{"url_path":"/sec/yoov/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/2001794/0001213900-26-054960-index.html","accession_number":"0001213900-26-054960","cik":"0002001794","ticker":"YOOV","issuer_name":"Concorde International Group Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2001794/0001213900-26-054960-index.html","primary_entity_key":"0002001794","primary_entity_name":"Concorde International Group Ltd."},"word_count":24164,"has_tables":true,"body_markdown":"**ITEM\n19. EXHIBITS**\n\n \n\n**Exhibit\nNumber**\n \n**Description**\n\n1.1\n \n[Second Amended and Restated Memorandum and Articles of Association of Concorde International Group Ltd, adopted on March 14, 2024 (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form F-1 filed on August 27, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024072987/ea021222101ex3-2_concorde.htm)\n\n2.1*\n \n[Rights of Class A Ordinary Shares Registered Pursuant to Section 12 of the Exchange Act as of December 31, 2025](ea028941901ex2-1.htm)\n\n4.1\n \n[Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form F-1 filed on August 27, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024072987/ea021222101ex10-1_concorde.htm)\n\n4.2\n \n[Form of Independent Director Agreement between the Registrant and its independent directors (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form F-1 filed on August 27, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024072987/ea021222101ex10-2_concorde.htm)\n\n4.3\n \n[Form of Employment Agreement between the Registrant and its executive officers (incorporated by reference to Exhibit 10.3 to the Amendment No.1 to Form F-1 filed on September 18, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024079528/ea021433601ex10-3_concorde.htm)\n\n4.4\n \n[U.S.$1,000,000 Convertible Promissory Note between Softbank Robotics Singapore Pte Ltd and Concorde International Group Ltd, dated June 10, 2024 (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form F-1 filed on August 27, 2024](https://www.sec.gov/Archives/edgar/data/2001794/000121390024072987/ea021222101ex10-4_concorde.htm)\n\n4.5\n \n[Securities Purchase Agreement between Softbank Robotics Singapore Pte Ltd and Concorde International Group Ltd, dated June 10, 2024 (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form F-1 filed on August 27, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024072987/ea021222101ex10-5_concorde.htm)\n\n4.6\n \n[Form of Concorde International Group Ltd 2025 Equity Incentive Plan (incorporated by reference to Exhibit 4.1 of our Current Report on Form 6-K filed on October 1, 2025)](https://www.sec.gov/Archives/edgar/data/2001794/000121390025094684/ea025968701ex4-1_concorde.htm)\n\n4.7\n \n[Form of Share Option Agreement (incorporated by reference to Exhibit 10.1 of our Current Report on Form 6-K filed on October 1, 2025)](http://www.sec.gov/Archives/edgar/data/2001794/000121390025094684/ea025968701ex10-1_concorde.htm)\n\n4.8\n \n[Form of Restricted Share Award Agreement (incorporated by reference to Exhibit 10.2 of our Current Report on Form 6-K filed on October 1, 2025)](http://www.sec.gov/Archives/edgar/data/2001794/000121390025094684/ea025968701ex10-2_concorde.htm)\n\n4.9\n \n[Form of Restricted Share Units Award Agreement (incorporated by reference to Exhibit 10.3 of our Current Report on Form 6-K filed on October 1, 2025)](http://www.sec.gov/Archives/edgar/data/2001794/000121390025094684/ea025968701ex10-3_concorde.htm)\n\n4.10\n \n[Software Purchase Agreement, dated August 20, 2025, between Concorde International Group Ltd. and Business Risk Investments Pty Ltd (incorporated by reference to Exhibit 10.1 of our Current Report on Form 6-K filed on September 15, 2025)](https://www.sec.gov/Archives/edgar/data/2001794/000121390025087631/ea025716401ex10-1_concorde.htm)\n\n4.11\n \n[Agreement and Plan of Merger dated February 3, 2026, by and between the Company and YOOV Group Holding Limited (incorporated by reference to Exhibit 10.1 of our Current Report on Form 6-K filed on March 24, 2026)](https://www.sec.gov/Archives/edgar/data/2001794/000121390026033560/ea028318201ex10-1.htm)\n\n \n\n94\n\n \n\n4.12\n \n[Waiver\nAgreement dated March 18, 2026, by and between the Company and YOOV Group Holding Limited (incorporated by reference to Exhibit 99.1\nof our Current Report on Form 6-K filed on March 24, 2026)](https://www.sec.gov/Archives/edgar/data/2001794/000121390026033560/ea028318201ex99-1.htm)\n\n8.1*\n \n[List\nof Subsidiaries](ea028941901ex8-1.htm)\n\n11.1\n \n[Code\nof Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the Registration Statement on Form F-1 filed on August\n27, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024072987/ea021222101ex99-1_concorde.htm)\n\n11.2\n \n[Insider\nTrading Policies of the Registrant (incorporated by reference to Exhibit 11.2 to the Form 20-F filed on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/2001794/000121390025044376/ea024141801ex11-2_concorde.htm)\n\n12.1*\n \n[Co-CEO\nCertification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028941901ex12-1.htm)\n\n12.2*\n \n[Co-CEO\nCertification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028941901ex12-2.htm)\n\n12.3*\n \n[CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028941901ex12-3.htm)\n\n13.1**\n \n[Co-CEO\nCertification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028941901ex13-1.htm)\n\n13.2**\n \n[Co-CEO\nCertification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028941901ex13-2.htm)\n\n13.3**\n \n[CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028941901ex13-3.htm)\n\n15.1*\n \n[Consent of Guangdong Prouden CPAs GP](ea028941901ex15-1.htm)\n\n15.2*\n \n[Consent of Kreit & Chiu CPA LLP](ea028941901ex15-2.htm)\n\n15.3*\n \n\n[Consent of Conyers Dill & Pearman](ea028941901ex15-3.htm)\n\n15.4*\n \n\n[Consent\nof ReThink Legal](ea028941901ex15-4.htm)\n\n16.1\n \n[Letter\nfrom Kreit & Chiu CPAs LLP, Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 15.1 of our Current\nReport on Form 6-K filed on August 5, 2025)](http://www.sec.gov/Archives/edgar/data/2001794/000121390025072074/ea025189101ex15-1_concorde.htm)\n\n16.2\n \n[Letter\nfrom AssentSure PAC, Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 16.1 of our Current Report\non Form 6-K filed on March 18, 2026)](https://www.sec.gov/Archives/edgar/data/2001794/000121390026030792/ea028234601ex16-1.htm)\n\n97.1\n \n[Clawback\nPolicy (incorporated by reference to Exhibit 99.5 to the Amendment No.1 to Registration Statement on Form F-1 filed on September\n18, 2024)](https://www.sec.gov/Archives/edgar/data/2001794/000121390024079528/ea021433601ex99-5_concorde.htm)\n\n101.INS*\n \nInline\nXBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded\nwithin the Inline XBRL document\n\n101.SCH*\n\n \nInline\nXBRL Taxonomy Extension Schema Document\n\n101.CAL*\n\n \nInline\nXBRL Taxonomy Extension Calculation Linkbase Document\n\n101.DEF*\n\n \nInline\nXBRL Taxonomy Extension Definition Linkbase Document\n\n101.LAB*\n\n \nInline\nXBRL Taxonomy Extension Label Linkbase Document\n\n101.PRE*\n\n \nInline\nXBRL Taxonomy Extension Presentation Linkbase Document\n\n104*\n \nCover\nPage Interactive Data File — the cover page XBRL tags are embedded within the Exhibit 101 Inline XBRL document set\n\n \n\n*\nFiled herewith.\n\n \n \n\n**\nFurnished herewith\n\n \n\n95\n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \n**CONCORDE\nINTERNATIONAL GROUP LTD**\n\n \n \n \n\n \nBy:\n/s/\nSwee Kheng Chua                    \n\n \nName: \nSwee Kheng Chua\n\n \nTitle:\nCo-Chief Executive Officer\nand Chairman\n\n \n\nDate:\nMay 12, 2026\n\n \n\n96\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD**\n\n**CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024\nAND 2023**\n\n** **\n\n**Contents **   **Page(s)**\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID: 7254)](#fin_001)   F-2\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID: 6651)](#fin_002)   F-3\n\n[Consolidated Statements of Financial Position](#fin_003)   F-4\n\n[Consolidated Statements of Profit or Loss and Other Comprehensive (Loss)/Income](#fin_004)   F-5\n\n[Consolidated Statements of Changes in Equity](#fin_005)   F-6\n\n[Consolidated Statements of Cash Flows](#fin_006)   F-7\n\n[Notes to the Consolidated Financial Statements](#fin_007)   F-8\n\n** **\n\nF-1\n\n** **\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the Shareholders and Board of Directors of\nConcorde International Group Ltd\n\n** **\n\n**Opinion on the Consolidated Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nstatements of financial position of Concorde International Group Ltd and its subsidiaries (the “Company”) as of December 31,\n2025, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the fiscal\nyear ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).\nIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company\nas of December 31, 2025, and the results of its operations and its cash flows for the fiscal year ended December 31, 2025, in conformity\nwith the International Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n** **\n\n**Basis for Opinion**\n\n \n\nThese consolidated financial statements are the\nresponsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements\nbased on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated\nfinancial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we\nengaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal\ncontrol over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing procedures to assess\nthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides\na reasonable basis for our opinion.\n\n** **\n\n/s/ Guangdong Prouden CPAs GP\n\n \n\nGuangdong Prouden CPAs GP\n\n \n\nWe have served as the Company’s auditor since 2026.\n\n \n\nGuangzhou, China\n\nMay 12, 2026\n\n \n\nF-2\n\n** **\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nBoard of Directors and Shareholders\n\nConcorde International Group Ltd.\n\n \n\n**Opinion on the Consolidated Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nstatement of financial position of Concorde International Group Ltd. (the “Company”) as of December 31, 2024, and the related\nconsolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the two years\nin the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”).\nIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company\nas of December 31, 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31,\n2024, in conformity with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board\n(IASB).\n\n \n\n**Basis for Opinion**\n\n* *\n\nThese consolidated financial statements are the\nresponsibility of the entity’s management. Our responsibility is to express an opinion on these consolidated financial statements\nbased on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated\nfinancial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we\nengaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide\na reasonable basis for our opinion.\n\n \n\n/s/ Kreit and Chiu CPA LLP\n\n \n\nWe have served as the Company’s auditor from 2023 to 2025.\n\n \n\nNew York, NY\n\nMay 15, 2025\n\n \n\nF-3\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITION\nAS AT DECEMBER 31, 2025 AND 2024**\n\n** **\n\n  \n  \n2025  \n2024 \n\n  \nNote \nUSD  \nUSD \n\nAssets \n  \n   \n  \n\nNon-current assets: \n  \n   \n  \n\nProperty and equipment, net \n5 \n 3,627,148  \n 3,720,807 \n\nRight-of-use asset, net \n6 \n 451,791  \n 322,332 \n\nIntangible assets, net \n7 \n 8,313  \n 9,325 \n\nOther financial assets \n8 \n 71,561  \n 393,019 \n\nDeferred offering costs \n  \n \n-\n  \n 449,110 \n\nAmount due from related parties, net of current portion \n24 \n 316,410  \n 432,017 \n\nTotal non-current assets \n  \n 4,475,223  \n 5,326,610 \n\n  \n  \n    \n   \n\nCurrent assets: \n  \n    \n   \n\nTrade and other receivables \n9 \n 5,028,742  \n 3,825,146 \n\nAmount due from related parties \n24 \n 134,925  \n 121,167 \n\nCash and cash equivalents \n10 \n 1,629,018  \n 1,000,284 \n\nTotal current assets \n  \n 6,792,685  \n 4,946,597 \n\nTotal assets \n  \n 11,267,908  \n 10,273,207 \n\n  \n  \n    \n   \n\nEquity and liabilities \n  \n    \n   \n\nEquity \n  \n    \n   \n\nShare capital \n15 \n 270  \n 209 \n\nAdditional paid in capital \n  \n 99,606,785  \n \n-\n \n\nMerger reserves \n15 \n 2,336,848  \n 2,336,848 \n\nOther reserves \n15 \n 117,490  \n 83,085,159 \n\nAccumulated Deficit \n  \n (98,474,450) \n (83,313,648)\n\nEquity attributable to equity holders of the parent company \n  \n 3,586,943  \n 2,108,568 \n\nNon-controlling interests \n  \n 112,611  \n 151,629 \n\nTotal equity \n  \n 3,699,554  \n 2,260,197 \n\n  \n  \n    \n   \n\nLiabilities \n  \n    \n   \n\nNon-current liabilities: \n  \n    \n   \n\nLease liabilities, net of current portion \n6 \n 200,367  \n 170,724 \n\nDebt - due after one year \n11 \n 1,923,795  \n 2,906,113 \n\nDeferred tax liabilities \n13 \n 136,053  \n 182,096 \n\nOther financial liabilities \n12 \n \n-\n  \n 173,551 \n\nTotal non-current liabilities \n  \n 2,260,215  \n 3,432,484 \n\n  \n  \n    \n   \n\nCurrent liabilities: \n  \n    \n   \n\nTrade and other payables \n14 \n 1,925,425  \n 1,091,188 \n\nAmount due to related parties \n24 \n 207,551  \n 216,940 \n\nTax payable \n  \n 186,901  \n 60,282 \n\nLease liabilities \n6 \n 101,624  \n 89,438 \n\nDebt - due within one year \n11 \n 2,886,638  \n 3,122,678 \n\nTotal current liabilities \n  \n 5,308,139  \n 4,580,526 \n\nTotal liabilities \n  \n 7,568,354  \n 8,013,010 \n\nTotal equity and liabilities \n  \n 11,267,908  \n 10,273,207 \n\n \n\n*The accompanying notes are an integral part\nof these consolidated financial statements.*\n\n \n\nF-4\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS)\nFOR THE YEAR ENDED DECEMBER 31, 2025, 2024 AND 2023**\n\n** **\n\n  \n  \n2025  \n2024  \n2023 \n\n  \nNote \nUSD  \nUSD  \nUSD \n\nRevenue \n18 \n 12,475,443  \n 10,490,668  \n 10,655,993 \n\nCost of revenue (exclusive of depreciation and amortization expenses shown separately below) \n  \n (8,628,602) \n (6,875,141) \n (7,662,024)\n\n  \n  \n 3,846,841  \n 3,615,527  \n 2,993,969 \n\n  \n  \n    \n    \n   \n\nOther income \n22 \n 503,659  \n 501,660  \n 236,911 \n\nExpected credit loss provision \n  \n (59,645) \n (562,755) \n 69,763 \n\nDepreciation and amortization expenses \n  \n (589,976) \n (279,543) \n (329,836)\n\nEmployee benefit expenses \n20 \n (2,935,364) \n (2,151,970) \n (1,311,345)\n\nOther expenses \n21 \n (4,706,612) \n (1,257,148) \n (384,402)\n\nShare-based compensation \n16 \n (10,868,000) \n (83,155,336) \n \n-\n \n\nFinance costs \n23 \n (296,152) \n (218,630) \n (149,626)\n\n  \n  \n    \n    \n   \n\n(Loss) / Profit before tax \n  \n (15,105,249) \n (83,508,195) \n 1,125,434 \n\nIncome tax expense \n19 \n (97,135) \n (114,902) \n (131,240)\n\n(Loss) / Profit for the year \n  \n (15,202,384) \n (83,623,097) \n 994,194 \n\n  \n  \n    \n    \n   \n\nOther comprehensive income/(loss) \n  \n    \n    \n   \n\nOther comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods (net of tax): \n  \n    \n    \n   \n\nForeign currency translation \n  \n 190,231  \n (106,213) \n 26,610 \n\n  \n  \n    \n    \n   \n\nTotal comprehensive (loss) / profit for the year, net of tax \n  \n (15,012,153) \n (83,729,310) \n 1,020,804 \n\n  \n  \n    \n    \n   \n\n(Loss)/ Profit for the year attributable to: \n  \n    \n    \n   \n\nEquity holders of the parent company \n  \n (15,242,850) \n (83,637,387) \n 960,686 \n\nNon-controlling interests \n  \n 40,466  \n 14,290  \n 33,508 \n\n  \n  \n (15,202,384) \n (83,623,097) \n 994,194 \n\n  \n  \n    \n    \n   \n\nTotal comprehensive (loss) / profit for the year attributable to: \n  \n    \n    \n   \n\nEquity holders of the parent company \n  \n (15,055,183) \n (83,743,600) \n 987,296 \n\nNon-controlling interests \n  \n 43,030  \n 14,290  \n 33,508 \n\n  \n  \n (15,012,153) \n (83,729,310) \n 1,020,804 \n\n  \n  \n    \n    \n   \n\n(Loss) / Earnings per share \n  \n    \n    \n   \n\nBasic \n17 \n (0.67) \n (5.08) \n 9.61 \n\nDiluted \n17 \n (0.67) \n (5.08) \n 9.61 \n\n** **\n\n** ***The accompanying notes are an\nintegral part of these consolidated financial statements.*\n\n \n\nF-5\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\nFOR THE YEAR ENDED DECEMBER 31, 2025, 2024 AND 2023**\n\n** **\n\n  \nShare\ncapital  \nAdditional Paid In Capital  \nMerger\nreserve  \nOther\nreserve  \nForeign\ncurrency\ntranslation\nreserve  \nEarnings/\n(Accumulated\nDeficit)  \nEquity\nattributable\nto owners of\nthe parent  \nNon-\ncontrolling\ninterests  \nTotal\nequity \n\n  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD \n\nBalance as at January 1, 2023 \n 1  \n \n-\n  \n 2,336,848  \n (88,744) \n 41,424  \n (783,037) \n 1,506,492  \n 103,831  \n 1,610,323 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nProfit for the year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 960,686  \n 960,686  \n 33,508  \n 994,194 \n\nOther comprehensive income \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 26,610  \n \n-\n  \n 26,610  \n \n-\n  \n 26,610 \n\nTotal comprehensive income \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 26,610  \n 960,686  \n 987,296  \n 33,508  \n 1,020,804 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransactions with equity holders: \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCapital distribution \n \n-\n  \n \n-\n  \n \n-\n  \n 71,449  \n \n-\n  \n \n-\n  \n 71,449  \n -  \n 71,449 \n\nBalance as at December 31, 2023 \n 1  \n \n-\n  \n 2,336,848  \n (17,295) \n 68,034  \n 177,649  \n 2,565,237  \n 137,339  \n 2,702,576 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nPrior period adjustment \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 146,090  \n 146,090  \n -  \n 146,090 \n\n(Loss)/Profit for the year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (83,637,387) \n (83,637,387) \n 14,290  \n (83,623,097)\n\nOther comprehensive loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (106,213) \n \n-\n  \n (106,213) \n -  \n (106,213)\n\nTotal comprehensive (loss)/income \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (106,213) \n (83,637,387) \n (83,743,600) \n 14,290  \n (83,729,310)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransactions with equity holders: \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCapital distribution \n \n-\n  \n \n-\n  \n \n-\n  \n (14,703) \n \n-\n  \n \n-\n  \n (14,703) \n -  \n (14,703)\n\nIssuance of new shares \n 208  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 208  \n -  \n 208 \n\nShare-based compensation \n    \n    \n \n-\n  \n 83,155,336  \n \n-\n  \n \n-\n  \n 83,155,336  \n -  \n 83,155,336 \n\nBalance as at December 31, 2024 \n 209  \n \n-\n  \n 2,336,848  \n 83,123,338  \n (38,179) \n (83,313,648) \n 2,108,568  \n 151,629  \n 2,260,197 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nPrior year reclassification \n \n-\n  \n 83,155,336  \n \n-\n  \n (83,155,336) \n \n-\n  \n 82,048  \n 82,048  \n (82,048) \n \n-\n \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n(Loss)/Profit for the year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (15,242,850) \n (15,242,850) \n 40,466  \n (15,202,384)\n\nOther comprehensive income \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 187,667  \n \n-\n  \n 187,667  \n 2,564  \n 190,231 \n\nTotal comprehensive income/(loss) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 187,667  \n (15,242,850) \n (15,055,183) \n 43,030  \n (15,012,153)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransactions with equity holders: \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of new shares \n 14  \n 4,507,036  \n \n-\n  \n    \n \n-\n  \n \n-\n  \n 4,507,050  \n -  \n 4,507,050 \n\nConversion of convertible note \n 3  \n 1,076,457  \n    \n    \n    \n    \n 1,076,460  \n -  \n 1,076,460 \n\nShare-based compensation \n 44  \n 10,867,956  \n \n-\n  \n    \n \n-\n  \n \n-\n  \n 10,868,000  \n -  \n 10,868,000 \n\nBalance as at December 31, 2025 \n 270  \n 99,606,785  \n 2,336,848  \n (31,998) \n 149,488  \n (98,474,450) \n 3,586,943  \n 112,611  \n 3,699,554 \n\n \n\n*The accompanying notes are an integral part of these consolidated\nfinancial statements.*\n\n \n\nF-6\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\nFOR THE YEAR ENDED DECEMBER 31, 2025, 2024 AND 2023**\n\n** **\n\n  \n2025  \n2024  \n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nCash flows from operating activities \n   \n   \n  \n\n(Loss)/Profit before tax \n (15,105,249) \n (83,508,195) \n 1,125,434 \n\n  \n    \n    \n   \n\nAdjustments for: \n    \n    \n   \n\nDepreciation of property and equipment \n 466,420  \n 149,895  \n 188,969 \n\nDepreciation of right-of-use assets \n 122,016  \n 74,662  \n 48,134 \n\nGain on disposal of fixed asset \n (29,443) \n \n-\n  \n \n-\n \n\nFixed asset written off \n 10,279  \n \n-\n  \n \n-\n \n\nAmortization of intangible assets \n 1,540  \n 54,986  \n 92,734 \n\nInterest expense \n 296,152  \n 218,630  \n 149,626 \n\nInterest income \n (25,650) \n (35,940) \n (29,853)\n\nAmount due from related party written off \n \n-\n  \n 2,131  \n \n-\n \n\nShare-based compensation \n 10,868,000  \n 83,155,336  \n \n-\n \n\nExpected credit loss provision \n 59,645  \n 562,755  \n \n-\n \n\nFair value adjustment \n (68,551) \n 117,973  \n \n-\n \n\nOperating cash flows before movements in working capital \n (3,404,841) \n 792,233  \n 1,575,044 \n\n  \n    \n    \n   \n\nChange in working capital: \n    \n    \n   \n\nIncrease in trade and other receivables \n (1,315,746) \n (892,894) \n (930,482)\n\nIncrease/(decrease) in trade and other payables \n 1,244,873  \n (446,240) \n 190,338 \n\nDecrease in amount due to related parties \n (8,142) \n (17,286) \n (43,956)\n\nCash used in operations \n (3,483,856) \n (564,187) \n 790,944 \n\nIncome tax \n (32,545) \n \n-\n  \n \n-\n \n\nNet cash used in /provided by operating activities \n (3,516,401) \n (564,187) \n 790,944 \n\n  \n    \n    \n   \n\nCash flows from investing activities \n    \n    \n   \n\nPurchase of property and equipment \n (186,835) \n (1,052,484) \n (407,203)\n\nDownpayment for right-of-use assets \n (96,498) \n \n-\n  \n \n-\n \n\nPremium paid for purchase of keyman insurance \n \n-\n  \n (85,913) \n \n-\n \n\nProceeds from disposal of property and equipment \n 46,841  \n \n-\n  \n 30,942 \n\nAcquired intangible asset \n \n-\n  \n \n-\n  \n (4,819)\n\nLoan repaid from related parties \n 119,955  \n 185,407  \n 71,449 \n\nNet cash used in investing activities \n (116,537) \n (952,990) \n (309,631)\n\n  \n    \n    \n   \n\nCash flows from financing activities \n    \n    \n   \n\nProceeds from issuance of shares \n 5,750,000  \n 208  \n \n-\n \n\nPayment of deferred offering cost \n (909,861) \n (333,088) \n \n-\n \n\nProceeds from debt \n \n-\n  \n 3,259,062  \n 2,036,696 \n\nRepayment of debt \n (541,874) \n (1,255,766) \n (1,984,699)\n\nRepayment of lease liabilities \n (125,597) \n (80,581) \n (51,050)\n\nNet cash provided by financing activities \n 4,172,668  \n 1,589,835  \n 947 \n\n  \n    \n    \n   \n\nNet increase in cash and cash equivalents \n 539,730  \n 72,658  \n 482,260 \n\nCash and cash equivalents at beginning of year \n 1,000,284  \n 956,975  \n 441,278 \n\nEffect of foreign exchange rate changes on cash and cash equivalents \n 89,004  \n (29,349) \n 33,437 \n\nCash and cash equivalents at December 31, 2025 \n 1,629,018  \n 1,000,284  \n 956,975 \n\n  \n   \n   \n  \n\nNon-cash investing and financing activities \n   \n   \n  \n\nFair value measurement of share-based compensation \n 10,868,000  \n 83,155,336  \n - \n\nFair value adjustment for other financial assets \n (2,035) \n 16,615  \n - \n\nFair value adjustment for other financial liabilities \n 70,586  \n 101,357  \n - \n\nInitial measurement of right-of-use asset and lease liability \n 137,937  \n 187,852  \n 76,713 \n\n* *\n\n*The* *accompanying notes are an integral\npart of these consolidated financial statements.*** **\n\n \n\nF-7\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**1.****General**\n\n \n\nConcorde International Group Ltd (“Company”\nor “Concorde”), was incorporated in the British Virgin Islands on May 2, 2023. The Company’s registered office\nis at Conyers Trust Company (BVI) Limited of Commerce House, Wickhams Cay 1, PO Box 3140, Road Town, Tortola, British Virgin Islands\nVG1110. The Company’s agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd\nStreet, 18th Floor, New York, NY 10168. The major operation of the Group is located at 3 Ang Mo Kio Street 62 #01-49\nLINK@AMK Singapore 569139.\n\n \n\nConcorde International Group Ltd (“CIGL”),\nwas incorporated in 2023 to acquire via Concorde International Group Pte Ltd (Singapore) the following companies, Concorde Security Pte\nLtd (Singapore), Concorde Security Sdn Bhd (Malaysia), Concorde Security Limited (UK), Concorde Asia Pte Ltd (Singapore) and Berjaya\nAcademy Pte Ltd (Singapore).\n\n \n\nConcorde International Group Ltd, and\nits subsidiaries (collectively referred to as the “Group”) engages principally in providing man guarding and i-Guarding services\nincluding project installation and maintenance work located in Singapore.\n\n \n\ni-Guarding services is a technology-integrated\nsecurity service implementing and utilizing technologies such as I-Facility Sprinter (“IFS”), Visitor Management Systems\n(VMS), Keys Management Systems (KMS), Intelligent Facility Authenticators (IFA), security turnstile facilities, Internet of Things (IoT)\ndevices, and other smart security solutions. Man Guarding is the provision of traditional manpower to man-operate at the customer’s\nsite.\n\n \n\nOn April 22, 2025, the Company was\nsuccessfully listed on the NASDAQ Stock Exchange, and on April 23, 2025, it issued an aggregate of 1,250,000 Class A Ordinary Shares,\nreceiving proceeds of US$4,371,614. This amount represents full payment for the shares, net of underwriting discounts, offering expenses,\nand other costs, as outlined in the Underwriting Agreement and the flow of funds memorandum dated April 23, 2025. Subsequently, on May\n2, 2025, the Underwriter exercised the over-allotment option pursuant to the Underwriting Agreement, and the Company issued an additional\n187,500 ordinary shares (the “Option Shares”). The Company received same-day wire transfers totaling US$693,750 after netting\noff underwriting discount in connection with the issuance of the Option Shares.\n\n \n\nThese consolidated financial statements\nare presented in United States Dollars (“USD”) and have been rounded to the nearest USD.\n\n** **\n\n**2.****Adoption of\nnew and revised Standards**\n\n** **\n\n**New and amended IFRS Accounting\nStandards that are effective for the current year**\n\n \n\nThe following standards and amendments\nhave been adopted by the Group for the first time for the financial year beginning on January 1, 2025:\n\n \n\nAmendments\nto IAS 21 The Effects of Changes in Foreign Exchange Rates:\n\n \n\nLack of Exchangeability\n\n** **\n\nThe adoption of amendment does not\nhave material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures\nset out in these consolidated financial statements.\n\n \n\nF-8\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**2.****Adoption of\nnew and revised Standards**(cont.)\n\n** **\n\nThe following new standards and amendments\nto standards have not come into effect for the financial year beginning January 1, 2025, and have not been early adopted by the\nGroup in preparing these consolidated financial statements.\n\n \n\nThe adoption of IFRS 18 ‘Presentation\nand Disclosure in Financial Statements’, effective for periods commencing on or after January 1, 2027, is expected to have a material\nimpact on the presentation of the consolidated financial statements.\n\n \n\nThese disclosures reflect the situation\nwhere management is still in the process of identifying the possible impact of IFRS 18. Depending on where management are in this process,\nit may be possible to provide further information about the possible impact of applying IFRS 18. Except for IFRS 18, none of these new\nstandards and amendments to standards is expected to have a material effect on the consolidated financial statements of the Group.\n\n \n\n**Title**** ** **Effective date**\n\nIFRS 18 Presentation and Disclosure in Financial Statements  January 1, 2027\n\nIFRS 19 Subsidiaries without Public Accountability: Disclosures  January 1, 2027\n\nAmendments to IAS 31 Translation to a Hyperinflationary Presentation Currency  January 1, 2027\n\nAmendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosure: Classification and Measurement of Financial Instruments  January 1, 2026\n\nAnnual Improvements to IFRS – Volume 11  January 1, 2026\n\nAmendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures : Sale or Contribution of Assets between an investor and its Associate or Joint Venture  Effective date has been removed temporarily by the IASB\n\n \n\n**3.**\n**Material\nAccounting Policy Information**\n\n \n\nThe following is a summary of significant\naccounting policies used in the preparation of these consolidated financial statements.\n\n** **\n\n  **3.1** **Basis of accounting**\n\n \n\nThe consolidated financial statements\nof Concorde have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International\nAccounting Standards Board (“IASB”). All amounts are presented in USD.\n\n \n\nThe accounting policies used for the\npreparation of these consolidated financial statements are based upon the application of IFRS 1.D17, which results in assets and liabilities\nbeing measured at the same carrying amount as in the standalone financial statements of subsidiaries for the years December 31,\n2025, 2024 and 2023 after adjusting for consolidation and equity accounting adjustments and for the effects of the business combination\nin which the entity acquired the subsidiaries.\n\n \n\nThe consolidated statement of financial\nposition, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated\nstatement of cash flows of the Group for the relevant periods include the results and cash flows of all companies now comprising the\nGroup from the earliest date presented as if the reorganization had been completed at the beginning of the earliest reporting period.\n\n** **\n\nF-9\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n** **\n\n  **3.2** **Going concern**\n\n \n\nPursuant to IAS 1, Presentation of Financial\nStatements, the Group is required to and does evaluate at each annual and interim period   whether there are conditions or\nevents, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after\nthe date that the consolidated financial statements are issued.\n\n  \n\nAs of December 31, 2025, our consolidated\nfinancial statements were prepared on the assumption that we would continue as a going concern. The Group’s ability to continue\nas a going concern is dependent upon the Group’s profit generating operations in the future and/or obtaining the necessary financing\nto meet its obligations and repay its liabilities arising from normal business operations when they become due.\n\n \n\n  **3.3** **Principles of consolidation**\n\n \n\nThe consolidated financial statements\nincorporate the financial statements of the parent entity and entities controlled by Group made up to December 31 each year. Control\nis achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability\nto affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:\n\n \n\n(a)Power\nover the investee;\n\n \n\n \n(b)\nExposure, or\nrights, to variable returns from its involvement with the investee; and\n\n \n\n \n(c)\nThe ability\nto use its power over the investee to affect its returns.\n\n \n\nIf the Group has less than a majority\nof the voting of similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has\npower over an investee, including:\n\n \n\n \n(a)\nThe contractual\narrangement with the other vote holders of the investee;\n\n \n\n \n(b)\nRights arising\nfrom other contractual agreements; and\n\n \n\n \n(c)\nThe voting\nrights of the Group and potential voting rights\n\n \n\nF-10\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n \n\nIntercompany balances, transactions,\nincome and expenses are eliminated in the consolidated financial statements.\n\n \n\nAcquisition-related costs are recognized\nas expenses in the periods in which the costs are incurred, and the services are received.\n\n \n\nNon-controlling interests, if any, represent\nequity in subsidiaries that are not attributable, directly or indirectly, to owners of the parent, and is presented separately in the\nconsolidated statement of profit or loss and other comprehensive income and within equity in the consolidated statement of financial\nposition, separately from equity attributable to owners of the Company. Profit or loss and each component of other comprehensive income\nare attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to non-controlling\ninterests even if this results in the non-controlling interests having a deficit balance.\n\n \n\nThe Group re-assesses whether or not\nit controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Subsidiaries\nare consolidated from the date on which control is transferred to the Group up to the effective date on which control ceases, as appropriate.\nAssets, liabilities, income and expenses of a subsidiary acquired or disposed of during the financial year/ period are included in the\nstatement of profit or loss and other comprehensive income from the date the Group gains control until the date the Group ceases to control\nthe subsidiary.\n\n \n\nTransaction under common control entities\n\n \n\nUnder common control entities represent\nthose entities are controlled by Swee Kheng Chua and Ping Ping Lim. The Group determines the allowance for its receivable from controlling\nshareholders based on historical collection experience and economic conditions. The Company writes-off receivable when amounts are deemed\nuncollectible. The writes-off amounts are recognized in other reserve.\n\n \n\n**Name of subsidiaries**   **Date of incorporation**   **Principal activities**   **Relationship with the Group**\n\nConcorde International Group Pte Ltd   June 12, 2023   Holding company   100% own subsidiary\n\nConcorde i-FAST USA Inc.   April 25, 2024   Security solution services   100% own subsidiary\n\nConcorde Security Pte Ltd   June 16, 2005   Security solution services   96.81% own subsidiary\n\nConcorde Security Sdn Bhd   January 13, 2015   Security solution services   100% own subsidiary\n\nConcorde Security Limited   December 23, 2016   Security solution services   100% own subsidiary\n\nConcorde Asia Pte Ltd   October 08, 2013   Security solution services   70% own subsidiary (directly or indirectly)\n\nBerjaya Academy Pte Ltd   March 06, 2020   Consultancy and training course services   70% own subsidiary (directly or indirectly)\n\n \n\nF-11\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n** **\n\n  **3.4** **Revenue recognition**\n\n \n\nRevenue is measured based on the consideration\nto which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected\non behalf of third parties.\n\n \n\nThe Group recognizes revenue from contracts\nwith customers for the sale of goods based on the five-step model as set out below:\n\n \n\n \n(i)\nIdentify contract(s) with\na customer. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and\nsets out the criteria that must be met.\n\n \n\n \n(ii)\nIdentify performance\nobligations in the contract. A performance obligation is a promise in a contract with a customer to transfer a good or service to\nthe customer.\n\n ** **\n\n \n(iii)\nDetermine the\ntransaction price. The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for\ntransferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.\n\n \n\n \n(iv)\nAllocate the\ntransaction price to the performance obligations in the contract. For a contract that has more than one performance obligation, the\nGroup allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which\nthe Group expects to be entitled in exchange for satisfying each performance obligation.\n\n \n\n \n(v)\nRecognize revenue\nwhen the Group satisfies a performance obligation.\n\n \n\nRevenue is recognized when the Group\nsatisfies a performance obligation by transferring promised goods or services to the customer, which is when the customer obtains control\nof the goods or services.\n\n \n\nA performance obligation may be satisfied\nat a point in time or over time.\n\n \n\nPerformance obligations satisfied\nover time\n\n \n\nA performance obligation is satisfied\nover time when an entity transfers control of a good or service over a period. This occurs when one of three conditions is met: (a) the\ncustomer simultaneously receives and consumes the benefits provided by the entity’s performance; (b) the entity’s performance\ncreates or enhances an asset that the customer controls during creation or enhancement; or (c) the entity’s performance does\nnot result in an asset with an alternative use, and there exists an enforceable right to payment for the performance completed to date.\n\n \n\nIn providing round-the-clock security\nmanning, the customer simultaneously receives and consumes the benefits of the Group’s performance. Therefore, the nature of the\nservice sales is recognized over time, on a monthly billing cycle basis.\n\n \n\nF-12\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n** **\n\nAn asset created by an entity’s\nperformance lacks an alternative use if contractual or practical restrictions prevent the entity from redirecting it during creation\nor completion. This assessment is fixed at contract inception and can only be revised if a contract modification substantially alters\nthe performance obligation with mutual agreement from the parties involved. In providing installation solely as a prerequisite to our\npatent-protected service at the customer’s site, the customer will not have an alternate use for such installation. Performance\nobligations are satisfied over time, primarily through the provision of service sales.\n\n \n\nRight to payment for performance completed\nto date, an entity considers both contractual terms and applicable laws. This right does not necessarily specify a fixed amount but must\nensure that the entity is compensated for work completed if the contract is terminated for reasons unrelated to the entity’s performance\nfailure. Customers have entered into a contract with the Group that does recurring monthly billing, securing the Group’s right\nto payment for services rendered as they are consumed.\n\n \n\nPerformance obligations satisfied\nat a point in time\n\n \n\nIn cases where a performance obligation\nis not satisfied over time, it is fulfilled at a specific point in time. This determination relies on factors including the entity’s\npresent right to payment, the transfer of legal title, physical possession of the asset by the customer, the transfer of significant\nrisks and rewards of ownership, and the customer’s acceptance of the asset. Consideration of these indicators, alongside the control\nrequirements outlined in the standard, helps determine when control of the asset is transferred, and the performance obligation is satisfied.\n\n \n\nIn the provision of installation at customer’s\nsite amounting to creation of assets where customer has an alternative use. Such installation’s performance obligation are satisfied\nat the point in time.\n\n** **\n\nThe amount of revenue recognized is the\namount allocated to the satisfied performance obligation under IFRS 15 Revenue from Contracts with Customers (“IFRS 15”).\n\n \n\n(a)Man\nGuarding Services\n\n \n\nRevenue from a contract to provide man\nguarding services is recognized over time, using the output method to measure progress towards complete satisfaction of the service, as\nthe customer simultaneously receives and consumes the benefits provided by the Group. In the applicable of the output method, the Group\nhas used the appraisal of results achieved method. Accordingly, in view of the nature of the service income on a contract basis, management\nconsiders that this output method is most appropriate in measuring the progress towards complete satisfaction of these performance’s\nobligation. The Company also utilizes the “as invoiced” practical expedient where performance obligations are satisfied over\ntime and the invoiced amount corresponds directly with the value the Company is providing to the customer.\n\n \n\nF-13\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n \n\n(b)I-Guarding\nServices (including installation and maintenance services)\n\n \n\nI-Guarding Services is a comprehensive\ntechnology-integrated package of round-the-clock ongoing security monitoring and maintenance services, the service is consumed continuously\nand revenue is recognized over time through monthly invoicing.\n\n \n\nThe Group sells a range of products\nsuch as closed-circuit cameras, turnstiles, gates, authenticators, and cabling, and provides installation services for these products.\n\n \n\nIn the case, where the installation\nis part of a comprehensive package that includes monthly security monitoring and maintenance services, revenue is recognized over time\nas these services are consumed. This installation is a prerequisite for our comprehensive package, involving continuous service and maintenance\nof the installed facilities by the Group. Therefore, the setup of these facilities constitutes a continuous performance obligation, inseparable\nfrom the provision of security services.\n\n \n\nIn the case, where the\ninstallation is part of a security setup without ongoing monthly security monitoring or maintenance services, revenue is recognized\nat a point in time upon completion of installation and acceptance by customers. This recognition occurs when control of the goods is\ntransferred to the customers, in accordance with the agreed terms, and significant risks and rewards of ownership have been passed\nto them. Such service denotes a small portion of the total i-guarding services sales. The point-in-time sales within the I-Guarding\nservices are USD 310,465, USD 418,874 and USD 339,568 for 2025, 2024 and 2023 respectively. These installations are standalone and\ncapable of operating independently from our security services. Examples include installing turnstiles, modifying gates, and\ninstalling biometric locks.\n\n \n\n(c)Training\nand consulting\n\n \n\nTraining and consulting income is recognized\nat the time when such services have been performed and rendered.\n\n \n\n  **3.5** **Cost of revenues (exclusive of depreciation and amortization shown separately)**\n\n \n\nCost of revenues mainly consists of service\ncosts, sub-contracting cost, salaries, consumables and others excluding depreciation and amortization expenses which is shown separately.\n\n** **\n\n  **3.6** **Government grants**\n\n \n\nGrants from the government are recognized\nat their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached\nconditions.\n\n \n\nF-14\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n** **\n\n  **3.7** **Leases — The Group as lessee**\n\n \n\nWith reference to IFRS 16, the Group\nassesses whether a contract is, or contains, a lease, at inception of the contract. The group recognizes a right-of-use asset and a corresponding\nlease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with\na lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office\nfurniture and telephones). For these leases, the group recognizes the lease payments as an operating expense on a straight-line basis\nover the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from\nthe leased assets are consumed.\n\n \n\nThe lease liability is initially measured\nat the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease.\nIf this rate cannot be readily determined, the group uses its incremental borrowing rate.\n\n \n\nLease payments included in the measurement\nof the lease liability comprise:\n\n \n\n●Fixed\nlease payments (including in-substance fixed payments), less any lease incentives receivable\n\n \n\n \n●\nVariable lease\npayments that depend on an index or rate, initially measured using the index or rate at the commencement date\n\n \n\n \n●\nThe amount\nexpected to be payable by the lessee under residual value guarantees\n\n \n\n \n●\nThe exercise\nprice of purchase options, if the lessee is reasonably certain to exercise the options\n\n \n\n \n●\nPayments of\npenalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease\n\n \n\nThe lease liability is initially measured\nat the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in\nthe lease or, if that rate cannot be readily determined, the lessee’s incremental borrowing rate.\n\n \n\nThe Group generally uses the incremental\nborrowing rate as the discount rate. To determine the incremental borrowing rate, the Group obtains a reference rate and makes certain\nadjustments to reflect the terms of the lease and the asset leased.\n\n \n\nF-15\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n \n\nLease payments included in the measurement\nof the lease liability comprise:\n\n \n\n●Fixed\nlease payments (including in-substance fixed payments), less any lease incentives receivable\n\n \n\n \n●\nVariable lease\npayments that depend on an index or rate, initially measured using the index or rate at the commencement date\n\n \n\n \n●\nThe amount\nexpected to be payable by the lessee under residual value guarantees\n\n \n\n \n●\nThe exercise\nprice of purchase options, if the lessee is reasonably certain to exercise the options\n\n \n\nThe lease liability is subsequently\nmeasured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing\nthe carrying amount to reflect the lease payments made.\n\n \n\nThe group remeasures the lease liability\n(and makes a corresponding adjustment to the related right-of-use asset) whenever:\n\n \n\n \n●\nThe lease term\nhas changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase\noption, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\n\n \n\n \n●\nThe lease payments\nchange due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease\nliability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change\nis due to a change in a floating interest rate, in which case a revised discount rate is used).\n\n \n\n \n●\nA lease contract\nis modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured\nbased on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective\ndate of the modification.\n\n \n\nThe Group did not make any such adjustments\nduring the periods presented.\n\n \n\nThe Group recognizes a right-of-use asset\nand lease liability at the lease commencement date for all lease arrangement for which the Group is the lessee, except for leases which\nhave lease term of 12 months or less and leases of low value assets for which the Group applied the recognition exemption allowed\nunder IFRS 16 Leases (“IFRS 16”). For these leases, the Group recognizes the lease payment as an operating expense on a straight-line\nbasis over the term of the lease.\n\n \n\nF-16\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n \n\nThe right-of-use asset is initially measured\nat cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement\ndate, less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the\nunderlying asset or to restore the underlying asset or the site on which it is located.\n\n \n\nThe right-of-use asset is subsequently\ndepreciated using the straight-line method from the commencement date to the end of the lease term. When the lease transfers ownership\nof the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will\nexercise a purchase option, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined\non the same basis as those of property and equipment. The right-of-use asset is also reduced by allowances for expected credit losses,\nif any, and adjusted for certain remeasurements of the lease liability, where applicable.\n\n \n\nThe Group applies IAS 36 to determine\nwhether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the ‘Property and Equipment’\npolicy.\n\n \n\nWhere a contract contains more than one\nlease component, the Group allocates the consideration in the contract to each lease component on the basis of the relative standalone\nprice of the lease component. Where the contract contains non-lease components, the Group applied the practical expedient to not to separate\nnon-lease components from lease components, and instead account for each lease component and any associated non-lease components as a\nsingle lease component.\n\n ** **\n\n**3.8****Borrowing\ncosts**\n\n \n\nAll borrowing costs are recognized in\nstatements of profit or loss and other comprehensive income in the period in which they are incurred.\n\n** **\n\n  **3.9** **Defined Contribution Plan**\n\n \n\nPayments to defined contribution retirement\nplans are recognized as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed\nretirement plans are accounted for as payments to defined contribution plans where the group’s obligations under the plans are\nequivalent to those arising in a defined contribution retirement plan.\n\n** **\n\n  **3.10** **Taxation**\n\n \n\nThe income tax expense represents the\nsum of current and deferred income tax expense.\n\n* *\n\n*Current tax*\n\n \n\nThe tax currently payable is based on\ntaxable profit for the year.\n\n* *\n\nF-17\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n* *\n\n*Deferred tax*\n\n \n\nDeferred tax is the tax expected to be\npayable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding\ntax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally\nrecognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable\nprofits will be available against which deductible temporary differences can be utilized. A deferred tax liability was recognized by\nthe Group during the financial year ended December 31, 2025 and 2024 as the Group’s net deferred tax stemming from business losses\nin previous years, may not completely offset the tax liability recognized for the year.\n\n \n\nDeferred tax is calculated at the tax\nrates that are expected to apply in the period when the liability is settled, or the asset is realized based on tax laws and rates that\nhave been enacted or substantively enacted at the reporting date.\n\n \n\nThe measurement of deferred tax liabilities\nand assets reflects the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period,\nto recover or settle the carrying amount of its assets and liabilities.\n\n \n\nDeferred tax assets and liabilities are\noffset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to\nincome taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis.\n\n* *\n\n*Current tax and deferred tax for the\nyear*\n\n \n\nCurrent and deferred tax are recognized\nin profit or loss and other comprehensive income, except when they relate to items that are recognized in other comprehensive income\nor directly in equity, in which case the current and deferred tax are also recognized in other comprehensive income or directly in equity\nrespectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included\nin the accounting for the business combination.\n\n* *\n\n*Group relief in Singapore Taxation*\n\n \n\nGroup Relief in Singapore taxation permits\ncompanies within the same group to consolidate their tax positions, treating them as a single entity for certain tax benefits. This includes\nallowing a company (the claimant) to deduct current year unutilized capital allowances, trade losses, and donations from another company\nin the group (the transferor). To utilize Group Relief in Singapore, the transferor and claimant companies must be Singapore incorporated,\nbelong to the same group with at least 75% shareholding, and share the same financial year end for tax purposes. This allows for the\ndeduction of current year unutilized capital allowances, trade losses, and donations between these entities.\n\n * *\n\n*Goods and services tax (GST)*\n\n \n\nRevenues, expenses and assets are recognized\nnet of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognized\nas part of the cost of acquisition of the asset or as part of the expense.\n\n \n\nF-18\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n \n\nReceivables and payables are stated inclusive\nof the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included\nwith other receivables or payables in the balance sheet.\n\n \n\nCash flows are presented on a gross basis.\nThe GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation\nauthority, are presented as operating cash flows.\n\n** **\n\n**3.11****Foreign\ncurrency transactions and translation**\n\n \n\nForeign currency transactions are translated\ninto the Company’s functional currency at the exchange rates prevailing on the date of the transaction. At the end of each financial\nyear, monetary items denominated in foreign currencies are retranslated at the rate prevailing at the end of the financial year. Non-monetary\nitems carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the\nfair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.\n\n \n\nExchange differences arising on the settlement\nof monetary items, and on retranslation of monetary items are included in profit or loss for the year. Exchange differences arising on\nthe retranslation of non-monetary items carried at fair value are included in profit or loss for the year except for differences arising\non retranslation of non-monetary items, any exchange component of that gain or loss is also recognized directly in other comprehensive\nincome.\n\n** **\n\n  **3.12** **Property and equipment**\n\n \n\nAll items of property and equipment are\ninitially measured at cost. Cost includes expenditure that is directly attributable to the acquisition of the asset in accordance to\nIAS 16 Property and Equipment.\n\n \n\nAfter initial recognition, property and\nequipment are stated at cost less accumulated depreciation and accumulated allowances for expected credit losses, if any\n\n \n\nDepreciation is recognized so as to write\noff the cost less their residual values over their useful lives, using the straight-line method, on the following bases:\n\n \n\n \n \n**Estimated\nuseful life**\n\nFurniture and Fittings\n \n3 years\n\nOffice equipment\n \n3 years\n\nBuilding\n \n50 years\n\nMotor Vehicle\n \n5 years\n\nSecurity Equipment\n \n3 – 7 years\n\nRenovation\n \n3 – 7 years\n\n \n\nF-19\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n** **\n\nThe estimated useful lives, residual\nvalues and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted\nfor on a prospective basis.\n\n \n\nAn item of property and equipment is\nderecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or\nloss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying\n\n** **\n\n**3.13****Intangible\nassets**\n\n** **\n\n**3.13.1****Internally\ngenerated intangible assets**\n\n \n\nIn accordance to IAS 38 Intangible\nassets, expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated\nintangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of\nthe following conditions have been demonstrated:\n\n \n\n●The\ntechnical feasibility of completing the intangible asset so that it will be available for use or sale\n\n \n\n \n●\nThe intention\nto complete the intangible asset and use or sell it\n\n \n\n \n●\nThe ability\nto use or sell the intangible asset\n\n \n\n \n●\nHow the intangible\nasset will generate probable future economic benefits\n\n \n\n \n●\nThe availability\nof adequate technical, financial and other resources to complete the development and to use or sell the intangible asset\n\n \n\n \n●\nThe ability\nto measure reliably the expenditure attributable to the intangible asset during its development\n\n \n\n \n●\namount of the\nasset and is recognized in statement of profit or loss and other comprehensive income.\n\n \n\n \n(a)\nResearch and\ndevelopment\n\n \n\nExpenditure on research activities\nis recognized as an expense in the period in which it is incurred. Where no internally generated intangible asset can be recognized,\ndevelopment expenditure is charged to profit or loss and other comprehensive income in the period in which it is incurred. Subsequent\nto initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment\nloss, on the same basis as intangible assets acquired separately. These costs are amortized to profit or loss and other comprehensive\nincome over their estimated use of lives of 3 years.\n\n \n\n \n(b)\nPatents and\ntrademark\n\n \n\nPatents and trademarks are measured\ninitially at purchase cost and are amortized on a straight-line basis over their useful lives.\n\n \n\nF-20\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n** **\n\n**3.13.2****Intangible\nassets acquired separately**\n\n \n\nIntangible assets with finite useful\nlives that are acquired separately are carried at cost less accumulated amortization. Amortization is recognized on a straight-line basis\nover 3 years period which are disclosed in note 7.\n\n \n\n \n(a)\nSoftware\n\n \n\nSoftware are measured initially at\npurchase cost and are amortized on a straight-line basis over a 3 year period.\n\n \n\nAmortization is recognized on a straight-line\nbasis over their estimated useful lives which are disclosed as follows:\n\n \n\n**Intangible asset**   **Useful lives**\n\nPatent   20 years\n\nTrademark   10 years\n\nResearch and development   3 years\n\nSoftware   3 years\n\n \n\nThe estimated useful life and amortization\nmethod are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective\nbasis.\n\n \n\nAn intangible asset is derecognized on\ndisposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible\nasset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or\nloss and other comprehensive income when the asset is derecognized.\n\n** **\n\n**3.14****Impairment\nof property and equipment and intangible assets**\n\n \n\nWith reference to IAS 36, at each reporting\ndate, the group reviews the carrying amounts of its property and equipment and intangible assets to determine whether there is any indication\nthat those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to\ndetermine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets,\nthe group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis\nof allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated\nto the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.\n\n \n\nRecoverable amount is the higher of fair\nvalue less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present\nvalue using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the\nasset for which the estimates of future cash flows have not been adjusted.\n\n \n\nF-21\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n \n\nIf the recoverable amount of an asset\n(or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit)\nis reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss and other comprehensive income,\nunless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and\nto the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognized in profit\nor loss and other comprehensive income.\n\n \n\nWhere an impairment loss subsequently\nreverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount,\nbut so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss\nbeen recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately\nin profit or loss and other comprehensive income to the extent that it eliminates the impairment loss which has been recognized for the\nasset in prior years. Any increase in excess of this amount is treated as a revaluation increase.\n\n ** **\n\n  **3.15** **Cash and cash equivalents**\n\n \n\nIn the consolidated statement of financial\nposition, cash and cash equivalents comprise cash and bank balances. Cash equivalents are short-term (generally with original maturity\nof three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject\nto an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather\nthan for investment or other purposes.\n\n \n\nBank balances for which use by the group\nis subject to third party contractual restrictions are included as part of cash unless the restrictions result in a bank balance no longer\nmeeting the definition of cash.\n\n \n\nFor the purposes of the statement of\ncash flows, cash and cash equivalents consist of cash and cash equivalents as defined above.\n\n** **\n\n  **3.16** **Financial instruments**\n\n \n\nFinancial assets and financial liabilities\nare recognized in the group’s consolidated statement of financial position when the group becomes a party to the contractual provisions\nof the instrument.\n\n \n\nFinancial assets and financial liabilities\nare initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured\nat transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial\nliabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from\nthe fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable\nto the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit\nor loss and other comprehensive income.\n\n** **\n\n**Financial assets**\n\n \n\nAll regular way purchases or sales of\nfinancial assets are recognized and derecognized on a trade date basis. Regular way purchases or sales are purchases or sales of financial\nassets that require delivery of assets within the time frame established by regulation or convention in the marketplace.\n\n \n\nF-22\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.**\n**Material\nAccounting Policy Information**(cont.)\n\n \n\nAll recognized financial assets are measured\nsubsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.\n\n** **\n\n**Classification of financial assets**\n\n \n\nDebt instruments that meet the following\nconditions are measured subsequently at amortized cost:\n\n \n\n●The\nfinancial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.\n\n \n\n \n●\nThe contractual\nterms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the\nprincipal amount outstanding.\n\n  \n\n**Other financial asset**\n\n \n\nUnder IFRS 9, the insurance contract\nis recognized as a financial asset.. In accordance to IFRS9 paragraph 4 classification of financial asset, two key criteria are assessed\nfor further classification: the entity’s business model for managing the assets and the contractual cash flow characteristics.\nFinancial assets can be classified into three categories: Amortized Cost for those held to collect cash flows that are solely payments\nof principal and interest; Fair Value Through Other Comprehensive Income (FVOCI) for assets held to collect cash flows and for selling,\nalso with solely payments of principal and interest; and Fair Value Through Profit or Loss (FVPL) for assets that do not meet the criteria\nfor the first two categories. This classification ensures that financial assets are measured and reported in a way that accurately reflects\ntheir economic substance. The insurance contract is not classified as a financial asset for collecting contractual cash flows through\ncompensation for the life insured. Since the contract does not represent solely the payment of principal and interest, it fails the SPPI\n(Solely Payments of Principal and Interest) test. Therefore, it will be recognized at fair value through profit and loss in subsequent\nreporting periods.\n\n \n\nOther financial asset includes a keyman\ninsurance policy purchased by the Group for a department head, who is a family member of Swee Kheng Chua. $84,389 was capitalized. The\namount was revalued to $71,561 as at December 31, 2025. The policy has an accumulating asset value and provides $1 million coverage on\nthe life insured. The Group has the discretion to reassign the life insured.\n\n \n\n**Foreign exchange gains and losses**\n\n \n\nThe carrying amount of financial assets\nthat are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each\nreporting period. The exchange differences are recognized in the statement of profit or loss and other comprehensive income.\n\n** **\n\n**Impairment of financial assets**\n\n \n\nThe group recognizes a loss allowance\nfor expected credit losses on investments in debt instruments that are measured at amortized cost. The amount of expected credit losses\nis updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.\n\n \n\nF-23\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n \n\nThe group always recognizes lifetime\nexpected credit losses (ECL) for trade and other receivables. The expected credit losses on these financial assets are estimated using\na provision matrix based on the group’s historical credit loss experience, adjusted for factors that are specific to the debtors,\ngeneral economic conditions, and an assessment of both the current as well as the forecast direction of conditions at the reporting date,\nincluding time value of money where appropriate.\n\n \n\nFor all other financial instruments,\nthe group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the\ncredit risk on the financial instrument has not increased significantly since initial recognition, the group measures the loss allowance\nfor that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result\nfrom all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of\nlifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the\nreporting date.\n\n** **\n\n**Derecognition of financial assets**\n\n \n\nThe group derecognizes a financial asset\nonly when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially\nall the risks and rewards of ownership of the asset to another entity. If the group neither transfers nor retains substantially all the\nrisks and rewards of ownership and continues to control the transferred asset, the group recognizes its retained interest in the asset\nand an associated liability for amounts it may have to pay. If the group retains substantially all the risks and rewards of ownership\nof a transferred financial asset, the group continues to recognize the financial asset and also recognizes a collateralized borrowing\nfor the proceeds received.\n\n \n\nOn derecognition of a financial asset\nmeasured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable\nis recognized in profit or loss.\n\n** **\n\n**Financial liabilities and equity**\n\n \n\nDebt and equity instruments are classified\nas either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of\na financial liability and an equity instrument.\n\n** **\n\n**Equity instruments**\n\n \n\nAn equity instrument is any contract\nthat evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the\ngroup are recognized at the proceeds received, net of direct issue costs.\n\n \n\nF-24\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n \n\n**Financial liabilities**\n\n \n\nAll financial liabilities are measured\nsubsequently at amortized cost using the effective interest method.\n\n \n\nFinancial liabilities that are not (i) contingent\nconsideration of an acquirer in a business combination, (ii) held-for trading, or (iii) designated as at fair value through\nprofit or loss (“FVTPL”), are measured subsequently at amortized cost using the effective interest method.\n\n \n\nThe effective interest method is a method\nof calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective\ninterest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that\nform an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of\nthe financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.\n\n \n\nWhere a financial liability contains\nan embedded derivative, the Group assesses whether the embedded derivative is required to be separated from the host contract. An embedded\nderivative is separated and accounted for at fair value through profit or loss if it is not closely related to the host contract and\nmeets the definition of a derivative.\n\n \n\nIf the embedded derivative is assessed\nto be closely related to the host contract, or is not material, it is not separately recognised and the financial liability continues\nto be measured at amortised cost.\n\n** **\n\n**Derecognition of financial liabilities**\n\n \n\nThe group derecognizes financial liabilities\nwhen, and only when, the group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount\nof the financial liability recognized and the consideration paid and payable is recognized in profit or loss.\n\n \n\n  **3.17** **Provisions and contingent liabilities**\n\n \n\nWith reference to IAS 37, provisions\nare recognized when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group\nwill be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.\n\n \n\nThe amount recognized as a provision\nis the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks\nand uncertainties surrounding the obligation.\n\n \n\nA contingent liability is a possible\nobligation that arises from past events whose existence would be confirmed by the occurrence or non-occurrence of one or more uncertain\nfuture events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow\nof resources would be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a\nliability that cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses\nits existence in the consolidated financial statements (Refer Note 25 to the consolidated financial statements).\n\n \n\nF-25\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n** **\n\n  **3.18** **Earnings/(Loss) per share**\n\n** **\n\n**Basic earnings/(loss) per share**\n\n \n\nBasic earnings/(loss) per share is calculated\nby dividing the profit/(loss) attributable to the controlling interest, excluding any costs of servicing equity other than ordinary shares,\nby the weighted average number of ordinary shares outstanding during the year, adjusted for bonus elements in ordinary shares issued\nduring the year.\n\n** **\n\n**Diluted earnings/(loss) per share**\n\n \n\nDiluted earnings/(loss) per share adjusts\nthe figures used in the determination of basic earnings/(loss) per share to take into account the after-tax effect of interest and other\nfinancing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued\nfor no consideration in relation to dilutive potential ordinary shares.\n\n \n\n  **3.19** **Foreign currency transaction and translations**\n\n \n\nIn preparing the financial statements\nof each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are\nrecognized at the rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items\ndenominated in foreign currencies are retranslated at the exchange rates at that date. Non-monetary items that are measured in terms\nof historical cost in a foreign currency are not retranslated.\n\n \n\nExchange differences arising on the\nsettlement of monetary items, and on the retranslation of monetary items, are recognized in profit or loss in the period in which they\narise.\n\n \n\nFor the purposes of presenting the\nconsolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into the presentation\ncurrency of the Group (i.e. USD) at the rate of exchange prevailing at the end of each reporting period, and their income and expenses\nare translated at the average exchange rates for the year. Exchange differences arising, if any, are recognized in other comprehensive\nincome and accumulated in equity under the heading of foreign currency translation reserve.\n\n** **\n\n  **3.20** **Deferred offering costs**\n\n \n\nDeferred offering costs consists of legal,\naccounting, underwriter’s fees, and other costs incurred through the balance date that are directly related to the proposed Initial\nPublic Offering (IPO) and that would be charged to equity upon completion of the proposed IPO. Should the proposed IPO prove unsuccessful,\ndeferred costs and additional expenses to be incurred would be charged to the statement of profit or loss.\n\n \n\nF-26\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n \n\n  **3.21** **Reportable segments**\n\n \n\nBasis for\nsegmentation\n\n \n\nThe Group’s chief executive officer\n(the Chief Operating Decision Maker or CODM) is responsible for resource allocation and performance assessment. Operating segments are\ndetermined using the management approach, based on internal reporting reviewed monthly by the CODM for decision-making and evaluation.\n\n \n\nBased on management’s assessment,\nthe Group has determined that it has two operating segments, which are (i) security services; and (ii) training school.\n\n \n\nInformation about reportable segment\n\n \n\n  \nSecurity Services  \nTraining school  \nUnallocated  \nTotal \n\n  \nUSD  \nUSD  \nUSD  \nUSD \n\n2025 \n   \n   \n   \n  \n\nSegment Revenue \n 12,287,301  \n 188,142  \n \n-\n  \n 12,475,443 \n\nSegment Profit / (Loss) \n 174,125  \n (50,994) \n (15,325,515) \n (15,202,384)\n\n  \n    \n    \n    \n   \n\n2024 \n    \n    \n    \n   \n\nSegment Revenue \n 10,434,043  \n 56,625  \n \n-\n  \n 10,490,668 \n\nSegment Loss \n (296,079) \n (171,682) \n (83,155,336) \n (83,623,097)\n\n \n\n  \nUSD  \nUSD  \nUSD  \nUSD \n\n2025 \n   \n   \n   \n  \n\nAssets \n 10,728,560  \n 69,594  \n 469,754  \n 11,267,908 \n\nLiabilities \n (7,065,168) \n (24,875) \n (478,311) \n (7,568,354)\n\n  \n    \n    \n    \n   \n\n2024 \n    \n    \n    \n   \n\nAssets \n 9,803,387  \n 20,710  \n 449,110  \n 10,273,207 \n\nLiabilities \n (6,868,823) \n (29,859) \n (1,114,328) \n (8,013,010)\n\n \n\nGeographic allocation\n\n \n\nAll business units of the Group are operating\nin Singapore.  The Group allocates revenue based on the location of the customer. The geographic revenue are generated majority\nfrom Singapore and less than 1% of the Group’ revenue generated from Australia.\n\n \n\n  **3.22** **Share-based compensation**\n\n \n\nThe Group issued restricted shares to\nmembers of the Board, executive officers, their affiliates, external consultants, and existing shareholders. The cost of the restricted\nshares is measured based on the fair value on the grant date.\n\n \n\nIn 2024, the shares granted were measured\nin accordance to IFRS 2 of fair value at grant date. The Group utilizes the unlevered discounted cash flow method to determine the fair\nvalue of restricted share at the grant date considering the dilutive effect of restricted share, which is a level 3 input of IFRS 13.\nIn 2025, following the Group’s initial public offering, the fair value of shares granted was measured based on the quoted market\nprice at the grant date, which represents a Level 1 input under IFRS 13.\n\n \n\nF-27\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**3.****Material\nAccounting Policy Information**(cont.)\n\n \n\nAs the shares granted do not contain\nany vesting conditions, the equity instruments are considered fully vested at grant date, and the fair value is recognised as an expense\nimmediately in profit or loss, with a corresponding increase in equity.\n\n \n\nThe fair value determined at grant\ndate is not subsequently remeasured.  \n\n \n\n  **3.23** **Prior period adjustments**\n\n \n\nFrom time to time, the Group may identify\nerrors related to prior periods. When such errors are determined to be immaterial to both the current period and the prior period financial\nstatements, they are corrected in the period in which they are identified rather than restating the prior period financial statements. \n\n \n\nDuring the year\nended December 31, 2024, the Group identified and corrected certain immaterial errors related to prior periods. These adjustments were\nprimarily related to correcting the misstatements related to revenue, accounts receivable, and cost of sales that had a net impact of\nSGD 169,873 (USD 146,090). These adjustments were recorded through the retained earning balance in the current year and did not have a\nmaterial impact on the Company’s financial position, results of operations, or cash flows in any of the periods presented. The Company\nassessed materiality based on both quantitative and qualitative factors in accordance with the guidance set forth in SEC Staff Accounting\nBulletin (“SAB”) Topics 1.M and 1.N.\n\n \n\nDuring the year ended December 31, 2025,\nthe Group enhanced the presentation of its equity structure by introducing additional line items in the statement of changes in equity\nto provide more relevant and transparent information. The changes primarily relate to a more detailed presentation of non-controlling\ninterests, retained earnings, other reserves and additional paid-in capital. No changes were made to the previously reported amounts,\nand there is no impact on the Group’s total equity, financial position, results of operations or cash flows for any of the periods\npresented. The Company assessed materiality based on both quantitative and qualitative factors in accordance with the guidance set forth\nin SEC Staff Accounting Bulletin (“SAB”) Topics 1.M and 1.N.\n\n \n\nCertain prior year amounts in the consolidated financial statements\nand related notes have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously\nreported financial position, results of operations, or cash flows. Specifically, amounts due from related parties that were previously\npresented in current assets have been reclassified to better reflect their expected settlement timing. The current portion is now included\nin “Amount due from related parties”, while the non-current portion is presented in “Amount due from related parties,\nnet of current portion”.\n\n \n\n**4.****Critical\naccounting judgements and key sources of estimation uncertainty**\n\n \n\nIn applying the group’s accounting\npolicies, the directors are required to make judgements that have a significant impact on the amounts recognized and to make estimates\nand assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates\nand associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may\ndiffer from these estimates.\n\n \n\nThe estimates and underlying assumptions\nare reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if\nthe revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future\nperiods.\n\n \n\n**Key sources of estimation uncertainty**\n\n \n\nThe key assumptions concerning the\nfuture, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material\nadjustment to the carrying amounts of assets and liabilities within the next fiscal year, are discussed below:** **\n\n \n\n \n**i.**\n**Expected credit losses\nassessment on trade and other receivables**\n\n \n\nThe expected credit losses on trade and\nother receivables of the Group are estimated using a provision matrix based on the group’s historical credit loss experience, adjusted\nfor factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast\ndirection of conditions at the reporting date, including time value of money where appropriate.\n\n \n\nIn assessing the credit risk of the trade\nand other receivables, the group takes into account qualitative and quantitative reasonable and supportable forward-looking information.\n\n \n\nF-28\n\n \n\n**CONCORDE INTERNATIONAL\nGROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**4.**\n**Critical accounting judgements and key sources of estimation uncertainty**(cont.)\n\n \n\n \n**ii.**\n**Fair value of financial instruments**\n\n \n\nFair value is defined as the exchange\nprice that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market\nfor the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to\nmeasure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is\nbased on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows:\n\n  \n\nLevel 1: Quoted prices for identical instruments\nin an active market;\n\n \n\nLevel 2: Directly (i.e. as prices) or\nindirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and\n\n \n\nLevel 3: Inputs which are not based on\nobservable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset value or valuation model\nbased on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they\nbased on available market data.\n\n \n\nThe convertible option which is included\nin other financial liabilities and disclosed at Note 12 are carried at fair value classified as Level 3 applying the binomial method.\n\n \n\nThe Group has changed the valuation method\nduring the initial recognition and subsequent measurement. At initial recognition in June 2024, the Group used a discounted cash flow\n(DCF) method to value the host loan component and the embedded derivative separately, as the fair value of the conversion feature could\nnot be reliably measured using market-based inputs due to the absence of an IPO and observable market data. The fair values of the Group’s\nfixed interest-bearing borrowings are determined using the discounted cash flow (DCF) method, applying a discount rate that represents\nthe issuer’s borrowing rate as of the reporting period’s end. There are no financial instruments for which Level 1 or Level\n2 fair value measurements were applied.\n\n \n\nAs at December 31, 2024, management changed\nthe valuation technique to a binomial option pricing model to value the convertible note. The change was made because the binomial method\nbetter reflects the optional nature of the conversion feature. On September 12, 2025, the convertible note has been converted to Class\nA ordinary shares as disclosed in Note 15.\n\n \n\n \n**iii.**\n**Fair value of share-based compensation**\n\n \n\nThe Company issued the Class B Ordinary\nShares to members of the Board, executive officers, their affiliates, and existing shareholders. The cost of the restricted shares is\nmeasured based on the fair value on the grant date.\n\n \n\nThe Group applied a discounted cash flow\nvaluation model, which incorporates key assumptions including projected future cash flows and discount rates. These inputs are not directly\nobservable in the market and are classified as Level 3 inputs under IFRS 13.\n\n \n\nIn 2025, following the Group’s initial\npublic offering, the fair value of equity instruments granted was determined based on quoted market prices. As such, no significant judgement\nor estimation uncertainty arises from the valuation of share-based payments in 2025.\n\n \n\nF-29\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**5.**\n**Property and equipment**\n\n** **\n\n  \nBuilding  \n**Security equipment**  \n**Motor vehicle**  \nRenovation  \n**Office equipment**  \n**Furniture and fittings**  \nTotal \n\n  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD  \nUSD \n\n**Cost** \n   \n   \n   \n   \n   \n   \n  \n\nAt December 31, 2023 \n 2,881,844  \n 719,914  \n 470,457  \n 406,207  \n 224,355  \n 47,837  \n 4,750,614 \n\nAdditions \n \n-\n  \n 988,816  \n 6,800  \n 2,532  \n 54,336  \n \n-\n  \n 1,052,484 \n\nCurrency translation adjustments \n (88,344) \n (22,069) \n (12,651) \n (12,453) \n (6,025) \n (1,466) \n (143,008)\n\nAt December 31, 2024 \n 2,793,500  \n 1,686,661  \n 464,606  \n 396,286  \n 272,666  \n 46,371  \n 5,660,090 \n\nAdditions \n \n-\n  \n 67,837  \n \n-\n  \n 3,526  \n 114,623  \n 849  \n 186,835 \n\nWrite off \n \n-\n  \n \n-\n  \n (202,123) \n (1,694) \n (2,372) \n \n-\n  \n (206,189)\n\nDisposal \n \n-\n  \n (487,648) \n (38,938) \n \n-\n  \n \n-\n  \n \n-\n  \n (526,586)\n\nCurrency translation adjustments \n 165,771  \n 100,087  \n 29,139  \n 23,516  \n 16,825  \n 2,750  \n 338,088 \n\nAt December 31, 2025 \n 2,959,271  \n 1,366,937  \n 252,684  \n 421,634  \n 401,742  \n 49,970  \n 5,452,238 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\n**Accumulated Depreciation** \n    \n    \n    \n    \n    \n    \n   \n\nAs December 31, 2022 \n 230,548  \n 609,395  \n 357,122  \n 402,143  \n 201,598  \n 45,395  \n 1,846,201 \n\nDepreciation \n 56,817  \n 16,438  \n 42,282  \n 4,006  \n 29,355  \n 997  \n 149,895 \n\nCurrency translation adjustments \n (8,017) \n (18,956) \n (4,410) \n (12,395) \n (11,625) \n (1,410) \n (56,813)\n\nAt December 31, 2024 \n 279,348  \n 606,877  \n 394,994  \n 393,754  \n 219,328  \n 44,982  \n 1,939,283 \n\nDepreciation \n 58,233  \n 321,329  \n 46,706  \n 195  \n 38,703  \n 1,254  \n 466,420 \n\nWrite off \n \n-\n  \n    \n (194,689) \n \n-\n  \n (1,241) \n \n-\n  \n (195,930)\n\nDisposal \n \n-\n  \n (472,846) \n (36,342) \n \n-\n  \n \n-\n  \n \n-\n  \n (509,188)\n\nCurrency translation adjustments \n 17,530  \n 41,270  \n 27,380  \n 23,369  \n 12,261  \n 2,695  \n 124,505 \n\nAt December 31, 2025 \n 355,111  \n 496,630  \n 238,049  \n 417,318  \n 269,051  \n 48,931  \n 1,825,090 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nNet book value \n    \n    \n    \n    \n    \n    \n   \n\nAt December 31, 2024 \n 2,514,152  \n 1,079,784  \n 69,612  \n 2,532  \n 53,338  \n 1,389  \n 3,720,807 \n\nAt December 31, 2025 \n 2,604,160  \n 870,307  \n 14,635  \n 4,316  \n 132,691  \n 1,039  \n 3,627,148 \n\n \n\nF-30\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**5.**\n**Property and equipment (**cont**)**\n\n \n\nAs at December 31, 2025 and\n2024, the Group’s building with carrying amount of USD 2,604,160 and USD 2,514,152, respectively are mortgaged to secure the\nGroup’s debt and certain credit facilities granted from banks.\n\n \n\nAs at December\n31, 2024, the Group has security equipment with a carrying amount of USD 964,301 that are currently not available for use. Accordingly,\nthese assets are not subject to depreciation during the financial year. Management will continue to assess the status and future use of\nthese assets on a regular basis.\n\n \n\nDuring the year ended December 31, 2025,\nthe security equipment were brought into use. As at December 31, 2025, the carrying amount of these assets is USD725,314. Depreciation\nhas commenced in line with the Group’s accounting policy for property and equipment once the assets are available for use in the\nmanner intended by management.\n\n \n\nThere was no impairment of fixed assets\nrecorded for the years ended December 31, 2025 and 2024.\n\n \n\n**6.**\n**Leases**\n\n** **\n\n**Right-of-use assets**\n\n \n\nThe Group entered into a tenancy\narrangement with Housing Development Board to renew the tenancy of the Premises for a term of 3 years, commencing from July 1, 2021\nat monthly rental SGD 2,250. The lease ended on June 30, 2024 and was renewed for a term of 3 years, commencing from July 1, 2024,\nat monthly rental of SGD 2,250. During the financial year ended December 31, 2024, the Group also entered into a tenancy arrangement\nwith Faith Global Pte Ltd to renew a tenancy of an office premise for a term of 2.5 years, commencing from July 1, 2024. The\nGroup’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.\n\n \n\nAs at December 31, 2025, the\ncarrying value of security equipment held under finance lease obligation as at December 31, 2025 is USD 389,536 (2024: USD 240,700).\nThe leased asset is pledged as security for the related finance lease liability. \n\n \n\nAs at December 31, 2025, the carrying\nvalue of security equipment held under finance lease obligation as at December 31, 2024 is USD389,535 (2024: USD 240,700 and 2023: USD\n98,047) The leased asset is pledged as security for the related finance lease liability.\n\n \n\nDuring the year ended December 31,\n2025, the Group purchased security equipment at cost amounting to USD 199,761 (2024: USD 166,227) by finance lease arrangements\namounting to USD 103,263 (2024: USD 130,324) at interest rate of 4.7-5.25% (2024: 2.99%) repayable by 60 (2024: 60) monthly\ninstalments.\n\n \n\nThe carrying amounts of right-of-use\nassets are as below:\n\n \n\n  \nOffice\npremise  \nSecurity\nequipment  \nTotal \n\n  \nUSD  \nUSD  \nUSD \n\nAt December 31, 2023 \n 79,382  \n 98,047  \n 177,429 \n\nAddition \n 57,528  \n 166,227  \n 223,755 \n\nDepreciation expense \n (53,743) \n (20,919) \n (74,662)\n\nForeign currency translation \n (1,535) \n (2,655) \n (4,190)\n\nAt December 31, 2024 \n 81,632  \n 240,700  \n 322,332 \n\nAddition \n 34,674  \n 199,761  \n 234,435 \n\nDepreciation expense \n (57,859) \n (64,157) \n (122,016)\n\nForeign currency translation \n 3,808  \n 13,232  \n 17,040 \n\nAt December 31, 2025 \n 62,255  \n 389,536  \n 451,791 \n\n \n\nF-31\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**6.**\n**Leases** (cont.)\n\n** **\n\n  \nOperating\nLease  \nFinance\nLease  \nTotal \n\n  \nUSD  \nUSD  \nUSD \n\nLease liabilities \n   \n   \n  \n\nAt December 31, 2023 \n 81,297  \n 68,606  \n 149,903 \n\nAddition during the year \n 57,528  \n 130,324  \n 187,852 \n\nLease payments \n (55,135) \n (25,446) \n (80,581)\n\nAccretion of interest \n 1,901  \n 5,811  \n 7,712 \n\nForeign currency translation \n (2,524) \n (2,200) \n (4,724)\n\nAt December 31, 2024 \n 83,067  \n 177,095  \n 260,162 \n\nAddition during the year \n 34,674  \n 103,263  \n 137,937 \n\nLease payments \n (61,365) \n (64,232) \n (125,597)\n\nAccretion of interest \n 1,496  \n 12,319  \n 13,815 \n\nForeign currency translation \n 4,960  \n 10,714  \n 15,674 \n\nAt December 31, 2025 \n 62,832  \n 239,159  \n 301,991 \n\n** **\n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nRepresented by: \n   \n  \n\nCurrent liabilities \n 101,624  \n 89,438 \n\nNon-current liabilities \n 200,367  \n 170,724 \n\n  \n 301,991  \n 260,162 \n\n \n\nLease liabilities were measured at the\npresent value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate. The weighted average incremental\nborrowing rate applied to new leases during year 2025, 2024 and 2023 were 2.25%.\n\n \n\nThe following table summarizes the maturity\nof lease liabilities:\n\n \n\nYear ended December 31, 2025 \n**Within 1 year**  \n1 to 5 years  \n>5 years  \nTotal \n\nUndiscounted lease liabilities \n 114,113  \n 214,034  \n \n      -\n  \n 328,147 \n\nInterest expense \n (12,489) \n (13,667) \n \n-\n  \n (26,156)\n\n  \n 101,624  \n 200,367  \n \n-\n  \n 301,991 \n\n \n\nYear ended December 31, 2024 \n**Within 1 year**  \n1 to 5 years  \n>5 years  \nTotal \n\nUndiscounted lease liabilities \n 103,063  \n 182,499  \n \n        -\n  \n 285,562 \n\nInterest expense \n (13,625) \n (11,775) \n \n-\n  \n (25,400)\n\n  \n 89,438  \n 170,724  \n \n-\n  \n 260,162 \n\n** **\n\nF-32\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**7.**\n**Intangible assets**\n\n** **\n\n  \n\n**Research and\ndevelopment**\n  \n\n**Software**\n  \n\n**Patents**\n  \n\n**Trademark**\n  \n\n**Total**\n \n\n** **** **\n**USD**** **** **\n**USD**** **** **\n**USD**** **** **\n**USD**** **** **\n**USD**** **\n\nCost \n   \n   \n   \n   \n  \n\nAt December 31, 2023 \n 262,824  \n 16,180  \n 9,884  \n 8,266  \n 297,154 \n\nCurrency translation adjustments \n (8,057) \n (496) \n (303) \n (255) \n (9,111)\n\nAt December 31, 2024 \n 254,767  \n 15,684  \n 9,581  \n 8,011  \n 288,043 \n\nCurrency translation adjustments \n 15,119  \n 931  \n 568  \n 477  \n 17,095 \n\nAt December 31, 2025 \n 269,886  \n 16,615  \n 10,149  \n 8,488  \n 305,138 \n\n  \n    \n    \n    \n    \n   \n\nAccumulated amortization \n    \n    \n    \n    \n   \n\nAt December 31, 2023 \n 211,719  \n 13,034  \n 2,378  \n 4,627  \n 231,758 \n\nAmortization \n 50,380  \n 3,102  \n 689  \n 814  \n 54,985 \n\nCurrency translation adjustments \n (7,332) \n (452) \n (86) \n (155) \n (8,025)\n\nAt December 31, 2024 \n 254,767  \n 15,684  \n 2,981  \n 5,286  \n 278,718 \n\nAmortization \n -  \n -  \n 705  \n 835  \n 1,540 \n\nCurrency translation adjustments \n 15,119  \n 931  \n 189  \n 328  \n 16,567 \n\nAt December 31, 2025 \n 269,886  \n 16,615  \n 3,875  \n 6,449  \n 296,825 \n\n  \n    \n    \n    \n    \n   \n\nNet book value \n    \n    \n    \n    \n   \n\nAt December 31, 2024 \n \n-\n  \n \n-\n  \n 6,600  \n 2,725  \n 9,325 \n\n  \n    \n    \n    \n    \n   \n\nAt December 31, 2025 \n \n-\n  \n \n-\n  \n 6,274  \n 2,039  \n 8,313 \n\n \n\nThere was no impairment of intangible\nassets recorded for the years ended December 31, 2025, 2024 and 2023.\n\n \n\nF-33\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**8.**\n**Other financial assets**\n\n \n\n  \n2025  \n2024 \n\n  \nUSD  \nUSD \n\n  \n   \n  \n\nKeyman insurance \n 71,561  \n 69,505 \n\nAdvance from supplier \n \n-\n  \n 323,514 \n\n  \n 71,561  \n 393,019 \n\n \n\nKeyman insurance was purchased by the company\nfor a department head, who is a family member of Swee Kheng Chua, for which USD 85,956 was capitalized as other financial asset. The amount\nwas revalued to USD71,651 (2024: USD69,505) as at December 31, 2025. The policy has an accumulating asset value and provides $1 million\ncoverage on the life insured. The Company has the discretion to reassign the life insured.\n\n \n\nAdvances from supplier pertain to credit notes\nissued by the supplier. The credit notes raised as compensation for the unsatisfactory of their services. These credit notes were offset\nagainst prior year and current year purchases. As at December 31, 2025, credit balances were fully utilized.\n\n \n\n**9.**\n**Trade and other receivables**\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nTrade receivables \n   \n  \n\nTrade receivables (refer note a below) \n 5,843,587  \n 4,701,900 \n\nLess: Allowances for expected credit losses \n (1,026,591) \n (968,322)\n\nTrade receivables, net \n 4,816,996  \n 3,733,578 \n\n  \n    \n   \n\nAgeing analysis of trade receivables \n    \n   \n\nNot past due \n 2,644,699  \n 2,176,512 \n\nUp to 60 days \n 1,237,287  \n 814,010 \n\n61 to 365 days \n 707,559  \n 651,860 \n\nOver 1 year \n 1,254,042  \n 1,059,518 \n\n  \n 5,843,587  \n 4,701,900 \n\n  \n    \n   \n\nOther receivables \n    \n   \n\nGovernment grant receivable \n 18,791  \n 6,137 \n\nAdvance to employees \n -  \n 9,090 \n\nDeposit recoverable \n 46,505  \n 29,216 \n\nPrepayments \n 136,581  \n 47,125 \n\nOther receivables \n 9,869  \n \n-\n \n\n  \n 211,746  \n 91,568 \n\nTotal trade and other receivables \n 5,028,742  \n 3,825,146 \n\n \n\n  a. Included in trade receivables are unbilled revenue amounting to USD 1,712,206 and USD 1,147,184 at December 31, 2025 and 2024, respectively which related to I-Guarding services. The services are provided within the financial year end however billing was made subsequent to the financial year ended. According to the contract with the customer, the consideration on the services provided are unconditional as the performance obligation has been complied with.\n\n \n\n \nb.\nTrade receivables are non-interest bearing and are generally on 30 days’ terms.\n\n \n\nF-34\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**9.**\n**Trade and other receivables** (cont.)\n\n \n\n  c. Lifetime expected loss provision for trade receivables of the Group are as follows:\n\n \n\n  \n  \nDecember 31, 2025  \nDecember 31, 2024 \n\nCustomers’ characteristics \nWeighted- average expected credit loss rate \nGross carrying amount   \nAllowance for expected credit losses  \nGross carrying amount  \nAllowance for expected credit losses \n\n  \n  \nUSD  \nUSD  \nUSD  \nUSD \n\n  \n  \n   \n   \n   \n  \n\nLow risk \n0.6% - 0.8% \n 4,857,969  \n 40,973  \n 3,755,925  \n 22,347 \n\nLoss \n100% \n 985,618  \n 985,618  \n 945,975  \n 945,975 \n\n  \n  \n    \n    \n    \n   \n\n  \n  \n 5,843,587  \n 1,026,591  \n 4,701,900  \n 968,322 \n\n \n\n  d. The reconciliation of movement in the allowances for expected credit losses is as follows:\n\n \n\n  \nDecember 31,\n\n2025  \nDecember 31,\n\n2024 \n\n  \nUSD  \nUSD \n\nBalance at January 1 \n 968,322  \n 428,099 \n\nImpairment during the year \n 59,645  \n 562,755 \n\nWritten off \n (58,850) \n \n-\n \n\nCurrency translation adjustment \n 57,474  \n (22,532)\n\nBalance at December 31 \n 1,026,591  \n 968,322 \n\n** **\n\n \ne.\nGovernment grants receivables are pre-approved government grants granted to customers for adoption of digitalization. Such grant is directly disbursed to the Group.\n\n \n\n \nf.\nThe government grant receivables is in relation to approved innovation project implemented. There are no unfulfilled conditions or other contingencies attaching to this grant.\n\n** **\n\n**10.**\n**Cash and cash equivalents**\n\n** **\n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nCash on hand \n 4,128  \n 7,099 \n\nCash at bank \n 1,624,890  \n 993,185 \n\nTotal cash and cash equivalents \n 1,629,018  \n 1,000,284 \n\n \n\nF-35\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**11.**\n**Debt**\n\n** **\n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nLoan 1 – Property loan \n 1,741,530  \n 1,689,025 \n\nLoan 2 – Bridge loan \n \n-\n  \n 192,686 \n\nLoan 3 – Bridge loan \n 25,401  \n 177,969 \n\nLoan 4 – Money market loan \n 1,713,262  \n 1,617,290 \n\nLoan 5 – Property loan \n 1,028,849  \n 1,064,773 \n\nLoan 6 – Convertible note \n \n-\n  \n 940,077 \n\nLoan 7 – Business Venture loan \n 301,391  \n 346,971 \n\n  \n 4,810,433  \n 6,028,791 \n\n  \n    \n   \n\nRepresented by: \n    \n   \n\nCurrent liabilities \n 2,886,638  \n 3,122,678 \n\nNon-current liabilities \n 1,923,795  \n 2,906,113 \n\n  \n 4,810,433  \n 6,028,791 \n\n \n\n \na.\nThe details of the debts are as follows:\n\n \n\nLoan 1 with a carrying amount of\nUSD 1,695,437 (2024: USD 1,689,025) is secured by a legal mortgage on a leasehold property of the Group with a carrying amount of\nUSD 2,601,160 (2024: USD 2,514,154) and guaranteed personally by a director of the Group and a close family member of the director.\nIt is repayable by 300 monthly instalments commencing from February 1, 2020 and bears interest at the rate of 1.30%\nto 6% per annum.\n\n \n\nLoan 2 with a carrying amount USD\n192,686 as at December 31, 2024 was unsecured and guaranteed personally by a director and a close family member of the director. It\nwas repayable by 57-months instalments commencing December 2020 and bears interest at the rate of 2.5% per annum. The loan has been\nfully repaid in September 2025\n\n \n\nLoan 3 with a carrying amount of\nUSD 25,401 (2024: USD 177,969) is unsecured and guaranteed personally by a director and a close family member of the director. It is\nrepayable by 60-months instalments commencing from December 1, 2021 and bears interest at the rate of 2.5% per annum.\n\n \n\nLoan 4 with a carrying amount of\nUSD 1,713,362 (2024: USD 1,617,290) is secured by a legal mortgage on a freehold property of a director and joint and several\nguarantee of USD 2,902,770 executed by a director and a close family member of the director. The money market loan shall be drawn in\none or more tranches, subject to a minimum of USD 372,150 for the period of one to three months and bear interest at rates\nranging from 2.47% to 5.64% (2024: 4.9% to 6.4%) per annum.\n\n \n\nLoan 5 with a carrying amount of\nUSD 1,028,849 (2024: USD 1,064,773) is secured by a legal mortgage on a leasehold property of the Group with a carrying amount of\nUSD 2,604,160 and guaranteed personally by a director of the Group and a close family member of the director. It is repayable by 120\nmonthly instalments commencing from July 1, 2024 and bears interest at the rate of 3.90% per annum. A keyman insurance policy was\npurchased by the Group to qualify for this loan. The keyman is a department head, who is a family member of Swee Kheng Chua, Chief\nExecutive Officer of the Group.\n\n \n\nAs at December 31, 2024, the Group\ndid not meet certain financial covenants associated with Loan 5. Despite the breach, no default event has been triggered. Management assessed\nthat based on the Group’s continued strong operational performance, timely payments to date, and the ongoing positive relationship\nwith the lender, no demand for immediate repayment is expected. The lender has not indicated any intention to enforce its rights under\nthe covenant breach. Accordingly, the loan continues to be classified as a non-current liability as at the reporting date.\n\n \n\nAs at December 31, 2025, the Group\ndid not meet certain financial covenants associated with Loan 5. Accordingly, the loan has been reclassified as a current liability as\nat the reporting date. Despite the breach, no default event has been triggered. Management assessed that based on the Group’s continued\nstrong operational performance, timely payments to date, and the ongoing positive relationship with the lender, no demand for immediate\nrepayment is expected. The lender has not indicated any intention to enforce its rights under the covenant breach.\n\n \n\nF-36\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**11.**\n**Debt** (cont.)\n\n** **\n\nLoan 6 (2024: USD 940,077), is a\nUSD 1,000,000 principal convertible note bearing an interest rate of 3.00% per annum on the principal. The loan has been\nsubsequently valued at fair value through profit or loss. The convertible note has created other financial liability (Note 12) due\nto conversion feature (elaborated below under convertible notes). The loan has been subsequently converted to Class A ordinary\nshares on September 12, 2025.\n\n \n\nLoan 7 with carrying amount of USD\n301,392 (2024: USD 346,971), is repayable by 60-months instalments commencing from September 1, 2024 and bears interest at the\nrate of 3.89% per annum. (elaborated below under convertible notes)\n\n \n\n \nb.\nDebt are classified as financial liabilities and are measured at amortized costs, except for Loan 6 was measured at fair value through profit and loss (FVTPL) as at reporting date.\n\n \n\n \nc.\nLoan 1 to 5 and 7 are denominated in Singapore Dollar. Loan 6 is denominated in USD.\n\n \n\n \nd.\nAt the end of the reporting period, all debt were on fixed rate. However, the bank has the discretion to revise the interest at sole discretion of the bank.\n\n** **\n\nConvertible notes\n\n \n\nOn June 10, 2024, Softbank\nRobotics Singapore Pte Ltd subscribed to a USD 1,000,000 convertible note with a 24 months maturity period with Concorde\nInternational Group Ltd. The principal amount of the note and all accrued but unpaid interest thereon is payable in full on the\nsooner of: (i) the 2-year anniversary of the Note date; (ii) after the first anniversary, if the share price has consecutively\nremained below the IPO price for 10 days (upon written notice from the Holder); or (iii) upon an event of default. The conversion\noption is exercisable at any time prior to the maturity period, to convert all or any portion of the outstanding amount into the\nCompany’s Class A ordinary shares, par value USD 0.00001 per share, at a conversion price equal to the higher of the IPO price\nor 85% of the Volume Weighted Average Price (VWAP) over the 60 days preceding the notice of conversion, which is only exercisable\nafter the one-year anniversary of the loan. On September 12, 2025, the loan has been fully converted into 259,082 of Class A\nordinary shares.\n\n \n\nOn June 14, 2024, Concorde Security\nPte Ltd secured a 5 years-term loan of SGD 500,000 from Oversea-Chinese Banking Corporation (“OCBC”). On June 25, 2024, Concorde\nSecurity Pte Ltd (the “Grantor”) entered into a call option agreement annexed to the term loan, which grants OCBC the option\nto subscribe for shares of the Grantor at a 20% discount to the price of the initial public offering (the “Grantor IPO”) of\nthe ordinary shares of the Grantor or the trade sale price. OCBC shall be entitled to subscribe up to (i) 20% of enlarged ordinary share\ncapital of the Grantor, or (ii) SGD 500,000, whichever is lower (the “Call Option”). As of June 25, 2024, the Grantor has\nan issued share capital of SGD 4,070,000 divided into 1,542,748 ordinary shares of the Grantor. The rights to exercise this option will\noccur at the time of (i) the closing of the Grantor IPO pursuant to which such shares will be listed and quoted on the Singapore Exchange\nSecurities Trading Limited or such other recognized stock exchange as may be agreed by the parties or (ii) trade sale (the purchase of\n50% or more of the total number of issued ordinary shares or total assets of the Grantor by another entity). The loan is guaranteed personally\nby one of the directors of the Company (Swee Kheng Chua), a close family member of the director (Ping Ping Lim) and Concorde International\nGroup Pte Ltd. It bears interest at the rate of 3.5% over the Bank’s prevailing 3 months cost of funds as determined by the bank\nper annum over the rate payable by the bank for the cost of borrowing over a three-month prevailing period. The loan is immediately repayable\ncontemporaneously upon the completion of (1) the exercise of the Call Option, (2) the Grantor IPO, or (3) trade sale.\n\n \n\nSubsequent to the completion of the\nlisting on Nasdaq on April 28, 2025, the Company does not intend to pursue an IPO in any of the secondary markets outside the U.S., and\nthe Bank will only exercise the call option in the event of a secondary offering outside the U.S. or a private sale. A Board resolution\ndated April 30, 2025, confirms that no secondary offering will be undertaken in other markets for the next five years. The Company is\nalso in discussions with the Bank to cancel the call option.\n\n \n\nF-37\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**12.**\n**Other financial liability**\n\n** **\n\nOther financial liability is liability\narising from the convertible note with a 24 months maturity period subscribed by Softbank Robotics Singapore Pte Ltd with Concorde International\nGroup Ltd which have been fully converted on September 12, 2025 (Refer Loan 6 under Note 11 for details of convertible note). Under IFRS\n9 (4.3.7), if an entity is unable to measure reliably the fair value of an embedded derivative on the basis of its terms and conditions,\nthe fair value of the embedded derivative is the difference between the fair value of the hybrid contract and the fair value of the host.\n\n \n\nThe fair value of the financial liability\nwas initially value through discounted cashflow method. Due to change in market and status of the Group, on December 31, 2024 and September\n12, 2025 binomial method was used to reflects the fair value of the embedded derivate. Below are the movement of the fair value of the\nembedded derivative.\n\n \n\n  \nUSD \n\nInitial recognition \n 37,393 \n\nFair value adjustment \n 136,158 \n\nFair value as at December 31, 2024 \n 173,551 \n\nFair value adjustment \n (70,586)\n\nFair value as at September 12, 2025 (conversion date) \n 102,965 \n\n \n\n**13.**\n**Deferred tax liabilities**\n\n \n\nThe following are the major deferred\ntax liabilities and assets recognized by the group and movements thereon during the current and prior reporting period.\n\n \n\n  \nDeductible temporary difference  \nUnutilized tax\n\ncredits  \nNet deferred tax liabilities \n\n  \nUSD  \nUSD  \nUSD \n\nAs at December 31, 2023 \n (108,009) \n (25,479) \n (133,488)\n\nMovement \n (78,645) \n 25,049  \n (53,596)\n\nExchange differences \n 4,558  \n 430  \n 4,988 \n\nAs at December 31, 2024 \n (182,096) \n \n-\n  \n (182,096)\n\nMovement \n 55,934  \n \n-\n  \n 55,934 \n\nExchange differences \n (9,891) \n \n-\n  \n (9,891)\n\nAs at December 31, 2025 \n (136,053) \n \n-\n  \n (136,053)\n\n \n\nF-38\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**14.**\n**Trade and other payables**\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nTrade payables \n   \n  \n\nThird parties \n 844,349  \n 33,355 \n\n  \n    \n   \n\nOther payables and accruals \n    \n   \n\nOther payables \n 428,416  \n 638,183 \n\nAccrued expense \n 652,660  \n 419,650 \n\n  \n 1,081,076  \n 1,057,833 \n\nTotal trade and other payables \n 1,925,425  \n 1,091,188 \n\n \n\nTrade payables are unsecured, interest\nfree and have an average payment term of 30 days and its carrying amount approximates its fair value.\n\n \n\n**15.**\n**Equity**\n\n \n\n   December 31,\n2025   December 31,\n2025   December 31,\n2024   December 31,\n2024 \n\n   Par Value\nPer Share   Number of\nshares   Par Value\nPer Share   Number of\nshares \n\n   USD       USD     \n\nShare capital                \n\nAuthorized shares                \n\nClass A Ordinary Shares   0.00001    250,000,000    0.00001    250,000,000 \n\nClass B Ordinary Shares   0.00001    100,000,000    0.00001    100,000,000 \n\n                     \n\nIssued and outstanding shares                    \n\nClass A Ordinary Shares   0.00001    6,674,356    -    - \n\nClass B Ordinary Shares   0.00001    20,311,112    0.00001    20,888,886 \n\n \n\nThe movements of the shares outstanding\nare as follows:\n\n \n\n  \nNote \nClass A Ordinary Shares  \nClass B Ordinary Shares \n\nAs at December 31, 2023 \n  \n \n-\n  \n 100,000 \n\nMovements: \n  \n    \n   \n\nShare-based compensation \n  \n \n-\n  \n 20,788,886 \n\nAs at December 31, 2024 \n  \n \n-\n  \n 20,888,886 \n\nMovements: \n  \n    \n   \n\nIssuance of new shares \n  \n 1,437,500  \n \n-\n \n\nConversion of convertible note \n11 \n 259,082  \n \n-\n \n\nShare conversion from Class B to Class A \n  \n 577,774  \n (577,774)\n\nShare-based compensation \n  \n 4,400,000  \n \n-\n \n\nAs at December 31, 2025 \n  \n 6,674,356  \n 20,311,112 \n\n \n\nF-39\n\n \n\n**CONCORDE INTERNATIONAL\nGROUP LTD.**\n\n**NOTES TO THE CONSOLIDATED\nFINANCIAL STATEMENTS**\n\n \n\n**15.**\n**Equity**(cont.)\n\n \n\nThe Company was incorporated under the\nlaws of the British Virgin Islands on May 2, 2023. The original authorized share capital of the Company was USD 50,000 divided into 50,000\nOrdinary Shares, par value USD 1 per share with 1 share issued and outstanding at incorporation.\n\n \n\nOn March 14, 2024, the Company sub-divided,\nre-designated and reclassified the 50,000 authorized shares as below:\n\n \n\n  (i) 50,000 authorized shares were sub-divided to 5,000,000,000 shares of a single class each with a par value of USD 0.00001.\n\n \n\n  (ii) 4,650,000,000 shares of USD 0.00001 each was cancelled to reduce the number of shares to 350,000,000 of a single class each with a par value of USD 0.00001.\n\n \n\n  (iii)\nThe Company further reclassified the shares into (i) 250,000,000 Class A Ordinary Shares with a par value of USD 0.00001 each; and (ii) 100,000,000 Class B Ordinary Shares with a par value of USD 0.00001 each. Class B Ordinary Shares are entitled to one hundred votes per share and Class A Ordinary Shares are entitled to one vote per share. Each Class B Ordinary Shares is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Other than as to voting and conversion rights, Class B Ordinary Shares and Class A Ordinary Shares have the same rights and rank pari passu with one another, including the rights to dividends and other capital distribution.\n\n \n\n \na.\nMerger reserves\n\n \n\nThe merger reserves represent the differences\nbetween the consideration paid and the share capital and capital reserves of the subsidiaries acquired under common control.\n\n \n\n \nb.\nOther reserves\n\n \n\nOther reserves represent reserves arising\nfrom bad debt of merger for the subsidiaries acquired under common control and foreign currency exchange translation reserve, which is\nused to record the foreign currency exchange differences arising from the translation of the consolidated financial statement of foreign\nsubsidiaries whose functional currency is different from that of the presentation currency of the Group.\n\n \n\nOn March 18, 2024, the Company has\nfurther issued 20,788,886 Class B Ordinary Shares with par value of USD 0.00001 per share, to members of our Board, executive\nofficers or their affiliates and existing shareholders resulting in a total of 20,888,886 Class B Ordinary Shares issued and\noutstanding to members of our Board, executive officers or their affiliates and existing shareholders resulting in a total of\n20,888,886 Class B Ordinary Shares as of December 31, 2024.\n\n \n\nF-40\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**16**\n**Share-based Compensation**\n\n \n\nThe\ngranted shares were measured in accordance to IFRS2 of fair value at grant date. The Company utilizes the unlevered discounted cash flow\nmethod to determine the fair value of restricted share at the grant date , which is a level 3 input of IFRS 13. The Company utilized\nthe unlevered discounted cash flow method, analyzing growth projections and benchmarking against comparable companies.\n\n \n\nAs\nat December 31, 2024, the Company discounted the projected unlevered free cash flows for the next five years and the terminal value,\ncalculated in year 5 using the perpetuity growth method with an estimated 2% rate. The weighted average cost of capital (WACC) was estimated\n18%.\n\n \n\nAs\nat December 31, 2025, The Company discounted the projected unlevered free cash flows for the next five years and the terminal value,\ncalculated in year 5 using the perpetuity growth method with an estimated 3% rate. The weighted average cost of capital (WACC) was estimated\n10.6%.\n\n \n\nThe\nshares were fair valued at USD4 per share. The difference of the fair value of USD4 per share and nominal value of USD0.00001 per share\nwere recognized as share-based compensation expense. No such shares were issued in other period.\n\n \n\nShareholder \nClass\nB\n\nOrdinary\n\nShares  \nFair\nvalue of\n\nshare-based\n\ncompensation \n\n  \n   \nUSD \n\nSwee Kheng\nChua(1), (2), (3) \n 17,900,000  \n 71,599,820 \n\nTerence Wing Khai Yap(1),\n(2), (3) \n 250,000  \n 999,998 \n\nSze Yin Ong(1), (2),\n(3) \n 46,296  \n 185,184 \n\nSharifah Noriati Binte\nSaid Omar(1), (2), (3) \n 185,185  \n 740,738 \n\nPing Ping Lim(1),\n(2), (3) \n 377,775  \n 1,511,096 \n\nJia Wei Chua, (2),\n(3) \n 14,815  \n 59,260 \n\nMeang Fai Pang(4) \n 14,815  \n 59,260 \n\nWeilekai\nInvestments Pte Ltd(3) \n 2,000,000  \n 7,999,980 \n\n  \n 20,788,886  \n 83,155,336 \n\n \n\nOn\nJune 16, 2025, there were 562,960 Class B shares converted to 562,960 Class A shares. On September 5, 2025, there were 14,814 Class B\nshares converted to 14,814 Class A shares.\n\n \n\nOn\nNovember 10, 2025, the Company granted an aggregate of 4,400,000 restricted Class A ordinary shares under its 2025 Equity Incentive Plan\nto an employee and certain consultants of the Company as set forth in the table below in consideration of services rendered to the Company.\n\n \n\nShareholder \nClass\nB\n\nOrdinary\n\nShares  \nFair\nvalue of\n\nshare-based\n\ncompensation \n\n  \n   \nUSD \n\nSharifah Noriati\nBinte Said Omar(1), (2), (3) \n 2,000,000  \n 4,940,000 \n\nConsultants \n 2,400,000  \n 5,928,000 \n\n  \n 4,400,000  \n 10,868,000 \n\n \n\n1)These are the Key Management Personnel of the Company\n\n \n\n2)These are the employees of the Company\n\n \n\n3)These are the related parties of the Company\n\n \n\n4)This is a close associate of the Company\n\n \n\nF-41\n\n \n\n**CONCORDE\nINTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**17.**\n**(Loss)/ Earnings per\nshare**\n\n \n\n  **(a)** **Basic (loss)/ earnings per ordinary share**\n\n \n\n  \nDecember 31,\n\n2025  \nDecember 31,\n\n2024  \nDecember 31,\n\n2023 \n\n(Loss)/Profit\nattributable to equity holders of the parent (USD) \n (15,242,850) \n (83,637,387) \n 960,686 \n\nWeighted\naverage number of ordinary shares outstanding \n 22,586,305  \n 16,458,468  \n 100,000 \n\nBasic\n(loss)/earnings per ordinary share (USD) \n (0.67) \n (5.08) \n 9.61 \n\n \n\n \n**(b)**\n**Diluted (loss)/ earnings\nper ordinary share**\n\n \n\nThe\ndiluted (loss)/earnings per ordinary share equal the basic earnings per ordinary share as there were no dilutive potential ordinary shares\nthroughout the reporting periods.\n\n \n\nThe Group has issued a convertible note\nas disclosed under Note 11. The note can only be exercised after one year anniversary of the date entered into which is June 10, 2025\nand has been converted on September 12, 2025.\n\n \n\n**18.**\n**Revenue**\n\n \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nType of goods or services \n   \n   \n  \n\nI-Guarding Services \n 12,111,955  \n 10,236,195  \n 10,452,263 \n\nMan Guarding Services \n 175,345  \n 120,354  \n 150,314 \n\nOthers \n 188,143  \n 134,119  \n 53,416 \n\n  \n 12,475,443  \n 10,490,668  \n 10,655,993 \n\n \n\nRevenue from one major customer accounted for\napproximately 14%, 16% and 14% of the Group’s total revenue for the year ended December 31, 2025, 2024 and 2023 respectively, arising\nfrom the provision of I-Guarding services.\n\n \n\n  \n2025  \n2024  \n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nTiming of transfer of goods or services \n   \n   \n  \n\nAt a point of time \n 308,257  \n 552,993  \n 392,984 \n\nOver time \n 12,167,186  \n 9,937,675  \n 10,263,009 \n\n  \n 12,475,443  \n 10,490,668  \n 10,655,993 \n\n \n\n* The I-Guarding services include project installation services amount to USD 120,114, USD 418,874 and USD 339,568 for the years ended December 31, 2025, 2024 and 2023 for which revenue is recognized at a point in time.\n\n \n\nF-42\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**19.**\n**Income tax expenses**\n\n \n\nThe components of income tax provision\nare:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nCurrent income tax expense \n 153,069  \n 61,306  \n \n-\n \n\nDeferred income tax credit \n (55,934) \n 53,596  \n 131,240 \n\nTotal income tax expenses \n 97,135  \n 114,902  \n 131,240 \n\n** **\n\nA reconciliation between income\ntax expense and the product of accounting loss multiple by the applicable corporate tax rate for the reporting periods ended December 31,\n2025, 2024 and 2023 were as follows:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\n(Loss)/Profit before income tax \n (15,105,249) \n (83,508,195) \n 1,125,434 \n\n  \n    \n    \n   \n\nTax calculated at statutory rate of 17% \n (2,567,892) \n (14,196,647) \n 191,324 \n\nDifferences arise from tax rate in different jurisdiction \n 162,102  \n 14,834  \n \n-\n \n\nDeferred tax assets previously not recognized, net of foreign exchange fluctuation \n 26,870  \n \n-\n  \n (88,615)\n\nIncome not subject to tax \n (1,303) \n (113,130) \n (28,390)\n\nExpense not deductible for tax purpose \n 2,536,799  \n 14,283,615  \n 73,097 \n\nRecognition of timing difference \n (55,769) \n 53,596  \n 9,432 \n\nUtilization of tax benefit \n (27,382) \n (34,488) \n - \n\nDeferred tax assets (net) not recognized \n \n-\n  \n 167,283  \n (25,608)\n\nUnder provision for prior year tax \n 83,343  \n \n-\n  \n \n-\n \n\nOthers \n (59,633) \n (60,161) \n \n-\n \n\n  \n 97,135  \n 114,902  \n 131,240 \n\n  \n\nIn Singapore context, the realization of\nfuture income tax benefits from unabsorbed tax losses will only be obtained if the Group derives future assessable income of\nsufficient amount to enable the benefits of the deductions to be realized and the Group continues to comply with the conditions for\ndeductibility imposed by the law. Unabsorbed tax losses may be carried forward indefinitely. There were tax benefits of USD 542,356\n(2024: USD 480,391) not recognized.\n\n \n\nF-43\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**20.**\n**Employee benefits expenses**\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nDirectors’ emoluments \n 761,244  \n 553,793  \n 260,115 \n\nShort term employment benefits \n 1,898,561  \n 1,395,550  \n 895,300 \n\nDefined contribution plan \n 226,257  \n 195,860  \n 141,193 \n\nOther employee benefits \n 49,302  \n 6,767  \n 14,737 \n\n  \n 2,935,364  \n 2,151,970  \n 1,311,345 \n\n \n\n**21.**\n**Other expenses**\n\n** **\n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nBad debt written off \n \n-\n  \n 3,447  \n (176,856)\n\nProfessional fees \n 4,208,903  \n 918,016  \n 121,773 \n\nDistribution expenses \n 188,429  \n 99,515  \n 102,971 \n\nOffice expenses \n 358,390  \n 185,258  \n 221,371 \n\nProperty management expenses \n 22,668  \n 1,542  \n 31,342 \n\nExchange difference \n (99,579) \n 17,555  \n 54,754 \n\nOthers \n 27,801  \n 31,815  \n 29,047 \n\n  \n 4,706,612  \n 1,257,148  \n 384,402 \n\n \n\n**22.**\n**Other income**\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nReceipt of government grants \n 182,528  \n 164,197  \n 47,894 \n\nInterest income \n 25,650  \n 35,940  \n 30,560 \n\nBank interest income \n 2,567  \n 2,982  \n \n-\n \n\nFair value adjustment* \n 68,551  \n (117,973) \n \n-\n \n\nCompensation received \n 178,088  \n 355,879  \n \n-\n \n\nOthers \n 46,275  \n 60,635  \n 158,457 \n\nTotal other income \n 503,659  \n 501,660  \n 236,911 \n\n \n\n* Fair value adjustment pertains to adjustments made on other financial assets, keyman insurance contract and other financial liabilities.\n\n \n\n**23.**\n**Finance costs**\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nInterest on debts \n 282,337  \n 210,918  \n 144,703 \n\nInterest on lease liabilities \n 13,815  \n 7,712  \n 4,923 \n\nTotal finance costs \n 296,152  \n 218,630  \n 149,626 \n\n \n\nF-44\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**24.**\n**Related party transactions**\n\n \n\nThe table below sets forth the major\nrelated parties and their relationships with the Group as at the end of the reporting period:\n\n \n\n**Name of related parties**   **Relationship with the Company**\n\nConcorde Global I Pte Ltd   Controlled by Swee Kheng Chua and Ping Ping Lim\n\niMatrix Global Pte Ltd   Swee Kheng Chua has significant influence over the company\n\nTotal Protection Solutions Pte Ltd   Ping Ping Lim was a shareholder of Total Protection Solutions Pte Ltd until November 2023, and also key subcontractor to the Group\n\nPing Ping, Lim   Non-controlling shareholder and spouse of Swee Kheng Chua\n\nSwee Kheng Chua   Controlling shareholder and Chief Executive Officer\n\nJia Wei Chua   Son of Swee Kheng Chua, keyman to Concorde Security Pte. Ltd.\n\n \n\n \n(a)\nThe principal related party balances and transactions as of and for the years ended December 31, 2025, 2024 and 2023 are as follows:\n\n \n\nAmount due from related parties:\n\n \n\n  \n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \n  \nUSD  \nUSD \n\nTotal Protection Solutions Pte Ltd \n(a) \n    \n   \n\nCurrent portion \n  \n 134,925  \n 121,167 \n\nNon current portion \n  \n 316,410  \n 432,017 \n\n  \n  \n 451,335  \n 553,184 \n\nAdvance from supplier – Total Protection Solutions Pte Ltd (refer note 8) \n  \n \n-\n  \n 323,514 \n\nSwee Kheng Chua \n(b) \n \n-\n  \n 4,616 \n\n  \n  \n 451,335  \n 881,314 \n\nIncluded in Trade Receivables: \n  \n    \n   \n\nConcorde Global I Pte Ltd \n(c) \n 11,068  \n 10,448 \n\niMatrix Global Pte Ltd \n(c) \n 6,467  \n 6,105 \n\nTotal Protection Solutions Pte Ltd \n  \n \n-\n  \n 4,610 \n\n  \n  \n 17,535  \n 21,163 \n\n \n\n  (a) On December 31, 2022, the Group formalized an agreement with Total Protection Solutions Pte Ltd loaned USD 651,702. The loan is unsecured, and it bears an interest rate of 5%. The loan was initially due on demand. In the financial year ended December 31, 2023, the Group extended an additional loan of USD 89,575, following the initial formalized agreement. This loan remains unsecured and carries an interest rate of 5%. On February 1, 2024, the Group entered into a repayment agreement with Total Protection Solutions Pte Ltd. Total Protection Solutions Pte Ltd will repay this loan on a monthly basis over a 5 year period commencing March 2024.\n\n \n\n  (b) The loan is unsecured, interest free and repayable on demand.\n\n ** **  \n\n  (c) The balance pertains to payment on behalf and interest charged on the payment on behalf for the prior years. In 2024, 100%  expected credit loss has been provided due to uncertainty about the recoverability\n\n \n\nF-45\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**24.**\n**Related party transactions**(cont.)\n\n \n\nAmount due to related parties:\n\n \n\n  \n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \n  \nUSD  \nUSD \n\nSwee Kheng Chua \n(a) \n 207,551  \n 216,940 \n\n  \n  \n    \n   \n\nIncluded in Trade Payable \n  \n    \n   \n\nTotal Protection Solutions Pte Ltd \n(b) \n 690,741  \n \n-\n \n\n \n\n  (a) In the financial year ended December 31, 2023, Swee Kheng Chua voluntarily requested a pay cut resulting in payments made to him during the year as a balance owed to the Group. He also received a debt repayment from iMatrix Global Pte Ltd on behalf of the Group, and Ping Ping Lim’s due amount to the Group was reassigned to him. The resulting amount owed to the Group was then used to offset the outstanding debt. The amount due to Swee Kheng Chua represents a short-term non-interest-bearing loan. The loan is unsecured.\n\n     \n\n  (b) Trade payable arise from the subcontractor services provided to Concorde Security Pte Ltd which are trade in nature. The Group received credit notes from Total Protection Solution Pte Ltd amounting to SGD 1,244,122 during the year ended December 31, 2024.\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2023 \n\n  \nUSD  \nUSD  \nUSD \n\nSubcontracting costs \n   \n   \n  \n\nTotal Protection Solution Pte Ltd \n 6,027,928  \n 2,667,045  \n 2,504,458 \n\niMatrix Global Pte Ltd \n \n-\n  \n \n-\n  \n 16,403 \n\n  \n    \n    \n   \n\nExpenses paid on behalf – Swee Kheng Chua \n 34,755  \n 4,695  \n \n-\n \n\nInterest income – Total Protection Solution Pte Ltd \n 25,650  \n 33,285  \n 29,853 \n\nLoan repayment - Total Protection Solution Pte Ltd \n 126,318  \n 185,407  \n 71,449 \n\n \n\niMatrix Global Pte Ltd and Total Protection\nSolution Pte Ltd provided Subcontracting service to the Group.\n\n \n\nF-46\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**24.**\n**Related party transactions**(cont.)\n\n \n\nKey management\npersonnel compensation for the year ended is as follows:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nSwee Kheng Chua \n 294,937  \n 260,306 \n\nSharifah Noriati Binte Said Omar* \n 52,226  \n 62,810 \n\nPing Ping Lim** \n 245,311  \n 225,435 \n\nTerence Wing Khai Yap \n 298,599  \n 264,454 \n\nSze Yin Ong \n 97,727  \n 81,921 \n\nJia Wei Chua*** \n 101,387  \n 83,746 \n\nTotal compensation \n 1,090,187  \n 978,672 \n\n \n\n* Ms. Sharifah Noriati Binte Said Omar serves as a nominee director at Berjaya Academy Pte Ltd, our 70% owned subsidiary, as well as Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary, and Concorde Asia Pte Ltd (Singapore), our 70% owned subsidiary.\n\n \n\n** Ms. Ping Ping Lim is a senior manager in the Company. She is the spouse of Swee Kheng Chua and an authorizer for several banks, in Berjaya Academy Pte Ltd, our 70% owned subsidiary, as well as Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary, and Concorde Asia Pte Ltd (Singapore), our 70% owned subsidiary.\n\n   \n\n*** Mr. Jia Wei Chua, Swee Kheng Chua’s child is the keyman of Concorde Security Pte Ltd (Singapore), our 96.81% owned subsidiary. He is one of the key management in Concorde Security Pte Ltd.\n\n  \n\nCompensation payable to key management\npersonnel comprises of salaries, bonus, allowances and Employer’s contribution to Central Provident Funds. In the financial year\n2023, Swee Kheng Chua and Ping Ping Lim both requested for a voluntary pay cut in Concorde Security Pte Ltd.\n\n \n\nOn March 18, 2024, the Company has\nfurther issued 20,788,886 Class B Ordinary Shares with par value of USD 0.00001 per share, to members of the Board, executive\nofficers or their affiliates and existing shareholders. Such Class B Ordinary Shares issued to each of them were fair valued at USD\n4 (Refer Note 14A for details).:\n\n \n\n**Terms and conditions of transactions\nwith related parties**\n\n \n\nThere have been no guarantees\nprovided or received for any related party receivables or payables. For the year ended December 31, 2025, the Group has recorded USD\nNil (2024 and 2023: USD 16,834 and USD nil) expected credit loss allowances relating to amounts owed by related parties. This\nassessment is undertaken each financial year through examining the financial position of the related party and the market in which\nthe related party operates. \n\n** **\n\nF-47\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**25.**\n**Commitments and\nContingent Liabilities**\n\n \n\nAs part of the Board’s ongoing\nregulatory compliance process, the Board continues to monitor legal and regulatory developments and their potential impact on the Company\nunder IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Management is not aware of any contingencies that may have a significant\nimpact on the financial position of the Company.\n\n \n\nOn November 2, 2020, the\nGroup issued a claim against Essilor Amera Pte Ltd. (“Essilor”), via its solicitor, Central Chamber Law Corporation, for\nwillful termination of contract without due course. The Group was engaged by Essilor to provide security services 201 Kallang Bahru\nand 215 Kallang Bahru. The Group’s service has been terminated prematurely without notice. The total amount that the Group is\nclaiming from Essilor is SGD 179,724.07. No provision has been made in these consolidated financial statements as the group’s\nmanagement does not consider that there is any probable loss.\n\n \n\nThe Group is in the process to\nissue a claim against C&W Services (S) Pte Ltd. (“C&W”), for non-fulfillment of contract obligations. The\nGroup was engaged by C&W to provide security services at various Mapletree Logistics Trust Properties from November 14,\n2022 to November 13, 2029. The Group’s service has been terminated prematurely with outstanding service fee unpaid\namounting to SGD 1,621,342.60. The total amount that the Group is claiming from C&W is SGD 1,621,342.60. The Group’s legal\ncounsel, Lions Chambers LLC Advocates & Solicitors, have advised that they consider that the claim has merit, and they have\nrecommended that it be contested. No provision has been made in these consolidated financial statements as the group’s\nmanagement does not consider that there is any probable loss.\n\n \n\nOn May 14, 2021, the Group\nhas issued a claim against V N Ganapathy (“Mr. Ganapathy”), via its solicitors, Edmond Pereira Law\nCorporation, for refund of deposit made for purchase of commercial vehicle. The total amount claiming from the Group is SGD 15,328.\nNo provision has been made in these consolidated financial statements as the group’s management does not consider that there\nis any probable loss. The Group decided not to pursue this case.\n\n** **\n\nOn June 22, 2020, the Group\nhas issued a claim against Avipesh Rai (“Avipesh Rai”) via its solicitor, Central Chamber Law Corporation, for breach of\ncontract and employee confidentiality obligations SGD 224,000 No provision has been made in these consolidated financial statements\nas the group’s management does not consider that there is any probable loss.\n\n \n\nOn April 26, 2026, the Group\nhas issued a claim against Grocery Logistics of Singapore Pte Ltd via its solicitor, ReThink Legal, for breach of contract of SGD3,714,279.\nNo provision has been made in these consolidated financial statements as the group’s management does not consider that there is\nany probable loss.\n\n \n\nAs of December 31, 2025 and 2024,\nthe Company had commitments with banks and other parties for performance guarantees in favor of customers and others of approximately\nUSD 878,304 and USD 966,671.\n\n \n\nOn March 20, 2026, a purported securities\nclass action complaint was filed in the United States District Court for the Southern District of New York against the Company, certain\nof its current and/or former officers and directors, and certain third parties, including the Company’s independent registered public\naccounting firm and underwriters, captioned *Parthasarathy Krishnamoorthy v. Concorde International Group, Ltd., et al., Civil Action\nNo. 1:26-cv-02283*(the “Class Action”)*.* The Class Action purports to assert claims under the U.S. federal securities\nlaws on behalf of a putative class of investors who purchased or otherwise acquired the Company’s securities during the alleged\nclass period. The complaint seeks, among other things, unspecified damages, interest, attorneys’ fees and other relief. The Company\nintends to defend the matter vigorously.\n\n \n\nThe Company has not recognized a contingent\nliability for this Class Action event as it does not qualify for the recognition criteria under The Company has not recognised a provision\nfor this Class Action event as it does not meet the recognition criteria under IAS 37 – *Provisions, Contingent Liabilities and\nContingent Assets.*\n\n \n\nOn March 24, 2026, Plaintiffs Patrick Shane Johnson, Jack Pena, and\nHitesh Dev filed a putative civil class action complaint before the Supreme Court of the State of New York, New York County, captioned\n*Patrick Shane Johnson, et al. v. Syla Technologies Co., Ltd., et al.* (New York County Sup. Ct. Index No. 153671/2026). \nPlaintiffs, for themselves and others similarly situated, assert claims against approximately 47 issuers (including the Company), as well\nas a large number of underwriters and individuals.  Although none of the named Plaintiffs are alleged to be current or former shareholders\nof the Company, Plaintiffs assert claims against the Company for violations of Sections 11 and 12 of the Securities Act of 1933 arising\nfrom alleged material misrepresentations or omissions in the Company’s registration statement or prospectus issued in connection\nwith the Company’s initial public offering.  More specifically and similar to all of the named defendants-issuers, Plaintiffs\nallege that the Company purportedly failed to disclose that the Company’s shares were susceptible to pump-and-dump schemes, which\nPlaintiffs allege purportedly occurred and which schemes were conducted by unknown individuals, of the defendants themselves.  The\nCompany has not yet been formally served with the Summons and Complaint filed in the action.  Should the case proceed, the Company\nbelieves the claims asserted against it are legally defective and without merit, and the Company intends to vigorously defend the action.\n\n \n\nOther than as disclosed above, the\nGroup does not have any contingent liabilities as of the end of the reporting period.\n\n \n\nAs part of the Board’s ongoing\nregulatory compliance process, the Board continues to monitor legal and regulatory developments and their potential impact on the Group\nunder IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Management is not aware of any contingencies that may have a significant\nimpact on the financial position of the Group.\n\n \n\nF-48\n\n \n\n**CONCORDE INTERNATIONAL\nGROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**26.**\n**Capital Management**\n\n \n\nThe primary objective of the Group’s\ncapital management is to ensure that it maintains a strong credit rating and net current asset position in order to support its business\nand maximize shareholder value. The capital structure of the Group comprises issued share capital, additional paid in capital, merger\nreserve, foreign currency translation reserve and accumulated losses.\n\n \n\nThe Group manages its capital structure\nand makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust\nthe dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed\ncapital requirements. No changes were made in the objectives, policies or processes during the financial year ended December 31,\n2025 and 2024. The net gearing ratios as at December 31, 2025 and 2024 are as follows:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\n  \nUSD  \nUSD \n\nDebts \n 4,810,434  \n 6,028,791 \n\nLess: cash and cash equivalent \n (1,629,018) \n (1,000,284)\n\nNet debt \n 3,181,416  \n 5,028,507 \n\nTotal Owner’s equity \n 3,586,943  \n 2,108,568 \n\nNet gearing ratio \n 0.89  \n 2.38 \n\n** **\n\n**27.**\n**Financial Instruments and Risk Management**\n\n \n\nThe Group’s activities expose\nit to a variety of financial risks from its operation. The key financial risks include liquidity risk, credit risk and market risk (including\ninterest rate risk and foreign currency risk).\n\n \n\nThe Board of Directors review and agree\npolicies and procedures for the management of these risks, which are executed by the management team. It is and has been throughout the\ncurrent and previous financial year, the Group’s policy that no trading in derivatives for speculative purposes should be undertaken.\n\n \n\nThe following sections provide details\nregarding the Group’s exposure to the abovementioned financial risks and the objectives, policies, and processes for the management\nof these risks.\n\n \n\nThere has been no change to the Group’s\nexposure to these financial risks or the manner in which it manages and measures the risks.\n\n \n\n \n**(a)**\n**Credit risk**\n\n \n\nCredit risk refers to the risk that the\ncounterparty will default on its contractual obligations resulting in a loss to the Group. The Group’s exposure to credit risk arises\nprimarily from trade receivables. For other financial assets (including cash and cash equivalents), the Group minimizes credit risk by\ndealing exclusively with high credit rating counterparties.\n\n \n\nThe Group has adopted a policy of only\ndealing with creditworthy counterparties. The Group performs ongoing credit evaluation of its counterparties’ financial condition\nand generally does not require collateral.\n\n \n\nThe Group considers the probability of\ndefault upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout\neach reporting period.\n\n \n\nThe Group has determined the default event\non a financial asset to be when internal and/or external information indicates that the financial asset is unlikely to be received, which\ncould include default of contractual payments due for more than 60 days, default of interest due for more than 30 days or there\nis significant difficulty of the counterparty.\n\n \n\nF-49\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**27.**\n**Financial Instruments and Risk Management**(cont.)\n\n \n\n \n**(a)**\n**Credit risk**\n\n \n\nTo minimize credit risk, the Group has\ndeveloped and maintained the Group’s credit risk gradings to categorizes exposures according to their degree of risk of default.\nThe credit rating information is supplied by publicly available financial information and the Group’s own trading records to rate\nits major customers and other debtors. The Group considers available reasonable and supportive forward-looking information which includes\nthe following indicators:\n\n \n\n \n-\nInternal credit rating\n\n \n \n \n\n \n-\nExternal credit rating\n\n \n \n \n\n \n-\nActual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor’s ability to meet its obligations.\n\n \n \n \n\n \n-\nActual or expected significant changes in the operating results of the debtor.\n\n \n \n \n\n \n-\nSignificant increases in credit risk on other financial instruments of the same debtor\n\n \n \n \n\n \n-\nSignificant changes in the expected performance and behavior of the debtor, including changes in the payment status of debtors in the group and changes in the operating results of the debtor.\n\n** **\n\nRegardless of the analysis above, a significant\nincrease in credit risk is presumed if a debtor is more than 30 days past due in making contractual payment.\n\n \n\nThe Group determined that its financial\nassets are credit-impaired when:\n\n \n\n \n-\nThere is significant difficulty of the debtor.\n\n \n\n \n-\nA breach of contract, such as a default or past due event\n\n \n\n \n-\nIt is becoming probable that the debtor will enter bankruptcy or other financial reorganization.\n\n \n\n \n-\nThere is a disappearance of an active market for that financial asset because of financial difficulty.\n\n \n\nFinancial assets are written off when\nthere is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.\n\n \n\nF-50\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**27.**\n**Financial Instruments and Risk Management** (cont.)\n\n** ** \n\nThe Group’s current credit risk\ngrading framework comprises the following categories:\n\n \n\n**Category**   **Definition of category**   **Basis for recognizing\nexpected credit loss (ECL)**\n\n**I**   Counterparty has a low risk of default and does not have any past-due amounts.   12-month ECL\n\n**II**   Amount is >30 days past due or there has been a significant increase in credit risk since initial recognition.   Lifetime ECL — not credit-impaired\n\n**III**   Amount is >60 days past due or there is evidence indicating the asset is credit-impaired (in default).   Lifetime ECL — credit impaired\n\n**IV**   There is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.   Amount is written-off\n\n \n\nThe table below details the credit quality\nof the Group’s financial assets, as well as maximum exposure to credit risk by credit risk rating categories:\n\n \n\n  \n  \n  \nGross  \n   \n  \n\n  \n  \n12-month or \ncarrying  \n   \nNet carrying \n\nGroup \nNote \nlifetime ECL \namount  \nImpairment  \namount \n\n  \n  \n  \nUSD  \nUSD  \nUSD \n\nDecember 31, 2025 \n  \n  \n   \n   \n  \n\nTrade receivables \n9 \nLifetime ECL \n 5,843,587  \n (1,026,591) \n 4,816,996 \n\nOther receivables \n9 \n12-month \n 211,746  \n \n-\n  \n 211,746 \n\nAmount due from related party \n24 \n12-month \n 451,335  \n \n-\n  \n 451,335 \n\nCash and cash equivalents \n10 \n12-month \n 1,629,018  \n \n-\n  \n 1,629,018 \n\n  \n  \n  \n    \n    \n   \n\nDecember 31, 2024 \n  \n  \n    \n    \n   \n\nTrade receivables \n9 \n12-month \n 4,701,900  \n (968,322) \n 3,733,578 \n\nOther receivables \n9 \n12-month \n 91,568  \n    \n 91,568 \n\nAmount due from related party \n24 \n12-month \n 553,184  \n    \n 553,184 \n\nCash and cash equivalents \n10 \n12-month \n 1,000,283  \n \n-\n  \n 1,000,283 \n\n \n\nF-51\n\n \n\n**CONCORDE INTERNATIONAL\nGROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**27.**\n**Financial Instruments and Risk Management** (cont.)\n\n \n\n \n**(i)**\n**Trade and other receivables**\n\n \n\nThe Group assessed the latest performance\nand financial position of the counterparties, adjusted for the future outlook of the industry in which the counterparties operate in,\nand concluded that there has been no significant increase in the credit risk since the initial recognition of the financial assets. Accordingly,\nthe Group measured the impairment loss allowance using 12-month ECL and determined that the ECL is insignificant.\n\n** **\n\n \n**(ii)**\n**Cash and cash equivalents**\n\n \n\nNo expected credit losses are recognized\nfrom cash and cash equivalents arising from bank balances with financial institution because the probability of default by these financial\ninstitutions are negligible.\n\n \n\n \n**(b)**\n**Liquidity risk**\n\n \n\n  \nCarrying\namount  \nContractual\ncash flow  \nWithin\n1 year  \nWithin\n2 to 5 years  \nAfter\n5 years \n\nGroup \nUSD  \nUSD  \nUSD  \nUSD  \nUSD \n\n2025 \n   \n   \n   \n   \n  \n\nFinancial assets \n   \n   \n   \n   \n  \n\nOther financial assets \n 71,561  \n 71,561  \n \n-\n  \n \n-\n  \n 71,561 \n\nTrade and other receivables \n 5,028,742  \n 5,028,742  \n 5,028,742  \n \n-\n  \n \n-\n \n\nAmount due from related party \n 451,335  \n 451,335  \n 134,925  \n 316,410  \n   \n\nCash and cash equivalents \n 1,629,018  \n 1,629,018  \n 1,629,018  \n \n-\n  \n \n-\n \n\nTotal undiscounted financial assets \n 7,180,656  \n 7,180,656  \n 6,792,685  \n 316,410  \n 71,561 \n\n  \n    \n    \n    \n    \n   \n\nFinancial liabilities \n    \n    \n    \n    \n   \n\nTrade and other payables \n 1,755,837  \n 1,755,837  \n 1,755,837  \n \n-\n  \n \n-\n \n\nAmount due to related party \n 207,551  \n 207,551  \n 207,551  \n \n-\n  \n \n-\n \n\nLease liabilities \n 301,991  \n 328,147  \n 114,113  \n 214,034  \n \n-\n \n\nDebt \n 4,810,433  \n 6,116,634  \n 3,192,218  \n 1,023,017  \n 1,901,399 \n\nTotal undiscounted financial liabilities \n 7,075,812  \n 8,408,169  \n 5,269,719  \n 1,237,051  \n 1,901,399 \n\n  \n    \n    \n    \n    \n   \n\n2024 \n    \n    \n    \n    \n   \n\nFinancial assets \n    \n    \n    \n    \n   \n\nOther financial assets \n 69,505  \n 69,505  \n \n-\n  \n \n-\n  \n 69,505 \n\nTrade and other receivables \n 3,825,146  \n 3,825,146  \n 3,825,146  \n \n-\n  \n \n-\n \n\nAmount due from related party \n 553,184  \n 553,184  \n 121,167  \n 432,017  \n   \n\nCash and cash equivalents \n 1,000,283  \n 1,000,283  \n 1,000,283  \n \n-\n  \n \n-\n \n\nTotal undiscounted financial assets \n 5,448,119  \n 5,448,119  \n 4,946,596  \n 432,017  \n 69,505 \n\n  \n    \n    \n    \n    \n   \n\nFinancial liabilities \n    \n    \n    \n    \n   \n\nTrade and other payables \n 825,522  \n 825,522  \n 825,522  \n \n-\n  \n \n-\n \n\nAmount due to related party \n 216,940  \n 216,940  \n 216,940  \n    \n   \n\nLease liabilities \n 260,162  \n 285,562  \n 103,063  \n 182,499  \n \n-\n \n\nDerivative liabilities \n 173,551  \n 173,551  \n \n-\n  \n 173,551  \n \n \n \n\nDebt \n 6,028,791  \n 6,957,197  \n 3,249,560  \n 1,342,420  \n 2,365,217 \n\nTotal undiscounted financial liabilities \n 7,504,966  \n 8,458,772  \n 4,395,085  \n 1,698,470  \n 2,365,217 \n\n \n\nF-52\n\n** **\n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**27.**\n**Financial Instruments and Risk Management** (cont.)\n\n \n\n \n**(c)**\n**Market risk**\n\n \n\nMarket risk is the risk that changes in\nmarket prices, such as interest rates and foreign exchange rates will affect the Group’s income. The objective of market risk management\nis to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.\n\n \n\n \n**(i)**\n**Interest rate risk**\n\n \n\nInterest rate risk is the risk that\nfair value or future cash flows of the Group’s financial instruments will fluctuate because of changes in market interest rates.\n\n \n\nThe Group’s exposure to interest\nrate risk arises primarily from its debt and lease liabilities. At the end of reporting period, the weighted average effective interest\nrates for the debt and lease liabilities were as follows:\n\n \n\n \n \n \n**2025**\n \n \n \n**2024**\n \n**2023**\n\n**Fixed rates**\n \n \n \n \n \n \n \n \n \n\nDebts\n \n \n1.9% - 8.2%\n \n \n \n1.5% – 8%\n \n1.5% – 8%\n\nLease liabilities\n \n \n4.7% – 6.5%\n \n \n \n1.5% – 2.5%\n \n1.5% – 2.5%\n\n \n\nPossible changes in interest rate are\nnot expected to have a material impact on the result of the Group.\n\n \n\n \n**(ii)**\n**Foreign currency risk**\n\n \n\nThe Group’s monetary assets and\nliabilities are exposed to foreign currency risk because of its transactions where the denominations differ from its functional currency.\nThe Group’s foreign currency exposures arise mainly from the exchange rate movements of the Singapore Dollar (“SGD”),\nMalaysian Ringgit (“MYR”), Great Britain Pound(“GBP”) against the U.S. dollar (“USD). The Group manages\nthe exchange risk by monitoring the movements in exchange rate regularly.\n\n \n\nF-53\n\n \n\n**CONCORDE INTERNATIONAL GROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**27.**\n**Financial Instruments and Risk Management** (cont.)\n\n \n\nThe Group does not enter into any forward\ncontracts to hedge its exposure to movements in exchange rates.\n\n \n\nIf the MYR had\nstrengthened/weakened by 2% and 0.03% against the SGD (the average monthly variance during the year period ended December 31,\n2025 and 2024 with all other variables held constant), the post-tax profit would have been approximately USD 266,404 and USD 27,185\nhigher/lower for the years ended December 31, 2025 and 2024, as a result of net foreign exchange gains/losses on\ntranslation of net monetary assets denominated in the MYR/SGD which is not the functional currency of the respective Company’s\nentities.\n\n \n\nIf the GBP had\nstrengthened/weakened by 0.36% and 0.54% against the SGD (the average monthly variance during the year period ended\nDecember 31, 2025 and 2024 with all other variables held constant), the post-tax profit would have been approximately USD\n48,001 and USD 448,826 higher/lower for the years ended December 31, 2025 and 2024, as a result of net foreign exchange\ngains/losses on translation of net monetary assets denominated in the GBP/SGD which is not the functional currency of the respective\nCompany’s entities.\n\n** **\n\n**28.**\n**Reconciliation for changes in liabilities arising from financing activities**\n\n** **\n\nThe table below details changes in the group’s liabilities arising\nfrom financing activities, including both cash and non-cash changes.\n\n \n\n** **** **\n** **** **** **\n** **** **** **\n**Non cash changes**** **** **\n** **** **\n\n** **** **\n**January 1, 2025**** **** **\n**Financing cashflows**** **** **\n**Interest charged**** **** **\n**New\nleases**** **** **\n**Fair value adjustment**** **** **\n**Effect of changes in foreign exchange rates**** **** **\n**December 31, 2025**** **\n\nDebts \n 5,088,014  \n (541,874) \n 282,337  \n \n-\n  \n \n     -\n  \n (18,043) \n 4,810,434 \n\nOperating lease liabilities \n 83,067  \n (61,365) \n 1,496  \n 34,674  \n \n-\n  \n 4,960  \n 62,832 \n\nFinance lease liabilities \n 177,095  \n (64,232) \n 12,319  \n 103,263  \n \n-\n  \n 10,714  \n 239,159 \n\n \n\n** **** **\n** **** **** **\n** **** **** **\n**Non cash changes**** **** **\n** **** **\n\n** **** **\n**January 1, 2024**** **** **\n**Financing cashflows**** **** **\n**Interest charged**** **** **\n**New\nleases**** **** **\n**Fair value adjustment**** **** **\n**Effect of changes in foreign exchange rates**** **** **\n**December 31, 2024**** **\n\nDebts \n 3,972,648  \n 1,003,296  \n 193,418  \n \n-\n  \n \n-\n  \n 81,348  \n 5,088,014 \n\nConvertible note – host debt \n \n-\n  \n 964,922  \n 17,500  \n \n-\n  \n (42,345) \n \n-\n  \n 940,077 \n\nOther financial liabilities\n \n \n-\n \n \n \n35,078\n \n \n \n-\n \n \n \n-\n \n \n \n138,473\n \n \n \n-\n \n \n \n173,551\n \n\nOperating lease liabilities \n 81,297  \n (55,135) \n 1,901  \n 57,528  \n \n-\n  \n (2,524) \n 83,067 \n\nFinance lease liabilities \n 68,606  \n (25,446) \n 5,811  \n 130,324  \n \n-\n  \n (2,200) \n 177,095 \n\n \n\nF-54\n\n \n\n**CONCORDE INTERNATIONAL\nGROUP LTD.\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**29.**\n**Subsequent events**\n\n \n\nThe Group has evaluated all events or\ntransactions that occurred after December 31, 2025, up through May 15, 2026. During\nthe period, the Company did not have any material subsequent events other than disclosed below.\n\n \n\nOn January 23, 2026, the Group transferred the legal title\nof a 51% equity interest in Concorde Security Sdn. Bhd. (“CSSB”), its wholly owned subsidiary to a third-party investor. Notwithstanding\nthe reduction in shareholding, the Group retained control over the subsidiary’s business and operations, and accordingly, CSSB continues\nto be consolidated in the Group’s financial statements.\n\n \n\nOn March 30, 2026, CSSB entered into\nseven (7) separate Sale and Purchase Agreements with Premier Elite Marketing Sdn. Bhd., an independent third party, to acquire seven (7)\nunits of three-storey mixed commercial buildings located in Johor, Malaysia. The aggregate consideration for the seven (7) units is 600,000\nClass A ordinary shares of the Company, to be issued to the vendor’s nominee and subject to a three (3) month lock-up. As of the\ndate of this filing, the 600,000 Class A ordinary shares have not yet been issued, and the assets have yet to be acquired. The transaction\nremains subject to completion conditions, including share registration and regulatory consent.\n\n \n\nOn February 3,\n2026, Concorde International Group Ltd. (“CIGL”) entered into an Agreement and Plan of Merger with YOOV Group Holding Limited\n(“YOOV”) under the BVI Companies Act, 2004 (as revised), valuing YOOV at an equity value of US$600 million on a fully diluted\nbasis.\n\n \n\nThe transaction was completed on March\n18, 2026, pursuant to the Merger Agreement and a related waiver agreement, following which YOOV became a wholly owned subsidiary of CIGL.\nIn connection with the closing, CIGL issued 200,000,000 new Class A ordinary shares to YOOV shareholders. Immediately after completion,\nCIGL had a total of 226,985,468 outstanding ordinary shares, comprising 206,674,356 Class A ordinary shares and 20,311,112 Class B ordinary\nshares.\n\n \n\nF-55\n\n \n\nInternational Financial Reporting 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