ADX:INVICTUS Balance Sheet

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	896.62	1,013	369.67	537.59	16.67
Short-Term Investments	1.52	1.65	1.03	0.6	0.59
Cash & Short-Term Investments	898.14	1,014	370.69	538.2	17.26
Cash Growth	-11.46%	173.66%	-31.12%	3018.24%	-36.36%
Accounts Receivable	2,820	2,214	1,547	1,302	792.9
Other Receivables	215.79	135.68	26.54	8.71	4.69
Receivables	3,036	2,350	1,573	1,311	797.59
Inventory	1,193	757.64	610.18	583.51	3.43
Prepaid Expenses	10.71	1.84	0.53	0.41	1.39
Other Current Assets	217.68	231.19	88.86	254.85	246.97
Total Current Assets	5,356	4,355	2,643	2,688	1,067
Property, Plant & Equipment	694.91	198.01	34.9	5.34	5.02
Long-Term Investments	5.03	6.3	3.8	4.9	-
Goodwill	291.13	85.85	-	-	-
Other Intangible Assets	205.83	41.89	0.99	1.28	-
Long-Term Deferred Tax Assets	13.03	7.59	-	-	-
Other Long-Term Assets	7.74	11.62	-	-	-
Total Assets	6,573	4,706	2,683	2,700	1,072
Accounts Payable	571	545.1	416.36	818.02	120.97
Accrued Expenses	195.3	119.4	66.43	67.13	43.84
Short-Term Debt	3,305	1,978	900.98	734.48	456.37
Current Portion of Long-Term Debt	205.66	2.87	183.65	-	-
Current Portion of Leases	5.19	3.61	0.47	-	-
Current Income Taxes Payable	33.81	7.42	-	-	-
Current Unearned Revenue	87.62	63.97	40.47	27.38	108.72
Other Current Liabilities	69.21	22.5	-	23.96	91.77
Total Current Liabilities	4,473	2,743	1,608	1,671	821.66
Long-Term Debt	554.94	667.32	-	-	-
Long-Term Leases	40.57	29.01	6.9	-	-
Pension & Post-Retirement Benefits	3.92	1.54	0.62	-	-
Long-Term Deferred Tax Liabilities	31.73	24.66	-	-	-
Other Long-Term Liabilities	25.47	9.43	-	-	-
Total Liabilities	5,130	3,475	1,616	1,671	821.66
Common Stock	280	280	280	280	-
Additional Paid-In Capital	294	294	294	294	-
Retained Earnings	809.53	616.63	493.25	454.59	250
Comprehensive Income & Other	5.2	-3.88	-	-	-
Total Common Equity	1,389	1,187	1,067	1,029	250
Minority Interest	54.79	43.88	-	-	-
Shareholders' Equity	1,444	1,231	1,067	1,029	250
Total Liabilities & Equity	6,573	4,706	2,683	2,700	1,072
Total Debt	4,112	2,681	1,092	734.48	456.37
Net Cash (Debt)	-3,214	-1,667	-721.31	-196.29	-439.11
Net Cash Per Share	-2.87	-1.49	-0.64	-0.25	-109.78
Filing Date Shares Outstanding	1,120	1,120	1,120	1,120	4
Total Common Shares Outstanding	1,120	1,120	1,120	1,120	4
Working Capital	882.48	1,611	1,035	1,017	244.98
Book Value Per Share	1.24	1.06	0.95	0.92	62.50
Tangible Book Value	891.77	1,059	1,066	1,027	250
Tangible Book Value Per Share	0.80	0.95	0.95	0.92	62.50
Land	447.83	89.1	17.57	-	-
Machinery	437.99	17.85	4.89	0.83	0.72
Construction In Progress	19.24	12.27	10	7.89	4.87

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.