Interim Results - Correction

ICFG Limited (LON: ICFG), the international financial services group, announces the following corrections in respect of its unaudited interim results for the six months ended 30 June 2025 which were announced on 29 September 2025 ("H1-2025 Interim Results").

Accounting treatment of the reverse acquisition

Following further review of the accounting treatment of the reverse takeover of ICFG Pte Ltd completed on 12 February 2025 ("Reverse Takeover"), the reported Share-based Payment Expense on Reverse Takeover of USD 154.9 million recognised in the unaudited condensed statement of comprehensive income for H1-2025 Interim Results has been determined to be overstated. Upon correct application of IFRS 2 Share-based Payment ("IFRS 2"), the Share-based Payment Expense on Reverse Takeover is amended to be approximately USD 16.0 million. This adjustment is non-cash in nature and relates solely to the accounting valuation of the Share-based Payment Expense arising from the Reverse Takeover.

The Company confirms that the board of ICFG has determined that the accounting for the Reverse Takeover should be in accordance with IFRS 2, consistent with the disclosure in Note 25 of the H1-2025 Interim Results, on the basis that the legal parent does not constitute a business. This treatment differs from the accounting approach described in the Company's prospectus published on 22 January 2025, which contemplated application of IFRS 3 Business Combinations. The correct application of IFRS 2 also impacts presentation adjustments in other parts of the accounts, including to the equity structure (reflecting Reverse Takeover accounting) and the classification within the statement of cash flows. These adjustments do not affect the Group's underlying financial performance or cash position. The Company is aligning its final accounting treatment with the required presentation under IFRS 2 and will provide further details in its audited financial statements for the year ended 31 December 2025.

Borrowed funds

The Company also wishes to correct the statement included in Note 15 Borrowed Funds of the H1-2025 Interim Results that the Group was fully compliant with contractual covenants imposed by its lenders as of 30 June 2025. This statement was incorrect. Certain financial covenant breaches had occurred prior to 30 June 2025 with certain lenders. The Company confirms that a waiver in respect of the relevant breaches, covering the applicable reporting period up to 30 June 2025, had been approved in August 2025 and that no event of default was declared, nor were any amounts accelerated or immediately payable as a result of such breaches. The Company is continuing its engagement with relevant lenders in respect of covenant compliance and will provide further updates as appropriate.