Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
1
ACCOLADE FINCO CZECH 2, S.R.O.
ANNUAL FINANCIAL REPORT
Including Financial Statements for the period 6 February 2025 – 31 December 2025
prepared in accordance with International Financial Reporting Standards as adopted by EU
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
1
ACCOLADE FINCO CZECH 2, S.R.O.
ANNUAL FINANCIAL REPORT
Including Financial Statements for the period 6 February 2025 – 31 December 2025
prepared in accordance with International Financial Reporting Standards as adopted by EU
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
2
ANNUAL FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
CONTENTS
1. GENERAL INFORMATION................................................................................................................................... 3
1.1. REPORTING ENTITY ....................................................................................................................................... 3
1.2. SHARE CAPITAL ............................................................................................................................................. 4
1.3. CORPORATE GOVERNANCE AND ADMINISTRATION .................................................................................... 4
1.4. ISSUED BONDS .............................................................................................................................................. 6
1.5.IDENTIFICATION OF BASIC MARKET AND TRADING INFORMATION .............................................................. 8
2. INFORMATION ON BUSINESS ACTIVITES ........................................................................................................... 9
2.1. THE MOST SIGNIFICANT RISKS THAT ARE SPECIFIC TO THE COMPANY AS BOND ISSUER ............................ 9
2.2. FINANCIAL RISKS ........................................................................................................................................... 9
2.3. SIGNIFICANT CHANGES DURING THE PERIOD ............................................................................................. 10
2.4. ALTERNATIVE PERFORMANCE INDICATORS................................................................................................ 10
3. SUMMARY OF RELATED PARTY TRANSACTIONS ............................................................................................. 12
4. INFORMATION ON ACTIVITIES IN THE FIELD OF RESEARCH AND DEVELOPMENT .......................................... 12
5. INFORMATION ON ACTIVITIES IN THE FIELD OF ENVIRONMENTAL PROTECTION AND LABOUR-LEGAL
RELATIONS .......................................................................................................................................................... 12
6. INFORMATION REQUIRED UNDER SPECIAL REGULATIONS ............................................................................ 13
7. FINANCIAL RESULTS AS AT 31 December 2025 ............................................................................................... 13
8. EXPECTED DEVELOPMENT IN THE FOLLOWING PERIOD AND SUBSEQUENT EVENTS .................................... 13
9. GOING CONCERN ............................................................................................................................................ 13
10. AUDITORS REPORT ........................................................................................................................................ 14
11. MANAGING DIRECTOR DECLARATION .......................................................................................................... 21
12. ATTACHMENT 1: FINANCIAL STATEMENTS AND NOTES FOR THE PERIOD 6 FEBRUARY – 31 DECEMBER 2025
PREPARED IN ACCORDANCE WITH IFRS AS ADOPTED BY EU .............................................................................. 22
13. ATTACHMENT 2: REPORT ON RELATIONS BETWEEN RELATED PARTIES ....................................................... 43
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
2
ANNUAL FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
CONTENTS
1. GENERAL INFORMATION................................................................................................................................... 3
1.1. REPORTING ENTITY ....................................................................................................................................... 3
1.2. SHARE CAPITAL ............................................................................................................................................. 4
1.3. CORPORATE GOVERNANCE AND ADMINISTRATION .................................................................................... 4
1.4. ISSUED BONDS .............................................................................................................................................. 6
1.5.IDENTIFICATION OF BASIC MARKET AND TRADING INFORMATION .............................................................. 8
2. INFORMATION ON BUSINESS ACTIVITES ........................................................................................................... 9
2.1. THE MOST SIGNIFICANT RISKS THAT ARE SPECIFIC TO THE COMPANY AS BOND ISSUER ............................ 9
2.2. FINANCIAL RISKS ........................................................................................................................................... 9
2.3. SIGNIFICANT CHANGES DURING THE PERIOD ............................................................................................. 10
2.4. ALTERNATIVE PERFORMANCE INDICATORS................................................................................................ 10
3. SUMMARY OF RELATED PARTY TRANSACTIONS ............................................................................................. 12
4. INFORMATION ON ACTIVITIES IN THE FIELD OF RESEARCH AND DEVELOPMENT .......................................... 12
5. INFORMATION ON ACTIVITIES IN THE FIELD OF ENVIRONMENTAL PROTECTION AND LABOUR-LEGAL
RELATIONS .......................................................................................................................................................... 12
6. INFORMATION REQUIRED UNDER SPECIAL REGULATIONS ............................................................................ 13
7. FINANCIAL RESULTS AS AT 31 December 2025 ............................................................................................... 13
8. EXPECTED DEVELOPMENT IN THE FOLLOWING PERIOD AND SUBSEQUENT EVENTS .................................... 13
9. GOING CONCERN ............................................................................................................................................ 13
10. AUDITORS REPORT ........................................................................................................................................ 14
11. MANAGING DIRECTOR DECLARATION .......................................................................................................... 21
12. ATTACHMENT 1: FINANCIAL STATEMENTS AND NOTES FOR THE PERIOD 6 FEBRUARY – 31 DECEMBER 2025
PREPARED IN ACCORDANCE WITH IFRS AS ADOPTED BY EU .............................................................................. 22
13. ATTACHMENT 2: REPORT ON RELATIONS BETWEEN RELATED PARTIES ....................................................... 43
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
3
1. GENERAL INFORMATION
1.1. REPORTING ENTITY
Company structure and identification
Accolade Finco Czech 2, s.r.o. (“the Company”) is a limited liability company incorporated and registered in the
Czech Republic with registered address at Sokolovská 394/17, Karlin, 186 00 Praha 8, Czech Republic. The
Company was formed on 6 February 2025 and registered in Commercial Register kept by the Municipal court
in Prague, section C, file 418562.
Registration number: 22567062
The registered subject of the Company’s business is management of own assets and rental of property, residential
and non-residential premises. Currently the company is not actively involved in this activity.
The Company is established for the purpose of issuing the bonds and subsequently providing intra -group financing.
Accolade Group (hereinafter stated as “Group” or “Accolade Group” or “Accolade Holding Group”) means the
Company, the sole shareholder Accolade Holding, a.s. and the Subsidiaries of the Company or the sole shareholder
Accolade Holding, a.s., as the structure of the Group may change over time following acquisitions and divestments.
For the avoidance of doubt, the Group does not include the Accolade Fund, the Accolade Sub -Fund, or any other
Fund or sub-fund or sub-sub-fund thereof, any Subsidiary thereof or any company included in the assets of the
Accolade Fund, the Accolade Sub-Fund or any other Fund or sub-fund or sub-fund thereof, unless such entities
become Subsidiaries of the sole shareholder Accolade Holding, a.s. in the future.
Ownership
As of 31 December 2025, the ownership structure of the Company was as follows:
Company Registered address Interest on share capital
Accolade Holding, a.s.
Registration number: 28645065
Section B file 19102 kept by the
Municipal court in Prague
Sokolovská 394/17, Karlín,
186 00 Praha 8, Czech
Republic
100%
Statutory authority
Executive Date
Milan Kratina 6 February 2025
Zdeněk Šoustal 6 February 2025
Beneficial owners
Beneficial owners of the Controlling Entity are:
a) Mgr. Milan Kratina with a 50% share in the Controlling Entity; and
b) Ing. Zdeněk Šoustal with a 50% share in the Controlling Entity.
The Company has no organizational unit abroad.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
3
1. GENERAL INFORMATION
1.1. REPORTING ENTITY
Company structure and identification
Accolade Finco Czech 2, s.r.o. (“the Company”) is a limited liability company incorporated and registered in the
Czech Republic with registered address at Sokolovská 394/17, Karlin, 186 00 Praha 8, Czech Republic. The
Company was formed on 6 February 2025 and registered in Commercial Register kept by the Municipal court
in Prague, section C, file 418562.
Registration number: 22567062
The registered subject of the Company’s business is management of own assets and rental of property, residential
and non-residential premises. Currently the company is not actively involved in this activity.
The Company is established for the purpose of issuing the bonds and subsequently providing intra -group financing.
Accolade Group (hereinafter stated as “Group” or “Accolade Group” or “Accolade Holding Group”) means the
Company, the sole shareholder Accolade Holding, a.s. and the Subsidiaries of the Company or the sole shareholder
Accolade Holding, a.s., as the structure of the Group may change over time following acquisitions and divestments.
For the avoidance of doubt, the Group does not include the Accolade Fund, the Accolade Sub -Fund, or any other
Fund or sub-fund or sub-sub-fund thereof, any Subsidiary thereof or any company included in the assets of the
Accolade Fund, the Accolade Sub-Fund or any other Fund or sub-fund or sub-fund thereof, unless such entities
become Subsidiaries of the sole shareholder Accolade Holding, a.s. in the future.
Ownership
As of 31 December 2025, the ownership structure of the Company was as follows:
Company Registered address Interest on share capital
Accolade Holding, a.s.
Registration number: 28645065
Section B file 19102 kept by the
Municipal court in Prague
Sokolovská 394/17, Karlín,
186 00 Praha 8, Czech
Republic
100%
Statutory authority
Executive Date
Milan Kratina 6 February 2025
Zdeněk Šoustal 6 February 2025
Beneficial owners
Beneficial owners of the Controlling Entity are:
a) Mgr. Milan Kratina with a 50% share in the Controlling Entity; and
b) Ing. Zdeněk Šoustal with a 50% share in the Controlling Entity.
The Company has no organizational unit abroad.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
4
1.2. SHARE CAPITAL
Name of parent company Interest on share
capital 31 DEC 25 6 FEB 25
Accolade Holding, a.s. 100% 24 24
The Company issued single equity share, which is held by the parent company Accolade Holding, a.s. The nominal
value of this share is 24 000 CZK and has been paid in full.
There has been no change in the number of equity shares issued during the period. The Company does not bear any
other capital requirements apart from the three indicators mentioned below related to issued bonds.
The Company has not acquired any own shares.
1.3. CORPORATE GOVERNANCE AND ADMINISTRATION
Corporate governance code
The Company issued bonds traded on the Prague Stock Exchange (“PSE”) and therefore the Company is required to
submit a declaration on the code of corporate governance. However, due to the fact that there is no binding
corporate governance regime in the Czech Republic, which the Company has to comply with, the Company at the
date of the annual financial report did not commit to comply with any specific corporate governance regime.
Nevertheless, the Company and the Group are firmly committed to maintaining an effective framework for the
control and management of the Company´s and Group’s business. The Company puts much emphasis on respecting
all statutory rights of the sole shareholder. The Company strictly adheres to the principle of disclosure and
transparency. The Company follows in particular Business Corporations Act, Civil Code, Corporate Criminal Liability
Act and Capital Market Undertakings Act.
The Company does not apply voluntarily policies and procedures, internal controls and the rules of the risks in
relation to the accounting process beyond the mandatory requirements of Capital Market Undertakings Act.
Bodies of the Company
Accolade Finco Czech 2, s.r.o. had the following bodies in 2025:
• General Meeting
• Statutory Body
• Audit Committee.
General Meeting
The General Meeting is the supreme body of the Company. The General Meeting must be held at least once in a
financial year of the Company, no later than six months from the last day of the previous financial year at the request
of the Statutory Body.
During the year 2025, General Meeting was held to appoint an auditor.
Statutory Body
The Statutory Body of the Company has 2 members. The Statutory Body is responsible for the day -to-day
management of the Company’s operations under the supervision of the management of the Group. Status, powers,
composition, decision-making and other basic rights and obligations as well as rules of procedure are included in the
Founding Charter of the Company. The Statutory Body is required to keep the management of the Group informed,
to consult on important matters and to submit certain important decisions.
The Statutory Body acts on behalf of the Company towards third parties, in which case one member of the Statutory
Body shall act separately.
Meetings of the Statutory Body are convened as the need arises.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
4
1.2. SHARE CAPITAL
Name of parent company Interest on share
capital 31 DEC 25 6 FEB 25
Accolade Holding, a.s. 100% 24 24
The Company issued single equity share, which is held by the parent company Accolade Holding, a.s. The nominal
value of this share is 24 000 CZK and has been paid in full.
There has been no change in the number of equity shares issued during the period. The Company does not bear any
other capital requirements apart from the three indicators mentioned below related to issued bonds.
The Company has not acquired any own shares.
1.3. CORPORATE GOVERNANCE AND ADMINISTRATION
Corporate governance code
The Company issued bonds traded on the Prague Stock Exchange (“PSE”) and therefore the Company is required to
submit a declaration on the code of corporate governance. However, due to the fact that there is no binding
corporate governance regime in the Czech Republic, which the Company has to comply with, the Company at the
date of the annual financial report did not commit to comply with any specific corporate governance regime.
Nevertheless, the Company and the Group are firmly committed to maintaining an effective framework for the
control and management of the Company´s and Group’s business. The Company puts much emphasis on respecting
all statutory rights of the sole shareholder. The Company strictly adheres to the principle of disclosure and
transparency. The Company follows in particular Business Corporations Act, Civil Code, Corporate Criminal Liability
Act and Capital Market Undertakings Act.
The Company does not apply voluntarily policies and procedures, internal controls and the rules of the risks in
relation to the accounting process beyond the mandatory requirements of Capital Market Undertakings Act.
Bodies of the Company
Accolade Finco Czech 2, s.r.o. had the following bodies in 2025:
• General Meeting
• Statutory Body
• Audit Committee.
General Meeting
The General Meeting is the supreme body of the Company. The General Meeting must be held at least once in a
financial year of the Company, no later than six months from the last day of the previous financial year at the request
of the Statutory Body.
During the year 2025, General Meeting was held to appoint an auditor.
Statutory Body
The Statutory Body of the Company has 2 members. The Statutory Body is responsible for the day -to-day
management of the Company’s operations under the supervision of the management of the Group. Status, powers,
composition, decision-making and other basic rights and obligations as well as rules of procedure are included in the
Founding Charter of the Company. The Statutory Body is required to keep the management of the Group informed,
to consult on important matters and to submit certain important decisions.
The Statutory Body acts on behalf of the Company towards third parties, in which case one member of the Statutory
Body shall act separately.
Meetings of the Statutory Body are convened as the need arises.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
5
Audit Committee
The scope of the Audit Committee is laid down by the law. The Audit Committee assists in supervising the activities
of the Statutory Body with respect to:
• recommendation of a selected auditor of the financial statements of the Company,
• monitoring the audit of the Company’s financial statements for the previous financial year; becoming
familiar with the details of the results of these audits at their various stages,
• presenting to the Statutory Body its findings and recommendations relating to the audit and evaluation of
the financial statements for the previous financial year, as well as the Statutory Body’s proposed
distribution of profit or coverage of loss,
• presenting to the Statutory Body its findings and recommendations on granting a discharge to the member
of the Statutory Body in charge of the economic and finance department for the duties he/she performed,
• performing other tasks determined by the Statutory Body depending on the needs arising from the
Company’s current situation,
• submitting to the Statutory Body annual reports on the Audit Committee’s operations
The Company has no internal auditor.
Description of diversity policy applies to governance bodies
Due to the fact that there is no binding diversity policy regime in the Czech Republic, which the Company has to
comply with, the Company, as at the date of the annual report, did not commit to comply with any specific diversity
policy (as defined in Capital Markets Act section 118.4h). Regardless of age, gender or other indicators, the Company
places main emphasis on search and appointment of the most suitable candidates into the governance bodies of the
Company (Statutory Body or Audit Committee), taking account on their background, experience and qualification
for performance of the position of a member of the relevant governance body of the Company. The Company also
assess candidates´ knowledge in the business field of the Company or nature of activities of the relevant body. All
people suitable for the positions in the governance bodies of the Company are chosen in a non-discriminatory
manner. The Company´s long-term effort is to build a culture that is professionally open to everyone, regardless of
gender, race, color, nationality, ethnic, origin, worldview, religion, health, age or sexual orientation.
The Company is not required to prepare a sustainability report pursuant to Section 32f(1) of Act No. 563/1991 Coll.,
on Accounting.
Financial reporting process
Entities in the Accolade Group keep their accounting primarily in accordance with the local accounting standards.
For consolidation purposes of the Group parallel general ledgers according to International Financial Reporting
Standards as adopted by the European Union (IFRS Accounting Standards) are prepared. The Group management
periodically evaluates results prepared in line with IFRS Accounting Standards.
Accounting, reporting or other finance processes are managed centrally by the Group Finance department in
Accolade, s.r.o. placed in Prague.
Accounting information systems of Group companies are different, but Helios is used the most. Helios is used for
the Company Accolade Finco Czech 2, s.r.o. The consolidation tool for data of all Group companies is
Reporting.cz. The Company and the Group follow the internal guidelines with respect to e.g. the circulation of
accounting documents, approval processes etc., and consolidation accounting and reporting rules. The approval
procedures specify the transaction limits or other conditions that particular employees can approve. The payments
are made only if approved by a specified employee, the treasury function is personally separated from accounting
function. The information system access rights are granted after approval by people specified in internal guidelines
only to authorized employees and only to limited parts of the system valid for the employee´s job specification.
The accounting is under an oversight of the consolidation and reporting department or controlling department that
are separated from accounting department both personally and in terms of organization structure. The Statutory
Body oversees the Companys´ and Groups´results on regular basis.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
5
Audit Committee
The scope of the Audit Committee is laid down by the law. The Audit Committee assists in supervising the activities
of the Statutory Body with respect to:
• recommendation of a selected auditor of the financial statements of the Company,
• monitoring the audit of the Company’s financial statements for the previous financial year; becoming
familiar with the details of the results of these audits at their various stages,
• presenting to the Statutory Body its findings and recommendations relating to the audit and evaluation of
the financial statements for the previous financial year, as well as the Statutory Body’s proposed
distribution of profit or coverage of loss,
• presenting to the Statutory Body its findings and recommendations on granting a discharge to the member
of the Statutory Body in charge of the economic and finance department for the duties he/she performed,
• performing other tasks determined by the Statutory Body depending on the needs arising from the
Company’s current situation,
• submitting to the Statutory Body annual reports on the Audit Committee’s operations
The Company has no internal auditor.
Description of diversity policy applies to governance bodies
Due to the fact that there is no binding diversity policy regime in the Czech Republic, which the Company has to
comply with, the Company, as at the date of the annual report, did not commit to comply with any specific diversity
policy (as defined in Capital Markets Act section 118.4h). Regardless of age, gender or other indicators, the Company
places main emphasis on search and appointment of the most suitable candidates into the governance bodies of the
Company (Statutory Body or Audit Committee), taking account on their background, experience and qualification
for performance of the position of a member of the relevant governance body of the Company. The Company also
assess candidates´ knowledge in the business field of the Company or nature of activities of the relevant body. All
people suitable for the positions in the governance bodies of the Company are chosen in a non-discriminatory
manner. The Company´s long-term effort is to build a culture that is professionally open to everyone, regardless of
gender, race, color, nationality, ethnic, origin, worldview, religion, health, age or sexual orientation.
The Company is not required to prepare a sustainability report pursuant to Section 32f(1) of Act No. 563/1991 Coll.,
on Accounting.
Financial reporting process
Entities in the Accolade Group keep their accounting primarily in accordance with the local accounting standards.
For consolidation purposes of the Group parallel general ledgers according to International Financial Reporting
Standards as adopted by the European Union (IFRS Accounting Standards) are prepared. The Group management
periodically evaluates results prepared in line with IFRS Accounting Standards.
Accounting, reporting or other finance processes are managed centrally by the Group Finance department in
Accolade, s.r.o. placed in Prague.
Accounting information systems of Group companies are different, but Helios is used the most. Helios is used for
the Company Accolade Finco Czech 2, s.r.o. The consolidation tool for data of all Group companies is
Reporting.cz. The Company and the Group follow the internal guidelines with respect to e.g. the circulation of
accounting documents, approval processes etc., and consolidation accounting and reporting rules. The approval
procedures specify the transaction limits or other conditions that particular employees can approve. The payments
are made only if approved by a specified employee, the treasury function is personally separated from accounting
function. The information system access rights are granted after approval by people specified in internal guidelines
only to authorized employees and only to limited parts of the system valid for the employee´s job specification.
The accounting is under an oversight of the consolidation and reporting department or controlling department that
are separated from accounting department both personally and in terms of organization structure. The Statutory
Body oversees the Companys´ and Groups´results on regular basis.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
6
The Company and Group results are regularly audited by external auditor. The Audit Committee overseeing the audit
process and findings of the Company.
1.4. ISSUED BONDS
The Company issued 5-year senior bonds (ISIN: CZ0003570608) covered by the financial guarantee of Accolade
Holding, a.s. in the nominal value of 1,875,000,000 CZK at 3 April 2025. The nominal value of one Bond is CZK
3,000,000 and interest rate is fix of 6.937% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding, a.s. is provided up to the amount of 2,850,000,000 CZK.
Interests are paid semi-annually starting at 3 October 2025.
The Company could repay bonds early as of 3 April 2029 and 3 October 2029, however the Company has no intention
to do so.
The Security Agent may decide on the early repayment (acceleration) of the bonds in the event of a Breach of the
Prospectus (e.g., non-payment, insolvency, liquidation, delisting or exclusion of the bonds from trading on a
regulated market, termination or change of business), or convene a Bondholders’ meeting to request such decision.
Any Bondholder may request the repurchase of all their bonds within 30 calendar days of a change of control in the
Company, with the Company obliged to repurchase the bonds for 101% of their nominal value plus accrued interest.
Additional rights and obligations are specified in:
The Prospectus, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
The Join Terms and Conditions of the Bonds, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
The Final Terms, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Final-Terms-2025-EN-Publication-Version.pdf
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.5018%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co-manager Conseq Investment
Management.
The Company also issued 5.5-year senior bonds (ISIN: CZ0003576159) covered by the financial guarantee of Accolade
Holding, a.s. in the nominal value of 2,500,000,000 CZK at 2 October 2025. The nominal value of one Bond is CZK
10,000 and interest rate is fix of 6.875% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding, a.s. is provided up to the amount of 3,750,000,000 CZK.
Interests are paid semi-annually starting at 2 April 2026.
The Company could repay bonds early as of 2 October 2030, however the Company has no intention to do so.
The Security Agent may decide on the early repayment (acceleration) of the bonds in the event of a Breach of the
Prospectus (e.g., non-payment, insolvency, liquidation, delisting or exclusion of the bonds from trading on a
regulated market, termination or change of business), or convene a Bondholders’ meeting to request such decision.
Any Bondholder may request the repurchase of all their bonds within 30 calendar days of a change of control in the
Company, with the Company obliged to repurchase the bonds for 101% of their nominal value plus accrued interest.
Additional rights and obligations are specified in:
The Prospectus, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
The First Supplement, available here:
https://accolade.eu/assets/bond/files/Project-Horizon-First-Supplement-to-the-Base-Prospectus-2025-EN-
PUBLICATION-VERSION-1.pdf
The Join Terms and Conditions of the Bonds, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
6
The Company and Group results are regularly audited by external auditor. The Audit Committee overseeing the audit
process and findings of the Company.
1.4. ISSUED BONDS
The Company issued 5-year senior bonds (ISIN: CZ0003570608) covered by the financial guarantee of Accolade
Holding, a.s. in the nominal value of 1,875,000,000 CZK at 3 April 2025. The nominal value of one Bond is CZK
3,000,000 and interest rate is fix of 6.937% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding, a.s. is provided up to the amount of 2,850,000,000 CZK.
Interests are paid semi-annually starting at 3 October 2025.
The Company could repay bonds early as of 3 April 2029 and 3 October 2029, however the Company has no intention
to do so.
The Security Agent may decide on the early repayment (acceleration) of the bonds in the event of a Breach of the
Prospectus (e.g., non-payment, insolvency, liquidation, delisting or exclusion of the bonds from trading on a
regulated market, termination or change of business), or convene a Bondholders’ meeting to request such decision.
Any Bondholder may request the repurchase of all their bonds within 30 calendar days of a change of control in the
Company, with the Company obliged to repurchase the bonds for 101% of their nominal value plus accrued interest.
Additional rights and obligations are specified in:
The Prospectus, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
The Join Terms and Conditions of the Bonds, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
The Final Terms, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Final-Terms-2025-EN-Publication-Version.pdf
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.5018%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co-manager Conseq Investment
Management.
The Company also issued 5.5-year senior bonds (ISIN: CZ0003576159) covered by the financial guarantee of Accolade
Holding, a.s. in the nominal value of 2,500,000,000 CZK at 2 October 2025. The nominal value of one Bond is CZK
10,000 and interest rate is fix of 6.875% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding, a.s. is provided up to the amount of 3,750,000,000 CZK.
Interests are paid semi-annually starting at 2 April 2026.
The Company could repay bonds early as of 2 October 2030, however the Company has no intention to do so.
The Security Agent may decide on the early repayment (acceleration) of the bonds in the event of a Breach of the
Prospectus (e.g., non-payment, insolvency, liquidation, delisting or exclusion of the bonds from trading on a
regulated market, termination or change of business), or convene a Bondholders’ meeting to request such decision.
Any Bondholder may request the repurchase of all their bonds within 30 calendar days of a change of control in the
Company, with the Company obliged to repurchase the bonds for 101% of their nominal value plus accrued interest.
Additional rights and obligations are specified in:
The Prospectus, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
The First Supplement, available here:
https://accolade.eu/assets/bond/files/Project-Horizon-First-Supplement-to-the-Base-Prospectus-2025-EN-
PUBLICATION-VERSION-1.pdf
The Join Terms and Conditions of the Bonds, available here:
https://accolade.eu/assets/bond/files/Project-Sunrise-Base-Prospectus-2025-EN-FINAL-Publication-version.pdf
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
7
The Final Terms, available here:
https://accolade.eu/assets/bond/files/Project-Horizon-Final-Terms-EXECUTED.pdf
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.4423%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co -manager PPF banka and
Raiffeisenbank.
CZK '000 ISIN:
CZ0003570608
ISIN:
CZ0003576159
Nominal value 1 875 000 2 500 000
Unpaid interests 35 801 43 776
Cost of issue -33 488 -48 613
Bonds total 1 877 313 2 495 163
Current 130 069 171 875
Non-current 1 747 244 2 323 288
Bonds total 1 877 313 2 495 163
Short-term part of bonds relates to interests payable up to 12 months.
The bond issuance requires the fulfillment of financial indicators calculated from consolidated results of the parent
company Accolade Holding, a.s. The consolidated Financial statements and required financial indicators are
prepared and published semi-annually and annually.
Specifically, we need to meet the following indicators:
• Loan to Value
• Net Secured & Structurally Superior Indebtness Value
• Equity to Total Assets
These indicators can be used to evaluate the efficiency of Accolade Holding Group's operations and its ability
to use its earnings to pay down debt, capital expenditures and working capital requirements.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
7
The Final Terms, available here:
https://accolade.eu/assets/bond/files/Project-Horizon-Final-Terms-EXECUTED.pdf
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.4423%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co -manager PPF banka and
Raiffeisenbank.
CZK '000 ISIN:
CZ0003570608
ISIN:
CZ0003576159
Nominal value 1 875 000 2 500 000
Unpaid interests 35 801 43 776
Cost of issue -33 488 -48 613
Bonds total 1 877 313 2 495 163
Current 130 069 171 875
Non-current 1 747 244 2 323 288
Bonds total 1 877 313 2 495 163
Short-term part of bonds relates to interests payable up to 12 months.
The bond issuance requires the fulfillment of financial indicators calculated from consolidated results of the parent
company Accolade Holding, a.s. The consolidated Financial statements and required financial indicators are
prepared and published semi-annually and annually.
Specifically, we need to meet the following indicators:
• Loan to Value
• Net Secured & Structurally Superior Indebtness Value
• Equity to Total Assets
These indicators can be used to evaluate the efficiency of Accolade Holding Group's operations and its ability
to use its earnings to pay down debt, capital expenditures and working capital requirements.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
8
1.5. IDENTIFICATION OF BASIC MARKET AND TRADING INFORMATION
Bond Trading Data Information is available under the following Prague Stock Exchange link:
ACCOL.FC2 6,937/30 | Prague Stock Exchange
Basic information
Issuer Accolade Finco Czech 2, s.r.o.
Market Regulated Market
Type Of Security Bonds
Issue Volume 1,875,000,000
Nominal Value 3,000,000
Nominal Currency CZK
Bond Type Fixed
Interest Rate 6.937 %
Number of Coupons Yearly 2
Date Of Next Coupon 3.4.2026
Trading
Trading Procedure Post Trade
Trading Unit Percent
Trading Hours 11:00 - 16:00
Trading Currency CZK
Issue Date 3.4. 2025
First Day of Trading 3.4. 2025
Bond maturity 3.4. 2030
Time to Maturity 4 years from now
Bond Trading Data Information is available under the following Prague Stock Exchange link:
ACCOL.FC2 6,875/31 | Prague Stock Exchange
Basic information
Issuer Accolade Finco Czech 2, s.r.o.
Market Regulated Market
Type Of Security Bonds
Issue Volume 2,500,000,000
Nominal Value 10,000
Nominal Currency CZK
Bond Type Fixed
Interest Rate 6.875 %
Number of Coupons Yearly 2
Date Of Next Coupon 2.4.2026
Trading
Trading Procedure Post Trade
Trading Unit Percent
Trading Hours 11:00 - 16:00
Trading Currency CZK
Issue Date 2.10. 2025
First Day of Trading 2.10. 2025
Bond maturity 2.4. 2031
Time to Maturity 5 years from now
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
8
1.5. IDENTIFICATION OF BASIC MARKET AND TRADING INFORMATION
Bond Trading Data Information is available under the following Prague Stock Exchange link:
ACCOL.FC2 6,937/30 | Prague Stock Exchange
Basic information
Issuer Accolade Finco Czech 2, s.r.o.
Market Regulated Market
Type Of Security Bonds
Issue Volume 1,875,000,000
Nominal Value 3,000,000
Nominal Currency CZK
Bond Type Fixed
Interest Rate 6.937 %
Number of Coupons Yearly 2
Date Of Next Coupon 3.4.2026
Trading
Trading Procedure Post Trade
Trading Unit Percent
Trading Hours 11:00 - 16:00
Trading Currency CZK
Issue Date 3.4. 2025
First Day of Trading 3.4. 2025
Bond maturity 3.4. 2030
Time to Maturity 4 years from now
Bond Trading Data Information is available under the following Prague Stock Exchange link:
ACCOL.FC2 6,875/31 | Prague Stock Exchange
Basic information
Issuer Accolade Finco Czech 2, s.r.o.
Market Regulated Market
Type Of Security Bonds
Issue Volume 2,500,000,000
Nominal Value 10,000
Nominal Currency CZK
Bond Type Fixed
Interest Rate 6.875 %
Number of Coupons Yearly 2
Date Of Next Coupon 2.4.2026
Trading
Trading Procedure Post Trade
Trading Unit Percent
Trading Hours 11:00 - 16:00
Trading Currency CZK
Issue Date 2.10. 2025
First Day of Trading 2.10. 2025
Bond maturity 2.4. 2031
Time to Maturity 5 years from now
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
9
2. INFORMATION ON BUSINESS ACTIVITES
The principal activity of the issuer is the issuance of the bonds and the subsequent provision of intra-group financing
to the sole shareholder by way of a loan, credit or other forms of financing from the proceeds of the issue of debt
securities. The Company is not currently engaged in any other business activity.
2.1. THE MOST SIGNIFICANT RISKS THAT ARE SPECIFIC TO THE COMPANY AS BOND ISSUER
Risk of the company as a SPV entity – this issuer of bonds is a company established for the purpose of issue the
bonds and subsequently provide intra-group financing. The Issuer's cash flows and its ability to meet its debt
obligations, including the bonds, will depend primarily on the operating results and financial condition of the
guarantor (the sole shareholder) and its subsidiaries (i.e. the Group) and on whether the issuer receives funds from
the Group in the form of repayments of intercompany loans or loans and related interest or otherwise.
2.2. FINANCIAL RISKS
The Company’s operations are exposed to the following financial risks:
Currency risk
Currency risk is not relevant. The Company’s transactions are mainly in CZK.
Interest rate risk
Interest rate risk is mitigated by fixed interest rates for intercompany loans, borrowings and issued bonds in the
Company.
In general, the Group’s objective for interest rate risk management is to reduce interest -rate risk through a
combination of financial instruments, which lock in interest rates on debt and by matching a proportion of floating
rate assets with floating rate liabilities.
Credit risk
Cash fund is deposited by a creditable bank. The Company reports any material trade or other receivables. The
Company has only one significant receivable generated from the loan provided to the to the Group.
Credit risk is managed on a Group basis and the Group has no significant concentrations of credit risk. The amount
of exposure to any individual counterparty is subject to a limit, which is reassessed periodically by the directors.
The credit risk is primarily assessed in connection with the tenants whom the Group is leasing space in its buildings.
Prior to entering the lease contract, the tenant’s credit worthiness is assessed with help of external credit rating
reports. Apart from this the Group is performing its own financial analysis of the tenant which is then performed on
a regular basis in the future as part of the credit monitoring process.
The lease contracts with tenants typically contain requirement for either a bank or parent company
guarantee securing rental payments. Alternatively, a rental deposit might be in place.
The Group would consider a significant increase of the credit risk of the counterparty if it was overdue with a
payment for more than 3 months. If the receivable was not paid in 6 months, it would be considered as a
default of the counterparty.
The Group markets and sells to a relatively small number of customers with individually large value
transactions. The Group performs credit checks on all customers (other than those paying in advance) in order
to assess their creditworthiness and ability to pay its invoices as they become due. As such, the balance of
accounts receivable not owed by large companies is still deemed by the directors to be of low risk of default
due to the nature of the checks performed on them, and accordingly a relatively sma ll allowance against these
receivables is in place to cover this low risk of default.
The Group generally does not require collateral on accounts receivable, as many of its customers are large, well-
established companies. The Group has not experienced any significant losses related to individual customers or
groups of customers in any particular industry or geographic area. No credit limits were exceeded during the
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
9
2. INFORMATION ON BUSINESS ACTIVITES
The principal activity of the issuer is the issuance of the bonds and the subsequent provision of intra-group financing
to the sole shareholder by way of a loan, credit or other forms of financing from the proceeds of the issue of debt
securities. The Company is not currently engaged in any other business activity.
2.1. THE MOST SIGNIFICANT RISKS THAT ARE SPECIFIC TO THE COMPANY AS BOND ISSUER
Risk of the company as a SPV entity – this issuer of bonds is a company established for the purpose of issue the
bonds and subsequently provide intra-group financing. The Issuer's cash flows and its ability to meet its debt
obligations, including the bonds, will depend primarily on the operating results and financial condition of the
guarantor (the sole shareholder) and its subsidiaries (i.e. the Group) and on whether the issuer receives funds from
the Group in the form of repayments of intercompany loans or loans and related interest or otherwise.
2.2. FINANCIAL RISKS
The Company’s operations are exposed to the following financial risks:
Currency risk
Currency risk is not relevant. The Company’s transactions are mainly in CZK.
Interest rate risk
Interest rate risk is mitigated by fixed interest rates for intercompany loans, borrowings and issued bonds in the
Company.
In general, the Group’s objective for interest rate risk management is to reduce interest -rate risk through a
combination of financial instruments, which lock in interest rates on debt and by matching a proportion of floating
rate assets with floating rate liabilities.
Credit risk
Cash fund is deposited by a creditable bank. The Company reports any material trade or other receivables. The
Company has only one significant receivable generated from the loan provided to the to the Group.
Credit risk is managed on a Group basis and the Group has no significant concentrations of credit risk. The amount
of exposure to any individual counterparty is subject to a limit, which is reassessed periodically by the directors.
The credit risk is primarily assessed in connection with the tenants whom the Group is leasing space in its buildings.
Prior to entering the lease contract, the tenant’s credit worthiness is assessed with help of external credit rating
reports. Apart from this the Group is performing its own financial analysis of the tenant which is then performed on
a regular basis in the future as part of the credit monitoring process.
The lease contracts with tenants typically contain requirement for either a bank or parent company
guarantee securing rental payments. Alternatively, a rental deposit might be in place.
The Group would consider a significant increase of the credit risk of the counterparty if it was overdue with a
payment for more than 3 months. If the receivable was not paid in 6 months, it would be considered as a
default of the counterparty.
The Group markets and sells to a relatively small number of customers with individually large value
transactions. The Group performs credit checks on all customers (other than those paying in advance) in order
to assess their creditworthiness and ability to pay its invoices as they become due. As such, the balance of
accounts receivable not owed by large companies is still deemed by the directors to be of low risk of default
due to the nature of the checks performed on them, and accordingly a relatively sma ll allowance against these
receivables is in place to cover this low risk of default.
The Group generally does not require collateral on accounts receivable, as many of its customers are large, well-
established companies. The Group has not experienced any significant losses related to individual customers or
groups of customers in any particular industry or geographic area. No credit limits were exceeded during the
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
10
reporting period and the directors do not expect any significant losses from non-performance by these
counterparties, other than those already provided for.
Liquidity risk
Liquidity risk is limited. The Company reports no significant 3 rd - party liabilities except issued bonds as of 31
December 2025. The reported Trade and other payables are mainly Intercompany balances, which were paid in the
following month.
Liquidity risk is connected to credit risk and depends on ability to receive interests from the loan provided to the
parent company Accolade Holding, a.s. or other companies in the Group. Collections of these interests or other cash
funds from the Group are linked to payments of interests from issued bonds. We don’t expect any lack of cash to fill
our obligations to investors.
Market risk
Market risk is immaterial, since the development of market values of financial instruments does not have a direct
impact on the valuation of financial instruments reported in the financial statement.
The responsibility for monitoring financial risk management is with Group’s CFO. The policies are implemented by
the Group’s finance departments. The Group has a treasury policy and procedures that set out specific guidelines to
manage such market risks as currency risk, interest rate risk, credit risk and liquidity risk, and also sets out
circumstances where it would be appropriate to use financial instruments to manage these. When assessing hedging
effectiveness, the Group uses qualitative and quantitative methods.
Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
maintain sufficient financial resources to mitigate against risks and unforeseen events.
Risks associated with the legal, regulatory, and tax environment
The legal, regulatory, and tax environment in the Czech Republic is subject to frequent changes, and laws may not
always be applied uniformly by courts and public authorities. However, given the narrow scope of its activities, the
company assessed this risk as minimal.
2.3. SIGNIFICANT CHANGES DURING THE PERIOD
During the reported period, there was no change in the company's status or business objectives, investment policy
or strategy of the company.
2.4. ALTERNATIVE PERFORMANCE INDICATORS
The company is obligated to meet the following indicators for its first bond issue:
• Loan to Value = the indicator is defined in Issue Terms - Financial Obligations – Obligation to maintain
Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest yield of
6.937% p.a. with a total nominal value of up to CZK 1,875,000,000 maturing in 2030 ISIN CZ0003570608.
The LTV indicator should not be higher than 65 %. As at 31 December 2025 the LTV indicator is met. The
calculation of LTV indicator is verified by BDO Audit s.r.o. as part of the Group’s consolidation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Net Secured & Structurally Superior Indebtness Value = the indicator is defined in Issue Terms - Financial
Obligations – Obligation to maintain Financial ratios of Prospectus of green bonds secured by a financial
guarantee, with a fixed interest yield of 6.937% p.a. with a total nominal value of CZK
1,875,000,000 maturing in 2030 ISIN CZ0003570608. The Net Secured & Structurally Superior Indebtness
Value indicator should not be higher than 47.5 %. As at 31 December 2025 the Net Secured & Structurally
Superior Indebtness Value indicator is met. The calculation of Net Secured & Structurally Superior
Indebtness Value indicator is verified by BDO Audit s.r.o. as part of the Group’s consolidation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Equity to Total Assets = the indicator is defined in Issue Terms - Financial Obligations – Obligation to
maintain Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest
yield of 6.937% p.a. with a total nominal value of CZK 1,875,000,000 maturing in 2030 ISIN CZ0003570608.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
10
reporting period and the directors do not expect any significant losses from non-performance by these
counterparties, other than those already provided for.
Liquidity risk
Liquidity risk is limited. The Company reports no significant 3 rd - party liabilities except issued bonds as of 31
December 2025. The reported Trade and other payables are mainly Intercompany balances, which were paid in the
following month.
Liquidity risk is connected to credit risk and depends on ability to receive interests from the loan provided to the
parent company Accolade Holding, a.s. or other companies in the Group. Collections of these interests or other cash
funds from the Group are linked to payments of interests from issued bonds. We don’t expect any lack of cash to fill
our obligations to investors.
Market risk
Market risk is immaterial, since the development of market values of financial instruments does not have a direct
impact on the valuation of financial instruments reported in the financial statement.
The responsibility for monitoring financial risk management is with Group’s CFO. The policies are implemented by
the Group’s finance departments. The Group has a treasury policy and procedures that set out specific guidelines to
manage such market risks as currency risk, interest rate risk, credit risk and liquidity risk, and also sets out
circumstances where it would be appropriate to use financial instruments to manage these. When assessing hedging
effectiveness, the Group uses qualitative and quantitative methods.
Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
maintain sufficient financial resources to mitigate against risks and unforeseen events.
Risks associated with the legal, regulatory, and tax environment
The legal, regulatory, and tax environment in the Czech Republic is subject to frequent changes, and laws may not
always be applied uniformly by courts and public authorities. However, given the narrow scope of its activities, the
company assessed this risk as minimal.
2.3. SIGNIFICANT CHANGES DURING THE PERIOD
During the reported period, there was no change in the company's status or business objectives, investment policy
or strategy of the company.
2.4. ALTERNATIVE PERFORMANCE INDICATORS
The company is obligated to meet the following indicators for its first bond issue:
• Loan to Value = the indicator is defined in Issue Terms - Financial Obligations – Obligation to maintain
Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest yield of
6.937% p.a. with a total nominal value of up to CZK 1,875,000,000 maturing in 2030 ISIN CZ0003570608.
The LTV indicator should not be higher than 65 %. As at 31 December 2025 the LTV indicator is met. The
calculation of LTV indicator is verified by BDO Audit s.r.o. as part of the Group’s consolidation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Net Secured & Structurally Superior Indebtness Value = the indicator is defined in Issue Terms - Financial
Obligations – Obligation to maintain Financial ratios of Prospectus of green bonds secured by a financial
guarantee, with a fixed interest yield of 6.937% p.a. with a total nominal value of CZK
1,875,000,000 maturing in 2030 ISIN CZ0003570608. The Net Secured & Structurally Superior Indebtness
Value indicator should not be higher than 47.5 %. As at 31 December 2025 the Net Secured & Structurally
Superior Indebtness Value indicator is met. The calculation of Net Secured & Structurally Superior
Indebtness Value indicator is verified by BDO Audit s.r.o. as part of the Group’s consolidation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Equity to Total Assets = the indicator is defined in Issue Terms - Financial Obligations – Obligation to
maintain Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest
yield of 6.937% p.a. with a total nominal value of CZK 1,875,000,000 maturing in 2030 ISIN CZ0003570608.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
11
The Equity to Total Assets indicator should not be lower than 25 %. As at 31 December 2025 the Equity to
Total Assets indicator is met. The calculation of Equity to Total Assets indicator is verified by BDO Audit
s.r.o. as part of the Group’s consolidation audit and is disclosed in the audited consolidated financial
statements of Accolade Holding, a.s.
The company is obligated to meet the following indicators for its second bond issue:
• Loan to Value = the indicator is defined in Issue Terms - Financial Obligations – Obligation to maintain
Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest yield of
6.875% p.a. with a total nominal value of up to CZK 2,500,000,000 maturing in 2031 ISIN CZ0003576159.
The LTV indicator should not be higher than 65 %. As at 31 December 2025 the LTV indicator is met. The
calculation of LTV indicator is verified by BDO Audit s.r.o. as part of the Group’s consoli dation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Net Secured & Structurally Superior Indebtness Value = the indicator is defined in Issue Terms - Financial
Obligations – Obligation to maintain Financial ratios of Prospectus of green bonds secured by a financial
guarantee, with a fixed interest yield of 6.875% p.a. with a total nominal value of CZK
2,500,000,000 maturing in 2031 ISIN CZ0003576159. The Net Secured & Structurally Superior Indebtness
Value indicator should not be higher than 47.5 %. As at 31 December 2025 the Net Secured & Structurally
Superior Indebtness Value indicator is met. The calculation of Net Secured & Structurally Superior
Indebtness Value indicator is verified by BDO Audit s.r.o. as part of the Group’s consolidation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Equity to Total Assets = the indicator is defined in Issue Terms - Financial Obligations – Obligation to
maintain Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest
yield of 6.875% p.a. with a total nominal value of CZK 2,500,000,000 maturing in 2031 ISIN CZ0003576159.
The Equity to Total Assets indicator should not be lower than 25 %. As at 31 December 2025 the Equity to
Total Assets indicator is met. The calculation of Equity to Total Assets indicator is verified by BDO Audit
s.r.o. as part of the Group’s consolidation audit and is disclosed in the audited consolidated financial
statements of Accolade Holding, a.s.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
11
The Equity to Total Assets indicator should not be lower than 25 %. As at 31 December 2025 the Equity to
Total Assets indicator is met. The calculation of Equity to Total Assets indicator is verified by BDO Audit
s.r.o. as part of the Group’s consolidation audit and is disclosed in the audited consolidated financial
statements of Accolade Holding, a.s.
The company is obligated to meet the following indicators for its second bond issue:
• Loan to Value = the indicator is defined in Issue Terms - Financial Obligations – Obligation to maintain
Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest yield of
6.875% p.a. with a total nominal value of up to CZK 2,500,000,000 maturing in 2031 ISIN CZ0003576159.
The LTV indicator should not be higher than 65 %. As at 31 December 2025 the LTV indicator is met. The
calculation of LTV indicator is verified by BDO Audit s.r.o. as part of the Group’s consoli dation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Net Secured & Structurally Superior Indebtness Value = the indicator is defined in Issue Terms - Financial
Obligations – Obligation to maintain Financial ratios of Prospectus of green bonds secured by a financial
guarantee, with a fixed interest yield of 6.875% p.a. with a total nominal value of CZK
2,500,000,000 maturing in 2031 ISIN CZ0003576159. The Net Secured & Structurally Superior Indebtness
Value indicator should not be higher than 47.5 %. As at 31 December 2025 the Net Secured & Structurally
Superior Indebtness Value indicator is met. The calculation of Net Secured & Structurally Superior
Indebtness Value indicator is verified by BDO Audit s.r.o. as part of the Group’s consolidation audit and is
disclosed in the audited consolidated financial statements of Accolade Holding, a.s.
• Equity to Total Assets = the indicator is defined in Issue Terms - Financial Obligations – Obligation to
maintain Financial ratios of Prospectus of green bonds secured by a financial guarantee, with a fixed interest
yield of 6.875% p.a. with a total nominal value of CZK 2,500,000,000 maturing in 2031 ISIN CZ0003576159.
The Equity to Total Assets indicator should not be lower than 25 %. As at 31 December 2025 the Equity to
Total Assets indicator is met. The calculation of Equity to Total Assets indicator is verified by BDO Audit
s.r.o. as part of the Group’s consolidation audit and is disclosed in the audited consolidated financial
statements of Accolade Holding, a.s.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
12
3. SUMMARY OF RELATED PARTY TRANSACTIONS
Related party loans and borrowings
CZK '000 31 DEC 2025
(receivable)
31 DEC 2025
(payable)
Principal 4 287 931 0
Unpaid interests 83 376 0
Total amount 4 371 307 0
Current 317 413 0
Non-current 4 053 89 0
Total amount 4 371 307 0
Funds received from the issue of bonds were lent to the Group (Accolade Holding, a.s.) based on a loan contracts.
Accolade Holding, a.s. (receivable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 31 December 2030
• nominal interest rate of 7.3% p.a.
• final repayment date is 31 December 2031
Short-term part of related party loans relates to principal and interests payable up to 12 months.
There are no credit risks (ECL) related to receivables. Based on regular assessment of mandatory financial indicators
related to bond issuance described in Note 2.2 above, there are no doubts about repayment of the receivable
provided to the Group.
The loan from Accolade Holding, a.s. to the Company was provided prior to the issue of bonds to finance standard
operating activities.
Accolade Holding, a.s. (payable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 30 June 2030
The payable to Accolade Holding, a.s. was final repaid on September 21.
All transactions between related parties are provided for a remuneration being at arm’s length.
4. INFORMATION ON ACTIVITIES IN THE FIELD OF RESEARCH AND DEVELOPMENT
The Company doesn’t carry out any research and development activities. The company did not make any significant
investments in tangible and intangible fixed assets in the current or previous accounting period.
5. INFORMATION ON ACTIVITIES IN THE FIELD OF ENVIRONMENTAL PROTECTION AND
LABOUR-LEGAL RELATIONS
The Company, like the entire Accolade Holding Group of which it is a part, complies with applicable legislation, takes
into account the principles of environmental protection and actively monitors the impacts of its activities on the
environment.
We want to set an example in business and in social responsibility. Part of our corporate culture is to be a trustworthy
and responsible partner and a good neighbor.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
12
3. SUMMARY OF RELATED PARTY TRANSACTIONS
Related party loans and borrowings
CZK '000 31 DEC 2025
(receivable)
31 DEC 2025
(payable)
Principal 4 287 931 0
Unpaid interests 83 376 0
Total amount 4 371 307 0
Current 317 413 0
Non-current 4 053 89 0
Total amount 4 371 307 0
Funds received from the issue of bonds were lent to the Group (Accolade Holding, a.s.) based on a loan contracts.
Accolade Holding, a.s. (receivable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 31 December 2030
• nominal interest rate of 7.3% p.a.
• final repayment date is 31 December 2031
Short-term part of related party loans relates to principal and interests payable up to 12 months.
There are no credit risks (ECL) related to receivables. Based on regular assessment of mandatory financial indicators
related to bond issuance described in Note 2.2 above, there are no doubts about repayment of the receivable
provided to the Group.
The loan from Accolade Holding, a.s. to the Company was provided prior to the issue of bonds to finance standard
operating activities.
Accolade Holding, a.s. (payable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 30 June 2030
The payable to Accolade Holding, a.s. was final repaid on September 21.
All transactions between related parties are provided for a remuneration being at arm’s length.
4. INFORMATION ON ACTIVITIES IN THE FIELD OF RESEARCH AND DEVELOPMENT
The Company doesn’t carry out any research and development activities. The company did not make any significant
investments in tangible and intangible fixed assets in the current or previous accounting period.
5. INFORMATION ON ACTIVITIES IN THE FIELD OF ENVIRONMENTAL PROTECTION AND
LABOUR-LEGAL RELATIONS
The Company, like the entire Accolade Holding Group of which it is a part, complies with applicable legislation, takes
into account the principles of environmental protection and actively monitors the impacts of its activities on the
environment.
We want to set an example in business and in social responsibility. Part of our corporate culture is to be a trustworthy
and responsible partner and a good neighbor.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
13
6. INFORMATION REQUIRED UNDER SPECIAL REGULATIONS
Members of the administrative, management, and supervisory bodies and senior management are not in any
conflict of interest in relation to the company's activities, its business partners, or the decision-making process.
Audit Committee:
The members of the Audit committee are:
• Ing. Jana Fialová
• Ing. Tomáš Procházka
• Ing. Adam Hyršl
No significant litigation or other legal proceedings were brought against the company during the 2025
accounting period.
Total costs for auditor services for the accounting period from February 6 to December 31, 2025, amounted to
CZK 471,900. This amount includes the fee for the statutory audit of the opening balance sheet and the semi -
annual financial report, including the financial statements, in the amount of CZK 193,600, and other advisory
services in the amount of CZK 278,300.
This Annual Financial Report provides comprehensively the development of company’s performance, activities
and current economic position.
7. FINANCIAL RESULTS AS AT 31 DECEMBER 2025
The Annual Financial Report for the period 6 February - 31 December 2025 includes the Financial Statements
and Notes prepared in accordance to International Financial Reporting Standards as adopted by EU, which
provides a comprehensive and complete description of the company's financial results.
Key activities in the reported period were the bond issues, which fulfilled the company's purpose. The funds
from bond issues are used in the Group to finance or refinance new and/or existing Eligible Green Projects in
real estate. Eligible Green Projects will display clear environmental benefits; these are determined by the Green
Eligible Criteria defined in Green Finance Framework, which are in alignment with EU Taxonomy. This activity
is important for fulfilling the long-term strategy of the Group.
Financial statements and Notes for the period 6 February – 31 December 2025 prepared in accordance with
IFRS as adopted by EU are in Attachment 1 of this Financial Report.
8. EXPECTED DEVELOPMENT IN THE FOLLOWING PERIOD AND SUBSEQUENT EVENTS
In the following period, the company will realize the next coupon payments in connection with the bond issues.
The company will collect the funds for the coupon payments from the loans granted to the Group, as defined
in prospectus of the bond. The predicted Group results are very satisfactory, there is no doubt about the timely
collection of sufficient cash funds and any threat to the related payment of interest expense to bondholders.
This assumption is consistent with the company's long-term business model and thus fulfills the purpose for
which the company was founded.
No event materially affecting the financial position of the company and the Group occurred between the
balance sheet date and the date of preparation of the Annual Financial Report. No other events have occurred
after the end of the reported period that would require adjusting the amounts recognized and disclosures
made in the standalone interim financial statements.
9. GOING CONCERN
The Annual Financial Report for the period 6 February – 31 December 2025 has been prepared assuming that
the Company will continue to operate as a going concern.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
13
6. INFORMATION REQUIRED UNDER SPECIAL REGULATIONS
Members of the administrative, management, and supervisory bodies and senior management are not in any
conflict of interest in relation to the company's activities, its business partners, or the decision-making process.
Audit Committee:
The members of the Audit committee are:
• Ing. Jana Fialová
• Ing. Tomáš Procházka
• Ing. Adam Hyršl
No significant litigation or other legal proceedings were brought against the company during the 2025
accounting period.
Total costs for auditor services for the accounting period from February 6 to December 31, 2025, amounted to
CZK 471,900. This amount includes the fee for the statutory audit of the opening balance sheet and the semi -
annual financial report, including the financial statements, in the amount of CZK 193,600, and other advisory
services in the amount of CZK 278,300.
This Annual Financial Report provides comprehensively the development of company’s performance, activities
and current economic position.
7. FINANCIAL RESULTS AS AT 31 DECEMBER 2025
The Annual Financial Report for the period 6 February - 31 December 2025 includes the Financial Statements
and Notes prepared in accordance to International Financial Reporting Standards as adopted by EU, which
provides a comprehensive and complete description of the company's financial results.
Key activities in the reported period were the bond issues, which fulfilled the company's purpose. The funds
from bond issues are used in the Group to finance or refinance new and/or existing Eligible Green Projects in
real estate. Eligible Green Projects will display clear environmental benefits; these are determined by the Green
Eligible Criteria defined in Green Finance Framework, which are in alignment with EU Taxonomy. This activity
is important for fulfilling the long-term strategy of the Group.
Financial statements and Notes for the period 6 February – 31 December 2025 prepared in accordance with
IFRS as adopted by EU are in Attachment 1 of this Financial Report.
8. EXPECTED DEVELOPMENT IN THE FOLLOWING PERIOD AND SUBSEQUENT EVENTS
In the following period, the company will realize the next coupon payments in connection with the bond issues.
The company will collect the funds for the coupon payments from the loans granted to the Group, as defined
in prospectus of the bond. The predicted Group results are very satisfactory, there is no doubt about the timely
collection of sufficient cash funds and any threat to the related payment of interest expense to bondholders.
This assumption is consistent with the company's long-term business model and thus fulfills the purpose for
which the company was founded.
No event materially affecting the financial position of the company and the Group occurred between the
balance sheet date and the date of preparation of the Annual Financial Report. No other events have occurred
after the end of the reported period that would require adjusting the amounts recognized and disclosures
made in the standalone interim financial statements.
9. GOING CONCERN
The Annual Financial Report for the period 6 February – 31 December 2025 has been prepared assuming that
the Company will continue to operate as a going concern.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
14
10. AUDITORS REPORT
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
14
10. AUDITORS REPORT
BDO Audit s.r.o., Czech limited company (registration number 453 14 381, registered by Municipal Court in Prague, file No. C 7279, certificate of Chamber
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
15
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BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
Only the Czech version of auditor´s report that relates solely and exclusively to the Czech official annual financial
report prepared in XHTML format is legally binding.
INDEPENDENT AUDITOR'S REPORT
to the Sole Shareholder Accolade Finco Czech 2, s.r.o.
Opinion
We have audited the accompanying financial statements of to the Sole Shareholder Accolade Finco
Czech 2, s.r.o. with its headquarters at Sokolovská 394/17, Karlín, 186 00 Praha 8, IC (Registration
Number) 225 67 062 (hereafter the Company) prepared in accordance with IFRS as adopted by the
European Union, which comprise the statement of financial position as at 31 December 2025, the
statement of profit or loss and other comprehensive income, the statement of changes in equity and
the statement of cash flows for the period ended 31 December 2025 and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information.
Information about the Company are included in Section 1 of Notes to the financial statements.
In our opinion, the financial statements give a true and fair view of the financial position of the
Company as at 31 December 2025 and of its financial performance and its cash flows for the period
ended 31 December 2025 in accordance with IFRS as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with the Act on Auditors and Auditing Standards of the Chamber
of Auditors of the Czech Republic, which are International Standards on Auditing (ISAs), as amended by
the related application clauses. Our responsibilities under these regulations are further described in
the Auditor’s Responsibilities for the Audit of the financial statements section of our report. We are
independent of the Company in accordance with the Act on Auditors and the Code of Ethics adopted by
the Chamber of Auditors of the Czech Republic, including its requirements relating to audits of the
financial statements of public-interest entities. We have fulfilled our other ethical responsibilities in
accordance with these regulations. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
15
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
Only the Czech version of auditor´s report that relates solely and exclusively to the Czech official annual financial
report prepared in XHTML format is legally binding.
INDEPENDENT AUDITOR'S REPORT
to the Sole Shareholder Accolade Finco Czech 2, s.r.o.
Opinion
We have audited the accompanying financial statements of to the Sole Shareholder Accolade Finco
Czech 2, s.r.o. with its headquarters at Sokolovská 394/17, Karlín, 186 00 Praha 8, IC (Registration
Number) 225 67 062 (hereafter the Company) prepared in accordance with IFRS as adopted by the
European Union, which comprise the statement of financial position as at 31 December 2025, the
statement of profit or loss and other comprehensive income, the statement of changes in equity and
the statement of cash flows for the period ended 31 December 2025 and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information.
Information about the Company are included in Section 1 of Notes to the financial statements.
In our opinion, the financial statements give a true and fair view of the financial position of the
Company as at 31 December 2025 and of its financial performance and its cash flows for the period
ended 31 December 2025 in accordance with IFRS as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with the Act on Auditors and Auditing Standards of the Chamber
of Auditors of the Czech Republic, which are International Standards on Auditing (ISAs), as amended by
the related application clauses. Our responsibilities under these regulations are further described in
the Auditor’s Responsibilities for the Audit of the financial statements section of our report. We are
independent of the Company in accordance with the Act on Auditors and the Code of Ethics adopted by
the Chamber of Auditors of the Czech Republic, including its requirements relating to audits of the
financial statements of public-interest entities. We have fulfilled our other ethical responsibilities in
accordance with these regulations. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
BDO Audit s.r.o., Czech limited company (registration number 453 14 381, registered by Municipal Court in Prague, file No. C 7279, certificate of Chamber
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
16
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BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
Recoverability of loan provided by Company
As of December 31, 2025, Accolade Finco Czech 2, s.r.o. reported loans to related parties in the
amount of CZK 4,371,307 thousand (see the related supplementary and explanatory information
provided in Note 10 to the financial statements).
As part of the audit, we assessed whether the related parties had, as of the date of and during the
period up to the date of the auditor’s report, sufficient resources to fulfill their intention to properly
repay the interest and principal on the loans provided and, in the case of the parent company, to
comply with the financial covenants arising from the prospectus for the issued bonds. We assessed the
appropriateness of using the going concern assumption and received confirmation from the Company of
its intention to meet its contractual obligations. The confirmation obtained also includes a statement
regarding compliance with the financial covenants arising from the prospectus for the issued bonds.
We evaluated the appropriateness and adequacy of the information in the notes to the financial
statements related to these key audit matters.
Other information included in the Annual Financial Report
In compliance with Section 2 of the Act no. 256/2004 Soll., Capital Market Undertakings Act, the other
information comprises the information included in the Annual Financial Report other than the financial
statements and auditor’s report thereon. The Company’s Statutory Body is responsible for this other
information.
Our opinion on the financial statements does not cover the other information. In connection with our
audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our
knowledge of the Company obtained from the audit or otherwise appears to be materially misstated. In
addition, we assess whether the other information has been prepared, in all material respects, in
accordance with the applicable laws and regulations, in particular, whether the other information
complies with the laws and regulations in terms of formal requirements and procedures for preparing
the other information in the context of materiality, i.e. whether any non-compliance with these
requirements could influence judgments made on the basis of the other information.
Based on the procedures performed, to the extent we are able to assess it, we report that
- the other information describing the facts that are also presented in the financial statements is, in all
material respects, consistent with the financial statements; and
- the other information is prepared in compliance with the applicable laws and regulations.
In addition, our responsibility is to report, based on our knowledge and understanding of the Company
obtained from the audit, on whether the other information contains any material In preparing the
financial statements, the Statutory Body is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to the going concern and using the going
concern basis of accounting unless the Statutory Body either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
16
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BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
Recoverability of loan provided by Company
As of December 31, 2025, Accolade Finco Czech 2, s.r.o. reported loans to related parties in the
amount of CZK 4,371,307 thousand (see the related supplementary and explanatory information
provided in Note 10 to the financial statements).
As part of the audit, we assessed whether the related parties had, as of the date of and during the
period up to the date of the auditor’s report, sufficient resources to fulfill their intention to properly
repay the interest and principal on the loans provided and, in the case of the parent company, to
comply with the financial covenants arising from the prospectus for the issued bonds. We assessed the
appropriateness of using the going concern assumption and received confirmation from the Company of
its intention to meet its contractual obligations. The confirmation obtained also includes a statement
regarding compliance with the financial covenants arising from the prospectus for the issued bonds.
We evaluated the appropriateness and adequacy of the information in the notes to the financial
statements related to these key audit matters.
Other information included in the Annual Financial Report
In compliance with Section 2 of the Act no. 256/2004 Soll., Capital Market Undertakings Act, the other
information comprises the information included in the Annual Financial Report other than the financial
statements and auditor’s report thereon. The Company’s Statutory Body is responsible for this other
information.
Our opinion on the financial statements does not cover the other information. In connection with our
audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our
knowledge of the Company obtained from the audit or otherwise appears to be materially misstated. In
addition, we assess whether the other information has been prepared, in all material respects, in
accordance with the applicable laws and regulations, in particular, whether the other information
complies with the laws and regulations in terms of formal requirements and procedures for preparing
the other information in the context of materiality, i.e. whether any non-compliance with these
requirements could influence judgments made on the basis of the other information.
Based on the procedures performed, to the extent we are able to assess it, we report that
- the other information describing the facts that are also presented in the financial statements is, in all
material respects, consistent with the financial statements; and
- the other information is prepared in compliance with the applicable laws and regulations.
In addition, our responsibility is to report, based on our knowledge and understanding of the Company
obtained from the audit, on whether the other information contains any material In preparing the
financial statements, the Statutory Body is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to the going concern and using the going
concern basis of accounting unless the Statutory Body either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
BDO Audit s.r.o., Czech limited company (registration number 453 14 381, registered by Municipal Court in Prague, file No. C 7279, certificate of Chamber
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
17
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
misstatement of fact. Based on the procedures we have performed on the other information obtained,
we have not identified any material misstatement of fact.
Responsibilities of the Company’s Statutory and Audit Committee for the financial statements
The Company’s Statutory Body is responsible for the preparation and fair presentation of the financial
statements in accordance with IFRS as adopted by the European Union, and for such internal control as
the Statutory Body determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Statutory Body is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to the going concern
and using the going concern basis of accounting unless the Statutory Body either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Audit Committee is responsible for overseeing the Company’s financial reporting process and the
effectiveness of its internal control system.
Auditor’s Responsibilities for the Audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with the above regulations will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the above regulations, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Statutory Body.
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
17
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
misstatement of fact. Based on the procedures we have performed on the other information obtained,
we have not identified any material misstatement of fact.
Responsibilities of the Company’s Statutory and Audit Committee for the financial statements
The Company’s Statutory Body is responsible for the preparation and fair presentation of the financial
statements in accordance with IFRS as adopted by the European Union, and for such internal control as
the Statutory Body determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Statutory Body is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to the going concern
and using the going concern basis of accounting unless the Statutory Body either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Audit Committee is responsible for overseeing the Company’s financial reporting process and the
effectiveness of its internal control system.
Auditor’s Responsibilities for the Audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with the above regulations will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the above regulations, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Statutory Body.
BDO Audit s.r.o., Czech limited company (registration number 453 14 381, registered by Municipal Court in Prague, file No. C 7279, certificate of Chamber
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
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BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
- Conclude on the appropriateness of the Statutory Body’s 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 C ompany’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with the Company’s Statutory Body and Audit Commi ttee 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 are also required to provide the Audit Committee with a statement that we have complied with the
relevant ethical requirements relating to independence and to inform it of any relationships and other
matters that may reasonably be expected to affect our independence and any related arrangements.
Furthermore, it is our responsibility to select, based on the matters we have reported to the Statutory
Body and the Audit Committee, those matters that are most significant from the point of view of the
audit of the financial statements for the current year and that therefore constitute key audit matters,
and to describe those matters in our report. This obligation does not apply where legislation prohibits
disclosure of such matters or where, in a very exceptional case, we consider that we should not report
on the matter in our report because the potential negative impact of disclosure could reasonably be
expected to outweigh the public interest benefits.
Report on other regulatory requirements
Information required by Regulation (EU) No 537/2014 of the European Parliament and of the
Council
In accordance with Article 10(2) of Regulation (EU) No 537/2014 of the European Parliament and of the
Council, we include in our independent auditor's report the following information required in addition
to International Standards on Auditing:
Appointment of the auditor and duration of the audit
We were appointed as the Company's auditor by the Company's General Meeting of Shareholders on 30
June 2026. We have been the Company's auditor for the first years.
Compliance with the supplemental report to the Audit Committee
We confirm that our opinion on the financial statements set out in this report is consistent with our
supplementary report to the Company's Audit Committee, which we issued
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
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BDO Audit s.r.o.
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148 00
- Conclude on the appropriateness of the Statutory Body’s 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 C ompany’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with the Company’s Statutory Body and Audit Commi ttee 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 are also required to provide the Audit Committee with a statement that we have complied with the
relevant ethical requirements relating to independence and to inform it of any relationships and other
matters that may reasonably be expected to affect our independence and any related arrangements.
Furthermore, it is our responsibility to select, based on the matters we have reported to the Statutory
Body and the Audit Committee, those matters that are most significant from the point of view of the
audit of the financial statements for the current year and that therefore constitute key audit matters,
and to describe those matters in our report. This obligation does not apply where legislation prohibits
disclosure of such matters or where, in a very exceptional case, we consider that we should not report
on the matter in our report because the potential negative impact of disclosure could reasonably be
expected to outweigh the public interest benefits.
Report on other regulatory requirements
Information required by Regulation (EU) No 537/2014 of the European Parliament and of the
Council
In accordance with Article 10(2) of Regulation (EU) No 537/2014 of the European Parliament and of the
Council, we include in our independent auditor's report the following information required in addition
to International Standards on Auditing:
Appointment of the auditor and duration of the audit
We were appointed as the Company's auditor by the Company's General Meeting of Shareholders on 30
June 2026. We have been the Company's auditor for the first years.
Compliance with the supplemental report to the Audit Committee
We confirm that our opinion on the financial statements set out in this report is consistent with our
supplementary report to the Company's Audit Committee, which we issued
BDO Audit s.r.o., Czech limited company (registration number 453 14 381, registered by Municipal Court in Prague, file No. C 7279, certificate of Chamber
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
19
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
on 27. April 2026 in accordance with Article 11 of Regulation (EU) No 537/2014 of the European
Parliament and of the Council.
Provision of non-audit services
We declare that no prohibited services referred to in Article 5 of Regulation (EU) No 537/2014 of the
European Parliament and of the Council have been provided.
Report on Compliance with the ESEF Regulation
We have undertaken a reasonable assurance engagement on the compliance of the financial statements
included in the annual financial report with the provisions of Commission Delegated Regulation (EU)
2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and
of the Council with regard to regulatory technical standards on the specification of a single electronic
reporting format (‘the ESEF Regulation’), related to the financial statements.
Responsibilities of the Statutory Body
The Company's statutory body is responsible for the preparation of financial statements that comply
with the ESEF Regulation. This responsibility includes:
• the design, implementation and maintenance of internal control relevant to the application of the
ESEF Regulation;
• the preparation of all financial statements included in the annual report in the applicable XHTML
format.
Auditor's Responsibilities
Our responsibility is to express an opinion on whether the financial statements included in the annual
financial report comply, in all material respects, with the ESEF Regulation based on the evidence we
have obtained. We conducted our reasonable assurance engagement in accordance with International
Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or
Reviews of Historical Financial Information ("ISAE 3000").
The nature, timing and extent of procedures selected depend on the auditor’s judgment. Reasonable
assurance is a high level of assurance, but is not a guarantee that an assurance engagement conducted
in accordance with the above standard will always detect any existing material non-compliance with
the ESEF Regulation.
Our selected procedures included:
• obtaining an understanding of the requirements of the ESEF Regulation;
• obtaining an understanding of the Company’s internal control relevant to the application of the ESEF
Regulation;
• identifying and assessing the risks of material non -compliance with the ESEF Regulation, whether due
to fraud or error; and
• based on the above, designing and performing procedures to respond to the assessed risks and to
obtain reasonable assurance for the purpose of expressing our conclusion.
The objective of our procedures was to evaluate whether the financial statements included in the
annual financial report were prepared in the applicable XHTML format.
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
19
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
on 27. April 2026 in accordance with Article 11 of Regulation (EU) No 537/2014 of the European
Parliament and of the Council.
Provision of non-audit services
We declare that no prohibited services referred to in Article 5 of Regulation (EU) No 537/2014 of the
European Parliament and of the Council have been provided.
Report on Compliance with the ESEF Regulation
We have undertaken a reasonable assurance engagement on the compliance of the financial statements
included in the annual financial report with the provisions of Commission Delegated Regulation (EU)
2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and
of the Council with regard to regulatory technical standards on the specification of a single electronic
reporting format (‘the ESEF Regulation’), related to the financial statements.
Responsibilities of the Statutory Body
The Company's statutory body is responsible for the preparation of financial statements that comply
with the ESEF Regulation. This responsibility includes:
• the design, implementation and maintenance of internal control relevant to the application of the
ESEF Regulation;
• the preparation of all financial statements included in the annual report in the applicable XHTML
format.
Auditor's Responsibilities
Our responsibility is to express an opinion on whether the financial statements included in the annual
financial report comply, in all material respects, with the ESEF Regulation based on the evidence we
have obtained. We conducted our reasonable assurance engagement in accordance with International
Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or
Reviews of Historical Financial Information ("ISAE 3000").
The nature, timing and extent of procedures selected depend on the auditor’s judgment. Reasonable
assurance is a high level of assurance, but is not a guarantee that an assurance engagement conducted
in accordance with the above standard will always detect any existing material non-compliance with
the ESEF Regulation.
Our selected procedures included:
• obtaining an understanding of the requirements of the ESEF Regulation;
• obtaining an understanding of the Company’s internal control relevant to the application of the ESEF
Regulation;
• identifying and assessing the risks of material non -compliance with the ESEF Regulation, whether due
to fraud or error; and
• based on the above, designing and performing procedures to respond to the assessed risks and to
obtain reasonable assurance for the purpose of expressing our conclusion.
The objective of our procedures was to evaluate whether the financial statements included in the
annual financial report were prepared in the applicable XHTML format.
BDO Audit s.r.o., Czech limited company (registration number 453 14 381, registered by Municipal Court in Prague, file No. C 7279, certificate of Chamber
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
20
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
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We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Conclusion
In our opinion, the Company's financial statements for the year ended31 December 2025 included in
the annual financial report are, in all material respects, in compliance with the ESEF Regulation.
Statutory auditor responsible for the engagement
Jana Hubáčková is the statutory auditor responsible for the audit of the financial statements of the
Company as at 31 December 2025, which forms the basis of this independent auditor's report.
Prague, 27. April 2026
Audit firm: Engagement Partner:
BDO Audit s. r. o. Ing. Jana Hubáčková
Certificate No 018 Certificate No. 2501
of auditors No. 018) is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network
of independent member firms.
20
Tel: +420 241 046 111
www.bdo.cz
BDO Audit s.r.o.
V Parku 2316/12
Prague 4
148 00
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Conclusion
In our opinion, the Company's financial statements for the year ended31 December 2025 included in
the annual financial report are, in all material respects, in compliance with the ESEF Regulation.
Statutory auditor responsible for the engagement
Jana Hubáčková is the statutory auditor responsible for the audit of the financial statements of the
Company as at 31 December 2025, which forms the basis of this independent auditor's report.
Prague, 27. April 2026
Audit firm: Engagement Partner:
BDO Audit s. r. o. Ing. Jana Hubáčková
Certificate No 018 Certificate No. 2501
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
21
11. MANAGING DIRECTOR DECLARATION
We declare that, to the best of our knowledge, the Annual Financial Report the period 6 February – 31
December 2025 gives a true and fair view of the assets, liabilities, financial position and results of operations
of the issuer. The report also includes a description of significant events that occurred during the reported
period, and their impact on the financial statements, and a description of the principal risks and uncertainties
for the following period, as well as a description of related party transactions that materially affect the issuer's
results of operations, and provides a fair review of such required information.
This Annual Financial Report has been prepared and approved for issue on 27 April 2026.
_______________________________
Milan Kratina
Managing Director of Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
21
11. MANAGING DIRECTOR DECLARATION
We declare that, to the best of our knowledge, the Annual Financial Report the period 6 February – 31
December 2025 gives a true and fair view of the assets, liabilities, financial position and results of operations
of the issuer. The report also includes a description of significant events that occurred during the reported
period, and their impact on the financial statements, and a description of the principal risks and uncertainties
for the following period, as well as a description of related party transactions that materially affect the issuer's
results of operations, and provides a fair review of such required information.
This Annual Financial Report has been prepared and approved for issue on 27 April 2026.
_______________________________
Milan Kratina
Managing Director of Accolade Finco Czech 2, s.r.o.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
22
12. ATTACHMENT 1: FINANCIAL STATEMENTS AND NOTES FOR THE PERIOD 6 FEBRUARY –
31 DECEMBER 2025 PREPARED IN ACCORDANCE WITH IFRS AS ADOPTED BY EU
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
22
12. ATTACHMENT 1: FINANCIAL STATEMENTS AND NOTES FOR THE PERIOD 6 FEBRUARY –
31 DECEMBER 2025 PREPARED IN ACCORDANCE WITH IFRS AS ADOPTED BY EU
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
23
ACCOLADE FINCO CZECH 2, S.R.O.
Annual Financial Statements for the period 6 February – 31 December 2025 prepared
in accordance with International Financial Reporting Standards as adopted by EU
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
23
ACCOLADE FINCO CZECH 2, S.R.O.
Annual Financial Statements for the period 6 February – 31 December 2025 prepared
in accordance with International Financial Reporting Standards as adopted by EU
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
24
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME THE PERIOD
6 FEBRUARY – 31 DECEMBER 2025
(CZK '000) Notes 31 DEC 2025
Revenues 0
Cost of revenues 7 -861
Gross profit -861
Profit from operations -861
Interest income 7,10 149 155
Interest expense 7,11 -144 616
FX gain and loss 23
Other financial income and expense -14
Profit before tax 3 687
Income taxes 13 -158
PROFIT FOR THE PERIOD 3 529
Other comprehensive income 0
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3 529
The notes on pages 25 to 47 are an integral part of these financial statements.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
24
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME THE PERIOD
6 FEBRUARY – 31 DECEMBER 2025
(CZK '000) Notes 31 DEC 2025
Revenues 0
Cost of revenues 7 -861
Gross profit -861
Profit from operations -861
Interest income 7,10 149 155
Interest expense 7,11 -144 616
FX gain and loss 23
Other financial income and expense -14
Profit before tax 3 687
Income taxes 13 -158
PROFIT FOR THE PERIOD 3 529
Other comprehensive income 0
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3 529
The notes on pages 25 to 47 are an integral part of these financial statements.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
25
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
(CZK '000) Notes 31 DEC 2025
ASSETS
NON-CURRENT ASSETS
Related party receivables 10 4 053 895
Deferred tax asset 13 308
TOTAL NON-CURRENT ASSETS 4 054 203
CURRENT ASSETS
Cash and cash equivalents 8 76
Prepayments and other current assets 14 0
Related party receivables 10 317 413
TOTAL CURRENT ASSETS 317 489
TOTAL ASSETS 4 371 691
(CZK '000) Notes 31 DEC 2025
EQUITY
Share capital 12 24
Profit (Loss) for the period 3 529
TOTAL EQUITY 3 553
NON-CURRENT LIABILITIES
Loans and Borrowings 10,11 4 065 533
TOTAL NON-CURRENT LIABILITIES 4 065 533
CURRENT LIABILITIES
Trade and other payables 15 196
Loans and Borrowings 11 301 944
Income tax payable 13 466
TOTAL CURRENT LIABILITIES 302 606
TOTAL LIABILITIES AND EQUITY 4 371 691
The notes on pages 27 to 42 are an integral part of these financial statements.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
25
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
(CZK '000) Notes 31 DEC 2025
ASSETS
NON-CURRENT ASSETS
Related party receivables 10 4 053 895
Deferred tax asset 13 308
TOTAL NON-CURRENT ASSETS 4 054 203
CURRENT ASSETS
Cash and cash equivalents 8 76
Prepayments and other current assets 14 0
Related party receivables 10 317 413
TOTAL CURRENT ASSETS 317 489
TOTAL ASSETS 4 371 691
(CZK '000) Notes 31 DEC 2025
EQUITY
Share capital 12 24
Profit (Loss) for the period 3 529
TOTAL EQUITY 3 553
NON-CURRENT LIABILITIES
Loans and Borrowings 10,11 4 065 533
TOTAL NON-CURRENT LIABILITIES 4 065 533
CURRENT LIABILITIES
Trade and other payables 15 196
Loans and Borrowings 11 301 944
Income tax payable 13 466
TOTAL CURRENT LIABILITIES 302 606
TOTAL LIABILITIES AND EQUITY 4 371 691
The notes on pages 27 to 42 are an integral part of these financial statements.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
26
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2026
(CZK '000) Share
capital
Net result of the
period
Total equity
Balance at 6 February 2025 0 0 0
Issue of Share capital 24 24
Profit (Loss) for the period 3 529 3 529
Other comprehensive income 0 0
Total comprehensive income for the period 3 529 3 529
Balance at 31 December 2025 24 3 529 3 553
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
(CZK '000) Notes 31 DEC
2025
Profit for the period after tax 7 3 529
Interests for the year 10 -4 539
Unpaid tax 13 158
Increase/(decrease) in trade and other payables 9 196
Other non-cash operations 10 -103
Net cash flows from operating activities -760
Proceeds from related party receivables 10 -4 288 007
Collection of interest on receivables from related parties and
other interests 10 65 855
Net cash flows from investing activities -4 222 152
Proceeds from issue of bonds 11 4 287 898
Repayment of interest on bonds issued 11 -65 034
Proceeds from relates party payables 9 100
Increase in cash due to an increase in equity 12 24
Net cash flows from financing activities 4 222 988
Net increase in cash and cash equivalents 76
Cash and cash equivalents at beginning of the period 8 0
Cash and cash equivalents at end of the period 8 76
The notes on pages 27 to 42 are an integral part of these financial statements.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
26
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2026
(CZK '000) Share
capital
Net result of the
period
Total equity
Balance at 6 February 2025 0 0 0
Issue of Share capital 24 24
Profit (Loss) for the period 3 529 3 529
Other comprehensive income 0 0
Total comprehensive income for the period 3 529 3 529
Balance at 31 December 2025 24 3 529 3 553
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
(CZK '000) Notes 31 DEC
2025
Profit for the period after tax 7 3 529
Interests for the year 10 -4 539
Unpaid tax 13 158
Increase/(decrease) in trade and other payables 9 196
Other non-cash operations 10 -103
Net cash flows from operating activities -760
Proceeds from related party receivables 10 -4 288 007
Collection of interest on receivables from related parties and
other interests 10 65 855
Net cash flows from investing activities -4 222 152
Proceeds from issue of bonds 11 4 287 898
Repayment of interest on bonds issued 11 -65 034
Proceeds from relates party payables 9 100
Increase in cash due to an increase in equity 12 24
Net cash flows from financing activities 4 222 988
Net increase in cash and cash equivalents 76
Cash and cash equivalents at beginning of the period 8 0
Cash and cash equivalents at end of the period 8 76
The notes on pages 27 to 42 are an integral part of these financial statements.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
27
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
CONTENTS
1.REPORTING ENTITY .......................................................................................................................................... 28
2.GOING CONCERN ............................................................................................................................................. 28
3.BASIS OF PREPARATION ................................................................................................................................... 29
4.APPLICATION OF NEW AND AMENDED STANDARDS ....................................................................................... 29
4.1.New standards, interpretations and amendments adopted from 1 January 2025 ..................................... 29
4.2.New standards, interpretations and amendments not yet effective .......................................................... 30
5.SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS ................................................... 32
6.SIGNIFICANT ACCOUNTING POLICIES .............................................................................................................. 32
6.1.Cash and cash equivalents ........................................................................................................................... 32
6.2.Trade and other receivables ........................................................................................................................ 32
6.3.Prepayments and other current assets ........................................................................................................ 32
6.4.Impairment of financial assets ..................................................................................................................... 33
6.5.Trade and other payables ............................................................................................................................ 33
6.6.Financial assets and liabilities ...................................................................................................................... 33
6.7.Equity ........................................................................................................................................................... 33
6.8.Current versus non-current classification .................................................................................................... 33
6.9.Taxes ............................................................................................................................................................ 34
6.10.Foreign currency transactions ................................................................................................................... 34
7.INCOME STATEMENT DISCLOSURES ................................................................................................................ 35
8.CASH AND CASH EQUIVALENTS ....................................................................................................................... 35
9.FINANCIAL ASSETS AND LIABILITIES ................................................................................................................. 36
10.RELATED PARTY DISCLOSURE ......................................................................................................................... 37
11.ISSUED BONDS ............................................................................................................................................... 38
12.SHARE CAPITAL .............................................................................................................................................. 39
13.TAXES ............................................................................................................................................................. 40
14.PREPAYMENTS AND OTHER CURRENT ASSETS .............................................................................................. 40
15.TRADE AND OTHER PAYABLES ....................................................................................................................... 41
16.SUBSEQUENT EVENTS .................................................................................................................................... 41
17.FINANCIAL RISK MANAGEMENT .................................................................................................................... 41
18.MANAGING DIRECTOR DECLARATION ........................................................................................................... 42
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
27
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
CONTENTS
1.REPORTING ENTITY .......................................................................................................................................... 28
2.GOING CONCERN ............................................................................................................................................. 28
3.BASIS OF PREPARATION ................................................................................................................................... 29
4.APPLICATION OF NEW AND AMENDED STANDARDS ....................................................................................... 29
4.1.New standards, interpretations and amendments adopted from 1 January 2025 ..................................... 29
4.2.New standards, interpretations and amendments not yet effective .......................................................... 30
5.SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS ................................................... 32
6.SIGNIFICANT ACCOUNTING POLICIES .............................................................................................................. 32
6.1.Cash and cash equivalents ........................................................................................................................... 32
6.2.Trade and other receivables ........................................................................................................................ 32
6.3.Prepayments and other current assets ........................................................................................................ 32
6.4.Impairment of financial assets ..................................................................................................................... 33
6.5.Trade and other payables ............................................................................................................................ 33
6.6.Financial assets and liabilities ...................................................................................................................... 33
6.7.Equity ........................................................................................................................................................... 33
6.8.Current versus non-current classification .................................................................................................... 33
6.9.Taxes ............................................................................................................................................................ 34
6.10.Foreign currency transactions ................................................................................................................... 34
7.INCOME STATEMENT DISCLOSURES ................................................................................................................ 35
8.CASH AND CASH EQUIVALENTS ....................................................................................................................... 35
9.FINANCIAL ASSETS AND LIABILITIES ................................................................................................................. 36
10.RELATED PARTY DISCLOSURE ......................................................................................................................... 37
11.ISSUED BONDS ............................................................................................................................................... 38
12.SHARE CAPITAL .............................................................................................................................................. 39
13.TAXES ............................................................................................................................................................. 40
14.PREPAYMENTS AND OTHER CURRENT ASSETS .............................................................................................. 40
15.TRADE AND OTHER PAYABLES ....................................................................................................................... 41
16.SUBSEQUENT EVENTS .................................................................................................................................... 41
17.FINANCIAL RISK MANAGEMENT .................................................................................................................... 41
18.MANAGING DIRECTOR DECLARATION ........................................................................................................... 42
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
28
1. REPORTING ENTITY
Company structure and identification
Accolade Finco Czech 2, s.r.o. (“the Company”) is a limited liability company incorporated and registered in the
Czech Republic with registered address at Sokolovská 394/17, Karlin, 186 00 Praha 8, Czech Republic. The
Company was formed on 6 February 2025 and registered in Commercial Register kept by the Municipal court
in Prague, section C, file 418562.
Registration number: 22567062
The registered subject of the Company’s business is rental of property, residential and non-residential premises.
Currently the company is not actively involved in this activity.
The Company is established for the purpose of issuing the bonds and subsequently providing intra -group financing.
Accolade Group (hereinafter stated as “Group” or “Accolade Group” or “Accolade Holding Group”) means the
Company, the sole shareholder Accolade Holding, a.s. and the Subsidiaries of the Company or the sole shareholder
Accolade Holding, a.s., as the structure of the Group may change over time following acquisitions and divestments.
For the avoidance of doubt, the Group does not include the Accolade Fund, the Accolade Sub -Fund, or any other
Fund or sub-fund or sub-sub-fund thereof, any Subsidiary thereof or any company included in the assets of the
Accolade Fund, the Accolade Sub-Fund or any other Fund or sub-fund or sub-fund thereof, unless such entities
become Subsidiaries of the sole shareholder Accolade Holding, a.s. in the future.
Ownership
As of 31 December 2025, the ownership structure of the Company was as follows:
Company Registered address Interest on share capital
Accolade Holding, a.s.
Registration number: 28645065
Section B file 19102 kept by the
Municipal court in Prague
Sokolovská 394/17, Karlín,
186 00 Praha 8, Czech
Republic
100%
Statutory authority
Executive Date
Milan Kratina 6 February 2025
Zdeněk Šoustal 6 February 2025
Beneficial owners
Beneficial owners of the Controlling Entity are:
a) Mgr. Milan Kratina with a 50% share in the Controlling Entity; and
b) Ing. Zdeněk Šoustal with a 50% share in the Controlling Entity.
The Company has no organizational unit abroad.
Information on independent auditor
The Financial Statements of the Company were audited by an independent auditor BDO Audit s.r.o.
2. GOING CONCERN
The Financial Statements for the period 6 February – 31 December 2025 have been prepared assuming that the
Company will continue to operate as a going concern.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
28
1. REPORTING ENTITY
Company structure and identification
Accolade Finco Czech 2, s.r.o. (“the Company”) is a limited liability company incorporated and registered in the
Czech Republic with registered address at Sokolovská 394/17, Karlin, 186 00 Praha 8, Czech Republic. The
Company was formed on 6 February 2025 and registered in Commercial Register kept by the Municipal court
in Prague, section C, file 418562.
Registration number: 22567062
The registered subject of the Company’s business is rental of property, residential and non-residential premises.
Currently the company is not actively involved in this activity.
The Company is established for the purpose of issuing the bonds and subsequently providing intra -group financing.
Accolade Group (hereinafter stated as “Group” or “Accolade Group” or “Accolade Holding Group”) means the
Company, the sole shareholder Accolade Holding, a.s. and the Subsidiaries of the Company or the sole shareholder
Accolade Holding, a.s., as the structure of the Group may change over time following acquisitions and divestments.
For the avoidance of doubt, the Group does not include the Accolade Fund, the Accolade Sub -Fund, or any other
Fund or sub-fund or sub-sub-fund thereof, any Subsidiary thereof or any company included in the assets of the
Accolade Fund, the Accolade Sub-Fund or any other Fund or sub-fund or sub-fund thereof, unless such entities
become Subsidiaries of the sole shareholder Accolade Holding, a.s. in the future.
Ownership
As of 31 December 2025, the ownership structure of the Company was as follows:
Company Registered address Interest on share capital
Accolade Holding, a.s.
Registration number: 28645065
Section B file 19102 kept by the
Municipal court in Prague
Sokolovská 394/17, Karlín,
186 00 Praha 8, Czech
Republic
100%
Statutory authority
Executive Date
Milan Kratina 6 February 2025
Zdeněk Šoustal 6 February 2025
Beneficial owners
Beneficial owners of the Controlling Entity are:
a) Mgr. Milan Kratina with a 50% share in the Controlling Entity; and
b) Ing. Zdeněk Šoustal with a 50% share in the Controlling Entity.
The Company has no organizational unit abroad.
Information on independent auditor
The Financial Statements of the Company were audited by an independent auditor BDO Audit s.r.o.
2. GOING CONCERN
The Financial Statements for the period 6 February – 31 December 2025 have been prepared assuming that the
Company will continue to operate as a going concern.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
29
3. BASIS OF PREPARATION
Statement of compliance
The Company prepares Financial Statements in accordance with International Financial Reporting Standards (IFRS)
as adopted by European Union. These financial statements have been prepared as stand-alone the period
6 February – 31 December 2025 .
The significant accounting policies adopted in the preparation of the financial statements are described below. These
accounting policies have been consistently applied in all material respects to all periods presented.
Basis of measurement
The Financial Statements have been prepared on a historical cost basis. Historical cost is generally based on the fair
value of the consideration given in exchange for goods and services.
Functional and presentation currency
The financial statements are presented in Czech crowns (CZK), which is the Company’s functional and presentation
currency. All amounts have been rounded to the nearest thousand (CZK ’000), unless otherwise indicated.
Reporting by segments
All revenue is generated within the Czech Republic, and the Company does not divide its operations into different
operating segments. Revenue is solely of a financial nature and arises from financial instruments, which are
described in more detail in this Note.
4. APPLICATION OF NEW AND AMENDED STANDARDS
4.1. New standards, interpretations and amendments adopted from 1 January 2025
For annual reporting periods beginning on or after 1 January 2025, the following are newly effective requirements:
• Lack of Exchangeability (Amendment to IAS 21)
These amendments had no effect on the consolidated financial statements of the Group.
Lack of Exchangeability (Amendment to IAS 21)
On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign
Exchange Rates (the Amendments). The Amendments arose as a result of a submission received by the IFRS
Interpretations Committee about the determination of the exchange rate when there is a long-term lack of
exchangeability. IAS 21, prior to the Amendments, did not include explicit requirements for the determination of the
exchange rate when a currency is not exchangeable into another currency, which led to diversity in practice.
The Amendments introduce requirements to assess when a currency is exchangeable into another currency and
when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a
currency is not exchangeable into another currency.
The following illustrative examples have been issued during 2025 with no effective date:
Illustrative examples on reporting uncertainties in financial statements
On 28 November 2025, the IASB issued Disclosures about Uncertainties in the Financial Statements – Illustrative
examples, which amended multiple IFRS Accounting Standards to include illustrative examples demonstrating how
companies can apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial
statements. The illustrative examples are accompanying materials to IFRS Accounting Standards and do not have an
effective date. The IASB had issued a near-final staff draft of the illustrative examples in July 2025.
The Company has considered these illustrative examples in its preparation of the financial statements and no
additional disclosures or changes in presentation were considered necessary.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
29
3. BASIS OF PREPARATION
Statement of compliance
The Company prepares Financial Statements in accordance with International Financial Reporting Standards (IFRS)
as adopted by European Union. These financial statements have been prepared as stand-alone the period
6 February – 31 December 2025 .
The significant accounting policies adopted in the preparation of the financial statements are described below. These
accounting policies have been consistently applied in all material respects to all periods presented.
Basis of measurement
The Financial Statements have been prepared on a historical cost basis. Historical cost is generally based on the fair
value of the consideration given in exchange for goods and services.
Functional and presentation currency
The financial statements are presented in Czech crowns (CZK), which is the Company’s functional and presentation
currency. All amounts have been rounded to the nearest thousand (CZK ’000), unless otherwise indicated.
Reporting by segments
All revenue is generated within the Czech Republic, and the Company does not divide its operations into different
operating segments. Revenue is solely of a financial nature and arises from financial instruments, which are
described in more detail in this Note.
4. APPLICATION OF NEW AND AMENDED STANDARDS
4.1. New standards, interpretations and amendments adopted from 1 January 2025
For annual reporting periods beginning on or after 1 January 2025, the following are newly effective requirements:
• Lack of Exchangeability (Amendment to IAS 21)
These amendments had no effect on the consolidated financial statements of the Group.
Lack of Exchangeability (Amendment to IAS 21)
On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign
Exchange Rates (the Amendments). The Amendments arose as a result of a submission received by the IFRS
Interpretations Committee about the determination of the exchange rate when there is a long-term lack of
exchangeability. IAS 21, prior to the Amendments, did not include explicit requirements for the determination of the
exchange rate when a currency is not exchangeable into another currency, which led to diversity in practice.
The Amendments introduce requirements to assess when a currency is exchangeable into another currency and
when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a
currency is not exchangeable into another currency.
The following illustrative examples have been issued during 2025 with no effective date:
Illustrative examples on reporting uncertainties in financial statements
On 28 November 2025, the IASB issued Disclosures about Uncertainties in the Financial Statements – Illustrative
examples, which amended multiple IFRS Accounting Standards to include illustrative examples demonstrating how
companies can apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial
statements. The illustrative examples are accompanying materials to IFRS Accounting Standards and do not have an
effective date. The IASB had issued a near-final staff draft of the illustrative examples in July 2025.
The Company has considered these illustrative examples in its preparation of the financial statements and no
additional disclosures or changes in presentation were considered necessary.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
30
4.2. New standards, interpretations and amendments not yet effective
There are a number of standards, amendments to standards, and interpretations which have been issued by the
IASB that are effective in future accounting periods that the Company has decided not to adopt early.
• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and
IFRS 7)
• Contracts Referencing Nature-dependent Electricity (previously Power Purchase Agreements) (Amendments
to IFRS 9 and IFRS 7)
The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:
• IFRS 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures
The Company is currently assessing the effect of these new accounting standards and amendments.
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
In response to matters that had been raised to the IFRS Interpretations Committee as well as matters that arose
during the post-implementation review of classification and measurement requirements of IFRS 9 Financial
Instruments, in May 2024, the IASB issued Amendments to the Classification and Measurement of Financial
Instruments. The Amendments modify the following requirements in IFRS 9 and IFRS 7:
Derecognition of financial liabilities
• Derecognition of financial liabilities settled through electronic transfers.
Classification of financial assets
• Elements of interest in a basic lending arrangement (the solely payments of principle and interest
assessment – ‘SPPI test’)
• Contractual terms that change the timing or amount of contractual cash flows
• Financial assets with non-recourse features
• Investments in contractually linked instruments.
Disclosures
• Investments in equity instruments designated at fair value through other comprehensive income
• Contractual terms that could change the timing or amount of contractual cash flows.
The Amendments may significantly affect how entities account for the derecognition of financial liabilities and how
financial assets are classified.
Contracts Referencing Nature-dependent Electricity (previously Power Purchase Agreements) (Amendments to
IFRS 9 and IFRS 7)
On 18 December 2024 the IASB issued amendments to improve the reporting by companies of the financial effects
of nature-dependent electricity contracts that are often structured as power purchase agreements (PPAs).
Nature-dependent electricity contracts assist companies to secure their electricity supply from wind and solar power
sources. Since the amount of electricity generated under these contracts may vary based on uncontrollable factors
related to weather conditions, current accounting requirements may not adequately capture how these contracts
affect a company’s performance. In response, the IASB has made targeted
amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to improve the disclosure
of these contracts in the financial statements. The amendments include:
• Clarifying the application of the ‘own-use’ requirements;
• Permitting hedge accounting if these contracts are used as hedging instruments; and
• Adding new disclosure requirements to enable investors to understand the effect of these contracts on a
company’s financial performance and cash flows.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
30
4.2. New standards, interpretations and amendments not yet effective
There are a number of standards, amendments to standards, and interpretations which have been issued by the
IASB that are effective in future accounting periods that the Company has decided not to adopt early.
• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and
IFRS 7)
• Contracts Referencing Nature-dependent Electricity (previously Power Purchase Agreements) (Amendments
to IFRS 9 and IFRS 7)
The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:
• IFRS 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures
The Company is currently assessing the effect of these new accounting standards and amendments.
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
In response to matters that had been raised to the IFRS Interpretations Committee as well as matters that arose
during the post-implementation review of classification and measurement requirements of IFRS 9 Financial
Instruments, in May 2024, the IASB issued Amendments to the Classification and Measurement of Financial
Instruments. The Amendments modify the following requirements in IFRS 9 and IFRS 7:
Derecognition of financial liabilities
• Derecognition of financial liabilities settled through electronic transfers.
Classification of financial assets
• Elements of interest in a basic lending arrangement (the solely payments of principle and interest
assessment – ‘SPPI test’)
• Contractual terms that change the timing or amount of contractual cash flows
• Financial assets with non-recourse features
• Investments in contractually linked instruments.
Disclosures
• Investments in equity instruments designated at fair value through other comprehensive income
• Contractual terms that could change the timing or amount of contractual cash flows.
The Amendments may significantly affect how entities account for the derecognition of financial liabilities and how
financial assets are classified.
Contracts Referencing Nature-dependent Electricity (previously Power Purchase Agreements) (Amendments to
IFRS 9 and IFRS 7)
On 18 December 2024 the IASB issued amendments to improve the reporting by companies of the financial effects
of nature-dependent electricity contracts that are often structured as power purchase agreements (PPAs).
Nature-dependent electricity contracts assist companies to secure their electricity supply from wind and solar power
sources. Since the amount of electricity generated under these contracts may vary based on uncontrollable factors
related to weather conditions, current accounting requirements may not adequately capture how these contracts
affect a company’s performance. In response, the IASB has made targeted
amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to improve the disclosure
of these contracts in the financial statements. The amendments include:
• Clarifying the application of the ‘own-use’ requirements;
• Permitting hedge accounting if these contracts are used as hedging instruments; and
• Adding new disclosure requirements to enable investors to understand the effect of these contracts on a
company’s financial performance and cash flows.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
31
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements.
IFRS 18, which was published by the IASB on 9 April 2024, sets out significant new requirements for how financial
statements are presented, with particular focus on:
• The statement of profit or loss, including requirements for mandatory sub-totals to be presented. IFRS 18
introduces requirements for items of income and expense to be classified into one of five categories in the
statement of profit or loss. This classification results in certain sub-totals being presented, such as the sum
of all items of income and expense in the operating category comprising the new mandatory ‘operating
profit or loss’ sub-total.
• Aggregation and disaggregation of information, including the introduction of overall principles for how
information should be aggregated and disaggregated in financial statements.
• Disclosures related to management-defined performance measures (MPMs), which are measures of
financial performance based on a total or sub-total required by IFRS Accounting Standards with adjustments
made (e.g. ‘adjusted profit or loss’). Entities will be required to disclose MPMs in the financial statements
with disclosures, including reconciliations of MPMs to the nearest total or sub-total calculated in accordance
with IFRS Accounting Standards.
The aim of the IASB in publishing IFRS 18 is to improve comparability and transparency of companies’ performance
reporting. IFRS 18 has also resulted in narrow changes to the statement of cash flows.
IFRS 18 Presentation and Disclosure in Financial Statements will result in major consequential amendments to IFRS
Accounting Standards including IAS 8 Basis of Preparation of Financial Statements. Even though
IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, it is
expected to have a significant effect on the presentation and disclosure of certain items. These changes include
categorization and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of
information, and disclosure of management-defined performance measures.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
On 9 May 2024, the International Accounting Standards Board (IASB) issued IFRS 19 Subsidiaries without Public
Accountability: Disclosures.
Stakeholders have asked the IASB to permit a subsidiary reporting to a parent applying IFRS Accounting Standards
in its financial statements to apply IFRS Accounting Standards with reduced disclosure requirements in its own
financial statements. Considering this feedback, the IASB added a project to its research pipeline to provide reduced
disclosure requirements for subsidiaries without public accountability. The project has culminated in the issuance of
IFRS 19, which permits eligible subsidiaries to apply reduced disclosure requirements while applying the recognition,
measurement and presentation requirements in IFRS Accounting Standards.
For example, under IFRS 19, an entity that has transactions within the scope of IFRS 2 Share-based Payment would
not apply the disclosure requirements in IFRS 2.44-52, which are extensive. Instead, an entity would disclose only
the information contained in paragraphs 31-34 of IFRS 19, which include a description of share-based payment
arrangements, the number and weighted average exercise prices of share options, how an entity measures the fair
value of equity-settled share-based payment transactions and other general information about transactions in the
scope of IFRS 2.
As an indication of the scope of the reduction in disclosure requirements, IFRS 2 currently contains 991 words in its
disclosure requirements, whereas IFRS 19 contains only 250 words relating to IFRS 2 disclosures.
The eligibility criteria for an entity to apply IFRS 19 are:
• The entity is a subsidiary (as defined in Appendix A of IFRS 10 Financial Statements);
• The entity does not have public accountability; and
• The entity has an ultimate or intermediate parent that produces financial statements available for public use
that comply with IFRS Accounting Standards.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
31
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements.
IFRS 18, which was published by the IASB on 9 April 2024, sets out significant new requirements for how financial
statements are presented, with particular focus on:
• The statement of profit or loss, including requirements for mandatory sub-totals to be presented. IFRS 18
introduces requirements for items of income and expense to be classified into one of five categories in the
statement of profit or loss. This classification results in certain sub-totals being presented, such as the sum
of all items of income and expense in the operating category comprising the new mandatory ‘operating
profit or loss’ sub-total.
• Aggregation and disaggregation of information, including the introduction of overall principles for how
information should be aggregated and disaggregated in financial statements.
• Disclosures related to management-defined performance measures (MPMs), which are measures of
financial performance based on a total or sub-total required by IFRS Accounting Standards with adjustments
made (e.g. ‘adjusted profit or loss’). Entities will be required to disclose MPMs in the financial statements
with disclosures, including reconciliations of MPMs to the nearest total or sub-total calculated in accordance
with IFRS Accounting Standards.
The aim of the IASB in publishing IFRS 18 is to improve comparability and transparency of companies’ performance
reporting. IFRS 18 has also resulted in narrow changes to the statement of cash flows.
IFRS 18 Presentation and Disclosure in Financial Statements will result in major consequential amendments to IFRS
Accounting Standards including IAS 8 Basis of Preparation of Financial Statements. Even though
IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, it is
expected to have a significant effect on the presentation and disclosure of certain items. These changes include
categorization and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of
information, and disclosure of management-defined performance measures.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
On 9 May 2024, the International Accounting Standards Board (IASB) issued IFRS 19 Subsidiaries without Public
Accountability: Disclosures.
Stakeholders have asked the IASB to permit a subsidiary reporting to a parent applying IFRS Accounting Standards
in its financial statements to apply IFRS Accounting Standards with reduced disclosure requirements in its own
financial statements. Considering this feedback, the IASB added a project to its research pipeline to provide reduced
disclosure requirements for subsidiaries without public accountability. The project has culminated in the issuance of
IFRS 19, which permits eligible subsidiaries to apply reduced disclosure requirements while applying the recognition,
measurement and presentation requirements in IFRS Accounting Standards.
For example, under IFRS 19, an entity that has transactions within the scope of IFRS 2 Share-based Payment would
not apply the disclosure requirements in IFRS 2.44-52, which are extensive. Instead, an entity would disclose only
the information contained in paragraphs 31-34 of IFRS 19, which include a description of share-based payment
arrangements, the number and weighted average exercise prices of share options, how an entity measures the fair
value of equity-settled share-based payment transactions and other general information about transactions in the
scope of IFRS 2.
As an indication of the scope of the reduction in disclosure requirements, IFRS 2 currently contains 991 words in its
disclosure requirements, whereas IFRS 19 contains only 250 words relating to IFRS 2 disclosures.
The eligibility criteria for an entity to apply IFRS 19 are:
• The entity is a subsidiary (as defined in Appendix A of IFRS 10 Financial Statements);
• The entity does not have public accountability; and
• The entity has an ultimate or intermediate parent that produces financial statements available for public use
that comply with IFRS Accounting Standards.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
32
An entity has public accountability if:
• Its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments
for trading in a public market; or
• It holds assets in a fiduciary capacity for a broad Company of outsiders as one of its primary businesses.
5. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of Financial Statements in accordance with IFRS requires the directors to make critical accounting
estimates and judgments that affect the amounts reported in the Financial Statements and accompanying notes.
These estimates and judgments are continually evaluated and are based on historical experiences and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
The preparation of Financial Statements in accordance with IFRS requires the use of estimates and assumptions that
affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the
disclosure of contingent liabilities at the date of the Financial Statements. Uncertainty about these assumptions and
estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities
affected in future periods.
There are no estimates and assumptions that have a significant effect on the amounts recognized in the Financial
Statements or the risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year.
6. SIGNIFICANT ACCOUNTING POLICIES
6.1. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks. The carrying amount is the same as the
nominal value.
The cash flow statement has been prepared using the indirect method. Cash equivalents represent short-term liquid
assets that can be easily converted to a known amount of cash. Cash flows from operating, investing or financing
activities are reported in the statement of cash flows uncompensated.
6.2. Trade and other receivables
Trade and other receivables are carried at the original invoice amount, including value-added tax and other sales
taxes, and less allowance for doubtful receivables. The carrying value of trade and other receivables classified at
amortised cost approximates fair value.
Trade and other receivables do not include a significant financing component because they are due usually within
30 days of the invoice date, definitely no longer than within 12 months.
6.3. Prepayments and other current assets
The carrying value of prepayments and other current assets classified at amortised cost approximates fair value.
The other current assets represent prepaid expenses that relate to periods after the date of the financial
statements.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
32
An entity has public accountability if:
• Its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments
for trading in a public market; or
• It holds assets in a fiduciary capacity for a broad Company of outsiders as one of its primary businesses.
5. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of Financial Statements in accordance with IFRS requires the directors to make critical accounting
estimates and judgments that affect the amounts reported in the Financial Statements and accompanying notes.
These estimates and judgments are continually evaluated and are based on historical experiences and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
The preparation of Financial Statements in accordance with IFRS requires the use of estimates and assumptions that
affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the
disclosure of contingent liabilities at the date of the Financial Statements. Uncertainty about these assumptions and
estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities
affected in future periods.
There are no estimates and assumptions that have a significant effect on the amounts recognized in the Financial
Statements or the risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year.
6. SIGNIFICANT ACCOUNTING POLICIES
6.1. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks. The carrying amount is the same as the
nominal value.
The cash flow statement has been prepared using the indirect method. Cash equivalents represent short-term liquid
assets that can be easily converted to a known amount of cash. Cash flows from operating, investing or financing
activities are reported in the statement of cash flows uncompensated.
6.2. Trade and other receivables
Trade and other receivables are carried at the original invoice amount, including value-added tax and other sales
taxes, and less allowance for doubtful receivables. The carrying value of trade and other receivables classified at
amortised cost approximates fair value.
Trade and other receivables do not include a significant financing component because they are due usually within
30 days of the invoice date, definitely no longer than within 12 months.
6.3. Prepayments and other current assets
The carrying value of prepayments and other current assets classified at amortised cost approximates fair value.
The other current assets represent prepaid expenses that relate to periods after the date of the financial
statements.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
33
6.4. Impairment of financial assets
The Company measures impairment allowances using the expected credit loss (“ECL”) model for financial assets
measured at amortised cost, primarily loans provided. Impairment allowances for loans are determined on the
basis of 12‑month expected credit losses. Where there is a significant increase in credit risk, the Company
recognises lifetime expected credit losses (i.e., expected credit losses that result from all possible default events
over the expected life of the financial instrument). The amount of expected credit losses is updated at each
reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
At each balance sheet date, the Company assesses whether financial assets measured at amortized cost are
impaired. A financial asset is impaired if one or more events have occurred that have an adverse effect on the
estimated future cash flows associated with that financial asset. The Company considers a financial asset to be
impaired if:
(a) the financial asset or a significant portion thereof is more than 90 days past due; or
(b) legal proceedings have been initiated against the debtor, the outcome or the process of which may affect the
debtor’s ability to repay the debt; or
(c) insolvency proceedings or other similar proceedings under foreign law have been initiated against the debtor,
which may lead to a declaration of bankruptcy, and the petition to initiate such proceedings has not been
dismissed or such proceedings have not been stayed within 30 days of initiation (b) and (c) are considered
“default”); or
(d) the probability of default of the debtor increases by 100% compared to the previous rating; or (e) other
significant events requiring individual assessment (e.g., changes in the external rating of major credit risks).
6.5. Trade and other payables
Trade and other payables are carried at the original invoice amount. The carrying value of trade and other payables
classified at amortised cost approximates fair value.
Trade and other payables do not include a significant financing component because they are due in short-term
period, definitely no longer than within 12 months.
6.6. Financial assets and liabilities
Loans and borrowings, liability from issued bonds are classified as financial assets and liabilities initial recognized
and measured at amortised cost. Subsequently they are measured at amortized cost using the effective interest
(“EIR”) method. Interest income and expense and foreign exchange gains and losses and impairments are recognized
in profit or loss.
Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.
The Company derecognizes a financial asset or liability when its contractual rights or obligations to the cash flows
are discharged, cancelled or expire. Any gain or loss on derecognition is also recognized in profit or loss.
6.7. Equity
Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity.
External costs directly attributable to the issuance of share capital, other than upon a business combination, are
shown as a deduction from the proceeds, net of tax, in equity.
6.8. Current versus non-current classification
The Company presents assets and liabilities in statement of financial position based on current/non -current
classification.
An asset is current when it is:
• Expected to be realized or intended to be sold or consumed in normal operating cycle
• Held primarily for the purpose of trading
• Expected to be realized within twelve months after the reporting period
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
33
6.4. Impairment of financial assets
The Company measures impairment allowances using the expected credit loss (“ECL”) model for financial assets
measured at amortised cost, primarily loans provided. Impairment allowances for loans are determined on the
basis of 12‑month expected credit losses. Where there is a significant increase in credit risk, the Company
recognises lifetime expected credit losses (i.e., expected credit losses that result from all possible default events
over the expected life of the financial instrument). The amount of expected credit losses is updated at each
reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
At each balance sheet date, the Company assesses whether financial assets measured at amortized cost are
impaired. A financial asset is impaired if one or more events have occurred that have an adverse effect on the
estimated future cash flows associated with that financial asset. The Company considers a financial asset to be
impaired if:
(a) the financial asset or a significant portion thereof is more than 90 days past due; or
(b) legal proceedings have been initiated against the debtor, the outcome or the process of which may affect the
debtor’s ability to repay the debt; or
(c) insolvency proceedings or other similar proceedings under foreign law have been initiated against the debtor,
which may lead to a declaration of bankruptcy, and the petition to initiate such proceedings has not been
dismissed or such proceedings have not been stayed within 30 days of initiation (b) and (c) are considered
“default”); or
(d) the probability of default of the debtor increases by 100% compared to the previous rating; or (e) other
significant events requiring individual assessment (e.g., changes in the external rating of major credit risks).
6.5. Trade and other payables
Trade and other payables are carried at the original invoice amount. The carrying value of trade and other payables
classified at amortised cost approximates fair value.
Trade and other payables do not include a significant financing component because they are due in short-term
period, definitely no longer than within 12 months.
6.6. Financial assets and liabilities
Loans and borrowings, liability from issued bonds are classified as financial assets and liabilities initial recognized
and measured at amortised cost. Subsequently they are measured at amortized cost using the effective interest
(“EIR”) method. Interest income and expense and foreign exchange gains and losses and impairments are recognized
in profit or loss.
Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.
The Company derecognizes a financial asset or liability when its contractual rights or obligations to the cash flows
are discharged, cancelled or expire. Any gain or loss on derecognition is also recognized in profit or loss.
6.7. Equity
Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity.
External costs directly attributable to the issuance of share capital, other than upon a business combination, are
shown as a deduction from the proceeds, net of tax, in equity.
6.8. Current versus non-current classification
The Company presents assets and liabilities in statement of financial position based on current/non -current
classification.
An asset is current when it is:
• Expected to be realized or intended to be sold or consumed in normal operating cycle
• Held primarily for the purpose of trading
• Expected to be realized within twelve months after the reporting period
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
34
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
• It is expected to be settled in normal operating cycle
• It is held primarily for the purpose of trading
• It is due to be settled within twelve months after the reporting period
• There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
6.9. Taxes
Current income tax assets and liabilities for an accounting period are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rate and tax law used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the country where the Company operates and
generates taxable income.
The income tax expense is calculated using the statutory tax rate and based on the net profit for the year increased
or decreased by permanently or temporarily non-deductible expenses and non-taxable income (e.g. addition and
release of non-deductible provisions, entertainment expenses, difference between accounting and tax depreciation
charges etc.). Furthermore, items reducing the tax base (gifts), deductions (tax loss, costs incurred on research and
development projects) and income tax reliefs are taken into consideration.
The deferred tax asset/liability is calculated using the balance sheet liability method and reflects the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and
income tax calculation purposes with respect to the period of reversal. Financial statements were prepared before
the final calculation of income tax, the entity recognizes an income tax provision.
6.10. Foreign currency transactions
Monetary assets and liabilities denominated in foreign currencies have been translated at closing rates of exchange
at the balance sheet date. Exchange differences have been included in financial income and expenses.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
34
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
• It is expected to be settled in normal operating cycle
• It is held primarily for the purpose of trading
• It is due to be settled within twelve months after the reporting period
• There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
6.9. Taxes
Current income tax assets and liabilities for an accounting period are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rate and tax law used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the country where the Company operates and
generates taxable income.
The income tax expense is calculated using the statutory tax rate and based on the net profit for the year increased
or decreased by permanently or temporarily non-deductible expenses and non-taxable income (e.g. addition and
release of non-deductible provisions, entertainment expenses, difference between accounting and tax depreciation
charges etc.). Furthermore, items reducing the tax base (gifts), deductions (tax loss, costs incurred on research and
development projects) and income tax reliefs are taken into consideration.
The deferred tax asset/liability is calculated using the balance sheet liability method and reflects the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and
income tax calculation purposes with respect to the period of reversal. Financial statements were prepared before
the final calculation of income tax, the entity recognizes an income tax provision.
6.10. Foreign currency transactions
Monetary assets and liabilities denominated in foreign currencies have been translated at closing rates of exchange
at the balance sheet date. Exchange differences have been included in financial income and expenses.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
35
7. INCOME STATEMENT DISCLOSURES
Revenues
The Company did not generate any revenue for the disclosed period.
Expenses
CZK '000 31 DEC 2025
Professional services 861
Other income/expense 0
Total 861
Financial expenses
CZK '000 31 DEC 2025
Interest expense from issued bonds 144 613
Interest expense from loans in the Group 3
Other financial expenses 26
Total 144 642
See more details about interest expense from issued bonds in Note 11.
Financial income
CZK '000 31 DEC 2025
Interest income from loans in the Group 149 140
Other interest income 15
Other financial income 20
Total 149 175
See more details about interest income from loans in the Group in Note 10.
Cumulative impact of foreign exchange gains/losses
The cumulative impact of foreign exchange gain/loss is 23 ths. CZK.
8. CASH AND CASH EQUIVALENTS
CZK '000 31 DEC 2025
Cash at bank 76
Total Cash and cash equivalents 76
Bank balances are available on demand. Cash consists of funds held in current bank accounts denominated in CZK.
The Company assessed the potential impairment of cash deposited with the bank as very low, given the published
credit risk assessments by external agencies; consequently, the Company ’s management evaluated the expected
credit losses estimated against the bank account balances as immaterial.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
35
7. INCOME STATEMENT DISCLOSURES
Revenues
The Company did not generate any revenue for the disclosed period.
Expenses
CZK '000 31 DEC 2025
Professional services 861
Other income/expense 0
Total 861
Financial expenses
CZK '000 31 DEC 2025
Interest expense from issued bonds 144 613
Interest expense from loans in the Group 3
Other financial expenses 26
Total 144 642
See more details about interest expense from issued bonds in Note 11.
Financial income
CZK '000 31 DEC 2025
Interest income from loans in the Group 149 140
Other interest income 15
Other financial income 20
Total 149 175
See more details about interest income from loans in the Group in Note 10.
Cumulative impact of foreign exchange gains/losses
The cumulative impact of foreign exchange gain/loss is 23 ths. CZK.
8. CASH AND CASH EQUIVALENTS
CZK '000 31 DEC 2025
Cash at bank 76
Total Cash and cash equivalents 76
Bank balances are available on demand. Cash consists of funds held in current bank accounts denominated in CZK.
The Company assessed the potential impairment of cash deposited with the bank as very low, given the published
credit risk assessments by external agencies; consequently, the Company ’s management evaluated the expected
credit losses estimated against the bank account balances as immaterial.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
36
9. FINANCIAL ASSETS AND LIABILITIES
CZK '000 Issued bonds Related party
payables
Related party
receivables
Total
(net)
At 6 February 2025 0 0 0 0
CAHS FLOWS -4 222 864 -100 4 222 168 -796
Proceeds -4 292 898 -100 4 429 692 136 694
Repayments 5 000 0 -141 669 -136 669
Interests 65 034 0 -65 855 -821
NON-CASH FLOWS 0 103 0 103
Set-offs 0 103 0 103
Other non-cash flows (FX) 0 0 0 0
INTERESTS FOR THE PERIOD -144 613 -3 149 140 4 524
At 31 December 2025 -4 367 477 0 4 371 308 3 831
Net gain for financial assets is 149 140 ths. CZK.
Net loss for financial liabilities is 133 616 ths. CZK.
Financial assets (loan provided in the Group) see in Note 10.
Financial liability (bonds) see in Note 11.
The Company holds financial assets and financial liabilities that bear interest. Interest income and interest expense
arising from these instruments are presented below.
CZK '000 31 DEC 2025
Loans provided (balance year end) 4 371 308
Term deposit (balance year end) 0
Interest-bearing financial assets 4 371 308
Interest income 149 155
Loans received (balance year end) 0
Bonds issued (balance year end) 4 367 477
Interest-bearing financial liabilities 4 367 477
Interest expense 144 616
Other financial assets and liabilities do not generate interest expense or income.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
36
9. FINANCIAL ASSETS AND LIABILITIES
CZK '000 Issued bonds Related party
payables
Related party
receivables
Total
(net)
At 6 February 2025 0 0 0 0
CAHS FLOWS -4 222 864 -100 4 222 168 -796
Proceeds -4 292 898 -100 4 429 692 136 694
Repayments 5 000 0 -141 669 -136 669
Interests 65 034 0 -65 855 -821
NON-CASH FLOWS 0 103 0 103
Set-offs 0 103 0 103
Other non-cash flows (FX) 0 0 0 0
INTERESTS FOR THE PERIOD -144 613 -3 149 140 4 524
At 31 December 2025 -4 367 477 0 4 371 308 3 831
Net gain for financial assets is 149 140 ths. CZK.
Net loss for financial liabilities is 133 616 ths. CZK.
Financial assets (loan provided in the Group) see in Note 10.
Financial liability (bonds) see in Note 11.
The Company holds financial assets and financial liabilities that bear interest. Interest income and interest expense
arising from these instruments are presented below.
CZK '000 31 DEC 2025
Loans provided (balance year end) 4 371 308
Term deposit (balance year end) 0
Interest-bearing financial assets 4 371 308
Interest income 149 155
Loans received (balance year end) 0
Bonds issued (balance year end) 4 367 477
Interest-bearing financial liabilities 4 367 477
Interest expense 144 616
Other financial assets and liabilities do not generate interest expense or income.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
37
10. RELATED PARTY DISCLOSURE
Related party loans and borrowings (parent company)
CZK '000 31 DEC 2025
(receivable)
31 DEC 2025
(payable)
Principal 4 287 931 0
Unpaid interests 83 376 0
Total amount 4 371 307 0
Current 317 413 0
Non-current 4 053 895 0
Total amount 4 371 307 0
Funds received from the issue of bonds were lent to the Group (Accolade Holding, a.s.) based on a loan contract.
Accolade Holding, a.s. (parent company receivable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 31 December 2030
• nominal interest rate of 7.3% p.a.
• final repayment date is 31 December 2031
Short-term part relates to interests payable up to 12 months.
There are no credit risks (ECL) related to receivables. Based on regular assessment of mandatory financial indicators
related to bond issuance described in Note 2.2 Annual Financial Report, there are no doubts about repayment of the
receivable provided to the Group.
The loan from Accolade Holding, a.s. to the Company was provided prior to the issue of bonds to finance standard
operating activities.
Accolade Holding, a.s. (payable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 30 June 2030
The payable to Accolade Holding, a.s. was final repaid on September 21.
All transactions between related parties are provided for a remuneration being at arm’s length .
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
37
10. RELATED PARTY DISCLOSURE
Related party loans and borrowings (parent company)
CZK '000 31 DEC 2025
(receivable)
31 DEC 2025
(payable)
Principal 4 287 931 0
Unpaid interests 83 376 0
Total amount 4 371 307 0
Current 317 413 0
Non-current 4 053 895 0
Total amount 4 371 307 0
Funds received from the issue of bonds were lent to the Group (Accolade Holding, a.s.) based on a loan contract.
Accolade Holding, a.s. (parent company receivable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 31 December 2030
• nominal interest rate of 7.3% p.a.
• final repayment date is 31 December 2031
Short-term part relates to interests payable up to 12 months.
There are no credit risks (ECL) related to receivables. Based on regular assessment of mandatory financial indicators
related to bond issuance described in Note 2.2 Annual Financial Report, there are no doubts about repayment of the
receivable provided to the Group.
The loan from Accolade Holding, a.s. to the Company was provided prior to the issue of bonds to finance standard
operating activities.
Accolade Holding, a.s. (payable)
• nominal interest rate of 7.54% p.a.
• final repayment date is 30 June 2030
The payable to Accolade Holding, a.s. was final repaid on September 21.
All transactions between related parties are provided for a remuneration being at arm’s length .
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
38
11. ISSUED BONDS
The Company issued 5-year senior bonds (ISIN:CZ0003570608) covered by the financial guarantee of Accolade
Holding, a.s. in the nominal value of 1,875,000,000 CZK at 3 April 2025. The nominal value of one Bond is CZK
3,000,000 and interest rate is fix of 6.937% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding a.s. is provided up to the amount of 2,850,000,000 CZK.
Interests are paid semi-annually starting at 3 October 2025.
The Company could repay bonds early as of 3 April 2029 and 3 October 2029, however the Company has no intention
to do so.
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.5018%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co -manager Conseq Investment
Management.
CZK '000 31 DEC 2025
Nominal value 1 875 000
Unpaid interests 35 801
Cost of issue -33 488
Bonds total 1 877 313
Current 130 069
Non-current 1 747 244
Bonds total 1 877 313
Short-term part of bonds relates to interests payable up to 12 months.
The bond issuance requires the fulfillment of financial indicators calculated from consolidated results of the parent
company Accolade Holding, a.s. The consolidated Financial statements and required financial indicators are
prepared and published semi-annually and annually.
Specifically, we need to meet the following indicators:
• Loan to Value
• Net Secured & Structurally Superior Indebtness Value
• Equity to Total Assets
These indicators can be used to evaluate the efficiency of Accolade Holding Group's operations and its ability to use
its earnings to pay down debt, capital expenditures and working capital requirements.
Further the Company issued 5.5-year senior bonds (ISIN: CZ0003576159) covered by the financial guarantee of
Accolade Holding, a.s. in the nominal value of 2,500,000,000 CZK at 2 October 2025. The nominal value of one Bond
is CZK 10,000 and interest rate is fix of 6.875% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding, a.s. is provided up to the amount of 3,750,000,000 CZK
Interests are paid semi-annually starting at 2 April 2026.
The Company could repay bonds early as of 2 October 2030, however the Company has no intention to do so.
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.4423%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co -manager PPF banka and
Raiffeisenbank.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
38
11. ISSUED BONDS
The Company issued 5-year senior bonds (ISIN:CZ0003570608) covered by the financial guarantee of Accolade
Holding, a.s. in the nominal value of 1,875,000,000 CZK at 3 April 2025. The nominal value of one Bond is CZK
3,000,000 and interest rate is fix of 6.937% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding a.s. is provided up to the amount of 2,850,000,000 CZK.
Interests are paid semi-annually starting at 3 October 2025.
The Company could repay bonds early as of 3 April 2029 and 3 October 2029, however the Company has no intention
to do so.
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.5018%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co -manager Conseq Investment
Management.
CZK '000 31 DEC 2025
Nominal value 1 875 000
Unpaid interests 35 801
Cost of issue -33 488
Bonds total 1 877 313
Current 130 069
Non-current 1 747 244
Bonds total 1 877 313
Short-term part of bonds relates to interests payable up to 12 months.
The bond issuance requires the fulfillment of financial indicators calculated from consolidated results of the parent
company Accolade Holding, a.s. The consolidated Financial statements and required financial indicators are
prepared and published semi-annually and annually.
Specifically, we need to meet the following indicators:
• Loan to Value
• Net Secured & Structurally Superior Indebtness Value
• Equity to Total Assets
These indicators can be used to evaluate the efficiency of Accolade Holding Group's operations and its ability to use
its earnings to pay down debt, capital expenditures and working capital requirements.
Further the Company issued 5.5-year senior bonds (ISIN: CZ0003576159) covered by the financial guarantee of
Accolade Holding, a.s. in the nominal value of 2,500,000,000 CZK at 2 October 2025. The nominal value of one Bond
is CZK 10,000 and interest rate is fix of 6.875% p.a. Bonds are traded on the Regulated Market of the Prague Stock
Exchange.
The financial guarantee from Accolade Holding, a.s. is provided up to the amount of 3,750,000,000 CZK
Interests are paid semi-annually starting at 2 April 2026.
The Company could repay bonds early as of 2 October 2030, however the Company has no intention to do so.
Issue costs decreased nominal value of bonds and are part of the effective interest rate (EIR) calculated as of
7.4423%. There are costs for legal and consulting services. The majority of costs relates to management of bond
issue by Česká spořitelna, Československá obchodní banka, Komerční banka and co -manager PPF banka and
Raiffeisenbank.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
39
CZK '000 31 DEC 2025
Nominal value 2 500 000
Unpaid interests 43 776
Cost of issue - 48 613
Bonds total 2 495 163
Current 171 875
Non-current 2 323 288
Bonds total 2 495 163
Short-term part of bonds relates to interests payable up to 12 months.
The bond issuance requires the fulfillment of financial indicators calculated from consolidated results of the parent
company Accolade Holding, a.s. The consolidated Financial statements and required financial indicators are
prepared and published semi-annually and annually.
Specifically, we need to meet the following indicators:
• Loan to Value
• Net Secured & Structurally Superior Indebtness Value
• Equity to Total Assets
These indicators can be used to evaluate the efficiency of Accolade Holding Group's operations and its ability to use
its earnings to pay down debt, capital expenditures and working capital requirements.
CZK '000 31 DEC 2025
Amounts paid up to 1 year 301 944
Amounts paid between 1 - 3 years 603 888
Amounts paid between 3 - 5 years 2 413 853
Amounts paid after 5 years 2 585 938
Bonds total 5 905 623
12. SHARE CAPITAL
Name of parent company Interest on share capital 31 DEC 2025
Accolade Holding, a.s. 100% 24
The Company issued single equity share, which is held by the parent company Accolade Holding, a.s. The nominal
value of this share is 24,000 CZK and has been paid in full. Accolade Holding a.s. is ultimate controlling party and
prepares the consolidated financial statements in which Accolade Finco Czech 2, s.r.o. is included.
There has been no change in the number of equity shares issued during the period. The Company does not bear any
other capital requirements apart from the three indicators mentioned above.
The Company doesn’t hold any own shares.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
39
CZK '000 31 DEC 2025
Nominal value 2 500 000
Unpaid interests 43 776
Cost of issue - 48 613
Bonds total 2 495 163
Current 171 875
Non-current 2 323 288
Bonds total 2 495 163
Short-term part of bonds relates to interests payable up to 12 months.
The bond issuance requires the fulfillment of financial indicators calculated from consolidated results of the parent
company Accolade Holding, a.s. The consolidated Financial statements and required financial indicators are
prepared and published semi-annually and annually.
Specifically, we need to meet the following indicators:
• Loan to Value
• Net Secured & Structurally Superior Indebtness Value
• Equity to Total Assets
These indicators can be used to evaluate the efficiency of Accolade Holding Group's operations and its ability to use
its earnings to pay down debt, capital expenditures and working capital requirements.
CZK '000 31 DEC 2025
Amounts paid up to 1 year 301 944
Amounts paid between 1 - 3 years 603 888
Amounts paid between 3 - 5 years 2 413 853
Amounts paid after 5 years 2 585 938
Bonds total 5 905 623
12. SHARE CAPITAL
Name of parent company Interest on share capital 31 DEC 2025
Accolade Holding, a.s. 100% 24
The Company issued single equity share, which is held by the parent company Accolade Holding, a.s. The nominal
value of this share is 24,000 CZK and has been paid in full. Accolade Holding a.s. is ultimate controlling party and
prepares the consolidated financial statements in which Accolade Finco Czech 2, s.r.o. is included.
There has been no change in the number of equity shares issued during the period. The Company does not bear any
other capital requirements apart from the three indicators mentioned above.
The Company doesn’t hold any own shares.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
40
13. TAXES
Reconciliation of effective income tax expense computed at the statutory rate and actual income tax expense
incurred for the period ended 31 December 2025 is as follows:
CZK '000 31 DEC 2025
Accounting profit before income tax 3 687
At statutory rate of 21% 773
Temporary differences 308
Permanent differences -466
Income tax expense 158
Effective tax rate 4,3%
Temporary difference relates to bonds and it is the difference between tax value of liability according to statutory
legislation and accounting value at amortized cost using the effective interest (“EIR”) method.
There are no components of other comprehensive income net of related tax effects to be presented.
Total tax expense split:
CZK '000 31 DEC 2025
Current tax on profits for the year 466
Adjustment for under provision in prior periods 0
Total current tax 466
Origination and reversal of temporary differences -308
Recognition of previously unrecognised deferred tax assets 0
Total deferred tax -308
Total tax expense 158
The movement on the deferred tax account:
CZK '000 31 DEC 2025
At 6 February 0
Recognized in profit and loss 308
Recognized in other comprehensive income 0
Arising on business combination 0
At 31 December 308
14. PREPAYMENTS AND OTHER CURRENT ASSETS
There are reported prepaid consulting services.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
40
13. TAXES
Reconciliation of effective income tax expense computed at the statutory rate and actual income tax expense
incurred for the period ended 31 December 2025 is as follows:
CZK '000 31 DEC 2025
Accounting profit before income tax 3 687
At statutory rate of 21% 773
Temporary differences 308
Permanent differences -466
Income tax expense 158
Effective tax rate 4,3%
Temporary difference relates to bonds and it is the difference between tax value of liability according to statutory
legislation and accounting value at amortized cost using the effective interest (“EIR”) method.
There are no components of other comprehensive income net of related tax effects to be presented.
Total tax expense split:
CZK '000 31 DEC 2025
Current tax on profits for the year 466
Adjustment for under provision in prior periods 0
Total current tax 466
Origination and reversal of temporary differences -308
Recognition of previously unrecognised deferred tax assets 0
Total deferred tax -308
Total tax expense 158
The movement on the deferred tax account:
CZK '000 31 DEC 2025
At 6 February 0
Recognized in profit and loss 308
Recognized in other comprehensive income 0
Arising on business combination 0
At 31 December 308
14. PREPAYMENTS AND OTHER CURRENT ASSETS
There are reported prepaid consulting services.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
41
15. TRADE AND OTHER PAYABLES
The balance as of 31 December 2025 includes mainly Intercompany liabilities are for tax services – intragroup
recharges.
The 3-rd party payables are for legal services.
CZK '000 31 DEC 2025
Intercompany payables 191
3rd party payables 5
Total amount 196
There are no overdue balances.
16. SUBSEQUENT EVENTS
No event materially affecting the financial position of the Group occurred between the balance sheet date and the
date of preparation of the Financial Statements. No other events have occurred after the end of the reported period
that would require adjusting the amounts recognized and disclosures made in the separate financial statements.
17. FINANCIAL RISK MANAGEMENT
The Company’s operations are exposed to the following financial risks:
Currency risk
Currency risk is not relevant. The Company’s transactions are mainly in CZK.
Interest rate risk
Interest rate risk is mitigated by fixed interest rates for intercompany loans, borrowings and issued bonds in the
Company.
In general, the Group’s objective for interest rate risk management is to reduce interest -rate risk through a
combination of financial instruments, which lock in interest rates on debt and by matching a proportion of floating
rate assets with floating rate liabilities.
Credit risk
Cash fund is deposited by a creditable bank. The Company reports any material trade or other receivables. The
Company has only one significant receivable generated from the loan provided to the Group.
Credit risk is managed on a Group basis and the Group has no significant concentrations of credit risk. The amount
of exposure to any individual counterparty is subject to a limit, which is reassessed periodically by the directors.
The credit risk is primarily assessed in connection with the tenants whom the Group is leasing space in its buildings.
Prior to entering the lease contract, the tenant’s credit worthiness is assessed with help of external credit rating
reports. Apart from this the Group is performing its own financial analysis of the tenant which is then performed on
a regular basis in the future as part of the credit monitoring process.
The lease contracts with tenants typically contain requirement for either a bank or parent company
guarantee securing rental payments. Alternatively, a rental deposit might be in place.
The Group would consider a significant increase of the credit risk of the counterparty if it was overdue with a
payment for more than 3 months. If the receivable was not paid in 6 months, it would be considered as a
default of the counterparty.
The Group markets and sells to a relatively small number of customers with individually large value
transactions. The Group performs credit checks on all customers (other than those paying in advance) in order
to assess their creditworthiness and ability to pay its invoices as they become due. As such, the balance of
accounts receivable not owed by large companies is still deemed by the directors to be of low risk of default
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
41
15. TRADE AND OTHER PAYABLES
The balance as of 31 December 2025 includes mainly Intercompany liabilities are for tax services – intragroup
recharges.
The 3-rd party payables are for legal services.
CZK '000 31 DEC 2025
Intercompany payables 191
3rd party payables 5
Total amount 196
There are no overdue balances.
16. SUBSEQUENT EVENTS
No event materially affecting the financial position of the Group occurred between the balance sheet date and the
date of preparation of the Financial Statements. No other events have occurred after the end of the reported period
that would require adjusting the amounts recognized and disclosures made in the separate financial statements.
17. FINANCIAL RISK MANAGEMENT
The Company’s operations are exposed to the following financial risks:
Currency risk
Currency risk is not relevant. The Company’s transactions are mainly in CZK.
Interest rate risk
Interest rate risk is mitigated by fixed interest rates for intercompany loans, borrowings and issued bonds in the
Company.
In general, the Group’s objective for interest rate risk management is to reduce interest -rate risk through a
combination of financial instruments, which lock in interest rates on debt and by matching a proportion of floating
rate assets with floating rate liabilities.
Credit risk
Cash fund is deposited by a creditable bank. The Company reports any material trade or other receivables. The
Company has only one significant receivable generated from the loan provided to the Group.
Credit risk is managed on a Group basis and the Group has no significant concentrations of credit risk. The amount
of exposure to any individual counterparty is subject to a limit, which is reassessed periodically by the directors.
The credit risk is primarily assessed in connection with the tenants whom the Group is leasing space in its buildings.
Prior to entering the lease contract, the tenant’s credit worthiness is assessed with help of external credit rating
reports. Apart from this the Group is performing its own financial analysis of the tenant which is then performed on
a regular basis in the future as part of the credit monitoring process.
The lease contracts with tenants typically contain requirement for either a bank or parent company
guarantee securing rental payments. Alternatively, a rental deposit might be in place.
The Group would consider a significant increase of the credit risk of the counterparty if it was overdue with a
payment for more than 3 months. If the receivable was not paid in 6 months, it would be considered as a
default of the counterparty.
The Group markets and sells to a relatively small number of customers with individually large value
transactions. The Group performs credit checks on all customers (other than those paying in advance) in order
to assess their creditworthiness and ability to pay its invoices as they become due. As such, the balance of
accounts receivable not owed by large companies is still deemed by the directors to be of low risk of default
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
42
due to the nature of the checks performed on them, and accordingly a relatively small allowance against these
receivables is in place to cover this low risk of default.
The Group generally does not require collateral on accounts receivable, as many of its customers are large, well -
established companies. The Group has not experienced any significant losses related to individual customers or
groups of customers in any particular industry or geographic area. No credit limits were exceeded during the
reporting period and the directors do not expect any significant losses from non-performance by these
counterparties, other than those already provided for.
Liquidity risk
Liquidity risk is limited. The Company reports no significant 3 rd - party liabilities except issued bonds as of 31
December 2025. The reported Trade and other payables are mainly Intercompany balances, which were paid in the
following month.
Liquidity risk is connected to credit risk and depends on ability to receive interests from the loan provided to the
parent company Accolade Holding, a.s. or other companies in the Group. Collections of these interests or other cash
funds from the Group are linked to payments of interests from issued bonds. We don’t expect any lack of cash to fill
our obligations to investors.
Market risk
Market risk is immaterial, since the development of market values of financial instruments does not have a direct
impact on the valuation of financial instruments reported in the financial statement.
The responsibility for monitoring financial risk management is with Group’s CFO. The policies are implemented by
the Group’s finance departments. The Group has a treasury policy and procedures that set out specific guidelines to
manage such market risks as currency risk, interest rate risk, credit risk and liquidity risk, and also sets out
circumstances where it would be appropriate to use financial instruments to manage these. When assessing hedging
effectiveness, the Group uses qualitative and quantitative methods.
Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
maintain sufficient financial resources to mitigate against risks and unforeseen events.
18. MANAGING DIRECTOR DECLARATION
The Company’s managing director declares that, according to the best of his knowledge, the Financial Statements
for the period 6 February – 31 December 2025 of Accolade Finco Czech 2, s.r.o. gives a true and fair view of the
financial position, business activities and financial performance of the Company and of the outlook for the future
development of its financial position, business activities and financial performance.
Date: 27 April 2026
_______________________________
Milan Kratina
Managing Director of Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
42
due to the nature of the checks performed on them, and accordingly a relatively small allowance against these
receivables is in place to cover this low risk of default.
The Group generally does not require collateral on accounts receivable, as many of its customers are large, well -
established companies. The Group has not experienced any significant losses related to individual customers or
groups of customers in any particular industry or geographic area. No credit limits were exceeded during the
reporting period and the directors do not expect any significant losses from non-performance by these
counterparties, other than those already provided for.
Liquidity risk
Liquidity risk is limited. The Company reports no significant 3 rd - party liabilities except issued bonds as of 31
December 2025. The reported Trade and other payables are mainly Intercompany balances, which were paid in the
following month.
Liquidity risk is connected to credit risk and depends on ability to receive interests from the loan provided to the
parent company Accolade Holding, a.s. or other companies in the Group. Collections of these interests or other cash
funds from the Group are linked to payments of interests from issued bonds. We don’t expect any lack of cash to fill
our obligations to investors.
Market risk
Market risk is immaterial, since the development of market values of financial instruments does not have a direct
impact on the valuation of financial instruments reported in the financial statement.
The responsibility for monitoring financial risk management is with Group’s CFO. The policies are implemented by
the Group’s finance departments. The Group has a treasury policy and procedures that set out specific guidelines to
manage such market risks as currency risk, interest rate risk, credit risk and liquidity risk, and also sets out
circumstances where it would be appropriate to use financial instruments to manage these. When assessing hedging
effectiveness, the Group uses qualitative and quantitative methods.
Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
maintain sufficient financial resources to mitigate against risks and unforeseen events.
18. MANAGING DIRECTOR DECLARATION
The Company’s managing director declares that, according to the best of his knowledge, the Financial Statements
for the period 6 February – 31 December 2025 of Accolade Finco Czech 2, s.r.o. gives a true and fair view of the
financial position, business activities and financial performance of the Company and of the outlook for the future
development of its financial position, business activities and financial performance.
Date: 27 April 2026
_______________________________
Milan Kratina
Managing Director of Accolade Finco Czech 2, s.r.o.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
43
13. ATTACHMENT 2: REPORT ON RELATIONS BETWEEN RELATED PARTIES
lade.eu
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
43
13. ATTACHMENT 2: REPORT ON RELATIONS BETWEEN RELATED PARTIES
lade.eu
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
44
ACCOLADE FINCO CZECH 2, S.R.O.
REPORT ON RELATIONS prepared as of 31 December 2025 by the statutory body of
the company
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
44
ACCOLADE FINCO CZECH 2, S.R.O.
REPORT ON RELATIONS prepared as of 31 December 2025 by the statutory body of
the company
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
45
REPORT ON RELATIONS BETWEEN RELATED PARTIES
prepared in accordance with Section 82 of Act No. 90/2012 Coll., on Commercial Companies and Cooperatives, as
amended (the “Business Corporations Act”)
as of 31 December 2025
(“Report on Relations”)
The company Accolade Finco Czech 2, s.r.o., with registered office at Sokolovská 394/17, Karlín, 186 00 Prague 8, ID
No.: 225 67 062, registered in the Commercial Register maintained by the Municipal Court in Prague, File No.: C
418562 (“Company” or “Controlled Entity”), as the controlled entity, has prepared the following report on the
Company’s relations with related parties for the accounting period from 6 February 2025 to 31 December 2025
(“Accounting Period ”).
1. CONTROLLING ENTITY
During the Accounting Period, the controlling entity of the Company was:
Accolade Holding, a.s., with its registered office at Sokolovská 394/17, Karlín, 186 00 Praha 8, ID No.: 286 45 065,
registered in the Commercial Register maintained by the Municipal Court in Prague, File No. B 19102 (“Accolade
Holding, a.s.” or “Controlling Entity”), which was the sole shareholder of the Company and owned 100% of the
shares in the Company, which accounted for the entire contribution to the Company’s share capital of CZK
24,000.
Beneficial Owners of the Controlling Entity are:
a) Mgr. Milan Kratina with a 50% share in the Controlling Entity; and
b) Ing. Zdeněk Šoustal with a 50% share in the Controlling Entity.
The Controlling Entity subjects other companies to unified management, with which they form the Accolade
concern within the meaning of Section 79 of the Business Corporations Act. The existence of this concern was
disclosed in the Accounting Period in accordance with Section 79(3) of the Business Corporations Act.
2. OTHER ENTITIES CONTROLLED BY THE SAME CONTROLLING ENTITY
During the Accounting Period, the Controlling Entity was a controlling entity of legal entities within the meaning
of Section 74 et seq. of the Business Corporations Act, a list of which is set out in Annex 1 to this Report on
Relations.
(Controlling Entity, Controlled Entity and other entities controlled by the same controlling entity as the “ Group”)
3. STRUCTURE OF RELATIONSHIPS IN THE GROUP
According to the statement of Accolade Holding, a.s., in which the statutory body of the Company has not found
any incompleteness to the best of its knowledge, the structure of relationships between entities in the Group
during the Accounting Period is set out in Annex 2 to this Report on Relations.
4. ROLE OF THE CONTROLLED ENTITY IN THE GROUP
The role of the Controlled Entity in the Group is to:
a) the provision of construction; and/or
b) the management and rental of its own real estate; and/or
providing economic and administrative support to entities within the Group
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
45
REPORT ON RELATIONS BETWEEN RELATED PARTIES
prepared in accordance with Section 82 of Act No. 90/2012 Coll., on Commercial Companies and Cooperatives, as
amended (the “Business Corporations Act”)
as of 31 December 2025
(“Report on Relations”)
The company Accolade Finco Czech 2, s.r.o., with registered office at Sokolovská 394/17, Karlín, 186 00 Prague 8, ID
No.: 225 67 062, registered in the Commercial Register maintained by the Municipal Court in Prague, File No.: C
418562 (“Company” or “Controlled Entity”), as the controlled entity, has prepared the following report on the
Company’s relations with related parties for the accounting period from 6 February 2025 to 31 December 2025
(“Accounting Period ”).
1. CONTROLLING ENTITY
During the Accounting Period, the controlling entity of the Company was:
Accolade Holding, a.s., with its registered office at Sokolovská 394/17, Karlín, 186 00 Praha 8, ID No.: 286 45 065,
registered in the Commercial Register maintained by the Municipal Court in Prague, File No. B 19102 (“Accolade
Holding, a.s.” or “Controlling Entity”), which was the sole shareholder of the Company and owned 100% of the
shares in the Company, which accounted for the entire contribution to the Company’s share capital of CZK
24,000.
Beneficial Owners of the Controlling Entity are:
a) Mgr. Milan Kratina with a 50% share in the Controlling Entity; and
b) Ing. Zdeněk Šoustal with a 50% share in the Controlling Entity.
The Controlling Entity subjects other companies to unified management, with which they form the Accolade
concern within the meaning of Section 79 of the Business Corporations Act. The existence of this concern was
disclosed in the Accounting Period in accordance with Section 79(3) of the Business Corporations Act.
2. OTHER ENTITIES CONTROLLED BY THE SAME CONTROLLING ENTITY
During the Accounting Period, the Controlling Entity was a controlling entity of legal entities within the meaning
of Section 74 et seq. of the Business Corporations Act, a list of which is set out in Annex 1 to this Report on
Relations.
(Controlling Entity, Controlled Entity and other entities controlled by the same controlling entity as the “ Group”)
3. STRUCTURE OF RELATIONSHIPS IN THE GROUP
According to the statement of Accolade Holding, a.s., in which the statutory body of the Company has not found
any incompleteness to the best of its knowledge, the structure of relationships between entities in the Group
during the Accounting Period is set out in Annex 2 to this Report on Relations.
4. ROLE OF THE CONTROLLED ENTITY IN THE GROUP
The role of the Controlled Entity in the Group is to:
a) the provision of construction; and/or
b) the management and rental of its own real estate; and/or
providing economic and administrative support to entities within the Group
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
46
5. METHOD AND MEANS OF CONTROL
Control of the Company is exercised through decision-making at the Company’s general meeting, where the
Controlling Entity is the sole shareholder of the Company.
6. A SUMMARY OF ACTIONS TAKEN DURING THE FINANCIAL YEAR AT THE INITIATIVE OF OR IN THE
INTEREST OF THE CONTROLLING ENTITY OR A ENTITY CONTROLLED BY THE CONTROLLING ENTITY,
IF SUCH ACTIONS RELATED TO ASSETS EXCEEDING 10% OF THE EQUITY OF THE CONTROLLED ENTITY
AS DETERMINED BY THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR IMMEDIATELY
PRECEDING THE FINANCIAL YEAR FOR WHICH THE REPORT ON RELATIONS IS PREPARED
Given that the Company was incorporated during the Accounting Period, it could not have reported any equity
for the preceding accounting period.
The Company did not take any corresponding actions during the Accounting Period at the instigation of or in
the interest of the Controlling Entity or entities controlled by the same Controlling Entity, except for the
following:
a) assignment of a receivable in the amount of CZK 23,536,327.76 from an entity controlled by the same
Controlling Person against the Controlling Person;
b) Assignment of a receivable in the amount of CZK 31,155,439.00 from an entity controlled by the same
Controlling Person against the Controlling Person.
7. SUMMARY OF MUTUAL AGREEMENTS BETWEEN THE CONTROLLED ENTITY AND THE CONTROLLING
ENTITY OR BETWEEN ENTITIES CONTROLLED WITHIN THE GROUP
There were agreements in force within the Group during the Accounting Period, a summary of which is set out
in Annex 3 to this Report on Relations.
8. ASSESSMENT OF WHETHER THE CONTROLLED ENTITY HAS SUFFERED DAMAGE AND ASSESSMENT
OF RISKS, ADVANTAGES AND DISADVANTAGES ARISING FROM THE RELATIONSHIP BETWEEN THE
CONTROLLING ENTITY AND THE GROUP COMPANIES
All of the actions described in Section 6 of this Report on Relations were undertaken and the agreements
described in Section 7 of this Report on Relations were entered into on arm’s length terms. Similarly, all of the
services provided and received under these agreements were provided on arm’s length terms and the Company
has not suffered any damage as a result of these actions and agreements.
The statutory body of the Company declares that, based on a thorough assessment of the role of the Company
in relation to the Controlling Entity and entities controlled by the same Controlling Entity, it concludes that:
• the Company does not suffer any disadvantages arising from the relationship between the Company and the
Controlling Entity and/or entities controlled by the same Controlling Entity; and
• the Company benefits in particular from access to administrative, legal and financial support provided within
the Group, which the Controlled Entity would otherwise have to provide itself.
The Company’s statutory body declares that the Company’s role vis -à-vis the Controlling Entity and entities
controlled by the same Controlling Entity has not posed and does not pose any risk to the Company.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
46
5. METHOD AND MEANS OF CONTROL
Control of the Company is exercised through decision-making at the Company’s general meeting, where the
Controlling Entity is the sole shareholder of the Company.
6. A SUMMARY OF ACTIONS TAKEN DURING THE FINANCIAL YEAR AT THE INITIATIVE OF OR IN THE
INTEREST OF THE CONTROLLING ENTITY OR A ENTITY CONTROLLED BY THE CONTROLLING ENTITY,
IF SUCH ACTIONS RELATED TO ASSETS EXCEEDING 10% OF THE EQUITY OF THE CONTROLLED ENTITY
AS DETERMINED BY THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR IMMEDIATELY
PRECEDING THE FINANCIAL YEAR FOR WHICH THE REPORT ON RELATIONS IS PREPARED
Given that the Company was incorporated during the Accounting Period, it could not have reported any equity
for the preceding accounting period.
The Company did not take any corresponding actions during the Accounting Period at the instigation of or in
the interest of the Controlling Entity or entities controlled by the same Controlling Entity, except for the
following:
a) assignment of a receivable in the amount of CZK 23,536,327.76 from an entity controlled by the same
Controlling Person against the Controlling Person;
b) Assignment of a receivable in the amount of CZK 31,155,439.00 from an entity controlled by the same
Controlling Person against the Controlling Person.
7. SUMMARY OF MUTUAL AGREEMENTS BETWEEN THE CONTROLLED ENTITY AND THE CONTROLLING
ENTITY OR BETWEEN ENTITIES CONTROLLED WITHIN THE GROUP
There were agreements in force within the Group during the Accounting Period, a summary of which is set out
in Annex 3 to this Report on Relations.
8. ASSESSMENT OF WHETHER THE CONTROLLED ENTITY HAS SUFFERED DAMAGE AND ASSESSMENT
OF RISKS, ADVANTAGES AND DISADVANTAGES ARISING FROM THE RELATIONSHIP BETWEEN THE
CONTROLLING ENTITY AND THE GROUP COMPANIES
All of the actions described in Section 6 of this Report on Relations were undertaken and the agreements
described in Section 7 of this Report on Relations were entered into on arm’s length terms. Similarly, all of the
services provided and received under these agreements were provided on arm’s length terms and the Company
has not suffered any damage as a result of these actions and agreements.
The statutory body of the Company declares that, based on a thorough assessment of the role of the Company
in relation to the Controlling Entity and entities controlled by the same Controlling Entity, it concludes that:
• the Company does not suffer any disadvantages arising from the relationship between the Company and the
Controlling Entity and/or entities controlled by the same Controlling Entity; and
• the Company benefits in particular from access to administrative, legal and financial support provided within
the Group, which the Controlled Entity would otherwise have to provide itself.
The Company’s statutory body declares that the Company’s role vis -à-vis the Controlling Entity and entities
controlled by the same Controlling Entity has not posed and does not pose any risk to the Company.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
47
The statutory body of the Company declares that there has been no influence on the conduct of the Company
by the Controlling Entity during the Accounting Period which has had a decisive and significant effect on the
conduct of the Company to its damage. The Company declares that it has not suffered any damage and therefore
no assessment of compensation for damage is required under sections 71 and 72 of the Business Corporations
Act.
9. DECLARATION OF THE STATUTORY BODY OF THE COMPANY
The statutory body of the Company declares that it is not aware that any legal action has caused any damage to
the Company during the Accounting Period.
The statutory body of the Company declares that it has obtained the necessary information for the preparation
of this Report on Relations, that it has prepared this Report on Relations with due care and diligence and that
the information contained in this Report on Relations is correct and complete .
Date: 31 March 2026
_______________________________
Milan Kratina
Managing Director of Accolade Finco Czech 2, s.r.o
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
47
The statutory body of the Company declares that there has been no influence on the conduct of the Company
by the Controlling Entity during the Accounting Period which has had a decisive and significant effect on the
conduct of the Company to its damage. The Company declares that it has not suffered any damage and therefore
no assessment of compensation for damage is required under sections 71 and 72 of the Business Corporations
Act.
9. DECLARATION OF THE STATUTORY BODY OF THE COMPANY
The statutory body of the Company declares that it is not aware that any legal action has caused any damage to
the Company during the Accounting Period.
The statutory body of the Company declares that it has obtained the necessary information for the preparation
of this Report on Relations, that it has prepared this Report on Relations with due care and diligence and that
the information contained in this Report on Relations is correct and complete .
Date: 31 March 2026
_______________________________
Milan Kratina
Managing Director of Accolade Finco Czech 2, s.r.o
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
48
________________________________________________
ANNEX 1
LIST OF ENTITIES CONTROLLED BY A CONTROLLING ENTITY
________________________________________________
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
48
________________________________________________
ANNEX 1
LIST OF ENTITIES CONTROLLED BY A CONTROLLING ENTITY
________________________________________________
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
49
ANNEX 1 - LIST OF ENTITIES CONTROLLED BY A CONTROLLING ENTITY
NAME OF THE ENTITY INFORMATION
Accolade Fund SICAV P.L.C.
Accolade Capital Holding (Malta) Limited
Accolade Investment Company Limited Controlled through Accolade Capital Holding (Malta)
Limited
Accolade, s.r.o.
Accolade CZ 42, s.r.o., člen koncernu
Accolade CZ 45, s.r.o., člen koncernu
Accolade CZ 48, s.r.o., člen koncernu
Accolade CZ 50, s.r.o., člen koncernu
Accolade CZ 51, s.r.o., člen koncernu
Accolade CZ 52, s.r.o., člen koncernu
Accolade CZ 53, s.r.o., člen koncernu
Accolade CZ 54, s.r.o., člen koncernu
Accolade CZ 55, s.r.o., člen koncernu
Accolade CZ 57, s.r.o., člen koncernu
Accolade CZ 58, s.r.o., člen koncernu
Accolade CZ 59, s.r.o., člen koncernu
Accolade CZ 60, s.r.o., člen koncernu
Accolade CZ 61, s.r.o., člen koncernu
Accolade CZ 62, s.r.o., člen koncernu
Accolade CZ 63, s.r.o., člen koncernu
Accolade CZ 64, s.r.o., člen koncernu
Accolade CZ 65, s.r.o., člen koncernu
Accolade CZ 66, s.r.o., člen koncernu
Accolade CZ 67, s.r.o., člen koncernu
Accolade CZ 68, s.r.o., člen koncernu
Accolade CZ 69, s.r.o., člen koncernu
Accolade CZ 70, s.r.o., člen koncernu
Accolade CZ 72, s.r.o., člen koncernu
Accolade CZ 73, s.r.o., člen koncernu
Accolade CZ 74, s.r.o., člen koncernu
Accolade CZ 75, s.r.o., člen koncernu
Accolade CZ 76, s.r.o., člen koncernu
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
49
ANNEX 1 - LIST OF ENTITIES CONTROLLED BY A CONTROLLING ENTITY
NAME OF THE ENTITY INFORMATION
Accolade Fund SICAV P.L.C.
Accolade Capital Holding (Malta) Limited
Accolade Investment Company Limited Controlled through Accolade Capital Holding (Malta)
Limited
Accolade, s.r.o.
Accolade CZ 42, s.r.o., člen koncernu
Accolade CZ 45, s.r.o., člen koncernu
Accolade CZ 48, s.r.o., člen koncernu
Accolade CZ 50, s.r.o., člen koncernu
Accolade CZ 51, s.r.o., člen koncernu
Accolade CZ 52, s.r.o., člen koncernu
Accolade CZ 53, s.r.o., člen koncernu
Accolade CZ 54, s.r.o., člen koncernu
Accolade CZ 55, s.r.o., člen koncernu
Accolade CZ 57, s.r.o., člen koncernu
Accolade CZ 58, s.r.o., člen koncernu
Accolade CZ 59, s.r.o., člen koncernu
Accolade CZ 60, s.r.o., člen koncernu
Accolade CZ 61, s.r.o., člen koncernu
Accolade CZ 62, s.r.o., člen koncernu
Accolade CZ 63, s.r.o., člen koncernu
Accolade CZ 64, s.r.o., člen koncernu
Accolade CZ 65, s.r.o., člen koncernu
Accolade CZ 66, s.r.o., člen koncernu
Accolade CZ 67, s.r.o., člen koncernu
Accolade CZ 68, s.r.o., člen koncernu
Accolade CZ 69, s.r.o., člen koncernu
Accolade CZ 70, s.r.o., člen koncernu
Accolade CZ 72, s.r.o., člen koncernu
Accolade CZ 73, s.r.o., člen koncernu
Accolade CZ 74, s.r.o., člen koncernu
Accolade CZ 75, s.r.o., člen koncernu
Accolade CZ 76, s.r.o., člen koncernu
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
50
Accolade CZ 77, s.r.o., člen koncernu
Accolade CZ 78, s.r.o., člen koncernu
Accolade CZ 80, s.r.o., člen koncernu
Accolade CZ 81, s.r.o., člen koncernu
Accolade CZ 82, s.r.o., člen koncernu
Accolade CZ 83, s.r.o., člen koncernu
Accolade CZ 84, s.r.o., člen koncernu
Accolade CZ 85, s.r.o., člen koncernu
Accolade CZ 86, s.r.o., člen koncernu
Accolade CZ 87, s.r.o., člen koncernu
Accolade CZ 88, s.r.o., člen koncernu
Accolade CZ 89, s.r.o., člen koncernu
Accolade CZ 90, s.r.o., člen koncernu
Accolade CZ 91, s.r.o.
Accolade CZ 92, s.r.o.
Accolade CZ 93, s.r.o.
Accolade CZ 94, s.r.o.
Accolade CZ 95, s.r.o.
Accolade CZ 97, s.r.o.
Accolade CZ 98, s.r.o.
Accolade CZ 99, s.r.o.
Accolade CZ 101, s.r.o.
Accolade CZ 102, s.r.o.
Accolade CZ 103, s.r.o.
Accolade CZ 104, s.r.o.
Accolade CZ 105, s.r.o.
Accolade CZ 106, s.r.o.
Accolade CZ 107, s.r.o.
Accolade CZ 108, s.r.o.
Accolade CZ 109, s.r.o.
Accolade CZ 110, s.r.o.
Accolade CZ VII, s.r.o., člen koncernu
Accolade CZ XIV, s.r.o., člen koncernu
Accolade CZ XIX, s.r.o., člen koncernu
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
50
Accolade CZ 77, s.r.o., člen koncernu
Accolade CZ 78, s.r.o., člen koncernu
Accolade CZ 80, s.r.o., člen koncernu
Accolade CZ 81, s.r.o., člen koncernu
Accolade CZ 82, s.r.o., člen koncernu
Accolade CZ 83, s.r.o., člen koncernu
Accolade CZ 84, s.r.o., člen koncernu
Accolade CZ 85, s.r.o., člen koncernu
Accolade CZ 86, s.r.o., člen koncernu
Accolade CZ 87, s.r.o., člen koncernu
Accolade CZ 88, s.r.o., člen koncernu
Accolade CZ 89, s.r.o., člen koncernu
Accolade CZ 90, s.r.o., člen koncernu
Accolade CZ 91, s.r.o.
Accolade CZ 92, s.r.o.
Accolade CZ 93, s.r.o.
Accolade CZ 94, s.r.o.
Accolade CZ 95, s.r.o.
Accolade CZ 97, s.r.o.
Accolade CZ 98, s.r.o.
Accolade CZ 99, s.r.o.
Accolade CZ 101, s.r.o.
Accolade CZ 102, s.r.o.
Accolade CZ 103, s.r.o.
Accolade CZ 104, s.r.o.
Accolade CZ 105, s.r.o.
Accolade CZ 106, s.r.o.
Accolade CZ 107, s.r.o.
Accolade CZ 108, s.r.o.
Accolade CZ 109, s.r.o.
Accolade CZ 110, s.r.o.
Accolade CZ VII, s.r.o., člen koncernu
Accolade CZ XIV, s.r.o., člen koncernu
Accolade CZ XIX, s.r.o., člen koncernu
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
51
Accolade CZ XL, s.r.o., člen koncernu
Accolade CZ XV, s.r.o., člen koncernu
Accolade CZ XVIII, s.r.o., člen koncernu Controlled through Accolade PP 1, s.r.o., člen koncernu
Accolade CZ XXI, s.r.o., člen koncernu
Accolade CZ XXII, s.r.o., člen koncernu
Accolade CZ XXVII, s.r.o., člen koncernu
Accolade CZ XXX, s.r.o., člen koncernu
Accolade CZ XXXII, s.r.o., člen koncernu
Accolade CZ XXXIII, s.r.o., člen koncernu Controlled through Accolade CZ 51, s.r.o., člen koncernu
Accolade CZ XXXIV, s.r.o., člen koncernu
Accolade CZ XXXV, s.r.o., člen koncernu Controlled through Accolade CZ 51, s.r.o., člen koncernu
Accolade CZ XXXIX, s.r.o., člen koncernu
Accolade CZ XXXVIII, s.r.o., člen koncernu
Accolade Energy, s.r.o., člen koncernu
Accolade Finance Bochum, s.r.o., člen koncernu
Accolade Finance CZ s.r.o., člen koncernu
Accolade Finance Cheb, s.r.o., člen koncernu
Accolade Finance Okrouhlá, s.r.o., člen koncernu
Accolade Finance Valencia, s.r.o., člen koncernu
Accolade Finance Venlo, s.r.o., člen koncernu
Accolade Financial Services, s.r.o., člen koncernu
Accolade Finco Czech 1, s.r.o.
Accolade Finco Czech 2, s.r.o.
Accolade Portfolio F1, a.s., člen koncernu Controlled through Accolade Portfolio I, s.r.o., člen
koncernu
Accolade Portfolio F2, a.s., člen koncernu
Accolade Portfolio I, s.r.o., člen koncernu
Accolade PP 1, s.r.o., člen koncernu
Accolade PP 3, s.r.o., člen koncernu
Accolade PP 4, s.r.o., člen koncernu
Accolade PP 5, s.r.o., člen koncernu
Accolade PP 7, s.r.o., člen koncernu
Accolade PP 10, a.s
Accolade PP 11, a.s.
Accolade PP 12, a.s
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
51
Accolade CZ XL, s.r.o., člen koncernu
Accolade CZ XV, s.r.o., člen koncernu
Accolade CZ XVIII, s.r.o., člen koncernu Controlled through Accolade PP 1, s.r.o., člen koncernu
Accolade CZ XXI, s.r.o., člen koncernu
Accolade CZ XXII, s.r.o., člen koncernu
Accolade CZ XXVII, s.r.o., člen koncernu
Accolade CZ XXX, s.r.o., člen koncernu
Accolade CZ XXXII, s.r.o., člen koncernu
Accolade CZ XXXIII, s.r.o., člen koncernu Controlled through Accolade CZ 51, s.r.o., člen koncernu
Accolade CZ XXXIV, s.r.o., člen koncernu
Accolade CZ XXXV, s.r.o., člen koncernu Controlled through Accolade CZ 51, s.r.o., člen koncernu
Accolade CZ XXXIX, s.r.o., člen koncernu
Accolade CZ XXXVIII, s.r.o., člen koncernu
Accolade Energy, s.r.o., člen koncernu
Accolade Finance Bochum, s.r.o., člen koncernu
Accolade Finance CZ s.r.o., člen koncernu
Accolade Finance Cheb, s.r.o., člen koncernu
Accolade Finance Okrouhlá, s.r.o., člen koncernu
Accolade Finance Valencia, s.r.o., člen koncernu
Accolade Finance Venlo, s.r.o., člen koncernu
Accolade Financial Services, s.r.o., člen koncernu
Accolade Finco Czech 1, s.r.o.
Accolade Finco Czech 2, s.r.o.
Accolade Portfolio F1, a.s., člen koncernu Controlled through Accolade Portfolio I, s.r.o., člen
koncernu
Accolade Portfolio F2, a.s., člen koncernu
Accolade Portfolio I, s.r.o., člen koncernu
Accolade PP 1, s.r.o., člen koncernu
Accolade PP 3, s.r.o., člen koncernu
Accolade PP 4, s.r.o., člen koncernu
Accolade PP 5, s.r.o., člen koncernu
Accolade PP 7, s.r.o., člen koncernu
Accolade PP 10, a.s
Accolade PP 11, a.s.
Accolade PP 12, a.s
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
52
Accolade PP 13, a.s.
Accolade Reality, s.r.o.
APH Park s.r.o.
B.A.W.D.F. s.r.o. Controlled through Accolade CZ XV, s.r.o., člen koncernu
Brno Airport Park, a.s. Controlled through Accolade CZ XV, s.r.o., člen koncernu
Campus Teplice s.r.o.
CZ6 Logimac s.r.o.
CZ7 Logimac s.r.o.
Draltadon HC10, s.r.o.
Industrial Center CR 10 s.r.o. Controlled through Draltadon HC10, s.r.o.
Industrial Center CR 2 s.r.o.
Industrial Center CR 4 s.r.o.
LETIŠTĚ BRNO a.s. Controlled through Accolade CZ XV, s.r.o., člen koncernu
Parcely Býchory, s.r.o., člen koncernu
SPV red, s. r. o.
Accolade sp. z o.o.
Accolade Investment Poland sp. z o.o.
Accolade PL 41 sp. z o.o.
Accolade Energy Poland sp. z o.o.
Accolade PL 42 sp. z o.o.
Accolade PL 43 sp. z o.o.
Accolade PL 44 sp. z o.o.
Accolade PL 46 sp. z o.o.
Accolade PL 47 sp. z o.o.
Accolade PL 48 sp. z o.o.
Accolade PL 49 sp. z o.o.
Accolade PL 50 sp. z o.o.
Accolade PL 52 sp. z o.o.
Accolade PL 53 sp. z o.o.
Accolade PL IX sp. z o.o.
Accolade PL VI sp. z o.o.
Accolade PL XL sp. z o.o.
Accolade PL XVIII sp. z o.o.
Accolade PL XX sp. z o. o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
52
Accolade PP 13, a.s.
Accolade Reality, s.r.o.
APH Park s.r.o.
B.A.W.D.F. s.r.o. Controlled through Accolade CZ XV, s.r.o., člen koncernu
Brno Airport Park, a.s. Controlled through Accolade CZ XV, s.r.o., člen koncernu
Campus Teplice s.r.o.
CZ6 Logimac s.r.o.
CZ7 Logimac s.r.o.
Draltadon HC10, s.r.o.
Industrial Center CR 10 s.r.o. Controlled through Draltadon HC10, s.r.o.
Industrial Center CR 2 s.r.o.
Industrial Center CR 4 s.r.o.
LETIŠTĚ BRNO a.s. Controlled through Accolade CZ XV, s.r.o., člen koncernu
Parcely Býchory, s.r.o., člen koncernu
SPV red, s. r. o.
Accolade sp. z o.o.
Accolade Investment Poland sp. z o.o.
Accolade PL 41 sp. z o.o.
Accolade Energy Poland sp. z o.o.
Accolade PL 42 sp. z o.o.
Accolade PL 43 sp. z o.o.
Accolade PL 44 sp. z o.o.
Accolade PL 46 sp. z o.o.
Accolade PL 47 sp. z o.o.
Accolade PL 48 sp. z o.o.
Accolade PL 49 sp. z o.o.
Accolade PL 50 sp. z o.o.
Accolade PL 52 sp. z o.o.
Accolade PL 53 sp. z o.o.
Accolade PL IX sp. z o.o.
Accolade PL VI sp. z o.o.
Accolade PL XL sp. z o.o.
Accolade PL XVIII sp. z o.o.
Accolade PL XX sp. z o. o.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
53
Accolade PL XXI sp. z o.o.
Accolade PL XXII sp. z o.o.
Accolade PL XXIX sp. z o.o.
Accolade PL XXVI sp. z o.o.
Accolade PL XXVII sp. z o.o.
Accolade PL XXX sp. z o.o.
Accolade PL XXXI sp. z o.o.
Accolade PL XXXII sp. z o.o.
Accolade PL XXXIII sp. z o.o.
Accolade PL XXXIV sp. z o.o.
Accolade PL XXXIX sp. z o.o.
Accolade PL XXXV sp. z o.o.
Accolade PL XXXVI sp. z o.o.
Accolade PL XXXVIII sp. z o.o.
PDC Industrial Center 204 sp. z o.o.
PDC Industrial Center 213 sp. z o.o.
PDC Industrial Center 253 sp. z o.o.
Accolade Finco Slovakia 1, s.r.o.
Accolade SK III, s.r.o.
Accolade SK IV, s.r.o.
Accolade SK V, s.r.o.
Accolade SK VI, s.r.o.
Accolade I d.o.o. Controlled through Accolade CZ 48, s.r.o., člen koncernu
Accolade II d.o.o. Controlled through Accolade CZ 48, s.r.o., člen koncernu
Accolade III d.o.o.
Accolade SERV d.o.o.
Accolade V d.o.o.
Accolade VI d.o.o.
Accolade VII d.o.o.
ACCOLADE ALZ, S.L.
ACCOLADE MURCIA, S.L.
ACCOLADE SERV, S.L.
ACCOLADE VITO, S.L.
ALFAR SPV 2022, S.L.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
53
Accolade PL XXI sp. z o.o.
Accolade PL XXII sp. z o.o.
Accolade PL XXIX sp. z o.o.
Accolade PL XXVI sp. z o.o.
Accolade PL XXVII sp. z o.o.
Accolade PL XXX sp. z o.o.
Accolade PL XXXI sp. z o.o.
Accolade PL XXXII sp. z o.o.
Accolade PL XXXIII sp. z o.o.
Accolade PL XXXIV sp. z o.o.
Accolade PL XXXIX sp. z o.o.
Accolade PL XXXV sp. z o.o.
Accolade PL XXXVI sp. z o.o.
Accolade PL XXXVIII sp. z o.o.
PDC Industrial Center 204 sp. z o.o.
PDC Industrial Center 213 sp. z o.o.
PDC Industrial Center 253 sp. z o.o.
Accolade Finco Slovakia 1, s.r.o.
Accolade SK III, s.r.o.
Accolade SK IV, s.r.o.
Accolade SK V, s.r.o.
Accolade SK VI, s.r.o.
Accolade I d.o.o. Controlled through Accolade CZ 48, s.r.o., člen koncernu
Accolade II d.o.o. Controlled through Accolade CZ 48, s.r.o., člen koncernu
Accolade III d.o.o.
Accolade SERV d.o.o.
Accolade V d.o.o.
Accolade VI d.o.o.
Accolade VII d.o.o.
ACCOLADE ALZ, S.L.
ACCOLADE MURCIA, S.L.
ACCOLADE SERV, S.L.
ACCOLADE VITO, S.L.
ALFAR SPV 2022, S.L.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
54
SERSAM SPV 2022, S.L.
ACCOLADELIS, UNIPESSOAL LDA
AIFM 26, s.r.o.
AIFM 27, s.r.o.
AIFM 28, s.r.o.
AIFM 29, s.r.o.
AIFM 30, s.r.o.
AIFM I, s.r.o.
AIFM II, s.r.o.
AIFM III, s.r.o.
AIFM IV, s.r.o.
AIFM IX, s.r.o.
AIFM V, s.r.o.
AIFM VI, s.r.o.
AIFM VII, s.r.o.
AIFM VIII, s.r.o.
AIFM X, s.r.o.
AIFM XI, s.r.o.
AIFM XII, s.r.o.
AIFM XIII, s.r.o.
AIFM XIX, s.r.o.
AIFM XV, s.r.o.
AIFM XVI, s.r.o.
AIFM XVII, s.r.o.
AIFM XVIII, s.r.o.
AIFM XX, s.r.o.
AIFM XXI, s.r.o.
AIFM XXII, s.r.o.
AIFM XXIII, s.r.o.
AIFM XXIV, s.r.o.
AIFM XXV, s.r.o.
Accolade PL 51 sp. z o.o.
Accolade PL VII sp. z o.o.
Accolade PL XI sp. z o. o.
Accolade PL XII sp. z o. o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
54
SERSAM SPV 2022, S.L.
ACCOLADELIS, UNIPESSOAL LDA
AIFM 26, s.r.o.
AIFM 27, s.r.o.
AIFM 28, s.r.o.
AIFM 29, s.r.o.
AIFM 30, s.r.o.
AIFM I, s.r.o.
AIFM II, s.r.o.
AIFM III, s.r.o.
AIFM IV, s.r.o.
AIFM IX, s.r.o.
AIFM V, s.r.o.
AIFM VI, s.r.o.
AIFM VII, s.r.o.
AIFM VIII, s.r.o.
AIFM X, s.r.o.
AIFM XI, s.r.o.
AIFM XII, s.r.o.
AIFM XIII, s.r.o.
AIFM XIX, s.r.o.
AIFM XV, s.r.o.
AIFM XVI, s.r.o.
AIFM XVII, s.r.o.
AIFM XVIII, s.r.o.
AIFM XX, s.r.o.
AIFM XXI, s.r.o.
AIFM XXII, s.r.o.
AIFM XXIII, s.r.o.
AIFM XXIV, s.r.o.
AIFM XXV, s.r.o.
Accolade PL 51 sp. z o.o.
Accolade PL VII sp. z o.o.
Accolade PL XI sp. z o. o.
Accolade PL XII sp. z o. o.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
55
Accolade PL XXV sp. z o.o.
AIFM PL I sp. z o.o.
AIFM PL II sp. z o.o.
AIFM PL III sp. z o.o.
AIFM PL IV sp. z o.o.
AIFM PL IX sp.z o.o.
AIFM PL V sp. z o.o.
AIFM PL VI sp. z o.o.
AIFM PL VII sp. z o.o.
AIFM PL VIII sp. z o.o.
AIFM PL X sp. z o.o.
AIFM PL XI sp. z o.o.
AIFM PL XII sp. z o.o.
AIFM PL XIII sp. z o.o.
AIFM PL XIV sp. z o.o.
AIFM PL XIX sp. z o.o.
AIFM PL XV sp. z o.o.
AIFM PL XVI sp. z o.o.
AIFM PL XVII sp. z o.o.
AIFM PL XX sp. z o.o.
AIFM PL XXI sp. z o.o.
AIFM PL XXIX sp. z o.o.
AIFM PL XXII sp. z o.o.
AIFM PL XXV sp. z o.o.
AIFM PL XXVIII sp. z o.o.
Knapton Sp. z o.o.
LU GE XVII S.a r.l.
LU GE XXIV S.a.r.l.
LU GE XXVII S.a. r.l.
LU GE 109 S a.r.l.
Emmen Twins B.V.
ACCOLADE SEV, S.L.
ACCOLADE VAL, S.L.
ACCOLADE BUR, S.L.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
55
Accolade PL XXV sp. z o.o.
AIFM PL I sp. z o.o.
AIFM PL II sp. z o.o.
AIFM PL III sp. z o.o.
AIFM PL IV sp. z o.o.
AIFM PL IX sp.z o.o.
AIFM PL V sp. z o.o.
AIFM PL VI sp. z o.o.
AIFM PL VII sp. z o.o.
AIFM PL VIII sp. z o.o.
AIFM PL X sp. z o.o.
AIFM PL XI sp. z o.o.
AIFM PL XII sp. z o.o.
AIFM PL XIII sp. z o.o.
AIFM PL XIV sp. z o.o.
AIFM PL XIX sp. z o.o.
AIFM PL XV sp. z o.o.
AIFM PL XVI sp. z o.o.
AIFM PL XVII sp. z o.o.
AIFM PL XX sp. z o.o.
AIFM PL XXI sp. z o.o.
AIFM PL XXIX sp. z o.o.
AIFM PL XXII sp. z o.o.
AIFM PL XXV sp. z o.o.
AIFM PL XXVIII sp. z o.o.
Knapton Sp. z o.o.
LU GE XVII S.a r.l.
LU GE XXIV S.a.r.l.
LU GE XXVII S.a. r.l.
LU GE 109 S a.r.l.
Emmen Twins B.V.
ACCOLADE SEV, S.L.
ACCOLADE VAL, S.L.
ACCOLADE BUR, S.L.
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
56
AIFM SK I, s.r.o.
AIFM SK II, s.r.o.
AIFM SK III, s.r.o.
AIFM NL I Coöperatief U.A.
ACCOLADE HU I Kft. Controlled through AIFM HU I Kft.
AIFM HU I Kft.
NMDI Hungary Kft. Controlled through ACCOLADE HU I Kft.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
56
AIFM SK I, s.r.o.
AIFM SK II, s.r.o.
AIFM SK III, s.r.o.
AIFM NL I Coöperatief U.A.
ACCOLADE HU I Kft. Controlled through AIFM HU I Kft.
AIFM HU I Kft.
NMDI Hungary Kft. Controlled through ACCOLADE HU I Kft.
57
ANNEX 2 - ORGANIZATIONAL CHART OF THE GROUP
ANNEX 2 - ORGANIZATIONAL CHART OF THE GROUP
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
58
ANNEX 3 - OVERVIEW OF MUTUAL AGREEMENTS BETWEEN A CONTROLLED ENTITY AND A CONTROLLING ENTITY
OR BETWEEN CONTROLLED ENTITIES WITHIN THE GROUP
CONTRACTIN PARTY “A” CONTRACTING PARTY “B” AGREEMENTS AS AMENDED BY
SUBSEQUENT AMENDMENTS (IF
ANY AMENDMENTS WERE MADE)
Accolade Finco Czech 2, s.r.o. Accolade CZ XVIII, s.r.o., člen
koncernu Smlouva o postoupení pohledávky_05
Accolade Finco Czech 2, s.r.o. Accolade CZ XVIII, s.r.o., člen
koncernu Smlouva o postoupení pohledávky_06
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Facility Agreement_250324
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Facility Agreement_250401
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Facility Agreement_251001
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Dohoda o započtení pohledávek
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
58
ANNEX 3 - OVERVIEW OF MUTUAL AGREEMENTS BETWEEN A CONTROLLED ENTITY AND A CONTROLLING ENTITY
OR BETWEEN CONTROLLED ENTITIES WITHIN THE GROUP
CONTRACTIN PARTY “A” CONTRACTING PARTY “B” AGREEMENTS AS AMENDED BY
SUBSEQUENT AMENDMENTS (IF
ANY AMENDMENTS WERE MADE)
Accolade Finco Czech 2, s.r.o. Accolade CZ XVIII, s.r.o., člen
koncernu Smlouva o postoupení pohledávky_05
Accolade Finco Czech 2, s.r.o. Accolade CZ XVIII, s.r.o., člen
koncernu Smlouva o postoupení pohledávky_06
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Facility Agreement_250324
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Facility Agreement_250401
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Facility Agreement_251001
Accolade Finco Czech 2, s.r.o. Accolade Holding, a.s. Dohoda o započtení pohledávek
Accolade Finco Czech 2, s.r.o.
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
59
ACCOLADE HOLDING, A.S.
www.accolade.eu
CZECH REPUBLIC POLAND SPAIN CROATIA MALTA
Sokolovská 394/17
186 00 Prague 8
info@accolade.eu
Emilii Plater 53
00-113 Warsaw
poland@accolade.eu
Calle del Justicia 4, 1ºB
46004 Valencia
spain@accolade.eu
Slavonska avenija 1a
10 000 Zagreb
info@accolade.eu
Vision Exchange Building
Territorials, Street Zone 1,
Central Business District,
Birkirkara CBD 1070 Malta
info@accoladefunds.eu
Annual Financial Report including Financial Statements for the period 6 February – 31 December 2025
in accordance with IFRS as adopted by EU
59
ACCOLADE HOLDING, A.S.
www.accolade.eu
CZECH REPUBLIC POLAND SPAIN CROATIA MALTA
Sokolovská 394/17
186 00 Prague 8
info@accolade.eu
Emilii Plater 53
00-113 Warsaw
poland@accolade.eu
Calle del Justicia 4, 1ºB
46004 Valencia
spain@accolade.eu
Slavonska avenija 1a
10 000 Zagreb
info@accolade.eu
Vision Exchange Building
Territorials, Street Zone 1,
Central Business District,
Birkirkara CBD 1070 Malta
info@accoladefunds.eu