</td></tr></table> For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When the modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">h)</td> <td style="text-align: justify">Leases (continued)</td></tr> </table> Sublease When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign currency translation</td></tr></table> These financial statements are presented in Hong Kong dollars, which is the Company’s functional currency. Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are initially recorded using the functional currency rates ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rates of exchange ruling at the end of the reporting period. All differences are taken to consolidated statements of profit or loss. Differences arising on settlement or translation of monetary items are recognised in the consolidated statements of profit or loss with the exception of monetary items that are designated as part of the hedge of the group’s net investment of a foreign operation. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item. The functional currency of the overseas branch and subsidiaries is currency other than the Hong Kong dollars. As at the end of the reporting period, the assets and liabilities of the entity are translated into the presentation currency of the Company at the exchange rates ruling at the end of the reporting period, and their income and expense items are translated into Hong Kong dollars at the spot rates for the year. The resulting exchange differences are recorded in other comprehensive income and the cumulative balance is included in exchange reserve in the consolidated statements of changes in equity. On disposal of a foreign entity, the deferred cumulative amount recognised in exchange reserve relating to that particular foreign operation is recognised in the consolidated statements of profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate. For the purpose of the consolidated statements of cash flows, the cash flows of the overseas branch and subsidiaries are translated into Hong Kong dollars at the exchange rates ruling at the dates of the cash flows. Frequently recurring cash flows of overseas branch and subsidiaries which arise throughout the year are translated into Hong Kong dollars at the spot rates for the year. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">j)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Provision</td></tr></table> A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in the finance costs in the consolidated statements of profit or loss. Provision for reinstatement costs Provisions for the costs to reinstate leased assets to their original condition, as required by the terms and conditions of the leases, are recognised at the date of inception of the leases at the Group’s directors best estimate of the expenditure that would be required to reinstate the assets. Estimates are regularly reviewed and adjusted as appropriate for new circumstances. The provision for reinstatement costs will be expected to be materialised in one to five years in accordance with the lease terms. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">k)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Revenue recognition</td></tr></table> Under IFRS 15, the Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same. Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the group performs;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the Group’s performance creates and enhances an asset that the customer controls as the group performs; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the Group’s performance does not create an asset with an alternative use to the group and the group has an enforceable right to payment for performance completed to date.</td></tr></table> Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service. A contract liability represents the group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">k)</td> <td style="text-align: justify">Revenue recognition (continued)</td></tr> </table> Further details of the group’s revenue recognition policies are as follows:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Catering income</td></tr></table> Revenue from restaurant operation is recognised at the point in time when the catering services to the customers are completed. Loyalty programme The Group operates a loyalty programme where customers accumulate reward points from qualified purchases. The reward points earned through qualified purchases entitle the customers to discount for future purchases and are considered as a separate performance obligation arising from transactions with customers. The Group estimates the value of the future redemption obligation based on the estimated value of the products or services for which the reward points are expected to be redeemed based on the historical redemption pattern, including an estimate of the lapse of reward points that will not be redeemed. Subsequently, the contract liability is recognised as revenue at the point in time when the customers redeem the reward points in future purchases, or when the Group is legally released from its obligation when the reward points expire 12 months after the initial sale. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sales of goods</td></tr></table> Revenue from the sale of goods is recognised at the point in time when control of the asset is transferred to the customer. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">iii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Management fee income</td></tr></table> The Group provide consultancy and management services to customers. Revenue from providing services is recognised in the accounting period in which the services are rendered. The control of the services is transferred to the customer when the customer simultaneously receives and consumes the benefits of the services as the Group performs, therefore, revenue is recognised progressively over time. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">iv)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bank interest income</td></tr></table> Bank interest income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">v)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Rental income</td></tr></table> Rental income is recognised on a time proportion basis over the lease terms. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">vi)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sundry income</td></tr></table> Sundry income is recognised when the right to receive payment is established. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">l)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Borrowing costs</td></tr> </table> All borrowing costs are charged to the consolidated statements of profit or loss in the period in which they are incurred. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">m)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Retirement benefits costs</td></tr> </table> The group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees in Hong Kong. Contributions are made based on a percentage of the employees’ basic salaries and are charged to the consolidated statements of profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the group in an independently administered fund. For LSP obligation, the Group accounts for the employer MPF contributions expected to be offset as a deemed employee contribution towards the LSP obligation in terms of HKAS 19.93(a) and it is measure on a net basis. The estimated amount of future benefit is determined after deducting the negative service cost arising from the accrued benefits derived from the Group’s MPF contributions that have been vested with employees, which are deemed to be contributions from the relevant employees. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">n)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Income tax</td></tr> </table> Income tax represents the sum of current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the group operates. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible temporary differences; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.</td></tr></table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of preparation of consolidated financial statements and material accounting policy information (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">2.6</td> <td style="text-align: justify">Material accounting policy information (continued)</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.5in">n)</td> <td style="text-align: justify">Income tax (continued)</td></tr> </table> Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilised, except:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible temporary differences; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.</td></tr></table> The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated, without discounting, at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied to the same taxable entity by the same taxation authority. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">o)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Cash and cash equivalents</td></tr> </table> Cash and cash equivalents comprise cash on hand and demand deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">p)</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Government grants</td></tr> </table> Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 12pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">q)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">Share-based payments</td></tr> </table> The Group has an equity-settled share option granted to an advisor. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefit expense. The cumulative expense recognised for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the consolidated statements of profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentDepreciationRateExplanatory_zMdxpsJL8F52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> Schedule of property, plant and equipment of depreciation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 1in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Leasehold improvements (included the reinstatement costs)</td> <td style="width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"> <span id="xdx_901_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zJmSgK0g1qdg" title="Depreciation rate, property, plant and equipment">20% per annum or over the terms of lease</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Plant and machinery</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PlantAndMachineryMember_zZTgox6FEcHb" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Office equipment</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90F_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember_zwrVTGVNTQd5" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Motor vehicle</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_904_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zHC8BdzS5KU3" title="Depreciation rate, property, plant and equipment">20% per annum</td></tr> </table>

0.20

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">3.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Revenue </td></tr></table> An analysis of the Group’s revenue is as follows: Schedule of revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zdme9hAqHdH8" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49D_20240101__20241231_zlPvRho4i12c" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_493_20230101__20231231_zDsGp4ZlGVIc" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from contract with customers within the scope of IFRS 15, types of goods or services:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--CateringIncomeMember_zDBtGxtEoHnk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: justify">Catering income – at a point in time</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right"><span id="xdx_903_eifrs-full--RevenueFromContractsWithCustomers_uUSD_c20250101__20251231__ifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--CateringIncomeMember_zaVOjqBGUqz8">55,476,223</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">431,788,086</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">478,093,240</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">531,779,040</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--SalesOfGoodsMember_zzgomLqSxWbh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales of goods – at a point in time</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_906_eifrs-full--RevenueFromContractsWithCustomers_uUSD_c20250101__20251231__ifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--SalesOfGoodsMember_zLfXc3S1seO9">1,606,382</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">12,502,954</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,083,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">507,062</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedOverTimeMember__ifrs-full--ProductsAndServicesAxis__custom--ManagementFeeIncomeMember_zH6QWiKjBPd5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Management fee income – over time</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span id="xdx_902_eifrs-full--RevenueFromContractsWithCustomers_uUSD_c20250101__20251231__ifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedOverTimeMember__ifrs-full--ProductsAndServicesAxis__custom--CateringIncomeMember_zYpBIgWVDgI9">1,902,920</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,811,000</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,799,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--RevenueFromContractsWithCustomers_zwoiVpqgBWQ3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">58,985,525</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">459,102,040</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">503,975,453</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">532,286,102</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

An analysis of the Group’s revenue is as follows: Schedule of revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zdme9hAqHdH8" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49D_20240101__20241231_zlPvRho4i12c" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_493_20230101__20231231_zDsGp4ZlGVIc" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from contract with customers within the scope of IFRS 15, types of goods or services:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--CateringIncomeMember_zDBtGxtEoHnk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: justify">Catering income – at a point in time</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right"><span id="xdx_903_eifrs-full--RevenueFromContractsWithCustomers_uUSD_c20250101__20251231__ifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--CateringIncomeMember_zaVOjqBGUqz8">55,476,223</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">431,788,086</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">478,093,240</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">531,779,040</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--SalesOfGoodsMember_zzgomLqSxWbh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sales of goods – at a point in time</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_906_eifrs-full--RevenueFromContractsWithCustomers_uUSD_c20250101__20251231__ifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedAtPointInTimeMember__ifrs-full--ProductsAndServicesAxis__custom--SalesOfGoodsMember_zLfXc3S1seO9">1,606,382</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">12,502,954</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,083,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">507,062</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedOverTimeMember__ifrs-full--ProductsAndServicesAxis__custom--ManagementFeeIncomeMember_zH6QWiKjBPd5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Management fee income – over time</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span id="xdx_902_eifrs-full--RevenueFromContractsWithCustomers_uUSD_c20250101__20251231__ifrs-full--PerformanceObligationsAxis__ifrs-full--PerformanceObligationsSatisfiedOverTimeMember__ifrs-full--ProductsAndServicesAxis__custom--CateringIncomeMember_zYpBIgWVDgI9">1,902,920</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,811,000</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,799,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--RevenueFromContractsWithCustomers_zwoiVpqgBWQ3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">58,985,525</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">459,102,040</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">503,975,453</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">532,286,102</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

55476223

431788086

478093240

531779040

1606382

12502954

12083213

507062

1902920

14811000

13799000

58985525

459102040

503975453

532286102

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">4.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other income and gains</td></tr></table> <p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutOtherOperatingIncomeExplanatory_zSD6UJtfXGm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.4pt; text-align: justify; text-indent: -28.4pt"> Schedule of other income and gains <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_z781XdmSZ86b" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_492_20240101__20241231_z5I74iFgmUa9" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_495_20230101__20231231_zECVAuYGx8u5" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_eifrs-full--InvestmentIncome_maOIEFSzXAL_zrJ2ZTtuW9Ed" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Interest income</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">62,215</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">484,236</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">682,409</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">515,980</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--GovernmentGrant_maOIEFSzXAL_zadaMwfoOZl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Government grants (Note a)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">92,604</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">720,763</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--ForeignExchangeGain_maOIEFSzXAL_zepRKHabiME3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign exchange gain, net</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">97</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">753</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,394</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--RebateIncome_maOIEFSzXAL_zosRLQ9Cr6h4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rebate income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,092</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,500</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--RentalIncome_maOIEFSzXAL_zdb5vNZQtQ08" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">134,827</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,049,405</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">648,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ReversalOfProvisionForReinstatementCosts_maOIEFSzXAL_zOIK4bYNvnYh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reversal of provision for reinstatement costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--SponsorshipIncome_maOIEFSzXAL_zqWG7qYDoT4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sponsorship income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,568</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">66,688</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">495,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,888</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--FinanceIncome_maOIEFSzXAL_zYTwgg8R8Lk9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Sundry income (Note b)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,755</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">807,558</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">630,988</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">472,262</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates_iT_mtOIEFSzXAL_zV5zGBj2Nmn9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Other income and gains</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">403,158</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,137,903</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,575,532</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,191,524</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Note: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The government grants mainly represent subsidies granted from Technology Voucher Programme for the years. All conditions of the government grants have been satisfied.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sundry income mainly include reimbursement of medical expenses on occupational injury and other miscellaneous income, which individually are not material to the Group.</td></tr></table>

<p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutOtherOperatingIncomeExplanatory_zSD6UJtfXGm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.4pt; text-align: justify; text-indent: -28.4pt"> Schedule of other income and gains <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_z781XdmSZ86b" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_492_20240101__20241231_z5I74iFgmUa9" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_495_20230101__20231231_zECVAuYGx8u5" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_eifrs-full--InvestmentIncome_maOIEFSzXAL_zrJ2ZTtuW9Ed" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Interest income</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">62,215</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">484,236</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">682,409</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">515,980</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--GovernmentGrant_maOIEFSzXAL_zadaMwfoOZl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Government grants (Note a)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">92,604</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">720,763</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--ForeignExchangeGain_maOIEFSzXAL_zepRKHabiME3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign exchange gain, net</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">97</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">753</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,394</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--RebateIncome_maOIEFSzXAL_zosRLQ9Cr6h4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rebate income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,092</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,500</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--RentalIncome_maOIEFSzXAL_zdb5vNZQtQ08" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">134,827</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,049,405</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">648,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ReversalOfProvisionForReinstatementCosts_maOIEFSzXAL_zOIK4bYNvnYh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reversal of provision for reinstatement costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--SponsorshipIncome_maOIEFSzXAL_zqWG7qYDoT4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sponsorship income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,568</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">66,688</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">495,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,888</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--FinanceIncome_maOIEFSzXAL_zYTwgg8R8Lk9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Sundry income (Note b)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,755</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">807,558</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">630,988</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">472,262</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates_iT_mtOIEFSzXAL_zV5zGBj2Nmn9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Other income and gains</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">403,158</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,137,903</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,575,532</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,191,524</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Note: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The government grants mainly represent subsidies granted from Technology Voucher Programme for the years. All conditions of the government grants have been satisfied.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sundry income mainly include reimbursement of medical expenses on occupational injury and other miscellaneous income, which individually are not material to the Group.</td></tr></table>

62215

484236

682409

515980

92604 720763 14336

753

28394

1092 8500 34159

134827

1049405

648509

96000

70000 8568 66688 495131 78888

103755

807558

630988

472262

403158

3137903

2575532

1191524

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">5.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Segment information</td></tr></table> The Group’s operating activities are attributable to a single operating segment focusing on catering service. Geographical information The Group’s operations are located in Hong Kong. All of the Group’s revenue from external customers based on the location of the Group’s operations is from Hong Kong. The geographical locations of the Group’s non-current assets are mostly situated in Hong Kong based on physical location of assets. Information about major customers During each of the years ended December 31, 2025 and 2024, there was no revenue from any customer who individually contributing over 10% of the total revenue of the Group. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

<p id="xdx_804_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zrrd9GNUoAyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.5pt; text-align: justify; text-indent: -28.5pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">6.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other expenses</td></tr></table> Schedule of other expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zoqy7bBAznGk" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_498_20240101__20241231_z26TApkGVAJe" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49C_20230101__20231231_zfmR2HqOtUV8" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_400_eifrs-full--AdministrativeExpense_maOEBNzzP9_zwfaz8DXaUJk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Administrative expenses (Note a)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--AdministrativeExpense_uUSD_c20250101__20251231_fKGEp_zAoeeMCYHEif" style="width: 10%; font-weight: bold; text-align: right" title="Administrative expenses">3,173,806</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">24,702,679</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">27,063,110</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">27,379,871</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--ServicesExpense_maOEBNzzP9_zwcbK8JM93S2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Business development expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--ServicesExpense_uUSD_c20250101__20251231_zosfJnouZTtb" style="font-weight: bold; text-align: right" title="Business development expenses">899,162</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,998,444</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,930,705</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,257,135</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CleaningExpenses_maOEBNzzP9_zuj2TVtyf4T1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Cleaning expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--CleaningExpenses_uUSD_c20250101__20251231_z5LxC7K2WNK9" style="font-weight: bold; text-align: right" title="Cleaning expenses">789,630</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,145,931</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,845,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,804,944</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--ProfessionalFeesExpense_maOEBNzzP9_zKYlUPq4ZQ38" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Consulting services expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--ProfessionalFeesExpense_uUSD_c20250101__20251231_zNxGxfN8uYEc" style="font-weight: bold; text-align: right" title="Consulting services expenses">166,318</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,294,500</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,776,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">641,155</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DailyMaintenance_maOEBNzzP9_zGMrKYV5eet8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Daily maintenance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--DailyMaintenance_uUSD_c20250101__20251231_zIY8QDN1lK2b" style="font-weight: bold; text-align: right" title="Daily maintenance">355,436</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,766,464</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,212,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,531,002</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--InsuranceExpense_maOEBNzzP9_zsBrYQfdg6zg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--InsuranceExpense_uUSD_c20250101__20251231_z2GASTSSKJ36" style="font-weight: bold; text-align: right" title="Insurance">117,875</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">917,460</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,470,575</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,397,605</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ListingExpense_maOEBNzzP9_zVVYNWgY6a89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Listing expenses (Note b)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_ecustom--ListingExpense_uUSD_c20250101__20251231_fKGIp_z38LaC8dxPJ" style="font-weight: bold; text-align: right" title="Listing expense">1,300,023</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">10,118,468</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,410,621</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--RentalExpense_maOEBNzzP9_zthImGK69zsj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Rental related expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--RentalExpense_uUSD_c20250101__20251231_zKHriW6Bxdm7" style="font-weight: bold; text-align: right" title="Rental related expenses">2,893,237</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,518,934</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,460,725</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,730,101</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_maOEBNzzP9_zwkuVPsMruIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share based payment expense</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_uUSD_c20250101__20251231_zHOTHv3jZEb4" style="font-weight: bold; text-align: right" title="Share based payment expense">1,503,218</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">11,700,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--StorageExpenses_maOEBNzzP9_zQTOUaJ99R3c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Storage expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_ecustom--StorageExpenses_uUSD_c20250101__20251231_zNNE44DO9UR8" style="font-weight: bold; text-align: right" title="Storage expenses">14,014</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">109,073</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--TravelingAndCommunicationExpenses_maOEBNzzP9_zo5jDfwWhwEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Traveling and communication expenses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--TravelingAndCommunicationExpenses_uUSD_c20250101__20251231_zXi8vHoDaCoc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Traveling and communication expenses">411,964</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,206,440</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">356,155</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">457,896</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--OtherExpenseByNature_iT_mtOEBNzzP9_zhbyXMDYHicj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Other expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--OtherExpenseByNature_iT_uUSD_c20250101__20251231_zthRz35zBsr" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Other expenses">11,624,683</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">90,478,393</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">79,631,075</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">72,312,851</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Administrative expenses mainly include expenses incurred on employee activities, freight charge, shop expenses and other miscellaneous expenses, which individually are not material to the Group.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_F0B_zmZSmGBNEqlj" style="font: 10pt Times New Roman, Times, Serif">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Listing expenses include expenses incurred for the initial public offering of the Company’s shares on the Nasdaq Stock Exchange and expenses associated with achieving the dual listing of the Company’s shares on the Quotation Board of the Frankfurt Stock Exchange.</td></tr> </table>

Schedule of other expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zoqy7bBAznGk" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_498_20240101__20241231_z26TApkGVAJe" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49C_20230101__20231231_zfmR2HqOtUV8" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_400_eifrs-full--AdministrativeExpense_maOEBNzzP9_zwfaz8DXaUJk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Administrative expenses (Note a)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--AdministrativeExpense_uUSD_c20250101__20251231_fKGEp_zAoeeMCYHEif" style="width: 10%; font-weight: bold; text-align: right" title="Administrative expenses">3,173,806</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">24,702,679</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">27,063,110</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">27,379,871</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--ServicesExpense_maOEBNzzP9_zwcbK8JM93S2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Business development expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--ServicesExpense_uUSD_c20250101__20251231_zosfJnouZTtb" style="font-weight: bold; text-align: right" title="Business development expenses">899,162</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,998,444</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,930,705</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,257,135</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CleaningExpenses_maOEBNzzP9_zuj2TVtyf4T1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Cleaning expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--CleaningExpenses_uUSD_c20250101__20251231_z5LxC7K2WNK9" style="font-weight: bold; text-align: right" title="Cleaning expenses">789,630</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,145,931</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,845,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,804,944</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--ProfessionalFeesExpense_maOEBNzzP9_zKYlUPq4ZQ38" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Consulting services expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--ProfessionalFeesExpense_uUSD_c20250101__20251231_zNxGxfN8uYEc" style="font-weight: bold; text-align: right" title="Consulting services expenses">166,318</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,294,500</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,776,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">641,155</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DailyMaintenance_maOEBNzzP9_zGMrKYV5eet8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Daily maintenance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--DailyMaintenance_uUSD_c20250101__20251231_zIY8QDN1lK2b" style="font-weight: bold; text-align: right" title="Daily maintenance">355,436</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,766,464</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,212,612</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,531,002</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--InsuranceExpense_maOEBNzzP9_zsBrYQfdg6zg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--InsuranceExpense_uUSD_c20250101__20251231_z2GASTSSKJ36" style="font-weight: bold; text-align: right" title="Insurance">117,875</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">917,460</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,470,575</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,397,605</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ListingExpense_maOEBNzzP9_zVVYNWgY6a89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Listing expenses (Note b)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_ecustom--ListingExpense_uUSD_c20250101__20251231_fKGIp_z38LaC8dxPJ" style="font-weight: bold; text-align: right" title="Listing expense">1,300,023</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">10,118,468</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,410,621</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--RentalExpense_maOEBNzzP9_zthImGK69zsj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Rental related expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--RentalExpense_uUSD_c20250101__20251231_zKHriW6Bxdm7" style="font-weight: bold; text-align: right" title="Rental related expenses">2,893,237</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,518,934</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,460,725</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,730,101</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_maOEBNzzP9_zwkuVPsMruIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share based payment expense</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_uUSD_c20250101__20251231_zHOTHv3jZEb4" style="font-weight: bold; text-align: right" title="Share based payment expense">1,503,218</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">11,700,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--StorageExpenses_maOEBNzzP9_zQTOUaJ99R3c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Storage expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_ecustom--StorageExpenses_uUSD_c20250101__20251231_zNNE44DO9UR8" style="font-weight: bold; text-align: right" title="Storage expenses">14,014</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">109,073</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--TravelingAndCommunicationExpenses_maOEBNzzP9_zo5jDfwWhwEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Traveling and communication expenses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--TravelingAndCommunicationExpenses_uUSD_c20250101__20251231_zXi8vHoDaCoc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Traveling and communication expenses">411,964</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,206,440</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">356,155</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">457,896</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--OtherExpenseByNature_iT_mtOEBNzzP9_zhbyXMDYHicj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Other expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--OtherExpenseByNature_iT_uUSD_c20250101__20251231_zthRz35zBsr" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Other expenses">11,624,683</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">90,478,393</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">79,631,075</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">72,312,851</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Administrative expenses mainly include expenses incurred on employee activities, freight charge, shop expenses and other miscellaneous expenses, which individually are not material to the Group.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_F0B_zmZSmGBNEqlj" style="font: 10pt Times New Roman, Times, Serif">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Listing expenses include expenses incurred for the initial public offering of the Company’s shares on the Nasdaq Stock Exchange and expenses associated with achieving the dual listing of the Company’s shares on the Quotation Board of the Frankfurt Stock Exchange.</td></tr> </table>

3173806

24702679

27063110

27379871

899162

6998444

5930705

7257135

789630 6145931 6845835 6804944

166318

1294500

1776726

641155

355436 2766464 3212612 2531002

117875

917460

3470575

4397605

1300023 10118468 8410621

2893237

22518934

22460725

22730101

1503218

11700000

14014 109073 104011 113142 411964 3206440 356155 457896

11624683

90478393

79631075

72312851

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">7.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Finance costs</td></tr></table> Schedule of finance costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_z8q69vuuU33i" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zpGlJWndznhl" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49A_20230101__20231231_zmAAPBPLjjA" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_404_ecustom--InterestOnAmountDueToDirectors_maFCzS4K_zCAoXe2hsVCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Interest on loans from directors</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--InterestOnAmountDueToDirectors_uUSD_c20250101__20251231_z9IyfqQorfv1" style="width: 10%; font-weight: bold; text-align: right" title="Interest on amount due to directors">284,369</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">2,213,330</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InterestOnBankLoans_maFCzS4K_zOrHW6isYGe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest on bank loans</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--InterestOnBankLoans_uUSD_c20250101__20251231_zrHkZTuG5QN9" style="font-weight: bold; text-align: right" title="Interest on bank loans">253,431</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,972,532</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,645,713</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,863,104</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--InterestOnLoansFromRelatedCompanies_maFCzS4K_zpkWk9nC0la7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on loans from related companies</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_ecustom--InterestOnLoansFromRelatedCompanies_uUSD_c20250101__20251231_zm71u9M3DFWe" style="font-weight: bold; text-align: right" title="Interest on loans from related companies">203,952</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,587,422</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285,985</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--InterestOnLeaseLiabilities_maFCzS4K_zpKJLeoWn14e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest on lease liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_987_ecustom--InterestOnLeaseLiabilities_uUSD_c20250101__20251231_zD3riDo8EnA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Interest on lease liabilities">505,161</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,931,817</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,594,836</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,300,014</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--FinanceCosts_mtFCzS4K_z59WKQMl2ez8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Finance costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--FinanceCosts_uUSD_c20250101__20251231_zU73CxlS8t87" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Finance costs">1,246,913</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,705,101</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,190,795</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,449,103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Schedule of finance costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_z8q69vuuU33i" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zpGlJWndznhl" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49A_20230101__20231231_zmAAPBPLjjA" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_404_ecustom--InterestOnAmountDueToDirectors_maFCzS4K_zCAoXe2hsVCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: justify">Interest on loans from directors</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--InterestOnAmountDueToDirectors_uUSD_c20250101__20251231_z9IyfqQorfv1" style="width: 10%; font-weight: bold; text-align: right" title="Interest on amount due to directors">284,369</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">2,213,330</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InterestOnBankLoans_maFCzS4K_zOrHW6isYGe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest on bank loans</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--InterestOnBankLoans_uUSD_c20250101__20251231_zrHkZTuG5QN9" style="font-weight: bold; text-align: right" title="Interest on bank loans">253,431</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,972,532</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,645,713</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,863,104</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--InterestOnLoansFromRelatedCompanies_maFCzS4K_zpkWk9nC0la7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on loans from related companies</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_ecustom--InterestOnLoansFromRelatedCompanies_uUSD_c20250101__20251231_zm71u9M3DFWe" style="font-weight: bold; text-align: right" title="Interest on loans from related companies">203,952</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,587,422</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285,985</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--InterestOnLeaseLiabilities_maFCzS4K_zpKJLeoWn14e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest on lease liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_987_ecustom--InterestOnLeaseLiabilities_uUSD_c20250101__20251231_zD3riDo8EnA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Interest on lease liabilities">505,161</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,931,817</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,594,836</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,300,014</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--FinanceCosts_mtFCzS4K_z59WKQMl2ez8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Finance costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--FinanceCosts_uUSD_c20250101__20251231_zU73CxlS8t87" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Finance costs">1,246,913</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,705,101</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,190,795</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,449,103</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 284369 2213330 253431 1972532 2645713 2863104 203952 1587422 1950246 2285985 505161 3931817 5594836 6300014

1246913

9705101

10190795

11449103

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">8.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(Loss)/profit before tax</td></tr></table> The Group’s (loss)/profit before tax is arrived at after charging/crediting:- Schedule of profit (loss) before tax <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zTrXnZVidBbd" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_496_20240101__20241231_zOp7AG9gfkM3" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20230101__20231231_z3i46aNINw46" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40B_ecustom--ExpenseRelatingToShorttermLeases_zEK7huj9pp5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Expense relating to short-term leases</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98D_ecustom--ExpenseRelatingToShorttermLeases_uUSD_c20250101__20251231_zGp4YVQLAI1e" style="width: 10%; font-weight: bold; text-align: right" title="Expense relating to short-term leases">373,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">2,908,520</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,499,771</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2,174,712</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--WrittenOffOfPropertyPlantAndEquipment_zDMxMf9jS1ad" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Written off of property, plant and equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--WrittenOffOfPropertyPlantAndEquipment_uUSD_c20250101__20251231_zecs4Gs6KGC4" style="font-weight: bold; text-align: right" title="Written off of property, plant and equipment">15,521</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">120,803</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">526,279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,702,181</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--EmployersContributionToDefinedContributionPlan_zUx8mF8e8QFg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employer’s contribution to defined contribution plan (included in staff costs below)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98A_ecustom--EmployersContributionToDefinedContributionPlan_uUSD_c20250101__20251231_zHpW4IArYKI8" style="font-weight: bold; text-align: right" title="Employer's contribution to defined contribution plan (included in staff costs below)">585,148</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,554,380</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,270,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,402,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_zApYpjy3JdJe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment of property, plant and equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_uUSD_c20250101__20251231_zO4tuKgJmWui" style="font-weight: bold; text-align: right" title="Impairment of property, plant and equipment">241,205</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,877,371</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,549,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossRightofuseAssets_maOEBNzISs_z2SSV24cLxpc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment of right-of-use assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--ImpairmentLossRecognisedInProfitOrLossRightofuseAssets_uUSD_c20250101__20251231_zasMmCkD3br5" style="font-weight: bold; text-align: right" title="Impairment of right-of-use asset">527,031</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,102,040</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,013,080</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee benefits expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--KeyManagementPersonnelAndDirectorsRemunerationNote33_zOsA97mG1hVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">- key management personnel and directors’ remuneration (Note 33)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--EmployeeBenefitsExpensesDirectorsEmoluments_uUSD_c20250101__20251231_z7A1R36gLT08" style="font-weight: bold; text-align: right" title="- directors' emoluments">840,908</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,545,039</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,585,352</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,788,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--StaffCostsIncludingKeyManagementPersonnelAndDirectorsRemuneration_zsexhFOgruJ2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">- staff costs (including key management personnel and directors’ remuneration)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98D_ecustom--EmployeeBenefitsExpensesStaffCosts_uUSD_c20250101__20251231_zNKCqiZKt8Bj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="- staff costs (including directors' emoluments (Note 33))">19,299,674</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">150,215,156</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">169,577,298</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">177,874,361</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">9.</td> <td style="text-align: justify">Income tax</td></tr> </table> For the years ended December 31, 2025, 2024 and 2023, under the two-tiered profits tax rates regime in Hong Kong, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. Provision for Taiwan Corporate Income Tax has been made at 20% on the estimated assessable profits. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">9.</td> <td style="text-align: justify">Income tax (continued)</td></tr> </table> Details of income tax are as follows: Schedule of income tax <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zX6DRpPV6Jf7" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49D_20240101__20241231_zMbcoe4kkDaj" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_497_20230101__20231231_zSiUgWQmsyM5" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current tax – Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_maCTEIzMcm_zIELhf0w08xe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: left">- current year provision</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_uUSD_c20250101__20251231_zVQQFjtBvbKh" style="width: 10%; font-weight: bold; text-align: right" title="- current year provision">721,119</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">5,612,684</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,522,946</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6,407,506</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--AdjustmentsForCurrentTaxOfPriorPeriod_maCTEIzMcm_znw7aK9l5lE7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">- prior year over-provision</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--AdjustmentsForCurrentTaxOfPriorPeriod_uUSD_c20250101__20251231_zRYn2p1skfGj" style="font-weight: bold; text-align: right" title="- prior year over- provision">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,923</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,049</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriod_maCTEIzMcm_zNetJMDTwa91" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Current tax – Taiwan</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98A_ecustom--CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriod_uUSD_c20250101__20251231_zbwUAZK7GKLi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Current tax - Taiwan">6,645</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">51,722</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,775</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--CurrentTaxExpenseIncome_iT_maITECOzKIO_mtCTEIzMcm_zgnU8Hn2yYFa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total current tax</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--CurrentTaxExpenseIncome_iT_uUSD_c20250101__20251231_z1QOggheOnue" style="font-weight: bold; text-align: right" title="Total current tax">727,764</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,664,404</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,518,798</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,406,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_maITECOzKIO_z92k9vlJ9bAf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax (Note 14)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_uUSD_c20250101__20251231_z3vDsx8oWDj6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred tax (Note 14)">168,602</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,312,284</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,805,091</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,251,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOzKIO_zSiuDan1G5rc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total tax expenses for the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_uUSD_c20250101__20251231_z9ZOOGlkrawe" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total tax expenses for the year">896,366</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,976,688</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,713,707</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,657,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_897_ecustom--DisclosureOfDetailedInformationAboutTaxExpenseAtEffectiveTaxRateExplanatory_zeXEnPXtUo22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">A reconciliation of the tax expense applicable to (loss)/profit before tax at the statutory rates for the jurisdictions or countries in which the Group and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates is as follows: Schedule of income tax expense at the effective tax rates <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20251231_z5M7nkJhSt41" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_495_20240101__20241231_zk3DUx06c8a2" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_497_20230101__20231231_zC3A7McMabB5" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_408_eifrs-full--ProfitLossBeforeTax_zT0CTqdcEi32" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left; padding-bottom: 2.5pt">(Loss)/profit before tax</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--ProfitLossBeforeTax_uUSD_c20250101__20251231_zmSJTnLdQ3Td" style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right" title="(Loss)/profit before tax">(5,852,409</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right">(45,551,045</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">35,614,151</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(29,788,123</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_maITECOzHLL_zQGoirMNIYZg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax at applicable rate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_uUSD_c20250101__20251231_zwkF7Tmhz5qh" style="font-weight: bold; text-align: right" title="Tax at applicable rate">(978,563</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,616,451</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,766,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,018,726</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eifrs-full--TaxEffectOfRevenuesExemptFromTaxation2011_iN_di_msITECOzHLL_ztGInP1EUy9e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income not subject to tax</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--TaxEffectOfRevenuesExemptFromTaxation2011_iN_di_uUSD_c20250101__20251231_zWR3CQAHBzk1" style="font-weight: bold; text-align: right" title="Income not subject to tax">(20,460</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(159,247</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,142,285</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(177,009</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_maITECOzHLL_zqDa4yUChrG6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-deductible expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_uUSD_c20250101__20251231_zLFCOQ3lqbL5" style="font-weight: bold; text-align: right" title="Non-deductible expenses">688,343</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,357,582</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,513,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,613,617</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--IncomeTaxExemptionAndRebate_maITECOzHLL_zUiEZzmdqgo2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax exemption and rebate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--IncomeTaxExemptionAndRebate_uUSD_c20250101__20251231_zEaJVWhwhCWi" style="font-weight: bold; text-align: right" title="Income tax exemption and rebate">(2,313</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(18,000</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--TaxEffectOfDeductibleTemporaryDifferencesNotRecognized_maITECOzHLL_zTh61mfeNpIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect of deductible temporary differences not recognised</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--TaxEffectOfDeductibleTemporaryDifferencesNotRecognized_uUSD_c20250101__20251231_zJe9aDuqkrue" style="font-weight: bold; text-align: right" title="Tax effect of deductible temporary differences not recognized">646,137</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,029,080</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,331,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,213,670</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--UtilisationOfPreviouslyUnrecognisedTaxLosses_maITECOzHLL_z2jsgEuWYh07" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Utilisation of previously unrecognised tax losses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--UtilisationOfPreviouslyUnrecognisedTaxLosses_uUSD_c20250101__20251231_zv3Hw9rgzkrl" style="font-weight: bold; text-align: right" title="Utilisation of previously unrecognised tax losses">(9,090</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(70,749</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(395,030</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,052,220</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--OverUnderProvisionForPreviousYear_maITECOzHLL_zVjnPW1Pn7Bl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Over-provision for previous year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--OverUnderProvisionForPreviousYear_uUSD_c20250101__20251231_zYuxRY2rviqh" style="font-weight: bold; text-align: right" title="Over-provision for previous year">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,923</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,049</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eifrs-full--TaxEffectFromChangeInTaxRate_maITECOzHLL_zGd1zecYoZhh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Difference in tax rate in different countries</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--TaxEffectFromChangeInTaxRate_uUSD_c20250101__20251231_zP8HLvJr77lb" style="font-weight: bold; text-align: right" title="Difference in tax rate in different countries">6,645</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">51,722</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--TaxLossesNotRecognised_maITECOzHLL_zq2cKN69z1a6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax losses not recognised</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--TaxLossesNotRecognised_uUSD_c20250101__20251231_zhpOJ1Q2Qmnh" style="font-weight: bold; text-align: right" title="Tax losses not recognised">565,667</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,402,753</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,653,661</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,146,140</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_maITECOzHLL_zRQ9j7FH51S9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_uUSD_c20250101__20251231_z5OeiNrgBS26" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Others">-</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,435</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOzHLL_z6OsWTXZVvte" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Tax charge at the Group’s effective rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_uUSD_c20250101__20251231_zmThon6MVV0c" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Tax charge at the group's effective rate">896,366</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,976,688</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,713,707</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,657,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Unrecognised tax losses Deferred income tax assets are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. The Group have the unrecognised tax losses of approximately HK$60,921,000 (2024: HK$33,355,000 and 2023: HK$38,515,000) at the reporting date which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements. The tax losses have no expiry date. In the opinion of the directors, no deferred tax assets have been recognised for the subsidiaries which are loss-making and have unpredictability of future profit streams. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

The Group’s (loss)/profit before tax is arrived at after charging/crediting:- Schedule of profit (loss) before tax <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zTrXnZVidBbd" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_496_20240101__20241231_zOp7AG9gfkM3" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20230101__20231231_z3i46aNINw46" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40B_ecustom--ExpenseRelatingToShorttermLeases_zEK7huj9pp5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Expense relating to short-term leases</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98D_ecustom--ExpenseRelatingToShorttermLeases_uUSD_c20250101__20251231_zGp4YVQLAI1e" style="width: 10%; font-weight: bold; text-align: right" title="Expense relating to short-term leases">373,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">2,908,520</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,499,771</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2,174,712</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--WrittenOffOfPropertyPlantAndEquipment_zDMxMf9jS1ad" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Written off of property, plant and equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--WrittenOffOfPropertyPlantAndEquipment_uUSD_c20250101__20251231_zecs4Gs6KGC4" style="font-weight: bold; text-align: right" title="Written off of property, plant and equipment">15,521</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">120,803</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">526,279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,702,181</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--EmployersContributionToDefinedContributionPlan_zUx8mF8e8QFg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employer’s contribution to defined contribution plan (included in staff costs below)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98A_ecustom--EmployersContributionToDefinedContributionPlan_uUSD_c20250101__20251231_zHpW4IArYKI8" style="font-weight: bold; text-align: right" title="Employer's contribution to defined contribution plan (included in staff costs below)">585,148</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,554,380</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,270,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,402,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_zApYpjy3JdJe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment of property, plant and equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_uUSD_c20250101__20251231_zO4tuKgJmWui" style="font-weight: bold; text-align: right" title="Impairment of property, plant and equipment">241,205</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,877,371</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,549,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossRightofuseAssets_maOEBNzISs_z2SSV24cLxpc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment of right-of-use assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--ImpairmentLossRecognisedInProfitOrLossRightofuseAssets_uUSD_c20250101__20251231_zasMmCkD3br5" style="font-weight: bold; text-align: right" title="Impairment of right-of-use asset">527,031</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,102,040</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,013,080</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee benefits expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--KeyManagementPersonnelAndDirectorsRemunerationNote33_zOsA97mG1hVj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">- key management personnel and directors’ remuneration (Note 33)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--EmployeeBenefitsExpensesDirectorsEmoluments_uUSD_c20250101__20251231_z7A1R36gLT08" style="font-weight: bold; text-align: right" title="- directors' emoluments">840,908</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,545,039</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,585,352</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,788,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--StaffCostsIncludingKeyManagementPersonnelAndDirectorsRemuneration_zsexhFOgruJ2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">- staff costs (including key management personnel and directors’ remuneration)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98D_ecustom--EmployeeBenefitsExpensesStaffCosts_uUSD_c20250101__20251231_zNKCqiZKt8Bj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="- staff costs (including directors' emoluments (Note 33))">19,299,674</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">150,215,156</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">169,577,298</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">177,874,361</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

373687 2908520 1499771 2174712 15521 120803 526279 6702181 585148 4554380 5270478 5402612

241205

1877371

4549381

527031

4102040

5013080

840908 6545039 4585352 7788000 19299674 150215156 169577298 177874361

2000000

0.0825

2000000

0.165

0.20

Details of income tax are as follows: Schedule of income tax <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zX6DRpPV6Jf7" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49D_20240101__20241231_zMbcoe4kkDaj" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_497_20230101__20231231_zSiUgWQmsyM5" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current tax – Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_maCTEIzMcm_zIELhf0w08xe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: left">- current year provision</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_uUSD_c20250101__20251231_zVQQFjtBvbKh" style="width: 10%; font-weight: bold; text-align: right" title="- current year provision">721,119</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">5,612,684</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,522,946</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6,407,506</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--AdjustmentsForCurrentTaxOfPriorPeriod_maCTEIzMcm_znw7aK9l5lE7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">- prior year over-provision</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--AdjustmentsForCurrentTaxOfPriorPeriod_uUSD_c20250101__20251231_zRYn2p1skfGj" style="font-weight: bold; text-align: right" title="- prior year over- provision">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,923</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,049</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriod_maCTEIzMcm_zNetJMDTwa91" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Current tax – Taiwan</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98A_ecustom--CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriod_uUSD_c20250101__20251231_zbwUAZK7GKLi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Current tax - Taiwan">6,645</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">51,722</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,775</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--CurrentTaxExpenseIncome_iT_maITECOzKIO_mtCTEIzMcm_zgnU8Hn2yYFa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total current tax</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--CurrentTaxExpenseIncome_iT_uUSD_c20250101__20251231_z1QOggheOnue" style="font-weight: bold; text-align: right" title="Total current tax">727,764</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,664,404</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,518,798</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,406,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_maITECOzKIO_z92k9vlJ9bAf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax (Note 14)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_uUSD_c20250101__20251231_z3vDsx8oWDj6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred tax (Note 14)">168,602</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,312,284</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,805,091</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,251,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOzKIO_zSiuDan1G5rc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total tax expenses for the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_uUSD_c20250101__20251231_z9ZOOGlkrawe" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Total tax expenses for the year">896,366</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,976,688</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,713,707</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,657,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

721119

5612684

7522946

6407506

-2

-9923

-1049

6645 51722 5775

727764

5664404

7518798

6406457

168602

1312284

-4805091

1251531

896366

6976688

2713707

7657988

<p id="xdx_897_ecustom--DisclosureOfDetailedInformationAboutTaxExpenseAtEffectiveTaxRateExplanatory_zeXEnPXtUo22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">A reconciliation of the tax expense applicable to (loss)/profit before tax at the statutory rates for the jurisdictions or countries in which the Group and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates is as follows: Schedule of income tax expense at the effective tax rates <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20251231_z5M7nkJhSt41" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_495_20240101__20241231_zk3DUx06c8a2" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_497_20230101__20231231_zC3A7McMabB5" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_408_eifrs-full--ProfitLossBeforeTax_zT0CTqdcEi32" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left; padding-bottom: 2.5pt">(Loss)/profit before tax</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--ProfitLossBeforeTax_uUSD_c20250101__20251231_zmSJTnLdQ3Td" style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right" title="(Loss)/profit before tax">(5,852,409</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right">(45,551,045</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">35,614,151</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(29,788,123</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_maITECOzHLL_zQGoirMNIYZg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax at applicable rate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_uUSD_c20250101__20251231_zwkF7Tmhz5qh" style="font-weight: bold; text-align: right" title="Tax at applicable rate">(978,563</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,616,451</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,766,512</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,018,726</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eifrs-full--TaxEffectOfRevenuesExemptFromTaxation2011_iN_di_msITECOzHLL_ztGInP1EUy9e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income not subject to tax</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--TaxEffectOfRevenuesExemptFromTaxation2011_iN_di_uUSD_c20250101__20251231_zWR3CQAHBzk1" style="font-weight: bold; text-align: right" title="Income not subject to tax">(20,460</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(159,247</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,142,285</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(177,009</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_maITECOzHLL_zqDa4yUChrG6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-deductible expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_uUSD_c20250101__20251231_zLFCOQ3lqbL5" style="font-weight: bold; text-align: right" title="Non-deductible expenses">688,343</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,357,582</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,513,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,613,617</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--IncomeTaxExemptionAndRebate_maITECOzHLL_zUiEZzmdqgo2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax exemption and rebate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--IncomeTaxExemptionAndRebate_uUSD_c20250101__20251231_zEaJVWhwhCWi" style="font-weight: bold; text-align: right" title="Income tax exemption and rebate">(2,313</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(18,000</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--TaxEffectOfDeductibleTemporaryDifferencesNotRecognized_maITECOzHLL_zTh61mfeNpIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax effect of deductible temporary differences not recognised</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--TaxEffectOfDeductibleTemporaryDifferencesNotRecognized_uUSD_c20250101__20251231_zJe9aDuqkrue" style="font-weight: bold; text-align: right" title="Tax effect of deductible temporary differences not recognized">646,137</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,029,080</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,331,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,213,670</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--UtilisationOfPreviouslyUnrecognisedTaxLosses_maITECOzHLL_z2jsgEuWYh07" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Utilisation of previously unrecognised tax losses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--UtilisationOfPreviouslyUnrecognisedTaxLosses_uUSD_c20250101__20251231_zv3Hw9rgzkrl" style="font-weight: bold; text-align: right" title="Utilisation of previously unrecognised tax losses">(9,090</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(70,749</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(395,030</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,052,220</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--OverUnderProvisionForPreviousYear_maITECOzHLL_zVjnPW1Pn7Bl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Over-provision for previous year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--OverUnderProvisionForPreviousYear_uUSD_c20250101__20251231_zYuxRY2rviqh" style="font-weight: bold; text-align: right" title="Over-provision for previous year">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,923</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,049</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eifrs-full--TaxEffectFromChangeInTaxRate_maITECOzHLL_zGd1zecYoZhh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Difference in tax rate in different countries</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--TaxEffectFromChangeInTaxRate_uUSD_c20250101__20251231_zP8HLvJr77lb" style="font-weight: bold; text-align: right" title="Difference in tax rate in different countries">6,645</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">51,722</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--TaxLossesNotRecognised_maITECOzHLL_zq2cKN69z1a6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax losses not recognised</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--TaxLossesNotRecognised_uUSD_c20250101__20251231_zhpOJ1Q2Qmnh" style="font-weight: bold; text-align: right" title="Tax losses not recognised">565,667</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,402,753</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,653,661</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,146,140</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_maITECOzHLL_zRQ9j7FH51S9" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_uUSD_c20250101__20251231_z5OeiNrgBS26" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Others">-</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,435</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOzHLL_z6OsWTXZVvte" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Tax charge at the Group’s effective rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_uUSD_c20250101__20251231_zmThon6MVV0c" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Tax charge at the group's effective rate">896,366</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,976,688</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,713,707</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,657,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-5852409

-45551045

35614151

-29788123

-978563

-7616451

5766512

-5018726

20460

159247

11142285

177009

688343

5357582

2513924

4613617

-2313 -18000 -10500 -30000 646137 5029080 1331573 4213670 -9090 -70749 -395030 -1052220 -2 -9923 -1049

6645

51722

5775

565667 4402753 4653661 5146140

-36435

896366

6976688

2713707

7657988

60921000 33355000 38515000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">10.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(Loss)/earnings per shares</td></tr></table> The calculation of the basic and diluted (loss)/earnings per share attributable to owners of the Company is based on the following data: <p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutTheCalculationOfBasicAndDilutedEarningsPerShareExplanatory_zM8xYcdP1jwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Earnings figures are calculated as follows: Schedule of basic and diluted earnings per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zvWH1RvwhM0b" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOz9uW46yi76" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20230101__20231231_z907XO8mIDE3" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40A_eifrs-full--ProfitLoss_zhCIMnWMzHfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt">(Loss)/profit for the year attributable to the owners of the Company</td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--ProfitLoss_uUSD_c20250101__20251231_zxNRuVilr98" style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right" title="(Loss)/profit for the year attributable to the owners of the Company">(6,748,775</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right">(52,527,733</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">32,900,444</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(37,446,111</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted average number of ordinary shares for the purpose of calculating the basic earnings per share and dilutive earning per share</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90E_eifrs-full--WeightedAverageShares_pid_uShares_c20250101__20251231_zpA2jMfWJEE" title="Weighted average number of ordinary shares for the purpose of calculating the basic earnings per share"><span id="xdx_90A_eifrs-full--AdjustedWeightedAverageShares_pid_uShares_c20250101__20251231_zLNxFsbgcb9j" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">16,555,205</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eifrs-full--AdjustedWeightedAverageShares_pid_c20250101__20251231_zv0PHM52nhe3" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">16,555,205</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eifrs-full--AdjustedWeightedAverageShares_pid_c20240101__20241231_zcghL8bUzWfe" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">12,845,765</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eifrs-full--AdjustedWeightedAverageShares_pid_c20230101__20231231_zwticyeZUW9" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">10,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> No diluted earnings per share for the years ended December 31, 2025, 2024 and 2023 were presented as there were no potential ordinary shares in issue for these three years. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

<p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutTheCalculationOfBasicAndDilutedEarningsPerShareExplanatory_zM8xYcdP1jwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Earnings figures are calculated as follows: Schedule of basic and diluted earnings per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zvWH1RvwhM0b" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zOz9uW46yi76" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20230101__20231231_z907XO8mIDE3" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40A_eifrs-full--ProfitLoss_zhCIMnWMzHfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt">(Loss)/profit for the year attributable to the owners of the Company</td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--ProfitLoss_uUSD_c20250101__20251231_zxNRuVilr98" style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right" title="(Loss)/profit for the year attributable to the owners of the Company">(6,748,775</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; font-weight: bold; text-align: right">(52,527,733</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">32,900,444</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(37,446,111</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted average number of ordinary shares for the purpose of calculating the basic earnings per share and dilutive earning per share</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90E_eifrs-full--WeightedAverageShares_pid_uShares_c20250101__20251231_zpA2jMfWJEE" title="Weighted average number of ordinary shares for the purpose of calculating the basic earnings per share"><span id="xdx_90A_eifrs-full--AdjustedWeightedAverageShares_pid_uShares_c20250101__20251231_zLNxFsbgcb9j" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">16,555,205</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eifrs-full--AdjustedWeightedAverageShares_pid_c20250101__20251231_zv0PHM52nhe3" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">16,555,205</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eifrs-full--AdjustedWeightedAverageShares_pid_c20240101__20241231_zcghL8bUzWfe" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">12,845,765</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eifrs-full--AdjustedWeightedAverageShares_pid_c20230101__20231231_zwticyeZUW9" title="Weighted average number of ordinary shares for the purpose of calculating the dilutive earning per share">10,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-6748775

-52527733

32900444

-37446111

16555205

12845765

10000

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">11.</td> <td style="text-align: justify">Disposal of subsidiaries/ Disposal group classified as held for sale</td></tr> </table> On December 15, 2023, all the directors signed a written resolution that the Company intends to dispose of all its share in Chubby Bento Limited and Bao Pot Taiwanese Claypot Limited and its subsidiaries (collectively referred as the “Disposal groups”). The assets and liabilities attributable to the Disposal groups, which is expected to be sold within twelve months, have been classified as a disposal group held for sale as it did not represent a separate major line of business or geographical area and are presented separately in the consolidated statements of financial position (see below). In 2024, the directors consider the sales proceeds less directly attributable cost which amounted to HK$Nil as the fair value less cost of disposal for the disposal of Disposal groups. An impairment loss of HK$23,545,499 including property, plant and equipment of HK$8,894,566 and right-of-use assets of HK$14,650,933, which represents the sale proceeds less the carrying amount of the net assets of Disposal groups as at the reporting date, was charged to consolidated profit or loss. <p id="xdx_89B_ecustom--DisclosureOfDetailedInformationAboutAssetsAndLiabilitiesOfDisposalGroupClassifiedHeldExplanatory_zkrAmv6zpfx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The major classes of assets and liabilities of Disposal groups classified as held for sale are as follows: Schedule of assets and liabilities of disposal group classified as held for sale <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20231231_zWKeshj9T0G2" style="font-weight: bold; text-align: right">2023</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_407_ecustom--DisposaGroupClassifiedAsHeldForSalePropertyPlantAndEquipment_iI_z9wFi1UYUeTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Property, plant and equipment</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">6,273,767</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposaGroupClassifiedAsHeldForSaleRightofuseAssets_iI_zZW1TjyXlvSf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right-of-use assets</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">10,189,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposaGroupClassifiedAsHeldForSaleAmountDueFromRelatedParties_iI_zjX1SanAxT3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due from related parties</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">63,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposaGroupClassifiedAsHeldForSaleInventories_iI_zdAuEuTJaWR7" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">298,221</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DisposaGroupClassifiedAsHeldForSaleTradeReceivables_iI_z0NsbOQCCDwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade receivables</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">217,209</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DisposaGroupClassifiedAsHeldForSaleDepositsOtherReceivablesAndPrepayments_iI_zQ8bXtFV8bj5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deposits, other receivables and prepayments</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">6,551,199</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DisposaGroupClassifiedAsHeldForSaleCashAndBankBalance_iI_zhBWl3o3Rlf7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Cash and bank balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,884,815</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AssetsOrDisposalGroupsClassifiedAsHeldForSale_iTI_zlQ3l9zPJkhc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets classified as held for sale</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">31,478,186</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DisposaGroupClassifiedAsHeldForSaleLeaseLiabilities_iI_z2qrXxZM7VK2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease Liabilities</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">27,294,255</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DisposalGroupClassifiedAsHeldForSaleProvisionForReinstatementCosts_iI_zlttBwcLdFxf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision for reinstatement costs</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">530,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DisposaGroupClassifiedAsHeldForSaleAmountDueToDirectors_iI_zOvdKFaldQJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to directors</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">1,679,488</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DisposaGroupClassifiedAsHeldForSaleTradePayables_iI_zcERwX55Cr6a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">2,175</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DisposaGroupClassifiedAsHeldForSaleAccrualsAndOtherPayables_iI_z5x7adkgdJa6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accruals and other payables</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,972,268</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_iTI_zuIPIEH79dte" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities classified as held for sale</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">31,478,186</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">11.</td> <td style="text-align: justify">Disposal of subsidiaries/ Disposal group classified as held for sale (continued)</td></tr> </table> On May 14, 2024, the Company entered into a sale and purchase agreement, Galaxy Shine Company Limited and Thrivors Holdings Limited, the principal shareholders of the Company (collectively, the “Purchasers”), pursuant to which the Company agreed to sell its 100% equity interest in Chubby Bento Limited and its subsidiaries, and the Purchasers agreed to acquire the same for an aggregate consideration of US$1,000 on and subject to the terms and conditions contained in the sale and purchase agreement. All the conditions precedent under the sale and purchase agreement have been fulfilled and the transaction was completed on May 14, 2024. On the same date, the Company also entered into a sale and purchase agreement with the Purchasers, pursuant to which the Company agreed to sell its 100% equity interest in Bao Pot Taiwanese Claypot Limited and its subsidiaries, and the Purchasers agreed to acquire the same for an aggregate consideration of US$1,000 on and subject to the terms and conditions contained in the sale and purchase agreement. All the conditions precedent under the sale and purchase agreement have been fulfilled and the transaction was completed on May 14, 2024. Schedule of consideration received <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20240514_zu1btxCUKMA3" style="font-weight: bold; text-align: right">May 14,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 80%; text-align: justify">Consideration received</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--Cash_iI_zTAXSUYfYqXh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">15,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89E_ecustom--DisclosureOfDetailedInformationAboutAssetsAndLiabilitiesOfDisposalExplanatory_zHoaogyCBSWb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Assets and liabilities at the date of disposal were as follows: Schedule of assets and liabilities disposal <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20240514_zAJ8Y4X8mtB" style="font-weight: bold; text-align: right">May 14,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_ecustom--AssetsAndLiabilitiesOfDisposalPropertyPlantAndEquipment_iNI_di_msAALODzoae_zDK4vkvwImw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Property, plant and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,322,156</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AssetsAndLiabilitiesOfDisposalRightofuseAssets_iNI_di_msAALODzoae_z5HR3yqWMbq9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,189,424</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AssetsAndLiabilitiesOfDisposalAmountsDueFromFellowSubsidiaries_iNI_di_msAALODzoae_zzGjFBQgN5rj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due from fellow subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,307,913</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AssetsAndLiabilitiesOfDisposalAmountDueFromUltimateHoldingCompany_iNI_di_msAALODzoae_zEatYQRFyo4k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due from ultimate holding company</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AssetsAndLiabilitiesOfDisposalInventories_iNI_di_msAALODzoae_zyZ7Jf8kppj3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">969,410</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AssetsAndLiabilitiesOfDisposalTradeReceivables_iNI_di_msAALODzoae_zrunTjbudnSj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,028</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AssetsAndLiabilitiesOfDisposalDepositsOtherReceivablesAndPrepayments_iNI_di_msAALODzoae_zXg7usXer7q9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deposits, other receivables and prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,529,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AssetsAndLiabilitiesOfDisposalCashAndBankBalance_iNI_di_msAALODzoae_zgJuuQuRopz3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and bank balance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,074,727</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AssetsAndLiabilitiesOfDisposalLeaseLiabilities_iI_maAALODzoae_zxGLTZJGtxVk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,986,314</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--AssetsAndLiabilitiesOfDisposalProvisionForReinstatementCosts_iI_maAALODzoae_zvyLUB8WkQpe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision for reinstatement costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(530,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--AssetsAndLiabilitiesOfDisposalAmountDueToDirector_iI_maAALODzoae_zlkbDoop7f2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to a director</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--AssetsAndLiabilitiesOfDisposalAmountsDueToFellowSubsidiaries_iI_maAALODzoae_z3WDzrxvgp09" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due to fellow subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(63,542,091</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--AssetsAndLiabilitiesOfDisposalTradePayables_iI_maAALODzoae_zqeLck3zPbMe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(516,367</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--AssetsAndLiabilitiesOfDisposalAccrualsAndOtherPayables_iI_maAALODzoae_zpDKPse9DPF3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accruals and other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,827,504</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AssetsAndLiabilitiesOfDisposalNetLiabilitiesDisposed_iTI_mtAALODzoae_zFpP7MkWd4Y5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net liabilities disposed</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(58,662,725</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AssetsAndLiabilitiesOfDisposalGainOnDisposal_iI_zxX3NtfDUSHj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Gain on disposal</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">58,678,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

23545499

8894566

14650933

<p id="xdx_89B_ecustom--DisclosureOfDetailedInformationAboutAssetsAndLiabilitiesOfDisposalGroupClassifiedHeldExplanatory_zkrAmv6zpfx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The major classes of assets and liabilities of Disposal groups classified as held for sale are as follows: Schedule of assets and liabilities of disposal group classified as held for sale <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20231231_zWKeshj9T0G2" style="font-weight: bold; text-align: right">2023</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_407_ecustom--DisposaGroupClassifiedAsHeldForSalePropertyPlantAndEquipment_iI_z9wFi1UYUeTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Property, plant and equipment</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">6,273,767</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposaGroupClassifiedAsHeldForSaleRightofuseAssets_iI_zZW1TjyXlvSf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right-of-use assets</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">10,189,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposaGroupClassifiedAsHeldForSaleAmountDueFromRelatedParties_iI_zjX1SanAxT3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due from related parties</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">63,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposaGroupClassifiedAsHeldForSaleInventories_iI_zdAuEuTJaWR7" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">298,221</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DisposaGroupClassifiedAsHeldForSaleTradeReceivables_iI_z0NsbOQCCDwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade receivables</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">217,209</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DisposaGroupClassifiedAsHeldForSaleDepositsOtherReceivablesAndPrepayments_iI_zQ8bXtFV8bj5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deposits, other receivables and prepayments</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">6,551,199</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DisposaGroupClassifiedAsHeldForSaleCashAndBankBalance_iI_zhBWl3o3Rlf7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Cash and bank balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,884,815</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--AssetsOrDisposalGroupsClassifiedAsHeldForSale_iTI_zlQ3l9zPJkhc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets classified as held for sale</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">31,478,186</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DisposaGroupClassifiedAsHeldForSaleLeaseLiabilities_iI_z2qrXxZM7VK2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease Liabilities</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">27,294,255</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DisposalGroupClassifiedAsHeldForSaleProvisionForReinstatementCosts_iI_zlttBwcLdFxf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision for reinstatement costs</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">530,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DisposaGroupClassifiedAsHeldForSaleAmountDueToDirectors_iI_zOvdKFaldQJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to directors</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">1,679,488</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DisposaGroupClassifiedAsHeldForSaleTradePayables_iI_zcERwX55Cr6a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td><td style="font-weight: bold"> </td> <td style="text-align: left"> </td><td style="text-align: right">2,175</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DisposaGroupClassifiedAsHeldForSaleAccrualsAndOtherPayables_iI_z5x7adkgdJa6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accruals and other payables</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,972,268</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_iTI_zuIPIEH79dte" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities classified as held for sale</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">31,478,186</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 6273767 10189425 63550 298221 217209 6551199 7884815 31478186 27294255 530000 1679488 2175 1972268

31478186

1000

1000 Schedule of consideration received <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20240514_zu1btxCUKMA3" style="font-weight: bold; text-align: right">May 14,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 80%; text-align: justify">Consideration received</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--Cash_iI_zTAXSUYfYqXh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Cash</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">15,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

15600

<p id="xdx_89E_ecustom--DisclosureOfDetailedInformationAboutAssetsAndLiabilitiesOfDisposalExplanatory_zHoaogyCBSWb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Assets and liabilities at the date of disposal were as follows: Schedule of assets and liabilities disposal <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20240514_zAJ8Y4X8mtB" style="font-weight: bold; text-align: right">May 14,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_ecustom--AssetsAndLiabilitiesOfDisposalPropertyPlantAndEquipment_iNI_di_msAALODzoae_zDK4vkvwImw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Property, plant and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,322,156</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AssetsAndLiabilitiesOfDisposalRightofuseAssets_iNI_di_msAALODzoae_z5HR3yqWMbq9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,189,424</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AssetsAndLiabilitiesOfDisposalAmountsDueFromFellowSubsidiaries_iNI_di_msAALODzoae_zzGjFBQgN5rj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due from fellow subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,307,913</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AssetsAndLiabilitiesOfDisposalAmountDueFromUltimateHoldingCompany_iNI_di_msAALODzoae_zEatYQRFyo4k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due from ultimate holding company</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AssetsAndLiabilitiesOfDisposalInventories_iNI_di_msAALODzoae_zyZ7Jf8kppj3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">969,410</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AssetsAndLiabilitiesOfDisposalTradeReceivables_iNI_di_msAALODzoae_zrunTjbudnSj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,028</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AssetsAndLiabilitiesOfDisposalDepositsOtherReceivablesAndPrepayments_iNI_di_msAALODzoae_zXg7usXer7q9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deposits, other receivables and prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,529,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AssetsAndLiabilitiesOfDisposalCashAndBankBalance_iNI_di_msAALODzoae_zgJuuQuRopz3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and bank balance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,074,727</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AssetsAndLiabilitiesOfDisposalLeaseLiabilities_iI_maAALODzoae_zxGLTZJGtxVk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,986,314</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--AssetsAndLiabilitiesOfDisposalProvisionForReinstatementCosts_iI_maAALODzoae_zvyLUB8WkQpe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision for reinstatement costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(530,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--AssetsAndLiabilitiesOfDisposalAmountDueToDirector_iI_maAALODzoae_zlkbDoop7f2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amount due to a director</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--AssetsAndLiabilitiesOfDisposalAmountsDueToFellowSubsidiaries_iI_maAALODzoae_z3WDzrxvgp09" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due to fellow subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(63,542,091</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--AssetsAndLiabilitiesOfDisposalTradePayables_iI_maAALODzoae_zqeLck3zPbMe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(516,367</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--AssetsAndLiabilitiesOfDisposalAccrualsAndOtherPayables_iI_maAALODzoae_zpDKPse9DPF3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accruals and other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,827,504</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AssetsAndLiabilitiesOfDisposalNetLiabilitiesDisposed_iTI_mtAALODzoae_zFpP7MkWd4Y5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net liabilities disposed</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(58,662,725</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--AssetsAndLiabilitiesOfDisposalGainOnDisposal_iI_zxX3NtfDUSHj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Gain on disposal</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">58,678,325</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> -10322156 -10189424 -1307913 -15600 -969410 -341028 -7529293 -8074727 -23986314 -530000 -10000 -63542091 -516367 -8827504 -58662725 58678325

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">12.</td> <td style="text-align: justify">Property, plant and equipment</td></tr> </table> Schedule of Property, Plant and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--LeaseholdImprovementsMember_zWPvjNcOXYCf" style="font-weight: bold; text-align: right">Leasehold</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B1_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--PlantAndMachineryMember_zgZ3SC92Hv26" style="font-weight: bold; text-align: right">Plant and</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B8_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--OfficeEquipmentsMember_zjOer9t6rye5" style="font-weight: bold; text-align: right">Office</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B6_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--MotorVehiclesMember_zDUKGaT55Pwg" style="font-weight: bold; text-align: right">Motor</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_4BE_z3tsqplolWV4" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">improvements</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">machinery</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">equipment</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">vehicle</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_437_c20240101__20241231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iS_zh70PDobtX5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: justify">January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">131,947,758</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">23,592,372</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,021,817</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">157,561,947</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AdditionsPropertyPlantAndEquipment_iN_di_zLBagbt3wkvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,451,975</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,137,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">264,025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,873,141</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--WrittenOff_iN_di_zoE9oyGggIUi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,934,125</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(924,330</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,283</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,923,738</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_437_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iS_zbLUoQ6moONg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,465,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,805,183</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,220,559</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,511,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iS_zOPiLTdd48rf" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cost beginning</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,465,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,805,183</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,220,559</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,511,350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AdditionsPropertyPlantAndEquipment_iN_di_z16LHdApoY41" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,950,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490,758</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,605,666</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_di_zAOopIIp0Em7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Disposal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(116,219</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,818</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(125,037</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--WrittenOff_iN_di_zOWRBqSlGQM9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(316,793</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131,183</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(447,976</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iE_z6wffbX7Otmc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">139,416,111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23,862,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,214,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">165,544,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iE_z50dxYMJPQI7" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> Cost ending</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">139,416,111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23,862,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,214,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">165,544,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iS_zBQf3c46QRl4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,171,268</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,852,964</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">789,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,813,639</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_zDb3Tb69BiGc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,956,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,671,570</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">408,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,038,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WrittenOffForAccumulatedDepreciation_zRiANIoKbQId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,634,261</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(717,381</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(45,817</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,397,459</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iS_zC2ZXiL7Tmwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,493,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,807,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,152,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,455,035</td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iS_zv5fEp14kbW8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Accumulated depreciation, beginning</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,493,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,807,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,152,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,455,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_zEC7Knq90Nbh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,260,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,965,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,621</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,626,357</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DisposalsOfAccumulatedDepreciation_zkSSwrhNmHs2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Disposal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53,725</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,378</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(62,103</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--WrittenOffForAccumulatedDepreciation_zBiniaUoouGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(255,006</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(72,167</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327,173</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iE_zlpDcNBSj5W5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111,754,735</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,464,207</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,462,174</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">132,692,116</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_434_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iE_zlTskz3I3fqh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Accumulated depreciation, ending</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111,754,735</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,464,207</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,462,174</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">132,692,116</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iS_zVLVOPzg5elg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_zvxMrCsz5d9g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Provision</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_436_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iS_zm0n8j0joLU1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_437_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iS_zAOpHMDjwuJa" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment, beginning balance </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,549,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,549,381</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_z4e3MdmVdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,877,371</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,877,371</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iE_zkxtnZh5SYY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iE_z9vW5bO4zlCd" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Impairment, ending balance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Net carrying amount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20251231_eifrs-full--PropertyPlantAndEquipment_iI_zs5zKKbsB51f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,234,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,398,723</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">752,788</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,425,135</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43B_c20241231_eifrs-full--PropertyPlantAndEquipment_iI_zOhdDwF4DNEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">41,422,443</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,998,030</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,068,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">50,506,934</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Net carrying amount (US$)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20251231_eifrs-full--PropertyPlantAndEquipment_iI_uUSD_zvZfDLSOvjg8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,728,229</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">565,149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">96,718</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,011</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,395,107</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_433_c20251231_eifrs-full--PropertyPlantAndEquipment_iI_uUSD_zFvuV8ptYze1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net carrying amount </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,728,229</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">565,149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">96,718</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,011</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,395,107</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">12.</td> <td style="text-align: justify">Property, plant and equipment (continued)</td></tr> </table> During the year, the Group disposed of property, plant and equipment with net book value of HK$62,934 at a consideration of HK$62,934. (2024: the Group does not dispose of property, plant and equipment during the year.) During the year, the Group has written off of property, plant and equipment with net book value of HK$120,803 due to malfunction of plant and machinery and office equipment. (2024: the Group had written off of property, plant and equipment with net book value of HK$526,279 due to termination of a warehouse tenancy agreement and malfunction of plant and machinery and office equipment.) During the year, an impairment loss of HK$<span id="xdx_90A_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zGJ5Qi3bCMt2" title="Impairment loss">1,877,371 (2024: HK$<span id="xdx_902_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_c20240101__20241231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zkh27qWlKpY3" title="Impairment loss">4,549,381) was recognised for the leasehold improvements. The Group has identified that its property, plant and equipment constitute a cash-generating unit that has been reporting persistent operating losses over 2 consecutive reporting periods. This sustained underperformance triggered a formal impairment assessment and a partially or fully impairment loss has been made on the net carrying amount of assets. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Schedule of Property, Plant and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--LeaseholdImprovementsMember_zWPvjNcOXYCf" style="font-weight: bold; text-align: right">Leasehold</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B1_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--PlantAndMachineryMember_zgZ3SC92Hv26" style="font-weight: bold; text-align: right">Plant and</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B8_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--OfficeEquipmentsMember_zjOer9t6rye5" style="font-weight: bold; text-align: right">Office</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B6_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--MotorVehiclesMember_zDUKGaT55Pwg" style="font-weight: bold; text-align: right">Motor</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_4BE_z3tsqplolWV4" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">improvements</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">machinery</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">equipment</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">vehicle</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_437_c20240101__20241231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iS_zh70PDobtX5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: justify">January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">131,947,758</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">23,592,372</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,021,817</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">157,561,947</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AdditionsPropertyPlantAndEquipment_iN_di_zLBagbt3wkvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,451,975</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,137,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">264,025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,873,141</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--WrittenOff_iN_di_zoE9oyGggIUi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,934,125</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(924,330</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,283</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,923,738</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_437_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iS_zbLUoQ6moONg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,465,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,805,183</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,220,559</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,511,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iS_zOPiLTdd48rf" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cost beginning</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,465,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,805,183</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,220,559</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,511,350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AdditionsPropertyPlantAndEquipment_iN_di_z16LHdApoY41" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,950,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490,758</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,605,666</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_di_zAOopIIp0Em7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Disposal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(116,219</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,818</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(125,037</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--WrittenOff_iN_di_zOWRBqSlGQM9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(316,793</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131,183</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(447,976</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iE_z6wffbX7Otmc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">139,416,111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23,862,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,214,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">165,544,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCarryingAmountAtCost_iE_z50dxYMJPQI7" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> Cost ending</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">139,416,111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">23,862,929</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,214,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">165,544,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iS_zBQf3c46QRl4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,171,268</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,852,964</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">789,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,813,639</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_zDb3Tb69BiGc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,956,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,671,570</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">408,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,038,855</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WrittenOffForAccumulatedDepreciation_zRiANIoKbQId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,634,261</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(717,381</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(45,817</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,397,459</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iS_zC2ZXiL7Tmwe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,493,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,807,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,152,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,455,035</td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iS_zv5fEp14kbW8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Accumulated depreciation, beginning</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,493,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,807,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,152,098</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,455,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_zEC7Knq90Nbh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,260,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,965,785</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,621</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,626,357</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DisposalsOfAccumulatedDepreciation_zkSSwrhNmHs2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Disposal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53,725</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,378</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(62,103</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--WrittenOffForAccumulatedDepreciation_zBiniaUoouGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Written off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(255,006</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(72,167</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327,173</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iE_zlpDcNBSj5W5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111,754,735</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,464,207</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,462,174</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">132,692,116</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_434_c20250101__20251231_ecustom--PropertyPlantAndEquipmentAccumulatedDepreciation_iE_zlTskz3I3fqh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Accumulated depreciation, ending</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111,754,735</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,464,207</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,462,174</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">132,692,116</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iS_zVLVOPzg5elg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_zvxMrCsz5d9g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Provision</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_436_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iS_zm0n8j0joLU1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,549,381</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_437_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iS_zAOpHMDjwuJa" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment, beginning balance </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,549,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,549,381</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_z4e3MdmVdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,877,371</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,877,371</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iE_zkxtnZh5SYY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20251231_ecustom--ImpairmentsOfPropertyPlantAndEquipment_iE_z9vW5bO4zlCd" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Impairment, ending balance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,426,752</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Net carrying amount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20251231_eifrs-full--PropertyPlantAndEquipment_iI_zs5zKKbsB51f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,234,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,398,723</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">752,788</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,425,135</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43B_c20241231_eifrs-full--PropertyPlantAndEquipment_iI_zOhdDwF4DNEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">41,422,443</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,998,030</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,068,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">50,506,934</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Net carrying amount (US$)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20251231_eifrs-full--PropertyPlantAndEquipment_iI_uUSD_zvZfDLSOvjg8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,728,229</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">565,149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">96,718</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,011</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,395,107</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_433_c20251231_eifrs-full--PropertyPlantAndEquipment_iI_uUSD_zFvuV8ptYze1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net carrying amount </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,728,229</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">565,149</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">96,718</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,011</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,395,107</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 131947758 23592372 2021817 157561947 -6451975 -1137141 -264025 -20000 -7873141 3934125 924330 65283 4923738 134465608 23805183 2220559 20000 160511350 134465608 23805183 2220559 20000 160511350 -4950503 -490758 -134405 -30000 -5605666

116219

8818

125037

316793 131183 447976 139416111 23862929 2214963 50000 165544003 139416111 23862929 2214963 50000 165544003 63171268 11852964 789407 75813639

28956777

4671570

408508

2000

34038855

-3634261 -717381 -45817 -4397459 88493784 15807153 1152098 2000 105455035 88493784 15807153 1152098 2000 105455035

23260951

3965785

390621

9000

27626357

-53725 -8378 -62103 -255006 -72167 -327173 111754735 19464207 1462174 11000 132692116 111754735 19464207 1462174 11000 132692116

4549381

4549381 4549381 4549381 4549381

1877371

6426752 6426752 6426752 6426752

21234624

4398723

752788

39000

26425135

41422443

7998030

1068461

18000

50506934

2728229

565149

96718

5011

3395107

2728229

565149

96718

5011

3395107

62934 62934 120803 526279

1877371

4549381

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">13.</td> <td style="text-align: justify">Right-of-use assets</td></tr> </table> Schedule of detailed information about right-of-use assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Leased</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">properties</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_902_eifrs-full--RightofuseAssetsRevaluedAssetsAtCost_iS_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_ze7QadjjC0s8" title="Right of use assets, cost, beginning balance">195,013,742</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eifrs-full--AdditionsToRightofuseAssets_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zIk8VL9pC8o6" title="Right of use assets, cost, additions">26,786,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Modification</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--ModificationToRightofuseAssets_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zic0fGqvind4" title="Right of use assets, cost, modification">16,222,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Written-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--WrittenOffRightofuseAssets_iN_di0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zPBeJvxkvgB6" title="Right of use assets, cost, written-off">(15,023,753</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Exchange adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_ecustom--ExchangeAdjustmentsOfRightofuseAssets_iN_di0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zxymhUUgN3e5" title="Right of use assets, cost, exchange adjustments">(1,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eifrs-full--RightofuseAssetsRevaluedAssetsAtCost_iS_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zpxyNQa8DQBg" title="Right of use assets, cost, beginning balance">222,997,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eifrs-full--AdditionsToRightofuseAssets_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zEdaG7hiVcE1" title="Right of use assets, cost, additions">29,572,601</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Modification</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--ModificationToRightofuseAssets_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zA81L8ipt1U9" title="Right of use assets, cost, modification">(1,012,044</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Written-off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_ecustom--WrittenOffRightofuseAssets_iN_di0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zCVipFUZiLDf" title="Right of use assets, cost, written-off">(53,686,786</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eifrs-full--RightofuseAssetsRevaluedAssetsAtCost_iE_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zwezQLMzU4m8" title="Right of use assets, cost, ending balance">197,871,621</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated amortisation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--RightOfUseAssetAccumulatedAmortization_iS_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zPf6d81WygG8" title="Right of use assets, accumulated amortization, beginning balance">126,893,389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--AccumulatedAmortization_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_ziM9twDIKAHg" title="Accumulated depreciation and impairment loss,charge for the year">44,562,079</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Written-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--AccumulatedAmortizationOfWrittenOff_iN_di_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zMKF44J7Vbz9" title="Accumulated depreciation and impairment loss,written-off">(15,023,753</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Exchange adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_ecustom--AccumulatedAmortizationOfExchangeAdjustments_iN_di_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zF72tR3JbCCi" title="Accumulated depreciation and impairment loss,exchange adjustments">(1,663</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--RightOfUseAssetAccumulatedAmortization_iS_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zFDAdKPxPtE8" title="Right of use assets, accumulated amortization, beginning balance">156,430,052</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecustom--AccumulatedAmortization_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zEcpfisWq0Jf" title="Accumulated depreciation and impairment loss,charge for the year">38,968,788</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Written-off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_ecustom--AccumulatedAmortizationOfWrittenOff_iN_di_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zSNvQFuo5Kbd" title="Accumulated depreciation and impairment loss,written-off">(53,686,786</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_ecustom--RightOfUseAssetAccumulatedAmortization_iE_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zHOP5uxqVnva" title="Right of use assets, accumulated amortization, ending balance">141,712,054</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--ImpairmentOfRightofuseAssets_iS_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zfTADceDp864" title="Right of use assets, impairment, beginning balance">-</td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Provision</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_ecustom--ImpairmentOfRightofuseAsset_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zTbSXCWzA6j7" title="Right of use assets, provision">5,013,080</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_ecustom--ImpairmentOfRightofuseAssets_iS_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zjgiCV7DEvW" title="Right of use assets, impairment, beginning balance">5,013,080 </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 80%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 16%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_ecustom--ImpairmentOfRightofuseAsset_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zdHzUUnkmTXc" title="Right of use assets, provision">4,102,040</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_ecustom--ImpairmentOfRightofuseAssets_iE_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_z2mODhFN9kq5" title="Right of use assets, impairment, ending balance">9,115,120</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net carrying amount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">47,044,447</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">61,554,718</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net carrying amount (US$)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,044,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the year, an impairment loss of HK$4,102,040 (2024: HK$5,013,080) was recognised. The Group has identified that its right-of-use assets constitutes a cash-generating unit that has been reporting persistent operating losses over 2 consecutive reporting periods. This sustained underperformance triggered a formal impairment assessment and a partially or fully impairment loss has been made on the net carrying amount of assets. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">13.</td> <td style="text-align: justify">Right-of-use assets (continued)</td></tr> </table> Schedule of detailed information about lease liabilities and short term leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Expenses relating to short-term leases</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">373,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">2,908,520</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,499,771</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Variable lease payments not included in the measurement of lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_907_ecustom--VariableleasePaymentsNotIncludedMeasurementOfLeaseLiabilities_d0_uUSD_c20250101__20251231_zRXmoXISTLpd" title="Variable lease payments not included in the measurement of lease liabilities">31,799</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_902_ecustom--VariableleasePaymentsNotIncludedMeasurementOfLeaseLiabilities_d0_uHKD_c20250101__20251231_zCGvjK8EWJR4" title="Variable lease payments not included in the measurement of lease liabilities">247,502</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_ecustom--VariableleasePaymentsNotIncludedMeasurementOfLeaseLiabilities_d0_uHKD_c20240101__20241231_zroyy1iB3qmc" title="Variable lease payments not included in the measurement of lease liabilities">271,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expenses relating to leases of low-value assets, excluding short-term leases of low value assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_909_ecustom--ExccludingOfShortTermLeasesOfRightofuseAssets_d0_uUSD_c20250101__20251231_zTRvSF44iUB6" title="Expense relating to leases of low-value assets, excluding shortterm leases of low value assets">1,931</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_907_ecustom--ExccludingOfShortTermLeasesOfRightofuseAssets_d0_uHKD_c20250101__20251231_zPvc0NsTMaXd" title="Expense relating to leases of low-value assets, excluding shortterm leases of low value assets">15,026</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--ExccludingOfShortTermLeasesOfRightofuseAssets_d0_uHKD_c20240101__20241231_zETbIcAumxxc" title="Expense relating to leases of low-value assets, excluding shortterm leases of low value assets">7,295</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total cash outflow for leases #</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,427,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">50,028,785</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">56,257,499</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">#</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amount includes payments of principal and interest portion of lease liabilities, short-term leases, variable lease payments and expenses related to leases of low-value assets.</td></tr></table> For both years, the Group leases various offices and warehouses for its operations. Lease contracts are entered into for fixed term of 2 to 5 years. Lease terms are negotiated on an individual basis.

Schedule of detailed information about right-of-use assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Leased</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">properties</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_902_eifrs-full--RightofuseAssetsRevaluedAssetsAtCost_iS_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_ze7QadjjC0s8" title="Right of use assets, cost, beginning balance">195,013,742</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eifrs-full--AdditionsToRightofuseAssets_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zIk8VL9pC8o6" title="Right of use assets, cost, additions">26,786,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Modification</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--ModificationToRightofuseAssets_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zic0fGqvind4" title="Right of use assets, cost, modification">16,222,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Written-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--WrittenOffRightofuseAssets_iN_di0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zPBeJvxkvgB6" title="Right of use assets, cost, written-off">(15,023,753</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Exchange adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_ecustom--ExchangeAdjustmentsOfRightofuseAssets_iN_di0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zxymhUUgN3e5" title="Right of use assets, cost, exchange adjustments">(1,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eifrs-full--RightofuseAssetsRevaluedAssetsAtCost_iS_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zpxyNQa8DQBg" title="Right of use assets, cost, beginning balance">222,997,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eifrs-full--AdditionsToRightofuseAssets_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zEdaG7hiVcE1" title="Right of use assets, cost, additions">29,572,601</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Modification</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--ModificationToRightofuseAssets_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zA81L8ipt1U9" title="Right of use assets, cost, modification">(1,012,044</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Written-off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_ecustom--WrittenOffRightofuseAssets_iN_di0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zCVipFUZiLDf" title="Right of use assets, cost, written-off">(53,686,786</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eifrs-full--RightofuseAssetsRevaluedAssetsAtCost_iE_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zwezQLMzU4m8" title="Right of use assets, cost, ending balance">197,871,621</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated amortisation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--RightOfUseAssetAccumulatedAmortization_iS_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zPf6d81WygG8" title="Right of use assets, accumulated amortization, beginning balance">126,893,389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--AccumulatedAmortization_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_ziM9twDIKAHg" title="Accumulated depreciation and impairment loss,charge for the year">44,562,079</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Written-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--AccumulatedAmortizationOfWrittenOff_iN_di_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zMKF44J7Vbz9" title="Accumulated depreciation and impairment loss,written-off">(15,023,753</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Exchange adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_ecustom--AccumulatedAmortizationOfExchangeAdjustments_iN_di_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zF72tR3JbCCi" title="Accumulated depreciation and impairment loss,exchange adjustments">(1,663</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--RightOfUseAssetAccumulatedAmortization_iS_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zFDAdKPxPtE8" title="Right of use assets, accumulated amortization, beginning balance">156,430,052</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Charge for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecustom--AccumulatedAmortization_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zEcpfisWq0Jf" title="Accumulated depreciation and impairment loss,charge for the year">38,968,788</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Written-off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_ecustom--AccumulatedAmortizationOfWrittenOff_iN_di_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zSNvQFuo5Kbd" title="Accumulated depreciation and impairment loss,written-off">(53,686,786</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_ecustom--RightOfUseAssetAccumulatedAmortization_iE_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zHOP5uxqVnva" title="Right of use assets, accumulated amortization, ending balance">141,712,054</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--ImpairmentOfRightofuseAssets_iS_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zfTADceDp864" title="Right of use assets, impairment, beginning balance">-</td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Provision</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_ecustom--ImpairmentOfRightofuseAsset_d0_c20240101__20241231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zTbSXCWzA6j7" title="Right of use assets, provision">5,013,080</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_ecustom--ImpairmentOfRightofuseAssets_iS_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zjgiCV7DEvW" title="Right of use assets, impairment, beginning balance">5,013,080 </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 80%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 16%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90D_ecustom--ImpairmentOfRightofuseAsset_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_zdHzUUnkmTXc" title="Right of use assets, provision">4,102,040</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_ecustom--ImpairmentOfRightofuseAssets_iE_d0_c20250101__20251231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--LeasedPropertiesMember_z2mODhFN9kq5" title="Right of use assets, impairment, ending balance">9,115,120</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net carrying amount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">47,044,447</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">61,554,718</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net carrying amount (US$)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,044,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

195013742

26786998

16222827 15023753 1964

222997850

29572601

-1012044 53686786

197871621

126893389 44562079 15023753 1663 156430052 38968788 53686786 141712054 -0 5013080 5013080 4102040 9115120

47044447

61554718

6044280

4102040 5013080 Schedule of detailed information about lease liabilities and short term leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Expenses relating to short-term leases</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">373,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">2,908,520</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,499,771</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Variable lease payments not included in the measurement of lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_907_ecustom--VariableleasePaymentsNotIncludedMeasurementOfLeaseLiabilities_d0_uUSD_c20250101__20251231_zRXmoXISTLpd" title="Variable lease payments not included in the measurement of lease liabilities">31,799</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_902_ecustom--VariableleasePaymentsNotIncludedMeasurementOfLeaseLiabilities_d0_uHKD_c20250101__20251231_zCGvjK8EWJR4" title="Variable lease payments not included in the measurement of lease liabilities">247,502</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_ecustom--VariableleasePaymentsNotIncludedMeasurementOfLeaseLiabilities_d0_uHKD_c20240101__20241231_zroyy1iB3qmc" title="Variable lease payments not included in the measurement of lease liabilities">271,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expenses relating to leases of low-value assets, excluding short-term leases of low value assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_909_ecustom--ExccludingOfShortTermLeasesOfRightofuseAssets_d0_uUSD_c20250101__20251231_zTRvSF44iUB6" title="Expense relating to leases of low-value assets, excluding shortterm leases of low value assets">1,931</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_907_ecustom--ExccludingOfShortTermLeasesOfRightofuseAssets_d0_uHKD_c20250101__20251231_zPvc0NsTMaXd" title="Expense relating to leases of low-value assets, excluding shortterm leases of low value assets">15,026</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecustom--ExccludingOfShortTermLeasesOfRightofuseAssets_d0_uHKD_c20240101__20241231_zETbIcAumxxc" title="Expense relating to leases of low-value assets, excluding shortterm leases of low value assets">7,295</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total cash outflow for leases #</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,427,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">50,028,785</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">56,257,499</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">#</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amount includes payments of principal and interest portion of lease liabilities, short-term leases, variable lease payments and expenses related to leases of low-value assets.</td></tr></table> 373687 2908520 1499771 31799 247502 271808 1931 15026 7295 6427709 50028785 56257499 Lease contracts are entered into for fixed term of 2 to 5 years. Lease terms are negotiated on an individual basis

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">14.</td> <td style="text-align: justify">Deferred tax assets</td></tr> </table> Schedule of deferred tax assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B0_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_custom--AcceleratedTaxDepreciationMember_zNKWBHd25awk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B2_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_custom--LossesAvailableForOffsettingAgainstFutureTaxableProfitsMember_zhghRK0NQMfa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B1_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_ifrs-full--RightofuseAssetsMember_z5YFUqGqS1Lj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B4_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_ifrs-full--LeaseLiabilitiesMember_zWNBf20Hbpa4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B9_zv68kecLxDGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Accelerated tax depreciation</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Losses available for offsetting against future taxable profits</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Right-of-use assets</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Lease liabilities</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231_eifrs-full--DeferredTaxLiabilityAsset_iS_z8cXtrmGpLO6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%">At January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,966,254</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,182,688</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(11,239,859</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">12,254,755</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,163,838</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_zsi07PTZueqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax credited to consolidated statements of profit or loss during the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,397,749</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">299,731</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,083,330</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(975,719</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,805,091</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_434_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iS_zYdmpiaK40rf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">At December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,364,003</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,482,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,156,529</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,279,036</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,968,929</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iS_zUQPSAbKJcM9" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Deferred tax assets, beginning balance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,364,003</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,482,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,156,529</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,279,036</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,968,929</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_ziFIGt8ftpJk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax charged to consolidated statements of profit or loss during the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,165</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(824,575</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,837,872</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,346,746</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,312,284</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_zGqRZXo2Q0R2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">At December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,385,168</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">657,844</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,318,657</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,932,290</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,656,645</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_zETn2tPzUOPe" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Deferred tax assets, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,385,168</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">657,844</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,318,657</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,932,290</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,656,645</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_433_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_uUSD_zhUZRIrmTgql" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">At December 31, 2025 (US$)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">820,368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,520</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(940,303</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,019,142</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">983,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_uUSD_zAwnBxAcTb8f" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Deferred tax assets, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">820,368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,520</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(940,303</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,019,142</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">983,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Schedule of deferred tax assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B0_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_custom--AcceleratedTaxDepreciationMember_zNKWBHd25awk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B2_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_custom--LossesAvailableForOffsettingAgainstFutureTaxableProfitsMember_zhghRK0NQMfa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B1_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_ifrs-full--RightofuseAssetsMember_z5YFUqGqS1Lj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B4_ifrs-full--PropertyPlantAndEquipmentIncludingRightofuseAssetsAxis_ifrs-full--LeaseLiabilitiesMember_zWNBf20Hbpa4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td id="xdx_4B9_zv68kecLxDGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Accelerated tax depreciation</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Losses available for offsetting against future taxable profits</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Right-of-use assets</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Lease liabilities</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231_eifrs-full--DeferredTaxLiabilityAsset_iS_z8cXtrmGpLO6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%">At January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,966,254</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,182,688</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(11,239,859</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">12,254,755</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,163,838</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_zsi07PTZueqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax credited to consolidated statements of profit or loss during the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,397,749</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">299,731</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,083,330</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(975,719</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,805,091</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_434_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iS_zYdmpiaK40rf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">At December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,364,003</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,482,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,156,529</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,279,036</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,968,929</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iS_zUQPSAbKJcM9" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Deferred tax assets, beginning balance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,364,003</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,482,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,156,529</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,279,036</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,968,929</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_ziFIGt8ftpJk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax charged to consolidated statements of profit or loss during the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,165</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(824,575</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,837,872</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,346,746</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,312,284</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_zGqRZXo2Q0R2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">At December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,385,168</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">657,844</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,318,657</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,932,290</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,656,645</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_zETn2tPzUOPe" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Deferred tax assets, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,385,168</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">657,844</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,318,657</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,932,290</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,656,645</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_433_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_uUSD_zhUZRIrmTgql" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">At December 31, 2025 (US$)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">820,368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,520</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(940,303</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,019,142</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">983,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--DeferredTaxLiabilityAsset_iE_uUSD_zAwnBxAcTb8f" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Deferred tax assets, ending balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">820,368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,520</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(940,303</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,019,142</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">983,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

1966254

1182688

-11239859

12254755

4163838

4397749

299731

1083330

-975719

4805091

6364003

1482419

-10156529

11279036

8968929

6364003

1482419

-10156529

11279036

8968929

21165

-824575

2837872

-3346746

-1312284

6385168

657844

-7318657

7932290

7656645

6385168

657844

-7318657

7932290

7656645

820368

84520

-940303

1019142

983727

820368

84520

-940303

1019142

983727

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">15.</td> <td style="text-align: justify">Deposits, prepayments and other receivables </td></tr> </table> Schedule of deposits, prepayments and other receivables <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify; padding-bottom: 2.5pt">Deposits (non-current)</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--LongtermDeposits_iI_uUSD_c20251231_zmm3uVyP2Em8" style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right" title="Deposits (non-current)">1,617,174</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--LongtermDeposits_iI_c20251231_z8obXfZwYDY" style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right" title="Deposits (non-current)">12,586,949</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_983_eifrs-full--LongtermDeposits_iI_c20241231_zGUQb9z1v9De" style="border-bottom: Black 2.5pt double; width: 12%; text-align: right" title="Deposits (non-current)">10,898,645</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits (current)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--CurrentInvestments_iI_uUSD_c20251231_zzS0nvE66dR7" style="font-weight: bold; text-align: right" title="Deposits (current)">1,512,245</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--CurrentInvestments_iI_c20251231_zZ9xKOgZcfo6" style="font-weight: bold; text-align: right" title="Deposits (current)">11,770,255</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eifrs-full--CurrentInvestments_iI_c20241231_zunTbIlnx5Wa" style="text-align: right" title="Deposits (current)">12,564,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Prepayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--CurrentPrepayments_iI_uUSD_c20251231_zzBkyPhwRWn5" style="font-weight: bold; text-align: right" title="Prepayments">782,760</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_987_eifrs-full--CurrentPrepayments_iI_c20251231_znfCpVjMgMZc" style="font-weight: bold; text-align: right" title="Prepayments">6,092,454</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eifrs-full--CurrentPrepayments_iI_c20241231_zmKk5uVg4Mol" style="text-align: right" title="Prepayments">5,428,473</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other receivables</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--OtherReceivables_iI_uUSD_c20251231_zV9l4Cv8xSVc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other receivables">901</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--OtherReceivables_iI_c20251231_zOQIqD10YtRa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other receivables">7,017</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--OtherReceivables_iI_c20241231_zIo0Dzi32fEd" style="border-bottom: Black 1pt solid; text-align: right" title="Other receivables">7,017</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_uUSD_c20251231_zBYMq4Q7Q2x2" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deposits, prepayments and other receivables">2,295,906</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_c20251231_z3UK0FjOOhpj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deposits, prepayments and other receivables">17,869,726</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_c20241231_z8sMTOHEaVSc" style="border-bottom: Black 2.5pt double; text-align: right" title="Deposits, prepayments and other receivables">18,000,107</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Schedule of deposits, prepayments and other receivables <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify; padding-bottom: 2.5pt">Deposits (non-current)</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--LongtermDeposits_iI_uUSD_c20251231_zmm3uVyP2Em8" style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right" title="Deposits (non-current)">1,617,174</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--LongtermDeposits_iI_c20251231_z8obXfZwYDY" style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right" title="Deposits (non-current)">12,586,949</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td id="xdx_983_eifrs-full--LongtermDeposits_iI_c20241231_zGUQb9z1v9De" style="border-bottom: Black 2.5pt double; width: 12%; text-align: right" title="Deposits (non-current)">10,898,645</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits (current)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--CurrentInvestments_iI_uUSD_c20251231_zzS0nvE66dR7" style="font-weight: bold; text-align: right" title="Deposits (current)">1,512,245</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--CurrentInvestments_iI_c20251231_zZ9xKOgZcfo6" style="font-weight: bold; text-align: right" title="Deposits (current)">11,770,255</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eifrs-full--CurrentInvestments_iI_c20241231_zunTbIlnx5Wa" style="text-align: right" title="Deposits (current)">12,564,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Prepayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--CurrentPrepayments_iI_uUSD_c20251231_zzBkyPhwRWn5" style="font-weight: bold; text-align: right" title="Prepayments">782,760</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_987_eifrs-full--CurrentPrepayments_iI_c20251231_znfCpVjMgMZc" style="font-weight: bold; text-align: right" title="Prepayments">6,092,454</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eifrs-full--CurrentPrepayments_iI_c20241231_zmKk5uVg4Mol" style="text-align: right" title="Prepayments">5,428,473</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other receivables</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--OtherReceivables_iI_uUSD_c20251231_zV9l4Cv8xSVc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other receivables">901</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--OtherReceivables_iI_c20251231_zOQIqD10YtRa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other receivables">7,017</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--OtherReceivables_iI_c20241231_zIo0Dzi32fEd" style="border-bottom: Black 1pt solid; text-align: right" title="Other receivables">7,017</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_uUSD_c20251231_zBYMq4Q7Q2x2" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deposits, prepayments and other receivables">2,295,906</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_c20251231_z3UK0FjOOhpj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Deposits, prepayments and other receivables">17,869,726</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_c20241231_z8sMTOHEaVSc" style="border-bottom: Black 2.5pt double; text-align: right" title="Deposits, prepayments and other receivables">18,000,107</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1617174

12586949

10898645

1512245

11770255

12564617

782760

6092454

5428473

901

7017

2295906

17869726

18000107

<p id="xdx_80A_ecustom--DisclosureOfAmountsDueFromToRelatedCompaniesShareholdersAndDirectorsExplanatory_zAwHCdK5ngEd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">16.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amounts due from/to related companies, shareholders and directors and loans from directors</td></tr></table> The amounts due from/to related companies, shareholders and directors are unsecured, interest-free and repayable on demand. The loans from directors are unsecured, bearing interest of 5.25% per annum and repayable on February 11, 2028. 0.0525

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">17.</td> <td style="text-align: justify">Inventories</td></tr> </table> Schedule of inventories <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Food and beverage and other operating</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"> items for restaurant operations</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--Inventories_iI_uUSD_c20251231_zTRi88kkwqGb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Food and beverage and other operating items for restaurant operations">3,013,723</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--Inventories_iI_c20251231_zB3OhTmXPbE4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Food and beverage and other operating items for restaurant operations">23,456,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eifrs-full--Inventories_iI_c20241231_zdrSuEomKcc6" style="border-bottom: Black 2.5pt double; text-align: right" title="Food and beverage and other operating items for restaurant operations">20,351,116</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Schedule of inventories <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Food and beverage and other operating</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"> items for restaurant operations</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--Inventories_iI_uUSD_c20251231_zTRi88kkwqGb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Food and beverage and other operating items for restaurant operations">3,013,723</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--Inventories_iI_c20251231_zB3OhTmXPbE4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Food and beverage and other operating items for restaurant operations">23,456,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eifrs-full--Inventories_iI_c20241231_zdrSuEomKcc6" style="border-bottom: Black 2.5pt double; text-align: right" title="Food and beverage and other operating items for restaurant operations">20,351,116</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3013723

23456709

20351116

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">18.</td> <td style="text-align: justify">Trade receivables </td></tr> </table> Schedule of trade receivables <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Trade receivables</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231_zfW8Wudmfjbg" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231_zt6C465Mw4t" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">3,404,848</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231_z3B2S5AYGynk" style="border-bottom: Black 2.5pt double; text-align: right" title="Trade receivables">3,319,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutTradeReceivablesNetOfAllowanceForCreditLossesExplanatory_z5dI1I4dhJZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The following is an aged analysis of trade receivables net of allowance for expected credit losses presented based on the invoice dates and the date of rendering of services. Schedule of trade receivables net of allowance for credit losses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">US$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">0-30 days</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_zBH7Jnsj8sd4" style="width: 12%; font-weight: bold; text-align: right" title="Trade receivables">428,332</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_zKRexzBHgIMa" style="width: 12%; text-align: right" title="Trade receivables">3,333,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_z4YmNTJ8xm91" style="width: 12%; text-align: right" title="Trade receivables">3,080,433</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>31-60 days</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_zxjgaFEGUQM" style="font-weight: bold; text-align: right" title="Trade receivables">4,261</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_zZNRLGqaGLz9" style="text-align: right" title="Trade receivables">33,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_z9hduaMU02W6" style="text-align: right" title="Trade receivables">224,697</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">61-90 days</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zhM9vUxjAjIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Trade receivables">4,863</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zkEee1UmvMJi" style="border-bottom: Black 1pt solid; text-align: right" title="Trade receivables">37,848</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zf0hZcFTckKi" style="border-bottom: Black 1pt solid; text-align: right" title="Trade receivables">14,717</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231_zqPurNNB13M8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231_zLZ5MVjixQo4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">3,404,848</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231_z0mR2FZjDN88" style="border-bottom: Black 2.5pt double; text-align: right" title="Trade receivables">3,319,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Details of impairment assessment of trade and other receivables are set out in Note 28. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Schedule of trade receivables <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Trade receivables</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231_zfW8Wudmfjbg" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231_zt6C465Mw4t" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">3,404,848</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231_z3B2S5AYGynk" style="border-bottom: Black 2.5pt double; text-align: right" title="Trade receivables">3,319,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutTradeReceivablesNetOfAllowanceForCreditLossesExplanatory_z5dI1I4dhJZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The following is an aged analysis of trade receivables net of allowance for expected credit losses presented based on the invoice dates and the date of rendering of services. Schedule of trade receivables net of allowance for credit losses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">US$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">0-30 days</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_zBH7Jnsj8sd4" style="width: 12%; font-weight: bold; text-align: right" title="Trade receivables">428,332</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_zKRexzBHgIMa" style="width: 12%; text-align: right" title="Trade receivables">3,333,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_z4YmNTJ8xm91" style="width: 12%; text-align: right" title="Trade receivables">3,080,433</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>31-60 days</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_zxjgaFEGUQM" style="font-weight: bold; text-align: right" title="Trade receivables">4,261</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_zZNRLGqaGLz9" style="text-align: right" title="Trade receivables">33,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_z9hduaMU02W6" style="text-align: right" title="Trade receivables">224,697</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">61-90 days</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zhM9vUxjAjIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Trade receivables">4,863</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zkEee1UmvMJi" style="border-bottom: Black 1pt solid; text-align: right" title="Trade receivables">37,848</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zf0hZcFTckKi" style="border-bottom: Black 1pt solid; text-align: right" title="Trade receivables">14,717</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231_zqPurNNB13M8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231_zLZ5MVjixQo4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">3,404,848</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231_z0mR2FZjDN88" style="border-bottom: Black 2.5pt double; text-align: right" title="Trade receivables">3,319,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

437456

3404848

3319847

<p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutTradeReceivablesNetOfAllowanceForCreditLossesExplanatory_z5dI1I4dhJZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The following is an aged analysis of trade receivables net of allowance for expected credit losses presented based on the invoice dates and the date of rendering of services. Schedule of trade receivables net of allowance for credit losses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">US$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">0-30 days</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_zBH7Jnsj8sd4" style="width: 12%; font-weight: bold; text-align: right" title="Trade receivables">428,332</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_zKRexzBHgIMa" style="width: 12%; text-align: right" title="Trade receivables">3,333,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ZeroToThirtyDaysMember_z4YmNTJ8xm91" style="width: 12%; text-align: right" title="Trade receivables">3,080,433</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>31-60 days</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_zxjgaFEGUQM" style="font-weight: bold; text-align: right" title="Trade receivables">4,261</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_zZNRLGqaGLz9" style="text-align: right" title="Trade receivables">33,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ThirtyOneToSixtyDaysMember_z9hduaMU02W6" style="text-align: right" title="Trade receivables">224,697</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">61-90 days</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zhM9vUxjAjIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Trade receivables">4,863</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zkEee1UmvMJi" style="border-bottom: Black 1pt solid; text-align: right" title="Trade receivables">37,848</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SixtyOneToNinetyDaysMember_zf0hZcFTckKi" style="border-bottom: Black 1pt solid; text-align: right" title="Trade receivables">14,717</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--TradeAndOtherCurrentReceivables_iI_uUSD_c20251231_zqPurNNB13M8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20251231_zLZ5MVjixQo4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Trade receivables">3,404,848</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eifrs-full--TradeAndOtherCurrentReceivables_iI_c20241231_z0mR2FZjDN88" style="border-bottom: Black 2.5pt double; text-align: right" title="Trade receivables">3,319,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

428332

3333832

3080433

4261

33168

224697

4863

37848

14717

437456

3404848

3319847

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">19.</td> <td style="text-align: justify">Cash and cash equivalents</td></tr> </table> Schedule of cash and cash equivalents <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Savings accounts</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--BalancesOnSavingAccountsFromCustomers_iI_uUSD_ma1_c20251231_zttCwWQ9cftj" style="width: 12%; font-weight: bold; text-align: right" title="Savings accounts">8,996,158</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--BalancesOnSavingAccountsFromCustomers_iI_ma1_c20251231_zzcma0fQ7rIg" style="width: 12%; font-weight: bold; text-align: right" title="Savings accounts">70,019,797</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_ecustom--BalancesOnSavingAccountsFromCustomers_iI_ma1_c20241231_zmYTDjcbi4Oc" style="width: 12%; text-align: right" title="Savings accounts">54,496,479</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current accounts</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--BalancesOnCurrentAccounts_iI_uUSD_ma1_c20251231_zAhOlY6q5qVh" style="font-weight: bold; text-align: right" title="Current accounts">5,866,579</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_987_ecustom--BalancesOnCurrentAccounts_iI_ma1_c20251231_z1ukrPk4Po2c" style="font-weight: bold; text-align: right" title="Current accounts">45,661,343</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--BalancesOnCurrentAccounts_iI_ma1_c20241231_zMGd205EfdD9" style="text-align: right" title="Current accounts">62,131,411</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Time deposits</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--TimeDeposit_iI_uUSD_ma1_c20251231_znDBMzsqqNn8" style="font-weight: bold; text-align: right" title="Time deposit">4,041,432</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_ecustom--TimeDeposit_iI_ma1_c20251231_zSPm3wlUkP0e" style="font-weight: bold; text-align: right" title="Time deposit">31,455,679</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--TimeDeposit_iI_ma1_c20241231_zkvtup4K5re9" style="text-align: right" title="Time deposit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash on hand</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--CashOnHand_iI_uUSD_ma1_c20251231_zK2Pcp4uR4I5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Cash on hand">74,301</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--CashOnHand_iI_ma1_c20251231_zrmWWru17BQ1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Cash on hand">578,306</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eifrs-full--CashOnHand_iI_ma1_c20241231_zDf21wim5foa" style="border-bottom: Black 1pt solid; text-align: right" title="Cash on hand">708,120</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--CashAndCashEquivalents_iTI_uUSD_mt1_c20251231_zzOycQjtGSje" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cash and cash equivalents">18,978,470</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--CashAndCashEquivalents_iTI_mt1_c20251231_zg65v2p5NCBl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cash and cash equivalents">147,715,125</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eifrs-full--CashAndCashEquivalents_iTI_mt1_c20241231_zD5RGpcHkVuk" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">117,336,010</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Cash at banks earns interest at floating rates based on daily bank deposit rates.

Schedule of cash and cash equivalents <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Savings accounts</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--BalancesOnSavingAccountsFromCustomers_iI_uUSD_ma1_c20251231_zttCwWQ9cftj" style="width: 12%; font-weight: bold; text-align: right" title="Savings accounts">8,996,158</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--BalancesOnSavingAccountsFromCustomers_iI_ma1_c20251231_zzcma0fQ7rIg" style="width: 12%; font-weight: bold; text-align: right" title="Savings accounts">70,019,797</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_ecustom--BalancesOnSavingAccountsFromCustomers_iI_ma1_c20241231_zmYTDjcbi4Oc" style="width: 12%; text-align: right" title="Savings accounts">54,496,479</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current accounts</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--BalancesOnCurrentAccounts_iI_uUSD_ma1_c20251231_zAhOlY6q5qVh" style="font-weight: bold; text-align: right" title="Current accounts">5,866,579</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_987_ecustom--BalancesOnCurrentAccounts_iI_ma1_c20251231_z1ukrPk4Po2c" style="font-weight: bold; text-align: right" title="Current accounts">45,661,343</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--BalancesOnCurrentAccounts_iI_ma1_c20241231_zMGd205EfdD9" style="text-align: right" title="Current accounts">62,131,411</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Time deposits</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--TimeDeposit_iI_uUSD_ma1_c20251231_znDBMzsqqNn8" style="font-weight: bold; text-align: right" title="Time deposit">4,041,432</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_ecustom--TimeDeposit_iI_ma1_c20251231_zSPm3wlUkP0e" style="font-weight: bold; text-align: right" title="Time deposit">31,455,679</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--TimeDeposit_iI_ma1_c20241231_zkvtup4K5re9" style="text-align: right" title="Time deposit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash on hand</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--CashOnHand_iI_uUSD_ma1_c20251231_zK2Pcp4uR4I5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Cash on hand">74,301</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--CashOnHand_iI_ma1_c20251231_zrmWWru17BQ1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Cash on hand">578,306</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eifrs-full--CashOnHand_iI_ma1_c20241231_zDf21wim5foa" style="border-bottom: Black 1pt solid; text-align: right" title="Cash on hand">708,120</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--CashAndCashEquivalents_iTI_uUSD_mt1_c20251231_zzOycQjtGSje" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cash and cash equivalents">18,978,470</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--CashAndCashEquivalents_iTI_mt1_c20251231_zg65v2p5NCBl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Cash and cash equivalents">147,715,125</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eifrs-full--CashAndCashEquivalents_iTI_mt1_c20241231_zD5RGpcHkVuk" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">117,336,010</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 8996158 70019797 54496479 5866579 45661343 62131411 4041432 31455679

74301

578306

708120

18978470

147715125

117336010

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">20.</td> <td style="text-align: justify">Share capital</td></tr> </table> Schedule of share capital shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ordinary shares at par value of US$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eifrs-full--ParValuePerShare_iI_pid_uUSDPShares_c20241231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--OrdinaryShareMember_zySFh2OAXT2f" title="Par value per share">0.0005 (December 31, 2024: HK$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eifrs-full--ParValuePerShare_iI_pid_uHKDPShares_c20241231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--OrdinaryShareMember_zUdxmLSD8al1" title="Par value per share">0.0005) each</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Authorised:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; padding-bottom: 2.5pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_c20251231_zl7jK7WFzAna" title="Number of shares authorised">3,000,000,000 (December 31, 2024: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_c20241231_zqiCiwHkXjMg" title="Number of shares authorised">3,000,000,000) ordinary shares</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right">1,500,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right">11,700,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">11,700,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued and fully paid:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iI_c20251231_zCCFFpwRljk1" title="Number of shares issued and fully paid">17,155,000 (December 31, 2024: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iI_c20241231_z0Yy3lAJwzhe" title="Number of shares issued and fully paid">15,000,000) ordinary shares</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,597</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66,916</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">58,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> A summary of movements in the Company’s share capital is as follows: Summary of changes in share capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Share</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">issued</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">capital</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">ordinary shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">At December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eifrs-full--NumberOfSharesIssued_iS_pid_c20250101__20251231_zSUnmGSNKhW8" style="width: 16%; text-align: right" title="Beginning balance, Number of shares">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_ecustom--IssuedOrdinaryCapital_iS_uHKD_c20250101__20251231_zxRbCFyWCVSa" style="width: 16%; text-align: right" title="Beginning balance, Share capital">58,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Issue of shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--IssueOfOrdinarySharesNumberOfShares_pid_uShares_c20250101__20251231_zfX5mjYT7BWg" style="border-bottom: Black 1pt solid; text-align: right" title="Issue of ordinary shares, Number of shares">2,155,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_ecustom--IssuedCapitalOrdinaryShare_uHKD_c20250101__20251231_zC8Cn2WwBDY3" style="border-bottom: Black 1pt solid; text-align: right" title="Issue of ordinary shares, Share capital">8,416</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">At December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eifrs-full--NumberOfSharesIssued_iE_pid_c20250101__20251231_zVkgdIbvElA7" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance, Number of shares">17,155,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_ecustom--IssuedOrdinaryCapital_iE_uHKD_c20250101__20251231_z7WAq13vyWh8" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance, Share capital">66,916</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company is an exempted company incorporated in the Cayman Islands and the corporate affairs are governed by its memorandum and articles of association, as amended from time to time, the Companies Act, and the common law of the Cayman Islands. On April 11, 2025, the Company has completed initial public offering (“IPO”) of 2,000,000 Ordinary Shares at a public offering price of US$4.00 per share. The total gross proceeds from the IPO were US$8,000,000, and the net proceeds after deducting discounts, expense allowance and expenses, were approximately US$5,439,000. On May 16, 2025, an aggregate of additional 155,000 ordinary shares at a public offering price of US$4.00 per share was issued under the over-allotment option to the underwriters. The newly issued shares rank pari passu in all aspects with the previously issued shares. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">20.</td> <td style="text-align: justify">Share capital (continued)</td></tr> </table> The Company is authorised to issue one class of share. The holders of the Company’s ordinary shares are entitled to the following rights: Voting Rights: Each share of the Company’s share entitles its holder to one vote per share on all matters to be voted or consented upon by the stockholders. Holders of the Company’s shares are not entitled to cumulative voting rights with respect to the election of directors. Dividend Right: Subject to limitations under the Cayman law and preferences that may apply to any shares of preferred stock that the Company may decide to issue in the future, holders of the Company’s share are entitled to receive ratably such dividends or other distributions, if any, as may be declared by the directors of the Company out of funds legally available therefor. Liquidation Right: In the event of the liquidation, dissolution or winding up of the Company’s business, the holders of the Company’s share are entitled to share ratably in the assets available for distribution after the payment of all of the debts and other liabilities of the Company, subject to the prior rights of the holders of the Company’s preferred stock, if any. Other Matters: The holders of the Company’s share have no subscription, redemption or conversion privileges. The Company’s share does not entitle its holders to pre-emptive rights. All of the outstanding shares of the Company’s share are fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company’s share are subject to the rights of the holders of shares of any series of preferred stock which the Company may issue in the future. Fully paid ordinary shares shall be free from any restriction on transfer of shares.

Schedule of share capital shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ordinary shares at par value of US$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eifrs-full--ParValuePerShare_iI_pid_uUSDPShares_c20241231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--OrdinaryShareMember_zySFh2OAXT2f" title="Par value per share">0.0005 (December 31, 2024: HK$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eifrs-full--ParValuePerShare_iI_pid_uHKDPShares_c20241231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--OrdinaryShareMember_zUdxmLSD8al1" title="Par value per share">0.0005) each</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Authorised:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; padding-bottom: 2.5pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_c20251231_zl7jK7WFzAna" title="Number of shares authorised">3,000,000,000 (December 31, 2024: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_c20241231_zqiCiwHkXjMg" title="Number of shares authorised">3,000,000,000) ordinary shares</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right">1,500,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 12%; font-weight: bold; text-align: right">11,700,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">11,700,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issued and fully paid:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iI_c20251231_zCCFFpwRljk1" title="Number of shares issued and fully paid">17,155,000 (December 31, 2024: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNoYXJlIGNhcGl0YWwgc2hhcmVzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iI_c20241231_z0Yy3lAJwzhe" title="Number of shares issued and fully paid">15,000,000) ordinary shares</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,597</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66,916</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">58,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.0005

3000000000

1500000 11700000 11700000

17155000

15000000

8597

66916

58500

Summary of changes in share capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">Share</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">issued</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">capital</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">ordinary shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">At December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eifrs-full--NumberOfSharesIssued_iS_pid_c20250101__20251231_zSUnmGSNKhW8" style="width: 16%; text-align: right" title="Beginning balance, Number of shares">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_ecustom--IssuedOrdinaryCapital_iS_uHKD_c20250101__20251231_zxRbCFyWCVSa" style="width: 16%; text-align: right" title="Beginning balance, Share capital">58,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Issue of shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--IssueOfOrdinarySharesNumberOfShares_pid_uShares_c20250101__20251231_zfX5mjYT7BWg" style="border-bottom: Black 1pt solid; text-align: right" title="Issue of ordinary shares, Number of shares">2,155,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_ecustom--IssuedCapitalOrdinaryShare_uHKD_c20250101__20251231_zC8Cn2WwBDY3" style="border-bottom: Black 1pt solid; text-align: right" title="Issue of ordinary shares, Share capital">8,416</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">At December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eifrs-full--NumberOfSharesIssued_iE_pid_c20250101__20251231_zVkgdIbvElA7" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance, Number of shares">17,155,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_ecustom--IssuedOrdinaryCapital_iE_uHKD_c20250101__20251231_z7WAq13vyWh8" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance, Share capital">66,916</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

15000000

58500 2155000 8416

17155000

66916 2000000 4.00 8000000

5439000

155000 4.00

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">21.</td> <td style="text-align: justify">Reserves</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.4pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Exchange reserve</td></tr></table> Foreign currency translation reserve represents exchange differences arising from the translation of the consolidated financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.4pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other reserves</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Share premium</td></tr> </table> The share premium represents the excess of consideration received over the nominal value of shares issued by the Company. The share premium is not distributable to shareholders except in accordance with applicable laws and regulations. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Share-based payment reserve</td></tr> </table> The share-based payment reserve represents the cumulative value of equity-settled share-based compensation granted to an advisor of the Company in 2025, recognised in accordance with IFRS 2. Movements in the reserve relate to: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in; text-align: right"></td><td style="width: 0.25in"></td> <td style="width: 0.25in">●</td><td style="text-align: justify">recognition of share-based payment expenses over the vesting period; and</td> </tr><tr style="vertical-align: top; text-align: justify"> <td style="text-align: right"> </td><td> </td> <td>●</td><td style="text-align: justify"> transfer to share capital/share premium upon exercise or vesting of the awards.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Merger reserve</td></tr></table> It represents the effect of adopting merger accounting for common control combination. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">d)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Surplus reserve</td></tr></table> Pursuant to Taiwan company law, a Taiwan company is required to maintain a non-distributable surplus reserve when it commences to distribute dividend to its shareholders. Appropriations to the surplus reserve are required to be made at not less than 10% of profit after taxes and accumulated to the Taiwan company’s registered capital. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">22.</td> <td style="text-align: justify">Loans from related companies</td></tr> </table> The loans from related companies are repayable from March 2028 to October 2036 (2024: repayable on demand or from March 2026 to October 2034). They carry interest at 2.5% p.a below HKD Prime Lending Rate or 3.5% to 4.63% (2024: 3.5% to 4.13%) per annum. The loans from related companies are unsecured. Details of the repayment schedule in respect of the loans from related companies are as follows:- Schedule of repayment of loans from related companies <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231_zvBWThKcAnp7" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_497_20241231_zcsLVXQW92j9" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loans repayable:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--NoncurrentPayablesToRelatedParties_iI_hifrs-full--MaturityAxis__custom--WithinOneYearMember_z7KiB3dpB5O6" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-bottom: 1pt">Within one year or on demand</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--WithinOneYearMember_zQl0jDcrG4D" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">15,677,958</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--NoncurrentPayablesToRelatedParties_iI_hifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zrnsOtBAd2o" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">In the second to fifth years, inclusive</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zr4xtrUGKaWl" style="font-weight: bold; text-align: right">4,879,273</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">37,976,845</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,985,054</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--NoncurrentPayablesToRelatedParties_iI_hifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zvq3dOjIAJT5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">More than five years</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zHjffTRuChvj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">807,451</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,284,636</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,019,819</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--NoncurrentPayablesToRelatedParties_iI_zSFIIW83rD0e" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Loans from related companies</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231_ztJhtD5RcGCj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,686,724</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">44,261,481</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,004,873</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--LoansRepayment_iI_zxedlGQiyzDe" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Loans repayable</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--LoansRepayment_iI_uUSD_c20251231_zNyi9spk3LG6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Loans repayable">5,686,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">44,261,481</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">43,682,831</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.025

0.035 0.0463 0.035 0.0413 Details of the repayment schedule in respect of the loans from related companies are as follows:- Schedule of repayment of loans from related companies <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231_zvBWThKcAnp7" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_497_20241231_zcsLVXQW92j9" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loans repayable:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--NoncurrentPayablesToRelatedParties_iI_hifrs-full--MaturityAxis__custom--WithinOneYearMember_z7KiB3dpB5O6" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-bottom: 1pt">Within one year or on demand</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--WithinOneYearMember_zQl0jDcrG4D" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">15,677,958</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--NoncurrentPayablesToRelatedParties_iI_hifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zrnsOtBAd2o" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">In the second to fifth years, inclusive</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zr4xtrUGKaWl" style="font-weight: bold; text-align: right">4,879,273</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">37,976,845</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,985,054</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--NoncurrentPayablesToRelatedParties_iI_hifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zvq3dOjIAJT5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">More than five years</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zHjffTRuChvj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">807,451</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,284,636</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,019,819</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--NoncurrentPayablesToRelatedParties_iI_zSFIIW83rD0e" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Loans from related companies</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--NoncurrentPayablesToRelatedParties_iI_uUSD_c20251231_ztJhtD5RcGCj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,686,724</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">44,261,481</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28,004,873</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--LoansRepayment_iI_zxedlGQiyzDe" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Loans repayable</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--LoansRepayment_iI_uUSD_c20251231_zNyi9spk3LG6" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Loans repayable">5,686,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">44,261,481</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">43,682,831</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

15677958

4879273

37976845

22985054

807451

6284636

5019819

5686724

44261481

28004873

5686724 44261481 43682831

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">23.</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Lease liabilities</td></tr> </table> Schedule of maturity analysis of operating lease payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20251231_z0Uw7zmCKwN8" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_492_20241231_zXoDrdLI9EZg" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities payable:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zw8WWamDMzb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Within one year</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--LeaseLiabilities_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zVJJWkbMm2Ea" style="width: 12%; font-weight: bold; text-align: right" title="Lease liabilities">4,045,398</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">31,486,548</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">38,148,743</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanFiveYearsMember_zjyfFCa9k0w4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Within a period of more than one year but not more than 5 years</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--LeaseLiabilities_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanFiveYearsMember_z6myQGdBnnEk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Lease liabilities">3,670,053</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,565,127</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,268,295</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--LeaseLiabilities_iI_zFkWssBY5zeb" style="vertical-align: bottom; background-color: White"> <td>Lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_uUSD_c20251231_zzorvF4Ial41" style="font-weight: bold; text-align: right" title="Lease liabilities">7,715,451</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">60,051,675</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,417,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--CurrentLeaseLiabilities_iNI_di_zHcFPfyyUtWg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: portion classified as current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--CurrentLeaseLiabilities_iNI_di_uUSD_c20251231_zp7DMzIEMrA2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Less: portion classified as current lliabilities">(4,045,398</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(31,486,548</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(38,148,743</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--NoncurrentLeaseLiabilities_iI_zrPbfJNrbtKe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Non-current liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--NoncurrentLeaseLiabilities_iI_uUSD_c20251231_zADR1dKBNmy3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Non-current liabilities">3,670,053</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,565,127</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">36,268,295</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The incremental borrowing rates at 5% to 7.8% (2024: 2.6% to 8.4%) per annum. Lease obligations that are denominated in currencies other than the functional currencies of the relevant group entities are set out below: Schedule of lease obligation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">New Taiwan Dollar</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; padding-bottom: 2.5pt">As at December 31, 2025</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--LeaseObligation_iI_c20251231__ifrs-full--GeographicalAreasAxis__custom--TaiwanCountryMember_zliTBxOo1fQ3" style="border-bottom: Black 2.5pt double; width: 16%; font-weight: bold; text-align: right" title="Lease obligation">-</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">As at December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_ecustom--LeaseObligation_iI_c20241231__ifrs-full--GeographicalAreasAxis__custom--TaiwanCountryMember_zmTndbZxp0o6" style="border-bottom: Black 2.5pt double; text-align: right" title="Lease obligation">7,295</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Schedule of maturity analysis of operating lease payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20251231_z0Uw7zmCKwN8" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_492_20241231_zXoDrdLI9EZg" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities payable:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zw8WWamDMzb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Within one year</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--LeaseLiabilities_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zVJJWkbMm2Ea" style="width: 12%; font-weight: bold; text-align: right" title="Lease liabilities">4,045,398</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 12%; font-weight: bold; text-align: right">31,486,548</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">38,148,743</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanFiveYearsMember_zjyfFCa9k0w4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Within a period of more than one year but not more than 5 years</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--LeaseLiabilities_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanFiveYearsMember_z6myQGdBnnEk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Lease liabilities">3,670,053</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,565,127</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,268,295</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--LeaseLiabilities_iI_zFkWssBY5zeb" style="vertical-align: bottom; background-color: White"> <td>Lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_uUSD_c20251231_zzorvF4Ial41" style="font-weight: bold; text-align: right" title="Lease liabilities">7,715,451</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">60,051,675</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,417,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--CurrentLeaseLiabilities_iNI_di_zHcFPfyyUtWg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: portion classified as current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--CurrentLeaseLiabilities_iNI_di_uUSD_c20251231_zp7DMzIEMrA2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Less: portion classified as current lliabilities">(4,045,398</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(31,486,548</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(38,148,743</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--NoncurrentLeaseLiabilities_iI_zrPbfJNrbtKe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Non-current liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--NoncurrentLeaseLiabilities_iI_uUSD_c20251231_zADR1dKBNmy3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Non-current liabilities">3,670,053</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,565,127</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">36,268,295</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4045398

31486548

38148743

3670053

28565127

36268295

7715451

60051675

74417038

4045398

31486548

38148743

3670053

28565127

36268295

0.05

0.078

0.026

0.084

Lease obligations that are denominated in currencies other than the functional currencies of the relevant group entities are set out below: Schedule of lease obligation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">New Taiwan Dollar</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; padding-bottom: 2.5pt">As at December 31, 2025</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--LeaseObligation_iI_c20251231__ifrs-full--GeographicalAreasAxis__custom--TaiwanCountryMember_zliTBxOo1fQ3" style="border-bottom: Black 2.5pt double; width: 16%; font-weight: bold; text-align: right" title="Lease obligation">-</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">As at December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_ecustom--LeaseObligation_iI_c20241231__ifrs-full--GeographicalAreasAxis__custom--TaiwanCountryMember_zmTndbZxp0o6" style="border-bottom: Black 2.5pt double; text-align: right" title="Lease obligation">7,295</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 7295 <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">24.</td> <td style="text-align: justify">Provision for reinstatement costs</td></tr> </table> Under the terms of operating leases in respect of properties entered into try by the Group, the Group is required to reinstate the properties to the original physical condition at the end of the respective leases. Provision is therefore made for the best estimate of the expected costs that related to the restoration of the alternations made to the properties. <p id="xdx_89F_ecustom--DisclosureOfDetailedInformationAboutProvisionForReinstatementCostsExplanatory_zkNWNA3poCrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify">Schedule of provision for reinstatement costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">At beginning of year</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--ProvisionForReinstatementCosts_iS_uUSD_c20250101__20251231_z6fWc7wOPlj3" style="width: 12%; font-weight: bold; text-align: right" title="Provision for reinstatement costs, at beginning of year">680,945</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--ProvisionForReinstatementCosts_iS_c20250101__20251231_zZ02pXKREfG2" style="width: 12%; font-weight: bold; text-align: right" title="Provision for reinstatement costs, at beginning of year">5,300,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_ecustom--ProvisionForReinstatementCosts_iS_c20240101__20241231_zksrDGfjpuXl" style="width: 12%; text-align: right" title="Provision for reinstatement costs, at beginning of year">5,370,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--ProvisionAmountForReinstatementCosts_uUSD_c20250101__20251231_ziq5JPdWAHlf" style="font-weight: bold; text-align: right" title="Provision in this year">349,466</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_ecustom--ProvisionAmountForReinstatementCosts_c20250101__20251231_z9dhu4PHfZIk" style="font-weight: bold; text-align: right" title="Provision in this year">2,720,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ProvisionAmountForReinstatementCosts_c20240101__20241231_za6TZahyjhQk" style="text-align: right" title="Provision in this year">1,480,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Utilisation for the year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--UtilisedAmountForReinstatementCosts_uUSD_c20250101__20251231_ztGn6xMNiH37" style="font-weight: bold; text-align: right" title="Utilised for the year">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_988_ecustom--UtilisedAmountForReinstatementCosts_c20250101__20251231_zy8VKfaD2hQd" style="font-weight: bold; text-align: right" title="Utilised for the year">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--UtilisedAmountForReinstatementCosts_c20240101__20241231_zqPAckR34yIk" style="text-align: right" title="Utilised for the year">(200,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Write-off upon the expiration of leases</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98A_ecustom--WriteoffUponExpirationOfLeases_uUSD_c20250101__20251231_zzffZzpbfU" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Write-off upon the expiration of leases">(349,466)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--TransferToLiabilitiesClassifiedAsHeldForSale_c20250101__20251231_zZsbzXiilnDg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Transfer to liabilities classified as held for sale">(2,720,000)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--TransferToLiabilitiesClassifiedAsHeldForSale_c20240101__20241231_zJRX3nlFpp84" style="border-bottom: Black 1pt solid; text-align: right" title="Transfer to liabilities classified as held for sale">(1,350,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">At end of year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--ProvisionForReinstatementCosts_iE_uUSD_c20250101__20251231_z77J4IKuXzIi" style="font-weight: bold; text-align: right" title="Provision for reinstatement costs, at end of year">680,945</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_ecustom--ProvisionForReinstatementCosts_iE_c20250101__20251231_zkk4qEhZj948" style="font-weight: bold; text-align: right" title="Provision for reinstatement costs, at end of year">5,300,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--ProvisionForReinstatementCosts_iE_c20240101__20241231_zNp5VDjCNLHg" style="text-align: right" title="Provision for reinstatement costs, at end of year">5,300,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: portion classified as current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eifrs-full--OtherShorttermProvisions_iNI_di_uUSD_c20251231_zDJHCgRAHFHg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Less: portion classified as current liabilities">(214,562</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eifrs-full--OtherShorttermProvisions_iNI_di_uHKD_c20251231_zzTRExLUuU4d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Less: portion classified as current liabilities">(1,670,000</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eifrs-full--OtherShorttermProvisions_iNI_di_c20241231_z6mc6zWskgCb" style="border-bottom: Black 1pt solid; text-align: right" title="Less: portion classified as current liabilities">(2,520,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--OtherLongtermProvisions_iI_uUSD_c20251231_zl8hjIqgSZF8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Provision for reinstatement costs">466,383</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--OtherLongtermProvisions_iI_uHKD_c20251231_zTs352FMLqWf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Provision for reinstatement costs">3,630,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eifrs-full--OtherLongtermProvisions_iI_c20241231_zV5nbOPKflyl" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for reinstatement costs">2,780,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89F_ecustom--DisclosureOfDetailedInformationAboutProvisionForReinstatementCostsExplanatory_zkNWNA3poCrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify">Schedule of provision for reinstatement costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">At beginning of year</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--ProvisionForReinstatementCosts_iS_uUSD_c20250101__20251231_z6fWc7wOPlj3" style="width: 12%; font-weight: bold; text-align: right" title="Provision for reinstatement costs, at beginning of year">680,945</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--ProvisionForReinstatementCosts_iS_c20250101__20251231_zZ02pXKREfG2" style="width: 12%; font-weight: bold; text-align: right" title="Provision for reinstatement costs, at beginning of year">5,300,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_ecustom--ProvisionForReinstatementCosts_iS_c20240101__20241231_zksrDGfjpuXl" style="width: 12%; text-align: right" title="Provision for reinstatement costs, at beginning of year">5,370,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Provision</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--ProvisionAmountForReinstatementCosts_uUSD_c20250101__20251231_ziq5JPdWAHlf" style="font-weight: bold; text-align: right" title="Provision in this year">349,466</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_ecustom--ProvisionAmountForReinstatementCosts_c20250101__20251231_z9dhu4PHfZIk" style="font-weight: bold; text-align: right" title="Provision in this year">2,720,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ProvisionAmountForReinstatementCosts_c20240101__20241231_za6TZahyjhQk" style="text-align: right" title="Provision in this year">1,480,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Utilisation for the year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--UtilisedAmountForReinstatementCosts_uUSD_c20250101__20251231_ztGn6xMNiH37" style="font-weight: bold; text-align: right" title="Utilised for the year">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_988_ecustom--UtilisedAmountForReinstatementCosts_c20250101__20251231_zy8VKfaD2hQd" style="font-weight: bold; text-align: right" title="Utilised for the year">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--UtilisedAmountForReinstatementCosts_c20240101__20241231_zqPAckR34yIk" style="text-align: right" title="Utilised for the year">(200,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Write-off upon the expiration of leases</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98A_ecustom--WriteoffUponExpirationOfLeases_uUSD_c20250101__20251231_zzffZzpbfU" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Write-off upon the expiration of leases">(349,466)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98B_ecustom--TransferToLiabilitiesClassifiedAsHeldForSale_c20250101__20251231_zZsbzXiilnDg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Transfer to liabilities classified as held for sale">(2,720,000)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--TransferToLiabilitiesClassifiedAsHeldForSale_c20240101__20241231_zJRX3nlFpp84" style="border-bottom: Black 1pt solid; text-align: right" title="Transfer to liabilities classified as held for sale">(1,350,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">At end of year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98C_ecustom--ProvisionForReinstatementCosts_iE_uUSD_c20250101__20251231_z77J4IKuXzIi" style="font-weight: bold; text-align: right" title="Provision for reinstatement costs, at end of year">680,945</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_ecustom--ProvisionForReinstatementCosts_iE_c20250101__20251231_zkk4qEhZj948" style="font-weight: bold; text-align: right" title="Provision for reinstatement costs, at end of year">5,300,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--ProvisionForReinstatementCosts_iE_c20240101__20241231_zNp5VDjCNLHg" style="text-align: right" title="Provision for reinstatement costs, at end of year">5,300,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: portion classified as current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eifrs-full--OtherShorttermProvisions_iNI_di_uUSD_c20251231_zDJHCgRAHFHg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Less: portion classified as current liabilities">(214,562</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eifrs-full--OtherShorttermProvisions_iNI_di_uHKD_c20251231_zzTRExLUuU4d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Less: portion classified as current liabilities">(1,670,000</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eifrs-full--OtherShorttermProvisions_iNI_di_c20241231_z6mc6zWskgCb" style="border-bottom: Black 1pt solid; text-align: right" title="Less: portion classified as current liabilities">(2,520,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--OtherLongtermProvisions_iI_uUSD_c20251231_zl8hjIqgSZF8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Provision for reinstatement costs">466,383</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--OtherLongtermProvisions_iI_uHKD_c20251231_zTs352FMLqWf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Provision for reinstatement costs">3,630,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eifrs-full--OtherLongtermProvisions_iI_c20241231_zV5nbOPKflyl" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for reinstatement costs">2,780,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 680945 5300000 5370000 349466 2720000 1480000 -200000 -349466 -2720000 -1350000 680945 5300000 5300000

214562

1670000

2520000

466383

3630000

2780000

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">25.</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Bank loans</td></tr> </table> The bank loans are repayable from August 2032 to June 2033. They contain a repayment on demand clause and therefore they are classified as current liabilities as at December 31, 2025 and 2024. They carry interest at 2.5% per annum below the Prime Lending Rate. The bank loans are guaranteed by (i) HKMC Insurance Limited and (ii) personal guarantee, plus interest and other charges provided from certain directors and an indirect shareholder of the Group. Schedule of bank loans <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Bank loans repayable:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-bottom: 1pt">Within one year</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--Borrowings_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zozlEOK3ipI6" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right" title="Bank loans repayable">1,069,096</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--Borrowings_iI_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zTsF9Yeb088e" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right" title="Bank loans repayable">8,321,091</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_982_eifrs-full--Borrowings_iI_c20241231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zqKNI08RoRnh" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Bank loans repayable">7,999,165</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">In the second to fifth years, inclusive</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--Borrowings_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zY2J7kBs2M61" style="font-weight: bold; text-align: right" title="Bank loans repayable">4,582,753</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_eifrs-full--Borrowings_iI_c20251231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zIVihuWe1Hqj" style="font-weight: bold; text-align: right" title="Bank loans repayable">35,668,938</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eifrs-full--Borrowings_iI_c20241231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zPgGuS96zlQf" style="text-align: right" title="Bank loans repayable">34,692,766</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">More than five years</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--Borrowings_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_zQHBiUQBHmJa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">2,334,640</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--Borrowings_iI_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_z9TNDFivmsh6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">18,171,207</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eifrs-full--Borrowings_iI_c20241231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_zuRVi0SyTzY9" style="border-bottom: Black 1pt solid; text-align: right" title="Bank loans repayable">27,492,958</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--Borrowings_iI_uUSD_c20251231_z0pyReMDqLkc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">6,917,393</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--Borrowings_iI_c20251231_zgl0030zvBaf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">53,840,145</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eifrs-full--Borrowings_iI_c20241231_zZd5ERycmGi7" style="border-bottom: Black 1pt solid; text-align: right" title="Bank loans repayable">62,185,724</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--NoncurrentPortionOfNoncurrentSecuredBankLoansReceived_iI_uUSD_c20251231_z5w3ZiRk0jzg" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Bank loans">7,986,489</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eifrs-full--NoncurrentPortionOfNoncurrentSecuredBankLoansReceived_iI_c20251231_zKDqBw4aolcl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Bank loans">62,161,236</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eifrs-full--NoncurrentPortionOfNoncurrentSecuredBankLoansReceived_iI_c20241231_zcKYccvn5PA7" style="border-bottom: Black 2.5pt double; text-align: right" title="Bank loans">70,184,889</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.025

Schedule of bank loans <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Bank loans repayable:-</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-bottom: 1pt">Within one year</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--Borrowings_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zozlEOK3ipI6" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right" title="Bank loans repayable">1,069,096</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--Borrowings_iI_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zTsF9Yeb088e" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right" title="Bank loans repayable">8,321,091</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_982_eifrs-full--Borrowings_iI_c20241231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zqKNI08RoRnh" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Bank loans repayable">7,999,165</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">In the second to fifth years, inclusive</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eifrs-full--Borrowings_iI_uUSD_c20251231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zY2J7kBs2M61" style="font-weight: bold; text-align: right" title="Bank loans repayable">4,582,753</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_eifrs-full--Borrowings_iI_c20251231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zIVihuWe1Hqj" style="font-weight: bold; text-align: right" title="Bank loans repayable">35,668,938</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eifrs-full--Borrowings_iI_c20241231__ifrs-full--MaturityAxis__custom--SecondToFifthYearsMember_zPgGuS96zlQf" style="text-align: right" title="Bank loans repayable">34,692,766</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">More than five years</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--Borrowings_iI_uUSD_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_zQHBiUQBHmJa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">2,334,640</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--Borrowings_iI_c20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_z9TNDFivmsh6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">18,171,207</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eifrs-full--Borrowings_iI_c20241231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_zuRVi0SyTzY9" style="border-bottom: Black 1pt solid; text-align: right" title="Bank loans repayable">27,492,958</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eifrs-full--Borrowings_iI_uUSD_c20251231_z0pyReMDqLkc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">6,917,393</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--Borrowings_iI_c20251231_zgl0030zvBaf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Bank loans repayable">53,840,145</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eifrs-full--Borrowings_iI_c20241231_zZd5ERycmGi7" style="border-bottom: Black 1pt solid; text-align: right" title="Bank loans repayable">62,185,724</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--NoncurrentPortionOfNoncurrentSecuredBankLoansReceived_iI_uUSD_c20251231_z5w3ZiRk0jzg" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Bank loans">7,986,489</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eifrs-full--NoncurrentPortionOfNoncurrentSecuredBankLoansReceived_iI_c20251231_zKDqBw4aolcl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Bank loans">62,161,236</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eifrs-full--NoncurrentPortionOfNoncurrentSecuredBankLoansReceived_iI_c20241231_zcKYccvn5PA7" style="border-bottom: Black 2.5pt double; text-align: right" title="Bank loans">70,184,889</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1069096

8321091

7999165

4582753

35668938

34692766

2334640

18171207

27492958

6917393

53840145

62185724

7986489

62161236

70184889

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">26.</td> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt">Accruals and other payables</td></tr> </table> Schedule of accruals and other payables <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Accruals</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--Accruals_iI_uUSD_c20251231_fTm90ZSBh_zrt7nN3baOR" style="width: 12%; font-weight: bold; text-align: right" title="Accruals">2,266,537</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--Accruals_iI_c20251231_fTm90ZSBh_z3pMxVouGl0f" style="width: 12%; font-weight: bold; text-align: right" title="Accruals">17,641,133</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eifrs-full--Accruals_iI_c20241231_fTm90ZSBh_z2tSF8b8uBc5" style="width: 12%; text-align: right" title="Accruals">19,335,471</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other payables (Note a)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--OtherPayables_iI_uUSD_c20251231_fTm90ZSBhOg_____ze3WDDFhVhA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other payables">1,224,874</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--OtherPayables_iI_c20251231_fTm90ZSBhOg_____zBWK6K02Q4B2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other payables">9,533,568</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eifrs-full--OtherPayables_iI_c20241231_fTm90ZSBhOg_____zfxmOw2jdAXg" style="border-bottom: Black 1pt solid; text-align: right" title="Other payables">5,740,176</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_ecustom--CurrentAccrualsAndOtherPayables_iTI_uUSD_c20251231_zkvcBJQ8md6a" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accruals and other payables">3,491,411</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--CurrentAccrualsAndOtherPayables_iTI_c20251231_z7xxzyZGus5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accruals and other payables">27,174,701</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_ecustom--CurrentAccrualsAndOtherPayables_iTI_c20241231_zybqeSHuKhKk" style="border-bottom: Black 2.5pt double; text-align: right" title="Accruals and other payables">25,075,647</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: left"> </td><td style="text-align: left; width: 0.5in">Note a:</td><td style="text-align: justify">Other payables included HK$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGFjY3J1YWxzIGFuZCBvdGhlciBwYXlhYmxlcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_ecustom--CustomerLoyaltyProgrammes_iI_c20251231_z843toSjaDcb" title="Customer loyalty programmes">2,117,082 (2024: HK$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGFjY3J1YWxzIGFuZCBvdGhlciBwYXlhYmxlcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_ecustom--CustomerLoyaltyProgrammes_iI_c20241231_zbAhoaPZ798g" title="Customer loyalty programmes">2,290,851) related to customer loyalty programmes. The loyalty points give rise to a separate performance obligation because they provide a material right to the customer and a portion of the transaction price was allocated to the loyalty points awarded to customers.</td> </tr></table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Schedule of accruals and other payables <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Accruals</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_981_eifrs-full--Accruals_iI_uUSD_c20251231_fTm90ZSBh_zrt7nN3baOR" style="width: 12%; font-weight: bold; text-align: right" title="Accruals">2,266,537</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_985_eifrs-full--Accruals_iI_c20251231_fTm90ZSBh_z3pMxVouGl0f" style="width: 12%; font-weight: bold; text-align: right" title="Accruals">17,641,133</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eifrs-full--Accruals_iI_c20241231_fTm90ZSBh_z2tSF8b8uBc5" style="width: 12%; text-align: right" title="Accruals">19,335,471</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other payables (Note a)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_988_eifrs-full--OtherPayables_iI_uUSD_c20251231_fTm90ZSBhOg_____ze3WDDFhVhA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other payables">1,224,874</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--OtherPayables_iI_c20251231_fTm90ZSBhOg_____zBWK6K02Q4B2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Other payables">9,533,568</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eifrs-full--OtherPayables_iI_c20241231_fTm90ZSBhOg_____zfxmOw2jdAXg" style="border-bottom: Black 1pt solid; text-align: right" title="Other payables">5,740,176</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_ecustom--CurrentAccrualsAndOtherPayables_iTI_uUSD_c20251231_zkvcBJQ8md6a" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accruals and other payables">3,491,411</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--CurrentAccrualsAndOtherPayables_iTI_c20251231_z7xxzyZGus5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accruals and other payables">27,174,701</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_ecustom--CurrentAccrualsAndOtherPayables_iTI_c20241231_zybqeSHuKhKk" style="border-bottom: Black 2.5pt double; text-align: right" title="Accruals and other payables">25,075,647</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: left"> </td><td style="text-align: left; width: 0.5in">Note a:</td><td style="text-align: justify">Other payables included HK$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGFjY3J1YWxzIGFuZCBvdGhlciBwYXlhYmxlcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_ecustom--CustomerLoyaltyProgrammes_iI_c20251231_z843toSjaDcb" title="Customer loyalty programmes">2,117,082 (2024: HK$<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGFjY3J1YWxzIGFuZCBvdGhlciBwYXlhYmxlcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_903_ecustom--CustomerLoyaltyProgrammes_iI_c20241231_zbAhoaPZ798g" title="Customer loyalty programmes">2,290,851) related to customer loyalty programmes. The loyalty points give rise to a separate performance obligation because they provide a material right to the customer and a portion of the transaction price was allocated to the loyalty points awarded to customers.</td> </tr></table>

2266537

17641133

19335471

1224874

9533568

5740176

3491411 27174701 25075647 2117082 2290851

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">27.</td> <td style="text-align: justify">Financial instruments by category</td></tr> </table> At the end of the reporting period, the Group’s financial assets and liabilities were classified at amortised cost.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">28.</td> <td style="text-align: justify">Financial risk management and fair values of financial instruments</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 4.9pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial risk management</td></tr></table> The Group is exposed to a variety of risks including credit risk, liquidity risk and interest rate risk arising in the normal course of its business activities. The Company’s directors monitor the financial risk management of the Group and take such measures as considered necessary from time to time to minimise such financial risks. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 1in"> </td> <td style="width: 0.5in">(i)</td> <td>Credit risk and impairment assessment</td></tr> </table> Other than those financial assets whose carrying amounts best represent the maximum exposure to credit risk, the group’s maximum exposure to credit risk which will cause a financial loss to the group arising from the amount of trade receivables by the group is disclosed in Note 18. The group does not hold any collateral or other credit enhancements to cover its credit risks associated with its financial assets. Amounts due from related companies The Group considers that the credit risk arising from the remaining amounts due from related companies to be low. In assessing the ECL of amounts due from related companies, the directors of the Company have obtained financial information from these related companies to assess and monitor the credit risk at the end of the reporting period. In this regard, the directors of the Company consider that the Company’s credit risk has not increased significantly. Trade receivables The Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the ECL by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit risk profile of trade receivables is presented based on their past due status in terms of the provision matrix. In addition, trade receivables in connection with bills settled through payment platforms with high credit rating and no past due history. The management of the Group considers these assets are short-term in nature and the estimated loss rate are low as the probability of default is negligible on the basis of high-credit-rating issuers, and accordingly, no expected credit loss was recognised. Deposits The Group makes periodic assessment on the recoverability of these balances based on historical records, past experience and also quantitative and qualitative information that is reasonable and supportive forward-looking information. The directors believe that there is no significant increase in credit risk of these deposits since initial recognition and the Group provided impairment based on 12m ECL. The credit risk on the deposits is limited as these are paid to reputable landlords. The Group assesses the ECL for the amounts due are limited and no loss allowance is made for the years ended December 31, 2025, 2024 and 2023. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">28.</td> <td style="text-align: justify">Financial risk management and fair values of financial instruments (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 4.9pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial risk management (continued)</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 1in"> </td> <td style="padding-left: 10pt; text-indent: -10pt; width: 0.25in">(i)</td> <td style="padding-left: 10pt; text-indent: -10pt">Credit risk and impairment assessment (continued)</td></tr> </table> Cash and cash equivalents The credit risks on bank balances are limited because the counterparties are banks/financial institutions with high credit ratings assigned by international credit-rating agencies. The tables below detail the credit risk exposures of the Group’s financial assets which are subject to ECL assessment:- Schedule of credit risk <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82%; margin-left: 1.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Internal credit </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">12-month or </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2025 Gross carrying amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_496_20251231_z6TtvcvBr9ed" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2025 Gross carrying amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_495_20241231_z1rQxoQQnYxe" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2024 Gross carrying amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Notes </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">rating</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">lifetime ECL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets at amortised cost</td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--ReceivablesFromContractsWithCustomers_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember_zaaA3j5YnLwf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 13%; text-align: left">Trade receivables</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: right">18</td><td style="width: 2%"> </td> <td style="width: 13%"> </td><td style="width: 2%"> </td> <td style="width: 13%; text-align: left">Lifetime ECL (provision matrix)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--ReceivablesFromContractsWithCustomers_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember_zzSgVDfsK7fg" style="width: 10%; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">3,404,848</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,319,847</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--OtherCurrentReceivables_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zdetLDYQEL6h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deposits and other receivables</td><td> </td> <td style="text-align: right">15</td><td> </td> <td> </td><td> </td> <td>12-month ECL</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--OtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zkPVa141Glfi" style="font-weight: bold; text-align: right" title="Deposits and other receivables">3,130,320</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">24,364,221</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,470,279</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--ReceivablesDueFromJointVentures_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zoMZPRXjkbkl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due from related companies</td><td> </td> <td style="text-align: right">16</td><td> </td> <td>(Note 1)</td><td> </td> <td>12-month ECL</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--ReceivablesDueFromJointVentures_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zmXR279zCRuf" style="font-weight: bold; text-align: right" title="Amounts due from related companies">2,053,584</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,983,658</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,304,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--ReceivablesDueFromAssociates_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zZrDmSIafxu" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due from shareholders</td><td> </td> <td style="text-align: right">16</td><td> </td> <td>(Note 1)</td><td> </td> <td>12-month ECL</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_987_eifrs-full--ReceivablesDueFromAssociates_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zvhSBsVoqb25" style="font-weight: bold; text-align: right" title="Amounts due from shareholders">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,100</td><td style="text-align: left"> </td></tr> </table> Note1: These balances are repayable on demand. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">28.</td> <td style="text-align: justify">Financial risk management and fair values of financial instruments (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial risk management (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif">Liquidity risk</td></tr></table> Liquidity risk is the risk that the Group will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. Prudent liquidity risk management implies maintaining sufficient cash. The Group monitors and maintains a level of bank balances deemed adequate to finance the Group’s operations. The following table details the Group’s remaining contractual maturity for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity profile of the Group’s financial liabilities as at 31 December 2025 and 2024, based on the contracted undiscounted payments, is as follows:- Schedule of remaining contractual maturity for financial liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82.5%; margin-left: 1.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" id="xdx_493_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--NotLaterThanOneMonthMember_zncecqcsrtJ8" style="text-align: right">Within 1 year</td><td> </td><td> </td> <td colspan="2" id="xdx_49B_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanFiveYearsMember_ztBRDfhqhwM3" style="text-align: right">2 to 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_49B_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanFiveYearsMember_z6Pm6RYtlo47" style="text-align: right">Over 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_49C_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--CarryingAmountMember_zNTryBFbeBd1" style="text-align: right">Total</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--Borrowings_iI_zGV6xYKR0Gc8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Bank loans</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">9,929,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">39,717,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">18,665,748</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">68,312,072</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--AmountsReceivableRelatedPartyTransactions_iI_zruiCehfozjg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loans from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,066,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,203,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,270,123</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--OtherLiabilities_iI_zrHy5NaSHdZk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loans from directors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,854,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,854,141</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_ziPdErxJGWP8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due to related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402,561</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402,561</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--LeaseLiabilities_iI_z6ErXCyB7BL9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,049,654</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,626,146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,675,800</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_zeDfnDshjwLh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,567,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,567,498</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_iI_zvuvN0HU68Ca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,533,568</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,533,568</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_zu6EXyvW6Gca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">66,482,546</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">160,264,267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">25,868,950</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">252,615,763</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_uUSD_zMWJiQwIx8n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">US$</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">8,541,691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">20,590,786</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,323,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,456,125</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82.5%; margin-left: 1.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" id="xdx_499_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--NotLaterThanOneMonthMember_z7qrU62vuQTl" style="text-align: right">Within 1 year</td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanFiveYearsMember_zdtmJRsaqjsi" style="text-align: right">2 to 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_495_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanFiveYearsMember_zfPiCQsdFiw5" style="text-align: right">Over 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_497_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--CarryingAmountMember_z2qcZZeK2cUa" style="text-align: right">Total</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--Borrowings_iI_zldfLUnD5Mvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Bank loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,013,806</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">40,055,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">28,845,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">78,914,758</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--AmountsReceivableRelatedPartyTransactions_iI_zVcx05PeHiab" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loans from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,802,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,606,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,379,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,787,892</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--OtherLiabilities_iI_zpLD7LK7b56" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due to directors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,573,611</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,573,611</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_zcLHUw7pumj4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due to related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,724</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--LeaseLiabilities_iI_zjvlHxfhkcb6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,371,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,337,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,708,973</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_zCcOVqdJhEe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,657,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,657,404</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_iI_zpLAdFXlulM7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,740,176</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,740,176</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_zahwJ0lBB9hk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">133,323,850</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">102,999,335</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,225,353</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">270,548,538</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">28.</td> <td style="text-align: justify">Financial risk management and fair values of financial instruments (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial risk management (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif">Interest rate risk</td></tr></table> Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s cash deposits, bank loans and loans from related companies with floating interest rates. At December 31, 2025, it is estimated that a general increase or decrease of 100 basis points in interest rates, with all other variables held constant, would increase or decrease the Group’s loss after tax by approximately HK$496,000 (US$64,000) (2024: decrease or increase Group’s profit after tax by approximately HK$594,000). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fair values of financial instruments</td></tr></table> The notional amounts of financial assets and financial liabilities with a maturity of less than one year are assumed to approximate their fair values. The fair values of the amounts due from/to related companies, directors and the shareholders have not been determined as the timing of the expected cash flows of these balances cannot be reasonably determined because of the relationships.

The tables below detail the credit risk exposures of the Group’s financial assets which are subject to ECL assessment:- Schedule of credit risk <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82%; margin-left: 1.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Internal credit </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">12-month or </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2025 Gross carrying amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_496_20251231_z6TtvcvBr9ed" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2025 Gross carrying amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_495_20241231_z1rQxoQQnYxe" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2024 Gross carrying amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Notes </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">rating</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">lifetime ECL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets at amortised cost</td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--ReceivablesFromContractsWithCustomers_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember_zaaA3j5YnLwf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 13%; text-align: left">Trade receivables</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: right">18</td><td style="width: 2%"> </td> <td style="width: 13%"> </td><td style="width: 2%"> </td> <td style="width: 13%; text-align: left">Lifetime ECL (provision matrix)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--ReceivablesFromContractsWithCustomers_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember_zzSgVDfsK7fg" style="width: 10%; font-weight: bold; text-align: right" title="Trade receivables">437,456</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">3,404,848</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,319,847</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--OtherCurrentReceivables_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zdetLDYQEL6h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deposits and other receivables</td><td> </td> <td style="text-align: right">15</td><td> </td> <td> </td><td> </td> <td>12-month ECL</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_989_eifrs-full--OtherCurrentReceivables_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zkPVa141Glfi" style="font-weight: bold; text-align: right" title="Deposits and other receivables">3,130,320</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">24,364,221</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,470,279</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--ReceivablesDueFromJointVentures_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zoMZPRXjkbkl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due from related companies</td><td> </td> <td style="text-align: right">16</td><td> </td> <td>(Note 1)</td><td> </td> <td>12-month ECL</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--ReceivablesDueFromJointVentures_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zmXR279zCRuf" style="font-weight: bold; text-align: right" title="Amounts due from related companies">2,053,584</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,983,658</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,304,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--ReceivablesDueFromAssociates_iI_hifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zZrDmSIafxu" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due from shareholders</td><td> </td> <td style="text-align: right">16</td><td> </td> <td>(Note 1)</td><td> </td> <td>12-month ECL</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_987_eifrs-full--ReceivablesDueFromAssociates_iI_uUSD_c20251231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zvhSBsVoqb25" style="font-weight: bold; text-align: right" title="Amounts due from shareholders">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,100</td><td style="text-align: left"> </td></tr> </table> Note1: These balances are repayable on demand.

437456

3404848

3319847

3130320

24364221

23470279

2053584

15983658

17304600

74100

Schedule of remaining contractual maturity for financial liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82.5%; margin-left: 1.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" id="xdx_493_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--NotLaterThanOneMonthMember_zncecqcsrtJ8" style="text-align: right">Within 1 year</td><td> </td><td> </td> <td colspan="2" id="xdx_49B_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanFiveYearsMember_ztBRDfhqhwM3" style="text-align: right">2 to 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_49B_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanFiveYearsMember_z6Pm6RYtlo47" style="text-align: right">Over 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_49C_20251231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--CarryingAmountMember_zNTryBFbeBd1" style="text-align: right">Total</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--Borrowings_iI_zGV6xYKR0Gc8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Bank loans</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">9,929,265</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">39,717,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">18,665,748</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">68,312,072</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--AmountsReceivableRelatedPartyTransactions_iI_zruiCehfozjg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loans from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,066,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,203,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,270,123</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--OtherLiabilities_iI_zrHy5NaSHdZk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loans from directors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,854,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,854,141</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_ziPdErxJGWP8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due to related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402,561</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402,561</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--LeaseLiabilities_iI_z6ErXCyB7BL9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,049,654</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,626,146</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,675,800</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_zeDfnDshjwLh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,567,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,567,498</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_iI_zvuvN0HU68Ca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,533,568</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,533,568</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_zu6EXyvW6Gca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">66,482,546</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">160,264,267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">25,868,950</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">252,615,763</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_uUSD_zMWJiQwIx8n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">US$</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">8,541,691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">20,590,786</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,323,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,456,125</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82.5%; margin-left: 1.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" id="xdx_499_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--NotLaterThanOneMonthMember_z7qrU62vuQTl" style="text-align: right">Within 1 year</td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanFiveYearsMember_zdtmJRsaqjsi" style="text-align: right">2 to 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_495_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--LaterThanFiveYearsMember_zfPiCQsdFiw5" style="text-align: right">Over 5 years</td><td> </td><td> </td> <td colspan="2" id="xdx_497_20241231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--CarryingAmountMember_z2qcZZeK2cUa" style="text-align: right">Total</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; text-align: left">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--Borrowings_iI_zldfLUnD5Mvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Bank loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,013,806</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">40,055,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">28,845,729</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">78,914,758</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--AmountsReceivableRelatedPartyTransactions_iI_zVcx05PeHiab" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loans from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,802,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,606,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,379,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,787,892</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--OtherLiabilities_iI_zpLD7LK7b56" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due to directors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,573,611</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,573,611</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_zcLHUw7pumj4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amounts due to related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,724</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--LeaseLiabilities_iI_zjvlHxfhkcb6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,371,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,337,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,708,973</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_zCcOVqdJhEe3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,657,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,657,404</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_iI_zpLAdFXlulM7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,740,176</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,740,176</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_zahwJ0lBB9hk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">133,323,850</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">102,999,335</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,225,353</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">270,548,538</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9929265

39717059

18665748

68312072

42066921

7203202

49270123

48854141

402561

34049654

29626146

63675800

12567498

9533568

66482546

160264267

25868950

252615763

8541691

20590786

3323648

32456125

10013806

40055223

28845729

78914758

16802118

24606150

5379624

46787892

42573611

165724

41371011

38337962

79708973

16657404

5740176

133323850

102999335

34225353

270548538

100

496000 64000 594000 <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">29.</td> <td style="text-align: justify">Share option</td></tr> </table> On April 30, 2024, the Group granted an advisor share option equivalent to 2.5% of total number of issued shares of the Company immediately prior to the company’s initial public offering with no vesting period. According to the addition terms and conditions on the share option granted to the advisor, the share option is contingent upon the occurrence of a performance condition (i.e. the successful listing of the Company’ shares on Nasdaq), the share option shall not be recognised until the performance condition becomes probable in accordance with IFRS 2 Share-based Payment. Therefore, no share-based payment expense was recorded during the year December 31, 2024. On April 10, 2025 (the date of successful initial public offering of the Company), the Company has recorded a share-based payment of HK$11,700,000. The total number of ordinary shares granted to the advisor was 375,000 at US$4 each (i.e. the public offering price of the Company). In the opinion of the directors, the share-based payment represented the fair value of the equity instruments at the date when the terms and condition of the share-based payment are fulfilled.

On April 30, 2024, the Group granted an advisor share option equivalent to 2.5% of total number of issued shares of the Company immediately prior to the company’s initial public offering with no vesting period. According to the addition terms and conditions on the share option granted to the advisor, the share option is contingent upon the occurrence of a performance condition (i.e. the successful listing of the Company’ shares on Nasdaq), the share option shall not be recognised until the performance condition becomes probable in accordance with IFRS 2 Share-based Payment. Therefore, no share-based payment expense was recorded during the year December 31, 2024.

11700000 375000 4

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">30.</td> <td style="text-align: justify">Contingencies & Commitments</td></tr> </table> There were no pending or threatened claims and litigation as of December 31, 2025 and through the issuance date of these consolidated financial statements that in the opinion of the directors would have a material adverse effect on the Group’s business.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">31.</td> <td style="text-align: justify">Capital management</td></tr> </table> The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and net current asset position in order to support its business and maximise shareholder value. The capital structure of the Group comprises issued share capital and reserves. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were made to the objectives, policies or processes during the financial years ended December 31, 2025. MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">32.</td> <td style="text-align: justify">Cash flows information</td></tr> </table> Schedule of cash flows information <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4B7_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_custom--LoanFromRelatedCompaniesMember_z8OXTdUt34yi" style="font-size: 10pt; text-align: right">Loans from related companies</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4B1_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_ifrs-full--LeaseLiabilitiesMember_zHqNHZ0DvHp5" style="font-size: 10pt; text-align: right">Lease liabilities</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4BA_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_custom--BankLoansMember_zH8OwYhBUvxa" style="font-size: 10pt; text-align: right">Bank loans</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4B4_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_custom--LoansFromDirectorsMember_zeHTw8rYCFb7" style="font-size: 10pt; text-align: right">Loans from directors</td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 22)</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 23)</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 25)</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 16)</td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_43E_c20240101__20241231_eifrs-full--CashAndCashEquivalents_iS_z6or39Yywqw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 28%; font-size: 10pt; font-weight: bold">January 1, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">53,873,328</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">76,983,367</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">77,754,259</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zmwiCdYfzso7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Changes from financing cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01N_di_ztWe6R590w84" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Payment of bank loan</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(7,569,370</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--InterestPaidClassifiedAsFinancingActivities_iN_di_zNPe03uhYwC1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest paid for bank loan</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(2,645,713</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--PaymentFromLoanFromRelatedCompanies_iN_di_zkYfpDErk5A6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Payment of loan from related companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(10,190,497</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InterestPaidForLoansFromRelatedCompanies_iN_di_zXHy3HrfQIQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest paid for loan from related companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(1,950,246</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PaymentOfPrincipalPortionOfLeaseLiabilities_iN_di_zotg6QWyZiEk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Payment of principal portion of lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(48,883,789</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PaymentOfInterestPortionOfLeaseLiabilities_iN_di_zQCsWpSMSZ25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payment of interest portion of lease liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,594,836</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_zlS9TPidv6L8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total changes from financing cash flows</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(12,140,743</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(54,478,625</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(10,215,083</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Other changes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_iN_di_zLjWhGuxdeL5" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase in lease liabilities from entering into new lease (Note 13)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">26,786,998</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities_iN_di_zeWGHrUGduc1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase in lease liabilities from modification (Note 13)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">16,222,827</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--InterestDecreaseOnLeaseLiabilitiesNote_iN_di_z6mVZ7ihWmx3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest on lease liabilities (Note 7)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,594,836</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--WrittenBackOnDisposal_zDSMm3Mjl3O3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Written back on disposal</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,307,941</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestDecreaseInterestOnBankLoanNote_iN_di_zVbkb70RJAKl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Exchange difference</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(306</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InterestDecreaseInInterestOnLoanFromRelatedCompaniesNote7_iN_di_zRn7VRMP0sbi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest on bank loan (Note 7)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,645,713</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestOnLoanFromRelatedCompanies_iN_di_z3uMnVYy7F2f" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest on loan from related companies (Note 7)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,950,246</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--IncreaseDecreaseInLiabilitiesArisingFromFinancingActivities_iN_di_z6Kce70r06ng" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total other changes</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,950,246</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,912,296</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,645,713</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231_eifrs-full--CashAndCashEquivalents_iS_zTk8uJPjULwg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">December 31, 2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">43,682,831</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">74,417,038</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">70,184,889</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">32.</td> <td style="text-align: justify">Cash flows information (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right">Loan from related companies</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Lease liabilities</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Bank loans</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Loans from directors</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right">(Note 22)</td><td> </td><td> </td> <td colspan="2" style="text-align: right">(Note 23)</td><td> </td><td> </td> <td colspan="2" style="text-align: right">(Note 25)</td><td> </td><td> </td> <td colspan="2" style="text-align: right">(Note 16)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zPvH97RAiDeb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Changes from financing cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01N_di_ziq5ZOiwGhC4" style="vertical-align: bottom; background-color: White"> <td style="width: 28%; text-align: left">Payment of bank loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(8,023,653</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--InterestPaidClassifiedAsFinancingActivities_iN_di_zZebOAzDEc0f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest paid for bank loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,972,532</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PaymentFromLoanFromRelatedCompanies_iN_di_zlUsNnXbjB0e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Payment of loan from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(900,676</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InterestPaidForLoansFromRelatedCompanies_iN_di_zhcOSDRvuUgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest paid for loan from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,096</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ProceedFromLoansFromDirectors_z3Jei9DTo6Ek" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Proceed from loans from directors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,473,611</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PaymentOfPrincipalPortionOfLeaseLiabilities_iN_di_zgqD99LfsRn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payment of principal portion of lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(42,925,920</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PaymentOfInterestPortionOfLeaseLiabilities_iN_di_zwqExeOZcW55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payment of interest portion of lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,931,817</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_zItZBQHPNZ7k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total changes from financing cash flows</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,008,772</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(46,857,737</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,996,185</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">42,473,611</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other changes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_iN_di_zRnt8xUAlSwc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Increase in lease liabilities from entering into new lease (Note 13)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,572,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities_iN_di_zCFTftHy6xGl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Decrease in lease liabilities from modification (Note 13)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,012,044</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--InterestDecreaseInInterestOnLeaseLiabilities_iN_di_zUEMYe1kRBTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on lease liabilities (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,931,817</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestDecreaseInterestOnBankLoanNote_iN_di_zdldE3y4itF6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on bank loan (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,972,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncreaseDecreaseInInterestOnLoanFromRelatedCompanies_iN_di_zaz8adCpugdl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on loan from related companies (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--IncreaseDecreaseInInterestOnLoansFromDirectors_iN_di_zNy5qrYEUh34" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest on loans from directors (Note 7)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,213,330</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--IncreaseDecreaseInLiabilitiesArisingFromFinancingActivities_iN_di_zPjGH52ru4yf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total other changes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,587,422</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,492,374</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,972,532</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,213,330</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20251231_eifrs-full--CashAndCashEquivalents_iE_z7vZYWiv2A85" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">44,261,481</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">60,051,675</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">62,161,236</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">44,686,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_437_c20250101__20251231_eifrs-full--CashAndCashEquivalents_iE_uUSD_zycBXhsldElc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">December 31, 2025 (US$)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,686,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,715,451</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,986,489</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,741,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Schedule of cash flows information <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4B7_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_custom--LoanFromRelatedCompaniesMember_z8OXTdUt34yi" style="font-size: 10pt; text-align: right">Loans from related companies</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4B1_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_ifrs-full--LeaseLiabilitiesMember_zHqNHZ0DvHp5" style="font-size: 10pt; text-align: right">Lease liabilities</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4BA_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_custom--BankLoansMember_zH8OwYhBUvxa" style="font-size: 10pt; text-align: right">Bank loans</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" id="xdx_4B4_ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis_custom--LoansFromDirectorsMember_zeHTw8rYCFb7" style="font-size: 10pt; text-align: right">Loans from directors</td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 22)</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 23)</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 25)</td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right">(Note 16)</td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_43E_c20240101__20241231_eifrs-full--CashAndCashEquivalents_iS_z6or39Yywqw6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 28%; font-size: 10pt; font-weight: bold">January 1, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">53,873,328</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">76,983,367</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">77,754,259</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zmwiCdYfzso7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Changes from financing cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01N_di_ztWe6R590w84" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Payment of bank loan</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(7,569,370</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--InterestPaidClassifiedAsFinancingActivities_iN_di_zNPe03uhYwC1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest paid for bank loan</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(2,645,713</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--PaymentFromLoanFromRelatedCompanies_iN_di_zkYfpDErk5A6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Payment of loan from related companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(10,190,497</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InterestPaidForLoansFromRelatedCompanies_iN_di_zXHy3HrfQIQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest paid for loan from related companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(1,950,246</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PaymentOfPrincipalPortionOfLeaseLiabilities_iN_di_zotg6QWyZiEk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Payment of principal portion of lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(48,883,789</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PaymentOfInterestPortionOfLeaseLiabilities_iN_di_zQCsWpSMSZ25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payment of interest portion of lease liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,594,836</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_zlS9TPidv6L8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total changes from financing cash flows</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(12,140,743</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(54,478,625</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(10,215,083</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Other changes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_iN_di_zLjWhGuxdeL5" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase in lease liabilities from entering into new lease (Note 13)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">26,786,998</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities_iN_di_zeWGHrUGduc1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase in lease liabilities from modification (Note 13)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">16,222,827</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--InterestDecreaseOnLeaseLiabilitiesNote_iN_di_z6mVZ7ihWmx3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest on lease liabilities (Note 7)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,594,836</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--WrittenBackOnDisposal_zDSMm3Mjl3O3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Written back on disposal</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,307,941</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestDecreaseInterestOnBankLoanNote_iN_di_zVbkb70RJAKl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Exchange difference</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(306</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InterestDecreaseInInterestOnLoanFromRelatedCompaniesNote7_iN_di_zRn7VRMP0sbi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest on bank loan (Note 7)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,645,713</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestOnLoanFromRelatedCompanies_iN_di_z3uMnVYy7F2f" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest on loan from related companies (Note 7)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,950,246</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--IncreaseDecreaseInLiabilitiesArisingFromFinancingActivities_iN_di_z6Kce70r06ng" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total other changes</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,950,246</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,912,296</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,645,713</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231_eifrs-full--CashAndCashEquivalents_iS_zTk8uJPjULwg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">December 31, 2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">43,682,831</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">74,417,038</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">70,184,889</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">32.</td> <td style="text-align: justify">Cash flows information (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right">Loan from related companies</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Lease liabilities</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Bank loans</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Loans from directors</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right">(Note 22)</td><td> </td><td> </td> <td colspan="2" style="text-align: right">(Note 23)</td><td> </td><td> </td> <td colspan="2" style="text-align: right">(Note 25)</td><td> </td><td> </td> <td colspan="2" style="text-align: right">(Note 16)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zPvH97RAiDeb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Changes from financing cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01N_di_ziq5ZOiwGhC4" style="vertical-align: bottom; background-color: White"> <td style="width: 28%; text-align: left">Payment of bank loan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(8,023,653</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--InterestPaidClassifiedAsFinancingActivities_iN_di_zZebOAzDEc0f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest paid for bank loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,972,532</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PaymentFromLoanFromRelatedCompanies_iN_di_zlUsNnXbjB0e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Payment of loan from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(900,676</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InterestPaidForLoansFromRelatedCompanies_iN_di_zhcOSDRvuUgg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest paid for loan from related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,096</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ProceedFromLoansFromDirectors_z3Jei9DTo6Ek" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Proceed from loans from directors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,473,611</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PaymentOfPrincipalPortionOfLeaseLiabilities_iN_di_zgqD99LfsRn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payment of principal portion of lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(42,925,920</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PaymentOfInterestPortionOfLeaseLiabilities_iN_di_zwqExeOZcW55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Payment of interest portion of lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,931,817</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_zItZBQHPNZ7k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total changes from financing cash flows</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,008,772</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(46,857,737</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,996,185</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">42,473,611</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other changes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_iN_di_zRnt8xUAlSwc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Increase in lease liabilities from entering into new lease (Note 13)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,572,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities_iN_di_zCFTftHy6xGl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Decrease in lease liabilities from modification (Note 13)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,012,044</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--InterestDecreaseInInterestOnLeaseLiabilities_iN_di_zUEMYe1kRBTg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on lease liabilities (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,931,817</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--InterestDecreaseInterestOnBankLoanNote_iN_di_zdldE3y4itF6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on bank loan (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,972,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--IncreaseDecreaseInInterestOnLoanFromRelatedCompanies_iN_di_zaz8adCpugdl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on loan from related companies (Note 7)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--IncreaseDecreaseInInterestOnLoansFromDirectors_iN_di_zNy5qrYEUh34" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest on loans from directors (Note 7)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,213,330</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--IncreaseDecreaseInLiabilitiesArisingFromFinancingActivities_iN_di_zPjGH52ru4yf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total other changes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,587,422</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,492,374</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,972,532</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,213,330</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20251231_eifrs-full--CashAndCashEquivalents_iE_z7vZYWiv2A85" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">44,261,481</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">60,051,675</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">62,161,236</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">44,686,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_437_c20250101__20251231_eifrs-full--CashAndCashEquivalents_iE_uUSD_zycBXhsldElc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">December 31, 2025 (US$)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,686,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,715,451</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,986,489</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,741,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

53873328

76983367

77754259

7569370

2645713

10190497 1950246 48883789 5594836

-12140743

-54478625

-10215083

-26786998

-16222827

-5594836 3307941 306 -2645713 -1950246

-1950246

-51912296

-2645713

43682831

74417038

70184889

8023653

1972532

900676 108096 42473611 42925920 3931817

-1008772

-46857737

-9996185

42473611

-29572601

1012044

-3931817 -1972532 -1587422 -2213330

-1587422

-32492374

-1972532

-2213330

44261481

60051675

62161236

44686941

5686724

7715451

7986489

5741388

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">33.</td> <td style="text-align: justify">Related party transactions</td></tr> </table> In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year:- Schedule of transaction detailed in consolidated financial statements <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zxsL7rSh1ENj" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_498_20240101__20241231_zX2vc7IFZy24" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49E_20230101__20231231_ziM1hkHsQWV2" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales of goods to related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--SalesOfGoods_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zN4Ys5mT9sb4" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">- related companies (Note (a))</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_984_ecustom--SalesOfGoods_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGEp_z2X9G5bkfjH" style="width: 10%; font-weight: bold; text-align: right">1,217,068</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">9,472,803</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">11,192,830</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--SalesOfGoodsOne_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_ze05vmwmfIj8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">- a related company (Note (b))</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--SalesOfGoodsOne_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_zDFkp4fc0Hdj" style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,298</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--SalesOfGoodsTwo_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zowFSDJDxuNf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">- a related company (Note (c))</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--SalesOfGoodsTwo_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGMp_z5JOQIeKnrl9" style="font-weight: bold; text-align: right">781</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,081</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,432</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--RentalIncome_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zZcZrgzjfgY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental income received related companies (Note (a))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eifrs-full--RentalIncome_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGEp_zMgRT3acI4ei" style="text-align: right">134,828</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">626,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--RentalExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_z2xlRC6DEET" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rental expenses to related companies (Note (a))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eifrs-full--RentalExpense_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_zuBtjdAU1Yo5" style="text-align: right">22,356</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--RentalExpenseOne_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zQ34G8rq9Pq" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental expenses to related companies (Note (b))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RentalExpenseOne_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_z7BLRAlgN0s1" style="text-align: right">588,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,580,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,715,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,188,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zZi1UUgszol5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan interest expenses to directors</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_zp9GsT3ZHp4l" style="font-weight: bold; text-align: right">284,369</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,213,331</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zhTjbC4GMSM1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loan interest expenses to related companies (Note (b))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z4cyuP12j7O6" style="text-align: right">203,952</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285,985</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--OccupancyExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zi1hmCQhSJ1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Storage expenses to related company (Note (b))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eifrs-full--OccupancyExpense_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGEp_zApJRzbe0jZ8" style="text-align: right">14,014</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ManagementFeeIncome_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zoa8fYQLjCGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Management fee income from related companies (Note (a))</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--ManagementFeeIncome_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_z5D6b4cpY83e" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,902,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">14,811,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">13,799,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The above transactions were made at prices and terms in the normal course of business as agreed between the parties. Note: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">These are the related companies to the Group because some of the directors of the Group are part of the shareholders or ultimate shareholder in these related companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">These are related companies to the Group because some of the directors of the Group, are the close family member of the shareholder or ultimate shareholder in this related company.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">This is a related company to the Group because one of the directors of the Group, is a close family member of one of the shareholders in this related company.</td></tr></table> Compensation of key management personnel and directors’ remuneration Compensation of key management personnel of the Group during the year was as follows:- Schedule of compensation of key management <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zTE2CTyUA6q3" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_497_20240101__20241231_zG2q6cpjN5x9" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_496_20230101__20231231_zwpyBDCGXRy" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term employee benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--KeyManagementPersonnelCompensationOtherLongtermBenefits_zfgti2r3YCpb" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left"> - other emoluments</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--KeyManagementPersonnelCompensationOtherLongtermBenefits_uUSD_c20250101__20251231_zj5VXWwK3Ar2" style="width: 10%; font-weight: bold; text-align: right">827,610</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">6,441,539</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,508,852</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,680,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Employer’s contribution to defined contribution plans</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_uUSD_c20250101__20251231_zHXyrtCRV8rl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,298</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,500</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">108,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--EmployeeBenefitsExpensesDirectorsEmoluments_iT_zyNl2RpDtoP3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Short-term employee benefits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_ecustom--EmployeeBenefitsExpensesDirectorsEmoluments_iT_uUSD_c20250101__20251231_zCc4ipwQHIY5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Short-term employee benefits">840,908</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,545,039</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,585,352</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,788,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> MasterBeef Group and its subsidiaries <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Notes to the Consolidated Financial Statements (Continued) December 31, 2025, 2024 and 2023 <div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">33.</td> <td style="text-align: justify">Related party transactions (continued)</td></tr> </table> As at December 31, 2025, the parent and ultimate holding company of the Company was Galaxy Shine Company Limited, which was incorporated in the British Virgin Islands. The shareholders of Galaxy Shine Company Limited are Chau Oi Wai, Chung Hee Shun, Chau Oi Yee, Leung Man Kit and Chan Yuk Ming and their respective shareholdings in Galaxy Shine Company Limited are approximately 27.27%, 24.83%, 27.27%, 13.64% and 6.99%, respectively.

In addition to the transactions detailed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the year:- Schedule of transaction detailed in consolidated financial statements <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zxsL7rSh1ENj" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_498_20240101__20241231_zX2vc7IFZy24" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_49E_20230101__20231231_ziM1hkHsQWV2" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales of goods to related companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--SalesOfGoods_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zN4Ys5mT9sb4" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">- related companies (Note (a))</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_984_ecustom--SalesOfGoods_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGEp_z2X9G5bkfjH" style="width: 10%; font-weight: bold; text-align: right">1,217,068</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">9,472,803</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">11,192,830</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--SalesOfGoodsOne_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_ze05vmwmfIj8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">- a related company (Note (b))</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--SalesOfGoodsOne_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_zDFkp4fc0Hdj" style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,298</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--SalesOfGoodsTwo_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zowFSDJDxuNf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">- a related company (Note (c))</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--SalesOfGoodsTwo_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGMp_z5JOQIeKnrl9" style="font-weight: bold; text-align: right">781</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,081</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,432</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--RentalIncome_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zZcZrgzjfgY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental income received related companies (Note (a))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eifrs-full--RentalIncome_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGEp_zMgRT3acI4ei" style="text-align: right">134,828</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">626,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--RentalExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_z2xlRC6DEET" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rental expenses to related companies (Note (a))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eifrs-full--RentalExpense_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_zuBtjdAU1Yo5" style="text-align: right">22,356</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--RentalExpenseOne_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zQ34G8rq9Pq" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental expenses to related companies (Note (b))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RentalExpenseOne_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_z7BLRAlgN0s1" style="text-align: right">588,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,580,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,715,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,188,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zZi1UUgszol5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loan interest expenses to directors</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_zp9GsT3ZHp4l" style="font-weight: bold; text-align: right">284,369</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,213,331</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zhTjbC4GMSM1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loan interest expenses to related companies (Note (b))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eifrs-full--InterestExpenseOnOtherFinancialLiabilities_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z4cyuP12j7O6" style="text-align: right">203,952</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,950,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,285,985</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--OccupancyExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zi1hmCQhSJ1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Storage expenses to related company (Note (b))</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eifrs-full--OccupancyExpense_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGEp_zApJRzbe0jZ8" style="text-align: right">14,014</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,073</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ManagementFeeIncome_hifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zoa8fYQLjCGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Management fee income from related companies (Note (a))</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_989_ecustom--ManagementFeeIncome_uUSD_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGIp_z5D6b4cpY83e" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,902,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">14,811,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">13,799,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The above transactions were made at prices and terms in the normal course of business as agreed between the parties. Note: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">These are the related companies to the Group because some of the directors of the Group are part of the shareholders or ultimate shareholder in these related companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">These are related companies to the Group because some of the directors of the Group, are the close family member of the shareholder or ultimate shareholder in this related company.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">This is a related company to the Group because one of the directors of the Group, is a close family member of one of the shareholders in this related company.</td></tr></table>

1217068 9472803 11192830 22298 781 6081 9432

134828

1049405

626517

22356

174000

14500

588506 4580520 3715200 4188400

284369

2213331

203952

1587422

1950246

2285985

14014

109073

104011

113142

1902920 14811000 13799000 Compensation of key management personnel of the Group during the year was as follows:- Schedule of compensation of key management <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zTE2CTyUA6q3" style="font-weight: bold; text-align: right">2025</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_497_20240101__20241231_zG2q6cpjN5x9" style="text-align: right">2024</td><td> </td><td> </td> <td colspan="2" id="xdx_496_20230101__20231231_zwpyBDCGXRy" style="text-align: right">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">HK$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">HK$</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term employee benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--KeyManagementPersonnelCompensationOtherLongtermBenefits_zfgti2r3YCpb" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left"> - other emoluments</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--KeyManagementPersonnelCompensationOtherLongtermBenefits_uUSD_c20250101__20251231_zj5VXWwK3Ar2" style="width: 10%; font-weight: bold; text-align: right">827,610</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 10%; font-weight: bold; text-align: right">6,441,539</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,508,852</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,680,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Employer’s contribution to defined contribution plans</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_uUSD_c20250101__20251231_zHXyrtCRV8rl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,298</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">103,500</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">108,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--EmployeeBenefitsExpensesDirectorsEmoluments_iT_zyNl2RpDtoP3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Short-term employee benefits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_ecustom--EmployeeBenefitsExpensesDirectorsEmoluments_iT_uUSD_c20250101__20251231_zCc4ipwQHIY5" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Short-term employee benefits">840,908</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,545,039</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,585,352</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7,788,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

827610

6441539

4508852

7680000

13298

840908 6545039 4585352 7788000 0.2727 0.2483 0.2727 0.1364 0.0699

<p id="xdx_80B_eifrs-full--DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory_zxzdxDXwfq8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in">34.</td> <td style="text-align: justify">New and amendments to IFRS in issue but not yet effective</td></tr> </table> The Group has not early applied the following new and amendments to IFRS that have been issued but are not yet effective:- <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 49%">Amendments to IFRS 9 and IFRS 7</td> <td style="width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 49%">Amendments to the Classification and Measurement of Contracts Referencing Nature-dependent Electricity2</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Amendments to IFRS 10 and IAS 28</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sale or Contribution of Assets between an Investor and its Associate or Joint Venture1</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Amendments to IFRS</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Annual Improvements to HKFRS Accounting Standards -</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting Standards</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Volume 112</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">IFRS 18</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Presentation and Disclosure in Financial Statements3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">IFRS 19</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Subsidiaries without Public Accountability: Disclosures3</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Amendments to IFRS 19</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amendments to Subsidiaries without Public Accountability: Disclosures3</td></tr> </table> 1 Effective for annual periods beginning on or after a date to be determined. 2 Effective for annual periods beginning on or after 1 January 2026. 3 Effective for annual periods beginning on or after 1 January 2027. Except for the new IFRS mentioned below, the directors of the Company anticipate that the application of all other new and amendments to IFRS will have no material impact on the consolidated financial statements in the foreseeable future. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18, which sets out requirements on presentation and disclosures in financial statements, will replace IAS 1 Presentation of Financial Statements. Whilst many of the requirements will remain consistent, the new standard introduces new requirements to present specified categories and defined subtotals in the income statement; provide disclosures on management-defined performance measures in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the primary financial statements and the notes. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share are also made. IFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after 1 January 2027, with early application permitted, and will be applied retrospectively. The application of the new standard is expected to affect the presentation of the income statement and disclosures in the future financial statements. The Company is still currently assessing the impact that IFRS 18 will have on the financial statements.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in">35.</td> <td style="text-align: justify">Event after reporting period</td></tr> </table> The Group has evaluated subsequent events through the date the consolidated financial statements were available to be issued. Based on this evaluation, there are no subsequent events that require disclosure or adjustment to the consolidated financial statements as of the reporting date.

The entities have/had yet to commence its business. The entities were disposed of on May 14, 2024. For details, please refer to Note 11. The entities were acquired in 2024.