AUTOHELLAS A.T.E.E.

Tourist and Trading Société Anonyme

31 Viltanioti Str., Kifissia, Attica

ANNUAL

FINANCIAL

REPORT

2024

ANNUAL FINANCIAL REPORT 2024

for the year 1 January 2024 - 31 December 2024

In accordance with Article 4 of codified law 3556/2007

Annual Financial Report 31.12.2024

CONTENTS OF THE ANNUAL FINANCIAL REPORT

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

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

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

D. LIMITED ASSURANCE REPORT OF CERTIFIED AUDITOR ACCOUNTANT ON THE SUSTAINABILITY STATEMENT ............. 91

E. ANNUAL FINANCIAL STATEMENTS .................................................................................................................................. 96

F. ANNEX – REPORT ON THE USE OF FUNDS .................................................................................................................... 166

G. INFORMATION ACCORDING TO ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE COMPANY DURING FISCAL YEAR 2024

.......................................................................................................................................................................................... 171

The attached annual financial statements of the Group and the Company were approved by the Board of Directors on 12

March 2025 and have been published on www.autohellas.gr.

Annual Financial Report 31.12.2024

A. STATEMENT OF THE BOARD OF DIRECTORS

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

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

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

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

a)The Annual Group and Company Financial Statements for the fiscal year ended on 31/12/2024, which have been

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

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

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

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

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

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

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

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

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

Kifissia, 12 March 2025

Emmanouela Vasilaki

Eftichios Vassilakis

Konstantinos Deligiannis

Chairwoman

CEO and

Executive Member

Annual Financial Report 31.12.2023

B. INDEPENDENT AUDITOR’S REPORT

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

Athens: 65 Kifissias Avenue, 15124 Maroussi | T:+30 210 6874400

Thessaloniki: Agias Anastasias & Laertou, 55535 Pylaia | T: +30 2310 488880

Ioannina: 2 Plateia Pargis, 1st floor, 45332 | T: +30 2651 313376

Patra: 2A 28is Oktovriou & Othonos Amalias 11, 26223 | T: +30 2616 009208

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

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

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

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

language documents, the Greek language documents will prevail.

Independent auditor’s report

To the Shareholders of AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME

Report on the audit of the separate and consolidated financial statements

Our opinion

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

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

consolidated statement of financial position (or separate and consolidated balance sheet) as at

December 31, 2024, the separate and consolidated statements of profit or loss and other

comprehensive income (or profit or loss, comprehensive income), changes in equity and cash flow

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

statements, comprising material accounting policy information.

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

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

December 31, 2024, their separate and consolidated financial performance and their separate and

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

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

4548/2018.

Basis for opinion

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

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

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

section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

Independence

We are independent of the Company and the Group in accordance with the International Code of

Ethics for Professional Accountants issued by the International Ethics Standards Boards of

Accountants (IESBA Code) that has been transposed into Greek Law, and the ethical requirements of

Law 4449/2017 and of Regulation (EU) No 537/2014, that are relevant to the audit of the separate and

consolidated financial statements in Greece. We have fulfilled our ethical responsibilities in

accordance with the requirements of the IESBA Code, the Law 4449/2017 and the Regulation (EU) No

537/2014.

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

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

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

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

ended as at December 31, 2024, are disclosed in the note 42 of the separate and consolidated

financial statements.

Key audit matters

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

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

were addressed in the context of our audit of the separate and consolidated financial statements as a

whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Estimation of the useful lives and residual

values of vehicles

Property, plant and equipment includes vehicles

amounting EUR 570 million for the Company and

EUR 727 million for the Group as at 31 December

2024, that are measured at cost less accumulated

depreciation and impairment. The book values of

vehicles are significant and form the basis of the

Company’s and the Group’s rental and leasing

operations.

The estimation of the useful lives of vehicles, in

accordance with IAS 16 "Property, Plant and

Equipment", is based on historic performance as

well as expectations about future use and

therefore requires a degree of judgement to be

applied by management. Residual values are

determined taking into account generally accepted

market forecasts adjusted where necessary to

take into account factors specific to the vehicles.

Management is required to assess the useful life

and residual value of an asset periodically and

changes should either be accounted for as an

impairment charge or as a change in accounting

estimate through prospective depreciation.

Due to its significance as well as the degree of

complexity and judgement required in estimating

Our audit approach included obtaining an

understanding of the vehicles management

process as designed and implemented at the

Company and the Group.

We evaluated and reviewed management’s

process relating to useful lives and residual

values assessment for vehicles and examined

the criteria used to identify impairment

indicators, with a focus on the timely detection

of impairments.

We tested the appropriateness of the

approach used and the reasonableness of key

assumptions applied by management.

Furthermore, we also reviewed historical

disposals of vehicles and the profit or loss

derived from these disposals to assess if the

followed approach reflects past performance.

We determined that the approach for

determining useful lives and residual values of

vehicles forms a reasonable basis for

management’s assessment and that the

available evidence supported the key

assumptions used.

The disclosures in the financial statements are

adequate and consistent with the

useful lives and calculating residual values of

vehicles, it is considered a key audit matter.

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

the financial statements.

requirements of relevant accounting

standards.

Revenue recognition

The Company’s and the Group’s revenue streams

include vehicle operating lease and finance lease

income, vehicle sales and income from other

additional vehicle related services, which is an

important determinant of the Group’s profitability.

Τhe Group focuses on revenue as a key

performance measure which could create an

incentive for revenue to be recognised before the

risks and rewards have been transferred, resulting

in a significant audit risk associated with revenue

recognition. Furthermore, there exists an inherent

risk around the accuracy of revenue recorded

given the impact of changing pricing models.

Based on these factors, there is a heightened risk

that revenue is not completely or accurately

recorded or that revenue is not recognised in the

correct year.

Due to the significant risk associated with revenue

recognition and the increased work effort from the

audit team, the recognition of revenue is

considered a key audit matter.

For more information, refer to notes 2 and 30 of

the financial statements.

Our audit procedures included obtaining an

understanding of the various revenue streams,

considering the appropriateness of the

Group’s revenue recognition accounting

policies and assessing compliance of these

policies with relevant standards.

Our audit approach included understanding

the systems and process that are relevant to

revenue recognition, holding discussions with

relevant Company and Group employees to

validate processes and re-performing key

process.

Furthermore, we performed relevant

substantive audit procedures around the

various revenue streams, which focused on

the adequacy and consistency of the

accounting policies applied, by conducting

audit procedures over the point of transfer of

risk and rewards. Our audit procedures

included:

• Analytical review procedures on the

different revenue streams.

• Sample testing of transactions during the

year of all material revenue streams.

• Revenue cut-off procedures.

• Testing of sales returns and credit notes

issued after year end.

• Sample third party confirmation of annual

revenue and trade receivables at year

end.

Our procedures concluded that revenue

recognition for the Group’s revenue streams is

consistent with the Company’s and the

Group’s accounting policies and relevant

standards. Based on our work, we noted no

significant issues regarding the accuracy of

revenue reported for the year under audit.

The disclosures in the financial statements are

adequate and consistent with the

requirements of relevant accounting

standards.

Other Information

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

information, which is included in the Annual Report, in accordance with Law 3556/2007, is the

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

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

auditor’s report.

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

information including the Management Report of the Board of Directors.

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

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

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

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

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

4548/2018 and the Corporate Governance Statement required by article 152 of Law 4548/2018 has

been prepared and provides the information referred to in items (a), (b), (e) and (f) of paragraph 1 of

article 152 of Law 4548/2018.

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

● The information given in the Board of Directors’ Report for the year ended at December 31, 2024

is consistent with the separate and consolidated financial statements,

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

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

requirements for which a relevant limited assurance report dated 11 March 2024 was issued in

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

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

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

paragraph 1 of article 152 of Law 4548/2018.

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

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

misstatements

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

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

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

consolidated financial statements

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

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

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

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

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

to fraud or error.

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

for assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as

applicable, matters related to going concern and using the going concern basis of accounting unless

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

no realistic alternative but to do so.

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

financial reporting process of the Company and the Group.

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

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

financial statements as a whole are free from material misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit conducted in accordance with ISAs, that have been

transposed into Greek Law, will always detect a material misstatement when it exists. Misstatements

can arise from fraud or error and are considered material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the basis of these

separate and consolidated financial statements.

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

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

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

statements, whether due to fraud or error, by designing and performing audit procedures

responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide

a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is

higher than for one resulting from error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internal control.

● Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Company’s and Group’s internal control.

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

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

● Conclude on the appropriateness of Board of Directors’ use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Company’s and Group’s

ability to continue as a going concern. If we conclude that a material uncertainty exists, we are

required to draw attention in our auditor’s report to the related disclosures in the separate and

consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.

However, future events or conditions may cause the Company and Group to cease to continue

as a going concern.

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

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

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

fair presentation.

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

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

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

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

remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

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

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

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

related safeguards.

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

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

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

report.

Report on other legal and regulatory requirements

1. Additional Report to the Audit Committee

Our opinion on the accompanying separate and consolidated financial statements is consistent with

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

of the Company.

2. Appointment

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

shareholders on 25 April 2018. Our appointment has been continuously renewed by the decision of

the annual general meeting of shareholders for a total uninterrupted period of appointment of 7 years.

3. Operating Regulation

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

of article 14 of Law 4706/2020".

4. Assurance Report on the European Single Electronic Format

Subject Matter

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

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

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

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

statements for the year ended December 31, 2024, in XHTML “213800DNMN314TEZPP87-2024-12-

31-en” format, as well as the intended XBRL “213800DNMN314TEZPP87-2024-12-31-en” file with the

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

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

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

Applicable Criteria section.

Applicable Criteria

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

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

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

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

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

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

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

• For consolidated financial statements in accordance with International Financial Reporting

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

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

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

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

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

Regulatory Technical Standards.

Responsibilities of the management and those charged with governance

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

financial statements of the Company and the Group, for the year ended December 31, 2024, in

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

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

free of material error due to either fraud or error.

Auditor’s responsibilities

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

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

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

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

(hereinafter “ISAE 3000).

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

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

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

Subject Matter.

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

conclusion expressed in this assurance report.

Code of Conduct and quality management

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

have complied with the requirements of the International Code of Ethics for Professional Accountants

issued by the International Ethics Standards Boards of Accountants (IESBA Code) that has been

transposed into Greek Law, and the ethical requirements of Law 4449/2017 and of Regulation (EU)

537/2014.

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

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

Services Engagements” and consequently maintains a comprehensive quality management system

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

professional standards and applicable legal and regulatory requirements.

Scope of work performed

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

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

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

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

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

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

material respects, with the Applicable Criteria.

Inherent limitations

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

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

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

Conclusion

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

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

2024, in XHTML file format “213800DNMN314TEZPP87-2024-12-31-en”, as well as the provided

XBRL file “213800DNMN314TEZPP87-2024-12-31-en” with the appropriate marking up, on the

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

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

Athens, 12 March 2025

The Certified Auditor Accountant

Andreas Riris

SOEL Reg. No 65601

PricewaterhouseCoopers S.A.

Certified Auditors – Accountants

65 Kifissias Avenue

151 24 Marousi

SOEL Reg. 113

Annual Financial Report 31.12.2024

C. ANNUAL BOARD OF DIRECTORS REPORT

Annual Financial Report 31.12.2024

CONTENTS OF THE ANNUAL BOARD OF DIRECTORS REPORT

THE GROUP AND ITS OPERATIONS ............................................................................................................................................... 16

FINANCIAL RESULTS OVERVIEW .................................................................................................................................................... 17

FINANCIAL RATIOS ........................................................................................................................................................................ 18

PARTICIPATIONS – CONSOLIDATED COMPANIES ......................................................................................................................... 20

OTHER NON-CONSOLIDATED SIGNIFICANT PARTICIPATIONS....................................................................................................... 22

BRANCHES ..................................................................................................................................................................................... 22

DEVELOPMENT AND PROSPECTS .................................................................................................................................................. 22

INFORMATION RELATED TO TREASURY SHARES........................................................................................................................... 24

USE OF FINANCIAL INSTRUMENTS ................................................................................................................................................ 25

SIGNIFICANT EVENTS DURING THE YEAR ...................................................................................................................................... 25

MAIN RISKS AND UNCERTAINTIES ................................................................................................................................................ 26

RELATED PARTY TRANSACTIONS ................................................................................................................................................... 27

CORPORATE GOVERNANCE STATEMENT ...................................................................................................................................... 28

DIVIDEND POLICY .......................................................................................................................................................................... 44

SIGNIFICANT EVENTS AFTER THE REPORTING DATE ..................................................................................................................... 44

SUSTAINABILITY STATEMENT ........................................................................................................................................................ 44

Annual Financial Report 31.12.2024

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

the Consolidated and Standalone Financial Statements for the fiscal year 01.01.2024-31.12.2024.

This Annual Management Report of the Company's Board of Directors concerns the fiscal year January 1st - December 31st, 2024

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

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

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

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

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

The Report includes among other, information:

▪ on the evolution of the Company’s activities, its financial position and financial performance, the overall course of the

Company and the Group during the period under review,

▪ on any important event that took place during the period and on any impact that those events have on the company’s interim

financial information,

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

▪ on all transactions between the Company and its related parties,

▪ on the Corporate Governance Statement,

▪ on the “Sustainability Statements”,

▪ on any important event which took place after 31.12.2024.

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

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

titled “PARTICIPATIONS – CONSOLIDATED COMPANIES”.

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

Company and the Sustainability Statement are posted at the address:

https://www.autohellas.gr/en/investors/financial-statement/financial-statements/

THE GROUP AND ITS OPERATIONS

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

its shares are traded in the “Travel & Tourism” sector of the Athens Stock Exchange. The Company’s registered office is at Viltanioti

31, Kifissia, Attica, Greece. The Company’s website address is www.autohellas.gr.

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

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

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

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

Montenegro, Croatia and Ukraine.

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

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

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

in 1998 until the 31st of December 2023 and in May 2021, a 2-year extension of the right was signed, until December 31, 2025, so

that there is a safe margin of the right’s duration before the Company starts negotiations, for the long-term renewal of the right.

This extraordinary, in duration, agreement has been granted to the Company as a result of HERTZ’ successful representation in

Greece during the past 30 years.

Annual Financial Report 31.12.2024

Additionally, and in parallel with the Renting and Fleet Management activities, the Group undertakes car and spare parts trading

as well as after sales support activities in Greece through a number of greek subsidiaries, namely:

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

▪ "HYUNDAI HELLAS SA", "KIA HELLAS SA" and "TECHNOKAR SA",- The exclusive import and distribution of new cars and spare

parts of the brands HYUNDAI, KIA and SEAT/CUPRA respectively.

▪ "ELTREKKA SA" and its 100% subsidiary, "FASTTRAK S.A." - The import and distribution of aftermarket car parts.

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

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

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

total of 5 Stellantis Brands, namely Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep in the Greek market.

FINANCIAL RESULTS OVERVIEW

The key financial highlights for the Company for the year ended 31 December 2024 are as follows:

Group

Company

2024

2023

Δ%

2024

2023

Δ%

Revenue

985,687,604

1,002,674,148

-1.7%

310,247,840

283,051,116

9.6%

EBITDA

278,406,977

272,055,363

2.3%

180,287,939

165,956,773

8.6%

Operating profit

130,283,149

140,423,985

-7.2%

94,374,843

96,070,498

-1.8%

Profit before tax (EBT)

105,391,512

106,140,759

-0.7%

78,551,053

71,751,013

9.5%

Profit for the year (EAT)

89,498,486

84,985,478

5.3%

69,283,354

61,367,885

12.9%

The Group’s revenue is analysed as follows:

Group

2024

2023

Δ%

Income from short and long term car rentals

353,031,398

328,673,777

7.4%

Sales of new and used cars and spare parts and

rendering of after-sales services

514,453,630

564,262,587

-8.8%

Sales of used fleet

118,202,576

109,737,784

7.7%

Total

985,687,604

1,002,674,148

-1.7%

The Company’s revenue is analysed as follows:

Company

2024

2023

Δ%

Income from short and long term car rentals

220,144,496

200,286,530

9.9%

Sales of new and used cars and spare parts and

rendering of after-sales services

197,781

233,752

-15.4%

Sales of used fleet

89,905,563

82,530,834

8.9%

Total

310,247,840

283,051,116

9.6%

Annual Financial Report 31.12.2024

FINANCIAL RATIOS

(i) Growth Ratios

Group

Company

2024

2023

2024

2023

1. Revenue growth

-1.7%

31.0%

9.6%

8.8%

2. Profit after tax and minority interests growth

9.9%

-0.4%

12.9%

-15.4%

The above ratios show the variation of sales and earnings before tax for both the company and the group between 2024 and the

previous year 2023.

(ii) Profitability Ratios

Group

Company

2024

2023

2024

2023

3. Profit before tax / Revenue

10.7%

10.6%

25.3%

4. Profit after tax / Revenue

9.1%

8.5%

22.3%

21.7%

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

Group

Company

2024

2023

2024

2023

5. Return on Equity

18.3%

18.6%

19.7%

18.3%

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

(iii) Financial leverage ratios

Group

Company

2024

2023

2024

2023

6. Bank debt / Equity

1.60

1.26

1.90

1.49

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

(iv) Financial structure ratios

Group

Company

2024

2023

2024

2023

7. Current Assets / Total Assets

24%

21%

11%

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

Group

Company

2024

2023

2024

2023

8. Total Liabilities / Equity

2.28

2.11

2.32

2.06

This ratio reflects the Company’s financial sufficiency.

Annual Financial Report 31.12.2024

Group

Company

2024

2023

2024

2023

9. Tangible and intangible assets / Equity

1.83

1.75

1.78

1.63

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

Group

Company

2024

2023

2024

2023

10. Current assets / Current liabilities

1.10

0.82

0.99

0.46

This ratio reflects the Company’s liquidity.

ALTERNATIVE PERFORMANCE RATIOS (“APR”)

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

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

along with financial results in accordance with IFRS.

Group

Company

2024

2023

2024

2023

11. Adjusted EBITDA

138,959,775

153,284,903

81,832,405

83,857,572

Reconciliation with the financial information:

Earnings before tax, financing & investing activities,

depreciation & amortisation (EBITDA)

278,406,977

272,055,363

180,287,939

165,956,773

Depreciation of cars

(139,447,202)

(118,770,460)

(98,455,534)

(82,099,201)

Adjusted EBITDA

138,959,775

153,284,903

81,832,405

83,857,572

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

Group

Company

2024

2023

2024

2023

12. Adjusted EBT

104,793,398

105,600,792

77,952,939

71,211,046

Reconciliation with the financial information:

Profit before tax (EBT)

105,391,512

106,140,759

78,551,053

71,751,013

Amortisation of unwinding of discount and bond loan costs

(598,114)

(539,967)

(598,114)

(539,967)

Adjusted EBT

104,793,398

105,600,792

77,952,939

71,211,046

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

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

from usual operating activities of the Entity and the Group.

Annual Financial Report 31.12.2024

Group

Company

2024

2023

2024

2023

13. Free Cash Flows

154,585,245

162,181,988

86,750,177

110,496,121

Reconciliation with the financial information:

Net cash generated from operating activities

(54,494,496)

5,404,034

(84,518,833)

(30,966,552)

Plus: Purchases of renting vehicles

343,541,498

293,415,502

265,851,320

224,403,240

Less: Finance leasing purchases of renting vehicles

(16,259,181)

(26,899,764)

(4,676,747)

(409,733)

Less: Sales of renting vehicles

(118,202,576)

(109,737,784)

(89,905,563)

(82,530,834)

Free Cash Flows

154,585,245

162,181,988

86,750,177

110,496,121

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

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

repayment capacity and dividend distribution.

PARTICIPATIONS – CONSOLIDATED COMPANIES

(i) Subsidiaries

Company

Headquarters

Ownership

interest held

AUTOHELLAS TOURIST AND TRADING

SOCIETE ANONYME

Kifissia,

Attica

Parent

AUTOTECHNICA EOOD

Sofia,

Bulgaria

100%

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

AUTOTECHNICA (CYPRUS) LIMITED

Nicosia,

Cyprus

100%

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

AUTOTECHNICA FLEET SERVICES S.R.L.

Bucharest,

Romania

100%

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

AUTOTECHNICA HELLAS S.A.

Kifissia,

Attica

100%

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

AUTOTECHNICA SERBIA DOO

Belgrade,

Serbia

100%

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

AUTOTECHNICA MONTENEGRO DOO

Podgorica,

Montenegro

100%

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

AUTOTECHNICA FLEET SERVICES LLC

Kiev,

Ukraine

100%

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

AUTOTECHNICA FLEET SERVICES DOO

Zagreb,

Croatia

100%

First consolidation on 30.06.2015, due to its incorporation in

Quarter 2 of 2015.

HYUNDAI HELLAS S.A.

Kifissia,

Attica

70%

First consolidation on 31.12.2017, due to its acquisition on

December 2017 through participation in DERASCO TRADING

LIMITED-Indirect Participation.

KIA HELLAS S.A.

Kifissia,

Attica

70%

First consolidation on 31.12.2017, due to its acquisition on

December 2017 through participation in DERASCO TRADING

LIMITED-Indirect Participation.

DERASCO TRADING LIMITED

Nicosia,

Cyprus

100%

First consolidation on 31.12.2017, due to its acquisition in

December 2017.

ELTREKKA S.A.

Kifissia,

Attica

100%

First consolidation on 31.05.2019, after acquiring 100% stake.

FASTTRAK S.A.

Kifissia,

Attica

100%

Indirect participation through its consolidation in ELTREKKA S.A.

TECHNOCAR SINGLE MEMBER S.A.

Kifissia,

Attica

100%

First consolidation on 01.07.2019, after spin-off

HR - ALUGUER DE AUTOMÓVEIS S.A.

Lisbon,

Portugal

89.56%

First consolidation on 31.12.2022 due to its acquisition in October

2022.

Annual Financial Report 31.12.2024

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

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

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

(ii) Associates/Joint Ventures

Company

Headquarters

Ownership

interest

held

SPORTSLAND SPORT FACILITIES -

TOURISM AND HOTELS S.A. (Joint

Venture)

Kifissia,

Attica

50%

First integration on 31.03.2008, due to its incorporation in 2008

CRETE GOLF S.A. (Associate)

Heraklion,

Crete

45.033%

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

participation in its capital in 2015

INSTACAR S.A. (Associate)

Kifissia,

Attica

38.44%

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

participation in its capital in 2022

ELECION ENERGY PRODUCTION AND

TRADING OF ELECTRICITY SOCIETE

ANONYME (Associate)

Palaio Faliro,

Attica

25%

First integration on 04.08.2022 due to increase in Company’s

participation in its capital in 2022

ORNOS SOCIETE ANONYME (Joint

Venture)

Kifissia,

Attica

51%

First integration on 06.10.2022 due to its incorporation in 2022

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

statements using the equity method.

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

the equity method.

In particular regarding associates and joint ventures:

The Company participates in the company “SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.”, with a participation

percentage of 50%. Following successive share capital increases, the Company's participation in the share capital of Sportsland

S.A. on 31.12.2024 amounts to €7,155,000 which corresponds to 50% of the share capital of the said company. The remaining 50%

belonged on 31.12.2024 to TOURISM ENTERPRISES OF MESSINIA S.A.

Additionally, the Company holds an investment in the company “CRETE GOLF S.A.” with a percentage of 45.033%. The Company's

participation in the share capital of CRETE GOLF S.A. amounts on 31.12.2024 to € 6,502,281 which corresponds to a percentage of

45.033% of the share capital of the said company.

Moreover, the Company participates in the company “ELECION ENERGY PRODUCTION AND TRADING OF ELECTRICITY SOCIETE

ANONYME”. The Company's participation in the share capital of ELECION ENERGY S.A. amounts on 31.12.2024 to € 615,000 which

corresponds to 25% of the share capital of the company in question. The investment refers to the construction of solar panel park

in Asopia Boeotia.

Since 2022 the Company participates by 51% in the company “ORNOS S.A.” which is a joint venture of the Autohellas and Samelet

groups and is responsible for the import and distribution of a total of 5 brands of Stellantis, namely Abarth, Alfa Romeo, Fiat, Fiat

Professional and Jeep. The participation of the Company in the share capital of ORNOS SA amounted to €18,870,000 as at

31.12.2024, which corresponds to 51% of its share capital.

Finally, as of 31.12.2024, the Company participates, through its 100% subsidiary Derasco Trading S.A., with a percentage of 38.44%

in the share capital of “INSTACAR S.A.” which is active in vehicle rentals through online subscriptions.

Annual Financial Report 31.12.2024

OTHER NON-CONSOLIDATED SIGNIFICANT PARTICIPATIONS

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

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

Additionally, the Company participates with a percentage of 10.38%. in the share capital of the company “TRADE ESTATES REIC”,

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

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

BRANCHES

The Group maintains a total of 144 branches in Greece and in 8 countries abroad which cover the renting activity as at the

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

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

activity.

DEVELOPMENT AND PROSPECTS

In 2024, the markets in which the Group operates showed growth, particularly in the short-term and long-term rental sectors.

Passenger traffic in Greece showed an annual growth of 8%, positively affecting short-term rentals. Price pressure, due to a large

availability of cars, continued this year, especially during the winter months. Tourism activity maintained its upward trend,

contributing to high demand during the summer season, with even greater increases in the first and last quarters of the year,

improving the seasonality of arrivals.

In the long-term leasing sector, corporate fleet registrations decreased by 2% in 2024. However, more than 55% of total

registrations remained, continuing the long-term trend of leasing preference over ownership. Despite the decline in corporate

registrations in the market, the Company's long-term rentals showed an increase, resulting in an improved market share.

In the car sales sector, total registrations in Greece increased by 2%, with the Group experiencing a decline in market share for

the brands it represents (Hyundai, Kia, SEAT/Cupra, FIAT, Jeep, Alfa Romeo). Despite the increased vehicle availability in the

market and price pressures, the Group’s commercial activity managed to maintain profitability at a satisfactory level.

It is worth noting that in the first half of 2024, in order to further protect itself from high interest rates, the Company issued a

€200 million Bond to the retail market and proceeded with the repayment of floating rate loans. At the same time, the Company

secured financing for car fleet purchases in 2024 and signed a new financing agreement with the Recovery and Resilience Fund

exclusively to enhance its fleet with electric vehicles. Additionally, the Company entered into interest rate swap agreements to

hedge interest rate risk.

Autohellas estimates that 2025 will be characterized by continued growth in leasing, due to increased demand for mobility services

and the strengthening of tourism flows. The company will continue to invest in innovation, sustainable mobility, and service

improvement, maintaining a strong market position despite fluctuations in supply and challenges with pricing.

The Group places utmost importance on providing high-quality services to its customers. This commitment is reinforced by its

long-term experience and the provision of well-equipped, owned facilities that enhance operational efficiency. As a result, the

Group believes it has created a significant market advantage relative to the growing competition. However, one of the most

important challenges to be addressed lies in the effective utilization of technology. The Group recognizes the necessity of

innovation and the development of a series of new, flexible products tailored to the varied and evolving needs of its customer

base. This focus on technology and product development is essential not only for maintaining but also for strengthening its

position in a constantly changing competitive landscape. By prioritizing these areas, the Group aims to ensure it remains at the

forefront of the industry, consistently delivering value to its customers.

Annual Financial Report 31.12.2024

(i) Short and long term rentals in Greece

In 2024, activity in the Long-term Leasing sector showed growth, particularly in the first half of the year, gradually improving the

Group's market share in Greece. During the last four months of the year, a slowdown in demand was observed across the long-

term rental market, which partially affected the growth rate of the activity. Special emphasis was placed during the year on the

development of technological tools through digital applications aimed at improving the customer experience by providing

immediate access to leasing information and addressing personalized needs.

In the long-term leasing sector, the increased preference of businesses and professionals for this mode of mobility is expected to

continue in 2025, which will be a challenging year. New regulations for reducing emissions and the shift towards electric mobility

are expected to shape the corporate leasing landscape, strengthening demand for more flexible and sustainable fleet financing

models. The Company aims to further increase its figures by introducing new long-term leasing programs, starting immediately,

leveraging Group synergies.

In the short-term rental (Rent a Car) sector, Autohellas maintained its leadership position in the Greek market, recording an

increase in both rental days and total revenue. The Company operated in an extremely competitive environment, with a high

availability of vehicles in the market leading to a slight reduction in rental prices. In 2024, it achieved further improvement in fleet

utilization, leveraging all available sales channels, effectively utilizing owned facilities and sales points, and maintaining the high

quality of services provided, with high customer satisfaction levels. Autohellas' competitive advantages, combined with increased

tourism, contributed to the improvement of financial results.

For 2025, short-term rentals are expected to maintain their positive momentum, with demand being influenced by the continued

growth of tourism, as well as potential fluctuations in arrivals depending on the international environment. Competition and

increased vehicle availability will continue to exert pressure on rental prices.

The primary goal remains strengthening all distribution channels, coupled with a robust strategy aimed at capitalizing on the

opportunities of both external and internal markets. By focusing on these two critical areas, the goal for 2025 remains increasing

the efficiency and effectiveness of invested capital in fleet, infrastructure, and human resources. This approach not only ensures

the optimal utilization of the Group's financial commitments but also enables the maximum return on market demands and the

optimization of overall operational performance.

(ii) Car and spare parts Trade

In 2024, the full recovery of issues in the supply chain was not accompanied by the expected increase in sales, resulting in a slight

overall market increase.

The activity of importing, selling, and distributing cars and spare parts for most of the brands represented by the Group faced

significant production shortages in the first half of the year. These shortages, combined with increased prices due to new models,

led to a reduction in both market share and turnover. Nevertheless, the activity of importing, selling, and distributing cars and

spare parts managed to maintain profitability at a satisfactory level.

The retail sales activity of new cars and spare parts saw a decrease in overall turnover, primarily due to the sale of new cars.

However, this decrease was partially offset by an increase in turnover from both After Sales activities and the sale of used cars. At

the same time, with a focus on improving the provided services, the Company continued investing in facilities and human

resources.

Annual Financial Report 31.12.2024

In 2025, the transition to electric mobility is expected to become even more urgent due to the stringent regulations imposed by

the European Union on manufacturers, aiming to further reduce CO2 emissions. The increased prices of electric vehicles, inflation,

and high interest rates (although a declining trend is prevailing) are expected to lead to sales at lower or the same levels compared

to 2024. The activities of importing, selling, and distributing cars and spare parts, along with retail sales of new cars and spare

parts, with continuous investments in products, facilities, and personnel, will aim to increase both market share and profitability.

(iii) Short term and Long term Rentals in foreign countries

Car rentals experienced growth in 2024 in the markets of the Balkans and Cyprus, where the Company’s subsidiaries operate. The

growth in short-term rentals came from more efficient fleet management and upgrades, combined with the full recovery of travel

traffic, particularly in the tourist markets of Cyprus, Croatia, and Montenegro. At the same time, in less tourist-heavy countries

such as Romania, Bulgaria, and Serbia, penetration into local markets intensified, developing corporate leases and gaining market

share from competitors. Finally, the emphasis on fleet used car sales continued, contributing significantly to international growth.

The subsidiary in Portugal recorded an increase in fleet size, benefiting from a 4% increase in passenger traffic. However, the high

availability of vehicles put pressure on prices and the utilization of the available fleet.

In 2025, the positive trend in tourism is expected to continue, however, at a reduced pace. The Group is expected to continue its

strategy in the subsidiaries in the Balkans and Cyprus, targeting further organic growth by enriching products, upgrading services,

and strengthening the quality of the customer base, which includes both tourist and corporate rentals, thus widening market

share in local markets. In the subsidiary in Portugal, the goal is to maintain market share while optimizing the effective utilization

of the fleet. At the same time, price pressures are expected to intensify due to increasing competition. In this competitive

environment, the Group expects to improve its financial figures by focusing on enhancing the customer experience as well as new

operational systems.

INFORMATION RELATED TO TREASURY SHARES

Following the Ordinary General Meeting of the Company's shareholders from July 15, 2020, under which a program for the

purchase of the Company's own shares was approved, in accordance with article 49 of Law 4548/2018 and the more specific terms

set by this decision, as well as of the application and execution of this decision of the Board of Directors of the Company of July

23, 2020, the Company has made in the fiscal years 2020 - 2022 successive acquisitions of its shares as follows:

• Within the fiscal year 2020, a total of 394,071 treasury shares with a nominal value of € 0.08 each have been acquired, with

a total value of € 1,576,999, corresponding to 0.8104% of the Company's shares.

• Within the fiscal year 2021, a total of 95,936 treasury shares with a nominal value of € 0.08 each have been acquired, with a

total value of € 715,443, corresponding to 0.1973% of the Company's shares.

• Within the fiscal year 2022, a total of 37,993 treasury shares have been acquired with a nominal value of €0.08 each, with a

total purchase value of €367,256, corresponding to 0.0781% of the Company's shares.

The acquisitions were made through successive transactions, in accordance with the terms set by Law 4548/2018, Regulation (EU)

596/2014 and the Commission's Delegated Regulation (EU) 2016/1052 of 8 March 2016 and in general the applicable provisions

of the stock exchange legislation, regarding the price and the daily volume of the purchased shares and in any case with a purchase

price within the defined limits of the above decisions of 15.7.2020 and 23.7.2020 of the General Meeting and the Board of

Directors of the Company respectively.

Annual Financial Report 31.12.2024

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

relevant provisions of the Regulations of the Athens Stock Exchange, and by virtue of the decision of the Ordinary General Meeting

of shareholders dated 20.04.2023 of the Company and the decision of its Board of Directors dated 24.05.2023, the Company made

available 20,000 of its free shares, with a total value of 271,840 euros, within the framework of the decision approved by the

aforementioned Ordinary General Assembly. As of December 31, 2023, the Company held a total of 508,000 treasury shares with

a nominal value of €0.08 each, amounting to a total value of €2,558,952, which represents 1.0447% of its share capital.

During the year, a total of 84,810 treasury shares with a nominal value of €0.08 each were acquired, with a total purchase value

of €975,818, representing 0.1744% of the Company's share capital. Additionally, in accordance with the above provisions, 19,000

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

As of December 31, 2024, the Company held a total of 573,810 treasury shares with a nominal value of €0.08 each, amounting to

a total value of €3,426,552, which represents 1.1801% of its share capital.

USE OF FINANCIAL INSTRUMENTS

When deemed appropriate, the Company enters into Interest Rate Swap agreements. As of December 31, 2024, the Company had

not entered into any such agreements.

SIGNIFICANT EVENTS DURING THE YEAR

In January 2024, the Company proceeded with the issuance of a Common Bond Loan (CBL) through a public offering to investors

in Greece, totaling €200 million, divided into up to 200 dematerialized, common, registered bonds with a nominal value of €1,000

each, with a duration of five (5) years.

After the completion of the Public Offering on 19.01.2024, and according to the aggregate allocation data produced using the

Electronic Offer Book of the Athens Stock Exchange, a total of 200,000 dematerialized, common, registered bonds of the Company

with a nominal value of €1,000 each were allocated, raising €200 million in capital.

The total valid demand expressed by investors who participated in the Public Offering amounted to €453.46 million. The broad

response of the public resulted in the Public Offering being covered by 2.3 times and the total number of participating investors

being 8,253. The issue price of the Bonds was set at par, i.e. €1,000 per bond. The final yield on the bonds was set at 4.25% and

the interest rate on the bonds at 4.25% per annum.

The Bonds allocated, based on the valid demand expressed at the yield of 4.25%, are as follows: a) 140,000 Bonds (70% of the

total issued Bonds) were allocated to Private Investors, out of a total of 211,551 Bonds for which valid demand was expressed

(i.e., 66.2% of the demand expressed in this category of investors and at this yield was satisfied) and b) 60,000 Bonds (30% of the

total issued Bonds) were allocated to Special Investors out of a total of 238,606 Bonds for which valid demand was expressed (i.e.,

25.1% of the demand expressed in this category of investors and at this yield was satisfied).

The bonds were made available to the public through a public offering within the Greek territory, using the Electronic Offer Book

service of the Athens Stock Exchange, registered in the Intangible Securities System and listed for trading in the Fixed Income

Securities Category of the Regulated Market of the Athens Stock Exchange.

In December 2024, the allocation of the funds raised from the above-mentioned bond loan of €200 million was completed. The

funds were used according to the approved plan as follows:

Annual Financial Report 31.12.2024

• An amount of €100.0 million was allocated for the repayment of existing bank debt of the Company,

• An amount of €56.0 million was allocated for the renewal or upgrade of the Group's vehicle fleet and to cover the

Group's financing needs in working capital,

• An amount of €39.4 million was allocated to cover the Group's fixed needs, including expenses related to the periodic

renewal or upgrade of the vehicle fleet, taking into account the better servicing of the Group's needs, ensuring the high

quality of the vehicle fleet, and meeting customer demand for the Group's vehicles.

• Additionally, an amount of €4.6 million was allocated for the payment of expenses related to the issuance costs of the

bond loan.

On 22.07.2024, the Company proceeded with the renewal of the financing through the securitization of receivables from long-

term lease contracts (Asset Backed Securitization) with a new investor, the National Bank of Greece, replacing JP Morgan. The

existing Series A bonds amounting to €180 million were repaid and at the same time new Series A bonds amounting to €220

million were issued which were fully covered by the new investor. The replenishment period has been renewed for 24 months

and ended on 20.07.2026.

MAIN RISKS AND UNCERTAINTIES

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

(i) Exchange rate risk

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

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

foreign subsidiaries.

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

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

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

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

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

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

(ii) Interest rate risk

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

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

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

(iii) Credit risk

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

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

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

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

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

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

Annual Financial Report 31.12.2024

(iv) Liquidity risk

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

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

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

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

leases through the securitization of receivables.

(v) Market price risk

With regard to market price risk, the Company and consequently the Group as at 31.12.2024 are exposed to the fluctuation risk

of the stock price of Aegean Airlines S.A, Trade Estates S.A.. For 2024, there was a negative effect on the other comprehensive

income of the Company and consequently of the Group.

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

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

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

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

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

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

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

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

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

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

value of the properties on an annual basis. As of 31.12.2023, the result from the valuation of properties was a profit of €173,000

for investment properties and €350,218 for owner-occupied properties. For the year ending 31.12.2024, the result was a profit of

€1,071,268 for investment properties and a loss of €7,013 for owner-occupied properties.

(vi) Sales Seasonality

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

tourist arrivals. It is indicative that 55% of total RaC sales in Greece, is generated during the July – September period while this

figure for the foreign countries stands at 42% for the summer months. As a result, short – term sales can be affected substantially

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

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

RELATED PARTY TRANSACTIONS

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

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

note 40 of the Annual Consolidated and Company Financial Statements for the year ended 31 December 2024.

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

to its related parties in their entirety.

Annual Financial Report 31.12.2024

CORPORATE GOVERNANCE STATEMENT

i.Corporate Governance Code

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

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

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

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

closing fiscal year 2024, corporate governance practices beyond the requirements of the legislation in force.

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

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

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

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

ii.Deviations from the Corporate Governance Code and justification thereof

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

Code.

Hellenic Corporate Governance Code

Explanation of reasons for non-compliance.

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

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

filling positions or replacements and to ensure each time the smooth

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

purpose.

The company ensures the smooth succession of the members of the

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

lack of management.

The succession framework shall in particular take into account the

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

required changes in composition or skills and to maximize the

effectiveness and collective suitability of the Board of Directors.

The Remunerations and Candidacy Committee completed the

mapping of the framework for filling positions and the succession

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

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

submitted to the Board of Directors.

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

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

bonus awarded, due to breach of contractual terms or inaccurate

financial statements of previous fiscal years or in general based on

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

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

assessment can be made based on the provisions of the Greek

Law.

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

a) General Meeting of Shareholders

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

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

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

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

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

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

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

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

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

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

Annual Financial Report 31.12.2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

the meeting in person or vote through an authorized representative.

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

Communication with the shareholders

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

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

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

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

announcements to the investing public.

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

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

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

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

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

Exchange and other competent organizations.

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

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

b) Board of Directors

Role of the Board of Directors

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

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

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

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

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

Annual Financial Report 31.12.2024

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

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

Composition of the Board of Directors

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

members.

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

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

the Articles of Association of the Company.

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

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

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

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

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

Operation and Responsibilities of the Board of Directors

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

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

Association, fall under the responsibility of the General Meeting.

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

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

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

procedure of its members.

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

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

parties by both the parent company and the subsidiaries.

The procedure of transactions with related parties provides in particular:

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

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

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

▪ Defining and identifying related parties;

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

▪ Cases of transactions excluded from the prior approval scheme;

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

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

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

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

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

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

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

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

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

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

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

KATALLILOTITAS.pdf).

Annual Financial Report 31.12.2024

Chairman of the Board of Directors (Executive member)

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

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

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

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

• Represents the Company before any authority.

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

constructive relations between them.

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

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

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

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

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

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

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

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

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

Chief Executive Officer

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

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

Company’s affairs.

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

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

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

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

• Coordinates and supervises the individual Directorates of the Company.

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

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

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

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

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

their current term.

Name

Capacity

Term start

Term end

Emmanouela Vasilaki

Chairwoman of the Board of Directors, Executive Member

31.03.2021

31.03.2026

Marinos Yannopoulos

Vice-Chairman, Independent Non-Executive Member

31.03.2021

31.03.2026

Eftichios Vassilakis

Chief Executive Officer, Executive Member

31.03.2021

31.03.2026

George Vassilakis

Executive Member

31.03.2021

31.03.2026

Konstantinos Deligiannis

Executive Member

24.11.2023

31.03.2026

Garyfallia Pelekanou

Non-Executive Member

31.03.2021

31.03.2026

Konstantinos Sfakakis

Independent Non-Executive Member

31.03.2021

31.03.2026

Nikolaos Goulis

Independent Non-Executive Member

31.03.2021

31.03.2026

Polyxeni Kazoli

Independent Non-Executive Member

01.09.2021

31.03.2026

Philippe M. Costeletos

Non-Executive Member

25.01.2023

31.03.2026

Annual Financial Report 31.12.2024

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

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

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

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

It is noted that the criteria of independence of the article 9, of the Law 4706/2020 are met by all the non-executive members of

the Board of Directors that have been appointed by the General Meeting of the Shareholders of the Company, as confirmed by

the work of the Company’s Nomination and Remuneration Committee.

Other professional commitments of members of the Board of Directors

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

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

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

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

Company are taken into account in advance.

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

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

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

Company's Board of Directors.

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

maintained by the members of the Board of Directors are listed below on 31.12.2024:

Name

Company

Capacity

Marinos Giannopoulos

PLOMARI DISTILLERY

Independent, Non-executive BoD Member

X-PM CONSULTING

Managing Partner

Eftichios Vassilakis

AEGEAN AIRLINES SA

Chairman, Executive BoD Member

TRADE ESTATES ΑΕΕΑΠ

Non-executive BoD Member

FELIX HOLDINGS Sarl

Shareholder

HERACLION ARCHAEOLOGICAL MUSEUM

BoD Member

LAMDA DEVELOPMENT SA

Non-executive BoD Member

SPORTSLAND SA

Chairman & Chief Executive Officer

CRETE GOLF SA

Chairman, Executive BoD Member

TEMES SA

Non-executive BoD Member

GRΟUΝD DΥΝΑΜΙC HOLDING S.A.

Chairman, Executive BoD Member

SETE

Vice-Chairman

HELLENIC FEDERATION OF ENTERPRISES (SEV)

Vice-Chairman

ENDEAVOR Greece ΑΜΚΕ

BoD Member

PHAEA S.A

Non-executive BoD Member

George Vassilakis

HYUNDAI HELLAS INDUSTRIAL & TRADING SA

Vice- Chairman & Chief Executive Officer

KIA HELLAS INDUSTRIAL & TRADING SA

Vice- Chairman & Chief Executive Officer

TECHNOCAR SINGLE MEMBER TRADING SA

Chairman & Chief Executive Officer

AUTOTECHNICA HELLAS SINGLE MEMBER SA

Chairman & Chief Executive Officer

AEGEAN AIRLINES SA

Non-executive BoD Member

HELLENIC ASSOCIATION OF MOTOR VEHICLES

IMPORTERS REPRESENTATIVES

Chairman

DREPANI VILLAS SA

Chairman & Chief Executive Officer

SARONIC GARDENS SINGLE-MEMBER PRIVATE

COMPANY

Administrator

SARONIC BAY SINGLE-MEMBER PRIVATE

COMPANY

Administrator

SARONIC VISTA

Administrator

WHISPER HOLDINGS SA

Chairman & Chief Executive Officer

BOATSILVER LIMITED

Legal representative

Garyfallia Pelekanou

ADVANTAGE FSE

CFO, Executive BoD Member

Annual Financial Report 31.12.2024

Name

Company

Capacity

Konstantinos Sfakakis

LAMDA DEVELOPMENT SA

Independent Member of the Audit Committee

HELLENIC ACCOUNTING AND OVERSIGHT BOARD

Independent, Non-executive BoD Member

HELLENIC FEDERATION OF ENTERPRISES (SEV)

Advisor of the BoD

Nikolaos Goulis

CHRYSI EFKAIRIA SA

Chairman & Chief Executive Officer

MyJobNow PC

Administrator

ERIMITIS PC

Administrator

DIAMOUDIA PC

Administrator

Polyxeni Kazoli

DIMAND SA

Independent, Non-executive BoD Member

HCGC

Chairwoman

METLEN

Independent, Non-executive BoD Member

Philippe M. Costeletos

RIT CAPITAL

Independent, Non-executive BoD Member

JANUS FERTILITY CLINICS

Chairman

ZENO PARTNERS

Chairman

VANGEST GROUP

Non-executive BoD Member

GENERATION HOME

Non-executive BoD Member

STEMAR CAPITAL PARTNERS

Founder

Board of Directors Meetings

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

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

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

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

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

Name

Capacity

Participation in total meetings

Emmanouela Vasilaki

Chairwoman of the Board of Directors, Executive Member

4/4

Marinos Yannopoulos

Vice-Chairman, Independent Non-Executive Member

4/4

Eftichios Vassilakis

Chief Executive Officer, Executive Member

4/4

George Vassilakis

Executive Member

3/4

Konstantinos Deligiannis

Executive Member

4/4

Garyfallia Pelekanou

Non-Executive Member

4/4

Konstantinos Sfakakis

Independent Non-Executive Member

4/4

Nikolaos Goulis

Independent Non-Executive Member

4/4

Polyxeni Kazoli

Independent Non-Executive Member

3/4

Philippe M. Costeletos

Non-Executive Member

3/4

Evaluation of the Board of Directors Members

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

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

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

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

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

Annual Financial Report 31.12.2024

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

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

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

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

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

experience.

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

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

of Directors is assessed and evaluated.

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

It is noted that the above evaluations for the year 2023 have been completed without identifying any material weaknesses. For

2024 they are in progress and are expected to be completed within the first quarter of 2025 as foreseen by the relevant Company

policy.

Remuneration of the Board of Directors

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

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

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

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

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

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

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

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

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

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

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

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

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

During the Ordinary General Meeting of shareholders that will take place within 2025 concerning the approval of the financial

results 2024, the Remuneration Report related to the paid remunerations to the Board of Directors Members during 2024, will

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

Directors.

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

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

c) Committees of the Board of Directors

(i) Audit Committee

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

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

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

of its Charter of Operations.

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

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

Annual Financial Report 31.12.2024

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

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

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

financial statements of the Company and its results.

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

website (Policies - Autohellas).

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

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

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

Name

Position

Konstantinos Sfakakis

Chairman of the Audit Committee,

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

Eleni Igglezou

Member of the Audit Committee

Not a member of the Board of Directors of the Company

Marinos Yannopoulos

Member of the Audit Committee,

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

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

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

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

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

Committee.

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

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

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

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

fourteen (14) times during the fiscal year 2024 with all its members present (i.e. 100% participation rate).

Report on the activities of the Audit Committee for the fiscal year 2024

“Dear Shareholders,

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

refers to the work of the Audit Committee (hereinafter referred to as the “Committee”) for the period 1.1-31.12.2024,

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

During the fiscal year ended, the Committee met fourteen (14) times, and where it was deemed appropriate, key

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

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

More specifically, the Committee proceeded to the following:

In relation to the external audit

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

Company and the Group for the fiscal year 2024 and the review of the first half of 2024, as well as the contents of the

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

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

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

statements of the Group to discuss any findings.

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

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

result of the mandatory audit.

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

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

Annual Financial Report 31.12.2024

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

and proposed the re-election of the auditing firm PricewaterhouseCoopers.

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

directive 537/2014 were met.

-Was informed about changes in the current regulatory framework.

In relation to the financial information process

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

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

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

the fiscal year.

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

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

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

statements.

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

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

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

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

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

- Reviewed and evaluated the work of the Internal Audit Unit as to the adequacy and effectiveness of the audit carried

out, was informed about all the audits carried out during the period under review, their findings, the corrective actions

agreed with the senior management and informed the Board of Directors accordingly.

-Reviewed the quarterly reports of the Internal Audit Unit for the year 2024 and informed the Board of Directors

accordingly.

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

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

risks faced by the Group companies.

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

audit unit.

- Evaluated the performance of the Chief Internal Auditor.

- Evaluated the performance and efficiency of the Audit Committee.- Verified the process of compliance of the Company

with the requirements of the Corporate Governance Law 4706/2020 through the work of the Internal Audit Unit.

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

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

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

- Monitored the corrective actions taken on the non-significant findings arising from the assessment of the application

and of the Company's Corporate Governance System according to Article 4 of Law 4706/2020, which had been completed

at the beginning of the year with reporting period from 17.07.2021 to 31.12.2023.

Regarding Non-Financial Information and Sustainable Development

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

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

- Approved the assignment of the limited assurance audit of the Sustainability Statement for the year 2024 to the audit

firm Grant Thornton.

- Held meetings with the auditors and was informed about the work plan and results of the audit.

In relation to the Sustainable Development Policy followed.

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

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

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

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

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

Annual Financial Report 31.12.2024

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

achieve their targets and evolve both professionally and personally.

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

footprint of the Group's activities.

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

culture, and education.

- Engaging responsibly by implementing best corporate governance practices.

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

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

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

information in order to carry out its tasks effectively.

FOR THE AUDIT COMMITTEE

THE CHAIRMAN

KONSTANTINOS SFAKAKIS”

(ii) Nomination and Remuneration Committee

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

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

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

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

constitute the majority of the members of the Committee.

The Nomination and Remuneration Committee of the Company for 2024 consisted of the following members:

Name

Position

Marinos Yannopoulos

Chairman of the Committee,

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

Nikolaos Goulis

Member of the Committee,

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

Polixeni Kazoli

Member of the Committee

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

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

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

when required. Within the fiscal year it met four (4) times with all its members present (i.e. 100% participation rate).

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

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

apodoxon/).

Annual Financial Report 31.12.2024

Report on the activities of the Candidacy and Remuneration Committee

“Dear Shareholders,

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

“Committee”).

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

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

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

decisions made by the Committee.

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

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

Directors.

- Reviewed and submitted proposals, where deemed necessary, regarding the Company's revised Remuneration Policy.

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

deemed necessary.

-Discussed the draft succession plan for the members of the Company's Board of Directors and proceed with relevant

proposals.

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

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

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

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

-Evaluated the performance and effectiveness of its operations.

FOR THE NOMINATION AND REMUNERATION COMMITTEE

THE CHAIRMAN

MARINOS YANNOPOULOS»

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

Name

Capacity

No of shares

Emmanouela Vasilaki

General Manager-Chairwoman of BoD

197.413

Konstantintos Deligiannis

Executive Member of BoD

12.000

Antonia Dimitrakopoulou

Chief Financial Officer

10.000

Evangelos Fytalis

Leasing Sales Director

42.624

Alexios Karamalis

RaC Sales Director

5.875

Constantinos Siambanis

Chief Accountant

8.000

Zacharias Vitzilaios

Head of Investor Relations

8.641

Despina Psistaki

RaC Retail Director

4.000

The CVs of the Company’s executives can be found in the company’s site address: https://www.autohellas.gr/

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

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

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

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

Annual Financial Report 31.12.2024

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

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

discrimination.

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

and the educational and professional history of the members, as is also shown by what was presented above regarding the

Members of the Board of Directors and of the Committees. The objective is to have within the Company pluralism of opinions,

skills, knowledge and experience, which meet the Company's objectives. The adoption and implementation of this policy results

in the creation of a working environment without discrimination and prejudice.

Further details regarding the diversity of the Company are set out in the Sustainability Statement.

iv.Description of the main characteristics of the Internal Audit and Risk Management Systems of the Company in relation to the

process of preparation of the financial statements.

Internal Control system

The Internal Control system is defined as the set of internal audit mechanisms and procedures, including risk management, internal

audit and regulatory compliance, which continuously covers every activity of the Company and contributes to its safe and effective

operation.

Under the responsibility of the Board of Directors, the Internal Control system is periodically evaluated on the basis of the

approved evaluation policy and procedure followed by the Company. The policy shall include the general principles concerning

the scope and periodicity of the Internal Control system audit, the scope of the assessment, any significant subsidiaries that will

be included in the evaluation, assignment and monitoring of the results of the evaluation.

In addition, a relevant Internal Control system Evaluation Procedure is applied, which includes the individual selection stages of

the candidates to be evaluated by the competent body, the process of proposal, selection and approval of the assignment of the

evaluation by the competent body, as well as the competent person / body responsible for monitoring and compliance of the

agreed project.

In relation to the process of the preparation the financial statements as key controls, the following are mentioned:

- Segregation of duties

- Determination of restricted access rights for users of the system, based on the tasks falling within their responsibilities

- Existence of a group exclusively engaged in the preparation of financial statements of parent and consolidated

- Conducting audits by Senior Executives of the Financial Director at each stage of preparation of the financial statements

- Verifications and checks of the exported reports of various information systems

- Control of consolidation process

- Confirmation of trade receivables and liabilities by confirmation letters

- Regular and ad-hoc stock counts

- Competent and experienced executives

In addition to the above, the procedures followed during the preparation of financial statements and relevant controls are

subject to audit by the Company’s Internal Audit Unit.

Annual Financial Report 31.12.2024

Internal Audit Unit

The Internal Audit Unit is an independent organizational unit within the Company, with a view to monitoring and improving the

Company's functions and policies regarding its Internal Control system. It is independent from the other operational units of the

Company and reports administratively to the CEO and functionally to the Audit Committee, which is also its supervisory body.

The Head of the Internal Audit Unit is appointed by the Board of Directors of the Company, upon proposal of the Audit Committee,

is a full-time and exclusive employee, personally and functionally independent and objective in the performance of his / her duties

and has the appropriate knowledge and relevant professional experience.

Each member of the Internal Audit Unit for the exercise of his / her duties must follow the applicable legislation, the International

Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors, the decisions of the Management

and the Audit Committee, science and modern theory and practice.

It also has to comply with the Code of Ethics of the Institute of Internal Auditors and is expected to apply and defend the following

principles:

• Integrity

• Objectivity

• Confidentiality

• Adequacy

Detailed description of the tasks and principles of operation of the Unit are included in the charter of operations of the Unit

approved by the Audit Committee and the Board of Directors of the Company.

Responsibilities of the Internal Audit Unit

The Internal Audit Unit has the following indicative responsibilities:

▪ Monitors, controls and evaluates in particular:

- The implementation of the Charter of Operations and the Internal Control system, in particular as regards the

adequacy and correctness of the financial and non-financial information provided, risk management, regulatory

compliance and the Corporate Governance Code adopted by the Company,

- Compliance with legislation,

- Quality assurance mechanisms,

- Corporate governance mechanisms; and

- Compliance with the commitments contained in the Company's prospectuses and business plans concerning the

use of funds raised from the regulated market.

▪ Issues reports to the audited units with the findings, the risks arising from them and the improvement proposals, if any.

The above reports, following the incorporation of the relevant views by the audited units, the agreed actions, if any, or

the acceptance of the risk of not taking action by them, the limitations in its scope, if any, the final internal audit proposals

and the results of the response of the audited units of the Company to its proposals shall be submitted every three

months to the Audit Committee.

▪ Submits reports to the Audit Committee at least every three months, including its most important issues and proposals,

on the tasks referred to in (a) and (b) above, which the Audit Committee shall present and submit together with its

observations to the Board of Directors. In exceptional cases and where circumstances arise, special reports shall be

submitted upon the recommendation of the Audit Committee. In general, the Head of the Internal Audit Unit has regular

meetings and communication with the Audit Committee to discuss issues within its competence, as well as problems that

may arise from internal audits.

▪ Plays a leading role in the implementation of the monitoring of the Internal Control system of the Company and examines

the effectiveness of the existing controls

▪ The Head of the Unit submits to the Audit Committee an annual audit program and the requirements of the necessary

resources, as well as the impact of limiting the resources or the audit work of the unit in general.

Annual Financial Report 31.12.2024

The annual audit program shall be prepared on the basis of an assessment of the risks of the Company, having previously

taken into account the opinion of the Audit Committee as well as on matters identified by the Management and the Audit

Committee.

During the completion of their duties, the Internal Audit Unit shall have access to any organizational unit of the Company and shall

be informed of any information required for the performance of its duties.

More specifically, during the performance of his / her duties, the Head of the Unit is entitled to be informed of any book,

document, file, bank account and portfolio of the Company and to have full and free access to the records, physical facilities and

personnel of the Company. He or she is entitled, in general, to be informed of any data necessary for the exercise of his / her

duties.

Compliance and Risk Management Unit

The Company has established a Risk Management and Regulatory Compliance Unit which is responsible for the review of the risk

identification and assessment process, the management and response procedures of the Company to them and the procedures

for monitoring the development of risks and on the other hand establishes and applies appropriate and updated policies and

procedures, in order to achieve in a timely manner the full and continuous compliance of the Company with the applicable

regulatory framework.

It consists of two arms which act as a single unit. The Risk Management and Regulatory Compliance Unit is administratively

subordinated to the CEO and reports to the Audit Committee.

Its main responsibilities regarding risk management are the following:

• Identifying, evaluating and reporting the most important risks, as well as finding appropriate methods to minimize them.

• The preparation and renewal of the risk and safety register.

• Makes recommendations about the risk profile and risk appetite of the Company.

• Makes recommendations about risk management policies and procedures.

• Makes recommendations about the overall risk management strategy.

• Assesses capital requirements on existing and future risks.

• Submits risk assessment reports and other reports.

The Risk Management and Regulatory Compliance Unit, within its competence on regulatory compliance, supports the Internal

Audit Unit in the management of regulatory compliance risk. Supervises and coordinates the compliance of the Company with the

current institutional framework, the rules of the Hellenic Capital Market Commission and other supervisory authorities, as well as

the internal rules adopted.

The Risk Management and Regulatory Compliance Unit in the above framework essentially functions as a second line defense

unit of the rules and procedures for the timely and continuous compliance of the Company with the applicable regulatory

framework and its internal charter of operations.

The main responsibilities of the Risk Management and Regulatory Compliance Unit as regards the part of regulatory compliance

are the following:

• Establishes appropriate and up-to-date policies and procedures, in order to achieve in a timely manner the full and continuous

compliance of the Company with the applicable legal and regulatory framework and to check the degree of achievement of this

purpose.

• Monitors and controls on a continuous basis the Company’s compliance with regulatory and legislative requirements.

• Supervises legislative and regulatory risk support procedures.

• Advises on regulatory issue.

Annual Financial Report 31.12.2024

v.Results of the evaluation of the Corporate Governance System of the Company for the period 17-07-2021 to 31-12-2023, based

on the provisions of the article 4 of the Law. 4706/2020.

The Board of Directors, as part of its obligations arising from paragraph 1 of Article 4 of Law 4706/2020, evaluated the

implementation and effectiveness of the Company's Corporate Governance System as of December 31, 2023.

As part of this evaluation, the Board of Directors of the Company assigned the Internal Audit Unit of the Group to conduct the

assessment, taking into account international internal control standards as well as the Group's policies and procedures. Based

on the work of the Internal Audit Unit, no significant weaknesses were identified in the Company's Corporate Governance

System.

vi.The information required in cases c, d, f, h and i of par. 1 of Article 10 of Directive 2004/25/EC of the European Parliament and

of the Council of 21 April 2004 takeover bids, are stated below.

Information of Article 4 (par.7) L.3556/2007

a) Company’s share capital structure

Following the decision of the Extraordinary General Meeting of Shareholders dated September 01, 2021, it was decided to cancel

230.236 treasury shares of nominal value of EUR 0.08 each that the Company had acquired and held by virtue of the decision of

the Annual General Meeting of Shareholders of 24.4.2012 in accordance with article 16 of the then applicable Law 2190/1920,

with a consequent reduction of its share capital by the amount of EUR 18,418.88. Following the above reduction due to the

cancellation of the shares, the Company's share capital now amounts to EUR 3,889,981.12, divided into 48,624,764 common

registered shares with a nominal value of €0.08 each.

The Company's shares are listed for trading in the Securities Market of the Athens Stock Exchange.

The rights of the Company's shareholders arising from its share are proportional to the capital percentage which the paid value of

the share corresponds to. Each share confers all the rights provided by the law and the Articles of Association of the Company,

and in particular:

• Right to dividend from the Company's annual profits or liquidation proceedings. After the withholding of (a) a statutory reserve

from the Company's net profits in accordance with article 158 Law 4548/2018 and (b) other credit items in the income statement,

not derived from realized profits, and (c) the payment of the minimum dividend of Article 161 Law 4548/2018, in accordance with

a relevant decision of the General Meeting, the remaining net profits, as well as any other profits that may arise and be distributed,

in accordance with Article 159 Law 4548/2018, are distributed according to the definitions of the Articles of Association and the

decisions of the General Meeting. As to the remainder of issues of distribution of profits, the provisions of Law 4548/2018 apply,

as in force;

• Right to take over the contribution at the time of liquidation or, respectively, the capital depreciation which corresponds to the

share, if decided by the General Meeting;

• Right of pre-emption to any increase in the share capital of the Company in cash and to the subscription of new shares;

• Right to obtain a copy of the financial statements and reports of the auditors-certified accountants and the Company’s BoD;

• Right to participate in the General Meeting, which is specialized in the following individual rights: legalization, presence,

participation in the discussions, and submission of proposals on items of the agenda, recording of opinions in the Minutes and

voting;

• The General Meeting of the Company’s Shareholders reserves all its rights during liquidation;

The liability of the Company's shareholders is limited to the nominal value of the shares they hold.

b) Restrictions on corporate shares’ transfer

Corporate shares are transferred as prescribed by the Law and there are no restrictions on their transfer provided by its Articles

of Association, especially as they are intangible shares listed on the Athens Stock Exchange.

c) Significant, direct or indirect participations according to Article 4(7) Law 3556/2007

On 31.12.2024, the company under the name MAIN STREAM S.A. owned 61.25% of the total voting rights in the Company. The

above company is controlled by Mr. Eftichios Vassilakis

Annual Financial Report 31.12.2024

d) Shares, conferring special control rights

There are no corporate shares, conferring special controlling rights to their holders.

e) Restrictions on the right to vote

The Company's articles of association do not provide for restrictions on the right to vote arising from its shares.

f) Company shareholders' agreements

The Company is not aware of the existence of agreements between its shareholders, which entail restrictions on the transfer of

its shares or on the exercise of the voting rights deriving from its shares.

g) Rules for appointing and replacing members of the Board of Directors and amending the statutes

The Board of Directors consists of five to twelve members, elected by the General Assembly for a five-year term, which cannot in

any case exceed six years.

The rules provided for in the Company's Articles of Association for the appointment and replacement of the members of its Board

of Directors as well as for the amendment of its provisions do not differ from those provided for in Law 4548/2018, as applicable

and/or in Law 4706/ 2020, as applicable.

h) Authority of the Board of Directors to issue new or purchase own shares

In accordance with the provisions of article 24 par. 1 of Law 4548/2018, the Company's Board of Directors has the right, following

a relevant decision of the General Assembly subject to the publicity formalities of article 13 of Law 4548/2018, to increase the

share capital of the Company partially or fully by issuing new shares, by its decision taken by a majority of at least two-thirds (2/3)

of all its members. In this case, the share capital may be increased by an amount that cannot exceed three times the capital existing

on the date the Board of Directors was granted the authority to increase the capital. The above authority of the Board of Directors

may be renewed by the General Assembly for a period not exceeding five years for each granted renewal. The validity of each

renewal starts from the expiration of the validity period of the previous one. The decisions of the General Assembly to grant or

renew the authority to increase the capital by the board of directors are submitted to the public according to law.

According to article 49 par. 1 of Law 4548/2018, the Company may, itself or with a person acting in its name but on its behalf,

acquire its shares that have already been issued, but only after the approval of the General Assembly which defines the terms and

conditions of the intended acquisitions and, in particular, the maximum number of shares that may be acquired, the duration for

which approval is granted, which cannot exceed twenty-four (24) months and, in case of acquisition due to compelling reason, the

minimum and maximum limits of the acquisition value. The decision of the General Assembly is made public. These acquisitions

are made under the responsibility of the members of the Board of Directors under the conditions of article 49 par. 2 of Law

4548/2018.

Regarding the acquisition of own shares by the Company, detailed information is listed above in the section “INFORMATION

REFERRING TO THE ACQUISITION OF OWN SHARES”.

i) Material agreements that come into force, are amended or expire in the event of a change of control following a public

offer

There are no agreements that come into force, are amended or expire in the event of a change in control of the Company following

a public offer.

Annual Financial Report 31.12.2024

j) Agreements with members of the Board of Directors or Company staff regarding compensation in case of resignation, etc.

There are no agreements of the Company with members of its Board of Directors or with its staff, which provide for the payment

of compensation specifically in case of resignation or dismissal without valid reason or termination of their term or employment

due to a public proposal.

k) Explanatory report on the additional information of article 4, paragraph 7 of Law 3556/2007

With reference to the information in paragraph 9, we note the following events that occurred during the period from 01.01.2024

to 31.12.2024.

Significant direct or indirect holdings

On 31.12.2024, the company under the name MAIN STREAM S.A. owned 61.25% of the total voting rights in the Company. The

above company is controlled by Mr. Eftichios Vassilakis.

DIVIDEND POLICY

Board of Directors proposal on the distribution of dividend to shareholders shall be submitted up to the date of publication of the

invitation to the Regular General Meeting.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

Since the reporting date and until the approval of the Financial Statements from the Board of Directors, the Company has

proceeded with the following:

In January 2025, within the framework of implementing Article 19 of Regulation (EU) No 596/2014 and the related Delegated

Regulations (EU) 522/2016 and (EU) 957/2016 and the Implementing Regulation (EU) 523/2016, and based on the concept of a

close link of a legal entity, the Company announced the purchase of 3,013,220 shares of Trade Estates REIC, at the price of €1.50

and a total value of €4,519,830.

SUSTAINABILITY STATEMENT

1. General Disclosures

i. General information

Introduction

The sustainability statement of Autohellas Group presents the Group’s environmental, social, and governance (ESG) performance,

offering stakeholders a detailed and transparent view of how the Group addresses sustainability-related issues.

This section provides an overview of the material sustainability impacts, risks, and opportunities identified, along with Autohellas

Group's principles for sustainability reporting, which serve as the foundation for preparing the sustainability statements.

Basis for preparation

The sustainability statement is prepared in accordance with the requirements of the EU Corporate Sustainability Reporting

Directive (CSRD) and the underlying European Sustainability Reporting Standards (ESRS) issued by the European Financial

Reporting Advisory Group (EFRAG) as well as with the Law 5164/2024 which incorporates it into the Greek legal framework.

Annual Financial Report 31.12.2024

Additionally, the report has been prepared based on the guidance in “the ESG Reporting Guide of the Athens Stock Exchange

(AthEx)”. This guide includes a series of key indicators which calculate the company’s performance and align its activities based

on specific criteria.

In this Sustainability Report, Autohellas Group has chosen to follow the time horizons as defined in ESRS 1, Section 6.4,

distinguishing targets into short-term, medium-term, and long-term periods. This approach ensures consistency, transparency,

and the ability to compare the Group's performance against international benchmarking standards.

Scope

The sustainability statement covers the same period as the one covered in the financial statements, i.e. 1 January - 31 December

2024.

The data is consolidated according to the same principles used in the financial statements, unless otherwise specifically stated.

The consolidated quantitative ESG data concerns the parent company Autohellas Tourist and Trading Société Anonyme

(hereinafter “the Company”) and subsidiaries controlled by the Company (together, “the Group), as detailed in Note 12 to the

financial statements. All subsidiaries of Autohellas Group are included in the combined sustainability report and none of them are

excluded pursuant to Articles 19a(9) or 29a(8) of Directive 2013/34/EU. Associates and joint ventures are excluded from the

consolidated ESG data points.

Data points included in the Environmental, Social, and Governance sections of the sustainability statement have been assessed as

material based on the Group’s double materiality assessment (DMA). Additional data points, which have been included in the

Group’s previous sustainability reports but have been deemed below the current double materiality assessment thresholds, have

been reported in the appendix, as they are requested by certain ESG ratings and stakeholders.

Autohellas conducted a Double Materiality Assessment ("DMA") to evaluate sustainability impacts, risks, and opportunities (IRO).

The assessment was based on a defined set of selection criteria and aligned with the guidelines of the European Sustainability

Reporting Standards (ESRS). The Group carries out a thorough assessment of its impacts, risks, and opportunities—whether

positive or negative, actual or potential—concerning both people and the environment throughout its entire value chain.

Measurement basis

The accounting policies have been applied consistently throughout the financial year. The calculation factors and data sources

used are provided in the relevant section of the report.

Where applicable, comparative figures have been restated to align with the measurement methods of the current-year figures.

Such cases are clearly indicated.

Accounting estimates and judgements

Certain data points rely on assessments and estimates, which are periodically reviewed and reassessed according to experience,

developments in ESG reporting, and other factors. Any changes are reflected in both the current and the comparative figures.

Additionally, judgements are applied when implementing accounting policies. Information on the key estimates, judgements, and

assumptions is available in the relevant quantitative ESG data sections of the statement.

Autohellas Group is committed to continuously enhancing its sustainability reporting to ensure a precise and transparent

representation of its material direct and indirect impacts. The company prioritizes the use of internal records and primary data,

aiming to expand their scope while minimizing reliance on estimates or third-party sources.

Annual Financial Report 31.12.2024

Reporting process and external review

The Group regularly evaluates its sustainability reporting process. The Group faces risks related to incomplete or inconsistent

sustainability reporting, and potential inaccuracies or manual errors in data aggregation. To address these risks, the Group has

implemented review controls for quantitative and qualitative data by business area and group functions, and has established a

reporting process with automated input controls in the reporting systems.

Additionally, the Group has engaged external auditors, who review Autohellas Group’s sustainability reporting as part of their

limited assurance process, which is outlined in the independent auditor's limited assurance report on the sustainability statement.

The assurance process is risk-based, with auditors sharing feedback on risk assessments with both the Audit Committee and

management, as well as with the Board of Directors during their review of the annual report.

The sustainability statement is approved by the Board of Directors.

ii. Sustainability governance

Autohellas Group has established a sustainability governance framework that ensures clear oversight and management of

sustainability-related matters. The responsibility for managing sustainability-related impacts, risks, and opportunities (IROs) is not

delegated to a specific management-level position, as Autohellas Group does not currently have an executive-level sustainability

accountability process in place. However, oversight of sustainability risks is integrated within the Board of Directors and the

Sustainability Committee, ensuring that sustainability matters are addressed within the broader corporate governance framework.

Board of Directors

The Board of Directors serves as the highest governing body for sustainability and is responsible for approving sustainability

policies, overseeing material sustainability impacts, risks, and opportunities (IROs), and ensuring compliance with ESRS disclosure

requirements. The Board reviews sustainability performance annually and assesses progress on key environmental, social, and

governance (ESG) commitments, including climate transition, responsible business conduct, and corporate social responsibility

initiatives.

The Board of Directors comprises members with diverse expertise in key sectors relevant to the company’s business, including

automotive services, fleet management, finance, and international mobility solutions. Board members bring extensive experience

in corporate governance, risk management, and strategic planning, ensuring a comprehensive understanding of the operational

and geographic landscape in which the company operates. The Board collectively oversees business expansion, financial

sustainability, and adaptation to evolving regulatory frameworks, ensuring that decision-making aligns with industry best practices

and market trends.

Statistical information on the structure of the Board of Directors is presented in the below table:

2024

Number of executive members

Number of non-executive members

Board's gender diversity ratio

0,30

Percentage of male board members

70%

Percentage of female board members

30%

Percentage of independent board members

40%

Autohellas Group ensures that its Board of Directors and senior management have access to sustainability expertise through

external advisors, regulatory updates, and industry best practices. While sustainability is not a formal Board competency

requirement, training and advisory support are provided to enhance ESG risk management and compliance capabilities. This

approach ensures that sustainability considerations are effectively integrated into corporate decision-making and governance

frameworks.

Annual Financial Report 31.12.2024

At present, Autohellas Group does not have an employee or worker representative designated as a member of the Board of

Directors. However, the company actively engages with employees through internal communication channels, HR policies, and

stakeholder engagement initiatives to ensure that workforce concerns and insights are considered in corporate decision-making.

Employee-related matters, including workplace policies, training, and sustainability initiatives, are managed through the HR

Department and the Candidacy & Remuneration Committee, which provide input to senior management and the Board on

workforce-related risks and opportunities.

Sustainability Committee

The Sustainability Committee manages sustainability-related IROs, ensuring that sustainability objectives are aligned with business

strategy, regulatory requirements, and stakeholder expectations. The Committee is responsible for identifying and evaluating

material sustainability IROs, integrating them into corporate policies, and monitoring their impact on business operations, supply

chains, and financial performance. It collaborates with relevant business units to ensure that sustainability risks are mitigated,

opportunities are leveraged, and reporting practices remain aligned with CSRD and ESRS disclosure standards.

The Sustainability Committee is also responsible for reviewing and updating policies that incorporate responsibilities for

sustainability impacts, risks, and opportunities and reflect evolving regulatory requirements, stakeholder expectations, and

business priorities. These policies cover key areas such as climate change, corporate governance, anti-corruption, data protection,

and workforce well-being. They apply to employees, suppliers, business partners, and key stakeholders to ensure that

sustainability commitments are upheld across the company’s operations and value chain.

Through the Sustainability Committee, the Board of Directors and senior executive management oversee sustainability targets,

ensuring alignment with material topics identified in the Double Materiality Assessment (DMA). Key focus areas include emissions

reduction, fleet electrification, energy efficiency, and responsible business practices. Progress is monitored through structured

reporting, with regular updates provided to senior management and the Board. The Sustainability Committee evaluates ESG

performance and recommends adjustments, ensuring that sustainability risks and opportunities are proactively managed and

integrated into corporate strategy.

The Board of Directors, along with its committees, is in the early stages of establishing a structured process for receiving updates

on material sustainability impacts, risks, and opportunities. Currently, sustainability reporting to these governance bodies occurs

on an ad-hoc basis, with the intent to develop a more structured annual review cycle as the Company enhances its sustainability

governance mechanisms.

Audit Committee and Candidacy & Remuneration Committee

The Audit Committee at Autohellas is crucial in overseeing both the accurate reporting and effective implementation of the

company’s sustainability policy. The committee ensures that Autohellas' sustainability disclosures are transparent, reliable, and

fully compliant with Greek law and EU regulations and directives. This involves reviewing the company’s environmental, social,

and governance (ESG) reports, ensuring that all the information is comprehensive, accurate, and truly reflects the company’s

sustainability efforts. Additionally, the Audit Committee ensures that the sustainability policy is properly implemented across all

levels of the organization, integrating key sustainability objectives into both operational practices and strategic decision-making.

The Candidacy and Remuneration Committee at Autohellas plays a key role in aligning the company’s leadership with its

sustainability objectives by overseeing the selection of Board members and executives who are dedicated to advancing

sustainability initiatives.

Annual Financial Report 31.12.2024

Currently, the proportion of variable remuneration at Autohellas Group linked explicitly to sustainability-related targets and

impacts is 0%. At present, the company's remuneration framework does not formally incorporate sustainability performance

criteria. However, recognizing the growing importance of aligning remuneration with sustainability targets and the

recommendations of ESRS, the company intends to examine the possibility of integrating specific sustainability-related targets

into its variable remuneration policy in future periods. This examination will consider industry best practices, stakeholder

expectations, and internal strategic objectives, aiming to enhance alignment between executive incentives and long-term

sustainability performance.

More detailed information on the roles of the Audit Committee and Candidacy & Remuneration Committee is included in the

Corporate Governance Statement in the Board of Directors Report.

Due diligence

The Group, building on existing practices, is in the process of establishing due diligence processes in key areas such as human

rights, supply chain management, and stakeholder engagement, ensuring compliance with OECD guidelines. The Group is further

enhancing its due diligence framework to strengthen risk identification, impact mitigation, and ethical business conduct across its

operations and value chain.

KEY ELEMENTS OF DUE DILIGENCE

PARAGRAPHS IN THE SUSTAINABILITY STATEMENT

Integration of due diligence into governance, strategy, and business

model

General disclosures/Sustainability governance

Engagement with affected stakeholders at all key stages of due diligence

General disclosures/ Due diligence

Identification and assessment of adverse impacts

General disclosures/ Impact, risk and opportunity management

Implementation of measures to address these adverse impacts

Climate Change mitigation, Own Workforce, Consumers and

End-Users, Business Conduct

Monitoring and disclosure of the effectiveness of these efforts

Climate Change mitigation, Own Workforce, Consumers and

End-Users, Business Conduct

iii. Disclosure requirements covered

General Disclosures

ESRS disclosure requirement

Chapter

BP-1

General basis for preparation of the sustainability statement

General Disclosures

BP-2

Disclosures in relation to specific circumstances

General Disclosures

GOV-1

The role of the administrative, management, and supervisory bodies

General Disclosures

GOV-2

Information provided to and sustainability matters addressed by the undertaking’s

administrative, management, and supervisory bodies

General Disclosures

GOV-3

Integration of sustainability-related performance in incentive schemes

General Disclosures

GOV-4

Statement on Due Diligence

General Disclosures

GOV-5

Risk management and internal controls over sustainability reporting

General Disclosures

SBM-1

Strategy, business model, and value chain

General Disclosures

SBM-2

Interests and views of stakeholders

General Disclosures

SBM-3

Material impacts, risks, and opportunities and their interaction with strategy and

business model

General Disclosures

IRO-1

Description of the process to identify and assess material impacts, risks, and

opportunities

General Disclosures

IRO-2

Disclosure requirements in ESRS covered by the undertaking’s sustainability

statement

General Disclosures

Annual Financial Report 31.12.2024

Environment

Climate change

ESRS disclosure requirement

Chapter

E1.GOV-3

Integration of sustainability-related performance in incentive schemes

Climate change

mitigation

E1-1

Transition plan for climate change mitigation

Climate change

mitigation

E1.SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

Climate change

mitigation

E1.IRO-1

Description of the processes to identify and assess material climate-related

impacts, risks and opportunities

Climate change

mitigation

E1-2

Policies related to climate change mitigation and adaptation

Climate change

mitigation

E1-3

Actions and resources in relation to climate change policies

Climate change

mitigation

E1-4

Targets related to climate change mitigation and adaptation

Climate change

mitigation

E1-5

Energy consumption and mix

Climate change

mitigation

E1-6

Gross scopes 1, 2, 3 and Total GHG emissions

Climate change

mitigation

Social

Own workforce

ESRS disclosure requirement

Chapter

S1.SBM-2

Interests and views of stakeholders

Own workforce

S1.SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

Own workforce

S1-1

Policies related to own workforce

Own workforce

S1-2

Processes for engaging with own workforce and workers’ representatives about

impacts

Own workforce

S1-3

Processes to remediate negative impacts and channels for own workforce to raise

concerns

Own workforce

S1-4

Taking action on material impacts on own workforce, and approaches to managing

material risks and pursuing material opportunities related to own workforce and

effectiveness of those actions

Own workforce

S1-6

Characteristics of the undertaking’s employees

Own workforce

S1-8

Collective bargaining coverage and social dialogue

Own workforce

S1-9

Diversity metrics

Own workforce

S1-12

Persons with disabilities

Own workforce

S1-13

Training and skills development metrics

Own workforce

S1-14

Health and safety metrics

Own workforce

Consumers and end-users

ESRS disclosure requirement

Chapter

S4.SBM-2

Interests and views of stakeholders

Consumers and end-

users

S4.SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

Consumers and end-

users

S4-1

Policies related to consumers and end-users

Consumers and end-

users

S4-2

Processes for engaging with consumers and end-users about impacts

Consumers and end-

users

S4-3

Processes to remediate negative impacts and channels for consumers and end-

users to raise concerns

Consumers and end-

users

S4-4

Taking action on material impacts on consumers and end-users, and approaches to

managing material risks and pursuing material opportunities related to consumers

and end-users, and effectiveness of those actions

Consumers and end-

users

S4-5

Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

Consumers and end-

users

Governance

ESRS disclosure requirement

Chapter

Annual Financial Report 31.12.2024

G1.GOV-1

The role of the administrative, supervisory and management bodies

Business conduct

G1.IRO-1

Description of the processes to identify and assess material impacts, risks and

opportunities

Business conduct

G1-1

Business conduct policies and corporate culture

Business conduct

G1-2

Management of relationships with suppliers

Business conduct

G1-3

Prevention and detection of corruption and bribery

Business conduct

G1-4

Incidents of corruption or bribery

Business conduct

G1-5

Political influence and lobbying activities

Business conduct

G1-6

Payment practices

Business conduct

iv. Business model and value creation

Value proposition

Autohellas Group manages a rental fleet of over 60,000 vehicles and operates through more than 170 service locations in 9

countries. At the heart of the Group’s operations is its human capital, which now exceeds 1,800 people in Greece and abroad. A

geographical breakdown of the Group’s human capital is presented in the chapter “Own Workforce” of this Sustainability

Statement.

Autohellas Group delivers comprehensive and innovative mobility solutions, continuously investing in technological

advancements, fleet modernization, and customer service excellence. The business model emphasizes the integration of hybrid

and electric vehicles, reflecting the Group’s commitment to sustainable mobility solutions.

The core operations of Autohellas Group encompass:

• Short- and long-term vehicle rentals for individuals, businesses, and public institutions

• Import, trade, and retail of new vehicles and spare parts, enhancing market competitiveness

• Sales of used vehicles and spare parts, ensuring a structured vehicle lifecycle management process

• After-sales services, including vehicle repair and maintenance, and customer support, reinforcing customer loyalty and

extending asset longevity

These activities support Autohellas Group’s mission to offer flexible, cost-effective, and high-quality mobility services, ensuring

strong market positioning in both domestic and international markets.

The Group’s total revenue from its business activities is broken down into three operating segments and reported in Note 6 of the

Consolidated Financial Statements.

Autohellas Group has no revenue generated from coal, oil, gas or fossil fuel-related activities. Likewise, the Group does not derive

revenue from activities related to the production of chemicals, controversial weapons, or from the cultivation and production of

tobacco.

Key inputs and resources

Autohellas Group's business operations are supported by four primary key inputs, ensuring service reliability, operational

efficiency, and long-term sustainability. These inputs form the foundation of the company's fleet management, rental services,

vehicle sales, and corporate mobility solutions.

Annual Financial Report 31.12.2024

• Vehicle fleet

The Group’s vehicle fleet is the core asset enabling its rental, leasing, and sales operations. Sourced from car

manufacturers, dealers, and importers, the fleet is continuously upgraded to ensure modern, fuel-efficient, and

increasingly electrified vehicle offerings. The fleet's lifecycle is managed through procurement, maintenance, utilization,

and resale, maximizing asset value while aligning with customer mobility needs and sustainability commitments.

• Infrastructure

Autohellas Group operates through a network of proprietary service locations, storage facilities, and maintenance

centers, ensuring fleet accessibility, vehicle servicing, and operational continuity. Property lessors and car maintenance

service providers play a critical role in sustaining vehicle performance, customer satisfaction, and long-term asset

optimization.

• Financial capital

The company secures financial resources through strategic partnerships with financial institutions, investors, and

corporate clients, enabling fleet expansion, infrastructure investments, and technological advancements. These financial

resources support the company’s leasing programs, sustainability initiatives, and long-term business resilience.

• Human talent

A skilled and well-trained workforce is essential for maintaining service quality, operational efficiency, and customer

experience. The Group invests in employee development, training programs, and workplace safety, ensuring that

personnel across fleet management, customer service, maintenance, and corporate functions are equipped to support

the Group’s growth and innovation strategies.

Through these key inputs, Autohellas Group optimizes operational performance, ensures sustainable fleet management,

and delivers high-quality mobility solutions to its diverse customer base.

Key outputs and value created

Autohellas Group generates economic, social, and environmental value for a diverse range of stakeholders, reinforcing its

commitment to responsible business growth and sustainable mobility.

• Customers

A wide range of customers—including individuals, corporate clients, fleet managers, and tourism-related users—benefit

from flexible, cost-effective, and high-quality mobility solutions. The company’s rental, leasing, fleet management, and

used vehicle sales services provide convenience, affordability, and access to modern vehicle options tailored to their

needs.

• Employees

The company fosters a supportive and growth-oriented work environment, offering training, career development, and

competitive remuneration. Employees play a crucial role in delivering exceptional customer service, operational

efficiency, and fleet maintenance, ensuring long-term business success and market leadership.

• Shareholders and investors

Autohellas Group’s financial stability, revenue diversification, and long-term strategic planning create value for investors

and shareholders. The company’s focus on sustainable fleet investments, expansion into new markets, and digital

transformation supports profitability, risk management, and corporate resilience.

• Communities and Society

Autohellas Group actively contributes to local economies by creating jobs, engaging in corporate responsibility initiatives,

and supporting environmentally friendly business practices. Investments in fleet electrification, energy efficiency, and

emissions reduction align with global climate objectives, ensuring a positive societal and environmental impact.

By integrating key inputs with a structured value creation approach, Autohellas Group delivers long-term benefits to its

stakeholders, reinforcing its commitment to sustainability, innovation, and corporate responsibility.

Annual Financial Report 31.12.2024

Stakeholder engagement

Meaningful stakeholder engagement is fundamental to ensuring transparency, accountability, and the long-term sustainability of

operations. Autohellas Group has established structured communication channels with key stakeholder groups to understand

their expectations, address their concerns, and integrate their feedback into decision-making processes. By fostering open

dialogue and maintaining ongoing engagement, Autohellas Group enhances its ability to create shared value.

Stakeholder engagement at Autohellas Group is conducted through both formal and informal mechanisms, ensuring a

comprehensive understanding of the diverse perspectives that influence its business activities. The Group engages regularly with

employees, shareholders, investors, customers, suppliers, the local community, and regulatory authorities, among others. Each

stakeholder group is approached with tailored communication strategies designed to promote transparency, strengthen

relationships, and enhance trust.

Autohellas Group integrates stakeholder feedback into its business strategy and risk management processes through continuous

dialogue, direct communication with key stakeholder representatives, and structured internal evaluations. The insights gathered

from interactions with shareholders, investors, customers, suppliers, employees, and regulatory authorities are assessed by

relevant management teams and incorporated into strategic decision-making. For example, recurring discussions with investors

and shareholders provide valuable input on financial and governance priorities, while engagement with suppliers and dealers

helps identify operational risks and opportunities for improving service quality and sustainability practices.

At the executive level, stakeholder concerns are regularly reviewed during management meetings, where key topics such as

market trends, regulatory developments, and customer expectations are analyzed. Any emerging risks or material issues identified

through these interactions are considered in the Group’s broader risk assessment framework, influencing both mitigation

strategies and long-term planning. Additionally, feedback from employees and business partners on operational efficiencies,

ethical business practices, and sustainability commitments is taken into account when shaping corporate policies and refining

internal controls.

Through this structured engagement process, Autohellas Group ensures that stakeholder input directly contributes to enhancing

resilience, aligning corporate strategy with evolving expectations, and reinforcing its commitment to sustainable growth.

Stakeholders

Communication channels

Main topics of interest

Frequency of

communication

Shareholders

• Annual General Meeting

• Shareholder services and corporate

announcements department

• Press releases, announcements

• Presentations of financial results

• Annual financial report

• Corporate website

• Growth and profitability

• Maintenance of reputation

• Sustainable development and compliance

with regulations

• Good corporate governance and business

ethics

• Transparency in relationships with

stakeholders

• Proper risk management

Monthly and

whenever

deemed

necessary

Investors

• Press releases, announcements

• Investor relations department

• Presentations of financial results

• Annual financial report

• Corporate website

• Growth and profitability

• Maintaining reputation and enhancing

competitiveness

• Sustainable development

• Good corporate governance and business

ethics

• Proper risk management

• Strong social and environmental

performance

Quarterly and

whenever

deemed

necessary

Employees

• Notification via the Group’s website

• Continuous communication between

Management & Human Resources on

internal operational issues

• Notification via e-mail and newsletters

• Training programmes and events

• Preserving jobs

• Fair remuneration & evaluations

• Occupational health and safety

• Growth and development opportunities

• Communication with Management

• Transparency, open dialogue, and updating

Daily

Annual Financial Report 31.12.2024

Stakeholders

Communication channels

Main topics of interest

Frequency of

communication

Rental & Retail

Customers

• Customer service department

• Annual satisfaction surveys

• Salesperson visits and meetings

• Social Media

• E-mail

• Press releases

• High standards on products, specifically cars

• Quality and reliability of services provided

• Competitive prices

• Reliability

• Innovation and technology

• Flexibility

• Personal data protection

• Transparency, information, service, and

equal treatment

Daily

Corporate

Customers

(car dealers)

• Personal contact with specialized

personnel of Autohellas Group

• Telephone and electronic

communication on a regular basis

• Announcements, newsletters

• Social Media

• Maintaining long-term partnership

• Ensuring sustainability

• Improved terms of cooperation

• Responsible notification and service

Daily

Suppliers

• E-mail

• Regular communication via the

procurement departments of Autohellas

Group companies

• Meetings

• Social Media

• Stable, mutual, and beneficial partnership

• Open and direct communication with

Autohellas Group

• Timely payments

• Complaint resolution and flexibility

Daily

Local

community

• Electronic and telephone

communication with local organizations

• Press releases

• Participation in activities of local

organizations and associations

• Social initiatives and participation in local

events (sponsorships and donations)

• Employment opportunities

• Support of local suppliers

• Notification regarding Autohellas Group

actions

Whenever

deemed

necessary

State &

Authorities

• Regular electronic and telephone

communication

• Participation in workshops and

conferences

• Transparency and ongoing updating

• Legal and regulatory compliance

Whenever

deemed

necessary

Resilience of strategy and business model

Autohellas Group is committed to identifying and managing risks and opportunities arising from the transition to a sustainable

economy, as well as the broader impacts of environmental, social, and governance (ESG) factors on its operations. The Group aims

to conduct an in-depth analysis of climate transition risks and physical risks, recognizing that proactive assessment is essential for

the long-term resilience of its business model, strategy, and financial performance. While Autohellas actively integrates risk

management and adaptability into its strategic decision-making, a formal resilience analysis has not yet been conducted. This topic

is referenced under ESRS E1, where climate-related risks and opportunities are considered within the Group’s broader

sustainability strategy.

To date, the Group's assessment of climate-related material risks has been incorporated into its existing risk management

framework. To ensure resilience against identified risks, Autohellas acknowledges the importance of a strategic approach focused

on both climate mitigation and adaptation. The Group emphasizes continuous monitoring and assessment of emerging threats

while leveraging opportunities arising from the transition to a low-carbon economy. Additionally, the Group applies risk

management practices to address both acute and chronic material risks, particularly those associated with fleet emissions,

regulatory developments, and evolving customer preferences.

Annual Financial Report 31.12.2024

The transition to more sustainable fleet operations contributes to mitigating transition risks linked to climate change. This includes

the gradual electrification of the fleet, the adoption of lower-emission vehicle technologies, and efforts to improve energy

efficiency across operations. To strengthen its ability to respond to climate challenges in the short, medium, and long term, the

Group maintains flexibility in adjusting its fleet composition and service portfolio to meet evolving regulatory and market

demands. Additionally, Autohellas recognizes the importance of employee training in sustainability-related topics, ensuring that

staff are well-equipped to support clients in transitioning to greener mobility solutions. By prioritizing these strategies, the Group

reinforces its resilience while pursuing long-term financial and operational stability.

Resilience Analysis

Autohellas recognizes the need for a more comprehensive resilience assessment of its business model. As such, the Group is

committed to further examining its strategic resilience in 2025 through an expanded assessment of climate-related risks and

opportunities.

As part of its strategic planning and climate risk management, Autohellas Group will conduct an in-depth assessment of potential

climate-related risks by exploring four distinct climate scenarios across the 2030, 2040, and 2050 time horizons. These scenarios

provide a structured framework for evaluating the financial, operational, and regulatory impacts of climate change on the Group’s

business model. They also help anticipate market shifts, changes in customer preferences, policy developments, and technological

advancements that could affect the mobility sector and vehicle rental industry.

The scenario analysis will enable Autohellas to:

• Identify vulnerabilities and exposure to both transition risks (policy changes, market shifts, carbon pricing) and physical risks

(extreme weather events, infrastructure resilience).

• Assess impacts on fleet composition, investment in electrification and alternative fuel vehicles, and the need for charging

infrastructure expansion.

• Evaluate how consumer behavior and corporate mobility preferences may shift towards low-emission transportation

solutions.

• Strengthen long-term business resilience by aligning its strategy with potential climate regulations and financial implications

of different climate trajectories.

v. Impact, risk and opportunity management

Identification of sustainability impacts, risks and opportunities

Sustainability-related impacts, risks, and opportunities are systematically evaluated and fully integrated within Autohellas Group's

broader corporate risk management framework, ensuring comprehensive alignment of ESG considerations with strategic planning,

operational activities, and major investment decisions.

In 2024, Autohellas Group continued its efforts to integrate sustainability impacts, risks, and opportunities into the company’s

broader risk management framework. The Company performed a Double Materiality Assessment (DMA) to further refine the

identification and evaluation of environmental, social, and governance (ESG) impacts, risks, and opportunities.

Annual Financial Report 31.12.2024

Particular emphasis was placed on climate-related risks, reflecting the growing importance of managing the impacts of climate

change on business operations, regulatory compliance, and financial performance. Events during the year reinforced the need for

proactive risk mitigation measures to address the evolving challenges posed by sustainability risks. Specifically, climate-related

impacts, risks, and opportunities influence the Group’s fleet transition strategies, capital investments, and allocation of resources.

Simultaneously, identified impacts and risks related to water management are considered in infrastructure decisions, operational

planning, and facility management to enhance resilience against water scarcity and related disruptions.

Employee health and safety considerations are embedded in operational policies and practices, shaping decisions regarding

working conditions, safety training programs, and emergency preparedness. Furthermore, opportunities for employee training

and development significantly influence decisions about resource allocation towards skill enhancement, sustainability awareness,

and capacity-building initiatives.

Risk management process

The Board of Directors holds ultimate responsibility for monitoring risks and maintaining a robust risk management and internal

control system. Autohellas Group has established an Enterprise Risk Management (ERM) process that systematically identifies,

assesses, reports, and mitigates key operational, strategic, and sustainability risks across the organization. Each identified risk is

assigned to a risk owner within the Executive Management Team, supported by risk officers responsible for implementing

mitigation strategies within their respective areas.

The ERM framework follows a structured assessment methodology that evaluates risks based on their potential impact on financial

performance, operational continuity, regulatory compliance, reputation, and business resilience. A two-dimensional risk scale is

used to estimate both the severity of potential risks and the likelihood of their occurrence.

The Executive Management Team, the Audit Committee, and the Board of Directors review and assess the most significant risks

on a semi-annual basis, ensuring that emerging risks are adequately addressed, and mitigation strategies remain effective.

Double materiality methodology

Alongside the ERM process, Autohellas Group conducts an annual update of its Double Materiality Assessment (DMA), which

focuses on identifying sustainability risks across environmental, social, and governance areas. This assessment ensures that

sustainability-related risks and opportunities are incorporated into strategic planning and risk management processes.

This process is performed in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the relevant ESRS.

Moving forward, the company will continue refining the integration of sustainability risks within the ERM framework, ensuring

that ESG considerations are embedded into corporate decision-making and operational strategies.

Autohellas Group applies a structured and data-driven approach to identifying, assessing, and prioritizing material impacts, risks,

and opportunities related to its business activities. This process is informed by industry benchmarking, expert consultation,

stakeholder feedback, and regulatory due diligence to ensure a comprehensive assessment of sustainability-related factors.

The identification and assessment process incorporates benchmarking against industry peers and best practices to align with

evolving market trends and regulatory expectations. Expert input from internal and external sustainability specialists, risk analysts,

and sector advisors plays a key role in refining impact assessment models. The Group closely monitors regulatory and policy

developments, particularly in relation to the EU Green Deal, CSRD, and climate transition regulations, to anticipate compliance

risks and strategic opportunities. Stakeholder engagement is also a fundamental component, with insights from investors,

customers, suppliers, and employees informing the assessment of ESG-related risks and opportunities. Additionally, Autohellas

reviews operational data, including fleet emissions, resource consumption, to quantify potential environmental and social

impacts.

Annual Financial Report 31.12.2024

To prioritize risks and opportunities, Autohellas conducts materiality assessments that categorize impacts based on their financial,

operational, regulatory, and reputational significance. Scenario analysis and stress testing are key tools in evaluating climate-

related risks, allowing the Group to anticipate vulnerabilities and adapt its long-term strategy accordingly. Continuous monitoring

of sustainability indicators is integrated into business operations, leveraging data analytics and reporting tools to track progress

against ESG commitments.

The Group’s due diligence framework ensures that both potential and actual impacts on people, the environment, and business

continuity are regularly reviewed and incorporated into strategic decision-making. This proactive approach enables Autohellas to

adapt to emerging risks, capitalize on sustainability-driven opportunities, and enhance corporate resilience in alignment with ESRS

reporting requirements.

Autohellas Group has established a systematic approach to identifying, assessing, prioritizing, and monitoring sustainability-

related impacts, risks, and opportunities. This approach is informed by a due diligence framework, stakeholder engagement,

expert input, and industry benchmarking, integrating environmental, social, and governance (ESG) considerations into the overall

risk management and strategic planning process.

Methodologies and assumptions applied in identifying impacts, risks, and opportunities

The Group applies a data-driven and risk-based methodology to assess the materiality of sustainability-related impacts, risks, and

opportunities. This includes quantitative and qualitative analysis of external and internal data sources, industry standards,

regulatory requirements, and expert evaluations.

The identification process incorporates insights from regulatory frameworks such as the Corporate Sustainability Reporting

Directive (CSRD), EU Taxonomy, and Paris Agreement commitments, as well as sector-specific risks associated with mobility and

vehicle renting. Assumptions are based on historical performance data, predictive modeling, and scenario analysis to anticipate

future trends and potential regulatory developments affecting fleet management, emissions, and sustainable mobility solutions.

Process to Identify, Assess, Prioritize, and Monitor Potential and Actual Impacts

Autohellas systematically assesses sustainability impacts using risk classification models, materiality assessment methodologies,

and sustainability reporting frameworks. The process includes:

• Screening and data collection: The Group gathers sustainability-related data, regulatory updates, and market intelligence to

identify emerging risks and opportunities.

• Impact assessment: Each impact is evaluated based on severity, likelihood, and financial, environmental, and social

implications.

• Prioritization and categorization: Impacts are classified as 1-Low, 2-Low-Medium, 3-Medium, 4-Medium-High, 5-High priority

based on their relevance to stakeholders, financial performance, and regulatory compliance.

• Monitoring and continuous improvement: A review mechanism ensures that risks and opportunities are regularly reassessed,

with findings integrated into strategic decision-making.

Focus on specific activities, business relationships, and geographies with heightened risk

The risk identification process prioritizes areas where Autohellas is most exposed to sustainability-related impacts, including:

• Fleet operations: Emissions from leased and rented vehicles contribute to climate-related risks.

• Geographical exposure: Operations in regions with varying environmental regulations influence compliance strategies.

Annual Financial Report 31.12.2024

Stakeholder consultation and external expert engagement

Autohellas engages with internal and external stakeholders to ensure a holistic view of sustainability risks and opportunities, which

includes incorporating insights from sustainability consultants, industry reports, ESG rating agencies, and academic research to

enhance decision-making.

In the next steps, the Group will actively enhance its stakeholder engagement efforts by gathering direct feedback from customers

through structured surveys, targeted focus groups, and qualitative interviews. This initiative aims to gain deeper insights into

customer expectations, preferences, and sustainability concerns, particularly regarding mobility trends, vehicle electrification, and

service improvements. These efforts will support the Group in aligning its strategic priorities with customer expectations,

identifying emerging opportunities for service innovation, and ensuring that sustainability initiatives are customer-centric and

market-relevant.

Prioritization of negative and positive impacts for materiality determination

Negative impacts are prioritized based on severity, likelihood, regulatory exposure, and stakeholder concerns, ensuring that the

most significant sustainability matters are reported. Positive impacts, such as electrification of fleet vehicles and sustainable

financing opportunities, are assessed based on their potential scale, strategic alignment, and business value.

Process for identifying and monitoring financially material risks and opportunities

Autohellas integrates financial impact assessments into its ESG risk management framework. Sustainability-related risks are

assessed for potential financial effects, including regulatory fines, market demand shifts, and operational cost fluctuations.

Opportunities are evaluated in terms of competitive advantages, cost savings, and revenue generation from low-emission mobility

solutions.

Identifying dependencies from stakeholders and business relationships

Autohellas Group recognizes that sustainability-related impacts and dependencies are interconnected with risks and

opportunities, influencing both short-term operational resilience and long-term strategic positioning. The Group systematically

analyzes how its business activities, stakeholder relationships, and value chain dependencies contribute to material sustainability

impacts and how these, in turn, create financial and non-financial risks and opportunities.

Autohellas operates within a complex ecosystem of stakeholders, including suppliers, customers, regulators, investors, employees,

and local communities. Each stakeholder group contributes to sustainability dependencies that influence the Group’s exposure to

risks and opportunities.

• Human talent: For Autohellas, human talent is a key strategic dependency, as employee expertise and adaptability are critical

to implementing sustainability initiatives, enhancing customer experience, and driving innovation in fleet management.

Ensuring that the workforce is trained in emerging mobility trends, digital transformation, and ESG-related best practices is

essential for maintaining operational efficiency and regulatory compliance.

• Suppliers: The Group relies on vehicle manufacturers for fleet procurement, making it dependent on their sustainability

practices, emissions reduction strategies, and supply chain transparency.

• Customers and market demand: Consumer preferences for low-emission vehicles, electric mobility, and sustainable

transportation solutions are evolving due to regulatory incentives and awareness of climate change. Autohellas depends on

consumer demand trends, where failing to adapt to the shift toward zero-emission fleets presents a market risk, whereas

proactive investment in EV infrastructure and green leasing options presents a competitive opportunity.

Annual Financial Report 31.12.2024

• Regulators and policymakers: The Group's operational framework is shaped by EU and national regulations on fleet emissions,

carbon pricing, and vehicle taxation policies. Any tightening of environmental regulations poses a regulatory compliance risk,

while early adoption of sustainability measures aligns the Group with future mobility incentives and low-emission vehicle

subsidies.

• Investors and financial institutions: Investors are increasingly integrating ESG performance into investment criteria.

Autohellas' ability to attract sustainability-linked financing depends on its progress in fleet electrification, emissions reduction,

and corporate governance transparency. Strong ESG performance presents an opportunity for lower-cost capital, while non-

compliance with sustainability expectations may pose a reputational and financial risk.

Assessment of likelihood, magnitude, and nature of identified risks and opportunities

Each risk and opportunity is assessed based on:

• Likelihood of occurrence (e.g., regulatory developments, technology adoption rates)

• Magnitude of potential impact (e.g., financial loss, reputation damage, operational disruption)

• Short-, medium-, and long-term implications on business strategy and risk exposure

Prioritization of sustainability-related risks relative to other risks

Autohellas Group integrates sustainability-related risks into its overall Enterprise Risk Management (ERM) framework, ensuring

that environmental, social, and governance (ESG) risks are assessed alongside financial, operational, strategic, and compliance

risks. The prioritization of these risks is based on likelihood, magnitude of impact, and alignment with long-term business

objectives, ensuring that sustainability considerations are embedded into decision-making processes at the Board and executive

management level.

Sustainability risks, particularly climate transition risks, regulatory compliance risks, and supply chain dependencies, have been

classified as strategic business risks due to their potential to impact fleet procurement, financial performance, and customer

demand trends. The Board of Directors and the Risk Management Committee review sustainability risks as part of the overall risk

assessment process, ensuring that they are monitored, mitigated, and integrated into corporate strategy.

Compared to traditional financial and operational risks, sustainability-related risks have gained increasing priority due to evolving

EU regulatory requirements (e.g., CSRD, EU Taxonomy, and fleet decarbonization policies), as well as growing market expectations

for sustainable mobility solutions. Risks such as carbon pricing mechanisms, mandatory fleet electrification targets, and supply

chain ESG compliance requirements are now considered high-priority, given their direct financial and strategic implications.

The Group ranks sustainability risks based on a materiality assessment that considers potential financial exposure, reputational

impact, and business continuity risks. Climate transition risks, for example, are assessed not only in terms of compliance costs but

also as strategic opportunities, such as the potential for accessing green financing, expanding low-emission vehicle offerings, and

enhancing competitive positioning.

Autohellas also recognizes that sustainability risks often intersect with other corporate risk categories, such as supply chain

disruptions, technological advancements, and consumer preference shifts. For this reason, sustainability risks are not treated as

standalone risks but rather integrated into broader financial and operational risk assessments. This ensures that investment

decisions, fleet strategy, and long-term growth planning are aligned with the Group’s climate-related and ESG objectives.

Decision-making and internal control procedures

Sustainability-related risks and opportunities are reviewed at the Board and executive level, with findings incorporated into

investment decisions, fleet procurement policies, and carbon reduction strategies. Internal control procedures ensure compliance

with ESG disclosure standards and regulatory requirements.

Annual Financial Report 31.12.2024

Integration of impact and risk assessment into overall risk management

Sustainability risk assessments are embedded into Autohellas’ overall risk management processes, ensuring alignment with

corporate governance, compliance monitoring, and strategic risk mitigation measures. ESG risk exposure is integrated into

enterprise risk reporting, scenario planning, and stress testing exercises.

Integration of opportunity management into overall strategy

Autohellas identifies opportunities linked to sustainable mobility, fleet electrification, and evolving consumer preferences for low-

emission vehicles. These opportunities are incorporated into business development strategies, investment planning, and

partnerships with automotive manufacturers.

Input parameters used in identifying, assessing, and managing impacts, risks, and opportunities

Autohellas relies on scientific data, regulatory frameworks, industry reports, and internal performance metrics to assess material

risks and opportunities.

Key input parameters include:

• EU regulatory trends and policy roadmaps

• Emissions projections

• Technology adoption forecasts for electric and hybrid vehicles

• Market demand analysis for sustainable mobility solutions

Non-material ESRS topics

In line with the requirements of the European Sustainability Reporting Standards (ESRS), Autohellas Group has assessed

sustainability topics for materiality based on their potential impacts on people, the environment, and the company's financial

performance. Following this comprehensive double materiality assessment, certain sustainability topics were determined not to

be material for the Group's operations and stakeholders.

The following topics were not assessed as material:

• ESRS E2 – Pollution

• ESRS E3 – Water and marine resources

• ESRS E4 - Biodiversity and ecosystems

• ESRS E5 - Circular economy

• ESRS S2 - Workers in the value chain

• ESRS S3 - Affected communities

vi. Double Materiality Assessment (DMA)

Autohellas Group applies a structured materiality assessment process to determine the material impacts, risks, and opportunities

(IROs) that are disclosed in its sustainability reporting. This process ensures that disclosures reflect both the significance of

sustainability-related factors for stakeholders and their potential financial implications for the company.

The identification and prioritization of material information follow a dual materiality approach, incorporating both impact

materiality (how the company affects people and the environment) and financial materiality (how sustainability-related factors

affect the company’s financial position and performance).

The table below presents the results of Autohellas Group’s double materiality assessment, outlining the identified impacts, risks,

and opportunities for each topical ESRS standard:

The descriptions of the impacts, risks and opportunities are analyzed in each topical chapter of the Sustainability Statement.

Annual Financial Report 31.12.2024

ESRS

ESRS Topic

Impacts, Risks and Opportunities (IRO)

Type

Actual/

Potential

Impact

Type

Company

specific

Time

Horizon

Value

chain

Climate change

Emissions from internal-combustion engines of vehicle fleet

+++

↑↔↓

Reduction in emissions due to increased adoption of electric and hybrid

vehicles

+++

↑↔↓

Faster depreciation and uncertainty in the resale of electric (BEV) and

hybrid (PHEV) vehicles due to technological advancements.

+++

↔

Reduced operating costs due to lower maintenance needs of EVs

compared to ICE vehicles

+++

↔

Increased demand driven by customer awareness of sustainable mobility

solutions

+++

↔

Tax benefits from support measures for low-emission vehicles (below 50g

CO₂/km)

↔

Reduction in financing costs through sustainability-linked financing with

favorable terms

↔

Own workforce

Occupational health and safety

+++

↔

Occupational hazards from machinery handling

+++

↔

Hazards due to extreme weather conditions

+++

↔

Training and upskilling opportunities

+++

↔

Talent attraction and retention

+++

↔

Operational efficiency

+++

↔

Consumers &

End Users

High product and service quality

+++

↓

Reputational harm due to inadequately maintained vehicle fleet

↓

Reputational harm from customer personal data breach

↓

Business

Conduct

Compliance and ethical business practices

↑↔↓

Compliance with regulatory and legal requirements

↑↔↓

Table index:

• Column “Type”: “I” indicates Impact, “R” indicates Risk, “O” indicates Opportunity

• Column “Actual/Potential”: “A” indicates Actual impact, “P” indicates Potential impact

• Column “Company Specific”: “x” indicates whether impact, risk, or opportunity is company-specific

• Column “Time Horizon”: “+++” indicates Long-term, “++” indicates Medium-term, “+” indicates Short-term time horizon

compared to base year 2024

• Column “Value Chain”: “↑” indicates Upstream, “↔” indicates Own Operations, “↓” indicates Downstream effects on value

chain

2. Environment

2.1 Disclosures according to the European Taxonomy (EU Taxonomy)

The EU Taxonomy is the European Union classification system of activities that can under certain conditions be considered as

environmentally sustainable or as activities that enable the transition to environmental sustainability. Under the Taxonomy

regulation, companies and organizations can attract funds to develop their sustainable activities as well as expand them further,

provided they meet certain criteria.

The criteria that determine the level of sustainability of certain economic activities are set by the Taxonomy Regulation

(2020/852/EU). In order to achieve sustainability of its economic development, the European Union has stipulated 6

environmental objectives, the achievement of which will advance sustainable development within the Union. Specifically, the

environmental targets at the center of the Taxonomy framework are the following:

1. Climate change mitigation;

2. Climate change adaptation;

3. The sustainable use and protection of water and marine resources;

4. The transition to a circular economy;

5. Pollution prevention and control;

6. The protection and restoration of biodiversity and ecosystems.

Annual Financial Report 31.12.2024

The delegated acts adopted under the Taxonomy Regulation provide technical screening criteria which must also be met to

constitute taxonomy alignment. At the moment of publication of the present, report the Taxonomy-eligible activities have been

set out by 2 Delegated Acts currently in force. In 2021, the EU adopted the first Delegated Act 2021/2139 (EU) which set out

activities and technical screening criteria for substantial contribution towards objectives 1-2 above, including DNSH criteria for

other objectives. Moreover, in 2023, the second Delegated Act 2023/2486 (EU) was published with regard to activities

significantly contributing to environmental objectives 3-6 above.

The achievement of one or several of the above-mentioned targets provides an economic activity with the status of sustainable,

transitional or enabling according to their alignment to the Taxonomy framework. Specifically, depending on whether the

activity has the potential to be conducted in a fully sustainable way at present, whether it can help the economy transition to a

more sustainable model or whether it can allow other activities to be conducted sustainably, the economic activities have been

designates into different subgroups. In order to be considered aligned to the EU Taxonomy, an economic activity must fulfil all of

the following criteria:

• Contributes substantially to one or more of the environmental objectives set out in the Regulation

• Does not significantly harm any of the environmental objectives set out in the Regulation

• Is carried out in compliance with the minimum safeguards laid down in the Regulation

• Complies with technical screening criteria stipulated by the Commission for each economic activity towards the

achievement of the environmental targets of the Taxonomy.

The Taxonomy framework provisions that are effective on the date of the present report, require from in-scope companies to

disclose the amount and proportion of activities which are eligible, non-eligible and aligned with the all the above objectives as

part of their total turnover, capital and operational expenditure and to perform related alignment assessments for all such

activities. All the quantitative information is accompanied by certain qualitative information for all objectives (1-6). The Group

applied Regulation (EU) 2020/852 as supplemented with Commission Delegated Regulation (EU) 2021/2139, Commission

Delegated Regulation (EU) 2021/2178, Commission Delegated Regulation (EU) 2023/2485 and Commission Delegated Regulation

(EU) 2023/2486 to identify activities that are eligible.

The compliance with said criteria is monitored continuously and reported on an annual basis, included in the non-financial

section of the respective annual financial statements. As part of the Taxonomy reporting process, we disclose in the following

section the key performance indicators relating to our economic activities for the FY2024.

Autohellas Group activities

The Group examined thoroughly its activities through the prism of EU Taxonomy in order to identify the proportion of its eligible

and aligned activities according to the Taxonomy framework. This procedure forms the basis of its disclosures for Taxonomy

purposes in the annual financial statements and was also carried out in the current period, where the following eligible activities

were recognized:

• CCM 6.5. Transport by motorbikes, passenger cars and light commercial vehicles

Following the identification of eligible activities, Autohellas Group has recognized the importance of sustainable mobility and is

committed to continuously evaluating its core fleet-related activities in accordance with the criteria outlined in Annex I of the

Climate Delegated Acts, particularly those related to Climate Change Mitigation. As part of this ongoing effort, Autohellas is

actively reviewing the technical specifications and emission standards of its fleet, with a strong focus on expanding its portfolio

of low- and zero-emission vehicles. The Group acknowledges the significance of adhering to the established threshold of vehicles

emitting less than 50g CO₂/km and is taking the necessary steps to ensure its investments and fleet modernization initiatives

progressively align with these standards

Annual Financial Report 31.12.2024

Declaration of activities related to nuclear energy and fossil gaseous fuels

Nuclear energy related activities

The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of

innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the

fuel cycle.

The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations

to produce electricity or process heat, including for the purposes of district heating or industrial processes such as

hydrogen production, as well as their safety upgrades, using best available technologies.

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce

electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen

production from nuclear energy, as well as their safety upgrades.

Fossil gas related activities

The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities

that produce electricity using fossil gaseous fuels.

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined

heat/cool and power generation facilities using fossil gaseous fuels.

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat

generation facilities that produce heat/cool using fossil gaseous fuels.

The Group is not involved in any of the activities referenced in the table above and thus does not report on any of the KPI table

templates 2-5 of Annex XII of Regulation 2021/2178 (EU).

Group economic activities in the framework of EU Taxonomy

CCM 6.5 Transport by motorbikes, passenger cars and light commercial vehicles

Taxonomy activity description:

This activity consists of the purchase, financing, renting, leasing and operation of vehicles designated as category M1, N1, both

falling under the scope of Regulation (EC) No 715/2007 of the European Parliament and of the Council, or L (2- and 3-wheel

vehicles and quadricycles).

Eligible Autohellas activity description:

The Group purchases, rents, and leases vehicles in the above categories as part of its core business activities, which include

short-term car rentals and long-term leasing for corporate clients.

Minimum Safeguards

In compliance with Article 18 of the Taxonomy Regulation, Autohellas also assessed its activities against the Minimum Social

Safeguards. The Group ensures alignment with international human rights standards, labor rights, and anti-corruption measures,

specifically referencing the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human

Rights.

Human Rights & Workers’ Rights:

Autohellas promotes human rights and fair labor practices across all its operations and supply chains. The Group ensures

compliance with ILO conventions, protecting workers' rights to fair wages, safe and healthy working conditions, non-

discrimination, and freedom of association. Employees receive training on ethical business conduct and human rights policies.

The Group also has grievance mechanisms in place, enabling employees and stakeholders to report concerns related to human

rights violations.

Bribery & Corruption:

Autohellas enforces a zero-tolerance policy against corruption, bribery, and any form of unethical business conduct. All

employees and business partners are required to adhere to the Group’s Anti-Bribery & Corruption Policy, which is in line with

national and EU regulations. Audits, due diligence processes, and whistleblowing mechanisms are in place to identify and

prevent corruption risks. Any violations result in disciplinary actions and legal consequences where applicable.

Annual Financial Report 31.12.2024

Taxation:

Autohellas follows a transparent and responsible tax policy, ensuring compliance with national and international tax laws. The

Group does not engage in aggressive tax planning or artificial arrangements that could lead to tax avoidance. Its tax strategy is in

line with local regulations, and tax-related disclosures are reported in financial statements in accordance with applicable

accounting standards.

Fair Competition:

As a publicly traded company, Autohellas is committed to adhering to competition laws and antitrust regulations to ensure a fair

and open market environment. Employees receive regular training on competition law compliance, and the company upholds

fair and ethical business practices across all its markets.

Qualitative information

Accounting Policy:

The figures presented in this report have been calculated and are presented in accordance with the International Financial

Reporting Standards (IFRS) that have been issued by the International Accounting Standards Board (IASB) and their

interpretations that have been issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB.

Their preparation requires estimations during the application of the Group’s accounting principles. Double counting has been

avoided, as the Group's activities exclusively contribute to the sustainable objective of Climate Change Mitigation. The

assessment process ensures accurate data allocation, aligning with the EU Taxonomy’s reporting principles to maintain

transparency and consistency in sustainability disclosures.

In the present report we present the proportion of the total turnover from the sale of goods or provisions of services, as well as

the total CapEx and OpEx of the Group’s economic activities that correspond to activities determined to be non-eligible, eligible

or aligned for EU Taxonomy purposes according to the description of these activities and taking into account the respective

NACE activity codes, as well as the relevant technical screening criteria as presented in Delegated Acts 2021/2139/EU,

2023/2486/EU and 2022/1214/EU. The Group’s economic activities were reviewed and ultimately included/excluded both in

terms of eligibility as well as in terms of alignment with the technical screening criteria provided in the related Delegated Acts.

Taking into consideration the above, the calculation of the KPIs was based on the following elements of the Group’s financial

reporting:

Proportion of the total Turnover:

It was calculated based on the total net revenue from the sale of goods and provision of services. The numerator includes the

activities that are considered to be eligible according to the Taxonomy regulation and the relevant technical screening criteria

under the condition that said revenue does not include own use and intergroup transactions. The total turnover at Group level is

presented in the Statement of Profit and Loss as well as in note 30 of the Financial Statements.

Proportion of the total CapEx. It was calculated based on the capitalized expenses incurred for additions to assets or processes

corresponding to eligible economic activities. The numerator includes the activities that are considered to be eligible according

to Taxonomy regulation and the relevant technical screening criteria. The Group totals regarding additions to tangible and right

of use assets are presented in Note 7 (Property Plant Equipment and specifically under Vehicles), Note 8 (Right of Use Assets) of

the Financial Statements.

Proportion of the total OpEx:

It was calculated based on the operating expenses related to the repair and maintenance of assets or processes corresponding

to eligible economic activities. The numerator includes the activities that are considered to be aligned according to the

Taxonomy regulation and the relevant technical screening criteria.

Annual Financial Report 31.12.2024

The information presented in this report complies with the requirements of the Taxonomy Regulation and the relevant

Delegated Regulations issued up to the time of this publication. The relevant guidelines have a relative margin of interpretation

and are constantly adapted to the needs of the process. Taking this into account, Autohellas pays particular attention to relevant

developments and adjusts its approach depending on the assumptions and applicable methodology.

Turnover – Eligibility of economic activities for EU Taxonomy

Financial year 2024

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities

(1)

Code (2)

Turnover (3)

Proportion

of Turnover

2024 (4)

Climate

Change

Mitigation

(5)

Clim

ate

Chan

Adap

tatio

n (6)

Wate

r (7)

Pollu

tion

(8)

Circu

lar

Econ

omy

(9)

Biodi

versit

y (10)

(

)

Clima

Chan

Adap

tation

(12)

ter

(13

)

Poll

utio

(14)

Circ

ular

Econ

omy

(15)

Biodiv

ersity

(16)

Minim

Safeg

uards

(17)

Propo

rtion

Taxo

nomy

aligne

(A.1.)

or -

eligibl

(A.2.)

turno

ver

2023

(18)

Cate

gory

enab

ling

activ

ity

(19)

Categ

ory

transi

tional

activi

(20)

€000

Y; N; N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-

ELIGIBLE

ACTIVITIES

A.1. Environmentally sustainable

activities (Taxonomy-aligned)

Turnover of environmentally sustainable

activities (Taxonomy-aligned) (A.1)

0,00

Of which enabling

0,00

Of which transitional

0,00

A.2. Taxonomy-eligible but not

environmentally sustainable activities (not

Taxonomy-aligned activities)

EL; N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

Transport by

motorbikes,

passenger cars and

light commercial

vehicles

CCM/CCA 6.5

912.380.527,00

93%

N/EL

93%

Turnover of Taxonomy-eligible but not

environmentally sustainable activities (not

Taxonomy-aligned activities) (A.2)

912.380.527,00

93%

A. Turnover of Taxonomy-eligible

activities (A.1+A.2)

912.380.527,00

93%

B. TAXONOMY-NON-ELIGIBLE

ACTIVITIES

Turnover of Taxonomy-non-eligible

activities

73.307.077,00

TOTAL

985.687.604,00

100%

Capital Expenditure – Eligibility of economic activities for EU Taxonomy

Financial year 2024

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code

(2)

CapE

x (3)

Prop

ortio

n of

CapE

2024

(4)

Clim

ate

Chan

Mitig

ation

(5)

Clima

Chan

Adapt

ation

(6)

Wat

(7)

Poll

utio

n (8)

Circ

ular

Econ

omy

(9)

Biodiv

ersity

(10)

Clim

ate

Chan

Mitig

ation

(11)

Clima

Chan

Adapt

ation

(12)

ter

(13

)

Poll

utio

(14)

Circ

ular

Econ

omy

(15)

Biodiv

ersity

(16)

Minim

Safeg

uards

(17)

Propo

rtion

Taxo

nomy

aligne

(A.1.)

or -

eligibl

(A.2.)

CapE

2023

(18)

Cate

gory

enab

ling

activ

ity

(19)

Categ

ory

transi

tional

activit

y (20)

€000

Y; N;

N/EL

Y; N;

N/EL

N/E

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

CapEx of environmentally sustainable activities (Taxonomy-

aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities)

EL;

N/EL

EL;

N/EL

EL;

N/E

EL;

N/EL

EL;

N/EL

EL;

N/EL

Transport by motorbikes, passenger cars and light

commercial vehicles

CCM

/CCA

6.5

327.2

82.31

95%

N/E

N/EL

93%

CapEx of Taxonomy-eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities) (A.2)

327.2

82.31

95%

93%

A. CapEx of Taxonomy-eligible activities (A.1+A.2)

327.2

82.31

95%

93%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities

17.76

4.895

TOTAL

345.0

47.21

100%

Annual Financial Report 31.12.2024

Operational Expenditure – Eligibility of economic activities for EU Taxonomy

Financial year 2024

Year

Substantial contribution criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic Activities (1)

Code

(2)

OpEx

(3)

Prop

ortio

n of

OpEx

2024

(4)

Clim

ate

Chan

Mitig

ation

(5)

Clima

Chan

Adapt

ation

(6)

Wat

(7)

Poll

utio

n (8)

Circ

ular

Econ

omy

(9)

Biodiv

ersity

(10)

Clim

ate

Chan

Mitig

ation

(11)

Clima

Chan

Adapt

ation

(12)

ter

(13

)

Poll

utio

(14)

Circ

ular

Econ

omy

(15)

Biodiv

ersity

(16)

Minim

Safeg

uards

(17)

Propo

rtion

Taxo

nomy

aligne

(A.1.)

or -

eligibl

(A.2.)

OpEx

2023

(18)

Cate

gory

enab

ling

activ

ity

(19)

Categ

ory

transi

tional

activit

y (20)

€000

Y; N;

N/EL

Y; N;

N/EL

N/E

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

OpEx of environmentally sustainable activities (Taxonomy-aligned)

(A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities)

EL;

N/EL

EL;

N/EL

EL;

N/E

EL;

N/EL

EL;

N/EL

EL;

N/EL

Transport by motorbikes, passenger cars and light

commercial vehicles

CCM

/CCA

6.5

52.42

7.274

24%

N/E

N/EL

25%

OpEx of Taxonomy-eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities) (A.2)

52.42

7.274

24%

25%

A. OpEx of Taxonomy-eligible activities (A.1+A.2)

52.42

7.274

24%

25%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities

164.4

78.86

76%

TOTAL

216.9

06.13

100%

2.2 Climate Change Mitigation

i. Strategy and Business model

The climate strategy of the Autohellas Group primarily aims at enhancing electric mobility and, more generally, the use of zero

and low-emission vehicles to support the limitation of global warming to 1.5°C, in accordance with the Paris Agreement. The

Group's targeted approach includes the systematic increase of low and zero-emission vehicles in the rental fleet, the adoption of

hybrid and fully electric vehicles, and the reduction of the overall emissions intensity of the fleet. The Group regularly monitors

Scope 1 and Scope 2 emissions, aiming to mitigate climate change.

A core element in the effort to reduce the Group's carbon footprint is the implementation of initiatives that facilitate the transition

of the vehicle rental fleet to electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and vehicles that meet strict low-

emission standards (≤50 gr CO₂/km). Beyond fleet renewal, the Group also emphasizes energy efficiency improvements at its

facilities and promotes a sustainable development culture among employees through targeted training and awareness programs.

These practices extend throughout the supply chain, including supplier management to ensure environmental compliance across

the chain.

Autohellas recognizes that the prevalence of internal combustion engine (ICE) vehicles in its rental fleet poses significant risks for

trapped greenhouse gas emissions. To mitigate this risk and reduce emission intensity, the Group consistently implements fleet

renewal strategies and increases electric mobility. By integrating low or zero-emission vehicles into the rental fleet, the Group

aims to significantly reduce emissions intensity, demonstrating the effectiveness of its proactive transition measures. These

ongoing efforts to replace high-emission vehicles with alternative low-emission vehicles and improvements in operational

efficiency highlight the Group’s active management of transition risks, ensuring alignment with long-term emission reduction

targets.

It is noted that Autohellas is not excluded from the EU Paris-Aligned Benchmarks (EU PAB), as it does not operate in sectors that

lead to automatic exclusion according to the Delegated Regulation (EU) 2020/1818, such as fossil fuel extraction, high-emission

electricity generation, or the manufacturing of controversial weapons.

Annual Financial Report 31.12.2024

Governance and Oversight

The Autohellas Group manages climate-related issues directly through the Board of Directors, ensuring oversight and

accountability at the highest level. The Board monitors the implementation of the company’s climate strategy and may adjust its

approach based on evolving sustainability priorities and regulatory requirements.

Currently, climate-related performance indicators have not been incorporated into the management's compensation or

evaluation structure. Executive compensation is determined based on broader financial and operational criteria, without a specific

link to greenhouse gas (GHG) emission reduction targets or other sustainability parameters.

Policies and Objectives

Autohellas recognizes the importance of official policies concerning mitigation and adaptation to climate change, but currently

does not have explicit, formal climate policies. The Group specifically supports electric mobility either through the acquisition of

electric or hybrid models, which produce fewer CO2 emissions compared to conventional gasoline or diesel vehicles, in its short-

term rental business, or through partnerships, and actively works to reduce the impact of emissions on the climate through

practical measures, such as the electrification of its vehicle fleet, the integration of vehicles that meet strict emission standards

(≤50g CO₂/km), and the implementation of energy efficiency improvements at its operational facilities. Climate adaptation

parameters are also informally examined through initiatives aimed at strengthening the resilience and continuity of fleet

operations and infrastructure against potential disruptions due to climate change. Standardization and documentation of these

measures in explicit policies remain an area for improvement, with the Group committed to developing formal policies in the near

future.

Resilience Analysis

Autohellas recognizes the importance of conducting a thorough resilience analysis of its business model and climate strategy. The

Group has not yet completed such an official analysis but has set a clear goal to conduct and disclose this detailed resilience

assessment in accordance with the ESRS disclosure requirements in the next reporting period.

Transition Plan

The Autohellas Group acknowledges the importance of a structured transition plan to address sustainability risks and

opportunities and ensure the long-term resilience and sustainability of the business. While the Group has not yet officially adopted

a transition plan, it is currently evaluating the macroeconomic environment, market trends, as well as the regulatory and

compliance framework, and is committed to developing a comprehensive program that will establish clear targets and pathways

for reducing its environmental footprint and enhancing long-term sustainability.

For this purpose, Autohellas aims to develop and adopt a transition plan, to be implemented by January 1, 2026, which will include

measurable targets and align with international best practices and regulatory requirements. Additionally, the Group plans to

integrate its future transition plan into its overall business strategy and financial planning. This integration will ensure that

sustainability parameters are incorporated into decision-making processes, investment priorities, and operational frameworks.

The transition plan will align with the Group’s strategic objectives, focusing on key areas such as fleet electrification, energy

efficiency, emission reduction, and responsible supply chain management. Financial planning will include the necessary capital

expenditures and investments in operations to support the execution of transition initiatives, ensuring that sustainability targets

are achieved without compromising financial stability and growth.

Once officially developed by the Sustainability Committee, the transition plan will be subject to review and approval by the Board

of Directors. The Board will oversee the implementation of the plan, monitoring progress and adjusting strategies as necessary to

respond to new risks and opportunities.

Annual Financial Report 31.12.2024

ii. Impacts, Risks and Opportunities Management

The Autohellas Group systematically recognizes and assesses climate impacts, risks, and opportunities through structured internal

evaluations. The Group acknowledges that its operations have a significant environmental impact due to the high percentage of

internal combustion engine (ICE) vehicles in its fleet, which contribute significantly to air pollution and greenhouse gas emissions.

In contrast, the increased integration of electric and hybrid vehicles into the Group's fleet has a positive impact on local air quality

and reduces overall emissions, aligning its operations more closely with sustainability targets.

The analysis below presents the main recognized impacts, risks, and opportunities for the Autohellas Group related to climate

change mitigation, as well as the actions taken to address them:

• Impacts

Description

Impact

Emissions from internal-combustion engines of vehicle fleet

Actual negative

impact

Reduction in emissions due to increased adoption of electric and hybrid vehicles

Actual positive

impact

Autohellas acknowledges that a significant percentage of its rental fleet consists of vehicles powered by internal combustion

engines (ICE). These vehicles contribute significantly to greenhouse gas emissions, negatively affecting air quality in cities and

exacerbating climate change. Additionally, since the majority of the Group’s operational emissions stem from fuel consumption

within its fleet, this constitutes a substantial environmental footprint that the Group is actively working to reduce through targeted

fleet renewal and optimization strategies.

In contrast, the Group's ongoing investments in electric mobility and the integration of hybrid vehicles are beginning to yield

significant positive impacts. The progressive integration of electric and hybrid vehicles into the rental fleet significantly reduces

the fleet’s emission intensity, positively contributing to the improvement of local air quality and the reduction of global climate

change. Hybrid vehicles emit significantly fewer pollutants—up to 80% fewer emissions compared to traditional internal

combustion engine vehicles—thus enhancing public health and environmental quality, particularly in densely populated urban

areas.

Although the Group has made steady progress towards electrifying its fleet, the pace of integrating electric vehicles (EVs) and

hybrid vehicles is gradual. This slow transition is influenced by various external factors, such as limited charging infrastructure and

consumer uncertainty regarding electric vehicle technology. It is noteworthy that electric mobility is supported by tax, financial,

and other incentives from the regulatory frameworks of Greece and the European Union, aiming to increase the use of zero- and

low-emission vehicles by both individuals and companies.

• Risks

Description

Impact

Faster depreciation and uncertainty in the resale of electric (BEV) and hybrid (PHEV) vehicles due to

technological advancements.

Risk

The rapid pace of technological advancements in the market for electric (BEV) and hybrid (PHEV) vehicles creates uncertainty

regarding their residual values and resale dynamics, leading to faster depreciation and financial uncertainty for the Group. To

address this, the Autohellas Group closely monitors market trends and technological developments and strategically manages

fleet renewal cycles by assessing the useful life of the vehicles.

Annual Financial Report 31.12.2024

• Opportunities

Description

Impact

Reduced operating costs due to lower maintenance needs of EVs compared to ICE vehicles

Opportunity

Increased demand driven by customer awareness of sustainable mobility solutions

Opportunity

Tax benefits from support measures for low-emission vehicles (below 50g CO₂/km)

Opportunity

Reduction in financing costs through sustainability-linked financing with favorable terms

Opportunity

An opportunity lies in the potential to reduce operating expenses through electric vehicles (EVs) compared to traditional internal

combustion engine (ICE) vehicles. Specifically, EVs have far fewer moving parts, and as a result, the need for regular maintenance

and repairs is limited to consumables and materials subject to natural wear and tear, such as filters, tires, and brakes. Additionally,

the number of visits required for an electric vehicle is lower than for an internal combustion engine vehicle, thereby freeing up

human resources to increase the capacity for visits at the Group’s owned facilities/workshops. In terms of consumption, and

despite inflationary increases in energy prices, the energy cost remains lower than fuel consumption. All of the above contribute

to reducing the total cost of ownership of an electric vehicle throughout its lifecycle, positively impacting the overall business

efficiency and profitability of the Group.

Additionally, the increasing consumer awareness and preference for sustainable mobility solutions represent another significant

opportunity for the Autohellas Group. As consumers become more environmentally conscious and show growing demand for eco-

friendly products and services, the Group is positioned to capture a larger market share by expanding its offering of electric and

hybrid vehicles. Meeting this demand through targeted marketing strategies and personalized product offers can enhance

customer loyalty and brand differentiation, further strengthening the Autohellas Group's position in the competitive market.

Moreover, the Group benefits from favorable tax incentives and regulatory support measures specifically designed to promote

electric vehicles and low-emission vehicles. Electric vehicles and those emitting less than 50g CO₂/km are eligible for financial

incentives and tax reliefs, such as accelerated depreciation, significantly improving the financial attractiveness of transitioning to

electric and hybrid vehicle fleets.

Finally, the Autohellas Group recognizes a valuable opportunity to reduce financing costs through access to sustainability-linked

financing, which generally offers more favorable terms, such as lower interest rates, to help businesses achieve their climate

transition targets. This opportunity is directly linked to the Company’s significant investment plan, amounting to 450 million euros

(2022-2026), which is being implemented through co-financing agreements under Greece’s National Recovery and Resilience Plan

("Greece 2.0"). This initiative includes 225 million euros from the Recovery and Resilience Fund, 135 million euros funded by Greek

banks, and a direct contribution of 90 million euros from Autohellas itself. This investment aims at the gradual renewal and

expansion of the fleet through the introduction of electric and hybrid vehicles, which meet strict emission standards (≤50g

CO₂/km). The vehicles acquired under this plan emit about 80% fewer pollutants compared to their predecessors, significantly

advancing the Group's efforts to mitigate climate change. Furthermore, these initiatives led to an approximately 49% increase, for

2024, compared to the previous year, in capital expenditures related to low-emission vehicles.

iii. Metrics , objectives and accounting policies

Objectives

The Group aims to reduce the intensity of direct greenhouse gas emissions from its activities through the adoption of clean

technologies and the improvement of production processes. Additionally, the Group is committed to reducing energy and

resource consumption at its facilities. Despite the fact that the Group has not yet officially adopted a transition plan, it is

currently evaluating the current macroeconomic environment, market trends, as well as the institutional and regulatory

compliance framework, and is committed to creating a comprehensive program that will set clear targets and pathways for

reducing its environmental footprint and enhancing long-term sustainability.

Annual Financial Report 31.12.2024

Specifically, the Group aims to achieve measurable annual reductions in Scope 1 and Scope 2 GHG emissions, targeting an annual

decrease in emissions intensity, calculated in tons of CO₂ equivalent (tCO₂e) per million euros of revenue, as reported in its

consolidated financial statements. By setting these intensity targets, the Group ensures comparability and transparency in its

climate performance, firmly linking its economic growth with its environmental impact.

Regarding fleet management, Autohellas Group is committed to gradually increasing the share of low- and zero-emission vehicles

in its fleet, aiming for a significant reduction in the fleet’s average emissions intensity. This commitment, which requires substantial

capital expenditure, will be partially realized through the Group’s aforementioned co-financed investment plan. By 2030, the

Group aims for a significant reduction in total rental fleet emissions, prioritizing the acquisition of electric vehicles and vehicles

emitting ≤50 grams of CO₂ per kilometer.

The Group also aims to improve the energy efficiency of its operations, particularly by achieving continuous annual reductions in

total energy consumption across its facilities.

Finally, Autohellas Group intends to conduct a detailed resilience analysis of its business model and climate strategy, as well as to

develop a structured transition plan to address sustainability risks and opportunities, ensuring the long-term resilience and

viability of the business.

The Group considers 2024 as the baseline year for calculating climate-related indicators. Information on the following KPIs will be

reported in the next financial year's report:

• Reduction of absolute GHG emissions (tCO₂e)

• Percentage reduction of total GHG emissions compared to the baseline year (%)

• GHG emissions intensity reduction (tCO₂e per million € revenue)

Metrics

To transparently demonstrate progress and maintain accountability, Autohellas Group systematically measures and reports the

following key performance indicators (KPIs):

KPI

2024

GHG emissions intensity, location-based (total GHG emissions per net revenue)

146.62

GHG emissions intensity, market-based (total GHG emissions per net revenue)

145.70

Net revenue used to calculate GHG intensity (€ millions)

985.69

Financial resources allocated to action plan (OpEx) (€)

6,002,836

Financial resources allocated to action plan (CapEx) (€)

89,818,717

Total emissions (using location-based Scope 2 emissions) (tn CO2eq)

144,519

Total emissions (using market-based Scope 2 emissions) (tn CO2eq)

143,619

Total Scope 1 emissions (tn CO2eq)

140,257

Percentage of Scope 1 GHG emissions included in regulated emission trading schemes (EU ETS) (%)

0.0%

Total location-based emissions from electricity (grid average) (tn CO2eq)

4,159

Total market-based emissions from electricity (tn CO2eq)

3,259

Total Scope 3 emissions (tn CO2eq)

103

Biogenic emissions of CO2 from the combustion or bio-degradation of biomass, not included in

Scope 1 GHG emissions (tn CO2eq)

6,514

Share of contractual Scope 2 emissions (GOs or RECs) (%)

0.0%

Biogenic emissions of CO2 from the combustion or bio-degradation of biomass, not included in

Scope 2 GHG emissions (tn CO2eq)

Percentage of GHG Scope 3 calculated using primary data (%)

0.0%

Biogenic emissions of CO2 from combustion or bio-degradation of biomass that occur in value

chain not included in Scope 3 GHG emissions (tn CO2eq)

Total fossil energy consumed (MWh)

554,955

Total nuclear energy consumed (MWh)

277

Total renewable energy consumed (MWh)

1,454

Electricity consumption from renewable sources (excluding renewable electricity produced by the

company) (MWh)

1,362

Annual Financial Report 31.12.2024

Total renewable fuels consumed (MWh)

Energy from renewable sources produced and consumed (self-generated, non-fuel) (MWh)

Total energy consumption (MWh)

556,686

Fuel consumption from coal or coal products consumption (MWh)

Fuel consumption from crude oil and petroleum products (MWh)

534,856

Fuel consumption from crude oil and petroleum products in high climate impact sectors (MWh)

1,165

Heating, cooling, or steam purchased and consumed from renewable sources (excluding renewable

electricity produced by the company)

Total natural gas consumption (MWh)

641

Total other fossil fuel consumption

Heating, cooling, or steam purchased and consumed from fossil sources (excluding renewables)

Total renewable energy produced (MWh)

Total non-renewable energy produced (MWh)

Energy intensity ratio (total energy consumption/net revenue from activities in high climate impact

sectors)

Total energy consumption from activities in high climate impact sectors (MWh)

5,942

Percentage of energy consumption from nuclear sources in total energy consumption (%)

0.0498%

Percentage of renewable sources in total energy consumption (%)

0.261%

Percentage of fossil sources in total energy consumption (%)

99.689%

Net revenue from activities in high climate impact sectors (€ millions)

511

Net revenue from activities other than in high climate impact sectors (€)

474,453,102

Total emissions removed by carbon removal initiatives within the company's own operations (tn

CO2eq)

Total emissions removed by carbon removal initiatives within the company's upstream or

downstream value chain (tn CO2eq)

Total emissions removed by carbon removal initiatives within the company's value chain (tn CO2eq)

Total emissions removed by carbon removal initiatives out of the company's upstream or

downstream value chain (tn CO2eq)

Total amount of carbon credits outside value chain that are verified against recognised quality

standards and cancelled

Total amount of carbon credits outside value chain planned to be cancelled in future

Reversals

Percentage of reduction projects (%)

0.0%

Percentage of removal projects (%)

0.0%

Percentage for recognised quality standard (%)

0.0%

Percentage issued from projects in European Union (%)

0.0%

Percentage that qualifies as corresponding adjustment (%)

Current year gross Scope 2 greenhouse gas emissions covered by internal carbon pricing schemes

and Percentage of gross Scope 2 greenhouse gas emissions covered by internal carbon pricing

schemes (tn CO2eq)

Current year gross Scope 3 greenhouse gas emissions covered by internal carbon pricing schemes

and Percentage of gross Scope 3 greenhouse gas emissions covered by internal carbon pricing

schemes (tn CO2eq)

Carbon price applied for each metric tonne of greenhouse gas emission (€)

Accounting Policies

Scope 1 emissions primarily originate from the fuel consumption of the Group's fleet of rental vehicles, for which the Group

maintains operational control. This category also includes corporate vehicles used for operational needs. Additionally, Scope 1

emissions include those resulting from the consumption of natural gas and heating oil at the Group’s facilities.

Emissions produced by leased and rented vehicles during their use by customers are estimated based on standardized fuel

consumption indicators per vehicle category and average mileage data.

Scope 2 emissions are associated with electricity consumption at the Group’s facilities, which is supplied by external energy

providers. Electricity is used to meet the energy needs of building facilities, including heating, as well as for charging electric and

plug-in hybrid fleet vehicles at company-owned charging stations. The calculation of consumption for Scope 2 emissions is based

Annual Financial Report 31.12.2024

on the recorded energy consumption amounts in energy provider invoices. For the market-based emissions calculation, factors

provided by the Public Authority for Energy Resource Utilization and the Environment, as well as local energy providers, are used.

For the location-based emissions calculation, the emission factors of the local energy grid are applied.

Scope 3 emissions include emissions from employee transportation to the headquarters by an external partner company (Category

7, according to the Greenhouse Gas Protocol for Emissions Calculation and Reporting). They also include emissions from energy

consumption by a third-party company housed in corporate facilities but not classified as a subsidiary (Category 13). This metric

reflects the equivalent carbon dioxide (CO₂eq) emissions resulting from activities not directly controlled by the company but

related to external partners and other entities.

The total fossil energy consumption and total renewable energy consumption account for the proportion of electricity derived

from fossil fuels and renewable sources within the overall energy mix. These metrics provide an overview of energy consumption

and its distribution between traditional (fossil) and sustainable (renewable) sources.

Total nuclear energy consumption exclusively refers to the percentage of energy derived from nuclear sources within the

electricity mix.

Finally, it is noted that Autohellas Group does not implement carbon pricing mechanisms, such as internal carbon pricing or

emissions trading systems, nor does it participate in voluntary offset programs, greenhouse gas removal projects, or greenhouse

gas mitigation projects funded through carbon credits. Additionally, the Group does not purchase Guarantees of Origin (GOs) for

the electricity it consumes, meaning that its energy supply is not certified as coming from renewable sources.

2.3 Water and Marine Resources

Autohellas Group operates an extensive network of more than 140 car rental locations, several of which are situated in island

areas that may experience increasing water shortages due to geographical constraints, increased seasonal tourism, and variability

related to climate change. Under these operational conditions, Autohellas Group primarily draws water for vehicle cleaning, either

at owned washing facilities or through collaborating parties, and disposes most of it into municipal sewage facilities.

i. Management of impacts, risks, and opportunities

Although water scarcity is not currently a critical operational constraint for Autohellas, the Group recognizes its strategic

importance as a vital natural resource and its potential impact on rental activities. However, at present, it does not have sufficient

data or information to allow for an informed assessment of the water impact, nor can it formulate reliable assumptions on the

matter.

Therefore, while acknowledging the importance of water management in the context of sustainability, it is not able, based on

available data, to incorporate it as a material issue in its strategy. At the same time, it commits to re-examine the issue and seek

to collect the necessary information in order to draw reliable conclusions and conduct an informed assessment in the future.

Annual Financial Report 31.12.2024

The activities associated primarily with short-term, as well as long-term fleet rentals, require systematic cleaning of vehicles,

leading to significant water consumption, which could potentially impact water usage in regions experiencing water scarcity.

To mitigate this impact, Autohellas Group commits to implementing targeted actions aimed at reducing water consumption within

its fleet cleaning operations. The Group will explore and adopt waterless or water-efficient cleaning solutions wherever feasible,

significantly decreasing its dependency on water resources.

Autohellas will also initiate awareness and training programs for employees responsible for fleet cleaning, emphasizing best

practices for efficient water management.

Related Policies

At present, the Autohellas Group has not established a specific water management policy. However, recognizing the increasing

importance of water resources and the evolving regulatory framework, the Group is actively developing a comprehensive water

management strategy. This strategy, which is scheduled to be implemented in the medium term, includes intermediate

milestones and preparatory actions. The development of this policy is under the supervision of the Sustainability Committee in

collaboration with the Risk and Compliance Management Unit, ensuring compliance with regulatory expectations and

international best practices.

ii. Measurement indicators and targets

KPIs

2024

Total water extraction

45,597

The Company and the Group are committed to exploring ways to improve monitoring and reporting processes related to the

consumption, storage, reuse, recycling, and disposal of water.

Society

3.1 Own workforce

i. Strategy

The Autohellas Group cultivates a safe, inclusive, and dynamic work environment, where all employees enjoy healthy working

conditions, equal opportunities for professional development, and a strong commitment to the protection of human rights and

diversity. Through a comprehensive human resource development and management system, employees are supported with

opportunities for professional advancement, competitive compensation and benefits, performance evaluations, and continuous

training. Emphasizing responsible professional behavior, Autohellas promotes both individual and collective development,

shaping a work culture characterized by dedication, commitment, and long-term collaboration.

Autohellas has developed a comprehensive system for identifying and addressing key impacts, risks, and opportunities related to

its human resources. These elements are fully integrated into the company's overall strategy and business model, ensuring

alignment with its long-term targets.

The Group's workforce consists of directly employed workers, who cover a wide range of roles throughout the organization, and

at the same time, the Group occasionally collaborates with freelancers or personnel provided by third-party employment service

providers to meet specific business needs. Autohellas is committed to ensuring that all individuals contributing to its activities,

regardless of their employment type, are supported by the same high standards of health, safety, and overall well-being, reflecting

its commitment to maintaining a positive and inclusive work environment.

Annual Financial Report 31.12.2024

By integrating the risks and opportunities related to human resources into its strategic framework, the Autohellas Group reaffirms

its commitment to placing employee well-being at the center of its operational and sustainable practices. This proactive approach

not only ensures the health and safety of the workforce but also contributes to improving efficiency and productivity, fostering a

supportive and motivating work environment. Through this strategy, the company ensures that employee well-being is a key

factor in its long-term success, while also promoting its broader targets of sustainability and growth.

Autohellas operates in areas and sectors where the risk of forced labor, compulsory labor, or child labor is considered negligible.

The Group's activities are primarily conducted in countries with strong labor legislation and effective enforcement mechanisms,

while its workforce consists almost exclusively of directly employed workers, which further mitigates these risks.

2024

Greece

1,327

Portugal

283

Other countries*

211

Total own work force

1,821

*The other countries where the Autohellas Group maintains its own workforce are Cyprus, Bulgaria, Romania, Serbia, Montenegro,

Croatia, and Ukraine.

ii. Management of impacts, risks, and opportunities

Autohellas has developed a detailed understanding of specific risks and opportunities related to different groups within its

workforce, analyzing the characteristics, environment, and responsibilities that may expose certain employee specialties to

increased risks. This approach involves identifying roles or activities that may require greater physical effort, increased exposure

to security risks, or higher levels of stress, as well as implementing targeted measures to mitigate these risks. Employees in

operational positions may face different challenges compared to those in managerial roles. The essential risks and opportunities

arising from these impacts are closely linked to specific groups of employees, such as those in high-intensity demanding roles,

who benefit from enhanced health and safety protocols, or specialized professionals, who require continuous training to adapt to

new technologies and sustainability practices. By proactively addressing these risks and opportunities, Autohellas ensures that all

employees, regardless of role or work environment, are supported and protected, reinforcing its commitment to a safe, inclusive,

and resilient workforce.

The following analysis presents the main impacts and risks that have been identified concerning the human resources of the

Autohellas Group, as well as the actions that have been taken to address them:

• Health and safety-related impacts

Description

Type

Occupational health and safety

Possible negative

impact

The Autohellas Group recognizes the importance of maintaining a safe and healthy work environment. Ensuring health and safety

at work in all the Group's facilities and operational sites enhances the well-being and morale of employees, directly contributing

to the company's ongoing productivity and efficiency.

For the effective management and avoidance of potential impacts on occupational health and safety, the Group implements

health and safety policies, which are consistently applied across all facilities. Regular occupational safety training programs and

targeted employee awareness actions reinforce these policies, while being further supported by periodic safety inspections and

risk assessments.

Annual Financial Report 31.12.2024

Additionally, the incident reporting and corrective action framework ensures continuous monitoring and improvement of

occupational safety performance.

• Health and safety-related risks

Description

Type

Occupational hazards from machinery handling

Risk

Hazards due to extreme weather conditions

Risk

A risk identified by the Autohellas Group concerns potential occupational hazards related to the handling of machinery and

equipment, primarily affecting employees in technical environments such as body shops, garages, and car wash facilities. These

risks could lead to employee injuries, health problems, and disruptions in the continuity of business operations.

Although the number of serious workplace accidents is zero, to mitigate this risk, the Group places particular emphasis on

specialized training in machine operation, ensuring that employees possess the necessary skills and safety knowledge. Regular

inspections and preventive maintenance of equipment complement the training initiatives, while strict adherence to regulations

regarding personal protective equipment (PPE) and safe operating standards further enhances employee protection. Accident

reports and continuous monitoring contribute to the ongoing improvement of safety procedures related to machine use.

For the effective management of this risk, the Group has emergency preparedness and crisis management plans, which are

reinforced through regular training programs and readiness exercises for employees. The continuous assessment of vulnerabilities

at the facilities and the proactive implementation of resilience measures further enhance the Group's ability to manage and

respond effectively to emergency situations. At the same time, clear and reliable communication protocols have been established

for emergency situations, ensuring a swift and coordinated response.

Another risk identified by the Autohellas Group is related to dangerous incidents that may arise from extreme weather events,

such as storms, floods, or heatwaves, as well as other unforeseen emergency natural situations. These phenomena may jeopardize

the safety of employees, as well as the continuity of business operations and the integrity of the company's assets.

• Impacts related to employee training and skill development

Description

Type

Training and upskilling opportunities

Actual positive

impact

The positive impact resulting from the training and skill enhancement opportunities provided by the Autohellas Group is widely

recognized. By investing in targeted employee development programs, the Group strengthens its workforce with modern skills,

knowledge, and expertise tailored to the industry's requirements. These training programs contribute to aligning the workforce's

skills with the evolving market needs, technological advancements, and sustainability targets.

• Opportunities related to employee training and skill development

Description

Type

Talent attraction and retention

Opportunities

Operational efficiency

Opportunities

Annual Financial Report 31.12.2024

The Autohellas Group recognizes the strategic opportunity arising from its commitment to employee training and development,

particularly regarding the attraction and retention of talent. The availability of comprehensive training initiatives, combined with

clear opportunities for professional development, significantly enhances the Group's attractiveness as an employer of choice,

strengthening workforce stability and promoting long-term competitiveness.

For the maximum utilization of this opportunity, Autohellas promotes internal career paths and advancement opportunities while

maintaining competitive salaries and comprehensive benefit packages. Additionally, continuous employee engagement

initiatives, supported by regular satisfaction surveys and targeted internal actions, foster a positive and inclusive work culture.

The effective communication of development opportunities and career prospects enhances the Group's positive reputation as an

employer.

The enhancement of human resources skills presents a significant opportunity for the Autohellas Group to achieve higher

operational efficiency. A trained and capable workforce allows for the streamlined operation of processes, optimal resource

utilization, reduction of operational errors, and enhanced adaptability to industry developments.

For the effective utilization of this opportunity, Autohellas systematically updates its employee training and development

programs, incorporating best practices and industry developments with the aim of improving operations. At the same time, the

Group actively encourages employee participation in continuous improvement initiatives, promoting the recognition and

implementation of measures to increase efficiency. The effectiveness of these strategies is monitored through key performance

indicators, which are linked to the capabilities of the workforce, thereby ensuring the continuous improvement of operational

efficiency and competitiveness.

Policies

Autohellas maintains strict policies and procedures to ensure compliance with international labor standards and human rights

principles in all its activities and supply chain. There are no exceptions within the company's workforce, as Autohellas is committed

to providing equal opportunities and protection to all employees, regardless of role or type of employment.

The Autohellas Group has policies that prioritize the health, safety, development, and equal opportunities of employees. The

Group ensures a safe and protected work environment by implementing occupational health and safety practices across all its

facilities, with particular emphasis on minimizing risks associated with the use of machinery and extreme weather conditions.

The Group's Health and Safety Policy reflects the company's deep commitment to creating a safe and supportive environment for

all those involved in its activities, without exceptions. The policy aligns with internationally recognized standards, such as ISO

45001, and complies with local regulatory requirements, ensuring the highest levels of compliance. In developing the policy, the

company carefully considers the needs and interests of key stakeholders, including employees, external partners, and the broader

community. The policy includes practical measures such as regular risk assessments, tailored training programs, clearly defined

emergency response procedures, and a continuous effort to improve safety.

The senior management oversees the implementation of the policy, while the Board of Directors bears the final responsibility for

its success. To ensure transparency and accessibility, the policy is communicated through multiple channels, such as the company's

internal network, training sessions, as well as communications from the Risk Management and Compliance Unit and the Human

Resources Department. In this way, it is ensured that all those affected by the policy or responsible for its implementation are

fully informed and able to contribute to creating a safe and healthy work environment.

Respect for human rights and labor standards is embedded in the administrative practices of the Autohellas Group, with a strict

prohibition of violations such as forced labor, child labor, and modern slavery. Employees have the opportunity to confidentially

report any concerns or violations through the established reporting mechanism, ensuring the prompt investigation of incidents

and the implementation of appropriate measures.

Annual Financial Report 31.12.2024

Although Autohellas does not currently maintain a specialized policy exclusively focused on diversity, equality, and inclusion, it

remains fully compliant with national and European legislation regarding the fight against discrimination and equal treatment.

The promotion of equal opportunities and the cultivation of a multicultural and inclusive work environment is a fundamental

principle for Autohellas. Recognizing and respecting the unique backgrounds and lifestyles of its employees, the Group actively

supports all employees by offering them fair and equal opportunities for professional development and improvement.

In addition to the aforementioned policies, the Autohellas Group has designed and implemented a Policy Against Violence and

Harassment, which reflects the company's steadfast commitment to creating a safe, respectful, and inclusive work environment

for all employees, external partners, and stakeholders. The policy defines violence and harassment as any behavior, act, practice,

or threat that can cause physical, psychological, sexual, or economic harm, whether it occurs individually or repeatedly. It explicitly

refers to harassment incidents that offend personal dignity or create a bullying, hostile, or offensive environment, including

gender-based harassment, sexual harassment, and discrimination based on sexual orientation, gender identity, or gender

expression. The policy applies to all individuals working with or for the company, regardless of their employment status, including

employees, external partners, trainees, and interns. It covers incidents that occur within the work environment, during business

trips, in company-provided spaces (such as break rooms, locker rooms, or accommodations), as well as through professional

communications, including digital platforms. The company strictly prohibits all forms of violence and harassment, including

gender-based harassment and sexual harassment, implementing a zero-tolerance approach towards such behaviors. Autohellas

is committed to receiving, investigating, and addressing all complaints with absolute confidentiality and respect for human dignity,

ensuring that there are no barriers to reporting incidents. The policy emphasizes critical areas of implementation, such as regular

training and informing employees about the recognition and prevention of workplace violence and harassment, conducting risk

assessments, and promoting a culture of respect, diversity, and inclusion. An authorized compliance officer, in collaboration with

the internal audit team, is responsible for managing incidents, supporting affected employees, and ensuring that all cases are

handled with discretion and fairness. Additionally, Autohellas ensures that all employees, during their onboarding process, are

informed about their rights, the relevant legal framework, and the procedures for reporting and addressing incidents, fostering a

work environment where respect and safety are top priorities.

The Group systematically monitors the effectiveness of these policies through regular training programs for employees, structured

complaint submission procedures, continuous incident recording, and feedback from human resources, ensuring their ongoing

and effective implementation.

Interaction with own Human Resources

The Autohellas Group maintains regular and transparent communication with its employees through structured channels, such as

the open-door policy and the internal intranet platform. Employees can openly communicate concerns, suggestions, or comments

directly with supervisors and senior management, ensuring continuous exchange of views and immediate response. This becomes

particularly important given the absence of official employee representatives.

The senior management, with the support of the department heads, bears the operational responsibility for ensuring the effective

engagement of employees throughout the organization. Autohellas evaluates the effectiveness of these engagement practices

through regular employee satisfaction surveys and analysis of their feedback.

The conclusions drawn from employee engagement directly influence the company's decisions, particularly on issues related to

job security, training and skill development initiatives, working conditions, and diversity and inclusion policies. Through continuous

communication, the Group ensures that employee opinions actively shape workplace practices, thereby enhancing workforce

satisfaction, operational efficiency, and organizational resilience.

Annual Financial Report 31.12.2024

Addressing negative impacts

The Autohellas Group recognizes the importance of promptly addressing any concerns expressed by its personnel, especially when

these may have a negative impact on them. The Group has established procedures for the management and restoration of these

impacts in an immediate and effective manner.

Employees at Autohellas have access to multiple internal channels to directly express their concerns or needs. These include

direct communication with supervisors and administrative teams through the Group's established "open-door" policy, as well as

electronic channels such as the corporate intranet, which allows for confidential and effective reporting of issues. Additionally,

Autohellas provides a central complaint line through which employees can confidentially report grievances or complaints related

to working conditions, health and safety, ethical violations, human rights, and other workplace issues. This channel is managed

internally, enhancing employee trust and ensuring complete confidentiality.

Autohellas systematically monitors and records the issues reported through these mechanisms. The Group maintains detailed

records of reported concerns, ensures timely responses, and evaluates the effectiveness of corrective actions. Regular audits by

senior management confirm that these channels remain effective and reliable. To further support continuous improvement,

Autohellas periodically conducts internal employee surveys, assessing employees' awareness and trust in these processes. The

results of the surveys and employee feedback are used to enhance engagement and communication practices.

iii. Metrics and targets

Targets

To further enhance health and safety standards, the Autohellas Group has set the following targets, which are expected to be

achieved by 2026:

• Conduct readiness exercises covering at least 30% of the Group's facilities. Readiness exercises are essential to ensure that

employees are ready for emergency situations, allowing for quick and effective responses in critical circumstances.

• Additional training in health and safety practices for employees in operational facilities (high-risk areas), ensuring that staff

in these locations fully possess the necessary knowledge and skills to safely perform their work, thereby reducing the

likelihood of accidents and injuries.

• Review and update the Health and Safety Policy, as well as related policies, to ensure that the organization's health and

safety practices remain current and aligned with evolving regulatory requirements and industry trends.

• Improve the reporting framework for employee training and skill development initiatives, allowing for more effective

monitoring of performance and goal achievement. This will include systematic recording of participation rates, training

hours, and skill development outcomes, ensuring greater transparency and facilitating the assessment of progress towards

achieving strategic human resource development targets.

Metrics

2024

Total employees

1,821

Male employees

1,378

Female employees

443

Employees in Greece

1,327

Employees in Portugal

283

Employees in other countries

211

Permanent employees (male)

1,184

Permanent employees (female)

391

Temporary employees (male)

194

Temporary employees (female)

Total turnover

352

Rate of turnover

19%

Percentage of its total employees covered by collective bargaining agreements.

98.0%

Annual Financial Report 31.12.2024

Metrics

2024

In the EEA, whether it has one or more collective bargaining agreements and, if so,

the overall percentage of its employees covered by such agreement(s) for each

country

100%

Percentage of employees covered by workers’ representatives in EEA country 1 (%)

0.0%

Number of men at top management level

Percentage of men at top management level (%)

71.4%

Number of women at top management level

Percentage of women at top management level (%)

28.6%

Number of employees aged <30

322

Percentage of employees aged <30 (%)

17.7%

Number of employees aged 30-50

986

Percentage of employees aged 30-50 (%)

54.1%

Number of employees aged >50

513

Percentage of employees aged >50 (%)

28.2%

Percentage of employees that earn below the applicable adequate wage benchmark

0.0%

Male employees that participated in regular performance and career development reviews (%)

0.0%

Female employees that participated in regular performance and career development reviews (%)

0.0%

Number of reviews in proportion to the agreed number of reviews by the management (%)

0.0%

Average number of training hours per male employee

11.72

Average number of training hours per female employee

24.00

Total average number of training hours per employee

14.81

Percentage of people in its own workforce who are covered by health and safety management system based on

legal requirements and (or) recognised standards or guidelines (%)

100%

Fatalities as a result of work-related injuries or work-related ill health (for own employees)

Number of fatalities as result of work-related injuries and work-related ill health of other workers working on

undertaking's sites

Recordable work-related accidents

Percentage of recordable work-related accidents (%)

227%

Gender pay gap %)

14.0%

Annual total remuneration ratio

65.20

Incidents of discrimination, including harassment

Complaints filed through channels for people in the company’s own workforce to raise concerns

Complaints filed to National Contact Points for OECD Multinational Enterprises

Fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and

complaints filed

Severe human rights incidents connected to the company’s workforce

Number of severe human rights issues and incidents connected to own workforce that are cases of non respect of

UN Guiding Principles and OECD Guidelines for Multinational Enterprises

3.2 Consumers and End Users

Autohellas Group is committed to upholding the highest standards of responsibility towards consumers and end users, ensuring

that its services meet the highest levels of quality, safety, and customer satisfaction. The Group's approach to customer

responsibility is overseen at the management level, with policies and procedures designed to protect consumer rights, promote

transparency, and ensure compliance with applicable regulatory requirements, including EU consumer protection laws.

Autohellas Group serves a wide range of end users in the value chain, each with unique needs and expectations. The company's

services are designed to meet the needs of individuals who rely on mobility solutions for various purposes, ensuring safety,

convenience, and sustainability.

Annual Financial Report 31.12.2024

The main groups of end users include:

• Short-term rental customers

Short-term rentals aim for (i) customers renting vehicles for leisure travel, (ii) professionals, executives, or employees on business

trips, (iii) individuals temporarily renting vehicles for personal use, often as an alternative to car ownership, and (iv) companies,

businesses, and professionals seeking flexible, temporary, and seasonal solutions.

• Long-term rental customers

Long-term rentals aim for (i) company employees and professionals using leased vehicles as tools, (ii) companies providing vehicles

to their executives as benefits in kind, and (iii) individuals choosing vehicle use over ownership.

• Private buyers

These are individuals who purchase vehicles, either new or used, through the Group's car sales network, as well as customers

receiving maintenance and repair services after the vehicle purchase.

• Indirect end users

These consumers are individuals purchasing vehicles through dealers associated with the Group's import companies, where the

Group indirectly influences service standards and vehicle quality.

Autohellas Group recognizes that certain groups of end users require customized mobility solutions and additional support to

achieve safety, accessibility, and an overall customer service experience. Specifically, these customers may require vehicles

designed for easy entry and exit, equipped with assistive features, and accompanied by complementary rental support services.

Additionally, the Autohellas Group is committed to meeting the needs of individuals with disabilities by providing specially adapted

vehicles with accessibility modifications, such as wheelchair ramps, hand controls, and customized seats. Finally, for families

traveling with young children, the company ensures the availability of safe, legally compliant child seats, spacious vehicles, and

flexible rental options, effectively addressing the unique mobility needs of families.

i. Management of impacts, risks, and opportunities

The Group monitors any impacts, risks, and opportunities through customer evaluation mechanisms, incident reporting systems,

and internal process audits.

Autohellas Group serves a wide range of end users who may experience material impacts from the Group's operational activities

and values. These impacts are related to risks of data protection and access to critical information related to services. While the

Group does not inherently provide harmful products, some consumers face concerns about data protection, reliance on clear

product information, or financial risks associated with renting and purchasing. The table below ranks end users based on specific

material impact risks and dependencies, ensuring targeted risk mitigation and service improvement.

Categories of material Impacts

Groups of End Users affected

Data Protection/Privacy Risks

Short & Long-Term Rental Customers

Dependence on Accurate Information

All end-users groups

The analysis below presents the main identified impacts and risks related to the consumers and end users of the Autohellas Group,

as well as the actions taken to address them:

Annual Financial Report 31.12.2024

• Impacts

Description

Type

High product and service quality

Actual positive

Impact

Autohellas Group recognizes that providing high-quality products and services positively impacts customer satisfaction, trust, and

reliability. By strictly maintaining transparency and high standards in rental, sales, and after-sales service activities, the Group

directly contributes to improving customer experience and business resilience.

Additionally, maintaining a well-maintained, safe, and diverse fleet directly enhances consumer trust, strengthens brand loyalty,

and promotes ongoing customer relationships.

To achieve these outcomes, the Autohellas Group systematically implements maintenance and inspection processes, regularly

invests in fleet modernization with reliable vehicles, and actively incorporates customer feedback to promptly address potential

concerns. Furthermore, employee training is continuously improved to enhance awareness around quality assurance, customer

safety, and transparent communication, ensuring ongoing positive impacts and operational effectiveness.

Moreover, the Group strategically invests in digitization initiatives to simplify customer interactions, introducing online bookings,

digital contracts, and user-friendly self-service options. These digital enhancements not only facilitate efficient and accessible

customer experiences but also contribute to operational sustainability by reducing resource use associated with traditional

administrative processes.

• Risks

Description

Type

Reputational harm due to inadequately maintained vehicle fleet

Risk

Autohellas Group recognizes customer safety as a critical risk, given the inherent risks associated with vehicle operation and road

safety. Risks may arise from potential gaps in vehicle maintenance, inconsistent adherence to safety protocols, and variability in

road safety practices. Specifically, inadequate fleet maintenance could lead to increased accident risks, while insufficient road

safety measures may jeopardize customer safety, potentially harming both individuals and the company's reputation.

To effectively mitigate these risks, the Autohellas Group systematically implements comprehensive fleet maintenance programs,

ensuring vehicles undergo rigorous inspections and adhere to strict quality and safety standards. Structured vehicle checks and

preventive maintenance programs, utilizing advanced diagnostic tools and specialized staff training, are key components of this

process. Vehicles undergo detailed safety inspections before each rental, with particular attention to critical safety elements such

as airbags, brake-systems (ABS), tire condition, and lighting systems.

The Group continuously invests in advanced vehicle diagnostics, preventive maintenance technologies, and specialized staff

training to proactively identify and address safety issues before they become risks.

The Group maintains accurate records to ensure timely maintenance interventions, reducing the likelihood of failures during

customer use. Additionally, it proactively informs customers about upcoming service schedules and required maintenance

intervals, enhancing transparency and promoting customer trust. Continuous communication through timely service reminders

helps ensure vehicles are kept in optimal condition, further supporting fleet reliability and safety performance. Road safety

measures are further enhanced through close collaboration with industry experts, safety audits, and compliance checks aligned

with best regulatory practices.

Annual Financial Report 31.12.2024

It is noted that there were no instances of road accidents related to inadequately maintained vehicles during the year.

Description

Type

Reputational harm from customer personal data breach

Risk

The Autohellas Group recognizes data protection and cybersecurity as operational risks, given the large volume of rental and retail

transactions it conducts with customers. Due to the extensive collection of personal data from individual customers, including

identification details, payment information, and personal preferences, the Group acknowledges that risks associated with data

collection, storage, and processing may lead to legal liabilities, financial penalties under GDPR regulations, and potential

reputational damage in the event of data breaches or non-compliance incidents.

To manage and mitigate these risks, Autohellas continuously strengthens its cybersecurity by implementing technical measures

such as advanced data encryption, secure information systems, and regular cybersecurity audits.

Additionally, the Group invests in ongoing training programs to educate staff on GDPR compliance and best data protection

practices, ensuring that all employees are aware of their responsibilities and obligations. Internal procedures clearly outline proper

data management, customer consent protocols, and regular data protection audits, ensuring continuous compliance with

regulatory requirements.

It is noted that no customer data breach incidents were recorded during the year.

Policies and procedures concerning customers

Customer-related policies are integrated into the Group's overall risk management framework and are periodically reviewed to

address emerging challenges and evolving consumer expectations. The Board of Directors and senior management oversee the

effectiveness of these policies, ensuring that customer concerns are addressed promptly and responsibly.

• Customer Rights:

Autohellas Group's commitment to human rights extends to customers and end users through adherence to internationally

recognized standards, such as the UN Guiding Principles on Business and Human Rights (UNGPs), the OECD Guidelines for

Multinational Enterprises, and the ILO Declaration on Fundamental Principles and Rights at Work. The Group's approach includes

non-discrimination in service provision, protection of customer privacy, and ensuring access to grievance mechanisms. Respect

for customer rights is embedded in the Group's Code of Conduct, which explicitly prohibits unfair treatment and discrimination in

customer interactions. Further information on the Autohellas Code of Conduct and Human Rights Policy is included in the

"Business Conduct" chapter of the Sustainability Report.

In addition to the Group's Code of Conduct and Human Rights Policy, the Group has developed and implemented policies and

procedures governing its relationship with customers and end users, which apply to all customer categories, including private

renters, corporate short-term and long-term rental customers, and car buyers. These policies cover critical areas such as customer

satisfaction, vehicle safety, complaint resolution, and sustainable mobility.

• Customer Satisfaction and Service Quality Policy:

The Autohellas Customer Satisfaction and Service Quality Policy emphasizes the Group's commitment to providing high-quality

services across all its activities, including short-term and long-term car rentals and car sales. With a customer-oriented approach,

Autohellas prioritizes understanding and meeting customer needs, offering flexible solutions and personalized services to enhance

the overall customer experience.

Annual Financial Report 31.12.2024

The Group is committed to providing high-quality services in car rental, leasing, and sales, ensuring that customer needs are met

with flexibility and personalized solutions. As part of fulfilling this commitment, the Net Promoter Score (NPS) evaluation

investigates customer needs on a monthly basis and maintains direct contact with them. Additionally, customer satisfaction

surveys are conducted within the Group's companies, with different implementation frameworks for each company.

Autotechnica Hellas conducts monthly customer satisfaction surveys in collaboration with ICAP, one of the largest business

information groups. The survey examines and records customer evaluation and satisfaction, feedback and complaints, as well as

areas for improvement, and is completed with the delivery of a monthly report from ICAP to the company.

Finally, mystery shopper surveys are conducted as one of the most reliable methods for evaluating the quality level of Autohellas

Group's services and products. The purpose of the survey is to better and more effectively assess the provided services and identify

areas that need improvement.

Through the aforementioned measures, Autohellas actively collects and analyzes customer feedback to drive continuous

improvement in service quality, reflecting the Group's commitment to long-term customer satisfaction and trust.

• Privacy and Data Protection Policy:

Autohellas is committed to protecting its customers' data, ensuring compliance with applicable data protection laws and

maintaining strict privacy standards. With a robust data protection policy, the company safeguards personal information collected

through its rental, leasing, and sales activities, ensuring secure processing and confidentiality. Data security measures are

continuously enhanced to prevent unauthorized access and breaches. Customer consent and transparency are prioritized, with

clear policies regarding data collection, use, and retention. Autohellas also considers the interests of stakeholders, aligning its

practices with evolving regulatory requirements. By integrating privacy into its operations, the company enhances trust and

ensures responsible data management at all touchpoints.

• Vehicle Safety and Maintenance Policy:

Autohellas adheres to the highest standards of vehicle maintenance, aiming for safety, reliability, and excellent performance for

its customers. The company implements a strict maintenance program, conducting regular inspections, repairs, and preventive

work according to manufacturers' guidelines and industry best practices. Customer safety remains a top priority, with rigorous

quality checks and continuous monitoring to prevent mechanical issues. Additionally, regular evaluations by customers/drivers

and the collection of operational data are used to improve maintenance processes. Through these efforts, Autohellas guarantees

a well-maintained fleet, enhancing trust and providing an uninterrupted mobility experience. The company enforces strict safety

checks and regular inspections to maintain the roadworthiness of its vehicles.

• Complaint Management and Dispute Resolution Policy:

Autohellas has established a comprehensive Complaint Management and Dispute Resolution Policy to ensure fair, transparent,

and effective handling of customer concerns. The policy provides a structured process for submitting complaints through various

channels, such as the customer service department, digital communication platforms, and dedicated service centers. All

complaints are carefully reviewed, recorded, and assessed to determine appropriate solutions, with a commitment to prompt and

effective resolution.

Autohellas values customer feedback and incorporates it into its ongoing efforts to improve service quality. The company

prioritizes transparency by clearly communicating the complaint resolution process and expected response times. Specialized

teams handle disputes professionally, ensuring fair outcomes that align with Autohellas' commitment to customer satisfaction.

In addition to the aforementioned policies, aiming for prompt customer service, Autohellas operates a department available 24/7

to handle customer requests and bookings at any time. Communication can be conducted via phone or electronically through the

contact form.

Annual Financial Report 31.12.2024

Customer Communication Framework

Engagement with customers and end-users is a fundamental pillar of Autohellas Group's business strategy. The Group adopts a

multidimensional approach to consumer interaction, directly incorporating evaluation mechanisms, digital platforms, and

structured surveys.

The methods used by the Group for systematically collecting customer opinions are presented in the table below:

• Customer Service Department (Communication):

To ensure prompt customer service, the Group operates a customer service department available 24 hours a day, 7 days a week,

to handle customer requests and bookings at any time. Communication can be conducted by phone or electronically via the

contact form.

• Mystery Shopper Survey (Communication):

The "mystery shopper" survey is a tool used to evaluate the quality of a company's services and products. Its purpose is to collect

objective data about the customer experience in order to identify both the positive and negative aspects of the provided service.

This allows for better and more effective evaluation of services, as well as the identification of areas that need improvement.

• Customer Satisfaction Surveys (Evaluation):

Autohellas conducts customer satisfaction surveys with different implementation frameworks for each company within the group.

Specifically, Autotechnica Hellas conducts monthly customer satisfaction surveys in collaboration with ICAP, one of the largest

business information groups. This survey examines and records customer evaluations and satisfaction, comments and complaints,

as well as areas for improvement. At the end of each month, ICAP delivers a detailed report with the survey findings to the

company.

• Digital Communication Channels (Evaluation):

Autohellas leverages digital communication channels to interact with customers and the community. It has developed a strong

presence on social media, while maintaining direct contact with its customers through corporate email and the contact form.

• Specialized Customer Service Centers (Evaluation):

Through Autohellas' specialized customer service centers, better, more immediate, and effective service is achieved.

• Net Promoter Score (NPS) (Evaluation):

Net Promoter Score (NPS) evaluation form, we investigate customer needs and satisfaction levels on a monthly basis.

• E-commerce (Evaluation):

Through Hertz's online store, we internally promote significant evaluations from our customers.

Customers are engaged through satisfaction surveys, customer service hotlines, digital evaluation forms, and educational

initiatives that provide guidance on vehicle safety, data protection, and sustainable mobility options. Engagement occurs at

various stages, from service onboarding to post-transaction evaluation collection. The responsibility for ensuring effective

consumer engagement lies with the Long-Term and Short-Term Rental Managers and the Car Sales Managers, who report directly

to the executive leadership and oversee the effectiveness of customer interaction channels.

To ensure that consumer opinions inform business decisions, the Group systematically evaluates customer feedback, complaint

trends, and emerging consumer expectations. The insights gained from these interactions contribute to product and service

improvements, operational adjustments, and policy enhancements. The Group has also taken proactive measures to engage

vulnerable consumer groups, ensuring accessibility and non-discriminatory service provision. The effectiveness of engagement

mechanisms is assessed through key performance indicators such as customer satisfaction scores, the number of complaints, and

service quality evaluations.

Annual Financial Report 31.12.2024

Consumer Complaints & Resolution Mechanisms

Autohellas Group has established comprehensive procedures for providing and activating corrective measures for human rights

impacts that may affect consumers and end-users. Customers have access to structured complaint mechanisms, which include

online reporting channels, direct communication with customer service representatives, and escalation paths to independent

mediation bodies where necessary. The Complaints Platform (We ACT Together) offers an additional channel for stakeholders to

anonymously report ethical issues, with strict protections against retaliation. These mechanisms are continuously monitored to

ensure their accessibility, effectiveness, and reliability. The Group communicates with consumers about the available reporting

channels and monitors issue resolution rates to measure effectiveness. Additionally, all communication channels are included in

service documents such as offers, rental agreements, and invoices.

In cases where significant adverse impacts on consumers have been identified, the Group takes immediate action to remedy the

situation. Corrective actions may include revising service agreements, issuing refunds, improving vehicle safety measures, or

enhancing data protection protocols. If a consumer issue indicates systemic risks, the Group conducts root cause analysis and

implements broader policy changes. Furthermore, Autohellas Group continuously works to create positive impacts for consumers

by expanding its fleet of low-emission vehicles, enhancing digital services, and improving accessibility for various customer groups.

Notably, during the year, there were no significant human rights incidents related to end-users.

Performance Monitoring & Consumer Evaluation

Autohellas Group has set clear targets related to consumer performance, ensuring continuous improvements in customer

satisfaction, safety, and accessibility. Consumers participate in setting and monitoring these targets through regular consultations,

surveys, and advisory committees. Performance against these targets is monitored through periodic reviews, and necessary

adjustments are made based on feedback received from consumers.

Autohellas Group's decision-making strategy is shaped by the interests, opinions, and rights of its consumers. Consumer well-

being is integrated into the business model, influencing fleet management, service offerings, and sustainability initiatives. The

Group considers all consumers and end-users who may be significantly affected by its operations, products, and business

relationships. In cases where adverse impacts arise, these are assessed to determine whether they stem from broader systemic

issues, such as data protection risks in digital services, or from individual incidents, such as safety concerns related to specific

vehicles.

Beyond risk mitigation, Autohellas Group actively seeks opportunities to create positive outcomes for consumers. This includes

expanding eco-friendly mobility options, enhancing digital accessibility, and improving service transparency. The Group also

evaluates whether customers with specific sensitivities may face greater risks and adjusts service models to address these

concerns.

By maintaining a structured and transparent approach to consumer responsibility, Autohellas Group ensures that its services align

with internationally recognized human rights principles, providing both value and protection to its customers.

Annual Financial Report 31.12.2024

ii. Metrics and targets

The Company and the Group have set the following targets regarding customer evaluation mechanisms:

Activity

Metric

Goal

Short-Term Rentals

NPS Score of Rental Activity

Score > 45,2 (ΕΜΕΑ Average)

Short-Term Rentals

Complaints Ratio

% Rentals below 1%

Long-Term Rentals

NPS Score After Sales Auto Trade

Score > 38 (Μ.Ο. Auto Industry)

Long-Term Rentals

Call Center Service Level

Score over 90%

Corporate Governance

4.1 Business Conduct

Autohellas Group upholds the highest standards of corporate governance, transparency, and ethical business conduct. The

company’s governance framework is designed to ensure compliance with applicable laws and regulations, promote integrity in all

operations, and reinforce trust among its stakeholders.

Business ethics are at the core of Autohellas Group’s long-term strategy, with well-defined policies in place to prevent corruption,

ensure fair supplier relations, and maintain a responsible corporate culture.

i. Ethical Governance and Corporate Culture

Autohellas Group operates under a Code of Conduct that sets out ethical standards and expectations for employees, business

partners, and suppliers. The company adheres to the United Nations Convention against Corruption and ensures its governance

policies are aligned with international best practices.

The Autohellas Group is committed to maintaining high standards of ethics and transparency, which contribute to the creation of

a fair and reliable business environment.

Strict adherence to compliance with applicable laws and regulations enhances the trust of investors, customers, and other

stakeholders while simultaneously reducing the risk of legal and operational impacts.

In this context, the Group has identified an actual positive impact as well as a risk related to corporate culture and governance.:

• Impact

Decription

Type

Compliance and ethical business practices

Actual positive

• Risks

Decription

Type

Compliance with regulatory and legal requirements

Risk

Annual Financial Report 31.12.2024

Compliance with the European Regulatory Framework and the New Directive

In the context of current regulatory requirements, Autohellas is required to comply with a series of both new and existing

directives and regulations, which impact not only its financial obligations but also its environmental, social, and governance

practices.

- CSRD (Corporate Sustainability Reporting Directive): The new sustainability reporting directive increases transparency

and disclosure requirements on ESG (Environmental, Social, and Governance) matters. The Group must ensure that the

data it publishes is reliable, accurate, and aligned with the European Sustainability Reporting Standards (ESRS), requiring

enhanced data collection and analysis systems.

- GDPR (General Data Protection Regulation): The protection of personal data is a critical legal issue, with increasing

requirements for the processing, storage, and security of customer, employee, and partner data. Non-compliance can

result in severe financial penalties and reputational damage.

The Group has identified a related risk associated with customer personal data, which is further analyzed in the

"Consumers and End Users" section of the Sustainability Report.

- Guidelines for Combating Money Laundering (AML Directives): Autohellas is required to implement strict transaction

monitoring procedures and due diligence measures to prevent financial crimes, corruption, and fraud.

- Tax Transparency Regulations and BEPS (Base Erosion and Profit Shifting): International and European tax transparency

requirements and measures to combat profit shifting impose strict documentation and reporting obligations on the

Group regarding its financial data.

More relevant information is provided in Note 36 (iv) of the Financial Statements.

Complexity and Continuous Updates on Legal Developments

The increasing complexity of the regulatory environment means that Autohellas must maintain mechanisms for the continuous

monitoring of legal and regulatory changes. Legal requirements vary across the countries in which the Group operates, making

ongoing collaboration with legal and tax advisors essential.

Frequent legislative amendments require the swift adaptation of internal processes to avoid legal and financial penalties. The risk

of non-compliance is heightened by the multidimensional nature of regulatory requirements, which span areas from financial

transparency to environmental and social responsibility.

Implications of Non-Compliance

Non-compliance with the aforementioned regulatory requirements can result in significant negative consequences, such as

financial penalties and fines imposed by regulatory authorities, loss of investors, and reduced financing opportunities, as failure

to meet ESG standards may impact access to green financing. Additionally, non-compliance can lead to disruptions in

collaborations with international suppliers and clients who require adherence to specific regulatory frameworks, as well as legal

disputes and lawsuits, which entail increased costs and reputational risk.

ii. Management of impacts, risks, and opportunities

To manage its material impacts, risks, and opportunities related to business conduct and corporate culture Autohellas has

implemented a comprehensive set of policies aligned with international best practices are designed to ensure that ethical

standards are maintained across all operations, promoting a culture of integrity, transparency, and accountability.

These policies include but are not limited to the following:

Annual Financial Report 31.12.2024

Code of Conduct and Business Ethics

Autohellas' Code of Conduct outlines ethical principles and guidelines for responsible business practices, ensuring compliance with

local and international laws, as well as respect for human rights and environmental standards. Key ethical values include integrity,

transparency, accountability, fairness, respect for diversity, and a commitment to sustainability, fostering a culture of trust and

responsible decision-making across all operations. The policy applies to all employees, suppliers, and business partners

Human Rights Policy

The policy describes Autohellas' commitment to promoting and respecting human rights across its operations, ensuring

compliance with international standards and local regulations. It applies to all employees, suppliers, and business partners, with

an unwavering dedication to eliminating discrimination, forced labor, child labor, and ensuring safe working conditions. Core

principles include respect for dignity, equality, non-discrimination and the protection of vulnerable groups, with continuous efforts

to uphold these values in all business practices.

Violence prevention and anti- harassment policy

The policy outlines Autohellas' firm commitment to preventing violence and harassment in the workplace, ensuring a secure and

respectful atmosphere for all employees. It applies to all employees, suppliers, and business partners, with a resolute commitment

to eliminating all forms of violence, harassment, and bullying, whether physical, verbal, or emotional. Core principles include

safeguarding individual dignity, maintaining a zero-tolerance stance toward misconduct, fostering inclusivity, and prioritizing

employee well-being, with continuous efforts to enforce these values throughout all organizational practices.

Whistleblowing Policy

The Group’s whistleblowing policy provides a secure and confidential channel for reporting any concerns related to unethical

behavior, misconduct, or violations of laws, regulations, or company policies. Reports can be made without fear of retaliation, as

the company ensures strict confidentiality and protection for whistleblowers. Through the policy, Autohellas encourages the

prompt reporting of any issues to uphold its values and foster a culture of accountability and trust.

Employees and stakeholders are expected to uphold all the principles included in the Group’s policies, fostering a culture of

integrity and trust. All the aforementioned policies are accessible to all stakeholders through the company's website and internal

communication channels, ensuring transparency and active engagement, with accountability for implementation lying with the

Board of Directors. In addition, to ensure that stakeholders who need to help implement any policy are well-informed, apart from

training sessions, workshops, or informational materials tailored to its operations, Autohellas operates a dedicated Risk and

Compliance Unit that provides ongoing support, offering guidance, answering questions, and assisting stakeholders as needed to

guarantee the effective implementation and understanding of its policies.

In order for all internal stakeholders to be familiar with the aforementioned policies, Autohellas has established a comprehensive

training program aimed at fostering a strong ethical culture across the organization. The company provides training on business

conduct to all employees, with particular emphasis on anti-corruption, anti-bribery, conflict of interest, and compliance with legal

and regulatory requirements. New hires are required to complete the training during their onboarding process, ensuring they

understand the company’s ethical standards from the outset. In addition, refresher training is conducted when needed, ensuring

the stakeholders remain informed about the latest legal updates, company policies, and best practices. The training is tailored to

different target audiences, with senior management receiving more specialized content on governance, risk management, and

overseeing ethical practices.

Employees of certain functions within Autohellas, that are more exposed to the risks of corruption and bribery due to the nature

of their responsibilities, such as procurement and sales departments, where there is greater interaction with third parties, handling

of financial transactions, and decision-making on contracts and vendor relations, are subject to enhanced oversight, and they

receive more frequent and detailed training on anti-corruption and anti-bribery measures.

Annual Financial Report 31.12.2024

The company also implements additional controls and monitoring systems in these high-risk areas to mitigate potential ethical

risks and ensure compliance with both internal policies and external regulations. The company has established clear procedures

for investigating business conduct incidents, including cases of corruption and bribery. Investigations are conducted independently

of the management chain to ensure impartiality. Autohellas Group also evaluates its corporate culture regularly, incorporating

feedback from employees, governance assessments, and compliance audits to strengthen ethical practices.

A structured process has been implemented for reporting, investigating, and addressing concerns regarding unlawful behavior or

any conduct contradicting the company’s ethical policies. In particular, a whistleblowing platform is available, which allows both

named and anonymous reporting. In compliance with Directive (EU) 2019/1937, Autohellas Group protects whistleblowers from

retaliation, ensuring that reports are handled confidentially and investigated impartially.

Although Autohellas Group operates in an industry where animal welfare concerns are not applicable, the company acknowledges

this disclosure requirement and confirms that it does not have specific policies on this subject. If any future business activities

necessitate such policies, the company will take appropriate action to ensure compliance.

KPIs

2024

Percentage of at-risk functions covered by anti-corruption training

20%

Number of whistleblower reports received and resolved

Compliance audits conducted

iii. Anti-Corruption and Anti-Bribery

Autohellas, operating under a Code of Conduct that sets out high ethical standards and expectations, has formally established and

implements an Anti-Bribery and Corruption Policy, which is comprehensively communicated to all stakeholders. This policy is

aligned with the principles set forth in the United Nations Convention against Corruption (UNCAC) and strictly prohibits all forms

of corruption, including bribery, money laundering, and extortion, reinforcing the company's unwavering commitment to

maintaining the highest standards of ethical business conduct.

To ensure the effectiveness of the policy, Autohellas has implemented a robust framework that includes regular training programs

to raise awareness about anti-corruption laws and corporate ethics. Apart from ad hoc trainings for all, all new hires undergo

mandatory training on these topics as part of their onboarding process to ensure they understand Autohellas’s zero-tolerance

policy toward corruption and bribery. The training program covers a range of key areas, including the identification and prevention

of corruption and bribery, understanding legal requirements, the importance of transparency in business operations, the

consequences of non-compliance as well as the available channels for reporting incidents identified. Particularly for members of

the administrative, management, and supervisory bodies, the training is more comprehensive, with a focus on their distinct

governance roles and responsibilities in ensuring compliance and mitigating ethical risks throughout the organization. These

specialized training sessions also cover topics such as strategic oversight of ethical practices, corporate governance, and risk

management, tailored to their leadership responsibilities. The Anti- Corruption and Anti-Bribery policy is available to all employees

through the Group’s intranet.

While these policies are already in place, Autohellas is committed to continuously enhancing its anti-corruption practices. Future

targets include:

• Anti-corruption policy update ensuring that (i) all anti-corruption policies are reviewed and updated annually to align

with regulatory requirements and best practices, and (ii) a minimum percentage of internal trainings of covering the

provision of the policies is achieved.

• Further enhancement of employee training: Provide refreshing trainings to group employees of Greek subsidiaries

covering a minimum percentage of 50%. The trainings will be provided within the next 12 months, with the support and

the supervision of the Risk and Compliance Unit.

Annual Financial Report 31.12.2024

During the year, Autohellas incurred no legal consequences related to anti-corruption and anti-bribery laws, with neither

convictions nor fines recorded. This reflects the company’s steadfast commitment to ethical business practices, regulatory

compliance, and corporate integrity.

KPIs

2024

Percentage of employees receiving anti-corruption training

70%

Number of legal cases related to corruption

Amount of fines paid for anti-corruption violations

iv. Political Contributions and Public Policy Engagement

Autohellas Group does not engage in lobbying activities and does not provide monetary or in-kind political contributions to

government officials, political parties, or advocacy organizations. The company maintains a neutral stance in political matters and

ensures that its business operations remain independent of undue political influence. The Board of Directors is responsible for

overseeing compliance with the company’s policy on political neutrality and ensuring that no lobbying activities or political

contributions take place within Autohellas Group. Autohellas Group does not appoint members to its administrative,

management, or supervisory bodies who have held comparable positions in public administration within the two years preceding

their appointment, as this is not relevant to the company’s governance practices.

The company is not registered in the EU Transparency Register or any equivalent lobbying registry, as it does not participate in

any activities that require such registration.

v. Supplier Governance and Ethical Sourcing

Autohellas Group maintains a Supplier Evaluation Policy, ensuring that its suppliers adhere to environmental, social, and

governance (ESG) criteria. Apart from operational criteria, Autohellas evaluates suppliers based on their commitment to ethical

business practices, and sustainability standards.

Autohellas Group does not have a formal policy specifically to prevent late payments; however, it adheres to contractual terms

and prevailing industry standards when processing payments to suppliers. In instances of delays, the company engages directly

with suppliers to facilitate prompt resolution.

From 1 January 2026 onwards, these indicators (average time to pay invoices and percentage of payments made on time) will be

systematically monitored and optimized through the implementation of SAP, which aims to enhance efficiency and strengthen

financial management processes.

Up to 31.12.2024, Autohellas faced no legal proceedings related to late payments.

vi. Governance Oversight

The Board of Directors oversees business conduct and ethical compliance at Autohellas Group. The Board is responsible for

ensuring that corporate governance frameworks align with international best practices, legal requirements, and stakeholder

expectations.

The company has implemented a structured Enterprise Risk Management (ERM) framework, which incorporates corruption and

bribery risks into broader corporate risk assessments. Risk mitigation strategies are continuously refined based on emerging

threats and compliance developments.

Annual Financial Report 31.12.2024

Members of the Board receive training in corporate governance, business ethics, and regulatory compliance, ensuring that they

are equipped to provide effective oversight. Additionally, Autohellas Group discloses whether any Board members have held

public sector positions in the past two years, thereby ensuring transparency and avoiding potential conflicts of interest.

Autohellas Group recognizes the value of aligning its human rights practices with international standards. In this context, the

Group intends to explore the possibility of conducting a Human Rights Impact Assessment (HRIA) aligned with the United Nations

Guiding Principles on Business and Human Rights. The potential implementation of this assessment will be evaluated during the

upcoming reporting period, reflecting the Group's ongoing commitment to responsible business conduct and continuous

improvement in human rights governance.

Based on the above information, the audit report of the Certified Auditor Accountant, and the annual financial statements as at

31 December 2023, we believe you possess all the necessary information available to proceed with the approval of the annual

financial statements for the fiscal year ended 31 December 2024, as well as the approval of the overall management conducted

by the Board of Directors.

Kifissia, 12 March 2025

The Board of Directors

Emmanouela Vasilaki

Chairwoman of the Board of Directors

Eftichios Vassilakis

Managing Director and Executive Member of the

Board of Directors

Annual Financial Report 31.12.2024

D. LIMITED ASSURANCE REPORT OF CERTIFIED AUDITOR ACCOUNTANT ON THE

SUSTAINABILITY STATEMENT

www.grant-thornton.gr

Independent Auditor’s Limited Assurance Report on AUTOHELLAS

TOURIST AND TRADING SOCIETE ANONYME Sustainability

Statement

To the shareholders of AUTOHELLAS TOURIST AND TRADING SOCIETE

ANONYME

We have conducted a limited assurance engagement on the consolidated Sustainability Statement

of AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME. (hereinafter the “Company”

and/or “Group”), included in section Sustainability Statement of the consolidated Management

Report (hereinafter the “Sustainability Report”), for the period from 01.01.2024 to 31.12.2024.

Limited assurance conclusion

Based on the procedures performed, as described below in the paragraph “Scope of Work

Performed”, as well as the evidence obtained, nothing has come to our attention that causes us to

believe that:

• the Sustainability Statement has not been prepared, in all material respects, in

accordance with article 154 of L. 4548/2018 as amended and effective by L. 5164/2024,

which transposed Article 29(a) of EU Directive 2013/34/EU into the Greek legislation

• the Sustainability Statement does not comply with the European Sustainability Reporting

Standards (hereinafter “ESRS”), in accordance with Regulation (EU) 2023/2772 of the

Commission of July 31,2023 and Directive (EU) 2022/2464 of the European Parliament

and the Council of December 14, 2022

• the process followed by the Company to identify and assess of material risks and

opportunities (the "Process"), as set out in the Note of the Sustainability Report, does not

comply with "Impact, Risk, and Opportunity Management" of ESRS 2 "General

Disclosures"

• the disclosures in section “Disclosures according to EU Taxonomy” of the Sustainability

Statement do not comply with article 8 of EU Regulation 2020/852.

This assurance report does not extend to information on prior periods.

Basis for the conclusion

The limited assurance engagement was conducted in accordance with International Standard on

Assurance Engagements 3000 (Revised), “Assurance Engagements Other than Audits or Reviews

of Historical Financial Information” (hereinafter “ISAE 3000”).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in

extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained

in a limited assurance engagement is substantially lower than the assurance that would have been

obtained had a reasonable assurance engagement been performed.

Our responsibilities are further described in the section “Auditor’s Responsibilities”.

Professional Ethics and Quality Management

www.grant-thornton.gr

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

complied with the requirements of the Code of Ethics for Professional Accountants of the

International Ethics Standards Board for Accountants (IESBA Code), the ethics and independence

requirements of L.4449/2017 and EU Regulation 537/2014.

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

Management for Audit Firms that Perform Audits or Reviews of Financial Statements, or Other

Assurance or Related Services engagements”, and therefore maintains a comprehensive quality

management system that includes documented policies and procedures regarding compliance with

ethical requirements, professional standards, and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for

our conclusion.

Responsibilities of the Company’s Management for the Sustainability Report

The Company’s and Group’s Management is responsible for the design and the implementation of

an appropriate process to determine the required information to be included in the Sustainability

Statement in accordance with the ESRS as well as for the disclosure of the Process in section

“Sustainability Governance” of the Sustainability Report.

More specifically, this responsibility includes:

• Obtaining an understanding of the context in which the Company and Group activities and

business relationships take place and understanding the affected stakeholders

• Identifying the actual and potential impacts (both negative and positive) related to

sustainability matters, as well as the risks and opportunities that affect, or could

reasonably be expected to affect, the Company’s and Group’s financial position, financial

performance, cash flows, access to funding or cost of capital in the short-, medium-, or

long-term

• Assessing the materiality of the identified impacts, risks and opportunities related to

sustainability matters through the selection and application of appropriate thresholds; and

• Formulating assumptions that are reasonable under the existing circumstances

The Company’s ang Group’s Management is further responsible for the preparation of the

Sustainability Report, in accordance with article 154 of L. 4548/2018, as amended and in force by

L. 5164/2024 which transposed Article 29(a) of EU Directive 2013/34 into the Greek legislation.

In this context, the Company’s and Group’s Management is responsible for:

• Compliance of the Sustainability Statement with the ESRS

• Preparing the disclosures in section “Disclosures according to EU Taxonomy” of the

Sustainability Report, in compliance with the requirements of article 8 of EU Regulation

2020/852

• Designing and implementing such internal controls procedures as Management

determines are necessary to ensure that the Sustainability Statement is free from material

misstatement, whether due to fraud or error; and

• Selecting and implementing appropriate reporting methods, including assumptions and

estimates about individual disclosures in the Sustainability Statement that have been

evaluated as reasonable under the circumstances.

The Company’s Audit Committee is responsible for supervising the process of the preparation of the

Company’s Sustainability Report.

www.grant-thornton.gr

Inherent limitations in preparing the Sustainability Report

As mentioned in Note to the Sustainability Statement "Methodologies and Assumptions Applied in

Identifying Impacts, Risks, and Opportunities", the data used includes estimates from third-party

providers or sector-average values. The assumptions are based on historical performance data,

predictive models, and scenario analysis to forecast future trends and potential regulatory

developments affecting fleet management, emissions, and sustainable mobility solutions. These

estimates are based on recognized frameworks available at the time of the analysis, however, there

is a high level of uncertainty due to limitations in methodologies and data, as well as the dependence

of the measurements on third-party data.

In reporting forward-looking information under ESRS, the Company’s Management is required to

prepare forward-looking information based on disclosed assumptions, regarding future events and

possible future actions of the Company and the Group. The actual outcome of these actions may be

different, as anticipated events do not often occur as expected.

Additionally, the section "Climate Change Mitigation" of the Sustainability Statement includes

information related to the processes for assessing material climate-related impacts, risks, and

opportunities, as well as their interaction with the strategy and business model.

Our assignment covered the items listed in the “Scope of Work Performed” section to obtain limited

assurance based on the procedures included in the Program. Our assignment does not constitute

an audit or review of historical financial information, in accordance with applicable International

Standards on Auditing or International Standards on Assurance Engagements, and therefore we do

not express any assurance other than that set out in the "Scope of Work Performed" section.

Auditor’s responsibilities

This limited assurance report has been prepared in accordance with the provisions of Article 154C

of L. 4548/2018 and Article 32A of L.4449/2017.

Our responsibility is to prepare and perform the limited assurance engagement to obtain limited

assurance as to whether the Sustainability Statement is free from material misstatement, due to

fraud or error, and to issue a limited assurance report that includes our conclusion. Error may arise

from fraud or misstatement and is considered material when, individually or in the aggregate, it could

reasonably be expected to affect the financial decisions of users made on the basis of the

Sustainability Statement taken as a whole.

In the context of a limited assurance engagement in accordance with ISAE 3000 (Revised), we

exercise professional judgement and maintain professional skepticism throughout the engagement.

Our responsibilities with respect to the Sustainability Report, in relation to the Process, include:

• Conducting risk assessment procedures, including an understanding of the relevant

internal control procedures, to identify risks related to whether the Process, followed by

the Company and the Group to determine the information reported in the Sustainability

Statement does not meet the applicable requirements of the ESRS, but not for the

purpose of providing a conclusion regarding the effectiveness of the internal controls on

the Process and

• Preparing and conducting procedures to assess whether the Process to identify the

information reported in the Sustainability Statement is consistent with the description of

the Process as disclosed in section “Impact, Risk and Opportunity Management [ESRS 2

IRO-1] και [ESRS2 SBM-3]” of the Report.

www.grant-thornton.gr

We are further responsible for:

• Conducting risk assessment procedures, including an understanding of the relevant

internal controls, to identify those disclosures that may be materially misstated, whether

due to fraud or error, but not for the purpose of expressing a conclusion regarding the

effectiveness of the Company’s and the Group's internal controls.

• Preparing and conducting procedures related to those disclosures of the Sustainability

Report, in which a material error is likely to occur. The risk of not detecting a material

misstatement resulting from fraud is higher than that arising from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations or the deviations from

internal controls.

Scope of Work Performed

Our engagement includes performing procedures and obtaining assurance evidence for the purpose

of forming a limited assurance conclusion and covers only the limited assurance procedures set out

in the assurance program issued by the 22.1.2025 decision of the ELTE's (hereinafter "Program"),

as formulated for the purpose of issuing a limited assurance report on the Company’s and the

Group's Sustainability Report.

Our procedures were designed to obtain a limited level of assurance on which to base our conclusion

and which do not provide all of the evidence that would be required to provide a reasonable level of

assurance.

Athens, 12 March 2025

Certified Auditor Accountant

Athina Moustaki

SOEL R.Ν.: 28871

Annual Financial Report 31.12.2024

E. ANNUAL FINANCIAL STATEMENTS

Annual Financial Report 31.12.2024

CONTENTS OF ANNUAL FINANCIAL STATEMENTS

I. STATEMENT OF FINANCIAL POSITION ........................................................................................................................................ 98

II. STATEMENT OF PROFIT OR LOSS .............................................................................................................................................. 99

III. STATEMENT OF OTHER COMPREHENSIVE INCOME ............................................................................................................... 100

IV. STATEMENT OF CHANGES IN EQUITY .................................................................................................................................... 101

V. STATEMENT OF CASH FLOWS ................................................................................................................................................. 102

VI. NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................................... 103

1. Gerenal information .................................................................................................................................... 103

2. Summary of material accounting policies ................................................................................................... 103

3. Critical estimates, judgements and errors .................................................................................................. 119

4. Financial risk management ......................................................................................................................... 121

5. Fair value hierarchy ..................................................................................................................................... 127

6. Segmental analysis ...................................................................................................................................... 129

7. Property, plant and equipment ................................................................................................................... 130

8. Right-of-use assets ...................................................................................................................................... 132

9. Investment property ................................................................................................................................... 133

10. Intangible assets.......................................................................................................................................... 134

11. Goodwill ...................................................................................................................................................... 135

12. Investments in subsidiaries ......................................................................................................................... 136

13. Investments accounted for using the equity method ................................................................................. 137

14. Deferred tax ................................................................................................................................................ 139

15. Financial assets at fair value through other comprehensive income ......................................................... 141

16. Financial assets at fair value through profit or loss .................................................................................... 142

17. Derivative financial instruments and hedge accounting ............................................................................. 142

18. Trade and other receivables ....................................................................................................................... 144

19. Inventories .................................................................................................................................................. 144

20. Cash and cash equivalents .......................................................................................................................... 145

21. Share capital and share premium ............................................................................................................... 145

22. Other reserves............................................................................................................................................. 146

23. Non-controlling interests ............................................................................................................................ 148

24. Borrowings .................................................................................................................................................. 149

25. Lease liabilities ............................................................................................................................................ 152

26. Securitisation .............................................................................................................................................. 154

27. Post-employment benefits .......................................................................................................................... 155

28. Trade and other payables ........................................................................................................................... 156

29. Provisions .................................................................................................................................................... 157

30. Revenue ...................................................................................................................................................... 157

31. Expenses ...................................................................................................................................................... 158

32. Employee benefit expenses ........................................................................................................................ 158

33. Other income .............................................................................................................................................. 159

34. Other gains/(losses) - net ............................................................................................................................ 159

35. Finance income/(costs) ............................................................................................................................... 160

36. Income tax expense .................................................................................................................................... 160

37. Investing activities ....................................................................................................................................... 161

38. Contingent assets and liabilities .................................................................................................................. 162

39. Commitments.............................................................................................................................................. 163

40. Related party transactions .......................................................................................................................... 163

41. Earnings per share ....................................................................................................................................... 164

42. Audit fees .................................................................................................................................................... 165

43. Events after the reporting date ................................................................................................................... 165

Annual Financial Report 31.12.2024

I. STATEMENT OF FINANCIAL POSITION

Group

Company

Amounts in €

Note

31.12.2024

31.12.2023

31.12.2024

31.12.2023

ASSETS

Property, plant and equipment

834,526,919

734,149,209

623,763,397

544,343,477

Right-of-use assets

57,881,262

57,808,164

16,356,288

8,763,988

Investment property

35,738,402

36,023,610

67,268,204

66,167,460

Intangible assets

17,780,313

18,283,052

877,504

770,140

Goodwill

43,457,435

Investments in subsidiaries

101,067,291

101,063,962

Investments accounted for using the equity method

43,048,917

37,857,325

33,142,281

33,692,281

Deferred tax assets

168,263

1,873,511

Financial assets at fair value through other comprehensive

income

134,247,357

149,708,520

134,247,357

149,708,520

Financial assets at fair value through profit or loss

2,114,694

2,107,332

1,000,455

Trade and other receivables

58,315,848

38,505,309

56,089,726

37,432,712

Total non-current assets

1,227,279,410

1,119,773,467

1,033,812,503

942,942,995

Inventories

139,974,443

113,943,656

87,899

74,565

Derivative financial instruments

675,431

Trade and other receivables

137,316,423

104,324,624

74,933,232

52,953,957

Current tax assets

3,313,042

407,954

Other assets

457,909

2,769,003

Cash and cash equivalents

97,817,080

76,651,797

52,541,937

27,329,584

Total current assets

378,878,897

296,461,371

130,332,071

81,033,537

Total assets

1,606,158,307

1,416,234,838

1,164,144,574

1,023,976,532

EQUITY

Share capital

3,889,981

Share premium

130,553

Treasury shares

(3,426,551)

(2,558,952)

(3,426,551)

(2,558,952)

Other reserves

105,790,093

114,788,773

162,048,235

161,802,728

Retained earnings

367,781,104

324,762,969

188,274,031

171,445,735

Equity attributable to owners of the parent

474,165,180

441,013,324

350,916,249

334,710,045

Non-controlling interests

15,722,694

14,874,902

Total equity

489,887,874

455,888,226

350,916,249

334,710,045

LIABILITIES

Borrowings

476,441,422

389,639,464

421,301,943

346,872,060

Grants

5,936,256

2,582,186

5,936,256

2,582,186

Lease liabilities

32,946,684

34,447,660

9,473,145

4,373,007

Securitisation

220,000,000

138,819,566

220,000,000

138,819,566

Derivative financial instruments

1,636,390

Deferred tax liabilities

27,958,744

25,913,442

23,538,706

18,884,300

Post-employment benefits

2,414,384

2,206,863

1,086,039

1,003,036

Trade and other payables

3,230,974

2,696,778

184,357

Provisions

2,237,995

2,226,536

Total non-current liabilities

771,166,459

600,168,885

681,520,446

514,170,545

Trade and other payables

269,005,497

241,729,116

110,117,425

111,704,843

Current tax liabilities

2,339,601

12,036,606

4,286,726

Borrowings

53,343,205

43,983,809

14,275,155

14,058,398

Grants

1,624,565

891,244

1,624,565

891,244

Lease liabilities

18,269,314

19,375,552

5,690,734

2,974,297

Securitisation

41,180,434

Provisions

521,792

980,966

Total current liabilities

345,103,974

360,177,727

131,707,879

175,095,942

Total liabilities

1,116,270,433

960,346,612

813,228,325

689,266,487

Total equity and liabilities

1,606,158,307

1,416,234,838

1,164,144,574

1,023,976,532

The notes on pages 103 to 165 are an integral part of these financial statements.

Annual Financial Report 31.12.2024

II. STATEMENT OF PROFIT OR LOSS

Group

Company

Amounts in €

Note

2024

2023

2024

2023

Revenue

985,687,604

1,002,674,148

310,247,840

283,051,116

Cost of sales

(788,900,664)

(784,633,788)

(224,574,026)

(195,948,323)

Gross profit

196,786,940

218,040,360

85,673,814

87,102,793

Distribution costs

(52,785,373)

(56,023,579)

(5,584,063)

(3,622,149)

Administrative expenses

(40,455,381)

(38,992,919)

(17,358,915)

(15,251,124)

Impairment losses on financial assets - net

(250,232)

(1,212,052)

Other income

25,710,427

17,162,467

30,415,739

28,772,755

Other gains/(losses) - net

1,276,768

1,449,708

1,228,268

(931,777)

Operating profit

130,283,149

140,423,985

94,374,843

96,070,498

Finance income

7,807,113

3,701,909

7,024,819

3,191,567

Finance costs

(35,440,344)

(37,848,130)

(22,848,609)

(27,511,052)

Finance costs - net

(27,633,231)

(34,146,221)

(15,823,790)

(24,319,485)

Share of profit/(loss) of investments accounted for

using the equity method

2,741,594

(137,005)

Profit before income tax

105,391,512

106,140,759

78,551,053

71,751,013

Income tax expense

(15,893,026)

(21,155,281)

(9,267,699)

(10,383,128)

Profit for the year

89,498,486

84,985,478

69,283,354

61,367,885

Profit attributable to:

Owners of the parent

84,891,662

77,233,158

69,283,354

61,367,885

Non-controlling interests

4,606,824

7,752,320

Profit for the year

89,498,486

84,985,478

69,283,354

61,367,885

Earnings per share

Basic and diluted

1.77

1.61

1.44

1.28

EBIT & EBITDA Reconciliation

Group

Company

Amounts in €

2024

2023

2024

2023

Profit for the year

89,498,486

84,985,478

69,283,354

61,367,885

(+) Investing activities

(9,471,813)

(512,177)

(19,631,374)

(18,496,854)

(+) Finance costs - net

27,633,231

34,146,221

15,823,790

24,319,485

(+) Income tax expense

15,893,026

21,155,281

9,267,699

10,383,128

Earnings before tax, financing & investing activities

(EBIT)

123,552,930

139,774,803

74,743,469

77,573,644

(+) Depreciation and amortisation

154,854,047

132,280,560

105,544,470

88,383,129

Earnings before tax, financing & investing activities,

depreciation & amortisation (EBITDA)

278,406,977

272,055,363

180,287,939

165,956,773

The notes on pages 103 to 165 are an integral part of these financial statements.

Annual Financial Report 31.12.2024

100

III. STATEMENT OF OTHER COMPREHENSIVE INCOME

Group

Company

Amounts in €

Note

2024

2023

2024

2023

Profit for the year

89,498,486

84,985,478

69,283,354

61,367,885

Other comprehensive income

Items that are or may be reclassified to profit or loss

Changes in the fair value of debt instruments at fair

value through other comprehensive income

(15,437)

95,209

(15,437)

95,209

Changes in the fair value of cash flow hedges -

effective portion

2,336,969

(482,998)

2,336,969

(482,998)

Changes in the fair value of cash flow hedges -

reclassified to profit or loss

(9,897,454)

(966,984)

(9,897,454)

(966,984)

Exchange differences on translation of foreign

operations

(46,551)

(48,587)

Related tax

1,666,702

298,050

1,666,702

298,050

(5,955,771)

(1,105,310)

(5,909,220)

(1,056,723)

Items that will not be reclassified to profit or loss

Changes in the fair value of equity investments at fair

value through other comprehensive income

(14,400,300)

60,389,575

(14,400,300)

60,389,575

Revaluation of property, plant and equipment

3,985,961

1,200,601

2,194,123

655,689

Remeasurement of post-employment benefit

obligations

(71,544)

(209,654)

(49,811)

(52,163)

Related tax

(861,171)

(218,008)

(471,749)

(132,776)

(11,347,054)

61,162,514

(12,727,737)

60,860,325

Other comprehensive income for the year, net of tax

(17,302,825)

60,057,204

(18,636,957)

59,803,602

Total comprehensive income for the year

72,195,661

145,042,682

50,646,397

121,171,487

Total comprehensive income attributable to:

Owners of the parent

67,592,049

137,288,802

50,646,397

121,171,487

Non-controlling interests

4,603,612

7,753,880

Total comprehensive income for the year

72,195,661

145,042,682

50,646,397

121,171,487

The notes on pages 103 to 165 are an integral part of these financial statements

Annual Financial Report 31.12.2024

101

IV. STATEMENT OF CHANGES IN EQUITY

Group

Amounts in €

Note

Share capital

and share

premium

Treasury

Other

reserves

Retained

earnings

Non

controlling

interests

Total equity

Balance as at 1 January 2023

4,020,534

(2,659,698)

53,935,449

278,635,837

11,027,022

344,959,144

Profit for the year

77,233,158

7,752,320

84,985,478

Other comprehensive income

60,220,735

(165,091)

1,560

60,057,204

Total comprehensive income for the year

60,220,735

77,068,067

7,753,880

145,042,682

Distribution of treasury shares

100,746

171,094

271,840

Dividends paid / payable

(31,262,897)

(3,906,000)

(35,168,897)

Transfers

632,589

(632,589)

Contribution

783,457

Total transactions with owners

100,746

632,589

(30,940,935)

(3,906,000)

(34,113,600)

Balance as at 31 December 2023

4,020,534

(2,558,952)

114,788,773

324,762,969

14,874,902

455,888,226

Balance as at 1 January 2024

4,020,534

(2,558,952)

114,788,773

324,762,969

14,874,902

455,888,226

Profit for the year

8,019,770

76,871,892

4,606,824

89,498,486

Other comprehensive income

(17,247,021)

(52,592)

(3,212)

(17,302,825)

Total comprehensive income for the year

(9,227,251)

76,819,300

4,603,612

72,195,661

Acquisition of treasury shares

(975,818)

Distribution of treasury shares

108,219

109,141

217,360

Dividends paid / payable

(33,681,735)

(3,755,820)

(37,437,555)

Transfers

228,571

(228,571)

Total transactions with owners

(867,599)

228,571

(33,801,165)

(3,755,820)

(38,196,013)

Balance as at 31 December 2024

4,020,534

(3,426,551)

105,790,093

367,781,104

15,722,694

489,887,874

Company

Amounts in €

Note

Share capital

and share

premium

Treasury

Other

reserves

Retained

earnings

Total equity

Balance as at 1 January 2023

4,020,534

(2,659,698)

84,458,439

158,710,340

244,529,615

Profit for the year

17,500,000

43,867,885

61,367,885

Other comprehensive income

59,844,289

(40,687)

59,803,602

Total comprehensive income for the year

77,344,289

43,827,198

121,171,487

Distribution of treasury shares

100,746

171,094

271,840

Dividends paid / payable

(31,262,897)

Total transactions with owners

100,746

(31,091,803)

(30,991,057)

Balance as at 31 December 2023

4,020,534

(2,558,952)

161,802,728

171,445,735

334,710,045

Balance as at 1 January 2024

4,020,534

(2,558,952)

161,802,728

171,445,735

334,710,045

Profit for the year

18,843,611

50,439,743

69,283,354

Other comprehensive income

(18,598,104)

(38,853)

(18,636,957)

Total comprehensive income for the year

245,507

50,400,890

50,646,397

Acquisition of treasury shares

(975,818)

Distribution of treasury shares

108,219

109,141

217,360

Dividends paid / payable

(33,681,735)

Total transactions with owners

(867,599)

(33,572,594)

(34,440,193)

Balance as at 31 December 2024

4,020,534

(3,426,551)

162,048,235

188,274,031

350,916,249

The notes on pages 103 to 165 are an integral part of these financial statements.

Annual Financial Report 31.12.2024

102

V. STATEMENT OF CASH FLOWS

Group

Company

Ποσά σε €

Σημ.

2024

2023

2024

2023

Cash flows from operating activities

Profit before income tax

105,391,512

106,140,759

78,551,053

71,751,013

Adjustments for:

Depreciation of property, plant and equipment

131,604,496

106,792,066

99,729,661

77,761,234

Depreciation of right-of-use assets

20,764,208

23,191,684

5,585,738

10,397,306

Amortisation of intangible assets

2,485,343

2,296,810

229,071

224,589

Impairment of property, plant and equipment

187,170

305,470

7,013

305,470

Impairment losses on financial assets - net

250,232

1,212,052

Impairment of investments accounted for using the equity method

1,000,000

2,000,000

Changes in the fair value of investment property

(716,274)

(77,707)

(1,071,268)

(173,000)

Changes in the fair value of financial assets at fair value through profit or loss

(7,361)

200,000

Changes in the fair value of derivatives - ineffective portion

177,812

540,190

177,812

540,190

Profit from disposal of property, plant and equipment

(51,612,247)

(52,947,802)

(40,691,975)

(40,302,154)

Profit from disposal of investment property

(483,524)

Profit on contribution of subsidiary

(1,100,000)

Profit from sale of stocks

(565,238)

Dividend income

(9,632,435)

(890,739)

(20,456,276)

(20,590,739)

Share of profit/(loss) of investments accounted for using the equity method

(2,741,594)

137,005

Finance costs - net

27,633,231

34,146,221

15,823,790

24,319,485

Foreign exchange gains/(losses) - net

71,956

(115,747)

Other non-cash transactions

1,043,291

210,069

224,334,102

219,346,738

138,529,450

125,749,870

Changes in working capital

Decrease / (increase) in inventories

(8,868,264)

(30,161,487)

(13,335)

29,069

Decrease / (increase) in trade and other receivables

(21,743,855)

(4,812,364)

(8,624,736)

577,879

Increase / (decrease) in trade and other payables

13,834,910

24,312,384

(12,028,302)

13,673,767

Increase / (decrease) in provisions

(811,738)

678,592

33,192

Purchases of renting vehicles

(343,541,498)

(293,415,502)

(265,851,320)

(224,403,240)

of which: Finance leasing purchases of renting vehicles

16,259,181

26,899,764

4,676,747

409,733

Sales of renting vehicles

118,202,576

109,737,784

89,905,563

82,530,834

(226,668,688)

(166,760,829)

(191,902,191)

(127,181,958)

Cash generated from / (used in) operations

(2,334,586)

52,585,909

(53,372,741)

(1,432,088)

Interest paid

(30,322,017)

(31,765,605)

(22,487,727)

(25,055,293)

Proceeds from sale of derivatives

569,000

9,226,000

569,000

9,226,000

Income tax paid

(22,406,893)

(24,642,270)

(9,227,365)

(13,705,171)

Net cash generated from / (used in) operating activities

(54,494,496)

5,404,034

(84,518,833)

(30,966,552)

Cash flows from investing activities

Payment for capital increase in subsidiary

(5,037)

Payments for investments accounted for using the equity method

(2,075,000)

(19,705,000)

(75,000)

(17,605,000)

Payments for financial assets at fair value through other comprehensive income

(3,445,574)

(3,196,162)

(3,445,574)

(3,196,162)

Payments for stocks

(1,164,746)

Payments for property, plant and equipment

(16,838,129)

(18,670,647)

(2,663,276)

(3,396,049)

Payments for intangible assets

(926,766)

(1,063,060)

(336,435)

(675,079)

Payments for investment property

(170,753)

Proceeds from sale of property, plant and equipment

12,354,229

10,532,945

6,824,485

6,537,959

Proceeds from sale of financial assets at fair value through other comprehensive

income

4,500,000

Proceeds from sale of stocks

1,729,984

Interest received

7,807,113

3,701,909

7,024,819

3,191,567

Interest received from loans to related parties

11,682

43,847

7,483

Dividends received

9,632,435

890,739

20,456,276

20,590,739

Loans granted to related parties

(15,000)

(1,500,000)

Loan repayments received from related parties

15,000

1,500,000

Net cash generated from / (used in) investing activities

11,429,475

(27,480,429)

32,682,226

5,447,975

Cash flows from financing activities

Purchases of treasury shares

(975,818)

Proceeds from borrowings

471,869,872

307,448,110

366,887,297

192,971,083

of which: New finance leases

(16,259,181)

(26,899,764)

(4,676,747)

(409,733)

Proceeds from securitisation

40,000,000

4,400,000

40,000,000

4,400,000

Repayments of borrowings

(356,031,941)

(186,818,422)

(284,112,500)

(107,293,508)

Capital repayments of finance leases

(26,709,204)

(49,614,723)

(2,120,267)

(30,910,166)

Repayment of operating leases

(10,228,766)

(8,411,831)

(4,274,167)

(4,037,813)

Dividends paid

(37,434,658)

(35,168,897)

(33,678,838)

(31,262,897)

Net cash generated from / (used in) financing activities

64,230,304

4,934,473

77,048,960

23,456,966

Net increase / (decrease) in cash and cash equivalents

21,165,283

(17,141,922)

25,212,353

(2,061,611)

Cash and cash equivalents at the beginning of the year

76,651,797

93,793,719

27,329,584

29,391,195

Cash and cash equivalents at the end of the year

97,817,080

76,651,797

52,541,937

27,329,584

The notes on pages 103 to 165 are an integral part of these financial statements.

Annual Financial Report 31.12.2024

103

VI. NOTES TO THE FINANCIAL STATEMENTS

1. Gerenal information

AUTOHELLAS Tourist and Trading Société Anonyme was incorporated in Greece in 1962 and its shares are traded in the “Travel &

Tourism” sector of the Athens Stock Exchange. At the date of approval of the financial statements the company MAIN STREAM S.A.

owns the 61.25% of Autohellas’ shares.

The Group, through its subsidiaries and associates, operates in Greece, Portugal, Bulgaria, Cyprus, Romania, Serbia, Montenegro,

Croatia and Ukraine.

The Group’s principal activities comprise car rentals and car sales.

The Company’s registered office is at Viltanioti 31, Kifissia, Attica, Greece. The Company’s website address is www.autohellas.gr .

These financial statements were approved by the Board of Directors on 12 March 2025 and are subject to the approval of the

Annual General Meeting of the Shareholders.

The annual financial statements, the independent auditor’s reports and the Board of Directors’ reports of the companies that are

incorporated in the consolidated financial statements of the Group are posted in the Company’s website www.autohellas.gr.

The amounts of the financial statements are presented in Euros, unless otherwise stated.

The financial statements have been prepared based on a going concern basis.

2. Summary of material accounting policies

2.1 Basis of preparation

These financial statements consist of the standalone financial statements of Autohellas (the “Company”) and the consolidated

financial statements of the Company and its subsidiaries (together “Autohellas” or the “Group”) for the year ended

31 December 2024, in accordance with International Financial Reporting Standards (“IFRS”), as adopted by the European Union

(EU).

These financial statements have been prepared on a historical cost basis with the exception of certain financial assets, certain

classes of property, plant and equipment and investment property which are measured at fair value. The accounting policies have

been consistently applied to all the years presented, unless otherwise stated.

2.2 New standards, amendments to standards and interpretations:

Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning

on or after 1 January 2024. The Group’s evaluation of the effect of these new standards, amendments to standards and

interpretations is as follows.

(i) Standards and Interpretations effective for the current financial year

• IAS 1 ‘Presentation of Financial Statements’ (Amendments) (effective for annual periods beginning on or after 1

January 2024)

Annual Financial Report 31.12.2024

104

• 2020 Amendment ‘Classification of liabilities as current or non-current’

The amendment clarifies that liabilities are classified as either current or non-current depending on the rights

that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or

events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the

‘settlement’ of a liability.

• 2022 Amendments ‘Non-current liabilities with covenants’

The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified

conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured

on or before the reporting date. Additionally, the amendments aim to improve the information an entity

provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve

months after the reporting period.

The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022

amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be

applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022

amendments override the 2020 amendments when they both become effective in 2024.

• IFRS 16 (Amendment) ‘Lease Liability in a Sale and Leaseback’ (effective for annual periods beginning on or after 1

January 2024)

The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and

leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index

or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback

transactions that were entered into after the date when the entity initially applied IFRS 16.

• IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments’ (Amendments) - Disclosures: Supplier Finance

Arrangements (effective for annual periods beginning on or after 1 January 2024)

The amendments require companies to disclose information about their Supplier Finance Arrangements such as terms

and conditions, carrying amount of financial liabilities that are part of such arrangements, ranges of payment due dates

and liquidity risk information.

The adoption of the above amendments had no material impact on the Annual Group and Company Financial Statements.

(ii) Standards and Interpretations effective for subsequent periods

• IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ (Amendments) - Lack of exchangeability (effective for annual

periods beginning on or after 1 January 2025)

These amendments require companies to apply a consistent approach in assessing whether a currency can be exchanged

into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The

amendments have not yet been endorsed by the EU.

• IFRS 18 ‘'Presentation and Disclosure in Financial Statements’ (effective for annual periods beginning on or after 1

January 2027)

IFRS 18 was issued in April 2024. It sets out requirements on presentation and disclosures in financial statements and

replaces IAS 1. Its objective is to make it easier for investors to compare the performance and future prospects of entities

by changing the requirements for presenting information in the primary financial statements, particularly the statement

of profit or loss. The new standard:

• requires presentation of two new defined subtotals in the statement of profit or loss—operating profit and profit

before financing and income taxes.

Annual Financial Report 31.12.2024

105

• requires disclosure of management-defined performance measures—subtotals of income and expenses not

specified by IFRS that are used in public communications to communicate management’s view of an aspect of a

company’s financial performance. To promote transparency, a company will be required to provide a

reconciliation between these measures and totals or subtotals specified by IFRS.

• enhances the requirements for aggregation and disaggregation to help a company to provide useful information.

• requires limited changes to the statement of cash flows to improve comparability by specifying a consistent

starting point for the indirect method of reporting cash flows from operating activities and eliminating options

for the classification of interest and dividend cash flows.

The new standard has retrospective application. It has not yet been endorsed by the EU.

• IFRS 19 'Subsidiaries without Public Accountability: Disclosures’ (effective for annual periods beginning on or after 1

January 2027)

IFRS 19 was issued in May 2024. It allows subsidiaries with a parent that applies IFRS in its consolidated financial

statements to apply IFRS with reduced disclosure requirements. It applies to eligible subsidiaries that elect to adopt the

standard in their consolidated, separate or individual financial statements. Eligible subsidiaries are those which do not

have public accountability (as described in a relevant paragraph in IFRS for Small and Medium-sized Entities) and belong

to a parent that prepares and publishes consolidated financial statements in accordance with IFRS.These subsidiaries will

continue to apply the recognition, measurement and presentation requirements in other IFRS, but they can replace the

disclosure requirements in those standards with reduced disclosure requirements. The new standard.

• enables subsidiaries to keep only one set of accounting records―to meet the needs of both their parent

company and the users of their financial statements; and

• reduces disclosure requirements―IFRS 19 permits reduced disclosures better suited to the needs of the users

of their financial statements.

The new standard has retrospective application. It has not yet been endorsed by the EU.

• Narrow scope amendments to IFRS 9 and IFRS 7, ‘Financial Instruments’: Disclosures’ (effective for annual periods

beginning on or after 1 January 2026)

These amendments issued in May 2024:

(a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception

for some financial liabilities settled through an electronic cash transfer system;

(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal

and interest (SPPI) criterion;

instruments with features linked to the achievement ESG targets); and

(d) update the disclosures for equity instruments designated at fair value through other comprehensive income

(FVOCI).

When an entity first applies the amendments, it is not required to restate comparative information, and is only permitted

to do so if possible without the use of hindsight.

The amendments have not yet been endorsed by the EU.

• Annual Improvements to IFRS Standards Volume 11 (effective for annual periods beginning on or after 1 January 2026)

The amendments include clarifications, simplifications, corrections and changes aimed at improving the consistency of 5

IFRS Standards as set out below. The amendments have not yet been endorsed by the EU:

Annual Financial Report 31.12.2024

106

IFRS 1 ‘First-time adoption of International Financial Reporting Standards’

Hedge accounting by a first-time adopter: The amendment addresses a potential confusion arising from an

inconsistency between the wording in IFRS 1 and requirements for hedge accounting in IFRS 9 ‘Financial

Instruments’.

IFRS 7 ‘Financial instruments: Disclosures’ and its accompanying ‘Guidance on implementing IFRS 7’

• Gain or loss on derecognition: The amendment updates the phrase used for ‘unobservable inputs’ in

IFRS 7 to make it consistent with IFRS 13 ‘Fair Value Measurement’ and includes cross references to

IFRS 13.

• Disclosure of deferred difference between fair value and transaction price: The amendment addresses

an inconsistency in wording between IFRS 7 and its accompanying implementation guidance as well as

inconsistencies of the latter with the concepts and terminology used in IFRS 9 and IFRS 13.

• Introduction and Credit risk disclosures: The amendment addresses a potential confusion by clarifying

in the Introduction section that the guidance does not necessarily illustrate all the requirements in the

referenced paragraphs of IFRS 7. It also simplifies the explanation of which aspects of the IFRS

requirements are not illustrated in the credit risk example in paragraph IG20B.

IFRS 9 ‘Financial instruments’

Derecognition of lease liabilities: The amendment clarifies that, when a lessee has determined that a lease

liability has been extinguished in accordance with IFRS 9, the lessee is required to apply paragraph 3.3.3 and

recognise any resulting gain or loss in profit or loss.

Transaction price: The amendment addresses a potential confusion arising from a reference in Appendix A to

IFRS 9 to the definition of ‘transaction price’ in IFRS 15 ‘Revenue from Contracts with Customers’ while the term

‘transaction price’ is used in particular paragraphs of IFRS 9 with a meaning that is not necessarily consistent

with the definition of that term in IFRS 15.

IFRS 10 ‘Consolidated financial statements’

Determination of a ‘de facto agent’: The amendment addresses an inconsistency between paragraphs B73 and

B74 of IFRS 10 related to an investor determining whether another party is acting on its behalf by aligning the

language in both paragraphs.

IAS 7 ‘Statement of Cash Flows’

Cost method: The amendment replaces the term ‘cost method’ with ‘at cost’ since the term is no longer defined

in IFRS

The Group and the Company are assessing the potential impacts of adopting the aforementioned amendments on the Annual

Standalone and Consolidated Financial Statements.

2.3 Principles of consolidation, equity accounting and business combinations

(i) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when

the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those

returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control

is transferred to the Group. They are deconsolidated from the date that control ceases.

Annual Financial Report 31.12.2024

107

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised

losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies

of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or

loss, the statement of other comprehensive income, the statement of changes in equity and the statement of financial position

respectively.

(ii) Business combinations

The acquisition method of accounting is used by the Group to account for all business combinations, regardless of whether equity

instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

• fair values of the assets transferred

• liabilities incurred to the former owners of the acquired business

• equity interests issued by the Group

• fair value of any asset or liability resulting from a contingent consideration arrangement, and

• fair value of any pre-existing equity interest in the subsidiary.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited

exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the

acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share

of the acquired entity’s net identifiable assets.

Acquisition-related costs are expensed as incurred.

The excess of the

• consideration transferred,

• amount of any non-controlling interest in the acquired entity, and

• acquisition-date fair value of any previous equity interest in the acquired entity

• over the fair value of the net identifiable assets acquired is recorded as goodwill.

If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised

directly in profit or loss as a bargain purchase.

When the settlement of any part of the cash consideration is deferred, amounts payable in the future are discounted to their

present value on the swap date. The discount rate used is the incremental borrowing rate of the group, which is the rate at which

similar lending could be obtained from an independent financier under comparable terms and conditions. The contingent

consideration is classified as either equity or financial liability. Amounts classified as a financial liability are then remeasured at

fair value, with changes in fair value recognised in profit or loss.

The Group recognises non-controlling interests in an acquiree either at fair value or at the non-controlling interest's proportionate

share of the net identifiable assets of the acquired entity. This decision is made on a per acquisition basis.

(iii) Associates

Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case

where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity

method of accounting (see (v) below), after initially being recognised at cost.

Annual Financial Report 31.12.2024

108

(iv) Joint arrangements

Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures.

The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint

arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Interests in joint ventures are accounted for using the equity method (see (v) below), after initially being recognised at cost in the

consolidated statement of financial position.

(v) Equity method

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the

Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in

other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates

and joint ventures are recognised as a reduction in the carrying amount of the investment.

When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any

other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made

payments on behalf of the other entity.

Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the

Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment

of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure

consistency with the policies adopted by the Group.

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in 2.9

below.

The Company accounts for investments in associates and joint ventures using the historical cost method.

(vi) Changes in ownership interests

Transactions with non-controlling interests that do not result in change of control are accounted for as equity transactions. A

movement in participation rates leads to an adjustment of controlling and non controlling interest's book value so as to reflect

the relation among the participations in the subsidiary. Any difference between the adjustment of non controlling interest and

the fair value of any consideration paid or received is recorded in a separate reserves account in equity.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant

influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit

or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest

as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income

in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean

that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a

proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where

appropriate.

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The Company accounts for investments in subsidiaries, associates and joint ventures in its standalone financial statements at cost

less impairment.

2.4 Segment reporting

The segments are determined on the basis of internal reporting to the Group’s Board of Directors (as chief operating decision

maker) which makes strategic decisions based on its assessment of performance and position of the Group.

Consequently, segment information is presented in the consolidated financial statements in respect of the Group’s car leasing and

car sales and related service activities in Greece and abroad.

2.5 Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic

environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Euros

(EUR), which is Autohellas’ functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets

and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.

Foreign exchange gains and losses are recognised on a net basis in the results in other gains/(losses) except for foreign exchange

gains or losses related to borrowings which are recognised in the results in finance costs.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date

when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of

the fair value gain or loss.

Exchange differences from equity securities, measured at fair value through Profit or Loss are recognised in the results, while

those from equity securities measured at fair value through other comprehensive income are recognised in Other Comprehensive

Income.

(iii) Group Companies

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have

a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date

of that statement of financial position

• income and expenses for each statement of profit or loss and statement of other comprehensive income are

translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the

rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the

transactions),

• the resulting exchange differences are recognised in other comprehensive income, and

• the share capital and reserves are translated at the exchange rates in force on the dates of the transactions

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When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange

differences are reclassified to profit or loss, as part of the gain or loss on sale.

2.6 Revenue recognition

Revenue represents the fair value of the consideration received or receivable for the sale of goods and services in the ordinary

course of business of the Group.

(i) Operating lease income

Leasing income from operating lease instalments is recognised on a straight-line basis over the lease term, based on the total of

the contractual payments divided by the number of months of the lease term. End of contract fees may consist of fees charged to

clients for deviations from the contractual terms related to contract duration, excess of mileage and extensive wear and tear of

the vehicle. The fees are recognised upon termination of the lease contract.

(ii) Revenue from rents on buildings/land

Rental revenues are recognised on a straight-line basis over the term of the rental agreement.

(iii) Finance lease & other interest income

Interest income from finance lease contracts is recognised using the effective interest method. Payments collected from the lease

are allocated between reducing the net investment in the lease and recognising interest income. Other interest income mainly

includes income from interest-bearing assets, which is recognised using the effective interest method.

(iv) Vehicles and spare parts sales

Vehicle and Spare Cars sales include revenue from the sale of new and used cars of the auto-trade sector, sales of used cars upon

termination of their lease contract and sales of new vehicle spare cars. Revenue from vehicle sales are recognised when ownership

is transferred.

(v) Other services income and commissions

Additional services include fees charged for fleet management services, repair & maintenance services, damage & insurance

services, charges for car transportation and preparation services during sale, charges for the issuance of car certificates and

registration. Commissions include fees for mediating customer financing with financial institutions. Revenue from fleet

management services is recognised on a straight-line basis.

(vi) Dividends

Dividends are accounted as income, when the right to receive payment is established, in other words on the date the dividends

are declared and approved.

(vii) Revenue Recognition

The Group recognises revenue, other than revenue from car rentals recognised in accordance with IFRS 16, upon transfer of

promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in

exchange for those goods or services based on the following five step approach:

Step 1: Identify the contracts with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

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2.7 Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable

income tax rate for each country adjusted by changes in deferred tax assets and liabilities attributable to temporary differences

and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the

reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is

subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax

authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets

and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not

recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial

recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects

neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted

or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset

is realised or the deferred income tax liability is settled.

The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property

will be recovered entirely through sale.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary

differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of

investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences

and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and

when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the

entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the

liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in

equity, respectively.

2.8 Leases

(i) The Group as a lessee

The Group recognises for all leases a right-of-use asset as well as a corresponding lease liability, at the date on which the leased

asset is available for use by the Group. Each lease payment is divided between the liability and the finance cost.

Right-of-use assets and lease liabilities arising from the lease are initially measured at present value. Lease liabilities include the

net present value of the following leases:

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• fixed rents (including substantially fixed payments), reduced by any lease receivable

• floating rates that depend on an index or interest rate, which are initially measured using the index or interest rate at the

start of the lease term

• rentals related to extension rights that are likely to be exercised.

• amounts expected to be paid by the group based on guaranteed residual values

• price of purchase option, if it is probable that the Group will exercise that option, and

• payment of a penalty for termination of the lease if the duration of the lease indicates that Group will exercise the right to

terminate the lease.

Lease payments are discounted using the interest rate included in the lease. If this rate cannot be directly determined, the

incremental borrowing rate is used, that is, the rate at which the lessee would be liable if he borrowed the necessary funds to

purchase similar asset, for a similar period, with similar collateral and in a similar economic environment.

After their initial recognition, lease liabilities are increased for financial cost and reduced by lease payments.

The cost of the right to use the asset consists of:

• the amount of the initial measurement of the lease liability

• any rents paid at the start date of the lease period or earlier, less any incentives leases have received

• any initial direct costs incurred by the lessee and

• an estimate of the costs incurred by the lessee in disassembling and removing the underlying asset, restoring the premises

where it has been located or restoring the underlying asset in the condition provided by the terms and conditions of the

lease.

Right of use assets are depreciated using the straight-line method over the shorter of the useful life of the asset and the lease

term. When the valuation of the present value has been done under assumption that lease will exercise option to purchase

underlying asset, then the right of use is amortised over the useful life of the underlying asset.

Payments related to short-term leases for all categories of assets other than airport premises and low-value leases are recognised

using the straight-line method as an expense. Short-term leases are leases of twelve months or less.

(ii) Group as lessor

Leases where substantially all the risks and rewards incidental to ownership of an asset are not transferred to the lessee are

classified as operating leases.

Income from operating leases, where the Group is the lessor, is recognised equally over the entire lease period.

Leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee are classified

as finance leases. The Group as a lessor records a finance lease receivable at the amount of its net investment which equals the

present value of the future minimum lease payments receivable (including any guaranteed residual value by the lessee) and the

unguaranteed residual value accruing to the Group, after any accumulated impairment losses. The finance lease receivables are

presented within the caption ‘Trade and other receivables’.

Unearned finance income is the difference between the gross investment in the lease and the net investment in the lease. Over

the lease term, the instalments charged to the clients are apportioned between a reduction in the net investment in the lease and

finance lease income.

All cars under long-term and short-term operating leases are included in property, plant and equipment and rights-of-use assets.

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2.9 Impairment of assets

Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or changes in

circumstances indicate that it might be impaired.

Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not

be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable

amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of

assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are

largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the

end of each reporting period.

2.10 Cash and cash equivalents

For presentation purposes in the statement of cash flows, cash and cash equivalents include cash, demand deposits and other

highly liquid short-term investments with maturities of up to three months, which can be immediately converted into specified

amounts of cash and which are subject to immaterial risk of change in their value

2.11 Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They

are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially

at the amount of consideration that is unconditional unless they contain significant financing components, when they are

recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and

therefore measures them subsequently at amortised cost using the effective interest method.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest

method, less loss allowance. See note 4.1 for a description of the Group’s impairment policies.

2.12 Inventories

Inventories are stated at the lower of cost and net realisable value. Costs are assigned to new and used cars on the basis of their

individual cost while costs are assigned to spare parts on the basis of weighted average costs. Net realisable value is the estimated

selling price in the ordinary course of business less the estimated costs necessary to make the sale.

2.13 Investments and other financial assets

(i) Classification

The Group classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through OCI or through profit or loss), and

• those to be measured at amortised cost.

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Financial assets with embedded derivatives are treated as a whole for SPPI testing and classification purposes (Solely Payments of

Principal and Interest) on the principal amount outstanding.

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash

flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For

investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable

election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income

(FVOCI).

The Group reclassifies debt instruments when and only when its business model for managing those assets changes.

(ii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to

purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have

expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

(iii) Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value

through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction

costs of financial assets carried at FVPL are expensed in profit or loss.

(a) Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow

characteristics of the asset. The Group measures its debt instruments at fair value through other comprehensive income or

through profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate

method.

(b) Equity instruments

The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present

fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair

value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue

to be recognised in profit or loss as other income when the Group’s right to receive payments is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains/(losses) in profit or

loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at fair value through

other comprehensive income are not reported separately from other changes in fair value.

Details on how the fair value of financial instruments is determined are disclosed in note Error! Reference source not found.

(iv) Impairment

For investments in debt instruments measured at fair value through other comprehensive income, the Group determines the

impairment loss against expected credit losses. The relevant methodology depends on whether there is a significant increase in

credit risk.

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For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to

be recognised from initial recognition of the receivables. See note 4.1 for further details.

2.14 Property, plant and equipment

Land and buildings are recognised at fair value based on periodic valuations, every 1 to 2 years, by external independent valuers,

less subsequent depreciation for buildings. A revaluation surplus is credited to fair value reserves in shareholders’ equity. All other

property, plant and equipment is recognised at historical cost less depreciation. Historical cost includes expenditure that is directly

attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured

reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs

and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive

income and accumulated in reserves in shareholders’ equity. To the extent that the increase reverses a decrease previously

recognised in profit or loss, the increase is first recognised in profit or loss. Decreases that reverse previous increases of the same

asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other

decreases are charged to profit or loss.

Land is not depreciated. Depreciation on the remaining property, plant & equipment categories is calculated using the straight-

line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:

Estimated Asset category useful lives Buildings 20 - 25 years Machinery 6 years Vehicles 6 - 8 years Furniture, fittings and equipment 10 years IT equipment 5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than

its estimated recoverable amount (note 2.9).

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

When revalued assets are sold, the Group transfers any amounts included in other reserves in respect of those assets to retained

earnings.

2.15 Investment property

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is

classified as investment property. In its standalone financial statements, the Company classifies all land and buildings rented to

subsidiaries as investment property. Investment properties consist of land and buildings that are rented either to subsidiaries and

related parties of the Group or to third parties.

Investment property is measured initially at cost. After initial recognition, investment property is carried at fair value.

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2.16 Intangible assets

(i) Goodwill

Goodwill is measured as described in note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is

not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it

might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include

the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-

generating units or groups of cash-generating units that are expected to benefit from the business combination in which the

goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal

management purposes, being the operating segments as presented in note 11.

(ii) Acquired software

Acquired software is recognised at cost less depreciation and any impairments. They are depreciated using the straight-line

method over their estimated useful lives of 10 - 20 years.

(iii) Franchise agreement

The trademark franchise agreement concerns the commercial cooperation between the licensor and the licensee and is recognised

in the intangible assets at present value. It is then amortised using the straight-line method over the term of the contract.

2.17 Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are

unpaid. The amounts are usually paid within 6 months of recognition. Trade and other payables are presented as current liabilities

unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and

subsequently measured at amortised cost using the effective interest method.

2.18 Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at

amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit

or loss over the period of the borrowings using the effective interest method.

Borrowings are derecognised from the statement of financial position when the obligation specified in the contract is discharged,

cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred

to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit

or loss as finance costs.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at

least 12 months after the reporting period.

2.19 Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the

employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and

are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented within other

payables in the statement of financial position.

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(ii) Post-employment obligations

Post-employment obligations are related with defined benefit and defined contribution pension plans.

The liability or asset recognised in the statement of financial position in respect of defined benefit pension plans is the present

value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by

independent actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest

rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms

approximating to the terms of the related obligation.

The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included

in employee benefit expense in the profit or loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the

period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of

changes in equity and in the statement of financial position.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised

immediately in profit or loss as past service costs.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a

mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.

The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an

asset to the extent that a cash refund or a reduction in the future payments is available.

(iii) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an

employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier

of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises

costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an

offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees

expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to

present value.

2.20 Share capital

Share capital comprises the ordinary shares of the Company. Ordinary shares are classified as equity. Incremental costs directly

attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Where the Company reacquires its own equity instruments ('treasury shares'), the consideration paid, including any directly

attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders as

treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any

consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is

included in equity attributable to the Company’s equity holders.

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2.21 Dividend distribution

Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period

in which the dividends are approved by the General Meeting of the shareholders.

2.22 Earnings per share

(i) Basic earnings per shares

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average

number of ordinary shares outstanding during the financial year excluding treasury shares.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion

of all dilutive potential ordinary shares.

2.23 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest currency unit unless otherwise

stated.

2.24 Provisions

Provisions for legal claims, service warranties and make good obligations are recognised when the group has a present legal or

constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation,

and the amount can be reliably estimated.

Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an

outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised

even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

2.25 Derivative financial instruments and hedge accounting

Derivatives are initially recognised at fair value on the date of entering into a derivative contract and then remeasured at fair value

at the end of each accounting period. Accounting for subsequent changes in fair value depends on whether the derivative is

designated as a hedging instrument and, if so, the nature of the item being hedged. The group identifies certain derivatives as an

interest rate hedge related to the cash flows of the recognised loans (cash flow hedge). At the inception of the hedging

relationship, the group documents the financial relationship between the hedging instruments and the hedged items, including

whether the changes in the cash flows of the hedging instruments are expected to offset the changes in the cash flows of the

hedged items. The group documents the scope of its risk management and strategy for undertaking hedging transactions. The fair

values of derivative financial instruments specified in hedging relationships are disclosed in note 17. The movements of the

hedging reserve in equity are shown in note 22.

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(i) Derivatives that meet the hedging requirements

The effective part of the changes in fair value of derivatives that are designated and characterised as accounting cash flow hedges

is recognised under cash flow hedge reserve in equity. The profit or loss relating to the ineffective part is recognised immediately

under profit or loss in “Other gains/(losses) - net”.

The amounts accumulated in equity are reclassified in periods when the hedged item affects profits or losses. Profits or losses

related to the effective part of interest rate swaps that offset the floating rate loans are recognised in the results under financial

expenses at the same time as the interest expense of the hedged loans.

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,

any accumulated deferred gain or loss has been recognised in equity at that time remains in equity until the respective hedged

cash flows affect profit or loss. In addition, if the cash flows of the hedged items are no longer expected to rise, the accumulated

profit or loss that has been recognised in equity is reclassified immediately under profit or loss.

(ii) Derivatives that do not qualify for hedge accounting

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that

does not qualify for hedge accounting are recognised immediately in the profit or loss statement and are included under Other

gains/(losses).

3. Critical estimates, judgements and errors

The preparation of financial statements in accordance with IFRS requires the use of certain significant accounting estimates and

the exercise of judgment by Management in the process of applying the accounting principles. It also requires the use of

calculations and assumptions that affect the amounts of assets and liabilities, the disclosure of contingent claims and liabilities at

the date of the financial statements, and the amounts of income and expenses during the reporting period. Although these

calculations are based on management's best knowledge of current conditions and activities, actual results may ultimately differ

from these calculations. Areas involving complex transactions involving a high degree of subjectivity or assumptions and estimates

that are material to the financial statements are noted below.

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including

expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the

circumstances.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are

more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.

(i) Estimation of current tax payable and current tax expense

The Group is subject to income taxes in various jurisdictions. There are many transactions and calculations for which the ultimate

tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for

potential cases that might arise in the foreseeable future based on assessment of the probabilities as to whether additional taxes

will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such

differences will impact the income tax provision in the period in which such determination is made.

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(ii) Estimated goodwill impairment

The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the cash generating

units (CGUs) is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash

flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-

year period are extrapolated using estimated growth rates that are consistent with forecasts specific to the industry in which each

CGU operates. The sensitivity to estimates and assumptions used is presented in note 11.

(iii) Estimation of pension benefit obligation

The Group provides pension benefit plans as an employee benefit in certain territories. Determining the value of these plans

requires several actuarial assumptions and estimates about discount rates, future salary increases and future pension increases.

Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

(iv) Useful lives and residual values of vehicles

Vehicles are depreciated over their estimated useful lives based on their estimated residual values. These estimates are reviewed

taking into account relevant market related factors. Given market volatility and the large number of different vehicles, the

estimation of the residual values involves a high degree of judgement. A change in these accounting estimates leads to a change

in depreciation which will have an effect in the current period and/or is expected to have an impact in subsequent periods.

(v) Estimation of fair values of land and buildings and investment property

The Group assigns independent valuations of investment property, land and buildings which are classified as tangible assets in

order to determine their fair value.

Fair value is based on active market prices, adjusted if necessary, for differences in the nature, geography or status of the specific

asset. If this information is not available, the Group applies alternative valuation methods, such as recent prices in less active

markets or discounted cash flow projections. Valuations are performed by professional appraisers possessing recognised and

relevant professional qualifications and have recent experience in the geographic location and in the category of the investment

properties under valuation.

Disclosures relating to the determination of fair values and the valuation techniques used are presented in note 5.

(vi) Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses

judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history,

existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions

and inputs used are disclosed in note 4.1.

(vii) Impairment of investments in subsidiaries

Investments in subsidiaries are reviewed for impairment when events or changes in circumstances indicate that their carrying

amount may not be recoverable, in accordance with the accounting policy stated in note 2.9.

(viii) Business combinations

On the acquisition of a company or business, a determination of the fair value and the useful lives of tangible and intangible

assets acquired is performed, which requires the application of judgement. Future events could cause the assumptions used by

the Group to change which could have an impact on the results and net position of the Group. Further information on business

combination is given in note 2.3 and note 12.

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4. Financial risk management

4.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, cash flow and fair value

interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the

volatility of financial markets and seeks to minimise potential adverse effects on the Group’s cash flows.

The Group’s risk management is predominantly controlled by a central treasury department (group treasury) under policies

approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close co-operation with the

Group’s operating units. The board provides written principles for overall risk management, as well as policies covering specific

areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative

financial instruments, and investment of excess liquidity.

(i) Market risk

(a) Foreign exchange risk

The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that

are denominated in currencies other than the local entity’s functional currency, as well as net investments in foreign operations.

The Group, via its subsidiaries, is operating in Portugal, Bulgaria, Cyprus, Romania, the Republic of Serbia, Montenegro, Croatia

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

operations, the Group transacts with clients and suppliers and holds assets and liabilities which are expressed in different

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

Republic of Serbia, Croatia and Ukraine have liabilities/assets in RON, RSD, HRK and UAH respectively. However, these subsidiaries

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

(b) Cash flow risk due to changes in interest rates

The cost of borrowing is based on floating interest rates, which expose the Group to cash flow risk due to interest rate fluctuations.

In 2024, 46.9% of the Group's bank borrowings and 39.5% of the Company's bank borrowings are at floating interest rates. The

change is due to the replacement during the year of floating rate borrowings with fixed rate borrowings, aiming to reduce the

Group's exposure to interest rate fluctuations. More details are provided in note 24. In previous years, to hedge against interest

rate risk, the Group had entered into interest rate swap agreements applying hedge accounting. More details are provided in note

17.

The Group's and the Company's overall exposure to changes in interest rates comes from financing through bank borrowing,

finance leases and securitisation of receivables and amounts at the end of the reference period to:

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Total financing 786,199,446 656,400,724 668,192,468 546,901,957

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Sensitivity analysis of floating interest rates

The results of the Group and the Company are affected by fluctuations in interest income from cash and cash equivalents and in

financing interest expenses due to changes in interest rates.

Impact on profit before tax:

Group Company 2024 2023 2024 2023 Interest rates – increase by 50 bps (2,498,886) (2,964,875) (1,963,643) (2,513,755) Interest rates – decrease by 50bps 2,498,886 2,964,875 1,963,643 2,513,755

The accounting policy for interest rate risk hedging is described in note 2.25.

The Group’s exposure to equity securities price risk arises from investments held by the Group and classified in the statement of

financial position either as at fair value through other comprehensive income (note 15) or at fair value through profit or loss (note

16).

The Group’s equity investments that are publicly traded on the Athens Stock Exchange are classified as at fair value through other

comprehensive income.

(ii) Credit risk

(a) Risk management

Credit risk arises from cash and cash equivalents, as well as credit exposures to wholesale and retail customers, including

outstanding receivables.

If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, credit control

assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual

risk limits are set based on internal or external ratings in accordance with limits set by the board. The compliance with credit limits

by wholesale customers is regularly monitored by line management.

There are no significant concentrations of credit risk. Sales to retail customers are required to be settled in cash or using major

credit cards, mitigating credit risk. Wholesale operations are conducted after the assessment of the credit-worthiness of the

counterparty, while in most cases, guarantees are received. At the same time, the Company and its subsidiaries continuously

monitor the aging of their claims and take necessary action, as the case may be. Cash and cash equivalents of the company and

its Greek subsidiaries, that represent around 80% of the Group’s total cash and cash equivalents are invested in Greek systemic

financial institutions. As far as foreign subsidiaries are concerned, cash and cash equivalents are invested mainly to local

subsidiaries of international, investment-grade, financial institutions with high credit ratings. Cash and cash equivalents are

invested for short-term. Potential credit risk is also present in the Group's cash flows. Additionally, in most of these cases, the

Group has debt obligations of a higher amount.

(b) Security of claims

For the majority of trade receivables from wholesale customers, the Group obtains security in the form of guarantees which can

be offset with the claimed amounts if the counterparty is in default under the terms of the agreement.

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The Group has the following types of financial assets that are subject to the expected credit loss model:

• Trade receivables

•Finance lease receivables

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was

immaterial.

Trade receivables and lease receivables

The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses, in which an expected loss

provision is used for the entire life of trade receivables and finance lease receivables..

Expected loss rates are based on the sales payment profile for a 12-month period prior to 31 December 2024 and the

corresponding historical credit losses incurred during that period. Historical loss rates are adjusted to reflect current and future

information about macroeconomic factors affecting customers' ability to repay their obligations.

Based on the above, the loss provision for the Group and the Company was determined as follows for both trade receivables and

car lease receivables:

Group 31.12.2024 31.12.2023 Expected Gross carrying Expected Gross carrying Note loss rate amount loss rate amount Current 1.35% 115,067,200 3.68% 91,320,477 More than 30 days past due 20.50% 2,754,162 16.49% 2,465,779 More than 60 days past due 37.27% 855,034 32.51% 811,785 More than 90 days past due 50.02% 465,240 62.92% 643,957 More than 120 days past due 88.34% 7,855,745 84.85% 6,307,420 Total trade receivables 18 7.57% 126,997,381 9.64% 101,549,418 Loss allowance 18 9,608,086 9,786,688 Company 31.12.2024 31.12.2023 Expected Gross carrying Expected Gross carrying Note loss rate amount loss rate amount Current 1.15% 74,081,299 1.93% 50,093,925 More than 30 days past due 4.28% 667,546 4.88% 742,089 More than 60 days past due 13.12% 260,470 13.24% 142,603 More than 90 days past due 19.33% 79,773 17.90% 63,639 More than 120 days past due 77.86% 1,741,093 78.35% 1,849,029 Total trade receivables 18 2.97% 76,830,181 4.69% 52,891,285 Loss allowance 18 2,283,286 2,481,236

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The loss allowances movement for trade and lease receivables reconcile is as follows:

Group Company 2024 2023 2024 2023 Balance at the beginning of the year 9,786,688 9,019,863 2,481,236 2,525,910 Increase in loss allowance recognised in profit or 626,286 914,235 - - loss during the year Write-off of loss allowance on receivables deemed (544,896) (55,607) (197,950) (44,674) irrecoverable Unused amount reversed (260,198) (82,184) - - Acquisition of subsidiary - - - - Exchange differences 206 (9,619) - - Balance at the end of the year 9,608,086 9,786,688 2,283,286 2,481,236

Trade receivables and lease receivables are written off when there is no reasonable expectation of recovery. Indicators that there

is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the

Group, and a failure to make contractual payments for a reasonable period of time.

Impairment losses on trade receivables and lease receivables are presented as net impairment losses within operating profit.

Subsequent recoveries of amounts previously written off are credited against the same line item.

Other financial assets at amortised cost

There are no other financial assets at amortised cost which include loans to related parties and key management personnel and

other receivables.

(iii) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding

through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At

the end of the reporting period the Group held deposits at call of €97,817,080 (2023 - €76,651,797) that are expected to readily

generate cash inflows for managing liquidity risk. Due to the dynamic nature of the underlying businesses, the Group maintains

flexibility in funding by maintaining availability under committed credit lines. In addition, the Company through Securitisation of

Future Receivables has assured the financing for the purchase of long-term lease vehicles.

(a) Financing arrangements

The Group and the Company had access to the following undrawn borrowing facilities at the end of the reporting period:

Group Company 2024 2023 2024 2023 Unused bank credit lines 340,407,121 411,801,021 248,552,234 311,315,876

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice, while the bank loan

facilities may be drawn at any time and have an average maturity of 3 – 5 years.

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(b) Maturities of financial liabilities

The tables below analyse the Group’s and the Company’s financial liabilities into relevant maturity groupings based on their

contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12

months equal their carrying balances as the impact of discounting is not significant.

Maturity of borrowings in fair value, including interest, as of 31.12.2024 and 2023 for the Company and the Group is as follows:

Group Trade and Operating Borrowings & Finance lease 31 December 2024 other Securitisation lease Total grant liabilities payables liabilities Within 1 year 269,005,497 75,306,871 7,002,409 12,069,365 8,093,515 371,477,657 Between 1 and 5 years 3,230,974 493,441,352 242,258,898 18,807,730 13,553,767 771,292,721 Over 5 years - 46,375,229 - - 2,925,821 49,301,050 Total contractual 272,236,471 615,123,452 249,261,307 30,877,095 24,573,103 1,192,071,428 cash flows Carrying amount 272,236,471 537,345,448 220,000,000 28,853,998 22,362,000 1,080,797,917 Trade and Operating Borrowings & Finance lease 31 December 2022 other Securitisation lease Total grant liabilities payables liabilities Within 1 year 241,729,116 65,953,394 45,174,444 16,677,526 4,626,144 374,160,624 Between 1 and 5 years 2,696,778 405,318,458 146,825,095 25,393,733 9,928,559 590,162,623 Over 5 years - 20,474,269 - - 1,122,114 21,596,383 Total contractual 244,425,894 491,746,121 191,999,539 42,071,259 15,676,817 985,919,630 cash flows Carrying amount 244,425,894 437,096,703 180,000,000 39,304,021 14,519,191 915,345,809 Company Operating Trade and Borrowings & Finance lease 31 December 2023 Securitisation lease Total other payables grant liabilities liabilities Within 1 year 110,301,782 33,809,922 7,002,409 1,523,950 4,673,400 157,311,463 Between 1 and 5 years - 435,856,071 242,258,898 3,836,879 5,386,073 687,337,921 Over 5 years - 46,375,229 - - 758,656 47,133,885 Total contractual 110,301,782 516,041,222 249,261,307 5,360,829 10,818,129 891,783,269 cash flows Carrying amount 110,301,782 443,137,919 220,000,000 5,054,549 10,109,330 788,603,580 Operating Trade and Borrowings & Finance lease 31 December 2022 Securitisation lease Total other payables grant liabilities liabilities Within 1 year 111,704,843 31,843,479 45,174,444 1,593,201 1,555,284 191,871,251 Between 1 and 5 years - 360,907,801 146,825,095 984,335 2,791,600 511,508,831 Over 5 years - 20,474,269 - - 924,433 21,398,702 Total contractual 111,704,843 413,225,549 191,999,539 2,577,536 5,271,317 724,778,784 cash flows Carrying amount 111,704,843 364,403,888 180,000,000 2,498,069 4,849,235 663,456,035

4.2 Capital management

(i) Risk management

The Group’s objectives when managing capital are to:

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▪ safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and

benefits for other stakeholders, and

▪ maintain an optimal capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return

capital to shareholders, issue new shares or sell assets to reduce debt

In consistency with market practices, the Group monitors capital on the basis of the following gearing ratio:

Net debt (as the difference between cash and cash equivalents and borrowings, including finance lease liabilities and

securitisation)

divided by

Total “Equity” (as shown in the statement of financial position, including non-controlling interests)

During 2024, the Group’s strategy was to maintain a gearing ratio within 1 to 2 for both the Group and the Company. The gearing

ratios at 31 December 2024 and 31 December 2023 were as follows:

Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Borrowings 24 529,784,627 433,623,273 435,577,098 360,930,458 Grants 24 7,560,821 3,473,430 7,560,821 3,473,430 Finance lease liabilties 25 28,853,998 39,304,021 5,054,549 2,498,069 Securitisation 26 220,000,000 180,000,000 220,000,000 180,000,000 Less: Cash and cash equivalents 20 (97,817,080) (76,651,797) (52,541,937) (27,329,584) Net debt 688,382,366 579,748,927 615,650,531 519,572,373 Total equity 489,887,874 455,888,226 350,916,249 334,710,045 Gearing ratio 1.41 1.27 1.75 1.55

(a) Loan covenants

Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants:

• Net debt to Equity

• Net debt to Earnings before tax, financing & investing activities, depreciation & amortisation (EBITDA)

• Earnings before tax, financing & investing activities (EBIT) to Net Finance Costs

• Earnings before tax, financing & investing activities, depreciation & amortisation (EBITDA) to Net Finance Costs

• Total Liabilities to Equity

• Total Liabilities less Cash and cash equivalents to Equity

The Group is in compliance with these covenants throughout the reporting period.

(b) Externally imposed capital requirements regarding equity

There are certain limitations regarding equity, deriving from current Societe Anonyme legislation and in particular from Law

4548/2018. The limitations are as follows:

• The purchase of own shares - with the exception of purchasing shares with sole purpose to be distributed among its´

employees - cannot exceed 10% of the company’s share capital and cannot result in the reduction of equity to an amount less

than the amount of the share capital increased by the reserves, for which distribution is forbidden by law.

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• In case total equity of the Company becomes less than half (1/2) of the capital, the Board of Directors is obliged to convene

the general meeting, within a period of six (6) months from the end of the year, on the dissolution of the company or the

adoption of another measure. The auditors of the Company have the same obligation, if the Board of Directors does not

convene within the above deadline.

• Annually, at least 1/20th of the company’s net profit is deducted to form a statutory reserve, which will be used exclusively

to balance, prior to any dividend distribution, the debit balance in Income Statement. Forming such a reserve is not obligatory,

once it reaches 1/3rd of the company’s share capital.

• The payment of an annual dividend to shareholders in cash, at an amount equal to at least 35% of the company’s net earnings,

after deducting the statutory reserve and the net result from the valuation of the company’s assets and liabilities at fair value,

is obligatory. The above does not apply if the general assembly decides it by a majority of at least 65% of the paid-up share

capital. In this case, dividend that hasn’t been distributed and up to an amount equal to 35% of the above mentioned net

earnings, has to be reported as a “Reserve to be Capitalised”, within 4 years’ time by an issue of new shares, given to eligible

shareholders. Finally, a general shareholders meeting can decide not to distribute dividend, if it is decided by a majority of

over 70% of the paid-up share capital.

The Company is in compliance with all obligations deriving from all relevant provisions and regulations relating to equity.

(ii) Dividends

Dividends of € 0.70 per ordinary share were paid during 2024 for the year ended 31 December 2023. For the year ended 31

December 2024, the Board of Directors’ proposal for distribution of dividends to the shareholders during 2025 is € 0.85 per

ordinary share and will be proposed for approval to the next General Assembly.

5. Fair value hierarchy

To determine the reliability of the data used to determine fair value, the Group has classified non-financial and financial assets

and liabilities measured at fair value into the three levels of the IFRS 13 hierarchy. A description of each level is provided below .

• Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the

reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These

instruments are included in level 1.

• Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques

which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant

inputs required to fair value an instrument are observable, the instrument is included in level 2.

• Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The Group has classified its financial instruments in the aforementioned 3 levels as follows:

31 December 2024 Note Level 1 Level 2 Level 3 Total Financial assets at fair value through other comprehensive income Listed equity securities 15 132,087,704 - - 132,087,704 Listed debt securities 15 2,159,653 - - 2,159,653 Financial assets at fair value through profit or loss Unlisted equity securities 16 - - 2,114,694 2,114,694 134,247,357 - 2,114,694 136,362,051

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31 December 2023 Note Level 1 Level 2 Level 3 Total Financial assets at fair value through other comprehensive income Listed equity securities 15 143,042,430 - - 143,042,430 Listed debt securities 15 6,666,090 - - 6,666,090 Financial assets at fair value through profit or loss Unlisted equity securities 16 - - 2,107,332 2,107,332 Hedging derivatives - interest rate swaps - (960,959) - (960,959) 149,708,520 (960,959) 2,107,332 150,854,893

In addition as of 31.12.2024, the Group owns land and buildings and investment properties measured at fair value of €97,138,366

and €35,738,402 respectively, classified as level 3.

Valuation techniques used to determine level 3 fair values:

(i) Land & buildings and investment property

The Group obtains independent valuations for its investment properties at least annually and for land and buildings classified as

property, plant and equipment at least every 1 to 2 years. The last independent valuation of land and buildings was performed in

January 2025 as at 31.12.2024.

At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account

the most recent independent valuations. The directors determine a property’s value within a range of reasonable fair value

estimates.

The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available

the directors consider information from a variety of sources including:

• the current prices in an active market for properties of different nature or recent prices of similar properties in less active

markets, adjusted to reflect those differences

• the discounted cash flow projections based on reliable estimates of future cash flows

• capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from

an analysis of market evidence

The fair value of real estate is estimated using the income approach method, the sales comparison approach, the replacement

cost method (when no comparative rentals or sales are available) and the residual value method in cases of empty lots or

calculation of building balance value.

The value of owned-used and investment properties is also estimated using the above-mentioned methods depending on the use

of the property. The value of land is calculated using the sales comparison approach, when such data exists, or using the residual

method or a combination of the two.

(ii) Unlisted securities

The value of unlisted securities is determined based on the management’s estimates of the expected future profitability of unlisted

securities, taking into consideration comparative data of similar assets.

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6. Segmental analysis

The Group has three operating segments related to car rentals in Greece, trade of cars, spare parts and related services in Greece

as well as the car rentals and car sales abroad.

International Car rentals & Trade of cars - Elimination activity of car 2024 Note sales of used cars spare parts & entries & other Total rentals and cars (Greece) services (Greece) activities sales Revenue from third parties 30 290,228,094 511,234,502 184,225,008 - 985,687,604 Inter-segment revenue 20,019,746 194,551,804 109,257 (214,680,807) - Cost of sales 31 (224,574,026) (616,819,273) (150,998,122) 203,490,757 (788,900,664) Gross profit 85,673,814 88,967,033 33,336,143 (11,190,050) 196,786,940 Distribution costs 31 (5,584,063) (49,369,938) (3,644,089) 5,812,717 (52,785,373) Administrative expenses 31 (17,358,915) (16,227,502) (13,133,413) 6,264,449 (40,455,381) Impairment losses on financial assets - - 237,225 (487,457) - (250,232) net Other income from third parties 33 12,114,639 10,098,424 3,497,364 - 25,710,427 Other inter-segment income 7,477,258 3,367,228 - (10,844,486) - Other gains / (losses) - net 34 1,873,274 (814,733) 218,227 - 1,276,768 Finance income 35 7,024,820 718,448 63,845 - 7,807,113 Finance costs 35 (22,848,609) (5,215,517) (7,376,218) - (35,440,344) Share of profit / (loss) from investments 13 - 3,084,675 - (343,081) 2,741,594 accounted for using the equity method Profit before tax 68,372,218 34,845,343 12,474,402 (10,300,451) 105,391,512 Income tax expense 36 (9,267,699) (6,346,798) (1,582,778) 1,304,249 (15,893,026) Profit for the period 59,104,519 28,498,545 10,891,624 (8,996,202) 89,498,486 Depreciation & amortisation 7,8,10 (103,826,704) (5,189,196) (45,838,147) - (154,854,047) Non current assets 949,027,135 70,062,838 208,189,437 - 1,227,279,410 Total assets 1,073,576,806 293,770,420 238,811,081 - 1,606,158,307 Total liabilities (801,692,598) (164,732,353) (149,845,482) - (1,116,270,433) International Car rentals & Trade of cars - Elimination activity of car 2023 Note sales of used cars spare parts & entries & other Total rentals and cars (Greece) services (Greece) activities sales Revenue from third parties 30 268,364,998 560,093,824 174,215,326 - 1,002,674,148 Inter-segment revenue 14,457,965 202,217,001 2,570,640 (219,245,606) - Cost of sales 31 (194,683,705) (666,092,112) (136,748,592) 212,890,621 (784,633,788) Gross profit 88,139,258 96,218,713 40,037,374 (6,354,985) 218,040,360 Distribution costs 31 (6,099,510) (50,994,219) (2,964,143) 4,034,293 (56,023,579) Administrative expenses 31 (15,209,315) (14,820,092) (13,106,938) 4,143,426 (38,992,919) Impairment losses on financial assets - - (126,973) (1,085,079) - (1,212,052) net Other income from third parties 33 2,328,460 12,665,535 2,168,472 - 17,162,467 Other inter-segment income 6,374,156 3,429,956 37,441 (9,841,553) - Other gains / (losses) - net 34 972,930 526,461 (49,683) - 1,449,708 Finance income 35 3,191,567 491,771 18,571 - 3,701,909 Finance costs 35 (27,511,050) (4,265,234) (6,071,846) - (37,848,130) Share of profit / (loss) from investments 13 - 1,047,672 - (1,184,677) (137,005) accounted for using the equity method Profit before tax 52,186,496 44,173,590 18,984,169 (9,203,496) 106,140,759 Income tax expense 36 (10,569,206) (10,107,365) (2,242,850) 1,764,140 (21,155,281) Profit for the period 41,617,290 34,066,225 16,741,319 (7,439,356) 84,985,478 Depreciation & amortisation 7,8,10 (87,426,065) (4,384,153) (40,470,342) - (132,280,560) Non current assets 864,319,476 57,109,327 198,344,664 - 1,119,773,467 Total assets 942,858,862 245,105,778 228,270,198 - 1,416,234,838 Total liabilities (668,853,137) (152,459,369) (139,034,106) - (960,346,612)

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7. Property, plant and equipment

Group Buildings & Furniture, Assets Note Land leasehold Machinery Vehicles fittings and under Total improvements equipment construction Cost or Fair value Balance as at 1 January 2023 51,487,956 81,982,731 8,653,903 704,890,369 33,925,518 1,397,816 882,338,293 Exchange differences - (4,637) - (16,449) 3,609 - (17,477) Additions 1,675,248 1,244,362 1,060,410 274,039,617 1,501,979 1,124,341 280,645,957 Revaluation surplus 41,870 2,222,897 - - - - 2,264,767 Impairment (305,470) - - - - - (305,470) Write-offs - - (13,615) (1,633,612) (16,915) - (1,664,142) Disposals - (13,586) (28,776) (5,218,593) (29,232) - (5,290,187) Contribution - - (3,979) (191,984) (5,277) - (201,240) Transfers to inventory - - - (177,262,734) (2,562) - (177,265,296) Transfers to investment property 9 (954,331) (1,766,891) - - - - (2,721,222) Transfers from right-of-use assets 8 - - - 78,416,724 - - 78,416,724 Other transfers - - - 379,863 - (47,387) 332,476 Balance as at 31 December 2023 51,945,273 83,664,876 9,667,943 873,403,201 35,377,120 2,474,770 1,056,533,183 Balance as at 1 January 2024 51,945,273 83,664,876 9,667,943 873,403,201 35,377,120 2,474,770 1,056,533,183 Exchange differences - (6,601) 13,275 (18,297) (27,814) - (39,437) Additions 894,368 1,271,560 766,756 304,090,085 2,566,916 564,800 310,154,485 Revaluation surplus 120,158 8,390,281 - - - - 8,510,439 Impairment (187,170) - - - - - (187,170) Write-offs - - (37,331) (2,153,294) (368,102) - (2,558,727) Disposals - - (3,233) (5,416,256) (11,924) - (5,431,413) Transfers to inventory - - - (203,790,213) - - (203,790,213) Transfers to investment property 9 1,171,959 (237,809) - - - - 934,150 Transfers from right-of-use assets 8 - - - 22,720,349 - - 22,720,349 Transfers to intangible assets - - - - - (1,053,506) (1,053,506) Other transfers 10,619 1,206,762 35,200 3,678 - (1,256,259) - Balance as at 31 December 2024 53,955,207 94,289,069 10,442,610 988,839,253 37,536,196 729,805 1,185,792,140 Accumulated depreciation Balance as at 1 January 2023 - (39,568,635) (5,712,206) (216,878,003) (29,012,203) - (291,171,047) Exchange differences - 3,992 - 41,244 5,879 - 51,115 Depreciation charge 31 - (3,212,503) (683,437) (101,679,231) (1,216,895) - (106,792,066) Revaluation surplus - (1,064,166) - - - - (1,064,166) Write-offs - - 22,270 677,866 15,738 - 715,874 Disposals - 13,586 23,364 135,890 2,129 - 174,969 Contribution - - 546 (107,996) 1,828 - (105,622) Transfers to inventory - - - 100,807,980 827 - 100,808,807 Transfers to investment property 9 - 352,451 - - - - 352,451 Transfers from right-of-use assets 8 - - - (25,354,289) - - (25,354,289) Balance as at 31 December 2023 - (43,475,275) (6,349,463) (242,356,539) (30,202,697) - (322,383,974) Balance as at 1 January 2024 - (43,475,275) (6,349,463) (242,356,539) (30,202,697) - (322,383,974) Exchange differences - 210 (13,275) 59,642 16,347 - 62,924 Depreciation charge 31 - (3,350,018) (766,161) (126,043,492) (1,444,825) - (131,604,496) Revaluation surplus - (4,524,478) - - - - (4,524,478) Write-offs - 5,566 41,031 1,265,178 425,814 - 1,737,589 Disposals - - 3,233 326,427 312 - 329,972 Transfers to inventory - - - 112,802,231 - - 112,802,231 Transfers to investment property 9 - 238,085 - - - - 238,085 Transfers from right-of-use assets 8 - - - (7,923,074) - - (7,923,074) Balance as at 31 December 2024 - (51,105,910) (7,084,635) (261,869,627) (31,205,049) - (351,265,221) Net book value as at 1 January 2023 51,487,956 42,414,096 2,941,697 488,012,366 4,913,315 1,397,816 591,167,246 Net book value as at 31 December 51,945,273 40,189,601 3,318,480 631,046,662 5,174,423 2,474,770 734,149,209 2023 Net book value as at 31 December 53,955,207 43,183,159 3,357,975 726,969,626 6,331,147 729,805 834,526,919 2024

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Company Buildings & Furniture, Assets Note Land leasehold Machinery Vehicles fittings and under Total improvements equipment construction Cost or fair value Balance as at 1 January 2023 30,762,751 33,174,111 1,765,867 526,008,721 14,358,662 884,552 606,954,664 Additions 1,675,248 792,878 173,095 215,366,280 506,277 248,552 218,762,330 Revaluation surplus 978 1,718,877 - - - - 1,719,855 Impairment (305,470) - - - - - (305,470) Write-offs - - - (1,559,501) - - (1,559,501) Disposals - - - (5,125,709) (221) - (5,125,930) Transfers to inventory - - - (114,517,707) - - (114,517,707) Transfers to investment property 9 - (43,855) - - - - (43,855) Transfers from right-of-use assets 8 - - - 65,492,251 - - 65,492,251 Balance as at 31 December 2023 32,133,507 35,642,011 1,938,962 685,664,335 14,864,718 1,133,104 771,376,637 Balance as at 1 January 2024 32,133,507 35,642,011 1,938,962 685,664,335 14,864,718 1,133,104 771,376,637 Additions 894,368 482,586 147,853 229,163,019 618,141 520,329 231,826,296 Revaluation surplus 181,415 6,537,186 - - - - 6,718,601 Impairment (7,013) - - - - - (7,013) Write-offs - - (36,508) (1,302,109) (368,102) - (1,706,719) Disposals - - - (5,416,256) (234) - (5,416,490) Transfers to inventory - - - (126,672,360) - - (126,672,360) Transfers to investment property 9 290,517 (387,325) - - - - (96,808) Transfers from right-of-use assets 8 - - - 2,125,812 - - 2,125,812 Other transfers 10,619 1,206,762 35,200 - - (1,252,581) - Balance as at 31 December 2024 33,503,413 43,481,220 2,085,507 783,562,441 15,114,523 400,852 878,147,956 Accumulated depreciation Balance as at 1 January 2023 - (17,919,545) (1,594,507) (166,016,259) (12,256,661) - (197,786,972) Depreciation charge 31 - (1,607,802) (111,364) (75,579,891) (462,177) - (77,761,234) Revaluation surplus - (1,064,166) - - - - (1,064,166) Write-offs - - - 654,865 - - 654,865 Disposals - - - 164,429 221 - 164,650 Transfers to inventory - - - 71,616,982 - - 71,616,982 Transfers to investment property 9 - 7,309 - - - - 7,309 Transfers from right-of-use assets 8 - - - (22,864,594) - - (22,864,594) Balance as at 31 December 2023 - (20,584,204) (1,705,871) (192,024,468) (12,718,617) - (227,033,160) Balance as at 1 January 2024 - (20,584,204) (1,705,871) (192,024,468) (12,718,617) - (227,033,160) Depreciation charge 31 - (1,809,335) (145,340) (97,323,206) (451,780) - (99,729,661) Revaluation surplus - (4,524,478) - - - - (4,524,478) Write-offs - - 36,508 515,997 368,101 - 920,606 Disposals - - - 326,024 234 - 326,258 Transfers to inventory - - - 76,509,545 - - 76,509,545 Transfers to investment property 9 - 238,085 - - - - 238,085 Transfers from right-of-use assets 8 - - - (1,091,754) - - (1,091,754) Balance as at 31 December 2024 - (26,679,932) (1,814,703) (213,087,862) (12,802,062) - (254,384,559) Net book value as at 1 January 2023 30,762,751 15,254,566 171,360 359,992,462 2,102,001 884,552 409,167,692 Net book value as at 31 December 32,133,507 15,057,807 233,091 493,639,867 2,146,101 1,133,104 544,343,477 2023 Net book value as at 31 December 33,503,413 16,801,288 270,804 570,474,579 2,312,461 400,852 623,763,397 2024

The Company's and the Group's Vehicles are subject to short-term and long-term leases.

Land and buildings are presented in depreciated fair value which is determined by independent valuators. More details concerning

land and buildings’ valuation methods are presented in Note 3(v) and 5.

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132

As at the reporting date, the Group, in order to secure its loan obligations, has registered first-class mortgage notes on properties

in favor of the Representatives and on behalf of the Creditors, for a total amount of €105,335,000. At the same time, variable

insurance contracts have been concluded on the Group's cars for a total amount of €216,165,915 and a pledge has been

established on all the shares of the Company's subsidiary in Romania.

As of the reporting date, the Company, in order to secure its loan obligations, has registered first-class mortgage notes on

properties in favor of the Representatives and on behalf of the Creditors, for a total amount of €103,135,000. At the same time,

variable insurance contracts have been concluded on the Company's cars amounting to €140,171,261, and a pledge has been

established on all the shares of the Company's subsidiary in Romania.

The properties are presented at fair value based on updated valuations by a certified valuator, which is reflected in the financial

statements of the Group and the Company.

Management systematically assesses the impact of climate change on the useful lives, residual values and total book value of the

Group's assets to determine if adjustments are required. Management concluded that no adjustments are required as at

31.12.2024.

8. Right-of-use assets

Group Note. Buildings Vehicles Total Cost Balance as at 1 January 2023 19,027,824 105,515,869 124,543,693 Additions 6,326,767 32,187,118 38,513,885 Sale of subsidiary (16,058) (751,767) (767,825) Terminated leases (3,117,216) (342,509) (3,459,725) Transfers to property, plant and equipment 7 - (78,416,724) (78,416,724) Balance as at 31 December 2023 22,221,317 58,191,987 80,413,304 Balance as at 1 January 2024 22,221,317 58,191,987 80,413,304 Additions 15,078,009 20,737,760 35,815,769 Terminated leases (10,612,241) - (10,612,241) Transfers to property, plant and equipment 7 - (22,720,349) (22,720,349) Balance as at 31 December 2024 26,687,085 56,209,398 82,896,483 Accumulated depreciation Balance as at 1 January 2023 (6,655,495) (21,004,116) (27,659,611) Depreciation charge 31 (6,100,455) (17,091,229) (23,191,684) Sale of subsidiary 16,058 160,783 176,841 Terminated leases 2,372,516 342,509 2,715,025 Transfers to property, plant and equipment 7 - 25,354,289 25,354,289 Balance as at 31 December 2023 (10,367,376) (12,237,764) (22,605,140) Balance as at 1 January 2024 (10,367,376) (12,237,764) (22,605,140) Depreciation charge 31 (7,360,498) (13,403,710) (20,764,208) Terminated leases 10,431,053 - 10,431,053 Transfers to property, plant and equipment 7 - 7,923,074 7,923,074 Balance as at 31 December 2024 (7,296,821) (17,718,400) (25,015,221) Net book value as at 1 January 2023 12,372,329 84,511,753 96,884,082 Net book value as at 31 December 2023 11,853,941 45,954,223 57,808,164 Net book value as at 31 December 2024 19,390,264 38,490,998 57,881,262

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Company Note Buildings Vehicles Total Cost Balance as at 1 January 2023 12,507,706 71,122,103 83,629,809 Additions 3,678,415 412,061 4,090,476 Terminated leases (1,079,811) - (1,079,811) Transfers to property, plant and equipment 7 - (65,492,251) (65,492,251) Balance as at 31 December 2023 15,106,310 6,041,913 21,148,223 Balance as at 1 January 2024 15,106,310 6,041,913 21,148,223 Additions 9,561,994 4,676,747 14,238,741 Terminated leases (9,866,924) - (9,866,924) Transfers to property, plant and equipment 7 - (2,125,812) (2,125,812) Balance as at 31 December 2024 14,801,380 8,592,848 23,394,228 Accumulated depreciation Balance as at 1 January 2023 (7,266,111) (18,665,222) (25,931,333) Depreciation charge 31 (3,877,996) (6,519,310) (10,397,306) Terminated leases 1,079,810 - 1,079,810 Transfers to property, plant and equipment 7 - 22,864,594 22,864,594 Balance as at 31 December 2023 (10,064,297) (2,319,938) (12,384,235) Balance as at 1 January 2024 (10,064,297) (2,319,938) (12,384,235) Depreciation charge 31 (4,453,410) (1,132,328) (5,585,738) Terminated leases 9,840,279 - 9,840,279 Transfers to property, plant and equipment 7 - 1,091,754 1,091,754 Balance as at 31 December 2024 (4,677,428) (2,360,512) (7,037,940) Net book value as at 1 January 2023 5,241,595 52,456,881 57,698,476 Net book value as at 31 December 2023 5,042,013 3,721,975 8,763,988 Net book value as at 31 December 2024 10,123,952 6,232,336 16,356,288

Expenses related to low-value or short-term leases accounted for in accordance with IFRS 16, par. 6, are shown in the line "Rental

costs" in Note 31.

9. Investment property

Group Company Σημ. 2024 2023 2024 2023 Balance at the beginning of the year 36,023,610 41,093,576 66,167,460 73,474,358 Additions 170,753 - 170,753 - Disposals - (7,516,444) - (7,516,444) Net gain/(loss) from fair value adjustment 34 716,274 77,707 1,071,268 173,000 Transfer from PPE 7 (1,172,235) 2,368,771 (141,277) 36,546 Balance at the end of the year 35,738,402 36,023,610 67,268,204 66,167,460

Investment properties are presented at fair value determined at each reporting date by independent valuators. More information

regarding investment property valuation methods is presented in notes 3(v) and 5.

The following amounts have been recognised in profit or loss regarding investment property:

Group Company Note 2024 2023 2024 2023 Rental income from operating leases 33 1,187,056 1,571,704 2,969,783 2,835,335 Fair value gain/(loss) recognised in other 34 716,274 77,707 1,071,268 173,000 gains/(losses) Profit from disposal of investment property 34 - 483,524 - 483,524

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10. Intangible assets

Group Company Trademarks Note Software Total Software Total & licences Cost Balance as at 1 January 2023 19,023,592 2,498,907 21,522,499 1,976,858 1,976,858 Exchange differences (6,044) - (6,044) - - Additions 8,904 1,054,157 1,063,061 675,079 675,079 Write-offs - (12,690) (12,690) - - Balance as at 31 December 2023 19,026,452 3,540,374 22,566,826 2,651,937 2,651,937 Balance as at 1 January 2024 19,026,452 3,540,374 22,566,826 2,651,937 2,651,937 Exchange differences - (72) (72) - - Additions - 926,765 926,765 336,435 336,435 Write-offs (45,249) 114 (45,135) - - Transfers from property, plant and equipment - 1,053,506 1,053,506 - - Balance as at 31 December 2024 18,981,203 5,520,687 24,501,890 2,988,372 2,988,372 Accumulated amortisation Balance as at 1 January 2023 (11,463) (1,994,026) (2,005,489) (1,657,208) (1,657,208) Exchange differences 5,835 - 5,835 - - Amortisation charge 31 (1,914,363) (382,447) (2,296,810) (224,589) (224,589) Write-offs - 12,690 12,690 - - Balance as at 31 December 2023 (1,919,991) (2,363,783) (4,283,774) (1,881,797) (1,881,797) Balance as at 1 January 2024 (1,919,991) (2,363,783) (4,283,774) (1,881,797) (1,881,797) Exchange differences - 2,405 2,405 - - Amortisation charge 31 (1,906,995) (578,348) (2,485,343) (229,071) (229,071) Write-offs 31 45,249 (114) 45,135 - - Balance as at 31 December 2024 (3,781,737) (2,939,840) (6,721,577) (2,110,868) (2,110,868) Net book value as at 1 January 2023 19,012,129 504,881 19,517,010 319,650 319,650 Net book value as at 31 December 2023 17,106,461 1,176,591 18,283,052 770,140 770,140 Net book value as at 31 December 2024 15,199,466 2,580,847 17,780,313 877,504 877,504

The trademarks & licenses of the Group include the valuation of Hertz brand franchise agreement in Portugal amounting to

€15,101,115.

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135

11. Goodwill

Group 2024 2023 Balance at the beginning of the year 43,457,435 43,457,435 Acquisition of subsidiary - - Balance at the end of the year 43,457,435 43,457,435

Goodwill arises from (a) the acquisition of HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS INDUSTRIAL & TRADING

SA in 2017 amounting to €25,939,818, (b) the acquisition of AUTOTECHNICA FLEET SERVICES d.o.o. in Croatia in 2016 amounting

to €1,312,539, (c) DERASCO TRADING LIMITED amounting to €45,473 and (d) the acquisition of HR - ALUGUER DE AUTOMÓVEIS

S.A. in 2022 amounting to €16,159,605.

(i) Goodwill per operating segment

Goodwill is monitored by management at the level of the three operating segments presented in note 6.

31.12.2024 31.12.2023 Trade of cars - spare parts & services 25,985,291 25,985,291 International activity of car rentals and cars sales 17,472,144 17,472,144 Total goodwill 43,457,435 43,457,435

(ii) Impairment testing of goodwill

The Group tests goodwill on an annual basis, by assessing cash generating units (CGUs) for potential impairment. The recoverable

amount of CGUs was determined by value-in-use calculations that require the use of assumptions. The calculations used cash flow

forecasts based on management-approved budgets covering a period of five years. Cash flows beyond the five-year period are

calculated on the basis of the assumptions set out below, which are consistent with the forecasts for the industry in which each

CGU operates.

The basic assumptions adopted as at 31 December 2024 for the testing of goodwill arising from the acquisition of HR - ALUGUER

DE AUTOMÓVEIS S.A. are the following:

• Discount rate: 8% - 10% (2023: 8% -10%)

• Sales Growth Rate: 3% - 5% (2023: 4% - 6%)

• Perpetuity Growth Rate: 2% (2023: 2%)

The basic assumptions adopted as at 31 December 2024 for the testing of goodwill arising from the acquisition of AUTOTECHNICA

FLEET SERVICES d.o.o. are the following:

• Discount rate: 8% - 10% (2023: 8 -10%)

• Sales Growth Rate: 2% - 4% (2023: 2 -4%)

• Perpetuity Growth Rate: 1% (2023: 1%)

It is noted that in 2018, the year of the first full consolidation of HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS

INDUSTRIAL & TRADING SA after their acquisition in December 2017, the former's revenue amounted to €60.5 million with profit

before tax of €5.8 million and the latter's revenue amounted to €30.8 million with profit before tax of €1.9 million. In 2024 the

revenue of HYUNDAI HELLAS amounted to €175.7 million with profit before tax of €13.4 million and the revenue of KIA HELLAS

amounted to €89.9 million with profit before tax of €7.1 million. It is evident that the development of the 2 subsidiaries in the last

5 years is particularly important. Therefore, the assumptions under which impairment of their goodwill would arise are unrealistic.

Impairment testing as of 31 December 2024 has not resulted in an impairment of goodwill. Additionally, if the assumptions used

as at 31 December 2024 were further aggravated by 10%, the carrying value of goodwill would still not require any impairment.

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136

12. Investments in subsidiaries

Company 2024 2023 Balance at the beginning of the year 101,063,962 101,063,962 Capital increase of subsidiary 5,037 Write-off (1,708) - Balance at the end of the year 101,067,291 101,063,962

The interests held in subsidiaries and their carrying amounts at 31 December are as follows:

Country of % of ownership interest Carrying value Pincipal Name of entity incorporation 31.12.2024 31.12.2023 31.12.2024 31.12.2023 activities AUTOTECHNICA HELLAS SINGLE Greece 100% 100% 300,000 300,000 Car and spare parts trade MEMBER SA Car and spare parts trade & AUTOTECHNICA EOOD Bulgaria 100% 100% 3,012,047 3,012,047 Car rentals AUTOTECHNICA (CYPRUS) LIMITED Cyprus 100% 100% 3,078,811 3,078,811 Car rentals AUTOTECHNICA FLEET SERVICES SRL Romania 100% 100% 6,500,000 6,500,000 Car rentals AUTOTECHNICA SERBIA DOO Serbia 100% 100% 4,000,000 4,000,000 Car rentals AUTOTECHNICA MONTENEGRO DOO Montenegro 100% 100% 1,000,000 1,000,000 Car rentals AUTOTECHNICA FLEET SERVICES DOO Croatia 100% 100% 4,467,787 4,462,750 Car rentals AUTOTECHNICA FLEET SERVICES LLC Ukraine 100% 100% 200,000 200,000 Car rentals DERASCO TRADING LIMITED Cyprus 100% 100% 20,131,000 20,131,000 Holding company HYUNDAI HELLAS INDUSTRIAL & Greece 70%* 70%* - - Car and spare parts trade TRADING SA KIA HELLAS INDUSTRIAL & TRADING Greece 70%* 70%* - - Car and spare parts trade SA TECHNOCAR SINGLE MEMBER Greece 100% 100% 10,050,000 10,050,000 Car and spare parts trade TRADING SA ELTREKKA SA Greece 100% 100% 1,086,817 1,086,817 Spare parts trade FASTTRAK SA Greece 100%* 100%* - - Spare parts distribution A.T.C. AUTOTECHNICA (CYPRUS) LTD Cyprus - - - 1,708 Car rentals (inactive company) HR - ALUGUER DE AUTOMÓVEIS S.A. Portugal 89.56% 89.56% 47,240,829 47,240,829 Car rentals (*indirect investments)

(i) Indirect investments

The companies HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS INDUSTRIAL & TRADING SA are indirect investments

(70%) through the 100% subsidiary DERASCO TRADING LIMITED.

FASTTRAK S.A. is an indirect investment (100%) through the 100% subsidiary ELTREKKA S.A..

(ii) Acquisition of HR - ALUGUER DE AUTOMÓVEIS S.A.

On 01.10.2022 AUTOHELLAS completed the acquisition of 89.56% (including 4.24% treasury shares) of the Portuguese company

HR - ALUGUER DE AUTOMÓVEIS S.A. (HR), which has been the franchisee of Hertz International in Portugal since 1998. The main

activity of HR Aluguer de Automóveis concerns short-term car rentals (RAC) and resale, using the Hertz and Thrifty brands. The

completion of the acquisition makes HR Automóveis Portugal the largest foreign subsidiary of Autohellas.

The purchase price of 89.56% of HR was €31.5 million, while under profitability conditions for the period 2022-24 it may increase

in total by an additional €7.5 million. During 2023, the allocation of the purchase price was finalised without any change in the fair

value of the assets purchased During 2023 and 2024, since the profitability conditions for the preceding two-year period were

met, the payment of the potential additional price was completed in full.

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137

13. Investments accounted for using the equity method

Carrying value

Group % of ownership Nature of Μeasurement Country of Name of entity incorporation 31.12.2024 31.12.2023 relationship method 31.12.2024 31.12.2023 SPORTSLAND S.A. Greece 50% 50% Joint venture 5,524,689 5,554,238 CRETE GOLF S.A. Greece 45.033% 45.033% Associate 5,362,006 5,671,420 INSTACAR S.A. Greece 38.44% 33.10% Associate Equity method 8,751,746 6,672,098 ELECION ENERGY S.A. Greece 25% 25% Associate 552,306 186,074 ORNOS S.A. Greece 51% 51% Joint venture 22,858,170 19,773,495 Total 43,048,917 37,857,325 Company % of ownership Nature of Measurement Country of Name of entity incorporation 31.12.2024 31.12.2023 relationship method 31.12.2024 31.12.2023 SPORTSLAND S.A. Greece 50% 50% Joint venture 7,155,000 7,080,000 CRETE GOLF S.A. Greece 45.033% 45.033% Associate 6,502,281 7,502,281 Acquisition cost ELECION ENERGY S.A. Greece 25% 25% Associate 615,000 240,000 ORNOS S.A. Greece 51% 51% Joint venture 18,870,000 18,870,000 Total 33,142,281 33,692,281

(i) Short description of associates and joint ventures

• SPORTSLAND S.A.

SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A. was founded in 2008. The company owns large plots of land in Asopia,

where it plans to develop a tourist investment by acquiring every year other plots of land in the region. It is a company that has

accumulated large plots of land in that wider region and is planning to implement complex investments that combine sports and

recreational activities, thus creating an integrated recreational area.

• CRETE GOLF S.A.

CRETE GOLF S.A. is an associate company of Autohellas whose main activity refers to the operation of a Golf court in the

Chersonisos region, in Heraklion, Crete. The company was founded in August 1997 and meets high standards for conducting

international tournaments. Since the beginning of 2017, a new five-star hotel unit has been operating in the company's facilities,

which complements the operation of the golf course and contributes to the further increase of quality tourism in Crete.

• INSTACAR S.A.

INSTACAR S.A. is an associate of Autohellas Group through the subsidiary “DERASCO TRADING LIMITED”. Instacar's main activity

is the rental of vehicles through an online subscription service. The company has developed a flexible vehicle rental platform

aimed at individuals and businesses

• ELECION ENERGY S.A.

ELECION ENERGY - PRODUCTION AND TRADING OF ELECTRICITY SOCIETE ANONYME will be active in the sector of electricity

production from RES through a photovoltaic station at Asopia in the Municipal Units of Oinofyta and Tanagra. The development

of the above photovoltaic station will take place on an area leased by ELECION ENERGY from the société anonyme with the

corporate name “SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.”, in which the Company holds a 50% share. The

Company and ELECION ENERGY have intertwined financial interests and transactions, related activities and purposes, and to

achieve their objectives they have developed a close partnership.

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138

• ORNOS S.A.

ORNOS SA is a joint venture of the Autohellas and Samelet groups and is responsible for the import and distribution of a total of

5 brands of Stellantis, namely Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep. The participation of the Company in the share

capital of ORNOS SA amounts to 51% of its share capital.

(ii) Changes during the year

Regarding INSTACAR S.A.:

During the year, the Group, through Derasco Trading Limited (100% subsidiary of Autohellas), acquired the entire stake of an

existing shareholder in "INSTACAR S.A." for €2 million. Following this transaction, the Group's participation in Instacar amounted

to 38.44% as of 31.12.2024.

Regarding CRETE GOLF S.A.:

During the year, the Company proceeded to reduce its participation in CRETE GOLF S.A. by €1,000,000. The impairment charge is

eliminated in the consolidation since the participation is accounted for using the equity method at Group level.

Regarding ELECION ENERGY S.A.:

During the fiscal year, the Company participated in a capital increase of the company "ELECION ENERGY S.A." in the amount of

€375,000. The amount was paid in January 2025.

Regarding SPORTSLAND S.A.:

During the fiscal year, the Company participated in a share capital increase of "SPORTSLAND S.A." by contributing €75,000,

maintaining its percentage share.

(iii) Financial data of associates and joint ventures

The summary financial data of the Group's associates and joint ventures are summarised below.

Associates Joint ventures Summarised Statement of Financial Position 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Current assets Cash and cash equivalents 2,463,220 3,423,797 5,516,841 3,756,042 Other current assets 8,600,043 6,668,733 62,082,808 57,828,310 Total current assets 11,063,263 10,092,530 67,599,649 61,584,352 Non-current assets 96,870,229 62,293,929 47,917,165 52,810,610 Current liabilities Financial liabilities (excluding trade payables) 24,854,437 11,604,942 - 8,000,000 Other current liabilities 4,791,197 5,876,216 46,647,332 32,799,532 Total current liabilities 29,645,634 17,481,158 46,647,332 40,799,532 Non-current liabilities Financial liabilities (excluding trade payables) 50,140,305 30,110,846 8,496,217 12,250,000 Other non-current liabilities 2,830,049 430,486 11,994,725 23,452,681 Total non-current liabilities 52,970,354 30,541,332 20,490,942 35,702,681 Equity 25,317,504 24,363,969 48,378,540 37,892,749

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Associates Joint ventures Summarised statement of comprehensive income 2024 2023 2024 2023 Revenue 25,470,716 14,531,989 155,820,002 113,190,013 Finance income 2,921 31,511 502,078 54 Depreciation and amortisation (9,159,511) (3,607,524) (1,848,725) (34,863) Finance costs (4,217,548) (2,176,471) (1,912,303) (1,246,374) Income tax expense - (126,582) (1,302,236) (1,228,996) Profit/(loss) for the year (491,500) (3,208,210) 5,839,286 2,761,851 Total comprehensive income (491,500) (3,208,210) 5,839,286 2,761,851

14. Deferred tax

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against

current tax liabilities and when the deferred income taxes relate to the same taxation authority.

(i) Net amounts of deferred tax assets and liabilities

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Deferred tax liabilities 27,958,744 25,913,442 23,538,706 18,884,300 Deferred tax assets (168,263) (1,873,511) - - Deferred tax (net) 27,790,481 24,039,931 23,538,706 18,884,300

(ii) Gross amounts of deferred tax assets and liabilities

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Deferred tax liabilities 37,474,952 31,553,935 30,638,007 23,395,172 Deferred tax assets (9,684,471) (7,514,004) (7,099,301) (4,510,872) Deferred tax (net) 27,790,481 24,039,931 23,538,706 18,884,300

The biggest part of deferred tax assets and liabilities is long-term.

(iii) Total movement in deferred tax

Group Company Note 2024 2023 2024 2023 Balance at the beginning of the year 24,039,931 25,431,858 18,884,300 18,489,920 Charged / (credited) to the income statement 36 4,566,660 (1,335,016) 5,849,359 559,654 Charged/(credited) to other comprehensive (805,531) (80,042) (1,194,953) (165,274) income Exchange differences (10,579) 23,131 - - Balance at the end of the year 27,790,481 24,039,931 23,538,706 18,884,300

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(iv) Movement in deferred tax assets

Group Property, plant Right-of-use Intangible assets Other Total and equipment assets Balance as at 1 January 2023 (931,299) (2,247,134) (180,536) (3,318,144) (6,677,113) Charged / (credited) to the income statement (28,893) 142,638 70,025 (831,232) (647,462) Charged/(credited) to other comprehensive (46,124) - - (166,436) (212,560) income Exchange differences - - 23,131 - 23,131 Balance as at 31 December 2023 (1,006,316) (2,104,496) (87,380) (4,315,812) (7,514,004) Balance as at 1 January 2024 (1,006,316) (2,104,496) (87,380) (4,315,812) (7,514,004) Charged / (credited) to the income statement 3,889 (1,713,358) (90,094) 1,318,723 (480,840) Charged/(credited) to other comprehensive (15,741) - - (1,663,307) (1,679,048) income Exchange differences - - (10,579) - (10,579) Balance as at 31 December 2024 (1,018,168) (3,817,854) (188,053) (4,660,396) (9,684,471)

The remainder of the Group's other deferred tax assets includes mainly temporary differences attributable to provisions, accrued

liabilities and income of subsequent years.

Company Retirement benefit Lease liabilities Deferred revenue Total obligations Balance as at 1 January 2023 (214,367) (1,145,899) (2,366,379) (3,726,645) Charged / (credited) to the income statement (17,490) 79,069 (667,894) (606,315) Charged/(credited) to other comprehensive income (11,476) - (166,436) (177,912) Balance as at 31 December 2023 (243,333) (1,066,830) (3,200,709) (4,510,872) Balance as at 1 January 2024 (243,333) (1,066,830) (3,200,709) (4,510,872) Charged / (credited) to the income statement 15,543 (1,157,221) 227,514 (914,164) Charged/(credited) to other comprehensive income (10,958) - (1,663,307) (1,674,265) Balance as at 31 December 2024 (238,748) (2,224,051) (4,636,502) (7,099,301)

The above tables concerning movements in deferred tax assets exclude offsetting balances of deferred tax assets and liabilities

within the same tax jurisdiction.

(v) Movement in deferred tax liabilities

Group Property, plant Right-of-use Property, plant Other Total and equipment assets and equipment Balance as at 1 January 2023 22,367,105 2,138,550 3,964,043 3,639,273 32,108,971 Charged / (credited) to the income statement 1,929,174 (116,737) (396,404) (2,103,587) (687,554) Charged/(credited) to other comprehensive 264,132 - - (131,614) 132,518 income Balance as at 31 December 2023 24,560,411 2,021,813 3,567,639 1,404,072 31,553,935 Balance as at 1 January 2024 24,560,411 2,021,813 3,567,639 1,404,072 31,553,935 Charged / (credited) to the income statement 3,882,476 1,560,381 (395,357) - 5,047,500 Charged/(credited) to other comprehensive 876,911 - - (3,394) 873,517 income Balance as at 31 December 2024 29,319,798 3,582,194 3,172,282 1,400,678 37,474,952

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Company Property, plant Right-of-use Other Total and equipment assets Balance as at 1 January 2023 18,786,010 1,153,151 2,277,404 22,216,565 Charged / (credited) to the income statement 3,313,464 (43,908) (2,103,587) 1,165,969 Charged/(credited) to other comprehensive income 144,252 - (131,614) 12,638 Balance as at 31 December 2023 22,243,726 1,109,243 42,203 23,395,172 Balance as at 1 January 2024 22,243,726 1,109,243 42,203 23,395,172 Charged / (credited) to the income statement 5,645,496 1,118,027 - 6,763,523 Charged/(credited) to other comprehensive income 482,707 - (3,395) 479,312 Balance as at 31 December 2024 28,371,929 2,227,270 38,808 30,638,007

The above tables concerning movements in deferred tax liabilities exclude offsetting balances of deferred tax assets and liabilities

within the same tax jurisdiction.

15. Financial assets at fair value through other comprehensive income

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Equity securities Listed securities 132,087,704 143,042,430 132,087,704 143,042,430 Unlisted securities Listed securities 2,159,653 6,666,090 2,159,653 6,666,090 134,247,357 149,708,520 134,247,357 149,708,520

Financial assets at fair value through other comprehensive income comprise shares of “AEGEAN AIRLINES S.A.”, “TRADE ESTATES

S.A.” and “ATHENS INTERNATIONAL AIRPORT S.A.” as well as investments in bank bonds which are not held for trading, and which

the Group and the Company have irrevocably elected to recognize under this category. These are strategic investments, and the

Group and the Company consider this classification to be more appropriate.

The value of dividends from financial assets at fair value through other comprehensive income as well as interest income from

bank bonds are presented in note 33.

The change in the fair value of financial assets at fair value through other comprehensive income is reflected in the Statement of

Other Comprehensive Income. The method of determining their fair value is described in note 5.

The movement in financial assets at fair value through other comprehensive income is analysed as follows:

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Balance at the beginning of the year 149,708,520 78,027,607 149,708,520 78,027,607 Additions of listed securities 3,445,574 3,196,162 3,445,574 3,196,162 Additions of unlisted securities -7,999,967-7,999,967Disposals (4,491,000) -(4,491,000) - Net gain/(loss) from changes in the fair value (14,415,737) 60,484,784 (14,415,737) 60,484,784 recognised in other comprehensive income Balance at the end of the year 134,247,357 149,708,520 134,247,357 149,708,520

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During the year, the Company acquired 247,694 shares of "AEGEAN AIRLINES S.A." through the regulated/organized market of the

Athens Stock Exchange, increasing its ownership percentage to 12.11%. Additionally, the Company acquired 120,000 shares of the

listed company "ATHENS INTERNATIONAL AIRPORT S.A.", corresponding to 0.04% of the share capital of the said company.

Furthermore, the Company reduced its investments in bank bonds by €4,491,000, raising €4.5 million from the secondary market.

16. Financial assets at fair value through profit or loss

Group Company 31.12.2023 31.12.2022 31.12.2023 31.12.2022 Equity securities Unlisted securities 2,114,694 2,107,332 1,000,455 1,000,455 2,114,694 2,107,332 1,000,455 1,000,455

The movement in financial assets at fair value through profit or loss is analyzed as follows:

Group Company 2023 2022 2023 2022 Balance at the beginning of the year 2,107,332 2,307,332 1,000,455 1,000,455 Fair value adjustment 7,362 (200,000) - - Balance at the end of the year 2,114,694 2,107,332 1,000,455 1,000,455

Financial assets at fair value through profit or loss also comprise:

- 10% participation in iTeam Technology Solutions S.A., amounting to €1 mil,

- 0,26% participation in HD Insurance limited, amounting to €500 thousand,

- participation in Iberis Bluetech Fund, amounting to €614 thousand, and

- fully impaired investments in Spotmechanic Limited and Mobiag LDA.

17. Derivative financial instruments and hedge accounting

The Group and the Company have the following derivative instruments in the following balance sheet items:

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Current assets Interest rate swaps – cash flow hedges - 675,431 - 675,431 - 675,431 - 675,431 Non-current liabilities Interest rate swaps – cash flow hedges - (1,636,390) - (1,636,390) - (1,636,390) - (1,636,390) Σύνολο - (960,959) - (960,959)

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(i) Hedging instruments used by the Group and the Company

Between November 2021 up to December 2023, the Company had entered into 14 interest rate swap agreements totaling

€275,000,000. In November 2023, the Company sold 9 interest rate swap agreements with a total nominal value of €150,000,000,

which it had held during the year.

As of December 31, 2023, the Company had 5 active interest rate swap agreements, which were used in effective cash flow

hedging relationships of the Company, with a total nominal value of €125,000,000.

In January 2024, the Company entered into one additional interest rate swap agreement for an amount of €25,000,000.

During the 2024 fiscal year, the Company terminated all interest rate swap agreements amounting to €150,000,000, partly due to

the repayment of a portion of the bond loans designated to these agreements and partly due to the conversion of terms of the

remaining associated borrowings from floating to fixed interest rates.

As a result of the above, the Company received a net amount of €569,000, while the accumulated deferred gain that existed in

equity, amounting to €9,897,454, was reclassified to profit or loss.

(ii) Effects of interest rate swaps on financial position and performance

The effects of interest rate swaps on the financial position and performance of the Group and the Company are as follows:

Group Company 2024 2023 2024 2023 Interest rate swaps Carrying amount (Current and non-current) - (960,959) - (960,959) Notional amount - 125,000,000 - 125,000,000 Maturity date - 2026-2027 - 2026-2027 Hedge ratio 100% 100% 100% 100% Change in intrinsic value of hedging instruments since 716,917 (960,960) 716,917 (960,960) inception of the hedge Change in value of hedged item used to determine hedge 695,688 (747,161) 695,688 (747,161) effectiveness

For the periods ended December 31, 2024, and 2023, following both qualitative and quantitative assessments of the effectiveness

of the hedge accounting relationships using the hypothetical derivative method, both at the inception of the hedge and

prospectively, the Group and the Company concluded that there was a high economic correlation between the hedging

instruments (interest rate swap agreements) and the hedged items (floating rate loan interest payments).

The excess amount of the cumulative change (ineffective part) in the fair value of the hedging instruments in relation to the

corresponding change in the hedged items has been recognised as ineffectiveness in the results in the line "Other gains/losses -

net" and amounts to a loss of €177,812 for the year (2023: loss €540,190).

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18. Trade and other receivables

Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Trade receivables 126,997,381 101,549,418 76,830,181 52,891,285 Less: provision for impairment of trade receivables 4.1 (9,608,086) (9,786,688) (2,283,286) (2,481,236) Trade receivables - net 117,389,295 91,762,730 74,546,895 50,410,049 Prepayments 37,809,746 17,717,308 15,589,217 9,122,700 Other receivables 40,827,091 33,861,799 34,823,246 28,195,739 Less: provision for impairment of other receivables (782,980) (898,835) - - Receivables from related parties 40 389,119 371,931 6,063,600 2,658,181 Receivables from loans to related parties 40 - 15,000 - - Total 195,632,271 142,829,933 131,022,958 90,386,669 Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Non-current portion 58,315,848 38,505,309 56,089,726 37,432,712 Current portion 137,316,423 104,324,624 74,933,232 52,953,957 Total 195,632,271 142,829,933 131,022,958 90,386,669

More details about the Group’s impairment policies and the calculation of the loss allowance are provided in note 4.1.

In the current environment affected by the energy and the financial crisis, the Group actively monitors the recoverability of trade

receivables to ensure that any impairment provisions are reflected in a timely manner and in accordance with Management's best

estimate of potential losses, as required by IFRS 9. The fair value of trade and other receivables approximates the carrying value.

Other receivables primarily relate to the securitization reserve and items associated with the securitization, as well as billings

related to other income, e.g., rents, contracts, etc. The non-current other receivables are due and payable within 2 to 3 years from

the end of the reporting period.

Further information relating to balances with related parties and key management personnel is set out in note 40.

19. Inventories

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 New cars 105,667,204 83,270,731 - - Used cars 14,768,475 13,028,027 - - Parts & accessories 18,604,363 17,163,301 - 5,426 Other 934,401 481,597 87,899 69,139 Total 139,974,443 113,943,656 87,899 74,565

During the year, an inventory impairment was recognized at the net realizable value of €234,795 as an expense and is included in

the cost of sales.

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20. Cash and cash equivalents

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Cash in hand 215,796 209,920 89,386 93,004 Cash at bank 48,663,858 45,572,277 14,054,551 17,236,580 Time deposits 48,937,426 30,869,600 38,398,000 10,000,000 Total 97,817,080 76,651,797 52,541,937 27,329,584

The effective interest rate on time deposits was 2.0%-2.8% and 2%-3.5% for 2024 and 2023 respectively,

21. Share capital and share premium

Number of Ordinary shares Share premium Treasury shares Total shares Balance as at 1 January 2023 48,624,764 3,889,981 130,553 (2,659,698) 1,360,836 Distribution of treasury shares - - - 100,746 100,746 Balance as at 31 December 2023 48,624,764 3,889,981 130,553 (2,558,952) 1,461,582 Balance as at 1 January 2024 48,624,764 3,889,981 130,553 (2,558,952) 1,461,582 Treasury shares acquired - - - (975,818) (975,818) Distribution of treasury shares - - - 108,219 108,219 Balance as at 31 December 2024 48,624,764 3,889,981 130,553 (3,426,551) 593,983

(i) Share capital

The Company’s share capital amounted as at 31 December 2024 to € 3,889,981 divided into 48,624,764 common registered shares

with a nominal value of €0.08 each. All shares are common, have been paid in full, participate in earnings and are entitled to voting

rights.

(ii) Treasury shares

During the fiscal year, in accordance with Article 49 of Law 4548/2018 and in implementation of the decisions of the Annual

General Meeting of Shareholders and the decision of the Board of Directors, the Company proceeded with successive purchases

of a total of 84,810 treasury shares.

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

relevant provisions of the Athens Stock Exchange Regulation, and pursuant to the decision of the Annual General Meeting of

Shareholders on 18.04.2024 and the decision of the Board of Directors on 22.05.2024, the Company proceeded with the allocation

of 19,000 free shares, with a total value of €217,360, within the framework of the decision approved by the aforementioned

Annual General Meeting.

Following the above, as at 31.12.2024 the Company held a total of 573,810 treasury shares with a nominal value of €0.08 each,

with a total value of €3,426,551, which correspond to 1.1801% of its share capital.

The movement of the Company's own shares is reflected in the table below:

Number of Cost of tresury shares shares Balance as at 1 January 2023 528,000 2,659,698 Distribution of treasury shares (20,000) (100,746) Balance as at 31 December 2023 508,000 2,558,952 Acquisition of shares 84,810 975,818 Distribution of treasury shares (19,000) (108,219) Balance as at 31 December 2024 573,810 3,426,551

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22. Other reserves

Group Financial assets at fair value through Revaluation Statutory Special Hedging Other Total other reserve reserve reserve reserve reserves comprehensive income Balance as at 1 January 2023 32,847,683 17,086,390 7,374,405 (11,190,741) 7,028,165 789,547 53,935,449 Changes in the fair value of debt instruments at fair value through other 95,209 - - - - - 95,209 comprehensive income - gross Changes in the fair value of debt instruments at fair value through other (20,946) - - - - - (20,946) comprehensive income - tax Changes in the fair value of equity investments at fair value through other 60,389,575 - - - - - 60,389,575 comprehensive income - gross Changes in the fair value of cash flow - - - - (482,998) - (482,998) hedges (effective portion) - gross Changes in the fair value of cash flow - - - - 106,260 - 106,260 hedges (effective portion) - tax Changes in the fair value of cash flow hedges (reclassified to profit or loss) - - - - - (966,984) - (966,984) gross Changes in the fair value of cash flow - - - - 212,736 - 212,736 hedges (reclassified to profit or loss) - tax Revaluation of property, plant and - 1,200,601 - - - - 1,200,601 equipment - gross Revaluation of property, plant and - (264,132) - - - - (264,132) equipment - tax Exchange differences on translation of - - - - - (48,587) (48,587) foreign operations Transfer from retained earnings - - 518,186 - - 114,404 632,590 Balance as at 31 December 2023 93,311,521 18,022,859 7,892,591 (11,190,741) 5,897,179 855,364 114,788,773 Balance as at 1 January 2024 93,311,521 18,022,859 7,892,591 (11,190,741) 5,897,179 855,364 114,788,773 Changes in the fair value of debt instruments at fair value through other (15,437) - - - - - (15,437) comprehensive income - gross Changes in the fair value of debt instruments at fair value through other 3,396 - - - - - 3,396 comprehensive income - tax Changes in the fair value of equity investments at fair value through other (14,400,300) - - - - - (14,400,300) comprehensive income - gross Changes in the fair value of cash flow - - - - 2,336,969 - 2,336,969 hedges (effective portion) - gross Changes in the fair value of cash flow - - - - (514,134) - (514,134) hedges (effective portion) - tax Changes in the fair value of cash flow hedges (reclassified to profit or loss) - - - - - (9,897,454) - (9,897,454) gross Changes in the fair value of cash flow - - - - 2,177,440 - 2,177,440 hedges (reclassified to profit or loss) - tax Revaluation of property, plant and - 3,985,961 - - - - 3,985,961 equipment - gross Revaluation of property, plant and - (876,911) - - - - (876,911) equipment - tax Exchange differences on translation of - - - - - (46,551) (46,551) foreign operations Transfer from retained earnings - - 229,068 8,019,770 - (497) 8,248,341 Balance as at 31 December 2024 78,899,180 21,131,909 8,121,659 (3,170,971) - 808,316 105,790,093

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Company Financial assets at fair value through Revaluation Statutory Special Hedging Other Total other reserve reserve reserve reserve reserves comprehensive income Balance as at 1 January 2023 32,847,683 10,222,078 4,870,218 29,009,258 7,028,165 481,037 84,458,439 Changes in the fair value of debt instruments at fair value through other 95,209 - - - - - 95,209 comprehensive income - gross Changes in the fair value of debt instruments at fair value through other (20,946) - - - - - (20,946) comprehensive income - tax Changes in the fair value of equity investments at fair value through other 60,389,575 - - - - - 60,389,575 comprehensive income - gross Changes in the fair value of cash flow - - - - (482,998) - (482,998) hedges (effective portion) - gross Changes in the fair value of cash flow - - - - 106,260 - 106,260 hedges (effective portion) - tax Changes in the fair value of cash flow hedges (reclassified to profit or loss) - - - - - (966,984) - (966,984) gross Changes in the fair value of cash flow - - - - 212,736 - 212,736 hedges (reclassified to profit or loss) - tax Revaluation of property, plant and - 655,689 - - - - 655,689 equipment - gross Revaluation of property, plant and - (144,252) - - - - (144,252) equipment - tax Transfer from retained earnings - - - 17,500,000 - - 17,500,000 Balance as at 31 December 2023 93,311,521 10,733,515 4,870,218 46,509,258 5,897,179 481,037 161,802,728 Balance as at 1 January 2024 93,311,521 10,733,515 4,870,218 46,509,258 5,897,179 481,037 161,802,728 Changes in the fair value of debt instruments at fair value through other (15,437) - - - - - (15,437) comprehensive income - gross Changes in the fair value of debt instruments at fair value through other 3,396 - - - - - 3,396 comprehensive income - tax Changes in the fair value of equity investments at fair value through other (14,400,300) - - - - - (14,400,300) comprehensive income - gross Changes in the fair value of cash flow - - - - 2,336,969 - 2,336,969 hedges (effective portion) - gross Changes in the fair value of cash flow - - - - (514,134) - (514,134) hedges (effective portion) - tax Changes in the fair value of cash flow hedges (reclassified to profit or loss) - - - - - (9,897,454) - (9,897,454) gross Changes in the fair value of cash flow - - - - 2,177,440 - 2,177,440 hedges (reclassified to profit or loss) - tax Revaluation of property, plant and - 2,194,123 - - - - 2,194,123 equipment - gross Revaluation of property, plant and - (482,707) - - - - (482,707) equipment - tax Transfer from retained earnings - - - 18,843,611 - - 18,843,611 Balance as at 31 December 2024 78,899,180 12,444,931 4,870,218 65,352,869 - 481,037 162,048,235

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148

(i) Statutory reserve

The statutory reserve is created under the provisions of Greek law according to which an amount of at least 5% of the profit (after

tax) for the year must be transferred to the reserve until it reaches one third of the paid share capital. The statutory reserve can

only be used with the approval of the Annual General Meeting of shareholders to offset accumulated losses and therefore cannot

be used for any other purpose.

(ii) Special reserve

This reserve relates to special reserves from income taxed by special tax scheme formed based on special provisions of Greek tax

legislation and refers to a) earnings from sale of a non-listed company which are tax-exempted since they are not distributed. In

any other case they would not be exempted from regular tax regulation and b) dividends received.

(iii) Hedging reserve

The hedging reserve comprises the cash flow hedge reserve. The cash flow hedge reserve is used to recognise the effective portion

of gains or losses from derivatives that are designated and qualify as cash flow hedges, as described in note 2.25. The amounts

are then reclassified to the statement of profit or loss, as appropriate.

(iv) Other reserves

Other reserves were created from the merger of VAKAR S.A., VELMAR S.A. and TECHNOCAR S.A. In addition, Other Reserves

include exchange differences arising on translation of the foreign controlled entities are recognised in other comprehensive

income as described in note 2.5 and accumulated in a separate reserve within equity. The cumulative amount is reclassified to

profit or loss when the net investment is disposed of.

Other reserves also include the portion of the net income carried forward every year that comes from tax-free profits and profits

taxed under special provisions by using up the tax liability. The aforementioned reserves can be capitalised or distributed following

the approval of the Annual General Meeting, after taking into consideration the restrictions that may apply. In case of

capitalisation or distribution, tax is calculated at the current tax rate.

23. Non-controlling interests

The non-controlling interests arise from the companies Hyundai Hellas, Kia Hellas and HR Aluguer de Automóveis and the change

in the balance of the non-controlling interests is presented in the following table as follows:

2024 2023 Balance at the beginning of the year 14,874,902 11,027,022 Profit for the year attributable to non-controlling interests 4,606,824 7,752,320 Other comprehensive income attributable to non-controlling interests (3,212) 1,560 Dividends paid to non-controlling interests (3,755,820) (3,906,000) Balance at the end of the year 15,722,694 14,874,902

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Condensed financial data of Hyundai Hellas, Kia Hellas and HR Aluguer de Automóveis are presented in the table below:

HR Aluguer de Hyundai Kia 2024 Automóveis Hellas Hellas (Group) Non-current assets 5,131,240 3,822,841 76,101,291 Current assets 86,681,237 41,631,165 17,956,232 Non-current liabilities 2,836,222 2,455,442 37,181,743 Current liabilities 65,295,352 23,225,226 34,639,685 Revenue 175,679,310 89,695,475 104,085,035 Profit/(loss) before tax 13,400,755 7,076,652 (929,915) Profit/(loss) for the year 10,313,737 5,490,189 (1,286,913) Dividends paid during the year 12,005,000 - 1,478,159 HR Aluguer de Hyundai Kia 2023 Automóveis Hellas Hellas (Group) Non-current assets 3,668,043 2,820,242 86,224,563 Current assets 80,559,001 37,454,562 17,293,858 Non-current liabilities 1,684,603 2,862,455 40,257,274 Current liabilities 57,162,829 23,125,941 38,259,981 Revenue 182,331,339 119,926,674 98,339,568 Profit/(loss) before tax 20,478,217 10,885,777 5,126,117 Profit/(loss) for the year 15,935,059 8,287,303 4,651,452 Dividends paid during the year 10,500,000 2,520,000 -

24. Borrowings

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Non-current Bank borrowings 275,814,358 389,411,562 221,301,943 346,872,060 Common Bond Loan €200εκατ. 200,000,000 - 200,000,000 - Other borrowings 627,064 227,902 - - Total non-current borrowings 476,441,422 389,639,464 421,301,943 346,872,060 Current Short-term portion of long-term bank borrowings 31,025,024 28,539,421 14,275,155 14,058,398 Bank borrowings 15,560,529 11,736,856 - - Bank overdrafts 6,021,910 3,271,610 - - Other borrowings 735,742 435,922 - - Total current borrowings 53,343,205 43,983,809 14,275,155 14,058,398 Total borrowings 529,784,627 433,623,273 435,577,098 360,930,458

As at the reporting date, the Group, in order to secure its loan obligations, has registered first-class mortgage notes on properties

in favour of the Representatives and on behalf of the Creditors, for a total amount of €105,335,000. At the same time, variable

insurance contracts have been concluded on the Group's cars for a total amount of €145,616,712.

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As of the reporting date, the Company, in order to secure its loan obligations, has registered first-class mortgage notes on

properties in favour of the Representatives and on behalf of the Creditors, for a total amount of €103,135,000. At the same time,

variable insurance contracts have been concluded on the Company's cars amounting to €135,116,712.

The fair value of the borrowings approximates the carrying value as at 31 December of 2024 and 2023.

The weighted average interest rates of the short-term and long-term borrowings of the Group and the Company in 2024 are

mentioned in note 35.

(i) Movements in Borrowings

Group Long-term Short-term Total borrowings borrowings Balance as at 1 January 2023 306,710,102 42,005,949 348,716,051 Exchange differences (59,861) - (59,861) New financing 211,883,465 68,664,881 280,548,346 Recognition of grant from RRF (3,473,430) - (3,473,430) Repayments - (186,818,422) (186,818,422) Loan amortisation - 539,967 539,967 Transfers (123,525,714) 123,525,714 - Reclassification to lease liabilities (1,895,098) (3,934,280) (5,829,378) Balance as at 31 December 2023 389,639,464 43,983,809 433,623,273 Balance as at 1 January 2024 389,639,464 43,983,809 433,623,273 Exchange differences 19,113 14,901 34,014 New financing 378,568,304 77,042,387 455,610,691 Recognition of grant from RRF (5,592,118) - (5,592,118) Repayments - (356,031,941) (356,031,941) Loan amortisation - 635,982 635,982 Transfer from RRF grant 1,504,726 - 1,504,726 Transfers (287,698,067) 287,698,067 - Balance as at 31 December 2024 476,441,422 53,343,205 529,784,627 Company Long-term Short-term Total borrowings borrowings Balance as at 1 January 2023 259,071,194 19,524,885 278,596,079 New financing 192,561,350 - 192,561,350 Recognition of grant from RRF (3,473,430) - (3,473,430) Repayments - (107,293,508) (107,293,508) Loan amortisation - 539,967 539,967 Transfers (101,287,054) 101,287,054 - Balance as at 31 December 2023 346,872,060 14,058,398 360,930,458 Balance as at 1 January 2024 346,872,060 14,058,398 360,930,458 New financing 362,210,550 - 362,210,550 Recognition of grant from RRF (5,592,118) - (5,592,118) Repayments - (284,112,500) (284,112,500) Loan amortisation - 635,982 635,982 Transfer from RRF grant 1,504,726 - 1,504,726 Transfers (283,693,275) 283,693,275 - Balance as at 31 December 2024 421,301,943 14,275,155 435,577,098

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The most important changes regarding the Group's new borrowing are the following:

• Autohellas bond issuance of €200 million.

• Drawdowns of the Recovery and Resilience Facility loans amounting to €77 million.

• Raising new funds through Securitization amounting to €40 million

• Drawdowns of Autohellas bond loans amounting to €85 million.

The most important changes regarding the Group's loan repayments are the following:

• Autohellas bond loan repayments amounting to €284 million.

(ii) Grants from Recovery and Resilience Fund

In September 2022, the Company signed its first Bond Loan Agreement under the National Recovery and Resilience Plan “Greece

2.0,” which falls within the framework of co-financing by systemic banks with the Recovery and Resilience Fund (RRF). The total

amount of the loan was €136,077,485, of which €85,048,428 was covered by the RRF with a fixed interest rate from the Fund's

resources, and the remaining €51,029,057 was covered by a systemic bank with a variable contractual interest rate (EURIBOR +

margin). The proceeds of the loan are intended for the financing of zero or low-emission vehicles, specifically those with less than

50g CO2/km.

In February 2023, the Company signed its second Bond Loan Agreement under the National Recovery and Resilience Plan “Greece

2.0,” which also falls within the framework of co-financing by systemic banks with the RRF. The total amount of the loan was

€104,000,000, of which €65,000,000 was covered by the RRF with a fixed interest rate from the Fund's resources, and the

remaining €39,000,000 was covered by a systemic bank with a variable contractual interest rate (EURIBOR + margin). The proceeds

of the loan are intended for the financing of zero or low-emission vehicles, specifically those with less than 50g CO2/km.

In November 2024, the Company signed its third Bond Loan Agreement under the National Recovery and Resilience Plan “Greece

2.0,” which falls within the framework of co-financing by systemic banks with the RRF. The total amount of the loan was

€120,000,000, of which €75,000,000 was covered by the RRF with a fixed interest rate from the Fund's resources, and the

remaining €45,000,000 was covered by a systemic bank with a variable contractual interest rate (EURIBOR + margin). The proceeds

of the loan are intended exclusively for the financing of electric vehicles.

The total financing of the above-mentioned contracts is intended to cover the Company's purchasing needs for electric and plug-

in hybrid vehicles in the coming years.

The Company recognized an amount of indirect grant, for the renewal and expansion of its fleet for the period 2022-2026 with

the aim of energy upgrading it, amounting to €9,578,819 as calculated from the difference between the conventional co-financing

rate and the RRF rate. During the year the amount of €1,504,726 was derecognised from grants and equally increased the

Company’s borrowings. As a result the remaining balance of the RRF grant as at 31.12.2024 amounted to €7,560,821.

(iii) Common Bond Loan (CBL)

In January 2024, the Company proceeded to issue a bond loan through a public offer to the investment public in Greece for a total

amount of €200 million, divided into up to 200,000 dematerialized, common, registered bonds with a nominal value of €1,000

each, with a duration of five (5) years.

The completion of the Public Offer took place on 19.01.2024, and according to the aggregate allocation data produced using the

Electronic Offer Book of the Athens Stock Exchange, a total of 200,000 dematerialized, common, registered bonds of the Company

with a nominal value of €1,000 each were allocated (the "Bonds") resulting in the raising of funds amounting to €200 million.

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The total valid demand expressed by investors who participated in the Public Offering amounted to €453.46 million. The broad

response of the investing public resulted in the Public Offering being covered by 2.3 times and the total number of participating

investors rising to 8,253. The sale price of the Bonds was set at even, i.e. €1,000 per Bond. The final yield of the Notes and the

interest rate were set at 4.25% per annum.

The Bonds allocated, based on the valid demand expressed for the yield of 4.25%, are as follows: a) 140,000 Bonds (70% of all

issued Bonds) were allocated to Private Investors, out of a total number of 211,551 Bonds, for the for which a valid demand was

expressed (i.e. 66.2% of the expressed demand was satisfied in the specific category of investors and the specific performance)

and b) 60,000 Bonds (30% of the total Bonds issued) were distributed to Special Investors for a total number of 238,606 Bonds,

for which a valid demand was expressed (i.e. 25.1% of the expressed demand was met in the specific category of investors and

the specific yield).

The Bonds were made available for coverage by the investing public through a public offer within the Greek territory, using the

Electronic Offer Book service of the Athens Stock Exchange, registered in the Intangible Securities System and admitted to trading

in the Fixed Income Securities Category of the Regulated Market of the Athens Stock Exchange.

The funds raised, amounting to €200 million at the balance sheet date, have been used as follows:

• An amount of €100 million was allocated for the payment of the debt of the Company's existing bank loan.

• An amount of €56 million was allocated for car purchases and for the renewal and upgrading of the car fleet

• An amount of €39.4 million was allocated to cover working capital financing needs.

• An amount of €4.6 million was allocated to cover the issuance costs of the CBL

25. Lease liabilities

The Group's lease liabilities are related to vehicle and real estate leases. The maturity of the lease liabilities is analyzed in note

4.1.

(i) Finance lease liabilities

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Finance lease liabilities - minimum lease payments Within 1 year 12,069,365 16,677,526 1,523,950 1,593,201 1-5 years 18,807,730 25,393,733 3,836,879 984,335 Total 30,877,095 42,071,259 5,360,829 2,577,536 Less: Future finance charges on finance leases (2,023,097) (2,767,238) (306,280) (79,467) Present value of finance lease liabilities 28,853,998 39,304,021 5,054,549 2,498,069

The present value of finance lease liabilities is analyzed as follows:

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Within 1 year 10,965,967 15,130,499 1,392,795 1,542,782 1-5 years 17,888,031 24,173,522 3,661,754 955,287 Over 5 years - - - - Total 28,853,998 39,304,021 5,054,549 2,498,069

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(ii) Operating lease liabilities

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Operating lease liabilities - minimum lease payments Within 1 year 8,093,515 4,626,144 4,673,400 1,555,284 1-5 years 13,553,767 9,928,559 5,386,073 2,791,600 Over 5 years 2,925,821 1,122,114 758,656 924,433 Total 24,573,103 15,676,817 10,818,129 5,271,317 Less: Future finance charges on operating leases (2,211,103) (1,157,626) (708,799) (422,082) Present value of operating lease liabilities 22,362,000 14,519,191 10,109,330 4,849,235

The present value of operating lease liabilities is analyzed as follows:

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Within 1 year 7,303,347 4,245,053 4,297,939 1,431,515 1-5 years 12,286,105 9,069,575 5,086,910 2,545,019 Over 5 years 2,772,548 1,204,563 724,481 872,701 Total 22,362,000 14,519,191 10,109,330 4,849,235

(iii) Movement in lease liabilities

Group Finance lease Operating lease Total liabilities liabilities Balance as at 1 January 2023 56,754,572 14,179,867 70,934,439 Repayments (49,614,723) (8,411,831) (58,026,554) New financing 26,899,764 9,720,169 36,619,933 Terminated leases - (969,014) (969,014) Contribution (564,970) - (564,970) Reclassification from borrowings 5,829,378 - 5,829,378 Balance as at 31 December 2023 39,304,021 14,519,191 53,823,212 Balance as at 1 January 2024 39,304,021 14,519,191 53,823,212 Repayments (26,709,204) (10,228,766) (36,937,970) New financing 16,259,181 18,379,692 34,638,873 Terminated leases - (308,119) (308,119) Balance as at 31 December 2024 28,853,998 22,361,998 51,215,996 Company Finance lease Operating lease Total liabilities liabilities Balance as at 1 January 2023 32,998,502 5,208,635 38,207,137 Repayments (30,910,166) (4,037,813) (34,947,979) New financing 409,733 3,678,413 4,088,146 Balance as at 31 December 2023 2,498,069 4,849,235 7,347,304 Balance as at 1 January 2024 2,498,069 4,849,235 7,347,304 Repayments (2,120,267) (4,274,167) (6,394,434) New financing 4,676,747 9,561,994 14,238,741 Terminated leases - (27,732) (27,732) Balance as at 31 December 2024 5,054,549 10,109,330 15,163,879

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Finance costs related to leases are presented in note 35.

The above breakdown into finance and operating leases has been made for information purposes and is not required by IFRS 16.

26. Securitisation

In July 2024, the Company entered into a €220 million financing agreement through the securitization of receivables with the

National Bank of Greece (NBG). This agreement replaced the existing agreement with JP Morgan. The securitization is related to

receivables from long-term lease contracts (Asset Backed Securitization). This financing is non-recourse to other assets of the

Company. The purpose of this financing is to finance the purchase of cars for the needs of replacing and expanding the fleet of

long-term leases. As of December 31, 2024, the financing amount stood at €220 million, and the expected revolving duration of

this financing is 24 months.

Autohellas (Transferor) proceeded with the sale of business receivables arising from long-term lease contracts to Autowheel DAC

(Acquirer) under the provisions of securitization according to Law 3156/2003. Autowheel DAC is a special purpose vehicle based

in Dublin, Ireland, with the exclusive purpose of acquiring business receivables as defined in paragraph 2 of Article 10 of Law

3156/2003. The securitization transaction involves the true sale of receivables to the special purpose vehicle Autowheel DAC.

These business receivables include future lease payments from long-term leases and the estimated proceeds from the sale of

related vehicles, the ownership of which remains with the Company.

Autohellas, under a contract with Autowheel DAC, acts as the Servicer for a fee, meaning it is responsible for monitoring and

collecting receivables from customers whose lease payments have been transferred and subsequently transferring them to

Autowheel DAC. Its role is exclusively to collect on behalf of the noteholders (through Autohellas as the servicer) for the repayment

of the Notes issued and to generally serve the interests of the noteholders until their repayment.

Autowheel DAC is not controlled by Autohellas. The securitization agreement is a non-recourse agreement to other assets of

Autohellas. Evaluating the criteria of IFRS regarding the independence and autonomy of Autowheel, its legal isolation as a separate

entity, its design and purpose, and the fact that Autohellas does not have decision-making power in this entity, Autowheel DAC is

not consolidated in the consolidated financial statements of Autohellas.

Autowheel DAC, with the proceeds received from the purchase of business receivables, issued Series A and Series B Notes. The

Series A Notes (Senior Notes) were acquired by the investor (NBG) and the Series B Notes (Subordinated Notes) were acquired by

Autohellas in compliance with European legislation for the retention of minimum risk by the Transferor. Only after the full

repayment of the Series A Notes can the repayment of the Series B Notes begin.

This securitization has a 24-month replenishment period ending on 20.07.2026. During this period, Autohellas retains the ability

to transfer new business receivables from long-term lease contracts each month to maintain the securitization amount at the

desired level. Only after the replenishment period has elapsed, and only if it is not renewed, does the repayment of the notes by

Autowheel DAC begin.

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Below is a maturity analysis by year of the non-discounted business receivables on 31.12.2024:

Period Securitisation Year 1 111,944,523 Year 2 94,017,245 Year 3 78,226,584 Year 4 39,274,242 Year 5 11,681,390 Total 335,143,984

The weighted average interest rate of the securitization has been included in the calculations of note 35.

27. Post-employment benefits

For the Company and the Group entities based in Greece, the benefit obligations relate to the requirements under law 2112/1920

as amended by law 4093/2012 based on the years of employment of each employee. The liability is measured and depicted on

the basis of the expected entitlement of each employee at the reporting date or in the interim financial statements, discounted

to the present value, in relation to the expected time of payment.

(i) Amounts in the Statement of Financial Position

The amounts recognised in the Statement of Financial Position and the movements in the net benefit obligation over the year are

as follows:

Group Company 2024 2023 2024 2023 Balance at the beginning of the year 2,206,863 1,795,012 1,003,036 871,620 Amounts recognised in profit or loss: Current service cost 250,884 219,046 94,350 88,060 Interest expense 65,767 50,260 29,890 24,405 Past service cost and (gains)/losses on 253,765 215,242 184,876 116,366 settlements/curtailments Total 570,416 484,548 309,116 228,831 Amounts recognised in other comprehensive income: (Gain) / Loss from change in demographic assumptions 1,033 - 1,248 - (Gain) / Loss from change in financial assumptions 21,718 (30,535) 7,937 (12,133) Experience (gain) / losses 48,793 240,191 40,627 64,296 Total 71,544 209,656 49,812 52,163 Other Benefits paid (434,439) (282,353) (275,925) (149,578) Total (434,439) (282,353) (275,925) (149,578) Balance at the end of the year 2,414,384 2,206,863 1,086,039 1,003,036

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(ii) Actuarial assumptions

The principal actuarial assumptions used for the Group and the Company are as follows:

Group Company 2024 2023 2024 2023 Economic assumptions: Discount rate 2.78% 2.98% 2.78% 2.98% Inflation rate 2.00% 2.10% 2.00% 2.10% Salary growth rate 2.10% 2.10% 2.10% 2.10%

(iii) Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions

constant, would have affected the defined benefit obligation by the amounts shown below:

Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Increase in discount rate by 0.5% (56,922) (82,415) (22,343) (20,925) Decrease in discount rate by 0.5% 59,230 24,325 23,034 21,823 Increase in salary growth rate by 0.5% 52,265 17,292 17,928 17,169 Decrease in salary growth rate by 0.5% (50,960) (76,386) (17,323) (16,617)

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice,

this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the benefit

obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with

the projected unit credit method at the end of the reporting period) has been applied as when calculating the benefit liability

recognised in the Statement of Financial Position.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

28. Trade and other payables

Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Trade payables 151,833,351 143,251,660 18,004,637 25,061,174 Amounts due to related parties 40 2,426,573 1,840,930 14,648,729 23,368,019 Guarantees 35,711,066 30,628,567 30,892,370 28,773,334 Accrued expenses 27,639,601 20,748,963 10,282,334 6,444,710 Deferred income 1,481,836 2,236,879 - - Social security funds and other taxes 6,438,479 6,546,013 2,078,471 1,858,309 Advances from customers 17,760,626 15,091,597 7,561,518 5,159,342 Dividends payable 122,649 119,752 122,649 119,752 OECD Pillar II top-up tax 220,562 - 184,357 - Other liabilities 28,601,728 23,961,533 26,526,717 20,920,203 Total 272,236,471 244,425,894 110,301,782 111,704,843

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Σημ. 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Non-current portion 3,230,974 2,696,778 184,357 - Current portion 269,005,497 241,729,116 110,117,425 111,704,843 Total 272,236,471 244,425,894 110,301,782 111,704,843

The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term

nature as at 31 December 2024 and 2023.

Amounts paid by leasing customers as guarantees are presented in the line of the same name in the first table of the note.

Other liabilities mainly concern guarantees given on the retail sales of the Car Trade activity.

29. Provisions

Provisions for the Group amounting to €2,759,787 for 2024 (2023: €3,207,502) mainly concern guarantees for products and

services provided by the Group’s importing companies.

Management has assessed the effect of climate change and the negative impact it may have on the Group's activities and assets.

In this assessment, management took into account the wide geographical dispersion of the Group's facilities in Greece and Europe,

as well as the extensive insurance coverage against extreme weather phenomena and climatic disasters on its assets, and

concluded that there is no need to form a relevant provision in the financial statements as at 31.12.2024.

30. Revenue

Group Company 2024 2023 2024 2023 Income from short and long term car rentals 353,031,398 328,673,777 220,144,496 200,286,530 Sales of new and used cars and spare parts and rendering 514,453,630 564,262,587 197,781 233,752 of after-sales services Sales of used fleet 118,202,576 109,737,784 89,905,563 82,530,834 Total 985,687,604 1,002,674,148 310,247,840 283,051,116

Further breakdown by operating segment is presented in note 6.

The Group's revenues are recognised at a specific point in time.

(i) Future minimum lease payments receivable

The future minimum lease payments receivable on non-cancellable operating car leases of are as follows:

Group Company 2024 2023 2024 2023 Within 1 year 158,430,063 124,178,297 126,816,352 100,359,500 1-5 years 285,140,608 219,033,886 231,155,258 179,044,836 Over 5 years - - - - Total 443,570,671 343,212,183 357,971,610 279,404,336

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31. Expenses

(i) Breakdown of expenses by nature

Group Company Note 2024 2023 2024 2023 Changes in inventories recognised as an expense 509,959,267 531,186,681 50,331,458 43,063,981 Depreciation of property, plant and equipment 7 131,604,496 106,792,066 99,729,661 77,761,234 Depreciation of right-of-use assets 8 20,764,208 23,191,684 5,585,738 10,397,306 Amortisation of intangible assets 10 2,485,343 2,296,810 229,071 224,589 Impairment of inventories 19 234,795 - - - Impairment of property, plant and equipment 7 187,170 305,470 7,013 305,470 Employee benefits expenses 32 74,453,058 68,046,010 26,906,186 23,898,298 Third parties' fees 36,284,197 34,131,622 12,539,055 11,299,421 Repairs and maintenance costs 18,831,189 16,509,142 21,888,577 20,989,289 Rental costs 17,823,627 17,307,711 1,509,130 1,170,295 Transportation costs 10,035,278 11,175,565 799,160 782,359 Advertising costs 18,915,424 15,720,232 4,110,532 2,897,191 Utilities expenses 3,905,025 7,171,890 2,864,414 2,522,979 Provisions 1,832,155 1,142,880 - - Other expenses 34,826,186 44,672,523 21,017,009 19,509,184 Total 882,141,418 879,650,286 247,517,004 214,821,596

Other operating expenses include insurance costs, vehicle circulation and registration fees, and general operating costs.

(ii) Breakdown of expenses by function in the Statement of Profit or Loss

Group Company 2024 2023 2024 2023 Cost of sales 788,900,664 784,633,788 224,574,026 195,948,323 Distribution costs 52,785,373 56,023,579 5,584,063 3,622,149 Administrative expenses 40,455,381 38,992,919 17,358,915 15,251,124 882,141,418 879,650,286 247,517,004 214,821,596

32. Employee benefit expenses

Group Company Note 2023 2022 2023 2022 Wages and salaries 57,377,525 52,798,610 21,851,520 19,310,597 Social security costs 11,695,382 10,505,497 3,736,932 3,415,882 Termination benefits 70,695 80,559 - - Defined contribution plan expenses 70,187 59,268 - - Defined benefit plan expenses 27 570,417 484,548 309,117 228,831 Other employee benefit expenses 4,668,852 4,117,528 1,008,617 942,988 Total 74,453,058 68,046,010 26,906,186 23,898,298

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33. Other income

Group Company 2024 2023 2024 2023 Dividend income from subsidiaries - - 10,823,841 19,700,000 Dividend income from financial assets at fair value through 9,632,435 890,739 9,632,435 890,739 other comprehensive income Interest income from loans to related parties - 11,917 7,483 - Interest income from financial assets held as investments 352,910 446,305 352,910 446,305 Rental income from investment property 1,187,056 1,168,087 2,969,783 2,835,335 Income from reversal of other provisions 2,671,234 - - - Income from commissions and services 10,291,774 9,314,020 3,453,568 2,987,020 Other 1,575,018 5,331,399 3,175,719 1,913,356 Total 25,710,427 17,162,467 30,415,739 28,772,755

Future minimum lease payments receivable

The total future minimum lease payments receivable on non-cancellable operating leases of investment property are as follows:

Group Company 2024 2023 2024 2023 Within 1 year 569,693 875,267 2,689,254 2,799,406 1-5 years 800,336 670,550 8,593,120 4,747,472 Over 5 years - 20,360 5,638,404 437,008 Total 1,370,029 1,566,177 16,920,778 7,983,886

34. Other gains/(losses) - net

Group Company Note 2024 2023 2024 2023 Profit from disposal of property, plant and 7 958,582 687,634 948,140 672,043 equipment Profit from disposal of investment property 9 - 483,524 - 483,524 Profit from sale of financial assets at fair value 9 9,000 - 9,000 through other comprehensive income Changes in the fair value of investment property 9 716,274 77,707 1,071,268 173,000 Impairment losses on investments accounted for 13 - - (1,000,000) (2,000,000) using the equity method Profit on contribution of subsidiary 12 - 1,100,000 - - Changes in the fair value of financial assets at fair 16 7,361 (200,000) - - value through profit or loss Changes in the fair value of derivatives - ineffective 17 (177,812) (540,190) (177,812) (540,190) portion Foreign exchange gains/(losses) - net (40,008) 85,604 - - Other items (196,629) (244,571) 377,672 279,846 Total 1,276,768 1,449,708 1,228,268 (931,777)

Annual Financial Report 31.12.2024

160

35. Finance income/(costs)

Group Company 2024 2023 2024 2023 Finance income Interest income from finance leases with buy-back option 3,852,448 2,571,995 3,843,934 2,556,453 Other interest income 3,954,665 1,129,914 3,180,885 635,114 Finance income 7,807,113 3,701,909 7,024,819 3,191,567 Finance costs Interest paid/payable on bank loans (33,860,886) (29,380,468) (29,833,878) (26,070,266) Finance charges relating to lease liabilities (4,904,271) (4,578,636) (577,834) (1,171,179) Amortisation of unwinding of discount and bond loan costs (598,114) (539,967) (598,114) (539,967) Other interest costs and bank charges (5,974,690) (4,307,357) (1,736,238) (696,624) Gain/(loss) from cash flow hedges - effective portion 9,897,455 966,984 9,897,455 966,984 Net foreign exchange gains/(losses) on financing activities 162 (8,686) - - Finance costs (35,440,344) (37,848,130) (22,848,609) (27,511,052) Finance costs - net (27,633,231) (34,146,221) (15,823,790) (24,319,485)

During the 2024 fiscal year, the Company recorded a benefit from interest income due to increased term deposits and overnights

throughout the year. The actual interest rate on term deposits was 2.0%-2.8% and 2%-3.5% for the years 2024 and 2023,

respectively. Additionally, the Company proceeded with the purchase of short-term Greek Government bonds, which yielded a

benefit of €1.5 million.

The line item "Gain/(loss) from cash flow hedging contracts – effective portion" includes the benefit recognized from the transfer

of the gain arising from the termination of interest rate swap agreements and the discontinuation of the cash flow hedge

accounting policy, amounting to €9,897,455.

The average effective interest rate for the Group’s short-term and long-term borrowings during 2024 fluctuated between 3.78% -

5.20% respectively (2023: The average effective interest rate fluctuated between 4.22% - 5.60%).

The average effective interest rate for the Company’s short-term and long-term borrowings during 2024 fluctuated between

3.72% - 5.13% respectively (2023: The average effective interest rate fluctuated between 4.23% - 5.58%)

36. Income tax expense

(i) Amounts recognised in profit or loss

Group Company Note 2024 2023 2024 2023 Current tax on profit for the year 11,429,086 22,675,148 3,345,043 10,029,790 Adjustments in respect of prior years (323,282) (184,851) (111,060) (206,316) OECD Pillar II top-up tax 220,562 - 184,357 - Total current tax 11,326,366 22,490,297 3,418,340 9,823,474 Deferred tax 14 4,566,660 (1,335,016) 5,849,359 559,654 Total 15,893,026 21,155,281 9,267,699 10,383,128

(ii) Amounts recognised in other comprehensive income

The breakdown of income tax amounts recognised in other comprehensive income appears in the movement of Other Reserves

(note 22).

Annual Financial Report 31.12.2024

161

(iii) Reconciliation of effective tax rate

The income tax of the Company and the Group differs from the theoretical amount that would arise using the applicable tax rate

on the results of the Company and the Group. The difference is as follows:

Group Company Note 2024 2023 2024 2023 Profit before tax 105,391,512 106,140,759 78,551,053 71,751,013 Tax calculated at domestic tax rate applicable to profits in the respective 24,658,793 26,877,559 17,281,232 15,785,224 countries Income not subject to tax (11,117,117) (8,044,141) (9,018,025) (6,307,529) Expenses not deductible for tax purposes 1,692,673 1,825,474 931,195 1,111,749 Tax losses for which no deferred income 646,815 421,879 - - tax asset was recognized OECD Pillar II top-up tax 220,562 - 184,357 - Other (208,700) 74,510 (111,060) (206,316) Total tax 15,893,026 21,155,281 9,267,699 10,383,128

(iv) OECD “Pillar II” model rules

The Group is subject to the standard rules of OECD Pillar II (OECD Pillar Two – Global Anti-Base Erosion Rules). According to these

rules, the Group is required to pay a supplemental tax (top-up tax) for the difference between the effective tax rate (GloBE

effective tax rate) in each tax jurisdiction and the minimum rate of 15%.

The Group has applied the mandatory exemption under IAS 12 regarding the recognition and disclosure of information on deferred

tax assets and liabilities related to income taxes under Pillar Two.

The additional tax (top-up tax) concerns the difference that arises from comparing the GloBE effective tax rate by country of

operation with the minimum rate of 15%. For the reporting year, the Group incurred a supplemental tax related to the Pillar II

rules, totaling €220,562, which is allocated between Cyprus and Bulgaria, with amounts of €184,357 and €36,205 respectively.

37. Investing activities

The Investing Activities included in the EBIT/EBITDA Reconciliation, as presented in Statement of Profit or Loss, include the

following amounts:

Group Company Note 2024 2023 2024 2023 Share of net profit/(loss) of investments accounted for using the equity method, excluding those 13 (343,081) (1,184,677) - - related to the main activities of the Group Dividend income 33 9,632,435 890,739 20,456,276 20,590,739 Interest income from financial assets held as 33 352,910 446,305 352,910 446,305 investments Changes in the fair value of derivatives - ineffective 34 (177,812) (540,190) (177,812) (540,190) portion Changes in the fair value of financial assets at fair 34 7,361 (200,000) - - value through profit or loss Profit on contribution of subsidiary 34 - 1,100,000 - - Impairment losses on investments accounted for 34 - - (1,000,000) (2,000,000) using the equity method Total 9,471,813 512,177 19,631,374 18,496,854

Annual Financial Report 31.12.2024

162

38. Contingent assets and liabilities

The Group has contingent liabilities towards banks, other guarantees and other issues that might arise in the normal course of

business. No material charges are expected from these contingent liabilities.

The unaudited fiscal years are as follows:

Company Country Years AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME Greece See Note 38(i) AUTOTECHNICA EOOD Bulgaria 2016-2023 AUTOTECHNICA (CYPRUS) LIMITED Cyprus 2016-2023 DERASCO TRADING LIMITED Cyprus 2016-2023 AUTOTECHNICA FLEET SERVICES SRL Romania 2016-2023 AUTOTECHNICA SERBIA DOO Serbia 2016-2023 AUTOTECHNICA MONTENEGRO DOO Montenegro 2016-2023 AUTOTECHNICA FLEET SERVICES DOO Croatia 2016-2023 AUTOTECHNICA FLEET SERVICES LLC Ukraine 2016-2023 HR - ALUGUER DE AUTOMÓVEIS S.A. Portugal See Note 38(i) AUTOTECHNICA HELLAS SINGLE MEMBER S.A. Greece See Note 38(i) HYUNDAI HELLAS S.A. Greece See Note 38(i) KIA HELLAS S.A. Greece See Note 38(i) ELTREKKA S.A. Greece See Note 38(i) FASTTRAK S.A. Greece See Note 38(i) TECHNOCAR SINGLE MEMBER TRADING SOCIÉTÉ ANONYME Greece See Note 38(i)

The corporate income tax rate of legal entities in Greece for the year 2024 is 22% (2023: 22%).

The respective income tax rates for 2024 for the international activity are as follows:

Portugal

21%

Bulgaria

10%

Cyprus

12.5%

Romania

16%

Serbia

15%

Montenegro

9-15%

Ukraine

18%

Croatia

18%

Greek tax regulations and related clauses are subject to interpretation by the tax authorities and administrative courts of law. Tax

returns are filed annually. The profits or losses declared for tax purposes remain provisional until such time as the tax authorities

examine the tax declarations and the records of the tax payer and a final assessment is issued. From the fiscal year 2011 and

onwards, the tax returns are subject to the audit tax certificate process (as described below). Net operating losses which are tax

deductible, can be carried forward against taxable profits for a period of five years from the year they are generated.

The Company recognizes provisions for taxes that may arise from audits of unaudited fiscal years, based on its experience.

(i) Tax audit certificate

Regarding the Company and the subsidiaries based in Greece, the years 2011 to 2023 have been audited by the elected by

L. 4548/2018 tax auditor, in accordance with article 82 of L.2238/1994 and article 65A of Law 4771/13, and the relevant tax

compliance reports have been issued. According to POL. 1006/05.01.2016, companies that submitted a tax compliance report

without remarks for tax violations are not excluded from conducting a regular tax audit by tax authorities. Therefore, it is possible

that tax authorities will demand to conduct their tax audit. However, the Company’s management estimates that the results from

potential regular tax audits from tax authorities, if conducted, will not have a significant effect on the company’s financial position.

Similarly, the tax audit for the Parent Company and its subsidiaries based in Greece for the year 2024 is carried out by the statutory

Annual Financial Report 31.12.2024

163

auditor. Upon completion of the tax audit, management does not expect to incur significant tax liabilities other than those

recorded and reflected in the financial statements.

39. Commitments

There are no capital commitments regarding the acquisition of tangible and intangible assets.

40. Related party transactions

The Group is controlled by Autohellas which is the direct parent company. Investments in subsidiaries are presented in note 12.

(i) Compensation of key management personnel

Group Company 2024 2023 2024 2023 Key management compensation 6,519,493 5,430,548 2,612,084 2,101,488

(ii) Transactions with related parties

Group Company 2024 2023 2024 2023 Sales of goods - Subsidiaries - - 208,874 186,131 - Associates & Joint Ventures 575,751 - - - Sales of services - Subsidiaries - - 5,905,167 4,844,263 - Associates & Joint Ventures 12,757,045 5,799,623 11,162,843 4,840,145 - Other related companies 1,855,803 1,820,507 1,836,502 1,828,084 Purchases of services - Associates & Joint Ventures 36,100,912 20,028,358 4,447 2,230 - Other related companies 1,520,361 1,357,924 1,356,655 1,217,013 Purchases of PPE - Subsidiaries - - 114,966,745 109,392,932 - Associates & Joint Ventures - - 20,778,193 12,204,609 Sales of PPE - Subsidiaries - - 19,441,814 14,198,213 Rental income - Subsidiaries - - 1,941,150 1,789,648 - Associates & Joint Ventures 127,296 3,420 127,296 3,420 - Other related companies 209,797 216,084 209,797 216,084 Income from dividends - Subsidiaries - - 10,823,841 19,700,000 - Financial assets at fair value through profit or loss 9,020,610 890,739 9,020,610 890,739 62,167,575 30,116,655 197,783,934 171,313,511

(iii) Outstanding balances arising from transactions with related parties

Group Company

Annual Financial Report 31.12.2024

164

31.12.2024 31.12.2023 31.12.2024 31.12.2023 Receivables - Subsidiaries - - 5,782,410 2,494,151 - Associates & Joint Ventures 300,909 296,369 193,018 123,214 - Other related companies 88,210 75,562 88,172 40,816 389,119 371,931 6,063,600 2,658,181 Payables - Subsidiaries - - 12,993,905 22,740,966 - Associates & Joint Ventures 2,233,477 1,701,989 1,484,513 592,102 - Other related companies 193,096 138,941 170,311 34,951 2,426,573 1,840,930 14,648,729 23,368,019

(iv) Loans to related parties

Group 2024 2023 Balance at the beginning of the year 15,000 1,531,931 Loans given - 15,000 Loans repaid (15,000) - Conversion to shares - (1,500,000) Interest charged - 11,917 Interest received - (43,848) Balance at the end of the year - 15,000

During the year the Company did not provide loans to related parties.

(v) Terms and conditions

Other related parties comprise AEGEAN AIRLINES S.A., OLYMPIC AIR S.A, and GOLF RESIDENCES S.A.. The Company's sales to

related parties mainly concern the provision of consulting services, administrative support, car sales and car rentals. Sale prices

are usually determined by market conditions. The sales of services and goods to the Company, mainly concern car maintenance

and repair services as well as car sales under the usual market conditions.

41. Earnings per share

Group Company 2024 2023 2024 2023 Profit attributable to the ordinary equity holders of the 84,891,662 77,233,158 69,283,354 61,367,885 company Weighted average number of ordinary shares 48,050,954 48,116,764 48,050,954 48,116,764 Basic earnings per share 1.77 1.61 1.44 1.28

There are no dilutive potential ordinary shares for the Group or the Company, therefore diluted earnings per share equal basic

earnings per share.

Annual Financial Report 31.12.2024

165

42. Audit fees

The auditors' fees for the statutory audit of the Financial Statements and the Sustainability Report, as well as the fees for the Tax

Audit, are presented in the table below.

Group Company 2024 2023 2024 2023 Statutory audit 415,200 377,000 100,000 110,500 Tax audit 96,400 90,400 41,500 37,500 Total 551,600 467,400 141,500 148,000

Other audit services are not provided.

43. Events after the reporting date

Since the reporting date and until the approval of the financial statements from the Board of Directors, the Company has

proceeded with the following:

In January 2025, within the framework of implementing Article 19 of Regulation (EU) No 596/2014 and the related Delegated

Regulations (EU) 522/2016 and (EU) 957/2016 and the Implementing Regulation (EU) 523/2016, as well as under the concept of

closely associated legal entity, the Company announced the acquisition of 3,013,220 shares of Trade Estates REIC, at an average

price of €1.50 per share and a total value of €4,519,830.

Kifissia, 12 March 2025

Chairwoman

CEO

Chief Financial Officer

Accounting Supervisor

Emmanouela Vasilaki

ICN: AK 121875

Eftichios Vassilakis

ICN: AN 049866

Antonia Dimitrakopoulou

ICN: AB 348453

Constantinos Siambanis

ICN: AP 516088

Annual Financial Report 31.12.2024

166

F. ANNEX – REPORT ON THE USE OF FUNDS

Annual Financial Report 31.12.2024

167

REPORT ON THE USE OF FUNDS FROM THE ISSUANCE OF COMMON BOND LOAN

FOR THE PERIOD 23.01.2024 UP TO 31.12.2024

In accordance with the provisions of paragraph 4.1.2 of the Athens Stock Exchange Regulation (hereinafter referred to as "ASE"),

decision no. 25/17.07.2008 of the ASE Board of Directors and decision no. 8/754/14.04.2016 of the Board of Directors of the

Hellenic Capital Markets Commission, it is hereby disclosed that, from the issuance of the Common Bond Loan of two hundred

million euros (€200,000,000), with a duration of five (5) years, divided into 200,000 dematerialized, common, registered bonds of

nominal value of €1,000 each, which was implemented in accordance with the decision of the Board of Directors of AUTOHELLAS

TOURIST AND TRADING SOCIÉTÉ ANONYME dated 08.01.2024 and the approval of the content of the Prospectus by the Hellenic

Capital Market Commission dated 11.01.2024, a total amount of two hundred million euros (€200,000,000) was raised. Issuance

costs amounted to €4.6 million, of which the amount of €3.8 million as at 31.12.2024 was covered with the amounts raised by the

Company from the issuance.

The issuance of the Common Bond Loan was fully covered, and the raised funds were deposited on 23.01.2024. The issued two

hundred thousand (200,000) dematerialized, common, registered bonds were admitted for trading in the Fixed Income Securities

category of the Regulated Market of the Athens Stock Exchange on 24.01.2024.

The raised funds, in relation to what is mentioned in the 11.01.2024 Prospectus, were allocated up to 31.12.2024 as follows:

TABLE OF ALLOCATION OF FUNDS RAISED FROM THE ISSUANCE OF THE COMMON BOND LOAN

Allocation of raised funds per category

(amounts in €)

Raised funds

total

Funds used

up to

31.12.2024

Unallocated

funds as of

31.12.2024

Repayment of existing bank loans

100,000,000

Car purchases and renewal/upgrade of car fleet

56,000,000

56,067,723

Financing of working capital

39.400.000

39,352,480

Issuance costs

4,600,000

4,579,797

Total

200,000,000

Kifissia, 12 March 2025

Chairwoman

Chief Executive Officer

Chief Financial Officer

Accounting Supervisor

Emmanouela Vasilaki

ICN: AK 121875

Eftichios Vassilakis

ICN: AN 049866

Antonia Dimitrakopoulou

ICN: AB 348453

Constantinos Siambanis

ICN: AP 516088

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

Athens: 6

5 Kifissias Avenue, 15124 Maroussi | T:+30 210 6874400

Thessaloniki: Agias Anastasias & Laertou, 55535 Pylaia | T: +30 2310 488880

Ioannina: 2 Plateia Pargis, 1st floor, 45332 | T: +30 2651 313376

Patra: 2A 28is Oktovriou & Othonos Amalias 11, 26223 | T: +30 2616 009208

his agreed-upon procedures report and the Report on the Use of Funds from the Issuance of

Common Bond Loan that are referred to herein have been translated for the original documents

prepared in the Greek language. The agreed-upon procedures report has been issued with respect

to the Greek language Report on the Use of Funds from the Issuance of Common Bond Loan and in

the event that differences exist between the translated Report on the Use of Funds from the

Issuance of Common Bond Loan and the agreed-upon procedures report and the respective

original Greek language documents, the Greek language documents will prevail.

Repor

t of Agreed-Upon Procedures on the Report on the Use of Funds from the Issuance of

Common Bond Loan

To the Board of Directors ("management") of AUTOHELLAS TOURIST AND TRADING SOCIETE

ANONYME S.A.

For submission to the Hellenic Capital Market Commission and the Athens Stock Exchange

Purpose of this agreed-upon procedures report and restriction on its use and distribution

The purpose of our report is exclusively to assist AUTOHELLAS TOURIST AND TRADING SOCIETE

ANONYME S.A. (the "Company") in submitting to the Hellenic Capital Market Commission the Report on the

Use of Funds from the Issuance of Common Bond Loan of the Company (Appendix A), which resulted from

the issuance of a bond loan, which has been prepared in accordance with the provisions of Decision

25/17.07.2008 of the Governing Committee of Stock Market Operations of the Athens Stock Exchange and

Decision 8/754/14.04.2016 of the Board of Directors of the Hellenic Capital Market Commission, as

amended and in force by Decision 10A/1038/30.10.2024 of the Board of Directors of the Hellenic Capital

Market Commission (the "Subject Matter"). The aforementioned increase took place on January 23, 2024, in

accordance with the decision of the Company's Board of Directors dated January 8, 2024.

This report is not suitable for any other purpose and is intended solely for the management of the Company,

and therefore we do not assume any responsibility in relation to the performance of the following agreed-

upon procedures towards any third party, other than the Company. Consequently, this report should not be

used or distributed to any other party, except to be provided for informational purposes only to the Hellenic

Capital Market Commission and the Athens Stock Exchange.

Responsibilities of the management

The management of the Company, as the engaging party, has acknowledged that the agreed-upon

procedures are appropriate for the purpose of the engagement and meet the informational needs of the

Hellenic Capital Market Commission and the Athens Stock Exchange.

Furthermore, the management of the Company, as the responsible party, is accountable for the Subject

Matter on which the agreed-upon procedures are performed.

Auditor's responsibilities

We performed the agreed-upon procedures in accordance with the International Standard on Related

Services (ISRS) 4400 (Revised) "Agreed-Upon Procedures Engagements". An agreed-upon procedures

engagement involves performing the procedures that have been agreed with the management of the

company and reporting the findings, which are the factual results of the agreed-upon procedures

performed. We do not provide any assurance regarding the appropriateness of these procedures.

This agreed-upon procedures engagement is not an assurance engagement. Therefore, we do not

express an opinion or assurance conclusion. If we had performed additional procedures, other matters

might have come to our attention that would have been reported.

Professional ethics and quality management

We have complied with the requirements of the Code of Ethics for Professional Accountants of the

International Ethics Standards Board for Accountants, as incorporated into Greek legislation, and the

ethical and independence requirements of Law 4449/2017, as well as Regulation (EU) 537/2014.

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

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

Services Engagements" and, consequently, designs, implements, and operates a comprehensive

quality management system that includes documented policies and procedures regarding compliance

with ethical requirements, professional standards, and applicable legal and regulatory requirements.

Procedures and Findings

We performed the procedures described below for the Subject Matter, which were agreed upon with the

Company, in the terms of the engagement letter dated 28 February 2025:

Procedur

es performed Findings

Examine whether the content of the

attached Report on the Use of Funds from

the Issuance of Common Bond Loan of

the Company complies with the provisions

of Decision 25/17.07.2008 of the

Governing Committee of Stock Market

Operations of the Athens Stock Exchange

and Decision 8/754/14.04.2016 of the

Board of Directors of the Hellenic Capital

Market Commission, as amended and in

force by Decision 10A/1038/30.10.2024 of

the Board of Directors of the Hellenic

Capital Market Commission.

The content of the attached Report on the

Use of Funds from the Issuance of

Common Bond Loan of the Company

complies with the provisions of Decision

25/17.07.2008 of the Governing Committee

of Stock Market Operations of the Athens

Stock Exchange and Decision

8/754/14.04.2016 of the Board of Directors

of the Hellenic Capital Market Commission,

as amended and in force by Decision

10A/1038/30.10.2024 of the Board of

Directors of the Hellenic Capital Market

Commission.

Examine the consistency of the content of

the attached Report on the Use of Funds

from the Issuance of Common Bond Loan

of the Company with the statements in the

Prospectus issued by the Company on

January 11, 2024, as well as with the

relevant decisions and announcements of

its competent bodies.

The content of the attached Report on the

Use of Funds from the Issuance of

Common Bond Loan of the Company is

consistent with the statements in the

Prospectus issued by the Company on

January 11, 2024, as well as with the

relevant decisions and announcements of

its competent bodies.

Compare the amounts mentioned as

disbursements in the attached Report on

the Use of Funds from the Issuance of

Common Bond Loan with the

corresponding amounts recognized in the

Company's records and documents during

the referenced period.

We compared the amounts mentioned as

disbursements in the attached Report on

the Use of Funds from the Issuance of

Common Bond Loan with the

corresponding amounts recognized in the

Company's records and documents during

the referenced period.

No exceptions arose from the performance

of this agreed-upon procedure.

Price

waterhouseCoopers S.A.

Certified Auditors – Accountants

65 Kifissias Avenue

151 24 Marousi

SOEL Reg. 113

The Certified Auditor Accountant

Andreas Riris

SOEL Reg. No 65601

Athens, 12 March 2025

Annual Financial Report 31.12.2024

171

G. INFORMATION ACCORDING TO ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE

COMPANY DURING FISCAL YEAR 2024

AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME had disclosed over the period 01/01/2024 – 31/12/2024 the following

information, which is posted on the Company’s website www.autohellas.gr as well as the website of the Athens Exchange

www.athexgroup.gr.

Date

Subject

Website

13.11.2024

Press Release Financial Figures 3rd Quarter and Nine months

2024

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

21.10.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

17.10.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

16.10.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

15.10.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.10.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

23.09.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

19.09.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

10.09.2024

Press Release – 2nd Quarter and Half one results 2024

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

30.08.2024

Announcement of regulated information according to Law

3556/2007

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

09.08.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

07.08.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

06.08.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

15.07.2024

1st Interest Payment Period of the Common Bond Loan

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

17.06.2024

Trade Acknowledgements in compliance with Law 3340/2007,

the provisions of the Regulation (EU) No 596/2014 of the

European Parliament and of the Council and the decision of

the Board of Directors of the Capital Market Commission

3/347/12.7.2005

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

17.06.2024

Free distribution of Company’s shares to executives

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.06.2024

XPENG MOTORS and Autohellas

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

10.06.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

06.06.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

05.06.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

05.06.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

03.06.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.05.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

27.05.2024

Announcement for the purchase of own shares

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

24.05.2024

Announcement for the purchase of own shares

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www.autohellas.gr

Annual Financial Report 31.12.2024

172

Date

Subject

Website

24.05.2024

Treasury Shares Purchase Program Initiation

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

22.05.2024

Press Release – 1st Quarter 2024

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www.autohellas.gr

18.04.2024

Dividend Payment for 2023

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www.autohellas.gr

18.04.2024

Decisions of the Annual General Meeting

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α1 – Invitation to General Meeting

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α2 – Draft Decisions

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www.autohellas.gr

28.03.2024

Α3 – Yearly Economic Report 2023

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α4 – Remuneration Report

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α5 – Audit Committee Report to GM

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www.autohellas.gr

28.03.2024

Α6 – Independent Non-Executive Directors’ Report

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www.autohellas.gr

28.03.2024

Α7 – Draft of the amended remuneration policy for the

members of the Company’s BoD

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www.autohellas.gr

28.03.2024

Α8 – Mail voting form

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α9 – Representative / delegate form for participation with mail

vote

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α10 – Representative / delegate form for participation via

teleconference

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α11 – Announcement on shares and voting rights

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α12 – Exercising minority shareholders’ rights

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www.autohellas.gr

28.03.2024

Α13 -Terms and conditions for participation from distance

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

Α14 – Information on personal data protection

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

28.03.2024

List of documents for Ordinary General Meeting

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

19.03.2024

Revised date for the Conference Call Invitation to present and

discuss The “Full Year 2023 Financial Results”

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

19.03.2024

Revised Financial Calendar 2024

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

15.03.2024

Conference Call Invitation to present and discuss The “Full

Year 2023 Financial Results”

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

07.03.2024

Press Release Year 2023 Financial Results

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

20.02.2024

Financial Calendar 2024

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

25.01.2024

Announcement of regulated information according to Law

3556/2007

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

23.01.2024

Announcement for the Commencement of Trading and the

Use of Proceeds

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

23.01.2024

Announcement for the Results of the Public Offering

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www.autohellas.gr

19.01.2024

Final Yield Announcement

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

16.01.2024

Announcement – Invitation to Investors (with Range)

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.01.2024

Press Release – Issuance of Common Bond Loan

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.01.2024

Announcement-Invitation to investors without range

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www.autohellas.gr

Annual Financial Report 31.12.2024

173

Date

Subject

Website

11.01.2024

Announcement Availability of Prospectus

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

11.01.2024

Target Market Announcement

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

08.01.2024

Announcement of the resolution of the Board of Directors of

“AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME”

regarding the issuance of a Common Bond Loan

www.athexgroup.gr (Daily official list announcements)

www.autohellas.gr

WEBSITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

The Company’s Annual Financial Statements, the Independent Auditor’ s Report and the Board of Directors Report for the year

ended 31 December 2024 have been published on the Company’s official website: www.autohellas.gr.

The financial statements of the subsidiaries will be published on the Company's website when they are ready for publication.