The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this annual report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements as a result of many factors, including those factors set forth in the sections titled “Item 3. Key Information—D. Risk Factors” and “Forward-Looking Statements.” Information regarding our financial condition and results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2024 is not included in this Annual Report on Form 20-F. This discussion can be found in ‘Item 5. Operating and Financial Review and Prospects’ of our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on May 6, 2025, which is available free of charge on the SEC’s website at www.sec.gov. The information set forth under Item 5 of our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on May 6, 2025, is incorporated herein by reference. 86 A. Operating Results Overview We are a leading tech- and AI-powered personal finance aggregation and comparison platform and a digital insurance brokerage provider in Greater Southeast Asia. We operate in Singapore, Hong Kong, Taiwan and the Philippines. Our brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory and we also retain an equity stake in preference shares of the Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C financial comparison platform. We had over 300 commercial partner relationships as at December 31, 2025, and had approximately 5.1 million Monthly Unique Users across our platform for the year ended December 31, 2025. Our backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. Our mission is to make all of life’s financial decisions a time saving and rewarding experience. We achieve this by creating innovative tools and frictionless digital experiences for consumers and financial product providers, offering relevant educational content and financial product comparison tools through our online platforms and accelerating the digitization of the financial industry. We are committed to building seamless experiences and creating the right content to help users make the most relevant financial decisions for them, especially as the personal finance industry continues to expand and become more complex and fragmented. With a portfolio of six well-known and trusted brands (MoneyHero, SingSaver, Money101, Moneymax, Seedly and Creatory), we are primarily involved in the operation of online financial comparison platforms and related services for credit cards, personal loans, mortgages, wealth, insurance and other financial products, connecting the providers of these products with well-matched and ready-to-transact consumers and generating revenue directly from these providers for placing their products on our platforms and engaging us to provide insurance brokerage, marketing and events-related services. These providers, which we refer to as our commercial partners in this annual report, primarily consist of regional and international brick-and-mortar banking institutions, insurance providers and investment brokers, many of which are subsidiaries and branches of blue-chip global financial institutions that are based in Asia. In addition to our own platforms, we also help our commercial partners expand their user reach by partnering with third-party online content creators and channel partners via Creatory, a self-service portal that helps content and channel partners monetize their online traffic and user base. These content and channel partners earn commission from us for promoting the financial products on our platforms, either on a fixed fee basis or conversion-based fee basis. Consumers in Asia have an ever-expanding portfolio of personal finance choices ahead of them and are increasingly comfortable using online sources to learn about their options, compare offerings and transact for financial products. At the same time, consumers are increasingly “time poor.” Through our services, we aim to make financial decisions a time-saving and rewarding experience for them. We help consumers with effective decision making by providing guidance through informative content and easy-to-use product comparison tools. As of December 31, 2025, we had approximately 9.4 million MoneyHero Group Members, which include users who have login IDs with us in Singapore, Hong Kong and Taiwan, users who have subscribed to our email distributions in Singapore, Hong Kong, the Philippines and Taiwan, and users who are registered in our rewards database in Singapore and Hong Kong. Furthermore, consumers that would not otherwise transact directly through financial product providers’ own platforms, which are inherently limited in terms of product set, would naturally gravitate to our platforms with a strong intent of comparing and purchasing relevant financial products. We leverage technology and data-driven insights to deliver high and reliable volumes of new customers for financial product providers that place products on our platforms, fostering healthy competition and driving the development of better financial products. As of December 31, 2025, we had over 300 commercial partner relationships. Our platforms address nearly all aspects of customer needs for financial products, making us a vital partner for financial product providers. We are dual-headquartered in Singapore and Hong Kong and have operations in four Asian markets, namely Singapore, Hong Kong, the Philippines and Taiwan. We also retain an equity stake in preference shares of the Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C financial comparison platform. In 2025, we had over 1.6 million Applications for financial product purchases and over 0.7 million Approved Applications, compared to over 1.8 million Applications for financial product purchases and over 0.7 million Approved Applications in 2024. In addition, in 2025, we published over 150 articles per month on our blogs, and our platforms averaged over 3.1 million page views per month by our users. In the year ended December 31, 2025, we had approximately 5.1 million Monthly Unique Users, 63.7 million Traffic sessions, with 67% of our Traffic sessions and 68% of our Monthly Unique Users engaged with our online platforms organically through unpaid channels. The volume of user activities on our platforms provides visibility into our future growth and has also encouraged us to continue to improve user experience and drive up conversions. 87 Key Factors Affecting Our Results of Operations Our results of operations and financial condition are affected by the general factors affecting online financial comparison platforms and insurance brokerage services in Greater Southeast Asia, including, among others, the overall global economic conditions and the penetration rate and popularity of the product and service offerings on our platforms. General economic factors and conditions, including the general interest rate environment and unemployment rates, may affect our users’ willingness to seek the financial products and services offered on our platforms and their financial ability to procure these products and services, as well as our commercial partners’ willingness to offer these products to our users, their underwriting standards and approval rates. For example, a significant increase in interest rates could cause our users to delay seeking loans. Additionally, if weakness in the economy persists and actual or expected default rates increase, our commercial partners may delay or reduce their credit card or loan originations. Changes in any of these general factors may affect our results of operations. In addition to these general factors, we believe the following specific factors may have a more direct impact on our results of operations: Ability to Attract and Retain Commercial Partners on Favorable Terms Our ability to offer a substantial spectrum of relevant and competitively priced financial products for our users to search, compare and procure is essential to our business, and we generate revenue directly from commercial partners who place financial products on our platforms and engage us for insurance brokerage, marketing and events-related services. As such, our financial condition and results of operations are highly dependent on our ability to retain existing commercial partners, attract new partners and maintain favorable fee arrangements with these partners, which in turn is largely dependent on our ability to provide them with a large and consistent volume of qualified users ready to transact and our fee arrangements with them. As of December 31, 2025, we had over 300 commercial partner relationships. For our internet leads generation and marketing service income, which accounted for approximately 86.5%, 89.5% and 94.0% of our total revenue in 2025, 2024 and 2023, respectively, and we charge our commercial partners on an RPC, RPL, RPA or RPAA basis. Our fee arrangements are flexible depending on the requirements of each commercial partner and our own assessment of the economic risks and potential involved. In 2025, 2024 and 2023, 84%, 87% and 90% of our revenue was realized based on Approved Applications, respectively, and the remaining portion was realized primarily based on Clicks, Leads, Applications and marketing income through providing marketing services. For a detailed description of the fee structures, see “Item 4. Information on the Company—B. Business Overview—Our Products and Offerings.” Changes in our pricing models, fluctuations in the size of our user base or the level of our user engagement and the resulting impact on the number of Clicks, Leads, Applications and Approved Applications, and the costs we incur in developing, maintaining and strengthening our relationships with commercial partners could have a material impact on our business, financial condition and results of operations. Ability to Cost-effectively Attract and Retain Users and Maintain and Enhance User Engagement Our results of operations and long-term growth depend on our continued ability to cost-effectively attract and retain users and to convert them into users who transact, or otherwise engage with, our commercial partners via our platforms. The vast majority of our user visits are generated from organic traffic via direct and unpaid channels, predominantly through search engine optimization, or SEO, and the content available on our platforms. Our ability to generate organic traffic via unpaid channels depends on the strength and influence of our brands, our expertise in SEO and our ability to provide users with relevant and credible informational content, a broad supply of personal finance product listings and a smooth user experience. In addition, based on the personal data we collect from our new and existing users, we interact with the users directly via emails. Our ability to drive conversions from the personalized email marketing activities will also impact our performance and profitability. We also employ various paid marketing channels such as Google, Meta and TikTok to drive traffic to our platforms. Our ability to monitor the conversions on a real-time basis across all paid marketing channels and optimize our paid marketing channel mix directly impacts our performance. In addition to the paid marketing channels, we also employ rewards, such as consumer products, gift cards, e-commerce vouchers and cashback rewards for certain online payment services, as a way to attract Traffic visits to our platforms into Applications. Our ability to drive campaigns with cost-effective rewards options that are likely to attract high quality traffic and result in conversions will have a direct impact on our performance. 88 Furthermore, the long-term growth of our business also depends on our ability to identify, attract and retain content creators and channel partners that can drive additional user demand through our Creatory platform. These content and channel partners receive commission from us on a fixed fee basis or success-based fee basis for promoting the products and services on our platforms. Many factors, such as the attractiveness of our fee arrangements with content and channel partners, the user experience of our content and channel partners with the Creatory platform, the level of support we are able to provide to content and channel partners and market competition, could affect our ability to cost-effectively attract and retain high-quality content and channel partners. Changes in other market conditions may also lead to increased costs and reduced availability of content and channel partners. The following table presents a breakdown of our revenue by source, both in absolute amounts and as a percentage of total revenue for the years presented. For the Year Ended December 31, 2025 2024 2023 (in thousands, except for percentages) US$ % US$ % US$ % Revenue Online financial comparison platforms 65,976 89.9 66,815 84.0 66,926 83.0 Creatory 7,450 10.1 12,696 16.0 13,746 17.0 Total revenue 73,426 100.0 79,511 100.0 80,671 100.0 Leveraging the strong value proposition we offer to our users and the repeat purchase or renewal nature of certain products, such as insurance, we are generally able to benefit from long-term retention and visibility of business from existing users with negligible marginal costs. In order to continue to attract and retain users in a cost-effective manner, we plan to continue to invest in our technology infrastructure and overall product and marketing capabilities, which could potentially lead to increased costs and expenses. Ability to Expand Our Verticals Our platforms include information on a comprehensive portfolio of financial products, including credit cards, personal loans, mortgages, various insurance lines (such as medical insurance, travel insurance and car insurance), bank accounts, brokerage accounts and wealth management products. Our ability to achieve and maintain long-term revenue growth depends in part on our ability to successfully expand our product verticals to capture a larger range of personal finance products that are relevant to our users. The following table presents a breakdown of our revenue by product verticals, both in absolute amounts and as a percentage of total revenue for the years presented. Revenue generated from our credit cards, personal loans and mortgages, and wealth verticals consists of internet leads generation and marketing service income, as well as marketing income. Revenue from our insurance vertical comprises insurance commission income, along with internet leads generation and marketing service income, and marketing income. Revenue categorized under other verticals primarily includes events income, in addition to marketing income and internet leads generation and marketing service income. For the Year Ended December 31, 2025 2024 2023 (in thousands, except for percentages) US$ % US$ % US$ % Revenue Credit cards 43,777 59.6 48,958 61.6 60,258 74.7 Personal loans and mortgages 9,309 12.7 12,185 15.3 10,166 12.6 Wealth 10,104 13.8 8,504 10.7 3,580 4.4 Insurance 9,101 12.4 8,181 10.3 5,853 7.3 Other verticals 1,137 1.5 1,683 2.1 814 1.0 Total revenue 73,426 100.0 79,511 100.0 80,671 100.0 89 Net of marketing costs, the profit margin of personal loans and mortgages, wealth, insurance products and certain other verticals have historically been higher than that of credit cards. We plan to continue to diversify our revenue by introducing more verticals within our market coverage and investing more strongly into existing, non-credit card verticals, such as the Wealth vertical, which was one of our highest growth verticals in 2025 and 2024. As we achieve greater product diversifications, we believe there also will be natural improvements in group level profitability. Regulatory and Economic Conditions Affected by Geographic Mix We operate across several geographies in Greater Southeast Asia, and our results of operations and financial condition have been, and will continue to be, affected by the regulatory environment and general economic conditions in the jurisdictions in which we operate, particularly in Singapore, Hong Kong, Taiwan and the Philippines. The following table presents a breakdown of our revenue by market, both in absolute amounts and as a percentage of total revenue for the years presented. For the Year Ended December 31, 2025 2024 2023 (in thousands, except for percentages) US$ % US$ % US$ % Revenue Hong Kong 31,117 42.4 30,443 38.3 26,947 33.4 Singapore 30,934 42.1 30,890 38.9 32,070 39.8 Philippines 7,372 10.0 12,844 16.2 14,169 17.6 Taiwan 4,004 5.5 5,137 6.5 6,743 8.4 Malaysia(1) - - 197 0.2 738 0.9 Other Asia(1) - - - - 4 - Total revenue 73,426 100.0 79,511 100.0 80,671 100.0 Note: (1) We ceased our operations in Thailand in 2022 and our consumer-facing operations in Malaysia in the third quarter of 2024 to strategically invest and consolidate our business to key markets with high growth potential. The applicable laws and regulations of the jurisdictions in which we currently operate or may enter in the future could be subject to frequent changes and varying interpretations by regulatory authorities, which will increase our compliance costs and adversely affect our profitably and ability to operate our businesses in such jurisdictions. For a more detailed description of the related risks, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Our operations are located in Greater Southeast Asia, which subjects us to various risks inherent in operating and investing in this region, such as uncertainties with respect to the local economic, legal and political environment,” “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Singapore,” “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Hong Kong,” “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in the Philippines” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Taiwan.” 90 Competition Our industry is evolving rapidly and is becoming increasingly competitive. For our internet leads generation and marketing businesses, we face competition for user growth and commercial partnerships from both online and offline financial product acquisition channels. For our insurance brokerage business, we primarily compete with insurance companies with in-house distribution capabilities and other intermediaries such as traditional insurance brokers. We believe that our competitive strengths position us favorably in the industry, principally considering our ability to consistently attract users at scale with an intent to transact in personal finance products. However, increased competition could materially and adversely affect our business, financial condition and results of operations. Investment in Technology Our technology infrastructure is critical to creating a convenient and seamless user journey and ensuring quick and efficient onboarding and integration with our commercial partners. We plan to continue to invest in our technology infrastructure to better serve the needs of our users and commercial partners, which could cause our costs and expenses to increase. For example, because our engineers and product managers are critical to the success of our business, we have invested significantly in hiring technical staff and anticipate that such efforts will continue. This investment into our technology infrastructure includes AI tools and agentic AI, which we are actively deploying in our AI-powered customer service tools; piloting in conversational commerce for insurance with the Car Insurance SaverBot; and enabling for our teams throughout our organization to boost productivity. As these AI-enabled opportunities are realized and usage volume grows, the associated development and maintenance may result in an increase in our costs and expenses. Investment in People Human capital plays a critical role for the sustained success and growth trajectory of our company. As a tech- and AI-powered personal finance aggregation and comparison company, we operate within a highly intricate commercial and marketing ecosystem. It is the caliber of our people that enables us to navigate this complexity with agility. Hence, continuous investment in talent development, acquisition and retention remains a critical strategic imperative for our organization. Effective resourcing, particularly in the domains of product management, technology, commercial operations and marketing, is integral to our capacity to deliver superior service, drive innovation and maintain a competitive edge in our market. Seasonality Our business is primarily affected by the following elements of seasonality: (i) drops in Applications near the calendar year end and during Chinese New Year, which is in the first quarter of the calendar year, and the Holy Week in the Philippines, which typically occurs in April; (ii) increases in travel insurance Applications in Singapore and Hong Kong a month before government-designated school holidays, which generally occur in the second half of the calendar year; and (iii) increases credit card and personal loan Applications in Hong Kong and Taiwan during tax seasons, which generally occur in the first half of the calendar year. 91 Results of Operations The following table sets forth our consolidated statements of loss and other comprehensive (loss)/income for the years indicated: For the Year Ended December 31, 2025 2024 2023 (US$ in thousands, except for loss per share) Revenue 73,426 79,511 80,671 Costs and expenses Cost of revenue (37,284 ) (46,180 ) (43,930 ) Advertising and marketing expenses (17,330 ) (21,619 ) (16,245 ) Technology costs (3,013 ) (7,427 ) (9,522 ) Employee benefit expenses (16,190 ) (24,151 ) (24,931 ) General, administrative and other operating expenses (10,425 ) (15,543 ) (16,725 ) Foreign exchange differences, net 4,818 (4,783 ) 657 Operating loss (5,997 ) (40,192 ) (30,026 ) Other income/(expenses): Other income 649 2,092 878 Share-based payment on listing — — (67,027 ) Finance costs (54 ) (25 ) (19,028 ) Changes in fair value of financial instruments 263 447 (57,333 ) Loss before tax (5,139 ) (37,678 ) (172,538 ) Income tax expense (40 ) (109 ) (63 ) Loss for the year (5,179 ) (37,787 ) (172,601 ) Other comprehensive (loss)/income Other comprehensive (loss)/income that may be classified to profit or loss in subsequent periods (net of tax): Exchange differences on translation of foreign operations (4,944 ) 3,739 (820 ) Other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods (net of tax): Remeasurement gains/(loss) on defined benefit plan 74 12 (30 ) Fair value loss on non-current financial asset (56 ) Other comprehensive (loss)/income, net of tax (4,926 ) 3,750 (850 ) Total comprehensive loss, net of tax (10,105 ) (34,037 ) (173,451 ) 92 Key Components of Results of Operations Revenue We generate revenue in the form of (i) internet leads generation and marketing service income related to credit cards, personal loans, mortgages, wealth, insurance and other financial products, whereby we charge our commercial partners on an RPC, RPL, RPA or RPAA basis; (ii) insurance commission income through provision of insurance brokerage services; (iii) marketing income through providing marketing services; and (iv) events income from holding financial events and festivals. The following table sets forth a breakdown of our revenue by service offerings, both in absolute amounts and as a percentage of total revenue for the years presented. For the Year Ended December 31, 2025 2024 2023 (in thousands, except for percentages) US$ % US$ % US$ % Revenue from contracts with customers: Internet leads generation and marketing service income 63,478 86.5 71,189 89.5 75,795 94.0 Insurance commission income 6,881 9.4 5,206 6.5 3,363 4.2 Marketing income 2,465 3.4 2,109 2.7 1,026 1.3 Events income 602 0.8 1,007 1.3 487 0.6 Total revenue 73,426 100.0 79,511 100.0 80,671 100.0 The Group’s Internet leads generation and marketing service income and Insurance commission income are reported net of cash discounts and rebates. Cash discounts and rebates were US$12.3 million, US$4.8 million and US$10.2 million, and US$2.0 million. US$1.5 million and US$1.3 million for Internet leads generation and marketing service income and Insurance commission income in 2025, 2024 and 2023, respectively. Other Income Other income primarily consists of interest income from bank deposits, interest income on refundable rental deposit, net gain on disposal of items of property and equipment, gain on disposal of assets in Malaysian operations and government grants. Cost of Revenue Cost of revenue is comprised of expenses that increase or decrease, mainly, according to the number of Applications or Approved Applications achieved. This includes campaign rewards costs, variable affiliate fees paid to content and channel partners, events costs, transaction fees, and reward fulfillment costs. Advertising and Marketing Expenses Advertising and marketing expenses consist primarily of performance marketing costs, fixed fees paid to content and channel partners, brand keyword boosting fees, other branding-related consulting costs, media advertising costs, and marketing software subscription costs. Technology Costs Technology costs are expensed as incurred and consist primarily of subscription fees for IT-related services, such as cloud storage services on AWS, amortization of intangible assets, and third-party vendors and consulting fees for platform development and management. We regularly review costs incurred in the development stage of websites and software, and assess such costs for potential capitalization. 93 Employee Benefit Expenses Employee benefit expenses consist of personnel costs, such as salaries, allowances, other employee benefits, including pension scheme contributions, retirement benefits, equity-settled share option expenses, and other long-term employee benefits expenses. General, Administrative and Other Operating Expenses General, administrative and expenses primarily include legal expenses, audit fees, insurance premiums, investor relations fees including consulting and filing fees, recruitment fees, depreciation and amortization of property and equipment, written off/impairment of assets, provisions of bad debt, and other office expenses. Foreign Exchange Differences, net Foreign exchange differences mainly represent unrealized foreign exchange gains or losses arising from translation of working capital loans to, and payments made by CGCL on behalf of, our operating subsidiaries. Finance Costs Finance costs mainly include interest from financial instruments and the amortization of the derivative portion of the financial instruments. Changes in Fair Value of Financial Instruments Changes in fair value of (i) the embedded derivatives of the 2022 Convertible Notes, the Bridge Loan, the CGCL Loan Notes, issued in 2021 and 2022, (ii) CGCL Class A and Class C warrants, issued in 2022, and (iii) deSPAC warrants, issued in 2023, to replace the outstanding warrants of Bridgetown represent the difference in fair value of the derivative components of the financial instruments and the warrants between the initial recognition/previous year-end and the following year-end. Taxation Cayman Islands Our Company is incorporated under the laws of the Cayman Islands as an exempted company limited by shares under the Cayman Companies Act. The Cayman Islands currently levies no taxes on profits, income, gains or appreciation earned by individuals or corporations. In addition, our payment of dividends, if any, is not subject to withholding tax in the Cayman Islands. Singapore The chargeable income of a Singapore company is taxed at 17%. Partial tax exemptions and corporate income tax rebates are available under certain circumstances. Hong Kong Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong during the year, except for one Hong Kong subsidiary that qualifies for the two-tiered profits tax rates regime effective from the year of assessment 2020/2021, pursuant to which the first HK$2,000,000 of assessable profits of this subsidiary is taxed at 8.25% and the remaining assessable profits are taxed at 16.5%. All entities with profits chargeable to profits tax in Hong Kong can qualify for the two-tiered profits tax rates, except for those with a connected entity that is nominated to be chargeable at the two-tiered rates. 94 Taiwan The taxable income of enterprises with head office located in Taiwan in excess of NT$120,000 is subject to a 20% tax rate. Philippines The corporate income tax rate for domestic Philippines corporations with a net taxable income not exceeding PHP5 million and with total assets not exceeding PHP100 million is 20%. All other domestic corporations and resident foreign corporations are subject to income tax at a rate of 25%. Comparison of the Year Ended December 31, 2025 and December 31, 2024 Revenue Revenue decreased by 7.7% from US$79.5 million for the year ended December 31, 2024, to US$73.4 million for the year ended December 31, 2025. This was primarily driven by a decrease of US$5.2 million in credit cards revenue and a decrease of US$2.9 million in personal loans and mortgages, both of which are primarily earned through internet leads generation and marketing service income. This was offset by an increase of US$1.6 million from other banking products within our internet leads generation and marketing service income revenue stream and an increase of US$0.9 million from insurance products derived from insurance commission income, reflecting our strategic shift to high-margin products and efforts toward diversifying revenue mix to enhance revenue quality and the high base effect set during the first half of 2024 with significant marketing and customer acquisition spending in the credit card vertical to expand market share. Other Income Other income decreased by 69.0% from US$2.1 million for the year ended December 31, 2024 to US$0.6 million for the year ended December 31, 2025, primarily due to a decrease in bank interest income of US$0.9 million due to lower average balances. Cost of Revenue Cost of revenue decreased by 19.3% from US$46.2 million for the year ended December 31, 2024 to US$37.3 million for the year ended December 31, 2025, primarily due to a decrease in reward costs of US$8.1 million associated with the decrease in Approved Applications from 0.8 million in 2024 to 0.7 million in 2025 and rewards cost optimization. Advertising and Marketing Expenses Advertising and marketing expenses decreased by 19.8% from US$21.6 million for the year ended December 31, 2024 to US$17.3 million for the year ended December 31, 2025, primarily due to a decrease in performance marketing costs of US$4.0 million, reflecting our strategic pivot from expanding market share towards sustainable profitability with more cost-efficient campaigns. Technology Costs Technology costs decreased by 59.4% from US$7.4 million for the year ended December 31, 2024 to US$3.0 million for the year ended December 31, 2025, primarily due to a decrease in amortization of intangible assets of US$2.9 million driven by the written off/impairment of intangible assets during the year ended December 31, 2024 reducing the carrying value of intangible assets. Additionally, subscription costs decreased US$1.0 million and third-party vendors and consultant costs decreased US$0.5 million as we consolidated platforms, reduced vendor counts, and embedded AI-driven automation in internal workflows. 95 Employee Benefit Expenses Employee benefit expenses decreased by 33.0% from US$24.2 million for the year ended December 31, 2024 to US$16.2 million for the year ended December 31, 2025, primarily due to a decrease in salaries, allowances and other benefits of US$6.1 million, and a decrease in share-based payment of US$2.0 million, partly due to the full year impact of our restructuring and reorganization efforts completed earlier in 2024 and due to scaling impact of AI in increasing operational efficiencies. General, Administrative and Other Operating Expenses General, administrative and other operating expenses decreased by 32.9% from US$15.5 million for the year ended December 31, 2024 to US$10.4 million for the year ended December 31, 2025, primarily due to a decrease in written off/impairment of intangible assets of US$3.4 million, a decrease in office costs of US$0.6 million and a decrease in operating costs related to being a public company, including an decrease of US$0.3 million, US$0.3 million and US$0.1 million in investor relations, director insurance, and audit and taxation fees, respectively. During the year ended December 31, 2025, the Company wrote off intangible assets of US$1.2 million as certain development projects were abandoned and written down to their recoverable amount of nil as a result of changes in the Company’s technology development investment strategy. In comparison, during the year ended December 31, 2024, an impairment loss of US$4.5 million was recognized following an impairment test of the cash-generating unit (“CGU”) containing the intangible assets, which was performed due to the uncertainty in the global economic outlook and the Company’s net assets exceeding its market capitalization at that time. Foreign Exchange Differences, net Foreign exchange differences, net increased from US$4.8 million in losses for the year ended December 31, 2024 to US$4.8 million in gains for the year ended December 31, 2025 due to the weakening of U.S. dollar against local currencies. Finance Costs Finance costs increased by 111.4% from US$25 thousand for the year ended December 31, 2024 to US$54 thousand for the year ended December 31, 2025, primarily due to higher interest expense on lease liabilities. Changes in Fair Value of Financial Instruments Changes in fair value of financial instruments decreased by 41.2% from a gain of US$0.4 million for the year ended December 31, 2024 to a gain of US$0.3 million for the year ended December 31, 2025, driven by a decrease in the fair value of warrant liabilities. Tax (Expenses)/Credit Income tax expense decreased by 62.9% from US$0.1 million for the year ended December 31, 2024 to US$40 thousand for the year ended December 31, 2025. Loss for the Year As a result of the foregoing, our loss for the year decreased by 86.3% from US$37.8 million for the year ended December 31, 2024 to US$5.2 million for the year ended December 31, 2025. 96 Results of Segments Segment Revenue: The Company operates an online financial comparison platform across multiple geographic markets, with each market considered an operating and reportable segment. Each segment functions within a distinct regulatory, political, and economic environment, and its financial performance is influenced by local market dynamics and strategic initiatives. The segments are also at different stages of development, with Hong Kong and Singapore being the most mature. Following the cessation of consumer-facing operations in Malaysia and Other Asia in prior years, the Company has four operating and reportable segments in 2025: Hong Kong, Singapore, the Philippines, and Taiwan. Management monitors the results of the Group’s operating segments separately for the purpose of assessing performance and making decisions about resource allocations. Segment performance is evaluated based on reportable segment results which is a measure of operating profit/(loss) before tax. The following table provides a breakdown of our segment revenue for the years indicated: For the Year Ended December 31, 2025 2024 2023 Segment Revenue (US$ in thousands) Hong Kong 31,117 30,443 26,947 Singapore 30,934 30,890 32,070 Philippines 7,372 12,844 14,169 Taiwan 4,004 5,137 6,743 Malaysia(1) - 197 738 Other Asia(1) - - 4 Total segment revenue 73,426 79,511 80,671 Note: (1) We ceased our operations in Thailand in 2022 and our consumer-facing operations in Malaysia in the third quarter of 2024 to strategically invest and consolidate our business to key markets with high growth potential. Hong Kong Revenue in Hong Kong increased by US$0.7 million to US$31.1 million for the year ended December 31, 2025, compared to US$30.4 million for the year ended December 31, 2024. This growth was primarily driven by the strong performance of our insurance and wealth products’ internet leads generation and marketing service income, and marketing income, reflecting the successful execution of our strategy to diversify our revenue mix toward higher-margin products. The credit cards vertical also grew slightly during 2025, reflecting the high base effect set during 2024 with significant marketing and customer acquisition spending to expand market share in our core markets. Singapore Revenue in Singapore remained relatively stable at US$30.9 million for the year ended December 31, 2025, representing a slight increase compared to the year ended December 31, 2024. This growth was primarily driven by higher performance across our non-credit card verticals, including personal loans, wealth and insurance, which contributed to an increase in internet leads generation and marketing service income, as well as insurance commission income. The growth in these verticals was largely offset by slight decline in credit card-related internet leads generation and marketing service income, and other verticals’ events income, reflecting our focus across our core markets to shift away from lower-margin credit card volumes toward a higher-quality diversified revenue mix and the high base effect set during 2024 with significant marketing and customer acquisition spending to expand market share in our core markets. Philippines Revenue in the Philippines decreased by US$5.5 million to US$7.4 million for the year ended December 31, 2025, compared to US$12.8 million for the year ended December 31, 2024. The decrease was primarily observed in our internet leads generation and marketing service income stream, driven by continued headwinds with a key provider, following the exit of Citibank’s operations in the region in 2024, which continued to affect the partner’s acquisition strategy. During 2025, we signed strategic partnerships with two of the top bank providers in the Philippines to expand the range of products offered and diversify our provider base, positioning the segment for a recovery in internet leads generation and marketing service income volumes. 97 Taiwan Revenue in Taiwan decreased by US$1.1 million to US$4.0 million for the year ended December 31, 2025, compared to US$5.1 million for the year ended December 31, 2024. This decrease reflects a disciplined pivot across our product verticals to enhance the Group’s margin profile, primarily resulting in lower internet leads generation and marketing service income from targeted volume reductions. We have intentionally transitioned away from the broad market-share expansion of 2024 in favor of a more selective, profitability-focused approach to customer acquisition. Segment Profit/(Loss): Segment profit/(loss) comprises allocated cost and expenses such as cost of revenue, advertising and market expenses and other segment costs and expenses. The following table provides a breakdown of our segment profit/(loss) for the years indicated: For the Year Ended December 31, 2025 2024 2023 Segment Profit/(Loss) (US$ in thousands) Hong Kong 1,559 (2,586 ) 681 Singapore (87 ) (6,501 ) (1,580 ) Philippines (1,662 ) (1,726 ) 769 Taiwan (110 ) (1,332 ) (826 ) Malaysia(1) - (553 ) (486 ) Other Asia(1) - - (106 ) Note: (1) We ceased our operations in Thailand in 2022 and our consumer-facing operations in Malaysia in the third quarter of 2024 to strategically invest and consolidate our business to key markets with high growth potential. Hong Kong Hong Kong reported a segment profit of US$1.6 million for the year ended December 31, 2025, compared to a segment loss of US$2.6 million for the year ended December 31, 2024. The improvement resulted from a combination of favorable product mix shifts toward higher-margin offerings and continued cost discipline as we transitioned away from the market-share expansion strategy to focus on profitability. By leveraging our established market position, we successfully reduced our overall expense profile while maintaining top-line growth. Singapore Singapore reported a segment loss of US$0.1 million for the year ended December 31, 2025, compared to a segment loss of US$6.5 million for the year ended December 31, 2024. This 99% reduction in segment loss was primarily achieved by a comprehensive optimization of our cost structure, which resulted in significant double-digit percentage decreases in both cost of revenue and operating expenses. During the second half of 2024 in our core markets, we strategically transitioned away from the market-share expansion strategy to focus on profitability. These efficiencies, combined with stable revenue performance, demonstrate the improved scalability of our Singapore operations. 98 Philippines The Philippines segment showed a 4% year-over-year improvement, reporting a segment loss of US$1.7 million for the year ended December 31, 2025, consistent with the loss for the year ended December 31, 2024. This result reflects our transition to prioritize profitability and margins despite commercial headwinds with a key provider. The decrease in revenue in the segment was effectively offset by significant reductions in our operational cost base, positioning the segment for long-term financial health. Taiwan Taiwan significantly narrowed its segment loss to US$0.1 million for the year ended December 31, 2025, from a segment loss of US$1.3 million for the year ended December 31, 2024. This 92% improvement highlights our successful pivot toward unit profitability. Despite a strategic reduction in Taiwan’s revenue, the segment’s profit / loss benefited from a substantial reduction in the cost of customer acquisition and more efficient resource allocation across the segment. Non-IFRS Financial Measures and Key Performance Metrics In this annual report, we have included Adjusted EBITDA, a key non-IFRS financial measure used by our management and board of directors in evaluating our operating performance and making strategic decisions regarding capital allocation. We believe that this measure provides investors with greater comparability of our operating performance without the effects of unusual, non-repeating or non-cash adjustments. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results of operations as reported under IFRS. Some of these limitations are: ● Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; ● Adjusted EBITDA does not reflect any expenses related to the Business Combination; and ● Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces their usefulness as a comparative measure. For a reconciliation of Adjusted EBITDA to loss for the year, the most directly comparable IFRS measure, see “Item 3. Key Information—A. Selected Financial Data—Non-IFRS Financial Measures”. In 2025, we made significant progress on our pivot to profitability, improving revenue quality by scaling our higher-margin Insurance and Wealth verticals, expanding margins, and tightening operating discipline. Accordingly, Adjusted EBITDA improved from negative US$23.7 million for the year ended December 31, 2024 to negative US$6.4 million for the year ended December 31, 2025. This is consistent with our stated objectives of demonstrating a consistent recovery pattern built on healthy unit economics rather than the volume-driven growth we saw prior to our operating model reset in 2024 and structurally reshaping our cost base. We plan to continue diversifying our revenue as we invest in higher margin verticals such as insurance and wealth, expanding partnerships with providers, broadening our product offerings and improving profitability. Adjusted EBITDA decreased from negative US$6.8 million in 2023 to negative US$23.7 million in 2024, largely attributable to strategic investments in marketing and customer acquisition, as well as increased operating costs associated with being a public company. We initiated an aggressive growth strategy to expand our footprint and capture market share by increasing reward spending and marketing campaigns. 99 In addition to Adjusted EBITDA, we also track several key performance metrics in our key markets through our internal analytics systems in managing our business, as shown in the following tables. For the Year Ended December 31, 2025 (in millions, except for percentages) Monthly Unique Users(1,2) Singapore 1.1 22.0 % Hong Kong 1.1 22.3 % Taiwan 1.6 31.8 % Philippines 1.2 23.8 % Total 5.1 100.0 % Traffic(1,3) Singapore 12.0 18.9 % Hong Kong 15.1 23.7 % Taiwan 21.2 33.3 % Philippines 15.4 24.2 % Total 63.7 100.0 % As of December 31, 2025 2024 2023 (in millions, except for percentages) MoneyHero Group Members(4,5) Singapore 1.4 15.0 % 1.2 17.2 % 1.2 22.1 % Hong Kong 1.0 10.2 % 0.8 11.4 % 0.7 13.0 % Taiwan 0.4 4.2 % 0.3 4.8 % 0.3 4.8 % Philippines 6.7 70.6 % 4.8 66.6 % 2.9 55.3 % Malaysia — — % — — % 0.3 4.8 % Total 9.4 100.0 % 7.3 100.0 % 5.3 100.0 % Notes: (1) Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: Monthly Unique Users, Traffic, and Clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for Monthly Unique User, Traffic, and Clicks for periods prior to July 1, 2024. 100 (2) We define a Monthly Unique User as a unique user with at least one session in a given month as determined by a unique device identifier from GA4. A session begins when a user opens an app in the foreground or views a page or screen while no other session is currently active (e.g., the prior session has ended). A session concludes after 30 minutes of user inactivity. To measure Monthly Unique Users over a period longer than one month, we calculate the average of the Monthly Unique Users for each month within that period. If an individual accesses a website or app from different devices within a given month, each device is counted as a separate unique user. However, if an individual logs in and accesses a website or app using the same login across different devices, they will only be counted as one unique user. This metric provides investors with insight into our market penetration and the breadth of our audience. Management uses this data to refine our content and product discovery tools, with the goal of increasing user loyalty and driving higher conversion rates from unique visitors into active product applicants. (3) We define Traffic as the total number of unique sessions in GA4. A unique session is a group of user interactions recorded when a user visits the website or app within a 30-minute window. The current session ends when there is 30 minutes of inactivity or users have a change in traffic source. Traffic is a key indicator for investors of the overall engagement volume and frequency of use of our platforms. Management utilizes this metric to analyze the efficiency of our acquisition funnel and to optimize our marketing spend toward high-ROI organic and paid channels that deliver users with the highest intent to transact. (4) We define MoneyHero Group Members as (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated. This metric is useful to investors as it identifies our core base of registered users who have established a direct relationship with our platforms. Management uses this data to evaluate the scale of our market reach and to improve our AI-driven personalization. By understanding member behavior, we can provide more accurate financial recommendations, which encourages repeat use of our services and increases the long-term value of each user relationship. (5) Historical MoneyHero Group Members, Applications and Approved Applications as of and for comparative periods prior to December 31, 2024, have been restated to be presented on a comparable basis to our current data governance practices. These revisions had no impact on our consolidated financial statements for any of the periods presented. For the Year ended December 31, 2025 2024 2023 (in thousands) Clicks(1,2) 7,650 N/A N/A Applications(3,5,6) 1,664 1,858 1,713 Approved Applications(4,5,6) 703 790 636 Notes: (1) Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: Monthly Unique Users, Traffic, and Clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for Monthly Unique User, Traffic, and Clicks for periods prior to July 1, 2024. 101 (2) We define Clicks as the sum of unique clicks by product vertical on a tagged “Apply Now”, “Express Buy”, “Buy” or similar button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates. (3) We define Applications as the total number of product applications submitted by users and confirmed by our commercial partners. Management uses this metric to assess the conversion efficiency of our platforms and the effectiveness of our marketing strategies in driving users toward the final stages of the transaction funnel. (4) We define Approved Applications as the number of applications that have been approved and confirmed by our commercial partners. Management utilizes this data to evaluate the quality and success rate of applications facilitated through our platforms, which is critical to our success-based fee model and our ability to align user demand with our commercial partners’ underwriting standards. (5) The number of Applications and Approved Applications disclosed are based on the data available to us as of the date of the annual report. Due to the nature of our business, there is often a delay in receiving confirmation of the number of Applications and Approved Applications by our commercial partners. As a result, the disclosed figures may utilize estimations if data is unavailable. (6) Historical MoneyHero Group Members, Applications and Approved Applications as of and for comparative periods prior to December 31, 2024, have been restated to be presented on a comparable basis to our current data governance practices. These revisions had no impact on our consolidated financial statements for any of the periods presented. Under the RPL pricing model, a commercial partner pays us each time a prospective customer provides his or her contact information to us in order to receive more information about the product(s). However, we do not keep close track of the number of leads generated in connection with the RPL model as the amount of such revenue is insignificant and only a small portion of users who provide contact information to us on our platforms contribute to our revenue via the RPL model, while the rest of these users contribute to our revenue via the RPA model or the RPAA model. B. Liquidity and Capital Resources Capital Resources Our primary sources of liquidity have been cash generated from operating activities and cash received in the Business Combination. As of December 31, 2025, we had cash and cash equivalents of US$31.2 million, which are primarily held in U.S. dollars, Hong Kong dollars, Singapore dollars, Philippines pesos, and New Taiwan dollars. Our cash and cash equivalents primarily consist of bank deposits. Our capital expenditures amounted to US$0.9 million in the year ended December 31, 2025, US$1.7 million in 2024 and US$2.2 million in 2023, respectively. These capital expenditures are primarily related to investments in the development of our technology platform. We expect to continue to make capital expenditures to meet the expected growth and scaling of our business. 102 We believe that our currently available cash and cash equivalents will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of our business for a period of at least twelve months from the date of this annual report. In addition, in connection with the issuance of Class A Ordinary Shares upon the exercise of 19,833,035 Public Warrants and 6,449,936 Sponsor Warrants, we will receive up to US$302,254,166.50 if all such warrants are exercised in full for cash at an exercise price of US$11.50 per share and, to the extent any Selling Securityholder wishes to exercise its Class A Warrants and sell the underlying Class A Ordinary Shares, we will receive an exercise price of US$2.9899, US$5.9798 or US$8.9697 per 0.307212 share, as applicable, from the Selling Securityholder (or up to US$24,845,189.97 in the aggregate). There is no assurance that our warrants will be in the money prior to their expiration or that the holders of the warrants will elect to exercise any or all of such warrants. The historical trading prices for Class A Ordinary Shares have varied from a high of approximately US$6.00 per share on October 13, 2023 to a low of approximately US$0.551 per share on April 8, 2025. We believe the likelihood that warrant holders will exercise their warrants, and therefore any cash proceeds that we may receive in relation to the exercise of the warrants overlying shares being offered for sale, will be dependent on the trading price of our ordinary shares. Because the market price for our ordinary shares has been less than the aforementioned exercise prices of our warrants, we believe it is likely that warrant holders will not exercise their warrants for cash, which could adversely affect our liquidity and our ability to fund our operations on a prospective basis with our current cash on hand. To the extent that any warrants are exercised on a “cashless basis” under the limited circumstances in which such exercises are permitted, the amount of cash we would receive from the exercise of the warrants will also decrease. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our growth rate, the market acceptance of our service offerings, the introduction of new products and services, continued investment in our technology infrastructure, the expansion of sales and marketing activities and overall economic conditions. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. Therefore, we may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us, or at all. If we are unable to raise additional capital when desired, our business, financial condition and results of operations would be adversely affected. See “Item 3. Key Information —D. Risk Factors—Risks Related to the Our Business and Industry—We may need to raise additional capital to grow our business or satisfy our liquidity requirements and may not be able to raise additional capital on terms acceptable to us, or at all.” The following table sets forth our cash flows for the years presented: For the Year Ended December 31, 2025 2024 2023 (US$ in thousands) Net cash flows used in operating activities (10,249 ) (24,888 ) (17,043 ) Net cash flows used in investing activities (258 ) (257 ) (1,342 ) Net cash flows (used in)/from financing activities (725 ) (722 ) 63,062 Net (decrease)/increase in cash and cash equivalents (11,232 ) (25,867 ) 44,677 Cash and cash equivalents at the beginning of the year 42,522 68,641 24,078 Effect of foreign exchange rate changes, net (105 ) (253 ) (113 ) Cash and cash equivalents at the end of the year 31,185 42,522 68,641 Operating Activities Net cash used in operating activities was US$10.2 million for the year ended December 31, 2025, while our net loss for the same period was US$5.2 million. The difference was primarily driven by non-cash adjustments or non-operating items and movements in working capital which have been supplemented through our cash position. Non-cash items or non-operating adjustments included net unrealized foreign exchange difference gain of US$4.8 million, which reflected the weakening of the U.S. dollar against local currencies during the period, and was partially offset by written off/impairment of intangible assets of US$1.2 million, equity-settled share-based payment expense of US$1.3 million and amortization and depreciation of US$1.0 million. Net working capital movements accounted for US$3.4 million use of cash, primarily resulting from an increase in accounts receivable and contract assets due to the timing of revenue recognition and billings, which was partially offset by a decrease in prepayments and an increase in accounts payable. 103 Net cash used in operating activities was US$24.9 million for the year ended December 31, 2024, while our net loss for the same period was US$37.8 million. The difference was primarily due to adjustments for non-cash items or non-operating items, including amortization and depreciation of US$4.0 million, written off/impairment of intangible assets of US$4.5 million, net unrealized foreign exchange loss of US$4.2 million, equity-settled share-based payment expense of US$3.2 million, partially offset by interest income of US$1.5 million, gain on disposal of assets in Malaysian operations of US$0.6 million and changes in fair value of financial instruments of US$0.4 million. Additionally, we saw a net working capital inflow of US$0.7 million. This was primarily driven by favorable movements in our trade cycle, including a combined decrease in accounts receivable and contract assets of US$7.2 million resulting from intensified collection efforts and the timely conversion of unbilled work into cash. These inflows were largely offset by a US$5.6 million increase in prepayments and a US$2.3 million decrease in accounts and other payables, the latter of which was driven by the settlement of accrued marketing and reorganization-related obligations. Investing Activities Net cash used in investing activities was US$0.3 million for the year ended December 31, 2025, which primarily resulted from additions to intangible assets of US$0.7 million, representing capitalized development costs for our technology platform, purchase of property and equipment of US$0.1 million, partially offset by interest received of US$0.6 million, reflecting lower average cash balances. Net cash used in investing activities was US$0.3 million for the year ended December 31, 2024, which primarily resulted from additions to intangible assets of US$1.4 million, representing cash spent but capitalized in relation to the development of our technology platform, purchase of property and equipment of US$0.3 million, partially offset by interest received of US$1.5 million. Financing Activities Net cash used in financing activities amounted to US$0.7 million for the year ended December 31, 2025, which resulted from lease payments of US$0.7 million for our office facilities. Net cash used in financing activities amounted to US$0.7 million for the year ended December 31, 2024, which resulted from lease payments of US$0.7 million for our office facilities. Recent Accounting Pronouncements For a discussion on certain revised IFRS accounting policies recently adopted, see note 2 to our consolidated financial statements included elsewhere in this annual report. C. Research and Development, Patents and Licenses, Etc. See “Item 4. Information On the Company—B. Business Overview—Technology” and “— Intellectual Property.” D. Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events since January 1, 2025 to December 31, 2025 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial conditions. 104 E. Critical Accounting Estimates Our audited consolidated financial statements are prepared and presented in accordance with IFRS as issued by the International Accounting Standards Board (IASB). For a discussion of the estimates and assumptions used by us in the preparation of our financial statements, see note 3 to our audited consolidated financial statements included elsewhere in this annual report.