{"url_path":"/sec/adsew/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1879248/0001213900-26-057891-index.html","accession_number":"0001213900-26-057891","cik":"0001879248","ticker":"ADSE","issuer_name":"Ads-Tec Energy Public Ltd Co","edgar_url":"https://www.sec.gov/Archives/edgar/data/1879248/0001213900-26-057891-index.html","primary_entity_key":"0001879248","primary_entity_name":"Ads-Tec Energy Public Ltd Co"},"word_count":33011,"has_tables":true,"body_markdown":"**ITEM 19. EXHIBITS**\n\n \n\nWe have filed or incorporated\nby reference herein the following documents as exhibits to this Annual Report:\n\n \n\n**EXHIBIT INDEX**\n\n** **\n\n**Exhibit No.**\n \n**Description**\n\n1.1\n \n[Memorandum and Articles of Association of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 1.1 to the Registrant’s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex1-1_adstec.htm)\n\n2.2\n \n[Specimen Ordinary Share Certificate of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex4-1_adstecheuro.htm)\n\n2.3\n \n[Specimen Warrant Certificate of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.2 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex4-2_adstecheuro.htm)\n\n2.4\n \n[Form of Indenture for Senior Debt Securities (incorporated by reference to Exhibit 4.20 to the F-3 filed on February 12, 2025).](http://www.sec.gov/Archives/edgar/data/1879248/000121390025012322/ea023056901ex4-20_adstec.htm)\n\n2.5\n \n[Form of Indenture for Subordinated Debt Securities (incorporated by reference to Exhibit 4.21 to the F-3 filed on February 12, 2025).](http://www.sec.gov/Archives/edgar/data/1879248/000121390025012322/ea023056901ex4-21_adstec.htm)\n\n2.6*\n \n[Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.](ea029062901ex2-6.htm)\n\n2.7\n \n[Amended and Restated Warrant Agreement, dated December 22, 2021, by and among European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC, and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Registrant’s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021).](https://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-1_adstec.htm)\n\n2.8\n \n[Form\nof Amended and Restated Warrant, dated August 26, 2024, by and between the Company and the 2023 Lenders (incorporated by reference\nto Exhibit 10.2 to the Current Report on Form 6-K filed on August 30, 2024).](http://www.sec.gov/Archives/edgar/data/1879248/000121390024074563/ea021290001ex10-2_adstec.htm)\n\n2.9\n \n[Form\nof Intercompany Promissory Note, dated August 26, 2024, by and between ADS-Tec Energy GmbH and ads-tec Holding GmbH (incorporated\nby reference to Exhibit 10.4 to the Current Report on Form 6-K filed on August 30, 2024).](http://www.sec.gov/Archives/edgar/data/1879248/000121390024074563/ea021290001ex10-4_adstec.htm)\n\n2.10\n \n[Form\nof Warrant, dated August 26, 2024, by and between the Company and the 2024 Lenders (incorporated by reference to Exhibit 10.5 to\nthe Current Report on Form 6-K filed on August 30, 2024).](http://www.sec.gov/Archives/edgar/data/1879248/000121390024074563/ea021290001ex10-5_adstec.htm)\n\n2.11\n \n[Form\nof Warrant (incorporated by reference to Exhibit 4.2 to the Current Report on Form 6-K filed on May 1, 2025).](https://www.sec.gov/Archives/edgar/data/1879248/000121390025038518/ea024041801ex4-2_adstec.htm)\n\n2.12\n \n[Form\nof Third Amended and Restated Promissory Note, dated April 30, 2025, by and between ADSE US and the 2023 Lenders (incorporated by\nreference to Exhibit 10.3 to the Current Report on Form 6-K filed on May 1, 2025).](https://www.sec.gov/Archives/edgar/data/1879248/000121390025038518/ea024041801ex10-3_adstec.htm)\n\n2.13\n \n[Form\nof Second Amended and Restated Promissory Note, dated April 30, 2025, by and between ADSE US and the 2024 Lenders (incorporated by\nreference to Exhibit 10.4 to the Current Report on Form 6-K filed on May 1, 2025).](https://www.sec.gov/Archives/edgar/data/1879248/000121390025038518/ea024041801ex10-4_adstec.htm)\n\n4.1\n \n[Form\nof Indemnification Agreement with ADS-TEC ENERGY PLC’s directors and executive officers, incorporated by reference to Exhibit\n10.4 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex10-4_adstecheuro.htm)\n\n4.2\n \n[Registration\nRights Agreement, dated December 22, 2021, by and among European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC, the EUSG\ninitial shareholders, EarlyBirdCapital, Inc., ABN AMRO Securities (USA) LLC, and the ADSE GM Shareholders, incorporated by reference\nto Exhibit 4.6 to the Registrant’s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.](https://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-6_adstec.htm)\n\n4.3\n \n[ADS-TEC\nENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.11 to the Registrant’s Shell Company Report\non Form 20-F filed with the SEC on December 29, 2021.](https://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-11_adstec.htm)\n\n4.4\n \n[Form\nof Non-Qualified Stock Option Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference\nto Exhibit 10.11 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-11_european.htm)\n\n4.5\n \n[Form\nof Incentive Stock Option Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to\nExhibit 10.12 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-12_european.htm)\n\n \n\n103\n\n \n\n \n\n4.6\n \n[Form of Restricted Stock Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.13 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-13_european.htm)\n\n4.7\n \n[Form of Restricted Stock Unit Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.14 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-14_european.htm)\n\n4.8\n \n[Form of Stock Appreciation Rights Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.15 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-15_european.htm)\n\n4.9\n \n[Form of Non-Executive Director Appointment Letter of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 10.16 to the Registration Statement on Form F-4 (File No. 333-260312).](https://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex10-16_adstecheuro.htm)\n\n4.10\n \n[Employment Agreement, dated April 19, 2022, by and between ads-tec Energy GmbH and Thomas Speidel, incorporated by reference to Exhibit 4.20 to the Registrant’s Annual Report on Form 20-F filed with the SEC on April 28, 2022.](https://www.sec.gov/Archives/edgar/data/1879248/000121390022022308/f20f2021ex4-20_adstechenergy.htm)\n\n4.11\n \n[Guarantee Agreement, dated August 18, 2023, by and between the ads-tec Holding GmbH and certain lenders thereto (incorporated by reference to Exhibit 10.4 to the Current Report on Form 6-K filed on August 25, 2023).](http://www.sec.gov/Archives/edgar/data/1879248/000121390023070977/ea184251ex10-4_adstecenergy.htm)\n\n4.12\n \n[Amended German Guarantee Agreement, dated August 26, 2024, by and between the Company and the 2023 Lenders (incorporated by reference to Exhibit 10.6 to the Current Report on Form 6-K filed on August 30, 2024).](http://www.sec.gov/Archives/edgar/data/1879248/000121390024074563/ea021290001ex10-6_adstec.htm)\n\n4.13\n \n[Guarantee Agreement, Dated August 26, 2024, by and between the Company and the 2024 Lenders (incorporated by reference to Exhibit 10.8 to the Current Report on Form 6-K filed on August 30, 2024).](http://www.sec.gov/Archives/edgar/data/1879248/000121390024074563/ea021290001ex10-8_adstec.htm)\n\n4.14\n \n[Guarantee Agreement, dated May 5, 2023, by and between the ads-tec Energy PLC and certain lenders thereto (incorporated by reference to Exhibit 10.3 to the Current Report on Form 6-K filed on May 11, 2023).](https://www.sec.gov/Archives/edgar/data/1879248/000121390023038565/ea178258ex10-3_adstec.htm)\n\n4.15*\n \n[Second Amended and Restated Promissory Note, dated May 14, 2026, by and between ADS-TEC Energy PLC and Svelland Global Trading Master Fund.](ea029062901ex4-15.htm)\n\n4.16*\n \n[Fourth Amended and Restated Secured Promissory Note, dated May 14, 2026, by and between ADS-TEC Energy, Inc. and The Lucerne Capital Master Fund, L.P.](ea029062901ex4-16.htm)\n\n4.17\n \n[Form of Subscription Agreement (incorporated by reference to Exhibit 10.4 to the Current Report on Form 6-K filed on May 12, 2026).](https://www.sec.gov/Archives/edgar/data/1879248/000121390026055192/ea029026201ex10-4.htm)\n\n4.18\n \n[Form of Subscription Agreement (incorporated by reference to Exhibit 10.5 to the Current Report on Form 6-K filed on May 12, 2026).](https://www.sec.gov/Archives/edgar/data/1879248/000121390026055192/ea029026201ex10-5.htm)\n\n4.19\n \n[Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.6 to the Current Report on Form 6-K filed on May 12, 2026).](https://www.sec.gov/Archives/edgar/data/1879248/000121390026055192/ea029026201ex10-6.htm)\n\n8.1\n \n[List\nof subsidiaries of ADS-TEC ENERGY PLC (incorporated by reference to Exhibit 8.1 to the Registrant’s Annual Report on Form 20-F\nfiled with the SEC on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1879248/000121390025041631/ea023964901ex8-1_adstec.htm)\n\n11.1\n \n[Insider Trading Policy of ADS-TEC Energy Group (incorporated by reference to Exhibit 11.1 to the Registrant’s Annual Report on Form 20-F filed with the SEC on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1879248/000121390025041631/ea023964901ex11-1_adstec.htm)\n\n12.1*\n \n[Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea029062901ex12-1.htm)\n\n12.2*\n \n[Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea029062901ex12-2.htm)\n\n13.1**\n \n[Certification by the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea029062901ex13-1.htm)\n\n13.2**\n \n[Certification by the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea029062901ex13-2.htm)\n\n15.1*\n \n[Consent of BDO AG Wirtschaftsprüfungsgesellschaft.](ea029062901ex15-1.htm)\n\n97\n \n[Clawback Policy (incorporated by reference to Exhibit 97 to the Registrant’s Annual Report on Form 20-F filed with the SEC on April 30, 2024).](https://www.sec.gov/Archives/edgar/data/1879248/000121390024037903/ea020454001ex97_ads.htm)\n\n99.1*\n \n[List of Relevant Territories for the Purposes of Irish Dividend Withholding\nTax.](ea029062901ex99-1.htm)\n\n101.INS*\n \nInline XBRL Instance Document.\n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n104*\n \nCover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*\nFiled herewith.\n\n**\nFurnished herewith.\n\n \n\n104\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report\non its behalf.\n\n \n\n \n**ADS-TEC ENERGY PLC**\n\n \n \n \n\n \nBy:\n/s/ Thomas Speidel\n\n \n \nName:\nThomas Speidel\n\n \n \nTitle:\nChief Executive Officer\n\n \n \n \n\nDate: May 15, 2026\n \n \n\n \n\n105\n\n \n\n  \n\nConsolidated\nFinancial Statements\n\n \n\n \n\n \n\nADS-TEC\nEnergy PLC\n\n \n\n \n\n \n\nas\nat and for the year ended\n\n \n\nDecember\n31, 2025 and 2024\n\n \n\n \n\n \n\nPrepared\nin accordance with International Financial Reporting Standards (IFRS)\n\nas\nissued by the International Accounting Standards Board (IASB)\n\n \n\n \n\n \n\n \n\nConsolidated Financial Statements  \n\n \n\n[**Consolidated\nstatements of profit or loss and comprehensive income (loss)**](#f_001)\nF-3\n\n[**Consolidated\nstatements of financial position**](#f_002)\nF-4\n\n[**Consolidated\nstatements of cash flows**](#f_003)\nF-6\n\n[**Consolidated\nstatements of changes in equity**](#f_004)\nF-8\n\n[**Notes\nto the consolidated financial statements**](#f_005)\nF-9\n\n**1.**\n[**Reporting\nentity and group information**](#f_006)\nF-9\n\n \n1.1\n[Reporting\nentity](#f_007)\nF-9\n\n \n1.2\n[Group\ninformation](#f_008)\nF-9\n\n \n1.3\n[Material\nuncertainty regarding the ability to continue as a going concern](#f_009)\nF-10\n\n**2.**\n[**Accounting\nestimates and management judgments**](#f_010)\nF-12\n\n**3.**\n[**Accounting\npolicies**](#f_011)\nF-14\n\n \n3.1\n[Basis\nof preparation](#f_012)\nF-14\n\n \n3.2\n[New\naccounting standards and interpretations](#f_013)\nF-15\n\n \n3.3\n[Summary\nof accounting policies](#f_014)\nF-15\n\n**4.**\n[**Disclosure\non individual items of the consolidated financial statements**](#f_015)\nF-26\n\n \n4.1\n[Statements\nof comprehensive income](#f_016)\nF-26\n\n \n4.2\n[Statements\nof financial position](#f_017)\nF-34\n\n \n4.3\n[Share-based\npayments](#f_018)\nF-48\n\n \n4.4\n[Statement\nof cash flows](#f_019)\nF-53\n\n \n4.5\n[Capital\nand financial risk management](#f_020)\nF-55\n\n**5.**\n[**Segment\nreporting**](#f_021)\nF-60\n\n**6.**\n[**Related\nparty transactions**](#f_022)\nF-63\n\n**7.**\n[**Other\nfinancial disclosures**](#f_023)\nF-65\n\n**8.**\n[**Events\nafter the reporting period**](#f_024)\nF-66\n\n**9.**\n[**Authorization\nof the financial statements**](#f_025)\nF-67\n\n \n\nF-1\n\n \n\n  \n\n**Report of Independent Registered Public Accounting\nFirm**\n\n \n\nShareholders and Board of Directors\n\nAds-Tec Energy PLC\n\nDublin, Ireland\n\n** **\n\n**Opinion on the Consolidated\nFinancial Statements**\n\n \n\nWe have audited the accompanying\nconsolidated statements of financial position of Ads-Tec Energy PLC (the “Company”) as of December 31, 2025 and 2024, the\nrelated consolidated statements of profit or loss and comprehensive income (loss), changes in equity, and cash flows for each of the three\nyears in the period 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\nat December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December\n31, 2025**,** in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n** **\n\n**Going Concern Uncertainty**\n\n \n\nThe accompanying consolidated\nfinancial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1.3 to the consolidated\nfinancial statements, the Company has suffered recurring losses and negative cash flows from operations since its inception that raise\nsubstantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described\nin Note 1.3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n** **\n\n**Basis for Opinion**\n\n \n\nThese consolidated financial\nstatements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nconsolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight\nBoard (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.\nfederal securities laws and the applicable rules 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 Company’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\nWe have served as the Company's auditor since\n2021.\n\n \n\n/s/ BDO AG Wirtschaftsprüfungsgesellschaft\n\n \n\nPCAOB ID 1010\n\nFrankfurt am Main, Germany\n\nMay 15, 2026\n\n \n\n F-2 \n\n \n\nConsolidated\nstatements of profit or loss and comprehensive income (loss)\n\n \n\n**kEUR**\n \nNote  \n2025  \n2024  \n2023 \n\nContinuing\noperations \n   \n   \n   \n  \n\nRevenue \n 4.1.1  \n 31,559  \n 110,013  \n 107,384 \n\nCost\nof sales \n 4.1.2  \n -47,842  \n -90,585  \n -110,270 \n\nGross\nprofit (loss) \n    \n -16,283  \n 19,427  \n -2,886 \n\nResearch\nand development expenses \n 4.1.2  \n -8,488  \n -8,971  \n -2,832 \n\nSelling\nand general administrative expenses \n 4.1.2  \n -32,797  \n -31,588  \n -27,823 \n\nImpairment\ngains (losses) on trade receivables, contract assets, and other investments \n 4.5.2.1  \n -55  \n -58  \n 104 \n\nOther\nincome \n 4.1.3  \n 2,264  \n 14,530  \n 667 \n\nOther\nexpenses \n 4.1.4  \n -1,334  \n -1,949  \n -11,755 \n\nOperating\nresult \n    \n -56,694  \n -8,609  \n -44,525 \n\nFinance\nincome \n 4.1.5  \n 60,788  \n 24  \n 190 \n\nFinance\nexpenses \n 4.1.5  \n -59,542  \n -88,883  \n -13,887 \n\nNet\nfinance result \n    \n 1,246  \n -88,858  \n -13,697 \n\nResult\nbefore tax \n    \n -55,447  \n -97,467  \n -58,221 \n\nIncome\ntax benefits (expenses) \n 4.1.6  \n 257  \n -491  \n 3,141 \n\nResult\nfor the period \n    \n -55,190  \n -97,958  \n -55,081 \n\nOther\ncomprehensive income (loss) \n    \n    \n    \n   \n\nItems\nthat are or may be reclassified subsequently to profit or loss \n    \n    \n    \n   \n\nForeign\noperations – foreign currency translation differences \n    \n -432  \n 939  \n 61 \n\nOther\ncomprehensive income (loss) for the period, net of tax \n    \n -432  \n 939  \n 61 \n\nTotal\ncomprehensive income (loss) for the period \n    \n -55,621  \n -97,019  \n -55,020 \n\n  \n    \n    \n    \n   \n\nProfit\n(loss) attributable to: \n    \n    \n    \n   \n\nShareholders\nof the parent \n    \n -55,190  \n -97,958  \n -55,081 \n\nNon-controlling\ninterests \n    \n -  \n -  \n - \n\n  \n    \n    \n    \n   \n\nTotal\ncomprehensive income (loss) attributable to: \n    \n    \n    \n   \n\nShareholders\nof the parent \n    \n -55,621  \n -97,019  \n -55,020 \n\nNon-controlling\ninterests \n    \n -  \n -  \n - \n\n  \n    \n    \n    \n   \n\nEarnings\n(loss) per share (in EUR) \n    \n \n \n  \n \n \n  \n \n \n \n\nDiluted \n 4.1.7  \n -0.98  \n -1.91  \n -1.13 \n\nBasic \n 4.1.7  \n -0.98  \n -1.91  \n -1.13 \n\n \n\nDue\nto rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.\n\n \n\nF-3\n\n \n\n \n\nConsolidated\nstatements of financial position\n\n** **\n\n**ASSETS**\n\nkEUR \nNote  \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nIntangible\nassets \n 4.2.1  \n 12,910  \n 20,529 \n\nRight-of-use\nassets \n 4.2.2  \n 2,981  \n 3,273 \n\nProperty,\nplant and equipment \n 4.2.3  \n 7,614  \n 6,195 \n\nOther\ninvestments and other assets (non-current) \n 4.2.4  \n 144  \n 179 \n\nTrade\nand other receivables (non-current) \n 4.2.6  \n 25  \n 6 \n\nDeferred\ntax assets \n 4.1.6  \n 15  \n 6 \n\nNon-current\nassets \n    \n 23,689  \n 30,188 \n\nInventories \n 4.2.5  \n 51,010  \n 63,666 \n\nTrade\nand other receivables (current) \n 4.2.6  \n 7,630  \n 14,929 \n\nContract\nassets \n 4.1.1  \n -  \n 40 \n\nOther\naccrued items \n 4.2.7  \n 933  \n 13,447 \n\nCurrent\ntax assets \n 4.1.6  \n -  \n 102 \n\nCash\nand cash equivalents \n 4.2.8  \n 6,987  \n 22,858 \n\nCurrent\nassets \n    \n 66,560  \n 115,042 \n\nTotal\nassets \n    \n 90,249  \n 145,230 \n\n \n\nDue\nto rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.\n\n \n\nF-4\n\n \n\n \n\n**EQUITY\nAND LIABILITIES**\n\n** **\n\nkEUR \nNote  \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nShare\ncapital \n 4.2.9  \n 5  \n 5 \n\nCapital\nreserves \n 4.2.9  \n 332,907  \n 245,298 \n\nOther\nequity \n 4.2.9  \n 613  \n 1,044 \n\nRetained\nearnings \n 4.2.9  \n -289,157  \n -191,198 \n\nProfit\n(loss) \n 4.2.9  \n -55,190  \n -97,958 \n\nEquity\nattributable to owners of the Company \n    \n -10,822  \n -42,809 \n\nNon-controlling\ninterests \n    \n -  \n - \n\nTotal\nequity \n    \n -10,822  \n -42,809 \n\nLease\nliabilities (non-current) \n 4.2.2  \n 1,866  \n 2,336 \n\nWarrant\nliabilities (non-current) \n 4.2.10  \n 11,259  \n 119,581 \n\nTrade\nand other payables (non-current) \n 4.2.11  \n 214  \n 209 \n\nContract\nliabilities (non-current) \n 4.1.1  \n 2  \n 265 \n\nOther\nprovisions (non-current) \n 4.2.12  \n 747  \n 2,132 \n\nDeferred\ntax liabilities \n 4.1.6  \n 1,345  \n 1,670 \n\nNon-current\nliabilities \n    \n 15,432  \n 126,192 \n\nLease\nliabilities (current) \n 4.2.2  \n 1,322  \n 1,144 \n\nWarrant\nliabilities (current) \n 4.2.10  \n 43,550  \n - \n\nLoans\nand borrowings (current) \n 4.2.13  \n 5,010  \n 13,333 \n\nTrade\nand other payables (current) \n 4.2.11  \n 20,652  \n 34,963 \n\nContract\nliabilities (current) \n 4.1.1  \n 11,955  \n 6,809 \n\nIncome\ntax liabilities (current) \n    \n 75  \n 13 \n\nOther\nprovisions (current) \n 4.2.12  \n 3,075  \n 5,586 \n\nCurrent\nliabilities \n    \n 85,638  \n 61,847 \n\nTotal\nliabilities \n    \n 101,071  \n 188,039 \n\nTotal\nequity and liabilities \n    \n 90,249  \n 145,230 \n\n \n\nDue\nto rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.\n\n \n\nF-5\n\n \n\n \n\nConsolidated\nstatements of cash flows\n\n \n\nkEUR \nNote  \n2025  \n2024  \n2023 \n\nResult\nfor the period \n    \n -55,190  \n -97,958  \n -55,081 \n\nDepreciation\nand amortization \n 4.1.2  \n 10,588  \n 6,699  \n 4,850 \n\nFinance\nincome excluding foreign currency gains \n 4.1.5  \n -60,788  \n -24  \n -187 \n\nFinance\nexpense excluding foreign currency losses \n 4.1.5  \n 59,542  \n 82,222  \n 13,886 \n\nNon-cash\neffective foreign currency (gains) losses \n 4.1.5  \n 22  \n 6,352  \n -35 \n\nNon-cash\neffect of share-based payments \n 4.3  \n 2,655  \n 3,866  \n 1,451 \n\nLoss\non disposal of property, plant and equipment \n 4.2.3  \n 63  \n 2  \n 5 \n\nChange\nin trade receivables not attributable to investing or financing activities \n 4.2.6  \n 7,544  \n 7,052  \n -1,616 \n\nChange\nin inventories \n 4.2.5  \n -1,379  \n -25,048  \n 5,382 \n\nChange\nin write-downs on inventories \n 4.2.5  \n 13,198  \n 689  \n 8,093 \n\nChange\nin trade payables \n 4.2.11  \n -14,367  \n 12,929  \n 6,117 \n\nChange\nin contract assets \n 4.1.1  \n 40  \n -40  \n 6 \n\nChange\nin contract liabilities \n 4.1.1  \n 4,906  \n -462  \n -16,185 \n\nChange\nin other investments and other assets \n 4.2.7  \n -341  \n 101  \n 3,190 \n\nChange\nin other provisions \n 4.2.12  \n -3,996  \n -13,063  \n 11,928 \n\nChange\nin other liabilities \n 4.2.11  \n 394  \n -116  \n 692 \n\nIncome\ntax expenses (benefits) \n 4.1.6  \n -257  \n 491  \n -3,141 \n\nInterest\nreceived \n 4.1.5  \n 395  \n 24  \n 187 \n\nIncome\ntaxes paid \n    \n -15  \n -3  \n -203 \n\nCash\nflow from operating activities \n    \n -36,985  \n -16,285  \n -20,659 \n\n \n\nDue\nto rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.\n\n \n\nF-6\n\n \n\n \n\nkEUR \nNote  \n2025  \n2024  \n2023 \n\nPurchase\nof property, plant and equipment \n 4.2.3  \n -2,883  \n -958  \n -2,297 \n\nInvestments\nin intangible assets, including internally generated intangible asset \n 4.2.1  \n -399  \n -445  \n -7,623 \n\nProceeds\nfrom sale of property, plant and equipment \n 4.2.3  \n 20  \n 107  \n - \n\nCash\nflow from investing activities \n    \n -3,262  \n -1,296  \n -9,920 \n\nProceeds\nfrom shareholder loans \n 4.2.13  \n 6,275  \n 13,966  \n 12,033 \n\nProceeds\nfrom convertible notes \n 4.2.9  \n 38,156  \n -  \n - \n\nProceeds\nfrom issuance of shares and other equity securities \n 4.2.9  \n 661  \n 776  \n 6,741 \n\nProceeds\nfrom the issuance of warrants presented as financial liabilities \n 4.2.10  \n 9,000  \n -  \n 8,592 \n\nProceeds\nfrom the exercise of warrants \n 4.2.10  \n 26,950  \n 9,260  \n - \n\nRepayment\nof shareholder loans \n 4.2.13  \n -22,026  \n -11,225  \n -703 \n\nRepayment\nof convertible notes \n 4.2.9  \n -21,231  \n -  \n - \n\nRepayment\nof lease liabilities \n 4.2.2  \n -1,222  \n -996  \n -912 \n\nInterest\npaid \n 4.1.5  \n -12,517  \n -1,183  \n -259 \n\nCash\nflow from financing activities \n    \n 24,046  \n 10,598  \n 25,492 \n\nChange\nin cash and cash equivalents \n    \n -16,201  \n -6,984  \n -5,087 \n\nCash\nand cash equivalents at the beginning of the period \n 4.2.8  \n 22,858  \n 29,162  \n 34,441 \n\nFX\neffects \n 4.1.5  \n 331  \n 680  \n -192 \n\nCash\nand cash equivalents at the end of the period \n    \n 6,987  \n 22,858  \n 29,162 \n\n \n\nDue\nto rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.\n\n \n\nF-7\n\n \n\n \n\nConsolidated\nstatements of changes in equity\n\n \n\n  \n   \n   \nOther\nreserves  \n   \n   \n  \n\nkEUR \nSubscribed\n\ncapital  \nCapital\n\nreserves  \nRetained\n\nearnings  \nCurrency\n\ntranslation\n\nreserve  \nTotal\nother\n\nreserves  \nEquity\n\nattributable to\n\nshareholders  \nTotal\n\nequity \n\nBalance\nas of Jan. 01, 2025 \n 5  \n 245,298  \n -289,157  \n 1,044  \n -288,112  \n -42,809  \n -42,809 \n\nResult\nfor the period \n -  \n -  \n -55,190  \n -  \n -55,190  \n -55,190  \n -55,190 \n\nOther\ncomprehensive income (loss) \n         -  \n -  \n -  \n -432  \n -432  \n -432  \n -432 \n\nTotal\ncomprehensive income (loss) \n -  \n -  \n -55,190  \n -432  \n -55,622  \n -55,622  \n -55,622 \n\nExercise\nof warrants \n 0  \n 57,539  \n -  \n -  \n -  \n 57,539  \n 57,539 \n\nConversion\nof convertible notes \n 0  \n 26,753  \n -  \n -  \n -  \n 26,753  \n 26,753 \n\nShare-based\npayments \n -  \n 2,655  \n -  \n -  \n -  \n 2,655  \n 2,655 \n\nExercise\nof options \n -  \n 661  \n -  \n -  \n -  \n 661  \n 661 \n\nBalance\nas of Dec. 31, 2025 \n 5  \n 332,907  \n -344,347  \n 613  \n -343,734  \n -10,822  \n -10,822 \n\n \n\n  \n   \n   \nOther\nreserves  \n   \n   \n  \n\nkEUR \nSubscribed\n\ncapital  \nCapital\n\nreserves  \nRetained\n\nearnings  \nCurrency\n\ntranslation\n\nreserve  \nTotal\nother\n\nreserves  \nEquity\n\nattributable to\n\nshareholders  \nTotal\n\nequity \n\nBalance\nas of Jan. 01, 2024 \n 4  \n 225,007  \n -191,198  \n 106  \n -191,092  \n 33,919  \n 33,919 \n\nResult\nfor the period \n         -  \n -  \n -97,959  \n -  \n -97,959  \n -97,959  \n -97,959 \n\nOther\ncomprehensive income (loss) \n -  \n -  \n -  \n 939  \n 939  \n 939  \n 939 \n\nTotal\ncomprehensive income (loss) \n -  \n -  \n -97,959  \n 939  \n -97,019  \n -97,019  \n -97,019 \n\nExercise\nof warrants \n 0  \n 15,647  \n -  \n -  \n -  \n 15,647  \n 15,647 \n\nExercise\nof options \n -  \n 776  \n -  \n -  \n -  \n 776  \n 776 \n\nShare-based\npayments \n -  \n 3,869  \n -  \n -  \n -  \n 3,869  \n 3,869 \n\nBalance\nas of Dec. 31, 2024 \n 5  \n 245,298  \n -289,157  \n 1,044  \n -288,112  \n -42,809  \n -42,809 \n\n \n\n  \n   \n   \nOther\nreserves  \n   \n   \n  \n\nkEUR \nSubscribed\n\ncapital  \nCapital\n\nreserves  \nRetained\n\nearnings  \nCurrency\n\ntranslation\n\nreserve  \nTotal\nother\n\nreserves  \nEquity\n\nattributable to\n\nshareholders  \nTotal\n\nequity \n\nBalance\nas of Jan. 01, 2023 \n 4  \n 216,815  \n -136,117  \n 45  \n -136,073  \n 80,747  \n 80,747 \n\nResult\nfor the period \n -  \n -  \n -55,081  \n -  \n -55,081  \n -55,081  \n -55,081 \n\nOther\ncomprehensive income (loss) \n        -  \n -0  \n -  \n 61  \n 61  \n 61  \n 61 \n\nTotal\ncomprehensive income (loss) \n -  \n -0  \n -55,081  \n 61  \n -55,020  \n -55,020  \n -55,020 \n\nCapital\ncontribution \n -  \n 6,741  \n -  \n -  \n -  \n 6,741  \n 6,741 \n\nShare-based\npayments \n -  \n 1,451  \n -  \n -  \n -  \n 1,451  \n 1,451 \n\nBalance\nas of Dec. 31, 2023 \n 4  \n 225,007  \n -191,198  \n 106  \n -191,092  \n 33,919  \n 33,919 \n\n \n\nDue\nto rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.\n\n \n\nF-8\n\n \n\n \n\nReporting\nentity and group information\n\n \n\nNotes\nto the consolidated financial statements\n\n \n\n**1.****Reporting\nentity and group information**\n\n \n\n**1.1****Reporting\nentity**\n\n \n\nADS-TEC\nEnergy PLC and its subsidiaries (“ADSE”) provide intelligent and decentralized energy storage systems to municipalities,\nautomotive OEMs (Original Equipment Manufacturers), charging operators, dealerships, fleets, residential areas, offices, and industrial\nsites in North America and Europe. Its scalable systems are designed for use in private homes, public buildings, commercial enterprises,\nindustrial and infrastructure solutions, and self-sufficient energy supply systems, with capacities up to the multi-megawatt range.\n\n \n\nADS-TEC\nEnergy PLC (“ADSE Holdco” or “the Company”) is domiciled in 10 Earlsfort Terrace, Dublin 2 D02 T380, Ireland.\nThe Company is a public limited company incorporated in Ireland. The main operating company is ads-tec Energy GmbH which is located in\nHeinrich-Hertz-Str. 1, 72622 Nürtingen, Germany.\n\n \n\nThe\nboard of directors of ADSE Holdco authorized the consolidated financial statements on May 15, 2026.\n\n \n\n**1.2****Group\ninformation**\n\n \n\nThe\nconsolidated financial statements of ADSE include:\n\n \n\nDec. 31, 2025               Shareholding  \n\nGroup companies   City     Country     Direct or indirect  \n\nADS-TEC Energy PLC (“ADSE Holdco”)   Dublin     Ireland     Parent company  \n\nads-tec Energy GmbH (“ADSE GM”)   Nürtingen     Germany       100 %\n\nads-tec Energy, INC. (“ADSE US”)   Sarasota     USA       100 %\n\nads-tec Energy Service GmbH (“ADSE Service”)   Nürtingen     Germany       100 %\n\nads-tec Energy Schweiz GmbH (“ADSE CH”)   Zurich     Switzerland       100 %\n\nads-tec Energy  Austria GmbH (“ADSE AT”)   Kötschach-Mauthen     Austria       100 %\n\n \n\nads-tec\nEnergy Service GmbH was founded on January 19, 2023, and is a wholly owned subsidiary of ADSE GM. ADSE Service is focused on providing\nglobal service in connection with products and services in the fields of energy management, energy storage, e-mobility, and renewable\nenergies.\n\n \n\nads-tec\nEnergy Schweiz GmbH was founded on April 25, 2023, and is a wholly owned subsidiary of ADSE GM. The purpose of ADSE CH is to provide\nconsulting and other services to ADSE group entities.\n\n \n\nads-tec\nEnergy Austria GmbH (“ADSE AT”) was founded as a wholly owned subsidiary of ADSE GM on March 27, 2025. ADSE AT is focused\non the distribution of products and services in the areas of services in the fields of energy management, energy storage, e-mobility,\nand renewable energies.\n\n \n\nAs\nof the reporting date shareholders of ADSE Holdco are as follows:\n\n \n\nShareholders \nOrdinary\n\nshares  \nPercentage \n\nTreasury\nshares \n 80,247  \n 0.00%\n\nads-tec\nHolding GmbH \n 18,020,882  \n 29.82%\n\nBosch\nThermotechnik GmbH \n 8,062,451  \n 13.34%\n\nRobert\nBosch GmbH \n 2,400,000  \n 3.97%\n\nOthers \n 31,952,894  \n 52.87%\n\nTotal\nIssued shares \n 60,516,474  \n   \n\nless\nTreasury shares \n 80,247  \n   \n\nTotal\nOutstanding shares \n 60,436,227  \n 100%\n\n \n\nF-9\n\n \n\n \n\nReporting\nentity and group information\n\n \n\n**Entities\nwith significant influence over ADSE**\n\n \n\nAs\nof December 31, 2025, ads-tec Holding GmbH (“ADSH”) owns 29.82 % (December 31, 2024: 33.65%) of the ordinary shares in ADSE\nHoldco and thus has significant influence over ADSE.\n\n \n\n**1.3****Material\nuncertainty regarding the ability to continue as a going concern**\n\n \n\nManagement\nassessed the Company’s ability to continue as a going concern and evaluated whether there are certain conditions and events, considered\nin the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern using all information\navailable about the future, focusing on the twelve-month period after the issuance date of the financial statements. Historically, the\nCompany has funded its operations primarily through capital raises and with loans from shareholders. Since the inception the Company\nhas incurred recurring losses and negative cash flows from operations including net losses of kEUR 55,878 for the financial year 2025,\nkEUR 97,959 for the financial year 2024 and kEUR 55,081 for the financial year 2023. The company has increased its inventory stock from\nkEUR 39,119 as of December 31, 2023 to kEUR 63,666 as of December 31, 2024 and decreased it to kEUR 51,010 as of December 31, 2025. In\nfinancial year 2025 the company has significantly decreased its long-term and short-term loans and payables position (2024: kEUR 126,381\nand kEUR 61,834; 2025: kEUR 59,184 and kEUR 41,609).\n\n \n\nFor\nthe fiscal years 2024 and 2025, the revenue stream “Charging” mainly includes the production and delivery of ChargeBox (CBX)\nand ChargePost (CPT). Revenue for the CBX and CPT is recognized once the product is transferred to the customer. In 2025, revenues from\nthis stream declined to 83.8 Mio. EUR or 82% compared to 2024, primarily due to the insolvency of a key customer in the EV-charging hardware\nbusiness. In addition, some customers did not manage to roll out their stock and did not generate new demand. Management consequently\nchanged the strategy and started addressing customers that buy smaller packages with less units, which they test before they continue\nto build up their base, which means smaller sales orders spread over a longer time horizon. In parallel, management started to use the\nchargers on stock to start an Own & Operate model with revenue streams charging, advertising and energy management and offers this\nmodel to customers too.\n\n \n\nThe\nrevenue stream “Service” increased by EUR 4.7 million or 83% from the year ended December 31, 2024, to December 31, 2025,\nreflecting continued expansion of the installed base and demonstrating the growing contribution of recurring revenue streams.\n\n \n\nFinally,\nthe revenue stream “Commercial and industrial” in fiscal year 2024 and 2025 includes the delivery of a large-scale modular\nbattery storage solution. Revenues in this business line increased in 2025 by kEUR 513 or 31% compared to 2024, primarily due to the\ntiming of project execution. The “Commercial and industrial” business line only began generating commercial activity in the\nsecond half of 2025, and as a result, many projects were still in early stages of delivery or had not yet progressed to revenue recognition\nby year-end. While the Company has approximately EUR 256 million in pending project proposals and has established an order backlog of\napproximately EUR 9 million, revenues from these projects are expected to be recognized in future periods as delivery progresses.\n\n \n\nLucerne\nMaster Fund acquired from Alto Opportunity Master Fund SPC – Master Segregated Portfolio B (“Ayrton”), AEMF SPV LLC\nand AIMF SPV LLC (together, “Anson”) all of their respective rights under that certain Securities Purchase Agreement, dated\nMay 1, 2025, by and among the Company, Ayrton and Anson (the “Ayrton/Anson SPA”), together with the warrants issued thereunder\n(the “Ayrton/Anson Warrants”), pursuant to (i) a Warrant Purchase Agreement between Lucerne Master Fund and Ayrton dated\nApril 6, 2026, and (ii) Securities Purchase Agreements between Lucerne Master Fund and each of AEMF SPV LLC and AIMF SPV LLC, each dated\nApril 2, 2026 for aggregate cash consideration of $12,500,000.\n\n \n\nOn\nMay 8, 2026, the Company and Lucerne Master Fund entered into a cancellation agreement (the “Cancellation Agreement”), pursuant\nto which Lucerne Master Fund has agreed that rights under the Ayrton/Anson SPA and the Ayrton/Anson Warrants previously acquired by Lucerne\nMaster Fund will be cancelled in consideration of an aggregate cash payment by the Company to Lucerne Master Fund of $12,556,857.89.\nAs of the date hereof, the number of Ayrton/Anson Warrants cancelled pursuant to the Cancellation Agreement is 742,924 and 1,084,360\nAyrton/Anson Warrants remain outstanding.\n\n \n\nF-10\n\n \n\n \n\nReporting\nentity and group information\n\n \n\nOn\nApril 9, 2026, the Company issued a Warrant Adjustment Notice (the “Warrant Adjustment Notice”) to The Lucerne Capital Master\nFund, L.P. (“Lucerne Master Fund”) and The Lucerne Capital Special Opportunity Fund, Ltd. (“Lucerne Special Opportunity\nFund”, and together with Lucerne Master Fund, “Lucerne”), pursuant to Section 3(a) and 3(b) of those certain amended\nand restated warrants to purchase up to an aggregate of 5,172,045 ordinary shares of the Company, nominal value $0.0001 per share (the\n“Ordinary Shares”), each dated as of August 26, 2024 (collectively, the “Lucerne Warrants”). Pursuant to the\nWarrant Adjustment Notice, the exercise price of each Lucerne Warrant was adjusted from $6.20 per share to $1.00 per share.\n\n \n\nOn\nApril 10, 2026, Lucerne Master Fund delivered an Amended Warrant Exercise Notice to the Company exercising 5,105,379 Lucerne Warrants\nat an exercise price of $1.00 per share, for an aggregate exercise price of $5,105,379. On April 15, 2026, Lucerne Special Opportunity\nFund delivered an Amended Warrant Exercise Notice to the Company exercising 66,666 Lucerne Warrants at an exercise price of $1.00 per\nshare, for an aggregate exercise price of $66,666. The Company received payment of the aggregate subscription price in cleared funds\non April 14, 2026 and April 16, 2026, respectively. The Company issued an aggregate of 5,172,045 Ordinary Shares to Lucerne in connection\nwith the exercise of the Lucerne Warrants, consisting of 5,105,379 Ordinary Shares to Lucerne Master Fund and 66,666 Ordinary Shares\nto Lucerne Special Opportunity Fund. The Company intends to use the net proceeds from any exercise of the Lucerne Warrants to cancel\ncertain of the Ayrton/Anson Warrants previously acquired by Lucerne Master Fund.\n\n \n\nThese\nsteps resulted in a reduction of the company’s warrant position from kEUR 54,809 as of December 31, 2025, to kEUR 7,388.\n\n \n\nOn\nMay 8, 2026, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) with certain\ninvestors, pursuant to which the Company agreed to issue non-transferable subscription rights to purchase up to an aggregate of 6,324,000\nOrdinary Shares at an exercise price of $1.00 per Ordinary Share, subject to the terms and conditions set forth therein, in exchange\nfor support in connection with the Company’s efforts to simplify its capital structure. On May 8, 2026, investors exercised their\nright to subscribe for 6,324,000 Ordinary Shares, which shares were delivered to the investors on May 8, 2026.\n\n \n\nThe\nCompany received gross proceeds from the exercise of the subscription rights of approximately $6.3 million. The Company intends to use\nthe proceeds for general corporate purposes, which may include working capital, capital expenditure, and other business investments.\n\n \n\nThe\nCompany plans to intensify sales efforts across Europe and the US with new staff and reduce working capital. In addition, the Company\nwill continue to invest in the development, redesign and cost optimization programs of existing and new products as well as further productivity\nincreases in operations and continue to expand its business model into a full-service provider model, enabling multi-revenue streams\nincluding ultra-fast charging, energy trading and advertising. At the end of May 2026, we will have 14 CPT in Own & Operate installed\nthat start generating sales in charging and advertising.\n\n \n\nAs\nof May 12, 2026, the company has total available credit lines from shareholders of EUR 56.4 million, thereof EUR 41.1 million undrawn.\nThe maturity of the loans was extended to July and August 2027 respectively. The company’s business plan assumes the draw of EUR\n30 million and shows that the company is cash positive throughout the upcoming 12 months.\n\n \n\nThe\ncompany is in intense talks with multiple potential lenders for a Nordic bond and expects to close within the next one or two months.\nFurthermore, we drive the development of the large-scale battery project to RTB (Ready-to-build), which we expect to achieve in July\n2026. Subsequently we will look for an equity investor to sell up to 51% of the project. We are in talks with MEAG and saw interest from\nHitachi, Suncatcher, a family office and multiple parties. The Management and its advisers are constantly monitoring the relevant equity\nand debt capital markets which are important to the company.\n\n \n\nThere\ncan be no assurance that the Company will be successful in achieving its operational and strategic plans, that any additional financing\nwill be available in a timely manner or on acceptable terms.\n\n \n\nEven\nthough the Company’s management deems a successful business development, an improvement of cash flow generation and operating result\nto be very likely, based on its recurring losses from operations since inception, the Company has concluded that there is still substantial\ndoubt about its ability to continue as a going concern as cash flows generated by its operating activities may deviate significantly\nfrom the company’s forecast and securing additional financing is uncertain. The financial statements do not include any adjustments\nthat might result from the outcome of this uncertainty. Accordingly, the financial statements have been prepared on the basis that assumes\nthe Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments\nin the ordinary course of business.\n\n \n\nF-11\n\n \n\n \n\nAccounting\nestimates and management judgments\n\n \n\n**2.****Accounting\nestimates and management judgments**\n\n \n\nADSE\nmakes certain estimates and assumptions regarding the future including the assessment that the Company will continue as a going concern.\nEstimates and judgments are evaluated on an ongoing basis based on historical experience and other factors, including expectations of\nfuture events that are believed to be reasonable considering different scenarios. In the future, actual results may differ from these\nestimates and assumptions. Revisions of estimates are reported prospectively if and when knowledge improves. The estimates and assumptions\nthat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial\nyear are discussed below.\n\n \n\nRevenue\nfrom contracts with customers (note 4.1.1)\n\n \n\nContracts\nwhere ADSE provides services to customers, and which are realized over time usually require an estimate regarding future costs to be\nincurred until completion of the contract. The resulting margin is thus estimated by management based on historical data and current\nforecasting and reviewed at least annually.\n\n \n\nAllowances\nfor expected credit losses (ECL) of trade receivables and contract assets (4.2.6 and 4.5.2.1)\n\n \n\nManagement\ndetermines the expected credit losses (ECL) as a probability-weighted estimate of credit losses over the expected life of the trade receivables\nand contract assets (simplified approach). The most common-used calculation formula for ECL according to IFRS 9 which is applied in accordance\nwith our accounting policy is:\n\n \n\nECL\n= EAD * PD * LGD\n\n \n\n[Expected\nCredit Losses = Exposure at Default (gross value) * Probability of Default * Loss Given Default]\n\n \n\nExposure\nat Default is the amount outstanding. Probability of default (PD) rates are determined by an external service provider, which is a credit\ninsurance group.\n\n \n\nManagement\nestimates loss given default (LGD) rates. ADSE uses a LGD rate of 50% (prior year: 50%) based on management evaluation.\n\n \n\nRecoverability\nof deferred tax assets (note 4.1.6)\n\n \n\nDeferred\ntax assets are recognized only to the extent that it is probable that taxable profit will be available against which the deductible temporary\ndifferences, tax loss carryforwards, and tax credits can be utilized. Significant management judgement is required to determine the amount\nof deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future\ntax planning opportunities.\n\n \n\nADSE\nassesses the recoverability of deferred tax assets at each balance sheet date based on planned taxable income in future fiscal years;\nif it is assumed that future tax benefits cannot be utilized, no deferred tax assets are recognized.\n\n \n\nDevelopment\ncosts (note 4.2.1)\n\n \n\nThe\nGroup capitalizes costs for product development projects. Initial capitalization of costs is based on management’s judgement that\ntechnical and economic feasibility is confirmed, usually when a project has reached a defined milestone according to an established project\nmanagement plan. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation\nof the product and when cash flows are expected to be generated. As of December 31, 2025, the carrying amount of capitalized development\ncosts was kEUR 12,795 (December 31, 2024: kEUR 20,333).\n\n \n\nUseful\nlives of depreciable assets (note 4.2.1, 4.2.2 and 4.2.3)\n\n \n\nThe\nexpected useful lives for intangible assets, right-of-use assets, and items of property, plant and equipment and the associated amortization\nor depreciation expenses are determined based on the expectations and assessments of management. If the actual useful life is less than\nthe expected useful life, the amount of depreciation or amortization is adjusted accordingly. As part of the determination of impairment\nlosses on fixed assets, estimates relating to the reason, timing, and amount of the impairments are also made. Useful lives are reassessed\non a regular basis. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software,\nIT equipment, and internally generated intangible assets.\n\n \n\nF-12\n\n \n\n \n\nAccounting\nestimates and management judgments\n\n \n\nImpairment\nof non-financial assets (note 4.2.1, 4.2.2 and 4.2.3)\n\n \n\nADSE\nassesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Other non-financial assets\nare tested for impairment when there are indications that the carrying amounts may not be recoverable.\n\n \n\nInventories\n(note 4.2.5)\n\n \n\nManagement\nestimates the net realizable values of inventories, considering the most reliable evidence available at the reporting date. As part of\nthis process, assumptions must be made regarding excess and / or obsolete materials. Estimates must be made regarding the forecast product\ndemand, which may be subject to significant changes. These estimates are based on the past development of the Company’s turnover\nand on management’s expectation of the future development which is derived from order backlog, discussions with potential clients\nand market studies regarding the overall development of the market for the Company’s products. Also refer to “Provisions\nfor onerous contracts” below.\n\n \n\nProvisions\n(note 4.2.12)\n\n \n\nProvisions\nare recognized for various circumstances as part of ordinary operating activities. The amount of the anticipated cash outflows is determined\nbased on assumptions and estimates for each specific circumstance and reflects the most probable settlement amount of the present obligation\nat the reporting date. These assumptions may be subject to changes, which lead to a deviation in future periods.\n\n** **\n\n**Provisions\nfor onerous contracts (note 4.2.12)**\n\n \n\nADSE\nrecognized a provision for an onerous contract under which the fixed purchase obligation for inventories exceeds the expected cash inflow\nfrom the sale of corresponding products. The amount recognized as a provision is based on management assumptions and estimates on future\nsales of products. These estimates of expected cash inflows are sensitive to changes in circumstances and the Group’s past experience\nregarding future sales may not be representative of actual sales in the future.\n\n \n\nIn\nthe financial year 2024, ADSE has concluded new service contracts with terms of up to 10 years which oblige the company to maintain spare\nparts over that term. Management has subsequently reassessed the provision for onerous contracts recognized in financial year 2023 and\nthe recoverability of spare parts purchased under such contracts. As a result of this reassessment, kEUR 8,614 of the provision for onerous\ncontracts was reversed and kEUR 2,369 were utilized. In addition, in the year 2024 the company investigated and identified measures to\nretrofit parts so that they can be used as parts in the operating business and no impairment is necessary.\n\n \n\nIn\nthe current financial year, there were no new circumstances, and therefore the assumptions applied in the prior year were retained. Based\non this, only minor adjustments to the provision were required.\n\n \n\n**Shareholder\nloans (note** 4.2.13**)**\n\n \n\nEach\ndisbursed tranche of the shareholder loans constitutes a financial liability and includes an embedded prepayment option, which is required\nto be separated from its host. The fair value of the option represents the possible gain of refinancing on more favorable terms. As of\nthe issue date, management estimates the fair values of the prepayment options were close to zero. The prepayment options were not recognized\nas the resulting fair values were insignificant.\n\n** **\n\n**Valuation\nof private warrants (note 4.2.10)**\n\n \n\nEstimating\nfair value of the private warrants requires the selection of the most appropriate valuation model. In the past, the Black Scholes Model\nhas been used as a state-of-the-art option valuation model. However, ADSE believes that the assumptions underlying the Black-Scholes\nmodel do not adequately reflect the specific circumstances of ADSE’s private warrants. In particular, the values derived using\nthis model deviate significantly from the observable market prices of the public warrants, indicating that the Black-Scholes model may\nnot be suitable in this case. Therefore, ADSE elected to measure the fair value of the private warrants using the observable market prices\nof the public warrants as a starting point. In a second step, the price of the redemption feature that is contractually included in ADSE’s\npublic warrants, but not in the private warrants, was estimated and added to the price of the private warrants. In a third step, a liquidity\ndiscount was applied to reflect the lack of public market for the private warrants. The determination of the input parameters requires\njudgement. The assumptions for the inputs and the model as well as a sensitivity analysis are disclosed in note 4.2.10.\n\n \n\nShare-based\npayments (note 4.3)\n\n \n\nEstimating\nfair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the\nterms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including\nthe expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. Management\nhas grouped the beneficiaries into homogeneous groups based on their level of hierarchy to derive exit rates based on past and expected\nfuture fluctuations resulting in expected exit rates of 0-10% for all periods presented. The assumptions and models used for estimating\nthe fair value of equity settled share-based payments are disclosed in note 4.3.\n\n \n\nF-13\n\n \n\n \n\nAccounting\npolicies\n\n \n\n**3.****Accounting\npolicies**\n\n \n\n**3.1****Basis of preparation**\n\n \n\nApplied\nIFRS\n\n \n\nThe\nconsolidated financial statements of ADSE have been prepared in accordance and in conformity with the International Financial Reporting\nStandards (IFRS) as issued by the International Accounting Standards Board (IASB). The term IFRS also includes all valid International\nAccounting Standards (IAS) as well as the interpretations of the IFRS Interpretations Committee (IFRS IC). These consolidated financial\nstatements cover the financial year from January 01, 2025 to December 31, 2025 (comparison period: financial year from January 01, 2024,\nto December 31, 2024, and financial year from January 01, 2023 to December 31, 2023). The accounting policies applied in these consolidated\nfinancial statements are the same as those applied in the comparison periods.\n\n \n\nPrinciples\nof presentation\n\n \n\nThe\nreporting period corresponds to the calendar year. The consolidated financial statements are presented in Euro, which is ADSE’s\nfunctional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. In some cases, rounding could\nmean that values in this report do not add up to the exact sum given or percentages do not equal the values presented.\n\n \n\nPresentation\nin the consolidated financial statements differentiate between current and non-current assets and liabilities. Assets and liabilities\nare generally classified as current if they are expected to be realized or settled within one year. Deferred tax assets and liabilities\nare generally presented as non-current items. The consolidated statement of comprehensive income is presented using the cost-of-sales\nmethod.\n\n \n\nADSE\nhas prepared the consolidated financial statements on a going concern basis, which assumes that ADSE will be able to discharge its liabilities.\nManagement has a reasonable expectation that ADSE has and will have adequate resources to continue in operational existence for the foreseeable\nfuture. For further information also refer to note 1.3.\n\n \n\nADSE\noperates its business based on its two operating segments (Europe and North America) which also form the basis for segment reporting\n(see note 5).\n\n \n\nPrinciples\nof measurement\n\n \n\nThe\nconsolidated financial statements have been prepared on the historical-cost basis unless otherwise indicated. A corresponding explanation\nis provided in the context of the respective accounting policies.\n\n \n\nF-14\n\n \n\n \n\nAccounting\npolicies\n\n \n\n**Principles\nof consolidation**\n\n \n\nThe\nconsolidated financial statements comprise the statements of ADSE Holdco, and those of its subsidiaries as at December 31, 2025. Subsidiaries\nare entities controlled by ADSE Holdco. An entity is controlled if ADSE Holdco is exposed to variable returns from its involvement within\nthe entity and has entitlements to these. Control also exists if the parent company has the ability to affect the returns through its\npower over the entity. In assessing control, potential voting rights that currently are exercisable are considered. The annual financial\nstatements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date\nthat control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted\nby ADSE. Internal Group profits and losses, expenses and revenues as well as receivables and liabilities are eliminated.\n\n \n\n**3.2****New accounting standards and interpretations**\n\n \n\nADSE\napplied all the effective standards and interpretations issued by the IASB and the IFRS IC for preparation of the consolidated financial\nstatements if their application was required for annual periods beginning on or after January 01, 2025. However, none of the new accounting\nstandards impacts ADSE as they are either not relevant to ADSE’s activities or did not require accounting which is inconsistent\nwith ADSE’s current accounting policies.\n\n \n\nNew\naccounting standards and amendments to standards or interpretations effective as of January 01, 2025:\n\n \n\nStandard \nName \nEffective\ndate\n\nIAS\n21 \nAmendments\nto IAS 21: Lack of exchangeability \nJan.\n01, 2025\n\n \n\nThe\nstandards and amendments to standards and interpretations below have been published by the IASB but are not mandatorily effective for\nannual periods beginning on or after January 01, 2025 and therefore have not been early adopted in these consolidated financial statements\nby ADSE.\n\n \n\nStandard  Name  Effective date\n\nIFRS 9 & IFRS 7  Amendments to IFRS 9 and IFRS 7 - Financial Instruments: Classification and measurement of financial instruments  Jan. 01, 2026\n\nIFRS 9 & IFRS 7  Amendments to IFRS 9 and IFRS 7 - Financial Instruments: Contracts referencing nature-dependent electricity  Jan. 01, 2026\n\nIFRS 18  Presentation and Disclosure in Financial Statements  Jan. 01, 2027\n\nIFRS 19  Subsidiaries without Public Accountability: Disclosures  Jan. 01, 2027\n\n \n\nOn\nApril 09, 2024, the IASB published IFRS 18 – Presentation and Disclosure in Financial Statements which is effective for\nperiods beginning on or after January 01, 2027. ADSE is currently analyzing the impact expected from the initial application of IFRS\n18 and expects major impacts on p&l presentation and on Managements performance measures; implementation work is ongoing. Other accounting standards issued by the IASB that are not yet applied or that become effective in the future are not expected\nto have a material impact on the consolidated financial statements.\n\n \n\n**3.3****Summary\nof accounting policies**\n\n \n\n**3.3.1****Revenue from contracts with customers**\n\n \n\nADSE\ndevelops, produces, and distributes battery storage and charging solutions for different areas of applications. ADSE generates revenues\nfrom its products in the field of highly efficient battery storage solutions and ultra-high power rapid charging systems. The product\nportfolio ranges from the field “charging” which provides charging solutions for the expansion of the eMobility infrastructure\nat power-limited network points, to the field “commercial and industrial” including power ranges up to multiple MW/MWh, as\nwell as to the field “residential” which includes small storage solutions. Additionally, ADSE provides its customers with\nsoftware solutions regarding intelligent controlling and monitoring of battery storage solutions. Other revenues include for example\nseparately acquirable service contracts or maintenance services.\n\n \n\nRevenue\nis measured based on the consideration to which ADSE is entitled in a contract with a customer and excludes amounts collected on behalf\nof third parties. If a contract with a customer contains more than one performance obligation the transaction price is allocated to each\nperformance obligation on a relative-stand-alone selling price basis. ADSE has generally concluded that it acts as the principal in its\nrevenue arrangements because it typically controls the goods or services before transferring them to the customer.\n\n \n\nF-15\n\n \n\n \n\nAccounting\npolicies\n\n \n\nIn\nthe contracts with customers, ADSE usually promises to fulfill one performance obligation, the delivery of a promised good. In some cases,\nthere can also be contracts with either a series of separate performance obligations (serial delivery of products) or two promises in\na contract (development services and delivery of products, or delivery and operation of products) that are combined into one performance\nobligation.\n\n \n\nAccording\nto IFRS 15, ADSE recognizes revenue when it transfers the control of a good or service to a customer. The decision if control is transferred\nat a point in time or over a period of time requires discretionary decisions. Revenue from the delivery of products is recognized at\na point in time. Revenue from development activities in combination with the delivery of products is recognized over the term of the\ncontract.\n\n \n\nMost\nrevenue from contracts with customers recognized by ADSE is made within the revenue stream “Charging” (see note 4.1.1). This\nrevenue stream mainly includes the production and delivery of ChargeBox (CBX) and ChargePost (CPT). Revenue for the CBX and CPT is recognized\nonce the product is transferred to the customer.\n\n \n\nFurther\ninformation on the nature and timing of the settlement of performance obligations arising from contracts with customers, including significant\nterms and conditions of payment, and the related revenue recognition principles are described in note 4.1.1.\n\n \n\nIn\nprior periods, a significant number of contracts are negotiated on a bill and hold basis. In such arrangements revenue is recognized\neven though ADSE still has physical possession of the products only if:\n\n \n\n●the\narrangement is substantive (i.e. requested by the customer),\n\n \n\n●the\nfinished goods have been identified separately as belonging to the customer,\n\n \n\n●the\nproducts are ready for physical transfer to the customer and\n\n \n\n●ADSE\ndoes not have the ability to use the products to direct them to another customer.\n\n \n\n**3.3.2****Intangible assets**\n\n \n\nSeparately\nacquired intangible Assets\n\n \n\nIntangible\nassets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment\nlosses. Amortization is recognized on a straight-line basis over their estimated useful lives. The 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. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.\n\n \n\nAn\nintangible asset shall be derecognized on disposal or when no further economic benefits are expected from its use or disposal. The gain\nor loss arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying\namount of the asset, are recognized in the income statement when the asset is derecognized. This is recognized under other income or\nother expenses.\n\n \n\nSubsequent\nexpenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All\nother expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.\n\n \n\nInternally\ngenerated intangible assets\n\n \n\nIn\ndeveloping highly efficient battery storage solutions and high-power-charging systems for electric vehicles, ADSE is incurring significant\nresearch and development costs.\n\n \n\nExpenditure\non research activities is recognized in profit or loss as incurred.\n\n \n\nF-16\n\n \n\n \n\nAccounting\npolicies\n\n \n\nAn\ninternally generated intangible asset arising from development (this is essentially the case for software applications) is recognized\nif, and only if, all of the following conditions have been demonstrated:\n\n \n\n●the\ntechnical feasibility of completing the intangible asset so that it will be available for\nuse or sale;\n\n \n\n●the\nintention to complete the intangible asset and use or sell it;\n\n \n\n●the\nability to use or sell the intangible asset;\n\n \n\n●how\nthe intangible asset will generate probable future economic benefits;\n\n \n\n●the\navailability of adequate technical, financial, and other resources to complete the development\nand to use or sell the intangible asset; and\n\n \n\n●the\nability to measure reliably the expenditure attributable to the intangible asset during its\ndevelopment.\n\n \n\nThe\namount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the\nintangible asset first meets the recognition criteria listed above. Initial recognition ceases when a product is ready to be sold and\nfirst sales have actually occurred. Where no internally generated intangible asset can be recognized, development expenditure is recognized\nin profit or loss in the period in which it is incurred.\n\n \n\nSubsequent\nto initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment\nlosses, on the same basis as intangible assets that are acquired separately.\n\n \n\nAn\nintangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses\narising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount\nof the asset and are recognized in profit or loss when the asset is derecognized. This is recognized under other income or other expenses.\n\n \n\nADSE\nhas carried out successful development projects from which a work result in the form of a tangible or intangible asset has arisen. The\nmanagement of ADSE recognizes intangible assets for the supply of ultra-high charging stations in limited-power distribution grids. The\nself-developed technology for ultra-high charging has reached market maturity and is actively marketed. The product resulting from the\ndevelopment performance is considerably more space-saving compared to conventional products of this type and the technology is promising\nin the field of electromobility due to its compatibility with high-voltage areas.\n\n \n\nADSE\ncontinues to pursue the consistent development of products in the field of highly efficient battery storage solutions and ultra-high\npower rapid charging systems. ADSE aims to be a pioneer in its business field through research and development activities. The costs\nfor the development of specific products will be capitalized when the criteria for recognition as an intangible asset are fulfilled.\n\n \n\nIn\n2025, a reassessment of the useful life of the assets was performed, resulting in a shorter useful life than originally estimated. Accordingly,\nthe useful life of the ChargeBox (CBX) revised and reduced from 7 years to 6 years.\n\n \n\nThe\nestimated useful lives for current and comparative periods are as follows:\n\n \n\n   Useful life\nin years \n\nSoftware   3 \n\nChargeBox (CBX)   6 \n\nChargePost (CPT)   7 \n\n \n\nF-17\n\n \n\n \n\nAccounting\npolicies\n\n \n\n**3.3.3****Leases**\n\n \n\nADSE\nas a lessee\n\n \n\nAt\ninception of a contract, ADSE assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract\nconveys the right to control the use of an identified asset for a period of time in exchange for consideration.\n\n \n\nADSE\nrecognizes a right-of-use asset and a lease liability at the lease commencement date. None of the leasing contracts started before the\ndate of transition. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted\nfor any lease payments made at or before the commencement date, plus, if applicable, any initial direct costs incurred and an estimate\nof costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any\nlease incentives received.\n\n \n\nThe\nright-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term\nunless the lease transfers ownership of the underlying asset to ADSE by the end of the lease term or the cost of the right-of-use asset\nreflects that ADSE will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the\nunderlying asset, which is determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset\nis periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.\n\n \n\nThe\nlease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted\nusing the interest rate implicit in the lease or, if that rate cannot be readily determined, ADSE’s incremental borrowing rate.\n\n \n\nADSE\ndetermines its incremental borrowing rate by obtaining interest rates from external financing sources and makes certain adjustments to\nreflect the terms of the lease and type of the asset leased.\n\n \n\nLease\npayments included in the measurement of the lease liability comprise the following:\n\n \n\n●fixed\npayments, including in-substance fixed payments;\n\n \n\n●variable\nlease payments that depend on an index or a rate, initially measured using the index or rate\nas at the commencement date;\n\n \n\n●amounts\nexpected to be payable under a residual value guarantee; and\n\n \n\n●the\nexercise price under a purchase option that ADSE is reasonably certain to exercise, lease\npayments in an optional renewal period if ADSE is reasonably certain to exercise an extension\noption, and penalties for early termination of a lease unless ADSE is reasonably certain\nnot to terminate early.\n\n \n\nThe\nlease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future\nlease payments arising from a change in an index or rate, if there is a change in ADSE’s estimate of the amount expected to be\npayable under a residual value guarantee, if ADSE changes its assessment of whether it will exercise a purchase, extension, or termination\noption or if there is a revised in-substance fixed lease payment.\n\n \n\nWhen\nthe lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or\nis recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.\n\n \n\nADSE\nhas elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. ADSE recognizes\nthe lease payments associated with these leases as an expense on a straight-line basis over the lease term.\n\n \n\nThe\nestimated useful lives of right-of-use assets for property and vehicles for current and comparative periods are as follows:\n\n \n\n** **\n\n** **\n \n **Useful\nlife\nin years** \n\nProperty\n(Right-of-use assets) \n 1-10 \n\nVehicles\n(Right-of-use assets) \n 1-4 \n\n \n\nF-18\n\n \n\n \n\nAccounting\npolicies\n\n \n\n**3.3.4****Property, plant and equipment**\n\n \n\nItems\nof property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.\n\n \n\nIf\nsignificant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items\n(major components) of property, plant and equipment.\n\n \n\nAny\ngain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.\n\n \n\nSubsequent\nexpenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to ADSE.\nAll other expenditure for property, plant and equipment is recognized immediately as an expense.\n\n \n\nDepreciation\nis calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line\nmethod over their estimated useful lives and is generally recognized in profit or loss.\n\n \n\nThe\nestimated useful lives of property, plant and equipment for current and comparative periods are as follows:\n\n \n\n  \nUseful\nlife\n\nin years \n\nVehicles \n 6 \n\nOther\nequipment, operating and office equipment \n 3-14 \n\nTechnical\nequipment and machinery \n 20 \n\n \n\nDepreciation\nmethods, useful lives and residual values are reviewed at each reporting date and adjusted if necessary.\n\n \n\nProperty,\nplant and equipment is derecognized upon disposal or when no future economic benefits are expected from the continued use of the asset.\nThe gain or loss arising from the sale or retirement of a property, plant and equipment is determined as the difference between the proceeds\nfrom the sale and the carrying amount of the asset and is recognized in profit or loss under the other income or other expenses.\n\n \n\n**3.3.5****Inventories**\n\n \n\nInventories\nare measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average cost principle.\nIn the case of manufactured inventories, cost includes an appropriate share of production overheads based on normal operating capacity.\n\n \n\nThe\nsubsequent valuation of cost of raw materials and supplies, work in progress and finished goods within ADSE is assigned using the weighted\naverage cost method. In order to ensure an appropriate measurement of inventories, ADSE performs a continuous evaluation of the lifecycle\nof inventories, i.e. whether inventories have not been sold or used for a long period of time and are not expected to be sold in the\nfuture. For the determination of the net realizable value of inventories, we determine a write-off percentage based on historical and\nforecasted usage and sales. Based on our continuous observation of inventory trends, a write-off for obsolete inventory is applied.\n\n \n\n**3.3.6****Contract assets and contract liabilities**\n\n \n\nA\ncontract asset represents the right to compensation in return for goods or development services that ADSE has transferred to a customer.\nIn addition, this right depends on something other than the expiry of a certain period. If the right to remuneration is unconditional,\na receivable is recognized. A contract asset occurs, for example, if ADSE has already incurred an expense for development for a customer\nwithin the development and production of goods, but the customer’s payment plan has not yet covered this expense.\n\n \n\nThe\ncontract balance may change during the contract term between contract asset and contract liability depending on whether ADSE or the customer\nis behind with performance.\n\n \n\nF-19\n\n \n\n \n\nAccounting\npolicies\n\n \n\nDue\nto the fact that ADSE develops and produces goods for its customers it is possible that either a contract asset, a receivable or a contract\nliability arises, depending on whether ADSE has an obligation to provide services to a customer for which it has already received payments\nor for which payment is due or vice versa. A contract liability represents the obligation to deliver services or to provide development\nand production of goods to a customer for which ADSE has already received remuneration or for which payment is due according to the agreed\npayment plan. Also included in contract liabilities are performance obligations regarding extended warranties.\n\n \n\n**3.3.7****Financial instruments**\n\n \n\n**3.3.7.1****Financial\nassets**\n\n \n\nRecognition\nand initial measurement\n\n \n\nTrade\nreceivables are initially recognized as such at the time a good is delivered or after the conclusion of an associated performance period,\nbecause this is the point in time at which there is an unconditional claim to receipt of the consideration and only the passage of time\nis required until payment is due. Financial assets and financial liabilities are initially recognized when ADSE becomes a party to the\ncontractual provisions of the instrument.\n\n \n\nA\nfinancial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured\nat fair value plus or minus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable\nto its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.\n\n \n\nClassification,\nsubsequent measurement, impairment and derecognition\n\n \n\nOn\ninitial recognition, a financial asset is classified as measured at: amortized cost (FAAC); at fair value through other comprehensive\nincome (FVOCI – debt investment or FVOCI – equity investment); or at fair value through profit or loss (FVTPL).\n\n \n\nFinancial\nassets are not reclassified subsequent to their initial recognition unless ADSE changes its business model for managing financial assets,\nin which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the\nbusiness model.\n\n \n\nFinancial\nassets at amortized cost are subsequently measured using the effective interest rate method. The amortized cost is reduced by impairment\nlosses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition\nis recognized in profit or loss.\n\n \n\nADSE\nderecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights\nto receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial\nasset are transferred or in which ADSE neither transfers nor retains substantially all of the risks and rewards of ownership and it does\nnot retain control of the financial asset.\n\n \n\nADSE\nrecognizes loss allowances for expected credit losses on:\n\n \n\n●financial\nassets measured at amortized cost, and\n\n \n\n●contract\nassets.\n\n \n\nADSE\nmeasures loss allowances at an amount equal to lifetime ECLs for trade receivables and contract assets (simplified approach), while for\nall other financial assets measured at amortized cost the general approach is applied.\n\n \n\nThe\ncompany considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in\ncredit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the\ncompany compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial\nrecognition. It considers available reasonable and supportive forwarding-looking information.\n\n \n\nF-20\n\n \n\n \n\nAccounting\npolicies\n\n \n\nWhen\ndetermining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs,\nADSE considers reasonable and supportable information that is relevant and available without undue cost or effort, this includes both\nquantitative and qualitative information and analysis.\n\n \n\nImpairment\nlosses for financial assets measured at amortized cost are recognized in an impairment account (loss allowance). Loss allowances are\ndeducted from the gross carrying amount of the assets. Changes in the carrying amount of the loss allowance are recognized in profit\nor loss.\n\n \n\n**3.3.7.2****Financial\nliabilities**\n\n \n\nRecognition\nand initial measurement\n\n \n\nFinancial\nliabilities not classified as measured at fair value through profit or loss (FVTPL) are initially measured at fair value net of transaction\ncosts that are directly attributable to their acquisition or issue.\n\n \n\nClassification,\nsubsequent measurement, and derecognition\n\n \n\nFinancial\nliabilities are classified as measured at amortized cost (FLAC) or FVTPL. A financial liability is classified as at FVTPL if it is classified\nas held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured\nat fair value and net gains and losses, including any interest expense, are recognized in profit or loss. FLAC are subsequently measured\nat amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit\nor loss. Any gain or loss on derecognition is also recognized in profit or loss.\n\n \n\nADSE\nderecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. ADSE also derecognizes a financial\nliability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial\nliability based on the modified terms is recognized at fair value.\n\n \n\nFinancial\nassets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when,\nADSE currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize\nthe asset and settle the liability simultaneously.\n\n \n\n**3.3.8****Taxes**\n\n \n\n**3.3.8.1****Income\ntaxes**\n\n \n\nIncome\ntaxes are comprised of current and deferred tax based on the respective tax rates. Current and deferred taxes are recognized in profit\nor loss except to the extent that they directly relate to items recorded in equity or other comprehensive income. Income tax receivables\nand payables recorded com-prise the status of amounts to be received, or respectively to be paid in the future.\n\n \n\n**3.3.8.2****Current\ntaxes**\n\n \n\nCurrent\ntax comprises the expected tax payables or receivables on the taxable income for the year and any adjustment to the tax payables or receivables\nin respect of previous years. The amount of current tax payables or receivables is the best estimate of the tax amount expected to be\npaid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted at the reporting date\nin the countries where the Company and its subsidiaries operate and generate taxable income. During the ordinary course of the business,\nthere are transactions and calculations for which the ultimate tax determination is uncertain. Management periodically evaluates positions\ntaken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether\nit is probable that a tax authority will accept an uncertain tax treatment. This assessment relies on estimates and assumptions and may\ninvolve a series of complex judgments about future events.\n\n \n\nF-21\n\n \n\n \n\nAccounting\npolicies\n\n \n\n**3.3.8.3****Deferred\ntaxes**\n\n \n\nDeferred\ntaxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting\npurposes and the amounts used for taxation purposes.\n\n \n\nDeferred\ntaxes are not recognized for:\n\n \n\n●temporary\ndifferences on the initial recognition of assets or liabilities in a transaction that is\nnot a business combination and that affects neither accounting nor taxable profit or loss;\n\n \n\n●temporary\ndifferences related to investments in subsidiaries, associates, and joint arrangements to\nthe extent that the entity is able to control the timing of the reversal of the temporary\ndifferences and it is probable that they will not reverse in the foreseeable future.\n\n \n\nDeferred\ntax assets are recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable\nprofits will be available against which they can be utilized. Future taxable profits are determined based on the reversal of relevant\ntaxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full,\nfuture taxable profits are considered, based on the business plans of the entity.\n\n \n\nDeferred\ntax assets are reviewed at each reporting date and are reduced if it is no longer probable that the related tax benefit will be realized.\nUnrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that\nfuture taxable profits will be available against which they can be utilized.\n\n \n\nDeferred\ntaxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted\nor substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.\n\n \n\nDeferred\ntax assets and liabilities are offset if ADSE has a legally enforceable right to offset current tax assets against current tax liabilities,\nand the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority on the same taxable\nentity.\n\n \n\n**3.3.9****Share-based payments**\n\n \n\nADSE’s\nmanagement, members of the board of directors, employees and others providing similar services to ADSE receive remuneration in the form\nof share-based payments, which are equity-settled transactions. ADSE’s equity-settled option plans are described in detail in note\n4.3 and include restricted stock units (RSU) and non-qualified stock options (NQSO).\n\n \n\nThe\ncosts of equity-settled transactions are determined by the fair value at grant date, using an appropriate valuation model. Share-based\nexpenses for the respective vesting periods are recognized in functional costs, depending on the functional area of eligible employees,\nreflecting a corresponding increase in equity.\n\n \n\n**3.3.10****Provisions**\n\n** **\n\n**General**\n\n \n\nA\nprovision is a liability of uncertain timing or amount. Provisions are recognized if ADSE has a present obligation to a third party based\non a past event, an outflow of resources to settle the obligation is probable and the amount of the obligation can be reliably estimated.\nProvisions are discounted if the effect is material.\n\n \n\nProvisions\nwhere the outflow of resources is likely to occur within the next year are classified as current, and all other provisions as non-current.\n\n \n\nF-22\n\n \n\n \n\nAccounting\npolicies\n\n \n\nProvisions\nare determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value\nof money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.\n\n \n\n**Provisions\nfor warranties**\n\n \n\nA\nprovision for warranties is recognized when the underlying products or services are sold, based on historical warranty data and a weighting\nof possible outcomes against their associated probabilities.\n\n** **\n\n**Provisions\nfor onerous contracts**\n\n \n\nIf\nADSE has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before\na separate provision for an onerous contract is established, ADSE recognizes any impairment loss that has occurred on assets dedicated\nto that contract.\n\n \n\nAn\nonerous contract is a contract under which the unavoidable costs (i.e. the costs that ADSE cannot avoid because it has the contract)\nof meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under\na contract reflect the least net costs of exiting from the contract, which is the lower of the costs of fulfilling it and any compensation\nor penalties arising from failure to fulfill it. The cost of fulfilling a contract comprises the costs that relate directly to the contract\n(i.e. both incremental costs and an allocation of costs directly related to contract activities).\n\n \n\n**3.3.11****Impairment of non-financial assets**\n\n \n\nAt\neach reporting date, ADSE reviews the carrying amounts of its non-financial assets (other than inventories, contract assets and deferred\ntax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable\namount is estimated.\n\n \n\nFor\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that\nare largely independent of the cash inflows of other assets or cash generating units (CGU).\n\n \n\nTypically,\nthe CGUs are represented by the segments and the impairment test is performed at the level of this CGU. ADSE manages its operations based\non two operating segments, which are based on the regions Europe and North America, that also form the CGUs of the Company.\n\n \n\nThe\nrecoverable amount of an asset or CGU is the higher of its value in use and its fair value less costs to sell. Value in use is based\non the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments\nof the time value of money and the risks specific to the asset or CGU.\n\n \n\nAn\nimpairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.\n\n \n\nImpairment\nlosses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU,\nand then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.\n\n \n\nAn\nimpairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would\nhave been determined, net of depreciation or amortization, if no impairment loss had been recognized.\n\n \n\nWith\nregard to capitalized development projects, management of ADSE has assessed that the related products are still in an early stage and\nmarket penetration was not achieved yet. For the future, continuing growth in revenue and profitability are expected. Therefore, impairments\nand any triggering events did not occur in the reporting period.\n\n \n\nF-23\n\n \n\n \n\nAccounting\npolicies\n\n \n\n**3.3.12****Foreign currency transactions**\n\n \n\nThe\nconsolidated financial statements are presented in Euro, which is the functional and presentation currency of ADSE Holdco. Assets and\nliabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date. The consolidated\nstatement of comprehensive income is translated at average exchange rates. The currency translation differences are recognized in other\ncomprehensive income or loss. Transactions in foreign currencies are initially recorded by ADSE’s entities at their respective\nfunctional currency spot rates, at the date the transaction first qualifies for recognition. ADSE used the following exchange rates to\nconvert the financial statements of ADSE US respectively ADSE CH:\n\n \n\n  \nDecember\n31, 2025 \n\n  \nSpot\nrate  \nAverage rate \n\nEuro\nper US-Dollar \n 1.1750  \n 1.1300 \n\n \n\n  \nDecember\n31, 2024 \n\n  \nSpot\nrate  \nAverage rate \n\nEuro\nper US-Dollar \n 1.0389  \n 1.0824 \n\n \n\n  \nDecember\n31, 2023 \n\n  \nSpot\nrate  \nAverage rate \n\nEuro\nper US-Dollar \n 1.1050  \n 1.0813 \n\n \n\nADSE\nused the following exchange rates to convert the financial statements of ADSE CH:\n\n \n\n  \nDecember\n31, 2025 \n\n  \nSpot\nrate  \nAverage rate \n\nEuro\nper CHF \n 0.9314  \n 0.9370 \n\n \n\n  \nDecember\n31, 2024 \n\n  \nSpot\nrate  \nAverage rate \n\nEuro\nper CHF \n 0.9412  \n 0.9526 \n\n \n\n  \nDecember\n31, 2023 \n\n  \nSpot\nrate  \nAverage\nrate \n\nEuro per CHF \n 0.9260  \n            - \n\n \n\n  \nApr.\n25 - Dec. 31, 2023 \n\n  \nSpot\nrate  \nAverage\nrate \n\nEuro\nper CHF \n        -  \n 0.9631 \n\n \n\n  \nApril\n25, 2023 \n\n  \nSpot\nrate  \nAverage\nrate \n\nEuro\nper CHF \n 0.9797  \n         - \n\n \n\nSpot\nrates as of December 31, 2025 and 2024, are used to translate the balance sheet of ADSE CH. Average rate from January 01 - December 31,\n2025 and 2024 is used to translate the expenses incurred by ADSE CH. Spot rate of April 25, 2023, is used to translate the balance sheet\nof ADSE CH on the date of its incorporation. Average rate from April 25 - December 31, 2023 is used to translate the expenses incurred\nby ADSE CH.\n\n \n\nF-24\n\n \n\n \n\nAccounting\npolicies\n\n \n\nSpot\nrates as of December 31, 2025, 2024 and 2023, are used to translate the balance sheet of ADSE US. Average rates from January 01 - December\n31, 2025 and 2024 are used to translate the expenses incurred by ADSE US.\n\n \n\n**3.3.13****Earnings per share**\n\n \n\nBasic\nearnings per share (EPS) is calculated by dividing the profit for the year attributable to ordinary equity holders of the ADSE Holdco\nby the weighted average number of ordinary shares outstanding during the reporting period.\n\n \n\nRestricted\nstock units and non-qualified stock options as well as warrants have been included in the calculation of diluted weighted average number\nof shares outstanding. These restricted stock units, non-qualified stock options and warrants could potentially dilute basic earnings\nper share in the future.\n\n \n\nAlso\nrefer to note 4.1.7 for further information on the calculation of basic and diluted earnings per share.\n\n \n\n**3.3.14****Fair value measurement**\n\n \n\nFair\nvalue is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants\nat the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the\nliability takes place either:\n\n \n\n●in\nthe principal market for the asset or liability; or\n\n \n\n●in\nthe absence of a principal market, in the most advantageous market for the asset or liability\n\n \n\nThe\nprincipal or the most advantageous market must be accessible by ADSE. The fair value of a liability reflects its non-performance risk.\n\n \n\nThe\nfair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or\nliability, assuming that market participants act in their economic best interest.\n\n \n\nA\nfair value measurement of a non-financial asset considers a market participant’s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best\nuse.\n\n \n\nADSE\nuses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,\nmaximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.\n\n \n\nAll\nassets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value\nhierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\n\n \n\n●Level\n1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities,\n\n \n\n●Level\n2 - Valuation techniques for which the lowest level input that is significant to the fair\nvalue measurement is directly or indirectly observable, and\n\n \n\n●Level\n3 - Valuation techniques for which the lowest level input that is significant to the fair\nvalue measurement is unobservable.\n\n \n\nFor\nassets and liabilities that are recognized in the financial statements at fair value on a recurring basis, ADSE determines whether transfers\nhave occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to\nthe fair value measurement as a whole) at the end of each reporting period.\n\n \n\nFor\nthe purpose of fair value disclosures, ADSE has determined classes of assets and liabilities on the basis of the nature, characteristics\nand risks of the asset or liability and the level of the fair value hierarchy, as explained above.\n\n \n\n**3.3.15****Government grants**\n\n \n\nGovernment\ngrants related to internally generated assets reduce the carrying amount of the corresponding asset. The grant is then recognized in\nthe statement of profit or loss over the useful life of the corresponding asset by way of a reduced amortization charge.\n\n \n\nGovernment\ngrants that compensate ADSE for expenses incurred are recognized in the statement of profit or loss as other income on a systematic basis\nin the periods in which the expenses are recognized, unless the conditions for receiving the grant are met after the related expenses\nhave been recognized. In this case, the grant is recognized when it becomes available.\n\n \n\nF-25\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.****Disclosure\non individual items of the consolidated financial statements**\n\n \n\n**4.1****Statements\nof comprehensive income**\n\n \n\n**4.1.1****Revenue\nfrom contracts with customers**\n\n \n\nADSE\ndevelops, produces, and distributes battery storage solutions for different areas of applications (“multi-use-case”). The\nproduct portfolio ranges from the field “charging” which provides charging solutions for the expansion of the eMobility infrastructure\nat power-limited network points, to the field “commercial and industrial” including power ranges up to multiple MW/MWh, as\nwell as to the field “residential” which includes small storage solutions. Additionally, ADSE provides its customers with\nsoftware solutions regarding intelligent controlling and monitoring of battery storage solutions. Service revenues include separately\nacquirable service contracts or maintenance services. Other revenues relate to miscellaneous income generated in connection with the\ndifferent revenue streams.\n\n \n\n49.6%\n(2024: 76.1%, 2023: 72.1%) of revenues are generated in Germany. The following table presents the revenue from contracts with customers\ndisaggregated by geographical region based on the customer’s country of domicile:\n\n \n\nRevenue\nby region \n   \n   \n  \n\nkEUR \n2025  \n2024  \n2023 \n\nGermany \n 15,654  \n 83,662  \n 77,449 \n\nBelgium \n 4,423  \n 394  \n 18 \n\nNetherlands \n 3,246  \n 2,395  \n 4,770 \n\nAustria \n 3,246  \n 1,310  \n 1,389 \n\nUnited\nStates of America \n 2,454  \n 5,623  \n 4,971 \n\nSweden \n 643  \n 392  \n 8,688 \n\nSpain \n 413  \n 144  \n 143 \n\nIreland \n 356  \n 11,577  \n 8,050 \n\nAustralia \n 330  \n 2  \n 199 \n\nSwitzerland \n 174  \n 422  \n 1,462 \n\nGreat\nBritain \n 140  \n 165  \n 15 \n\nFrance \n 126  \n 1,205  \n 6 \n\nItaly \n 126  \n -  \n - \n\nGreece \n 46  \n 2,503  \n - \n\nRest\nof the world \n 182  \n 219  \n 224 \n\nTotal \n 31,559  \n 110,013  \n 107,384 \n\n \n\nThe\nfollowing table presents the revenue from contracts with customers disaggregated by different revenue streams:\n\n \n\nRevenue\nby different revenue streams \n   \n   \n  \n\nkEUR \n2025  \n2024  \n2023 \n\nCharging \n 18,740  \n 102,533  \n 89,323 \n\nService \n 10,277  \n 5,603  \n 2,004 \n\nCommercial\nand industrial \n 2,190  \n 1,677  \n 15,788 \n\nResidential \n -  \n -  \n 41 \n\nOther \n 352  \n 200  \n 227 \n\nTotal \n 31,559  \n 110,013  \n 107,384 \n\n \n\nCharging\nrevenues for all years presented were recognized at a point in time.\n\n \n\nCommercial\nand industrial revenues of kEUR 2,190 (2024: kEUR 1,677; 2023: kEUR 14,186) were recognized point in time while commercial\nand industrial revenues of kEUR 0 (2024: kEUR 0; 2023: kEUR 1,602) were recognized over time. Please refer to table below\nfor detailed revenue recognition criteria.\n\n \n\nF-26\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nfollowing table provides information on contract assets and contract liabilities from contracts with customers:\n\n \n\nkEUR \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nReceivables,\nwhich are included in ‘Trade and other receivables’ \n 5,289  \n 9,900 \n\nContract\nassets \n -  \n 40 \n\nContract\nliabilities \n 11,957  \n 7,074 \n\n \n\nContract\nliabilities mainly relate to advanced consideration received from customers prior to the delivery of products and may include separate\nperformance obligations for extended warranties. They also include consideration received for services that will be delivered in subsequent\nperiods. ADSE develops and produces specific solutions for its customers which causes the orders to have a certain delivery time. Contract\nliabilities will be recognized as revenue when the contract ends at the latest, which is generally expected to occur within one year.\nHowever, the contract balance may change between contract asset and contract liability depending on the relationship between ADSE’s\nperformance and the customer’s payment.\n\n \n\nThe\nincrease in cash received excluding amounts recognized at the beginning of the period and revenue recognized that was included in the\ncontract liability balance at the beginning of the period amount to:\n\n \n\nkEUR \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nContract\nliabilities \n 11,957  \n 7,074 \n\nRevenue\nrecognized that was included in the contract liability balance at the beginning of the period \n 736  \n 446 \n\nIncreases\ndue to cash received, excluding amounts recognized at the beginning of the period \n 2,576  \n 432 \n\n \n\nThere\nare no incremental costs to obtain or fulfil a contract with a customer, which would have to be recognized as an asset. Furthermore,\ncontracts with customers do not contain a significant financing component.\n\n \n\nAs\nof the reporting date, revenue from contracts with customers in an amount of kEUR 5,831 is recognized at a point in time under bill-and-hold\narrangements (December 31, 2024: kEUR 37,225, December 31, 2023: kEUR 7,262).\n\n \n\nPerformance\nobligations and revenue recognition policies\n\n \n\nRevenue\nis measured based on the consideration specified in the contract with a customer. ADSE generally recognizes revenue when it transfers\ncontrol over a good to a customer.\n\n \n\nF-27\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nfollowing table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers,\nincluding significant payment terms, and the related revenue recognition policies:\n\n \n\n**Type\nof product**\n \nNature\nand timing of satisfaction of performance\n\nobligation, including significant payment terms \nRevenue\nrecognition under IFRS 15\n\nCharging \nThe\nproduction of charging products may also include the customer-specific development of the goods for the customer. Because there is\na high dependency between the development and the production performance these are seen as one single performance obligation according\nto IFRS 15.\n\nInvoices are issued according to contractual terms and are usually payable within 30 days. \nRevenue\n(and associated costs) for the sale of charging products is typically recognized at a point in time. Some contracts are also recognized\nover time (e.g., customer-specific products with no alternative use).\n\nFor those contracts recognized over time, progress\nof completion is based on either delivery of goods to the customer’s premises or on the input-based cost-to-cost method.\n\nAdvances received are included in contract liabilities.\n\nCommercial\nand industrial \nCustomers\nobtain control of the product when the goods are delivered to the customer’s premises. Invoices are generated and revenue is\nrecognized at that point in time.\n\nInvoices are usually payable within 30 days. \nRevenue\nis typically recognized when the product has been delivered to the customer’s premises at a point in time. Some contracts are\nalso recognized over time (e.g., customer-specific products with no alternative use). For those contracts recognized over time, progress\nof completion is based on either delivery of goods to the customer’s premises or on the input-based cost-to-cost method.\n\nAdvances received are included in contract liabilities.\n\nResidential \nCustomers\nobtain control of the small storage solution products when the goods are delivered to the customer’s premises. Invoices are\ngenerated and revenue is recognized at that point in time.\n\nInvoices are usually payable within 30 days. \nRevenue\nis recognized when the product has been delivered to the customer’s premises at a point in time.\n\nService\nand others \nService\nand other include service obligations such as repair and maintenance and replacement parts. Invoices for these services are usually\npayable within 30 days.\n\nInvoices for replacement parts are issued at the point in time of the delivery of the good and usually\npayable within 30 days. The invoices for software solutions are issued when the license is ordered by the customer and are usually\npayable within 30 days. \nRevenue\nfor software solutions is recognized at a point in time ADSE gives its customer a right-of-use according to IFRS 15.B56.\n\nOne-time revenues from replacement parts are also recognized at the point in time of the provided service.\n\nRevenue for repair\nand maintenance are recognized as the services are provided. The stage of completion for determining the amount of revenue to recognize\nis assessed based on the work performed.\n\n \n\nF-28\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.1.2****Functional\ncosts**\n\n \n\nCost\nof goods sold\n\n \n\nCost\nof goods sold include the following:\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nCost\nof materials \n 25,967  \n 72,568  \n 95,007 \n\nPersonnel\nexpenses \n 10,619  \n 10,714  \n 9,623 \n\nDepreciation\nand amortization \n 9,490  \n 5,711  \n 4,082 \n\nOther\nexpenses \n 1,767  \n 1,593  \n 1,558 \n\nTotal \n 47,842  \n 90,585  \n 110,270 \n\n \n\nThe\nstrong decrease in cost of materials is mainly due to the decrease of sales in the revenue stream Charging. The review of net realizable\nvalue of raw material led to an increase in write-downs which in contrast increased cost of materials. Due to the decrease in sales in\nthe revenue stream Charging, the purchasing volume also decreased, which led to an increased material cost ratio. The increase in depreciation\nand amortization within cost of goods sold is the result of the capitalization and amortization of internally generated intangible assets,\nright-of-use assets as well as items of property, plant and equipment.\n\n \n\nDuring\nthe financial year 2025, ADSE recognized write-downs of inventories in an amount of kEUR 13,198 (2024: kEUR 689, 2023: kEUR 8,093)\nas an expense in cost of sales in the statement of profit or loss.\n\n \n\nAs\nof December 31, 2025, personnel expenses include expenses for share-based payments of kEUR 417 (December 31, 2024: kEUR 538,\nDecember 31, 2023: kEUR 147).\n\n \n\nResearch\nand development expenses\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nPersonnel\nexpenses \n 6,904  \n 6,695  \n 1,083 \n\nMaterial\nexpenses \n 111  \n 66  \n 153 \n\nDepreciation\nand amortization \n 320  \n 317  \n 247 \n\nExternal\ndevelopment service provider \n 579  \n 1,335  \n 607 \n\nOther\nexpenses \n 575  \n 559  \n 743 \n\nTotal \n 8,488  \n 8,971  \n 2,832 \n\n \n\nIn\n2025, personnel expenses include expenses for share-based payments of kEUR 193 (2024: kEUR 222, 2023: kEUR 49).\n\n \n\nIn\nthe financial year 2025, ADSE has capitalized development costs in the amount of kEUR 349 (2024: kEUR 343, 2023: kEUR 5,404).\nAmortization of capitalized development costs, presented as cost of goods sold, amounts to kEUR 7,887 (2024: kEUR 4,111, 2023:\nkEUR 2,463).\n\n \n\nADSE\nhas applied for and has received various government grants in 2025 and previous years. In the financial year 2025, government grants\napplied for amount to kEUR 0 (2024: kEUR 3,082, 2023: kEUR 692). As of the reporting date, all grants awarded to ADSE have been\nfully disbursed, and no outstanding receivables remain.\n\n \n\nF-29\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\ngovernment grant applied for in the financial year 2024 and 2023 relate to development expenses that were capitalized in accordance with\nIAS 38 and were thus deducted from the carrying amount of the asset in an amount of kEUR 692.\n\n \n\nSelling,\ngeneral and administrative expenses\n\n \n\nSelling,\ngeneral and administrative expenses include the following:\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nPersonnel\nexpenses \n 11,441  \n 11,506  \n 10,243 \n\nLegal\nand consulting fees \n 8,516  \n 5,114  \n 4,984 \n\nAdministration\nfee \n 3,407  \n 3,466  \n 2,741 \n\nMarketing\ncosts \n 1,186  \n 1,222  \n 1,554 \n\nInsurance\nexpenses \n 2,460  \n 2,839  \n 1,774 \n\nDepreciation\nand amortization \n 778  \n 671  \n 522 \n\nOther\nexpenses \n 5,010  \n 6,770  \n 6,005 \n\nTotal \n 32,797  \n 31,588  \n 27,823 \n\n \n\nIn\n2025, personnel expenses include expenses for share-based payments of kEUR 1,938 (December 31, 2024: kEUR 3,330, December 31,\n2023: kEUR 1,365).\n\n \n\nOther\nexpenses primarily consist of expenses for general warranties, travel costs and outbound freight.\n\n \n\n**4.1.3****Other\noperating income**\n\n \n\nOther\noperating income includes the following:\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nIncome\nfrom reversal of provisions \n 1,568  \n 12,350  \n 101 \n\nExchange\nrate gains \n 25  \n 1,322  \n 139 \n\nIncome\nfrom subsequent payments \n 5  \n 64  \n 39 \n\nIncome\nfrom compensation \n 204  \n 6  \n 120 \n\nOther \n 463  \n 788  \n 268 \n\nTotal \n 2,264  \n 14,530  \n 667 \n\n \n\nIn\nthe financial year 2025, provisions for warranties in the amount of kEUR 1,313 (December 31, 2024: kEUR 3,719) were released following\na detailed technical analysis and new insights regarding the estimated costs to fulfil the warranty obligations. No provisions for onerous\ncontracts were released in the current financial year, whereas an amount of kEUR 8,614 was released in the prior year. Also refer to\nnote 2.\n\n \n\nIncome\nfrom compensation relates to financial compensation received from insurance companies and other parties for non-recurring events.\n\n \n\nF-30\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.1.4****Other\noperating expense**\n\n \n\nOther\noperating expense includes the following:\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nExchange\nrate losses \n 775  \n 1,436  \n 1,200 \n\nProvisions\nfor onerous contracts \n -137  \n 162  \n 10,973 \n\nWarranties \n 529  \n 23  \n -461 \n\nOther\nexpenses \n 166  \n 328  \n 43 \n\nTotal \n 1,334  \n 1,949  \n 11,755 \n\n \n\nIn\n2023, other expenses increased primarily due to the recognition of a special provision for onerous contracts in 2023. In 2024 and 2025,\nno such effects occurred.\n\n \n\nExchange\nrate losses are based on the changes of the EUR/USD exchange rate in the course of the financial year 2025.\n\n \n\n**4.1.5****Finance\nresult**\n\n \n\nThe\nfinance income and finance costs recognized in profit or loss are as follows:\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nFinance income from remeasurement of warrant liabilities \n 40,567  \n \n-\n  \n \n-\n \n\nForeign currency gains \n 19,826  \n \n-\n  \n 3 \n\nIncome from other interest and similar income \n 395  \n 24  \n 187 \n\nFinance income \n 60,788  \n 24  \n 190 \n\nFinance expense from remeasurement of warrant liabilities \n -8,724  \n -62,170  \n -10,859 \n\nInterest expense from shareholder loans \n -21,563  \n -16,106  \n -2,784 \n\nInterest expense from convertible notes \n -20,795  \n \n-\n  \n \n-\n \n\nLoss from extinguishment of loan \n \n-\n  \n -3,725  \n \n-\n \n\nForeign currency losses \n -8,199  \n -6,660  \n \n-\n \n\nInterest expense from leasing \n -154  \n -156  \n -153 \n\nInterest expense from guarantee commissions \n -6  \n -10  \n -67 \n\nOther interest expense \n -101  \n -56  \n -23 \n\nFinance expenses \n -59,542  \n -88,883  \n -13,886 \n\nNet finance result \n 1,247  \n -88,859  \n -13,697 \n\n \n\nIn\n2025, finance income from remeasurement of warrant liabilities in the amount of kEUR 40,567 and finance expense from remeasurement\nof warrant liabilities in the amount of kEUR 8,724 result from the remeasurement of the fair value of public and private warrant\nliabilities, warrant liabilities from shareholder loans and warrant liabilities from capital increases (2024: finance expense of kEUR 62,170,\n2023 finance expense of kEUR 10,859). The significant fluctuations in value are linked to fluctuations in the share price of ADSE\nwhich varied between USD 12.68 on December 31, 2025, USD 15.51 on December 31, 2024 and USD 7.15 on December 31, 2023, and to the number\nof issued warrants. Also refer to note 4.2.10.\n\n \n\nIn\n2025, interest expense from shareholder loans amounts to kEUR 21,563 (2024: kEUR 16,106, 2023: kEUR 2,784).\n\n \n\nInterest\nexpense from convertible notes amounts to kEUR 20,795 (2024: kEUR 0, 2023: kEUR 0) and consists of nominal interest and effective\ninterest. On November 19, 2025, all accrued interest including any outstanding principal amounts of the convertible notes were settled\nprior to the maturity date of the notes.\n\n \n\nIn\n2024, loss from extinguishment of loan relates to warrants that were issued as partial consideration for the extension of a shareholder\nloan. Refer to note 4.2.13 for further information on the shareholder loans.\n\n \n\nF-31\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.1.6****Income\ntaxes**\n\n \n\nThe\ntax benefit / (expenses) include current and deferred taxes. Current taxes and deferred taxes are reported in profit or loss, except\nfor the extent to which they are reported directly in equity or in other comprehensive income.\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nCurrent year \n -73  \n -16  \n 88 \n\nCurrent tax expense \n -73  \n -16  \n 88 \n\nOrigination and reversal of temporary differences \n 1,475  \n -946  \n 4,378 \n\nRecognition of previously unrecognized (derecognition of previously recognized) tax losses \n -750  \n 471  \n -1,325 \n\nRecognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences \n -395  \n \n-\n  \n \n-\n \n\nDeferred tax (expense) income \n 330  \n -475  \n 3,053 \n\nTotal \n 257  \n -491  \n 3,141 \n\n \n\nReconciliation\nof the effective tax rate\n\n \n\nThe\napplicable tax rate of 29.48% combines a corporate tax rate of 15%, a solidarity surcharge thereon of 5.5% and a trade tax rate of 13.65%\nand represents the tax rate of the main operating German entities of ADSE Group.\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nProfit\n(loss) before tax \n -55,447  \n -97,467  \n -58,221 \n\nTax\nusing the applicable tax rate \n 16,343  \n 29,074  \n 17,161 \n\nTax\neffect of: \n    \n    \n   \n\nDifference\nin tax rates *) \n -1,221  \n -4,974  \n -1,348 \n\nNon-deductible\nexpenses \n -7,809  \n -287  \n -585 \n\nNon-taxable\nincome \n 34  \n 207  \n 1,291 \n\nAdditions\nfor tax purposes \n 402  \n -  \n 362 \n\nNon-recognition\nof deferred taxes on tax loss carried forward \n -12,197  \n -2,728  \n -10,293 \n\nNon-recognition\nof deferred taxes on temporary differences \n -624  \n -  \n -301 \n\nTrue\nup on deferred taxes from prior year \n -395  \n 700  \n -18 \n\nPermanent\ndifferences \n 5,706  \n -22,483  \n -3,130 \n\nOthers \n 18  \n -  \n 2 \n\nTaxes\non income \n 257  \n -491  \n 3,141 \n\n \n\n*)The\ndifference in tax rates represents the effects of differing domestic tax rates of the non-German\nADSE Group entities.\n\n \n\nIn\n2025, the German government decided to gradually reduce the corporate tax rate from 15% to 10%, effective from 2028 until 2032. Accordingly,\nthe change in tax rates has been appropriately reflected in the calculation of deferred taxes over the respective years in which the\nreduction is expected to apply. This resulted in a reduction of deferred taxes of kEUR 134 which is included in the difference in tax\nrates for 2025.\n\n \n\nUnrecognized\ndeferred tax assets\n\n \n\nDeferred\ntax assets have not been recognized for tax loss carryforwards:\n\n \n\n**kEUR**\n  Dec. 31,\n2025   Expiration   Dec. 31,\n2024   Expiration   Dec. 31,\n2023   Expiration \n\nGermany                        \n\nthereof corporation tax   148.945    Non-expiring    114.590    Non-expiring    114.803    Non-expiring \n\nthereof trade tax   146.512    Non-expiring    108.689    Non-expiring    112.540    Non-expiring \n\nthereof interest carryforward   9.262    Non-expiring                     \n\nUSA   21.137    Non-expiring    20.330    Non-expiring    16.281    Non-expiring \n\nIreland *)   4.462    Non-expiring    3.699    Non-expiring    4.616    Non-expiring \n\nAustria   455    Non-expiring                     \n\n \n\n*)Amount relates to management expenses that can be set-off against future profits\n\n \n\nIn\naddition, the group has not recognized deferred taxes on temporary differences amounting to kEUR 3,310 (2024: kEUR 643) as they have\narisen in subsidiaries that have been loss-making for some time, and there is no evidence of recoverability in the near future.\n\n \n\nF-32\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nMovement\nin deferred taxes\n\n \n\nDeferred\ntax balances developed as follows:\n\n \n\nkEUR \nDTA  \nDTL  \nDec.\n31,\n2025  \nDTA  \nDTL  \nDec.\n31,\n2024 \n\nIntangible\nassets \n 4  \n 3,638  \n -3,634  \n -  \n 6,060  \n -6,060 \n\nRight-of-use\nassets \n -  \n 697  \n -697  \n -  \n 928  \n -928 \n\nFixed\nassets \n -  \n 4  \n -4  \n -  \n -  \n - \n\nInventories \n -  \n -  \n -  \n 329  \n -  \n 329 \n\nContract\nassets \n -  \n -  \n -  \n -  \n 12  \n -12 \n\nTrade\nand other receivables \n 4  \n 2,726  \n -2,722  \n 90  \n -  \n 90 \n\nFinancial\nliabilities \n -  \n 36  \n -36  \n 650  \n -  \n 650 \n\nLease\nliabilities \n 754  \n -  \n 754  \n 987  \n -  \n 987 \n\nTrade\nand other payables \n 81  \n -  \n 81  \n 110  \n -  \n 110 \n\nContract\nliabilities \n 78  \n -  \n 78  \n 144  \n -  \n 144 \n\nOther\nprovisions \n -  \n 27  \n -27  \n 48  \n 28  \n 20 \n\nTax\nloss carryforwards \n 4,877  \n -  \n 4,877  \n 3,006  \n -  \n 3,006 \n\nNetting \n -5,783  \n -5,783  \n -  \n -5,358  \n -5,358  \n - \n\nTotal \n 15  \n 1,345  \n -1,330  \n 6  \n 1,670  \n -1,664 \n\n \n\nDeferred\ntax assets and liabilities are offset according to the requirements of IAS 12.74.\n\n \n\nThe\nmovement of all deferred tax positions is recognized in the P&L as no deferred taxes exist which are related to transaction in equity\nor OCI.\n\n \n\n**4.1.7****Earnings\nper share**\n\n \n\nBasic\nearnings per share (EPS) is calculated by dividing the profit for the year attributable to ordinary equity holders of the ADSE Holdco\nby the weighted average number of ordinary shares outstanding during the reporting period.\n\n \n\nADSE\nHoldco is a public limited company, which allots shares of the entity to its shareholders.\n\n \n\nEarnings\nper share (basic) and earnings per share (diluted) are calculated based on the earnings attributable to ADSE Holdco shareholders. For\nthe periods included in these financial statements ADSE was loss-making in all periods. Restricted stock units (RSU), stock options (NQSO)\nand warrants have not been included in the calculation of diluted weighted average number of shares outstanding. These RSU, NQSO and\nwarrants could potentially dilute basic earnings per share in the future.\n\n \n\nThe\nloss attributable to the shareholders of ADSE (basic and diluted) amounts to kEUR 55,190 (2024: kEUR 97,958, 2023: kEUR 55,081).\nThe weighted average number of interests in circulation amounts 56,394 (basic) and 61,558 (diluted) (2024: 51,224 (basic) and 57,724\n(diluted), 2023 48,919 (basic) and 49,208 (diluted)) (in k units).\n\n \n\nEarnings per share \n2025  \n2024  \n2023 \n\nProfit/loss for the period (attributable to shareholders of the parent) (kEUR) \n -55,190  \n -97,958  \n -55,081 \n\n  \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding (in k units) (basic) \n 56,394  \n 51,224  \n 48,919 \n\nEffects of dilution from: *) \n    \n    \n   \n\nRSU \n 207  \n 357  \n 288 \n\nNQSO \n 541  \n 464  \n \n-\n \n\nWarrants \n 4,416  \n 5,680  \n \n-\n \n\nWeighted average number of ordinary shares outstanding (in k units) (diluted) \n 61,558  \n 57,724  \n 49,208 \n\nBasic loss per share (€) \n -0.98  \n -1.91  \n -1.13 \n\nDiluted loss per share (€) \n -0.98  \n -1.91  \n -1.13 \n\n \n\n*)Due\nto the loss situation, they are treated as anti-dilutive in the years presented.\n\n \n\nF-33\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2****Statements\nof financial position**\n\n \n\n**4.2.1****Intangible\nassets**\n\n \n\nThe\ndevelopment of intangible assets is shown below:\n\n \n\nkEUR \nInternally\n\ngenerated\nassets  \nSoftware  \nTotal \n\nCost \n   \n   \n  \n\nAs\nof Jan. 01, 2024 \n 32,610  \n 705  \n 33,315 \n\nAdditions \n 344  \n 101  \n 445 \n\nDisposals \n -692  \n -  \n -692 \n\nAs\nof Dec. 31, 2024 \n 32,261  \n 806  \n 33,067 \n\nAdditions \n 349  \n 50  \n 399 \n\nDisposals \n -  \n -11  \n -11 \n\nAs\nof Dec. 31, 2025 \n 32,610  \n 845  \n 33,456 \n\n \n\nkEUR \nInternally\n\ngenerated\nassets  \nSoftware  \nTotal \n\nAmortization \n   \n   \n  \n\nAs\nof Jan. 01, 2024 \n -7,818  \n -457  \n -8,274 \n\nAdditions \n -4,111  \n -153  \n -4,264 \n\nAs\nof Dec. 31, 2024 \n -11,928  \n -610  \n -12,538 \n\nAdditions \n -7,887  \n -131  \n -8,018 \n\nDisposals \n -  \n 11  \n 11 \n\nAs\nof Dec. 31, 2025 \n -19,815  \n -731  \n -20,546 \n\n \n\nkEUR \nInternally\n\ngenerated\nassets  \nSoftware  \nTotal \n\nCarrying\namounts \n    \n    \n   \n\nAs\nof Jan. 01, 2024 \n 24,793  \n 248  \n 25,041 \n\nAs\nof Dec. 31, 2024 \n 20,333  \n 196  \n 20,529 \n\nAs\nof Dec. 31, 2025 \n 12,795  \n 114  \n 12,910 \n\n \n\nThe\ninternally generated intangible assets primarily relate to the capitalized costs of ADSE’s development of pioneering technologies,\nfor which ADSE intends to enable itself on the market as a provider of advanced system solutions in the fields of energy storage, battery\ntechnology and electromobility. The intangible assets are amortized according to their useful life and the amortization is presented\nin costs of goods sold.\n\n \n\nIntangible\nassets that are material to ADSE’s consolidated financial statements include development activities relating to the development\nof ChargeBox (CBX), a customer specific ChargeBox (DC-CBX) and ChargePost (CPT). Development activities for CBX and DC-CBX were capitalized\nin the financial years 2020, 2019 and 2018 and have a remaining useful life of three years. In 2025, a reassessment of the useful life\nof the assets was performed, resulting in a shorter useful life than originally estimated for the ChargeBox (CBX). Accordingly, additional\namortization amounting to kEUR 3,598 was recognized. As of the reporting date, the carrying amount of CBX amounts to kEUR 1,664 (December\n31, 2024: kEUR 2,636) and of DC-CBX amount to kEUR 2,188 (December 31, 2024: kEUR 3,465). As of the reporting date, the carrying amount\nof CPT amounts to kEUR 10,132 (December 31, 2024: kEUR 12,159).\n\n \n\nF-34\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.2****Leases**\n\n \n\nAs\nof December 31, 2025, ADSE leases two warehouse property and one real estate property in Germany, one warehouse and one real estate property\nin the United States of America as well as 30 vehicles. The remaining lease terms run from 1 year up to 4 years. ADSE has the option\nto purchase one of the assets at the end of the contract term.\n\n \n\nSome\nproperty leases contain an extension option. If ADSE intends to use the option, this was already considered in the lease term of the\nlease agreement.\n\n \n\nWhen\nmeasuring lease liabilities, ADSE discounted lease payments using its incremental borrowing rate ranging from 3.78% to 9.56%. For the\ncalculation of the incremental borrowing rates, European triple A bonds were used as the basis and adjusted for a risk premium corresponding\nto the external borrowing rates (credit spread).\n\n \n\nThe\ndevelopment of right-of-use assets is shown below:\n\n \n\nkEUR \nProperty  \nVehicles  \nTotal \n\nRight-of-use\nassets \n   \n   \n  \n\nAs\nof Jan. 01, 2024 \n 3,020  \n 265  \n 3,286 \n\nAmortization\ncharge for the year \n -848  \n -208  \n -1,056 \n\nAdditions\nto right-of-use assets \n 552  \n 484  \n 1,036 \n\nEffect\nof movements in exchange rates \n 3  \n 5  \n 8 \n\nAs\nof Dec. 31, 2024 \n 2,727  \n 546  \n 3,273 \n\nAmortization\ncharge for the year \n -655  \n -103  \n -757 \n\nAdditions\nto right-of-use assets \n 830  \n 190  \n 1,020 \n\nDisposals\nof right-of-use assets \n -304  \n -213  \n -517 \n\nEffect\nof movements in exchange rates \n -31  \n -6  \n -37 \n\nAs\nof Dec. 31, 2025 \n 2,567  \n 414  \n 2,981 \n\n \n\nFor\nleases with short-term contracts of up to one year and low-value assets, ADSE has elected not to recognize right-of-use assets and lease\nliabilities.\n\n \n\nThere\nare no material expenses relating to variable lease payments in the measurement of lease liabilities.\n\n \n\nADSE\ndid not enter into any sublease agreements.\n\n \n\nThe\namounts recognized in profit or loss except for amortization are shown below:\n\n \n\nkEUR \n2025  \n2024  \n2023 \n\nAmounts\nrecognized in profit or loss \n   \n   \n  \n\nInterest\non lease liabilities \n 154  \n 156  \n 153 \n\nExpenses\nrelating to short-term leases \n 366  \n 339  \n 119 \n\nExpenses\nrelating to leases of low-value assets, excluding short-term leases of low value assets \n 40  \n 26  \n 22 \n\nAmounts\nrecognized in the statement of cash flows \n    \n    \n   \n\nTotal\ncash outflow of leases \n 1,367  \n 1,193  \n 1,065 \n\n \n\nF-35\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.3****Property,\nplant and equipment**\n\n \n\nThe\ndevelopment of fixed assets is shown below:\n\n \n\nkEUR \nProperty,\n\nplant and\nequipment  \nConstruction\n\nin progress  \nTotal \n\nCost \n   \n   \n  \n\nAs\nof Jan. 01, 2024 \n 10,225  \n 172  \n 10,397 \n\nAdditions \n 1,200  \n 80  \n 1,280 \n\nDisposals \n -342  \n -  \n -342 \n\nReclassification \n 172  \n -172  \n - \n\nEffect\nof movements in exchange rates \n 13  \n -  \n 13 \n\nAs\nof Dec. 31, 2024 \n 11,269  \n 80  \n 11,349 \n\nAdditions \n 1,233  \n 1,649  \n 2,883 \n\nDisposals \n -587  \n -2  \n -589 \n\nReclassification \n 78  \n -78  \n - \n\nEffect\nof movements in exchange rates \n -39  \n -  \n -39 \n\nAs\nof Dec. 31, 2025 \n 11,954  \n 1,649  \n 13,603 \n\n \n\nkEUR \nProperty,\n\nplant and\nequipment  \nConstruction\n\nin progress  \nTotal \n\nDepreciation \n   \n   \n  \n\nAs\nof Jan. 01, 2024 \n -4,006  \n          -  \n -4,006 \n\nAdditions \n -1,379  \n -  \n -1,379 \n\nDisposals \n 233  \n -  \n 233 \n\nEffect\nof movements in exchange rates \n -1  \n -  \n -1 \n\nAs of\nDec. 31, 2024 \n -5,154  \n -  \n -5,154 \n\nAdditions \n -1,347  \n -  \n -1,347 \n\nDisposals \n 506  \n -  \n 506 \n\nEffect\nof movements in exchange rates \n 5  \n -  \n 5 \n\nAs of\nDec. 31, 2025 \n -5,990  \n -  \n -5,990 \n\n \n\nkEUR \nProperty,\n\nplant and\nequipment  \nConstruction\n\nin progress  \nTotal \n\nCarrying\namounts \n   \n   \n  \n\nAs\nof Jan. 01, 2024 \n 6,219  \n 172  \n 6,391 \n\nAs\nof Dec. 31, 2024 \n 6,115  \n 80  \n 6,195 \n\nAs\nof Dec. 31, 2025 \n 5,964  \n 1,649  \n 7,614 \n\n \n\nF-36\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.4****Other\ninvestments and other assets**\n\n \n\nOther\ninvestments and other assets include the following:\n\n \n\nkEUR \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nOther\ninvestments \n 6  \n 5 \n\nOther\nassets \n 137  \n 174 \n\nTotal \n 144  \n 179 \n\n \n\nOther\nassets include a deposit for a rental building amounting to kEUR 137 (December 31, 2024: kEUR 137). The cash deposit of kEUR 37 paid\nto the Swiss tax office in 2024 was refunded in 2025.\n\n \n\n**4.2.5****Inventories**\n\n \n\nInventories\ninclude the following:\n\n \n\n** **\n\n**kEUR**\n \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nFinished\ngoods \n 30,950  \n 15,245 \n\nWork\nin progress \n 5,019  \n 9,402 \n\nRaw\nmaterials \n 42,230  \n 53,010 \n\nTotal \n 78,198  \n 77,657 \n\n \n\nkEUR \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nWrite-downs\nfinished goods \n -9,206  \n -181 \n\nWrite-downs\nwork in progress \n -1,318  \n -808 \n\nWrite-downs\nraw materials \n -16,664  \n -13,003 \n\nTotal \n -27,188  \n -13,991 \n\n \n\nDuring\nthe financial year 2025, ADSE recognized write-downs of inventories in an amount of kEUR 13,198 (2024: kEUR 689, 2023: kEUR 8,093)\nas an expense in cost of sales in the statement of profit or loss.\n\n \n\n**4.2.6****Trade\nand other receivables and contract assets**\n\n \n\nTrade\nand other receivables include the following:\n\n \n\n** **\n\n**kEUR**\n \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nTrade\nreceivables \n 5,289  \n 9,900 \n\nAdvanced\npayments \n 157  \n 780 \n\nOther\nreceivables financial \n 929  \n 3,364 \n\nDeferred\nexpenses and accrued income \n 537  \n 624 \n\nOther\nreceivables non-financial \n 744  \n 308 \n\nTotal \n 7,655  \n 14,975 \n\n \n\nAs\nof the reporting date, other financial receivables mainly include amounts arising from the exercise of Public Warrants for which the\nshares were issued in 2025 while the cash was credited only after the reporting date. In prior year, the position included receivables\nfrom government grants which were paid to ADSE GM in 2025.\n\n \n\nDeferred\nexpenses mainly consist of advance payments for insurance, licenses and software subscriptions. They are expensed on a straight-line\nbasis over the respective contractual periods and are expected to be recognized in profit or loss within the next one to three years.\n\n \n\nOther\nreceivables non-financial include a VAT receivable of kEUR 551 as well as receivables from employees related to salaries and wages in\nthe amount of kEUR 160.\n\n \n\nF-37\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.7****Other\naccrued items**\n\n \n\nOther\naccrued items include the following:\n\n \n\n**kEUR**\n \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nDay\nOne Loss \n -  \n 12,392 \n\nOther\naccrued items related to lender warrants \n 933  \n 1,055 \n\nTotal \n 933  \n 13,447 \n\n \n\nADSE\nconcluded shareholder loan agreements with various lenders on August 18, 2023, which were amended and restated on August 26, 2024. In\naddition, three further agreements were concluded on August 26, 2024. Pursuant to the loan agreements, ADSE US and ADSE GM have agreed\nto issue lender warrants which will be issued by ADSE Holdco as Irish guarantor to the respective lenders and subscribed by ADSE US respectively\nADSE GM. At initial recognition, the warrants had a higher fair value than the shareholder loans, which generated a day one loss. As\nthis day one loss is based on unobservable inputs, it needs to be deferred and recognized until maturity to the extent that it arises\nfrom a change in a factor (including time) that market participants would take into account when pricing the liability. On December 31,\n2024, a deferred day one loss of kEUR 12,392 remains on the balance sheet. In 2025, the second shareholder loan and the second shareholder\nloan plus were fully repaid and the day one losses were recognized as financial expense and are included in interest expense from shareholder\nloans.\n\n \n\nThe\nmarket prices for those warrants are not observable as these are not actively traded. In consequence, the fair value at initial recognition\nwas determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under\nIFRS 13):\n\n \n\n   September 3, 2024 \n\nInput  Reference   Second\nShareholder\nLoan   Second\nShareholder\nLoan plus \n\nSpot price   1   USD13.16   USD13.16 \n\nStrike price   2   USD6.20   USD6.20 \n\nExpected term (years)   3    2    2 \n\nRisk free rate   4    4.73%   4.73%\n\nDividend yield   5    0.00%   0.00%\n\nAnnual volatility   6    64.48%   64.48%\n\nNumber of warrants outstanding        2,500,001    4,800,002 \n\nFair value per warrant       USD8.22   USD8.22 \n\n \n\n1.Equal to the observed price of the class A common shares,\n\n \n\n2.Warrant strike price,\n\n \n\n3.Calculated as the time period between the end of the reporting period and the warrants expiration date (August 26, 2026),\n\n  \n\n4.Interpolated 1.9-year constant maturity US treasury rates,\n\n  \n\n5.Assumed dividend yield of 0%,\n\n  \n\n6.Based\non historical volatility of ADSE stock price.\n\n \n\nOther\naccrued items related to lender warrants refer to warrants for which the exercise conditions were not met as of December 31, 2024 and\n2025 since the related shareholder loans were not drawn. They are recognized with their fair value on the issue date as determined above\nweighted with a drawdown probability for the shareholder loan of 5% based on management assessment and the future cash planning of ADSE.\nIf the drawdown probability changes, this may have a material effect on these accrued items. A drawdown probability of +/- 5% would have\nresulted in other accrued items of kEUR 1,866 / kEUR 0 as of December 31, 2025 (December 31, 2024: kEUR 2,110 / kEUR 0). Other accrued\nitems will be set off from the loan nominal value when the loan is drawn.\n\n \n\nF-38\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.8****Cash\nand cash equivalents**\n\n \n\nCash\nand cash equivalents include the following:\n\n \n\n** **\n\n**kEUR**\n \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024 \n\nCash \n 3  \n 1 \n\nCash\nat banks \n 7,011  \n 22,856 \n\nTotal \n 7,014  \n 22,858 \n\n \n\nAs\nof December 31, 2025, cash at banks did not include any restricted cash (December 31, 2024: kEUR 644).\n\n \n\n**4.2.9****Equity**\n\n \n\nThe\nchanges in the various components of equity from January 01, 2023 through December 31, 2025 are shown in ADSE’s statements of changes\nin equity.\n\n \n\nOn\nDecember 28, 2023, ADSE Holdco issued 1,666,667 ordinary shares at a par value of USD 0.0001 resulting in an increase of the share capital\nof USD 167. These shares were acquired by a new investor for USD 6.00 per share. Together with the shares, 1,339,285 warrants with an\nexercise price of USD 7.00 and USD 8.00 were issued (refer to note **4.2.10**). The split of the total transaction price led to an\nincrease in equity of kUSD 7,802 (kEUR 7,009) and the recognition of a warrant liability of kUSD 2,198 (kEUR 1,989). Transaction costs\nincurred in context of the transaction in the amount of kUSD 283 (kEUR 268) are deducted from equity, resulting in a net increase in\nequity of kEUR 6,741.\n\n \n\nIn\n2024, the warrants were exercised. In addition, 36,872 public warrants and warrants related to shareholder loans were exercised leading\nto a total increase of share capital of USD 138 (EUR 128) and an increase in capital reserves of kUSD 16,932 (kEUR 15,835). Transaction\ncosts incurred in the context of the exercise of warrants in the amount of kUSD 200 (kEUR 188) are deducted from equity.\n\n \n\nIn\n2025, 4,328,747 public, private, and shareholder loan warrants were exercised leading to a total increase of share capital of USD 433\n(EUR 390) and an increase in capital reserves of kUSD 63,851 (kEUR 57,539).\n\n \n\nOn\nMay 01, 2025, ADSE secured financing through convertible note agreements with different insti-tutional lenders in a total principal amount\nof kUSD 53,763 (kEUR 47,398). The notes were issued with a discount of 7% and bear interest of 2% p. a. They can either be converted\ninto equity or redeemed in cash over a period of three years until May 01, 2028. Together with the convertible notes, 1,116,072 warrants\nwere issued resulting in a disagio of the notes in an amount of kEUR 9,000. Transaction costs are being discounted from the notes as\nwell. Both are amortized together with the issue discount using the effective interest rate method.\n\n \n\nOn\nNovember 19, 2025 the convertible notes were settled prior to the maturity date. Until that date, the lenders had converted a total principal\namount of kUSD 29,170 (kEUR 25,162) as well as interest in the amount of kUSD 1,844 (kEUR 1,591) into equity resulting in a total increase\nof share capital of EUR 306 and an addition to the capital reserve of kEUR 26,753. The remaining outstanding principal and\ninterest were settled in cash.\n\n \n\nFurther\nincreases in equity in 2025 result from the exercise of vested NQSO and the issue of RSU from the stock compensation plan (refer to note\n**4.3**).\n\n \n\nThe\ndevelopment of issued and outstanding shares from January 01, 2023, to December 31, 2025, is shown in the table below.\n\n \n\n**in\nk units**\n \n2025  \n2024  \n2023 \n\nOutstanding\nas of Jan. 01 \n 52,362  \n 50,585  \n 48,877 \n\nCapital\nincrease \n -  \n -  \n 1,667 \n\nExercise\nof warrants \n 4,329  \n 1,376  \n - \n\nConversion\nof convertible notes \n 3,554  \n -  \n - \n\nExercise\nof options \n 107  \n 139  \n - \n\nShare\nbased compensation \n 84  \n 262  \n 41 \n\nOutstanding\nas of Dec. 31 \n 60,436  \n 52,362  \n 50,585 \n\nTreasury\nshares \n 80  \n 80  \n 58 \n\nIssued\nand outstanding as of Dec. 31 \n 60,516  \n 52,442  \n 50,642 \n\n \n\nThe\nresult for the period contains consolidated losses of ADSE.\n\n \n\nAs\nof December 31, 2025 and December 31, 2024 other equity consists of currency translation reserves on translation of ADSE US (USD) and\nADSE CH (CHF) from their functional currency to the presentation currency of ADSE (EUR).\n\n \n\nF-39\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nAs\nof December 31, 2025, the share capital amounts to kEUR 5 (December 31, 2024: kEUR 5, December 31, 2023: kEUR 4) and is\nfully paid in.\n\n \n\nkEUR \nDec.\n31,\n2025  \nDec.\n31,\n2024  \nDec.\n31,\n2023 \n\nShare\ncapital \n 5  \n 5  \n 4 \n\nCapital\nreserves \n 332,907  \n 245,298  \n 225,007 \n\nOther\nequity \n 613  \n 1,044  \n 106 \n\nRetained\nearnings \n -289,157  \n -191,198  \n -136,117 \n\nProfit\n(loss) \n -55,190  \n -97,959  \n -55,081 \n\nEquity\nattributable to owners of the Company \n -10,822  \n -42,809  \n 33,919 \n\nTotal \n -10,822  \n -42,809  \n 33,919 \n\n \n\n**4.2.10****Warrant\nliabilities**\n\n \n\nAs\nof the reporting date, warrant liabilities include the following:\n\n \n\n**kEUR**\n \nNo.\nof\n\nwarrants\n\nissued  \nDec.\n31,\n\n2025 \n\nPublic\nwarrants \n 5,047,695  \n 5,112 \n\nPrivate\nwarrants \n 2,773,255  \n 3,061 \n\nWarrants\nrelating to shareholder loans \n 8,638,713  \n 35,376 \n\nWarrants\nrelating to convertible notes \n 1,827,284  \n 11,259 \n\nTotal \n 18,286,947  \n 54,808 \n\n \n\nAs\nof December 31, 2024, warrant liabilities included the following:\n\n \n\n** **\n\n**kEUR**\n \nNo.\nof\n\nwarrants\n\nissued  \nDec.\n31,\n\n2024 \n\nPublic\nwarrants \n 7,187,281  \n 24,905 \n\nPrivate\nwarrants \n 4,475,000  \n 15,826 \n\nWarrants\nrelating to shareholder loans \n 10,480,003  \n 78,849 \n\nTotal \n 22,142,284  \n 119,581 \n\n \n\n**Public\nand private warrants**\n\n \n\nAs\nof December 31, 2025, public and private warrant liabilities amounting to kEUR 8,173 (December 31, 2024: kEUR 40,731) relate\nto 5,047,695 public warrants and 2,773,255 private warrants including 100,000 lender warrants issued. In comparison to December 31, 2024,\n2,139,586 public warrants were exercised at an exercise price of USD 11.50 per warrant. 1,701,745 warrants were exercised on a cashless\nbasis leading to an issue of 347,871 shares.\n\n \n\n6,250,000\npublic warrants were issued as part of the EUSG (European Sustainable Growth Acquisition Corp) units in the initial public offering to\nthe public shareholders on January 26, 2021. Each EUSG unit contained one share and one-half warrant. Additional 937,486 warrants were\nissued as part of the overallotment to the underwriters.\n\n \n\n4,475,000\nprivate warrants were issued by EUSG to EUSG Sponsor and the underwriters. Lender warrants were issued in lieu of a repayment of a promissory\nnote and are accounted for as private warrants.\n\n \n\nEach\nwarrant gives the holder the right to acquire one ordinary share in the Company at an exercise price of USD 11.50 per share, subject\nto adjustment. Both public and private warrants may be exercised until December 22, 2026.\n\n \n\nUntil\nexpiration, and if the Company’s share price equals or exceeds USD 18.00 for any 20 trading days within a 30-trading day period,\nthe Company may elect to redeem public warrants at a price of USD 0.01 per warrant. Private warrants are not redeemable by the Company,\nthey may be exercised for cash or on a cashless basis at the holder’s option as long as they are held by the initial holders or\ntheir affiliates. In the case of a cashless exercise, the number of shares to be issued is determined using a defined formula based on\nthe excess of the fair market value of the share over the exercise price of USD 11.50 per share.\n\n \n\nOn\nthe merger of EUSG with EUSG II and ultimately with ADSE Holdco in 2021, each EUSG public and private warrant was converted into one\nADSE Holdco public and private placement warrant respectively under the same terms as EUSG warrants. Upon the merger it was assessed\nthat the EUSG public and private warrants were assumed as a liability as part of the acquisition. Therefore, the Company’s warrants\nissued to replace EUSG warrants are accounted as a liability at fair value through profit and loss.\n\n \n\nF-40\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nPublic\nwarrants are measured at fair value through profit or loss with reference to their quoted market price on Nasdaq (Level 1 – Fair\nvalue hierarchy under IFRS 13).\n\n \n\nThe\nmarket prices for private warrants are not observable as these are not actively traded. Their fair value is determined by estimating\nthe fair value of a public warrant without a redemption feature and applying a liquidity discount to reflect the lack of public market\nfor the private warrants. In this context, the contractual terms under which the private warrants may be exercised were taken into account\nas a price floor. The following inputs (Level 3 – Fair value hierarchy under IFRS 13) were applied:\n\n \n\n** **\n\n**Input**\n  Reference   Dec. 31,\n2025   Dec. 31,\n2024 \n\nSpot price   1   USD12.68   USD15.51 \n\nStrike price   2   USD11.50   USD11.50 \n\nExpected term (years)   3    0.97    1.98 \n\nRisk free rate   4    3.82%   2.78%\n\nDividend yield   5    0.00%   0.00%\n\nAnnual volatility   6    60.79%   55.42%\n\nPrice of redemption feature   7   USD0.05   USD0.53 \n\nLiquidity discount   8    10.00%   10.00%\n\nFair Market Value   9   USD12.28   USD14.17 \n\nFair value per private warrant       USD1,30   USD3,67 \n\n \n\n1.Equal\nto the observed price of the class A common shares,\n\n \n\n2.Warrant\nstrike price,\n\n \n\n3.Calculated\nas the time period between the end of the reporting period and the warrants expiration date\n(December 22, 2026),\n\n  \n\n4.Interpolated 0.97-year (December 31, 2024: 1.98) constant maturity US treasury rates,\n\n  \n\n5.Assumed dividend yield of 0%,\n\n  \n\n6.Based\non historical volatility of ADSE stock price.\n\n  \n\n7.Determined\nvia Monte Carlo simulation considering above inputs and the definition of the redemption\nfeature according to the definition of public warrants,\n\n  \n\n8.Liquidity\ndiscount to reflect the lack of public market for the private warrants,\n\n  \n\n9.According\nto private warrant definition: fair market value (FMV) of the ordinary shares, calculated\nas the average reported last price of the ordinary shares over the last ten trading days\ncommencing on the third trading day prior to the exercise notice date.\n\n \n\n**Warrants\nrelating to shareholder loans**\n\n \n\nIn\n2023, two shareholder loans for the financing of working capital and general corporate purposes were granted by several shareholders\nto ADSE US (refer to note **4.2.13**). In conjunction with the loans, ADSE Holdco issued a total of 3,216,667 warrants.\n\n \n\nIn\n2024, several (drawn and undrawn) tranches of the second shareholder loans 2023 were extended and additional shareholder loans (second\nshareholder loan plus) granted to ADSE US. An additional number of 7,300,003 warrants was issued together with these shareholder loans.\n\n \n\nAs\nof December 31, 2025, the fair value of these warrants amounts to kEUR 35,377 (December 31, 2024: kEUR 78,849) and is shown as a liability.\nThe fair value of warrants related to an undrawn tranche of the second shareholder loan plus is weighted with the probability of drawing\nthat tranche.\n\n \n\n1,716,667\nwarrants with an exercise price of USD 3.00 were issued to the lenders of the first shareholder loan, whereas 1,500,000 warrants with\nan exercise price of USD 6.20 were issued to the lenders of the second shareholder loan. In 2024, an additional number of 2,500,001 was\nissued to the lenders of the second shareholder loan while an additional number of 4,800,002 warrants were issued to the lenders of the\nsecond shareholder loan plus – all with an exercise price of USD 6.20. Each warrant gives the holder the right to acquire one ordinary\nshare in the Company. The holder has the right to exercise the warrants after the first anniversary of the issue date of the respective\nloan until the second anniversary of the issue date. The warrants can be exercised in full or in parts.\n\n \n\nIn\n2025, all 1,680,000 remaining outstanding warrants under the first shareholder loan, with exercise price of USD 3.00, were exercised.\nFurthermore, 161,290 warrants under the second shareholder loan, with exercise price USD 6.20, were exercised in December 2025.\n\n \n\nF-41\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nmarket prices for those warrants are not observable as these are not actively traded. In consequence, the fair value is determined by\napplying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):\n\n \n\n   Dec. 31, 2025 \n\nInput  Reference   Second\nshareholder\nloan   Second\nshareholder\nloan plus \n\nSpot price   1   USD12.68   USD12.68 \n\nStrike price   2   USD6.20   USD6.20 \n\nExpected term (years)   3    0.65    0.65 \n\nRisk free rate   4    3.82%   3.82%\n\nDividend yield   5    0.00%   0.00%\n\nAnnual volatility   6    66.49%   66.49%\n\nNumber of warrants outstanding        3,838,711    4,800,002 \n\nFair value per warrant       USD 6.81   USD6.81 \n\n \n\n   Dec. 31, 2024 \n\nInput  Reference   First\nshareholder\nloan   Second\nshareholder\nloan   Second\nshareholder\nloan plus \n\nSpot price   1   USD15.51   USD15.51   USD15.51 \n\nStrike price   2   USD3.00   USD6.20   USD6.20 \n\nExpected term (years)   3    0.34    1.63    1.63 \n\nRisk free rate   4    2.88%   3.45%   3.45%\n\nDividend yield   5    0.00%   0.00%   0.00%\n\nAnnual volatility   6    46.15%   46.58%   46.58%\n\nNumber of warrants outstanding        1,680,000    4,000,001    4,800,002 \n\nFair value per warrant       USD12.54   USD9.71   USD9.71 \n\n \n\n1.Equal\nto the observed price of the class A common shares,\n\n \n\n2.Contractual\nstrike price,\n\n \n\n3.Calculated\nas the time period between the end of the reporting period and the warrants expiration date\n(First shareholder loan: May 05, 2025, in 2025 amended to August 31, 2025, second shareholder\nloan: August 18, 2025, in 2024 amended to August 26, 2026, second shareholder loan plus:\nAugust 26, 2026),\n\n \n\n4.Interpolated 0.65-year (second shareholder loan; 2024: 1.63-year constant maturity US treasury rates) / 0.65-year (second shareholder loan plus; 2024: 1.63-year),\n\n \n\n5.Assumed dividend yield of 0%,\n\n \n\n6.Based\non historical volatility of ADSE stock price.\n\n** **\n\n**Warrants\nrelating to convertible notes**\n\n \n\nOn\nApril 30, 2025 the Company issued 1,116,072 warrants together with the closing of a financing transaction via convertible notes to certain\ninstitutional lenders. One warrant entitles the lender to purchase one ordinary share, par value USD 0.0001 per ordinary share. The warrants\nmay be exercised at an exercise price of USD 16.88 at any time until April 30, 2030. If, on the 75th Trading Day after May 1, 2025, the\nexercise price then in effect is greater than the market price of ADSE stock at that date, the exercise price shall automatically be\nlowered to the market price and the number of warrant shares that may be subscribed for upon exercise of this warrant adjusted proportionately,\nso that after such adjustment the aggregate exercise price payable for the adjusted number of warrant shares shall be the same as the\naggregate exercise price in effect immediately prior to such adjustment.\n\n \n\nDue\nto the price adjustment mechanism for the exercise price, the fair value of these warrants as of the issue date was determined using\na Monte Carlo Simulation which resulted in an initial aggregate fair value of kEUR 6,773 as of that date. A subsequent valuation using\nmore precise valuation parameters resulted in a fair value of kEUR 9,014.\n\n \n\nF-42\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nOn\nAugust 20, 2025 the exercise price of the warrants was adjusted to USD 10.31 and the number of issued warrants increased to 1,827,284\nin line with the warrant agreement.\n\n \n\nAs\nof December 31, 2025, the fair value of these warrants amounts to kEUR 11,258 (December 31, 2024: kEUR 0) and is shown as a liability.\nAfter the adjustment of the exercise price of these warrants, the fair value was determined by applying a Black-Scholes option pricing\nmodel with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):\n\n \n\nInput  Reference   Dec. 31,\n2025 \n\nSpot price   1    USD12.68 \n\nStrike price   2    USD10.31 \n\nExpected term (years)   3    4.33 \n\nRisk free rate   4    3.74%\n\nDividend yield   5    0.00%\n\nAnnual volatility   6    61.21%\n\nNumber of warrants outstanding        1,827,284 \n\nFair value per warrant        USD7.24 \n\n \n\n1.Equal\nto the observed price of the class A common shares,\n\n \n\n2.Warrant\nstrike price,\n\n \n\n3.Calculated\nas the time period between the end of the reporting period and the warrants expiration date\n(April 30, 2030),\n\n \n\n4.Interpolated 4.33-year constant maturity US treasury rates,\n\n \n\n5.Assumed dividend yield of 0%,\n\n \n\n6.Based\non historical volatility of ADSE stock price.\n\n \n\n4.2.11Trade\nand other payables\n\n \n\nTrade\nand other payables include the following:\n\n \n\n**kEUR**\n \nDec.\n31,\n2025  \nDec.\n31,\n2024 \n\nTrade\npayables \n 16,731  \n 29,299 \n\nSales\ntax liabilities \n 599  \n 953 \n\nAccrued\nexpenses \n 819  \n 1,292 \n\nTrade\npayables due to related parties \n 1,822  \n 2,601 \n\nOther\npayables non-financial \n 561  \n 811 \n\nOther\npayables financial \n 333  \n 215 \n\nTotal \n 20,865  \n 35,171 \n\n \n\nTrade\npayables mainly consist of trade accounts payable and accruals for outstanding invoices.\n\n \n\nFor\ninformation about ADSE’s exposure to liquidity risks please refer to note 4.5.2.2.\n\n \n\nF-43\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.12****Provisions**\n\n \n\nThe\ndevelopment of provisions is shown below:\n\n \n\nkEUR \nWarranties  \nOnerous\n\ncontracts  \nArchiving\n\ncosts  \nMiscellaneous\n\nprovisions  \nTotal \n\nAs\nof Jan. 01, 2025 \n 6,922  \n 162  \n 13  \n 620  \n 7,717 \n\nAdded \n 773  \n 25  \n 14  \n 2  \n 814 \n\nUnwind\nof discount \n 86  \n -  \n -  \n 15  \n 101 \n\nUtilized \n -3,080  \n -162  \n -  \n -  \n -3,242 \n\nReversal \n -1,313  \n -  \n -  \n -256  \n -1,568 \n\nAs\nof Dec. 31, 2025 \n 3,388  \n 25  \n 27  \n 382  \n 3,822 \n\nCurrent \n 3,051  \n 25  \n -  \n -  \n 3,075 \n\nNon-current \n 338  \n -  \n 27  \n 382  \n 747 \n\nTotal \n 3,388  \n 25  \n 27  \n 382  \n 3,822 \n\n \n\nkEUR \nWarranties  \nOnerous\n\ncontracts  \nArchiving\n\ncosts  \nMiscellaneous\nprovisions  \nTotal \n\nAs\nof Jan. 01, 2024 \n 9,103  \n 10,983  \n 12  \n 626  \n 20,725 \n\nAdded \n 6,624  \n 162  \n 1  \n 12  \n 6,798 \n\nUnwind\nof discount \n 43  \n -  \n -  \n 13  \n 56 \n\nUtilized \n -5,128  \n -2,369  \n -  \n -14  \n -7,512 \n\nReversal \n -3,719  \n -8,614  \n -  \n -16  \n -12,350 \n\nAs\nof Dec. 31, 2024 \n 6,922  \n 162  \n 13  \n 620  \n 7,717 \n\nCurrent \n 5,424  \n 162  \n -  \n -  \n 5,586 \n\nNon-current \n 1,498  \n -  \n 13  \n 620  \n 2,132 \n\nTotal \n 6,922  \n 162  \n 13  \n 620  \n 7,717 \n\n \n\nThere\nare no pension commitments or similar obligations.\n\n \n\nADSE\nprovides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these\nassurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is\nbased on historical experience. The estimate of warranty-related costs is revised annually. In general warranty provisions cover the\nexpected warranty claims from the customers.\n\n \n\nIf\nADSE has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before\na separate provision for an onerous contract is established, ADSE recognizes any impairment loss that has occurred on assets dedicated\nto that contract. As of the reporting date, provisions for onerous contracts amount to kEUR 25 (December 31, 2024: kEUR 162).\n\n \n\nF-44\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.13****Loans\nand borrowings**\n\n \n\nAs\nof the reporting date, loans and borrowings include shareholder loans with a bookvalue of kEUR 5,006 and interest payable of kEUR 5 (December\n31, 2024: bookvalue of kEUR 11,971 and interest payable of kEUR 1,363). As of December 31, 2025, the amount relates to two shareholder\nloans.\n\n \n\nAs\nof December 31, 2024, the amount relates to various tranches of shareholder loans with a total nominal amount of kUSD 23,000, maturity\ndate of August 31, 2025 and fixed interest rate of 10% p.a. payable upon repayment of the shareholder loans. Together with the drawdown\nof the shareholder loans, 7,300,003 warrants with an exercise price of USD 6.20 were issued in 2024. The fair value of these warrants\nat the drawdown dates of the shareholder loans exceeded the nominal value of the loans resulting in a disagio of the loans in the amount\nof kEUR 13,981 and day one losses of kEUR 16,669. Both are amortized together with transaction cost using the effective interest rate\nmethod.\n\n \n\nIn\n2025, a nominal amount of kUSD 20,000 was paid back together with interest. The maturity date of these tranches of shareholder loans\nwas extended to August 31, 2026 and the tranches are available as a credit line and can be re-drawn.\n\n \n\nA\nfurther tranche of shareholder loan was paid back partially in the amount of kUSD 1,280 together with interest at the beginning of September\n2025 and an amount of kUSD 500 was re-drawn in November 2025. The maturity date of this tranche was extended to March 31, 2026. As a\nresult, the nominal amount drawn under the loan amounts to kUSD 2,580 as of December 31, 2025.\n\n \n\nAs\na result of the repayments of shareholder loans, the day one losses were fully recognized in profit and loss in 2025.\n\n \n\nOn\nDecember 15, 2025, ADSE Holdco entered into a new shareholder loan agreement with a total nominal amount of kEUR 5,000, maturity date\nof June 30, 2026, and fixed interest rate of 10% p.a. payable upon repayment of the shareholder loan. In 2025, a nominal amount of kEUR\n2,719 was drawn.\n\n \n\nUntil\nMay 2025, ADSE US had pledged all of its current assets, which among others include its inventories and cash and cash equivalents as\ncollateral for the second shareholder loan 2023. ADSE US and ADSE GM had pledged all of their current assets, which among others include\ntheir inventories and cash and cash equivalents as collateral for the shareholder loan plus to the lenders of the respective tranches.\nIn the course of the execution of the convertible note, the lenders have released all of their security interests. The shareholder loans\noutstanding at the end of 2025 are unsecured.\n\n \n\nF-45\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.2.14****Financial\ninstruments**\n\n \n\nThe\nfollowing table provides the carrying amounts and fair values of all financial assets and financial liabilities, including their levels\nin the fair value hierarchy.\n\n \n\nThe\nfair value disclosure of lease liabilities is not required.\n\n \n\n** **\n\n**kEUR**\n  Classification  Fair value\nhierarchy   Carrying\namount\nDec. 31,\n2025   Fair value\nDec. 31,\n2025   Carrying\namount\nDec. 31,\n2024   Fair value\nDec. 31,\n2024 \n\nFinancial assets                            \n\nCash and cash equivalents  At amortized cost   n/a    6,987    6,987    22,858    22,858 \n\nTrade receivables (current)  At amortized cost   n/a    5,289    5,289    9,900    9,900 \n\nOther investments (non-current)  At amortized cost   n/a    6    6    5    5 \n\nOther financial receivables (current)  At amortized cost   n/a    903    903    3,358    3,358 \n\nOther financial receivables (non-current)  At amortized cost   n/a    25    25    6    6 \n\nTotal           13,212    13,212    36,126    36,126 \n\n \n\nkEUR  Classification  Fair value\nhierarchy   Carrying\namount\nDec. 31,\n2025   Fair value\nDec. 31,\n2025   Carrying\namount\nDec. 31,\n2024   Fair value\nDec. 31,\n2024 \n\nFinancial liabilities                            \n\nWarrant liabilities - private  FVTPL   3    3,061    3,061    15,826    15,826 \n\nWarrant liabilities - public  FVTPL   1    5,112    5,112    24,905    24,905 \n\nWarrant liabilities - shareholder loan  FVTPL   3    35,376    35,376    78,849    78,849 \n\nWarrant liabilities - convertible notes  FVTPL   3    11,259    11,259    -    - \n\nLoans and borrowings (current)  At amortized cost   n/a    48,560    48,560    13,333    13,333 \n\nTrade payables (current)  At amortized cost   n/a    16,731    16,731    29,299    29,299 \n\nTrade payables due to related parties (current)  At amortized cost   n/a    1,822    1,822    2,601    2,601 \n\nLease liabilities (non-current)  At amortized cost   n/a    1,866    -    2,336    - \n\nLease liabilities (current)  At amortized cost   n/a    1,322    -    1,144    - \n\nOther payables financial (current)  At amortized cost   n/a    333    333    215    215 \n\nTotal           81,892    78,704    168,509    165,030 \n\n \n\nF-46\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nChanges\nin fair value of warrants as well as interest income and expense on loans and borrowings and leases are included in financial result\nin the statement of profit or loss.\n\n \n\nThe\nfair values of warrant liabilities, warrant liabilities related to shareholder loans and warrant liabilities related to convertible notes\nwere estimated using a Black Scholes option pricing model. The valuation requires management to make certain assumptions about the model\ninputs, including the discount rate, dividend yield and annual volatility of the stock price. These input parameters can largely be corroborated\nwith observable market data. Annual volatility of the stock price is considered a significant unobservable input. The following table\nshows the sensitivity of the fair value of the warrant liabilities to reasonably possible changes in annual volatility. The assumed movement\nin annual volatility is based on observable movements of the stock price over the past years.\n\n \n\n** **\n\n**2025**\n \nSignificant\n\nunobservable\n\ninput (annual\n\nvolatility)  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR \n\nWarrant\nliabilities - shareholder loans \n 66.49% \n 12.50% \n -790  \n -12.50% \n 556 \n\nWarrant\nliabilities - convertible notes \n 61.21% \n 15.00% \n -1,528  \n -15.00% \n 1,651 \n\n \n\n2024 \nSignificant\n\nunobservable\n\ninput (annual\n\nvolatility) \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR \n\nWarrant\nliabilities - shareholder loans \n46.15% / 46.58% \n 12.50% \n -1,052  \n -12.50% \n 483 \n\n \n\nThe\nfair value of the private warrant liabilities was estimated based on the quoted market price of the publicly traded Public Warrants,\nadjusted for the absence of the redemption feature and for the illiquid / non-listed nature of the Private Warrants through the application\nof a 10% liquidity discount.\n\n \n\n2025 \nSignificant\nunobservable\n\ninput (price redemption\n\nfeature)  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR \n\nWarrant\nliabilities - private warrants \nUSD0.05  \n       10% \n        0  \n     -10% \n 0 \n\n \n\n2024 \nSignificant\n\nunobservable\n\ninput (price\n\nredemption\n\nfeature)  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR \n\nWarrant\nliabilities - private warrants \nUSD0.53  \n        10% \n -387  \n       -10% \n 430 \n\n \n\n2025 \nSignificant\nunobservable input (liquidity discount)  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR \n\nWarrant\nliabilities - private warrants \n 10.00% \n        5% \n      0  \n       -5% \n 0 \n\n \n\n2024 \nSignificant\nunobservable\n\ninput (liquidity discount)  \nVariance  \nEffect\non profit\n\nbefore tax / equity in\n\nkEUR  \nVariance  \nEffect\non profit before tax / equity in\n\nkEUR \n\nWarrant\nliabilities - private warrants \n 10.00% \n          5% \n    861  \n       -5% \n -861 \n\n \n\nF-47\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nfollowing table shows the reconciliation of fair value measurement of warrant liabilities (Level 3):\n\n \n\n  \nWarrant\nliabilities \n\nkEUR \nPrivate  \nShareholder\n\nloans  \nCapital\n\nincreases  \nConvertible\n\nnotes  \nTotal \n\nFair\nValue \n   \n   \n   \n   \n  \n\nAs\nof Jan. 31, 2024 \n 3,280  \n 11,114  \n 1,989  \n -  \n 16,383 \n\nRemeasurement\nrecognized in statement of profit or loss \n 11,911  \n 31,218  \n 3,906  \n -  \n 47,035 \n\nIssue\nof new warrants \n -  \n 31,786  \n -  \n -  \n 31,786 \n\nExercise\nof warrants \n -  \n -372  \n -6,013  \n -  \n -6,385 \n\nEffect\nof movements in exchange rates recognized in statement of profit or loss \n 635  \n 5,103  \n 118  \n -  \n 5,856 \n\nAs\nof Dec. 31, 2024 \n 15,826  \n 78,849  \n -  \n -  \n 94,675 \n\nRemeasurement\nrecognized in statement of profit or loss \n -6,801  \n -16,641  \n -  \n 2,533  \n -20,909 \n\nIssue\nof new warrants \n -  \n -  \n -  \n 9,000  \n 9,000 \n\nExercise\nof warrants \n -4,588  \n -18,255  \n -  \n -  \n -22,843 \n\nEffect\nof movements in exchange rates recognized in statement of profit or loss \n -1,376  \n -8,577  \n -  \n -274  \n -10,227 \n\nAs\nof Dec. 31, 2025 \n 3,061  \n 35,376  \n -  \n 11,259  \n 49,696 \n\n \n\nIf\nreclassifications to other levels of the measurement hierarchy are necessary, they are made at the end of the fiscal year in which the\nevent that necessitates the reclassification occurs. There were no reclassifications for all periods.\n\n \n\n**4.2.15****Contingent\nliabilities and contingent assets**\n\n \n\nContingent\nliabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence of one\nor more uncertain future events that are outside the control of ADSE. Furthermore, present obligations (e.g. pending legal claims)\nare contingent liabilities if it is not probable that an outflow of resources will be required to settle the obligation and/or the\namount of the obligation cannot be estimated with sufficient reliability.\n\n \n\nContingent\nassets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non- occurrence\nof one or more uncertain future events that are outside the control of ADSE.\n\n \n\nAs\nof the balance sheet date no contingent liabilities and no contingent assets exist.\n\n \n\n**4.3****Share-based\npayments**\n\n** **\n\n**Restricted\nstock units program**\n\n \n\nIn\n2021, an Incentive Plan was implemented which allows ADSE to grant restricted stock units (RSUs) for ADSE employees (including executive\nofficers), independent contractors and members of the board of directors of ADSE Holdco. The participants shall receive a number of shares\nof common stock that correspond to the number of RSUs that have become vested on the applicable vesting date.\n\n \n\nThe\nRSUs granted for the initial SPAC (Special Purpose Acquisition Company) grant have a vesting period of four years while the RSUs granted\nunder the director’s compensation have a vesting period of one year. RSUs granted to ADSE employees have a vesting period of four\nyears. In case of a bad leaver all claims to the RSUs become void.\n\n \n\nThe\ngrant of RSUs is a share-based payment according to IFRS 2, because the participants receive an entitlement to future remuneration, which\nis based on real equity instruments. Neither ADSE nor the participants have a choice to settle the transaction in cash or demand settlement\nin cash; the transaction must be settled with equity instruments. Therefore, the grant of RSUs is classified as equity-settled share-based\npayment according to IFRS 2.\n\n \n\nThe\nvaluation of the RSUs is based on the share price of ADSE Holdco minus the nominal value of the share on grant date. No option pricing\nmodel was applied.\n\n \n\nThe\nRSUs were measured at the share price at grant date.\n\n \n\nF-48\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nfollowing table shows the number and weighted average fair values (WAFV) of and movements in RSUs during the year:\n\n \n\n  \n2025  \n2024 \n\n**Program\nRSU**** **\n**Number\nof RSUs**** **** **\n**WAFV**** **** **\n**Number\nof RSUs**** **** **\n**WAFV**** **\n\nAwards\noutstanding January 1 \n 356,605  \n 8.67  \n 288,189  \n 7.35 \n\nAwards\ngranted in the reporting period \n 153,710  \n 13.01  \n 341,163  \n 10.62 \n\nAwards\nforfeited in the reporting period \n -47,508  \n 8.45  \n -43,522  \n 9.74 \n\nAwards\nvested in the reporting period \n -107,248  \n 9.09  \n -229,225  \n 8.19 \n\nAwards\nexpired in the reporting period \n -  \n -  \n -  \n - \n\nAwards\noutstanding December 31 \n 355,559  \n 10.55  \n 356,605  \n 8.67 \n\n \n\nThe\nweighted average remaining contractual lifetime of the RSUs as at December 31, 2025 is 2.20 years (December 31, 2024: 2.23 years).\n\n \n\nWhen\ndetermining the expense recognition as of December 31, 2025, an average expected fluctuation of 0% - 10% p.a. (2024: 0% - 10% p.a.) was\napplied based on management estimates. The expected fluctuation for the remaining part of the respective vesting period will be adjusted\non future reporting dates based on current information.\n\n \n\nAs\nof December 31, 2025, ADSE has recognized a gross increase in equity in the balance sheet of kEUR 1,249 (December 31, 2024: kEUR 2,314,\nDecember 31, 2023: kEUR 729) for share-based payments from RSUs. In the financial year 2024, 21,005 of the vested RSUs were withheld\nby ADSE to cover payroll taxes, causing a decrease in equity of kEUR 221. In 2025, no RSUs were withheld for payroll tax purposes.\nAs of the reporting date, this results in a net increase in equity in the balance sheet of kEUR 1,249 (December 31, 2024: kEUR 2,094).\nThe expense recognized for RSUs for the year ended December 31, 2025, amounts to kEUR 1,249 (2024: kEUR 2,314, 2023: kEUR 729).\n\n** **\n\n**Non-qualified\nstock options**\n\n \n\nUnder\nthe non-qualified stock option (NQSO) program, ADSE grants the participant the right to acquire from ADSE the aggregate number of shares\nof common stock for a fixed price specified in the award agreement. Except for one NQSO agreement concluded under the director compensation,\nwhich became exercisable after one year, and one NQSO agreement with a consultant, which has different vesting dates, all other options\ngranted become exercisable according to a vesting schedule earliest after one year and latest after four years from the grant date. In\ncase of a bad leaver-event all claims to the NQSO become forfeited. The options expire after ten years from the grant date.\n\n \n\nF-49\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nfollowing table shows the number and weighted average exercise prices (WAEP) of, and movements in stock options during the year:\n\n \n\n  \n2025  \n2024 \n\nProgram\nNQSO \nNumber\nof NQSO  \nWAEP  \nNumber\nof NQSO  \nWAEP \n\nAwards\noutstanding January 1 \n 1,912,024  \n 7.68  \n 1,877,700  \n 6.82 \n\nAwards\ngranted in the reporting period \n 342,951  \n 13.48  \n 424,298  \n 10.44 \n\nAwards\nforfeited in the reporting period \n -201,139  \n 7.68  \n -251,279  \n 5.81 \n\nAwards\nexercised in the reporting period \n -107,258  \n 7.13  \n -138,695  \n 6.16 \n\nAwards\nexpired in the reporting period \n -3,827  \n 10.44  \n -  \n - \n\nAwards\noutstanding December 31 \n 1,942,751  \n 8.72  \n 1,912,024  \n 7.68 \n\nAwards\nexercisable December 31 \n 818,084  \n 7.64  \n 463,963  \n 7.51 \n\n \n\nThe\nweighted average remaining contractual life of the NQSOs outstanding as at December 31, 2025 is 7.59 years (December 31, 2024: 8.30\nyears). In 2025, the range of exercise prices for those options is USD 3.21 to USD 15.08 (2024: USD 3.21 to USD 10.44).\n\n \n\nThe\nweighted average fair value of NQSO granted during the year was 4.91 (2024: 4.24).\n\n \n\nThe\nweighted average share price at the date of exercise for options exercised in 2025 was USD 11.37 (2024: USD 11.21).\n\n \n\nThe\nfair value at grant date is independently determined using a Black-Scholes model that takes into account the exercise price, the term\nof the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, and\nthe risk-free interest rate for the term of the option. The following tables show the valuation input parameters as of the different\ngrant dates.\n\n \n\nMeasurement\nof fair values as of March 31, 2022:\n\n \n\n**Measurement\nof fair values**\n** **\n**4\nyears**** **** **\n**3\nyears**** **** **\n**2\nyears**** **** **\n**1\nyea**r \n\nFair\nvalue at grant date in USD \n 5.02  \n 4.52  \n 3.87  \n 2.26 \n\nShare\nprice at grant date in USD \n 8.62  \n 8.62  \n 8.62  \n 8.62 \n\nExercise\nprice in USD \n 8.62  \n 8.62  \n 8.62  \n 8.62 \n\nExpected\nvolatility in % \n 78.46% \n 80.26% \n 82.57% \n 65.97%\n\nExpected\nlife in years \n 4.00  \n 3.00  \n 2.00  \n 1.00 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\n \n\nF-50\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nMeasurement\nof fair values as of July 18, 2022:\n\n \n\n**Measurement\nof fair values**\n** **\n**3.7\nyears**** **** **\n**2.7\nyears**** **** **\n**1.7\nyears**** **** **\n**0.7\nyears**** **\n\nFair\nvalue at grant date in USD \n 3.91  \n 3.44  \n 2.67  \n 1.63 \n\nShare\nprice at grant date in USD \n 6.72  \n 6.72  \n 6.72  \n 6.72 \n\nExercise\nprice in USD \n 6.72  \n 6.72  \n 6.72  \n 6.72 \n\nExpected\nvolatility in % \n 79.73% \n 80.53% \n 76.83% \n 71.97%\n\nExpected\nlife in years \n 3.70  \n 2.70  \n 1.70  \n 0.70 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\n \n\nMeasurement\nof fair values as of November 29, 2022:\n\n \n\n**Measurement\nof fair values**\n \n3.34\nyears  \n2.34\nyears  \n1.34\nyears  \n0.33\nyears \n\nFair\nvalue at grant date in USD \n 2.99  \n 2.60  \n 1.73  \n 0.80 \n\nShare\nprice at grant date in USD \n 5.25  \n 5.25  \n 5.25  \n 5.25 \n\nExercise\nprice in USD \n 5.25  \n 5.25  \n 5.25  \n 5.25 \n\nExpected\nvolatility in % \n 80.80% \n 82.10% \n 69.24% \n 64.72%\n\nExpected\nlife in years \n 3.34  \n 2.34  \n 1.34  \n 0.33 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\n \n\nFor\nthe following grant date, vesting had already started with the start of employment of several employees in 2022. However, the formal\ngrant date is January 24, 2023. Measurement of fair values as of January 24, 2023:\n\n \n\n**Measurement\nof fair values**\n \n3.18\nyears  \n2.18\nyears  \n1.18\nyears  \n0.18\nyears \n\nFair\nvalue at grant date in USD \n 1.84  \n 1.48  \n 1.00  \n 0.35 \n\nShare\nprice at grant date in USD \n 3.21  \n 3.21  \n 3.21  \n 3.21 \n\nExercise\nprice in USD \n 3.21  \n 3.21  \n 3.21  \n 3.21 \n\nExpected\nvolatility in % \n 83.34% \n 77.63% \n 68.58% \n 62.02%\n\nExpected\nlife in years \n 3.18  \n 2.18  \n 1.18  \n 0.18 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\n \n\nMeasurement\nof fair values as of July 05, 2023:\n\n \n\n**Measurement\nof fair values**\n \n4\nyears  \n3\nyears  \n2\nyears  \n1\nyears \n\nFair\nvalue at grant date in USD \n 3.74  \n 3.29  \n 2.28  \n 1.59 \n\nShare\nprice at grant date in USD \n 6.00  \n 6.00  \n 6.00  \n 6.00 \n\nExercise\nprice in USD \n 6.00  \n 6.00  \n 6.00  \n 6.00 \n\nExpected\nvolatility in % \n 82.81% \n 81.30% \n 64.25% \n 62.66%\n\nExpected\nlife in years \n 4.00  \n 3.00  \n 2.00  \n 1.00 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\n \n\nF-51\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nMeasurement\nof fair values as of April 15, 2024:\n\n \n\n**Measurement\nof fair values**\n \n4\nyears  \n3\nyears  \n2\nyears  \n1\nyears \n\nFair\nvalue at grant date in USD \n 5.19  \n 4.60  \n 4.29  \n 2.90 \n\nShare\nprice at grant date in USD \n 10.44  \n 10.44  \n 10.44  \n 10.44 \n\nExercise\nprice in USD \n 10.44  \n 10.44  \n 10.44  \n 10.44 \n\nExpected\nvolatility in % \n 59.66% \n 60.65% \n 70.53% \n 66.12%\n\nExpected\nlife in years \n 4.00  \n 3.00  \n 2.00  \n 1.00 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\nRisk-free\ninterest rate in % \n 4.34% \n 4.41% \n 4.62% \n 5.01%\n\n \n\nMeasurement\nof fair values as of January 15, 2025:\n\n \n\nMeasurement\nof fair values \n4\nyears  \n3\nyears  \n2\nyears  \n1\nyears \n\nFair\nvalue at grant date in USD \n 7.16  \n 6.82  \n 5.13  \n 2.97 \n\nShare\nprice at grant date in USD \n 15.08  \n 15.08  \n 15.08  \n 15.08 \n\nExercise\nprice in USD \n 15.08  \n 15.08  \n 15.08  \n 15.08 \n\nExpected\nvolatility in % \n 56.13% \n 63.05% \n 56.41% \n 45.12%\n\nExpected\nlife in years \n 4.00  \n 3.00  \n 2.00  \n 1.00 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\nRisk-free\ninterest rate in % \n 4.28% \n 4.27% \n 4.29% \n 4.36%\n\n \n\nMeasurement\nof fair values as of May 01, 2025:\n\n \n\nMeasurement\nof fair values \n4\nyears  \n3\nyears  \n2\nyears  \n1\nyears \n\nFair\nvalue at grant date in USD \n 6.40  \n 6.00  \n 4.44  \n 2.50 \n\nShare\nprice at grant date in USD \n 13.45  \n 13.45  \n 13.45  \n 13.45 \n\nExercise\nprice in USD \n 13.45  \n 13.45  \n 13.45  \n 13.45 \n\nExpected\nvolatility in % \n 56.67% \n 62.27% \n 54.80% \n 42.54%\n\nExpected\nlife in years \n 4.00  \n 3.00  \n 2.00  \n 1.00 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\nRisk-free\ninterest rate in % \n 4.08% \n 4.04% \n 4.04% \n 4.16%\n\n \n\nFor\nthe following grant date, vesting had already started in May 2025. However, the formal grant date is October 01, 2025.\n\n \n\nMeasurement\nof fair values as of October 01, 2025:\n\n \n\nMeasurement\nof fair values \n3.58\nyears  \n2.58\nyears  \n1.58\nyears  \n0.58\nyears \n\nFair\nvalue at grant date in USD \n 5.66  \n 4.61  \n 3.33  \n 2.56 \n\nShare\nprice at grant date in USD \n 11.60  \n 11.60  \n 11.60  \n 11.60 \n\nExercise\nprice in USD \n 11.60  \n 11.60  \n 11.60  \n 11.60 \n\nExpected\nvolatility in % \n 63.38% \n 59.33% \n 53.65% \n 70.35%\n\nExpected\nlife in years \n 3.58  \n 2.58  \n 1.58  \n 0.58 \n\nExpected\ndividends in % \n 0.00  \n 0.00  \n 0.00  \n 0.00 \n\nRisk-free\ninterest rate in % \n 3.75% \n 3.75% \n 3.85% \n 3.95%\n\n \n\nF-52\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nexpected price volatility is based on the historic volatility of peer group entities based on the remaining life of the options.\n\n \n\nThe\nindividual programs with different terms and conditions were valued using parameters for historical volatility and risk-free interest\nrate with corresponding terms.\n\n \n\nWhen\ndetermining the expense recognition as of December 31, 2025, an average expected fluctuation of 0% - 10% p.a. (2024: 0% - 10% p.a.) was\napplied based on management estimates. The expected fluctuation for the remaining part of the respective vesting period will be adjusted\non future reporting dates based on current information.\n\n \n\nAs\nof December 31, 2025, ADSE has recognized an increase in equity in the balance sheet of kEUR 1,301 (2024: kEUR 1,775, 2023:\nkEUR 832) for the share-based payments from NQSOs. The expense recognized for NQSOs for the financial year 2025 amounts to kEUR 1,301\n(2024: kEUR 1,775, 2023: kEUR 832).\n\n \n\n**4.4****Statement\nof cash flows**\n\n \n\nADSE\nhas elected to present cash flows from operating activities using the indirect method and has used the profit for the period as the starting\npoint for presenting operating cash flows.\n\n \n\nADSE\nhas classified cash payments for lease payments as financing activities.\n\n \n\nThe\ncash and cash equivalents presented in the statement of cash flows comprise all cash reported in the statements of financial position.\n\n \n\nADSE\nhas elected to classify cash flows from interest paid as financing activities, cash flows from interest received and dividends received\nas operating activities, and cash flows from dividends paid as financing activities. However, dividends have neither been paid nor received\nin the reporting period.\n\n \n\n**Reconciliation\nof movements of liabilities to cash flows arising from financing activities**\n\n** **\n\nkEUR \nLoans\nand borrowings  \nWarrant\n\nliabilities  \nLeases  \nConvertible\nnotes  \nTotal \n\nBalance\nas of Jan. 01, 2025 \n 13,333  \n 119,581  \n 3,480  \n 0  \n 136,394 \n\nChanges\nfrom financing cash flows \n    \n    \n    \n    \n   \n\nProceeds\nfrom shareholder loans \n 6,275  \n -  \n -  \n -  \n 6,275 \n\nProceeds\nfrom convertible notes \n -  \n -  \n -  \n 38,156  \n 38,156 \n\nProceeds\nfrom the issue of warrants \n -  \n 9,000  \n -  \n -  \n 9,000 \n\nProceeds\nfrom the exercise of warrants \n -  \n 26,950  \n -  \n -  \n 26,950 \n\nRepayment\nof shareholder loans \n -22,026  \n -  \n -  \n -  \n -22,026 \n\nRepayment\nof convertible notes \n -  \n -  \n -  \n -21,231  \n -21,231 \n\nRepayment\nof lease liabilities \n -  \n -  \n -1,222  \n -  \n -1,222 \n\nInterest\npaid \n -2,152  \n 0  \n -154  \n -10,204  \n -12,511 \n\nTotal\nchanges from financing cash flows \n -17,903  \n 35,950  \n -1,376  \n 6,721  \n 23,390 \n\nOther\nChanges \n    \n    \n    \n    \n   \n\nEffect\nof changes in foreign exchange rates \n -822  \n -11,341  \n -39  \n -763  \n -12,964 \n\nChanges\nin fair value \n -  \n -31,842  \n -  \n -  \n -31,842 \n\nOther\nchanges ***)** \n 45  \n -57,540  \n -51  \n -26,753  \n -84,298 \n\nAdditions\nto lease liabilities \n -  \n -  \n 1,020  \n -  \n 1,020 \n\nInterest\nexpense recognized in profit and loss \n 10,357  \n -  \n 154  \n 20,795  \n 31,306 \n\nTotal\nliability-related other changes \n 9,580  \n -100,723  \n 1,084  \n -6,721  \n -96,778 \n\nBalance\nas of Dec. 31, 2025 \n 5,010  \n 54,808  \n 3,188  \n 0  \n 63,006 \n\n \n\n*)Other changes in warrant liabilities include non-cash effective changes that are related to the exercise of warrants and increased equity; other changes related to the convertible notes are non-cash effective changes due to the conversion of debt and interest into equity.\n\n \n\nF-53\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nkEUR \nLoans\nand borrowings  \nWarrant\n\nliabilities  \nLeases  \nTotal \n\nBalance\nas of Jan. 01, 2024 \n 13,908  \n 21,626  \n 3,434  \n 38,968 \n\nChanges\nfrom financing cash flows \n    \n    \n    \n   \n\nProceeds\nfrom shareholder loans \n -  \n 13,967  \n -  \n 13,967 \n\nProceeds\nfrom the issue of warrants \n -  \n -  \n -  \n - \n\nProceeds\nfrom the exercise of warrants \n -  \n 9,260  \n -  \n 9,260 \n\nRepayment\nof shareholder loans \n -11,225  \n -  \n -  \n -11,225 \n\nRepayment\nof lease liabilities \n -  \n -  \n -996  \n -996 \n\nInterest\npaid \n -1,018  \n -  \n -156  \n -1,174 \n\nTotal\nchanges from financing cash flows \n -12,243  \n 23,227  \n -1,152  \n 9,832 \n\nOther\nChanges \n    \n    \n    \n   \n\nEffect\nof changes in foreign exchange rates \n 845  \n 6,660  \n 8  \n 7,513 \n\nChanges\nin fair value \n -  \n 65,895  \n -  \n 65,895 \n\nOther\nchanges ***)** \n -96  \n 2,173  \n -  \n 2,077 \n\nAdditions\nto lease liabilities \n -  \n 0  \n 1,034  \n 1,034 \n\nInterest\nexpense recognized in profit and loss \n 10,919  \n -  \n 156  \n 11,075 \n\nTotal\nliability-related other changes \n 11,668  \n 74,728  \n 1,198  \n 87,594 \n\nBalance\nas of Dec. 31, 2024 \n 13,333  \n 119,581  \n 3,480  \n 136,394 \n\n \n\n*)Other changes in warrant liabilities include non-cash effective changes of kEUR -15,647 that are related to the exercise of warrants and increased equity and non-cash effective changes of kEUR 17,819 that are related to the shareholder loans and were recognized as day one losses.\n\n \n\nkEUR \nLoans\nand borrowings  \nWarrant\n\nliabilities  \nLeases  \nTotal \n\nBalance\nas of Jan. 01, 2023 \n -  \n 2,439  \n 3,477  \n 5,915 \n\nChanges\nfrom financing cash flows \n    \n    \n    \n   \n\nProceeds\nfrom shareholder loans \n 12,033  \n -  \n -  \n 12,033 \n\nProceeds\nfrom the issue of warrants \n -  \n 8,592  \n -  \n 8,592 \n\nRepayment\nof shareholder loans \n -703  \n -  \n -  \n -703 \n\nRepayment\nof lease liabilities \n -  \n -  \n -912  \n -912 \n\nInterest\npaid \n -106  \n 0  \n -153  \n -259 \n\nTotal\nchanges from financing cash flows \n 11,224  \n 8,592  \n -1,065  \n 18,751 \n\nOther\nChanges \n    \n \n \n  \n \n \n  \n   \n\nEffect\nof changes in foreign exchange rates \n -83  \n -264  \n 8  \n -339 \n\nChanges\nin fair value \n -  \n 10,859  \n -  \n 10,859 \n\nAdditions\nto lease liabilities \n -  \n 0  \n 871  \n 871 \n\nInterest\naccrued \n 2,767  \n -  \n 144  \n 2,911 \n\nTotal\nliability-related other changes \n 2,684  \n 10,595  \n 1,023  \n 14,302 \n\nBalance\nas of Dec. 31, 2023 \n 13,908  \n 21,626  \n 3,434  \n 38,968 \n\n \n\nF-54\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**4.5****Capital\nand financial risk management**\n\n \n\n**4.5.1****Capital\nmanagement**\n\n \n\nFor\nthe purpose of the Group’s capital management, capital includes issued capital and all other equity reserves attributable to the\nequity holders of the parent which contain share premium from IPO (initial public offering) and PIPE investment (private investment in\npublic equity) as well as shareholder loans. In 2025 and 2024, ADSE has concluded shareholder loans with several shareholders for the\nfinancing of working capital and general corporate purposes (refer to note **4.2.13**).\n\n \n\nThe\nGroup’s target is to maintain a capital structure that optimizes capital costs of equity and debt and to improve the capital base\nin order to maintain the confidence of investors, creditors and the markets and to ensure the sustainable development of the company.\n\n \n\nADSE’s\npolicy is to maintain a stable liquidity position to enable ADSE growth of market presence and investments into new technologies. Currently\nADSE generates negative cash flows both from operating and investing activities. Therefore, the management closely monitors ADSE’s\nliquidity reserves as well as the expected cash flows from its operating activities.\n\n \n\n**4.5.2****Financial\nrisk management**\n\n \n\nADSE\nhas exposure to the following risks arising from financial instruments:\n\n \n\n●Credit\nrisk,\n\n●Liquidity\nrisk and\n\n●Market\nrisk.\n\n \n\nADSE’s\nmanaging directors have overall responsibility for the establishment and oversight of ADSE’s risk management framework. The managing\ndirectors are also responsible for developing and monitoring its risk management policies.\n\n \n\nADSE’s\nrisk management policies are established to identify and analyze the risks faced by ADSE, to set appropriate risk limits and controls\nand to monitor risks and adherence to limits. ADSE aims to maintain a disciplined and constructive control environment in which all employees\nunderstand their roles and obligations.\n\n \n\nAs\nof December 31, 2025, ADSE’s main financial liabilities include liabilities from warrants, trade payables, lease liabilities as\nwell as shareholder loans. The primary purpose of these financial liabilities is to finance ADSE’s operations and provide guarantees\nto support its operations. ADSE is mainly exposed to liquidity risk as well as credit risk. The market risk, mainly including currency\nrisk, interest rate risk, and equity risk is assessed as not negligible. However, ADSE does not have long term loans with variable interest\nrates. Furthermore, most of the business activities are concluded in the reporting currency Euro.\n\n \n\n**4.5.2.1****Credit\nrisk**\n\n \n\nCredit\nrisk is the risk of financial loss to ADSE if a customer or counterparty to a financial instrument fails to meet its contractual obligations\nand arises principally from ADSE’s receivables from customers and contract assets.\n\n \n\nThe\ncarrying amounts of financial assets and contract assets represent ADSE’s maximum credit exposure. ADSE monitors its credit risk\nregularly.\n\n \n\nTrade\nreceivables, contract assets and other investments\n\n \n\nADSE’s\nexposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the\nfactors that may influence the credit risk of its customer base, including the default risk associated with the industry and country\nin which customers operate.\n\n \n\nFor\ntrade receivables and contract assets, ADSE applies the “simplified approach” and measures and accounts the loss allowance\nat an amount equal to the lifetime expected credit losses, while for all other financial assets measured at amortized cost the general\napproach is applied. As there is a heterogeneous portfolio of customers separate probabilities of default rates are determined for each\nsignificant customer. The determination of probability of default is done by an external service provider that acts as an independent\ncredit rating agency.\n\n \n\nF-55\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nA\nwrite-off of the trade receivables, contract assets and other investments of individual customers within the simplified approach is applied\nif one or more events take place that have an influence on the customer’s credit rating. These events include payment delays, pending\ninsolvency or concessions by the debtor due to payment difficulties. Trade receivables, contract assets and other investments are written\noff when there is no reasonable expectation of recovery.\n\n \n\nImpairment\nlosses on financial assets recognized in profit or loss amounted to kEUR 55 in the financial year 2025 (2024: kEUR 58 (loss), 2023:\nkEUR 104 (gains)).\n\n \n\nThe\nfollowing table shows the development of loss allowance.\n\n \n\nkEUR \n2025  \n2024 \n\nAllowance\nas of Jan. 01 \n 197  \n 134 \n\nAddition \n 179  \n 197 \n\nReversal \n -197  \n -134 \n\nAllowance\nas of Dec. 31 \n 179  \n 197 \n\n \n\nIn\nthe following tables, the loss allowance as of December 31, 2025 and December 31, 2024 was determined as follows for trade receivables,\ncontract assets and other investments.\n\n \n\n**kEUR**\n \nCurrent\n\n(not past due)  \n1-30\ndays past due  \n31-60\ndays past due  \n61-90\ndays past due  \n>90\ndays past due  \nTotal \n\nDec.\n31, 2025 \n    \n    \n    \n    \n    \n   \n\nExpected\nloss rate \n 1.65% \n 1.01% \n 0.00% \n 0.00% \n 20.68% \n - \n\nGross\ncarrying amount - trade receivables \n 3,593  \n 766  \n 370  \n 202  \n 536  \n 5,468 \n\nGross\ncarrying amount - other investments \n 6  \n -  \n -  \n -  \n -  \n 6 \n\nLoss\nallowance \n -60  \n -8  \n -  \n -  \n -111  \n -178 \n\nTotal \n 3,540  \n 759  \n 370  \n 202  \n 425  \n 5,296 \n\n \n\nkEUR \nCurrent\n\n(not past due)  \n1-30\ndays past due  \n31-60\ndays past due  \n61-90\ndays past due  \n>90\ndays past due  \nTotal \n\nDec.\n31, 2024 \n   \n   \n   \n   \n   \n  \n\nExpected\nloss rate \n 1.41% \n 1.19% \n 0.00% \n 0.28% \n 12.14% \n - \n\nGross\ncarrying amount - trade receivables \n 5,590  \n 3,716  \n 53  \n 142  \n 595  \n 10,096 \n\nGross\ncarrying amount - other investments \n 5  \n -  \n -  \n -  \n -  \n 5 \n\nGross\ncarrying amount - contract assets \n 41  \n -  \n -  \n -  \n -  \n 41 \n\nLoss\nallowance \n -80  \n -44  \n 0  \n 0  \n -72  \n -197 \n\nTotal \n 5,556  \n 3,672  \n 53  \n 141  \n 523  \n 9,945 \n\n \n\nF-56\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n**Other\nfinancial assets**\n\n \n\nADSE\nconsiders the probability of default at the date of initial recognition of assets and the existence of a significant increase in the\nrisk of default during all reporting periods. To assess whether the risk of default has increased significantly, ADSE compares the risk\nof default on the asset at the reporting date with the risk of default at the initial recognition. Available, appropriate, and reliable\nforward-looking information is considered. Indicators such as internal and external credit ratings as well as actual and expected significant\nchanges in the debtor’s earnings situation are taken into account.\n\n \n\nCash\nand cash equivalents\n\n \n\nCash\nand cash equivalents are mainly cash at banks. ADSE regularly monitors the corresponding bank’s credit ratings. Due to the short\ninvestment period and the good credit rating of the banks ADSE considers that its cash and cash equivalents have low credit risk. Consequently,\nno impairment was recognized on cash and cash equivalents.\n\n \n\n**4.5.2.2****Liquidity\nrisk**\n\n \n\nLiquidity\nrisk is the risk that ADSE will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled\nby delivering cash or another financial asset.\n\n \n\nADSE\naims to maintain the level of its cash and cash equivalents at a level that exceeds the expected cash outflows from financial liabilities.\n\n \n\nExposure\nto liquidity risk\n\n \n\nADSE’s\npolicy is to maintain sufficient cash and cash equivalents at all times to meet current and future obligations as they fall due. ADSE\nmanages its liquidity by maintaining sufficient liquid assets.\n\n \n\nAdverse\ndevelopments in the capital markets could increase ADSE’s financing costs and limit its financial flexibility.\n\n \n\nThe\nfollowing table shows the remaining contractual maturities of ADSE’s financial liabilities at the reporting date. The amounts are\ngross and undiscounted and include contractual interest payments:\n\n \n\n** **\n\n**kEUR**\n \nTotal  \nLess\nthan\n1 year  \n1-5\nyears  \nMore\nthan\n5 years \n\nShareholder\nloans \n 5,198  \n 5,198  \n -  \n - \n\nLease\nliabilities \n 3,387  \n 1,449  \n 1,938  \n - \n\nTrade\npayables \n 16,731  \n 16,731  \n -  \n - \n\nTrade\npayables due to related parties \n 1,822  \n 1,822  \n -  \n - \n\nOther\npayables \n 1,713  \n 1,499  \n -  \n 214 \n\nTotal \n 28,851  \n 26,700  \n 1,938  \n 214 \n\n \n\nAs\nof the reporting date in 2025, shareholder loans did not include any amount of disagio (as of December 31, 2024: kEUR 10,286) (refer\nto note **4.2.13**).\n\n \n\nF-57\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\nThe\nfollowing table shows the remaining contractual maturities of ADSE’s financial liabilities as of December 31, 2024. The amounts\nare gross and undiscounted and include contractual interest payments:\n\n \n\n** **\n\n**kEUR**\n \nTotal  \nLess\nthan\n1 year  \n1-5\nyears  \nMore\nthan\n5 years \n\nShareholder\nloans \n 25,052  \n 25,052  \n -  \n - \n\nLease\nliabilities \n 3,722  \n 1,270  \n 2,452  \n - \n\nTrade\npayables \n 29,299  \n 29,299  \n -  \n - \n\nTrade\npayables due to related parties \n 2,601  \n 2,601  \n -  \n - \n\nOther\npayables \n 2,317  \n 2,109  \n -  \n 209 \n\nTotal \n 62,992  \n 60,331  \n 2,452  \n 209 \n\n \n\nADSE’s\nfinancial position with a cash level of kEUR 6,987 as of December 31, 2025 (December 31, 2024: kEUR 22,858) has declined compared\nto prior year. Unchanged to 2024, ADSE is exposed to liquidity risks resulting from the short remaining term of the shareholder loans,\ndelayed customer payments and if ADSE cannot manage to generate cash from its current inventories or cannot obtain additional financing.\n\n \n\n**4.5.2.3****Market\nrisk**\n\n \n\nMarket\nrisk\n\n \n\nMarket\nrisk is the risk that changes in market prices – e.g. foreign exchange rates, interest rates and equity prices – will affect\nADSE’s income or the value of its holdings of financial instruments. The financial instruments affected by market risk essentially\ncomprise financial assets and financial liabilities.\n\n \n\nInterest\nrate risk\n\n \n\nInterest\nrisk is the risk that changes of interest rates will affect interest expenses from loans or borrowings and interest income from cash\nand cash equivalents. As of December 31, 2025, loans and borrowings amounts to kEUR 5,010 (December 31, 2024: kEUR 13,333) and consist\nof interest-bearing shareholder loans. However, all shareholder loans are based on fixed interest rates. Thus, no interest rate risks\nexist. Based on balances in bank accounts amounting to kEUR 6,987 as of December 31, 2025 (kEUR 22,858 as of December 31, 2024)\nand low market interest rates for short-term deposits, negligible interest rate risk arises with respect to interest income.\n\n \n\nEquity\nrisk\n\n \n\nEquity\nrisk is the risk that changes in stock markets – e.g. a falling price of ordinary shares and/or public warrants of ADSE (“ADSE’s\ntrading price”), receiving no dividends, receiving lower dividends than expected, or fluctuations in the equity markets –\nwill affect the value of ADSE’s common shares and outstanding warrants. The volatility of ADSE’s trading price could potentially\nhave significant impact on the valuation of warrant liabilities in the future and valuation of future share-based payments. As of December\n31, 2025 equity risks arise with respect to warrant liabilities amounting to kEUR 54,808 (December 31, 2024: kEUR 119,581). The\nfollowing table demonstrates the sensitivity of warrant liabilities to a reasonably possible change (variance) of ADSE’s stock\nprice. The assumed movement in stock price for the sensitivity analysis is based on the observable movements in 2025.\n\n \n\n** **\n\n**2025**\n \nVariance  \nEffect\non profit before tax / equity in kEUR  \nVariance  \nEffect\non profit before tax / equity in kEUR \n\nPublic\nwarrants \n 11.80% \n -920  \n -11.80% \n 920 \n\nPrivate\nwarrants \n 2.60% \n 1,421  \n -2.60% \n -302 \n\nWarrants\nrelated to shareholder loans \n 2.60% \n -1,363  \n -2.60% \n 1,927 \n\nWarrants\nrelated to convertible notes \n 2.60% \n -423  \n -2.60% \n 420 \n\n \n\nF-58\n\n \n\n \n\nDisclosure\non individual items of the consolidated financial statements\n\n \n\n2024 \nVariance  \nEffect\non profit before tax / equity in kEUR  \nVariance  \nEffect\non profit before tax / equity in kEUR \n\nPublic\nwarrants \n 13.60% \n -5,440  \n -13.60% \n 5,440 \n\nPrivate\nwarrants \n 7.50% \n 172  \n -7.50% \n -172 \n\nWarrants\nrelated to shareholder loans \n 7.50% \n -8,759  \n -7.50% \n 8,708 \n\n \n\nCurrency\nrisk\n\n \n\nForeign\nexchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency.\n\n \n\nADSE\nis exposed to currency risks arising from bank balances in foreign currencies, transactions in foreign currencies including shareholder\nloans and intercompany financing in currencies other than the borrower’s or lender’s functional currency, revenue generated\nor purchases of materials and services, and operating business activities in the US for ADSE US. The main exposure of currency risks\narise with respect to intercompany receivables from ADSE US amounting to kEUR 21,957 (December 31, 2024: net intercompany payables to\nADSE US amounting to kEUR 2,305), bank balances amounting to kEUR 1,187 (December 31, 2024: kEUR 1,847), trade payables amounting to\nkEUR 2,275 (December 31, 2024: kEUR 981) all of which are denominated in USD and one tranche of the shareholder loans amounting to kEUR\n2,274 (December 31, 2024: kEUR 1,067) issued to ADSE GM. The USD bank balances are considered a natural hedge against currency risks\nfrom the payment obligation of the shareholder loans and trade payables. Lesser currency risks arise from normal operations since 92%\nof revenues in 2025 (2024: 95%, 2023: 95%) are generated in EUR.\n\n \n\nSensitivity\nof the foreign currency risk\n\n \n\nThe\nsensitivity analysis approximately quantifies the risk that can occur within the framework of set assumptions if certain parameters are\nchanged to a defined extent. Exchange rate risks exist for US dollars (USD).\n\n \n\nThe\nfollowing disclosures describe the sensitivity of an increase or decrease in the USD against the EUR from ADSE’s perspective. Currency\nrisks within the meaning of IFRS 7 arise from financial instruments that are denominated in a currency other than the functional currency\nand are of a monetary nature. Translation differences from the translation of financial statements of foreign Group companies into ADSE\ncurrency are not taken into account. The sensitivity analysis was prepared for the main financial instruments (cash, trade receivables,\ntrade payables, receivables or payables from intercompany financing and the shareholder loans) denominated in USD and outstanding as\nat the balance sheet date of ADSE.\n\n \n\nIf\nthe EUR had appreciated or depreciated by 10.0% against the USD as at December 31, 2025 and 2024 respectively, the consolidated profit\nwould change in the manner shown below:\n\n \n\n** **\n\n**kEUR**\n  Variance   Dec. 31,\n2025   OCI   Variance   Dec. 31,\n2024 \n\nEUR/USD   +/-10.0%   -1,691 / 2,067              -    +/-10.0%   +228 / -278 \n\n \n\nOther\nmarket risks\n\n \n\nADSE\nis not significantly exposed to other market risks.\n\n \n\nF-59\n\n \n\n \n\nSegment\nreporting\n\n \n\n**5.****Segment\nreporting**\n\n \n\nInformation\nreported to ADSE’s chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance\nis focused on the geographic region of ADSE’s business activities. Therefore, ADSE manages its operations based on two operating\nsegments referring to its business activities in Europe and North America.\n\n \n\nThe\nCODM has been identified as the board of directors of ADSE Holdco. The board of directors regularly reviews operating results and makes\ndecisions about the allocation of ADSE’s resources. ADSE’s focus is on the research, development and manufacturing of products\nand services in the fields of energy management, energy storage and e-mobility.\n\n \n\nADSE\nevaluates segmental performance based on segment revenue and segment earnings before interest, taxes, depreciation and amortization (EBITDA).\nInter-segment sales are priced along the same lines as sales to external customers.\n\n \n\n  \n2025 \n\n**kEUR** \nEurope  \nNorth\nAmerica  \nTotal\nreportable segments  \nEliminations  \nTotal\nGroup \n\nExternal\nrevenues \n 29,104  \n 2,454  \n 31,559  \n -  \n 31,559 \n\nInter-segment\nrevenues \n 9,868  \n -  \n 9,868  \n -9,868  \n - \n\nTotal\nrevenue \n 38,973  \n 2,454  \n 41,427  \n -9,868  \n 31,559 \n\n  \n    \n    \n    \n    \n   \n\nEarnings\nbefore interest, taxes, depreciation and amortization (EBITDA) \n -35,717  \n -5,540  \n -41,257  \n -4,848  \n -46,106 \n\nDepreciation\nand amortization \n -10,371  \n -217  \n -10,588  \n -  \n -10,588 \n\nOperating\nresult (EBIT) \n -46,088  \n -5,757  \n -51,846  \n -4,848  \n -56,694 \n\nFinancial\nincome \n 69,646  \n 128  \n 69,773  \n -8,985  \n 60,788 \n\nFinancial\ncosts \n -54,656  \n -18,637  \n -73,293  \n 13,751  \n -59,542 \n\nFinancial\nresult \n 14,990  \n -18,509  \n -3,520  \n 4,766  \n 1,246 \n\nProfit\nbefore tax \n -31,099  \n -24,267  \n -55,365  \n -82  \n -55,447 \n\nIncome\ntax expenses \n 599  \n -2  \n 597  \n -340  \n 257 \n\nProfit\nfor the year \n -30,499  \n -24,269  \n -54,768  \n -422  \n -55,190 \n\n \n\nF-60\n\n \n\n \n\nSegment\nreporting\n\n \n\n  \n2024 \n\nkEUR \nEurope  \nNorth\n\nAmerica  \nTotal\n\nreportable\nsegments  \nEliminations  \nTotal\nGroup \n\nExternal\nrevenues \n 104,390  \n 5,623  \n 110,013  \n -  \n 110,013 \n\nInter-segment\nrevenues \n 3,026  \n -  \n 3,026  \n -3,026  \n - \n\nTotal\nrevenue \n 107,416  \n 5,623  \n 113,039  \n -3,026  \n 110,013 \n\n  \n    \n    \n    \n    \n   \n\nEarnings\nbefore interest, taxes, depreciation and amortization (EBITDA) \n -183  \n -2,520  \n -2,703  \n 793  \n -1,910 \n\nDepreciation\nand amortization \n -6,555  \n -144  \n -6,699  \n -  \n -6,699 \n\nOperating\nresult (EBIT) \n -6,737  \n -2,664  \n -9,402  \n 793  \n -8,609 \n\nFinancial\nincome \n -294  \n 318  \n 24  \n -  \n 24 \n\nFinancial\nexpenses \n -74,894  \n -13,989  \n -88,883  \n -  \n -88,883 \n\nFinancial\nresult \n -75,188  \n -13,670  \n -88,858  \n -  \n -88,858 \n\nProfit\nbefore tax \n -81,926  \n -16,334  \n -98,260  \n 793  \n -97,467 \n\nIncome\ntax expenses \n -322  \n -3  \n -324  \n -167  \n -491 \n\nProfit\nfor the year \n -82,247  \n -16,337  \n -98,584  \n 626  \n -97,958 \n\n \n\n  \n2023 \n\nkEUR \nEurope  \nNorth\n\nAmerica  \nTotal\nreportable\nsegments  \nEliminations  \nTotal\nGroup \n\nExternal\nrevenues \n 102,413  \n 4,971  \n 107,384  \n -  \n 107,384 \n\nInter-segment\nrevenues \n 1,152  \n -  \n 1,152  \n -1,152  \n - \n\nTotal\nrevenue \n 103,565  \n 4,971  \n 108,536  \n -1,152  \n 107,384 \n\n  \n    \n    \n    \n    \n   \n\nEarnings\nbefore interest, taxes, depreciation and amortization (EBITDA) \n -33,560  \n -6,296  \n -39,856  \n 182  \n -39,674 \n\nDepreciation\nand amortization \n -4,773  \n -77  \n -4,850  \n -  \n -4,850 \n\nOperating\nresult (EBIT) \n -38,333  \n -6,373  \n -44,707  \n 182  \n -44,525 \n\nFinancial\nincome \n 190  \n -  \n 190  \n -  \n 190 \n\nFinancial\nexpenses \n -11,095  \n -2,791  \n -13,886  \n -  \n -13,886 \n\nFinancial\nresult \n -10,906  \n -2,791  \n -13,697  \n -  \n -13,697 \n\nProfit\nbefore tax \n -49,239  \n -9,164  \n -58,403  \n 182  \n -58,221 \n\nIncome\ntax expenses \n 3,141  \n -  \n 3,141  \n -  \n 3,141 \n\nProfit\nfor the year \n -46,099  \n -9,164  \n -55,263  \n 182  \n -55,081 \n\n \n\nF-61\n\n \n\n \n\nSegment\nreporting\n\n \n\nTotal\nnon-current assets of both reportable segments can be broken down as follows:\n\n \n\n** **\n\n**kEUR**\n \nDec.\n31,\n2025  \nDec.\n31,\n2024  \nDec.\n31,\n2023 \n\nEurope \n 64,414  \n \n71,312\n  \n 50,206 \n\nNorth\nAmerica \n 868  \n 469  \n 54 \n\nEliminations \n -41,593  \n -41,593  \n -15,360 \n\nTotal\nnon-current assets \n 23,689  \n 30,188  \n 34,900 \n\n \n\nTotal\ncurrent assets of both reportable segments can be broken down as follows:\n\n \n\n** **\n\n**kEUR**\n \nDec.\n31,\n2025  \nDec.\n31,\n2024  \nDec.\n31,\n2023 \n\nEurope \n 130,346  \n 108,877  \n 80,218 \n\nNorth\nAmerica \n 9,613  \n 33,870  \n 12,632 \n\nEliminations \n -73,398  \n -27,705  \n -3,342 \n\nTotal\ncurrent assets \n 66,560  \n 115,042  \n 89,509 \n\n \n\nTotal\nliabilities of both reportable segments can be broken down as follows:\n\n \n\n**kEUR**\n \nDec.\n31,\n\n2025  \nDec.\n31,\n\n2024  \nDec.\n31,\n\n2023 \n\nEurope \n 98,044  \n 182,960  \n 77,047 \n\nNorth\nAmerica \n 23,440  \n 10,697  \n 14,978 \n\nEliminations \n -20,413  \n -5,618  \n -1,536 \n\nTotal\nliabilities \n 101,071  \n 188,039  \n 90,489 \n\n \n\nTotal\nrevenues of both reportable segments can be broken down as follows:\n\n \n\n**kEUR**\n \n2025  \n2024  \n2023 \n\nEurope \n 38,973  \n 107,416  \n 103,565 \n\nNorth\nAmerica \n 2,454  \n 5,623  \n 4,971 \n\nEliminations \n -9,868  \n -3,026  \n -1,152 \n\nTotal\nrevenues \n 31,559  \n 110,013  \n 107,384 \n\n \n\nRevenues\nfrom two major customers of ADSE represented kEUR 5,949 and kEUR 2,449 respectively (2024: two customers, kEUR 43,684\nand kEUR 17,028, 2023: two customers, kEUR 39,066 and kEUR 15,046) of ADSE’s total revenues.\n\n \n\nF-62\n\n \n\n \n\nRelated\nparty transactions\n\n \n\n**6.****Related\nparty transactions**\n\n \n\nRelated\nparties are natural persons or companies that can be influenced by the reporting entity, that can exert an influence on the reporting\nentity or that are under the influence of another related party of the reporting entity. Transactions between related parties mainly\ninclude loans, leases, and management services. All business transactions, receivables and liabilities with related parties existing\nat the reporting date result from ordinary business activities and are conducted at arm’s length.\n\n \n\nNote\n1 provides information about ADSE’s structure, including details of the shareholders, subsidiaries, and entities with significant\ninfluence on ADSE.\n\n \n\nThe\nfollowing table provides the total amount of transactions that have been entered into with related parties for the relevant financial\nyear.\n\n \n\n  \n2025 \n\nkEUR \nSales\nof goods and services  \nPurchase\nof goods and services  \nOther\n\nincome  \nOther\n\nexpense  \nInterest\nexpense \n\nTransactions\nwith shareholders \n 1,014  \n -  \n        -  \n -56  \n -8,419 \n\nTransactions\nwith affiliated companies \n 21  \n -2,420  \n -  \n -4,413  \n -56 \n\nTransactions\nwith associated companies \n 532  \n -146  \n -  \n -179  \n - \n\nTotal \n 1,566  \n -2,566  \n -  \n -4,648  \n -8,475 \n\n \n\nTransactions\nwith shareholders in 2025 comprise agreements with ADSH, Robert Bosch GmbH, Bosch Thermotechnik GmbH, Svelland, and other shareholders.\nTransactions with affiliates include transactions with subsidiaries of the shareholders. Transactions with associated companies include\nsales to AW Connectivity Platform GmbH, enesto GmbH and Polar EV Charge & Storage AB and its subsidiaries.\n\n \n\nThe\nshares in Polar EV Charge & Storage AB were sold on 24 October 2025 without any material financial effects.\n\n \n\n  \n2024 \n\nkEUR \nSales\nof goods and services  \nPurchase\nof goods and services  \nOther\n\nincome  \nOther\n\nexpense  \nInterest\nexpense \n\nTransactions\nwith shareholders \n 11,066  \n -  \n -  \n -61  \n -10,919 \n\nTransactions\nwith affiliated companies \n 76  \n -11,016  \n 107  \n -4,507  \n -354 \n\nTransactions\nwith associated companies \n 390  \n -111  \n -  \n -201  \n - \n\nTotal \n 11,531  \n -11,127  \n 107  \n -4,769  \n -11,273 \n\n \n\nTransactions\nwith shareholders in 2024 comprise agreements with ADSH, Robert Bosch GmbH, Bosch Thermotechnik GmbH, Lucerne Capital Master Fund, and\nother shareholders. Transactions with affiliates include transaction with subsidiaries of the shareholders. Transactions with associated\ncompanies include sales to AW Connectivity Platform GmbH, enesto GmbH and Polar EV Charge & Storage AB and subsidiaries.\n\n \n\nF-63\n\n \n\n \n\nRelated\nparty transactions\n\n \n\n  \n2023 \n\nkEUR \nSales\nof goods and services  \nPurchase\nof goods and services  \nOther\n\nincome  \nOther\n\nexpense  \nInterest\nexpense \n\nTransactions\nwith shareholders \n 2,651  \n -  \n -  \n -122  \n -2,784 \n\nTransactions\nwith affiliated companies \n 2,644  \n -9,616  \n -  \n -4,688  \n -63 \n\nTransactions\nwith associated companies \n 7,707  \n -94  \n -  \n -122  \n - \n\nTotal \n 13,003  \n -9,710  \n         -  \n -4,932  \n -2,847 \n\n \n\nTransactions\nwith shareholders in 2023 comprise agreements with ADSH, Robert Bosch GmbH, Bosch Thermotechnik GmbH, Lucerne Capital Master Fund, and\nother shareholders. Transactions with affiliates include transaction with subsidiaries of the shareholders. Transactions with associated\ncompanies include sales to AW Connectivity Platform GmbH and Polar EV Charge & Storage AB and subsidiaries.\n\n \n\nOther\nexpenses\n\n \n\nOther\nexpenses mainly include the administration fees of kEUR 3,407 (2024: kEUR 3,466, 2023: kEUR 2,741) paid to ads-tec Administration GmbH\nand development costs of kEUR 48 (2024: kEUR 114, 2023: kEUR 246) paid to ads-tec Industrial IT GmbH.\n\n \n\nInterest\nexpenses\n\n \n\nInterest\nexpenses include the interest expense of kEUR 11,558 from the shareholder loans granted in the financial year 2025 and 2024 (2024: kEUR\n10,919). This amount represents the effective interest on the shareholder loan considering warrants and transaction cost.\n\n \n\nThe\ntable below provides an overview of significant account balances and transactions from such relationships.\n\n \n\nReceivables\nand liabilities\n\n \n\nReceivables\nfrom affiliated companies amounted to kEUR 0 as of December 31, 2025 (December 31, 2024: kEUR 550 from prepayments to ads-tec Industrial\nIT GmbH).\n\n \n\nLiabilities\nto shareholders mainly include shareholder loans granted in the financial year 2025 and 2024 in the amount of kEUR 5,623 (December 31,\n2024: kEUR 13,333). Please refer to note 4.2.9 regarding warrants issued together with certain shareholder loans and note 4.2.13.\n\n \n\nLiabilities\nto affiliated companies mainly comprise a liability to ads-tec Industrial IT GmbH in the amount of kEUR 808 (December 31, 2024: kEUR\n1,700) and a liability to ads-tec Administration GmbH in the amount of kEUR 875 (December 31, 2024: kEUR 771).\n\n \n\nF-64\n\n \n\n \n\nOther\nfinancial disclosures\n\n \n\n  \nDec.\n31, 2025  \nDec.\n31, 2024 \n\nkEUR \nReceivables  \nLiabilities  \nReceivables  \nLiabilities \n\nTransactions\nwith shareholders \n 160  \n 5,010  \n 777  \n 13,333 \n\nTransactions\nwith affiliated companies \n 3  \n 1,864  \n 712  \n 1,863 \n\nTransactions\nwith associated companies \n -  \n 139  \n 347  \n 123 \n\nTotal \n 163  \n 7,013  \n 1,836  \n 15,319 \n\n \n\nTransactions\nwith shareholders comprise agreements with ADSH, Robert Bosch GmbH, Bosch Thermotechnik GmbH, Svelland, and other shareholders. Transactions\nwith affiliates include transaction with subsidiaries of the shareholders. Transactions with associated companies include transactions\nwith AW Connectivity Platform GmbH, Polar EV Charge & Storage AB and enesto GmbH.\n\n \n\nKey\nmanagement personnel compensation\n\n \n\nAs\nof December 31, 2025, key management is represented by the following people:\n\n \n\n**Key management personnel**\n  **Role**\n\nJoseph Brancato   Director\n\nThomas Speidel   Chief Executive Officer and Director\n\nKurt Lauk, PhD   Director (Chairman)\n\nSonja Harms, PhD   Director\n\nAndreas Fabritius, PhD   Director\n\nAlwin Epple   Director\n\nTorsten Klee (since October 2025)   Chief Financial Officer\n\nStefan Berndt-von Bülow (until September 2025)   Chief Financial Officer\n\nMichael Rudloff   Chief Operating Officer\n\nSebastian Schypulla   Chief Purchase and Logistics Officer\n\nHakan Konyar (until December 2025)   Chief Production Officer\n\n \n\nKey\nmanagement personnel compensation comprised the following:\n\n \n\n**kEUR**\n \n2025  \n2024  \n2023 \n\nShort-term\nemployee benefits \n 1,891  \n 1,800  \n 2,001 \n\nTermination\nbenefits \n 227  \n -  \n - \n\nShare-based\npayments \n 2,121  \n 3,310  \n 1,509 \n\nTotal \n 4,239  \n 5,110  \n 3,510 \n\n \n\nShort\nterm employee benefits include salary, company cars, training, and other benefits. Share-based payments include expenses for restricted\nstock units and non-qualified stock options (see note 4.3).\n\n \n\nShare-based\npayments in 2024 include an amount of kEUR 487 for restricted stock units that were granted to the former directors Salina Love, K.R.\nKent and Bazmi Husain for services they had rendered until their termination in September 2023 and that have vested in 2024.\n\n \n\n**7.****Other\nfinancial disclosures**\n\n \n\nAs\nof December 31, 2025, other financial obligations exist from master purchase agreements for materials with a commitment of kEUR 16,561\n(December 31, 2024: kEUR 3,070) of which kEUR 14,872 (December 31, 2024: kEUR 3,068) are short-term financial obligations. Furthermore,\nthere are purchase agreements mainly for materials with a commitment of kEUR 4,150 (December 31, 2024: kEUR 6,896) of which kEUR 1,153\n(December 31, 2024: kEUR 6,310) are short-term financial obligations.\n\n \n\nF-65\n\n \n\n \n\nEvents\nafter the reporting period\n\n \n\nAs\nof December 31, 2025, there is a financial obligation of kEUR 3,366 (December 31, 2024: kEUR 4,097) per year from contracted long-term\ncost allocation agreements with affiliated companies and a financial obligation of kEUR 50 (December 31, 2024: kEUR 50) per year from\nlicense agreement with shareholder.\n\n \n\n**8.****Events\nafter the reporting period**\n\n \n\nOn\nFebruary 25, 2026, one tranche of the shareholder loans was amended to adjust the total nominal amount from kEUR 5,000 to kEUR 12,500\nand increase interest from 10% p.a. to 15%. Up to the date of this report, ADSE has drawn additional shareholder loans of kEUR 9,780\nunder this tranche and kUSD 500 under another existing tranche.\n\n \n\nAs\nof May 12, 2026, the company has total available credit lines from shareholders of EUR 56.4 million, thereof EUR 41.1 million undrawn.\nThe maturity of the loans was extended to July 2027 respectively.\n\n \n\nLucerne\nMaster Fund acquired from Alto Opportunity Master Fund SPC – Master Segregated Portfolio B (“Ayrton”), AEMF SPV LLC\nand AIMF SPV LLC (together, “Anson”) all of their respective rights under that certain Securities Purchase Agreement, dated\nMay 1, 2025, by and among the Company, Ayrton and Anson (the “Ayrton/Anson SPA”), together with the warrants issued thereunder\n(the “Ayrton/Anson Warrants”), pursuant to (i) a Warrant Purchase Agreement between Lucerne Master Fund and Ayrton dated\nApril 6, 2026, and (ii) Securities Purchase Agreements between Lucerne Master Fund and each of AEMF SPV LLC and AIMF SPV LLC, each dated\nApril 2, 2026 for aggregate cash consideration of $12,500,000.\n\n \n\nOn\nMay 8, 2026, the Company and Lucerne Master Fund entered into a cancellation agreement (the “Cancellation Agreement”), pursuant\nto which Lucerne Master Fund has agreed that rights under the Ayrton/Anson SPA and the Ayrton/Anson Warrants previously acquired by Lucerne\nMaster Fund will be cancelled in consideration of an aggregate cash payment by the Company to Lucerne Master Fund of $12,556,857.89.\nAs of the date hereof, the number of Ayrton/Anson Warrants cancelled pursuant to the Cancellation Agreement is 742,924 and 1,084,360\nAyrton/Anson Warrants remain outstanding.\n\n \n\nOn\nApril 9, 2026, the Company issued a Warrant Adjustment Notice (the “Warrant Adjustment Notice”) to The Lucerne Capital Master\nFund, L.P. (“Lucerne Master Fund”) and The Lucerne Capital Special Opportunity Fund, Ltd. (“Lucerne Special Opportunity\nFund”, and together with Lucerne Master Fund, “Lucerne”), pursuant to Section 3(a) and 3(b) of those certain amended\nand restated warrants to purchase up to an aggregate of 5,172,045 ordinary shares of the Company, nominal value $0.0001 per share (the\n“Ordinary Shares”), each dated as of August 26, 2024 (collectively, the “Lucerne Warrants”). Pursuant to the\nWarrant Adjustment Notice, the exercise price of each Lucerne Warrant was adjusted from $6.20 per share to $1.00 per share.\n\n \n\nOn\nApril 10, 2026, Lucerne Master Fund delivered an Amended Warrant Exercise Notice to the Company exercising 5,105,379 Lucerne Warrants\nat an exercise price of $1.00 per share, for an aggregate exercise price of $5,105,379. On April 15, 2026, Lucerne Special Opportunity\nFund delivered an Amended Warrant Exercise Notice to the Company exercising 66,666 Lucerne Warrants at an exercise price of $1.00 per\nshare, for an aggregate exercise price of $66,666. The Company received payment of the aggregate subscription price in cleared funds\non April 14, 2026 and April 16, 2026, respectively. The Company issued an aggregate of 5,172,045 Ordinary Shares to Lucerne in connection\nwith the exercise of the Lucerne Warrants, consisting of 5,105,379 Ordinary Shares to Lucerne Master Fund and 66,666 Ordinary Shares\nto Lucerne Special Opportunity Fund. The Company intends to use the net proceeds from any exercise of the Lucerne Warrants to cancel\ncertain of the Ayrton/Anson Warrants previously acquired by Lucerne Master Fund\n\n \n\nThese\nsteps resulted in a reduction of the company’s warrant position from kEUR 54,809 as of December 31, 2025, to kEUR 7,388.\n\n \n\nF-66\n\n \n\n \n\nAuthorization\nof the financial statements\n\n \n\nOn\nMay 8, 2026, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) with certain\ninvestors, pursuant to which the Company agreed to issue non-transferable subscription rights to purchase up to an aggregate of 6,324,000\nOrdinary Shares at an exercise price of $1.00 per Ordinary Share, subject to the terms and conditions set forth therein, in exchange\nfor support in connection with the Company’s efforts to simplify its capital structure. On May 8, 2026, investors exercised their\nright to subscribe for 6,324,000 Ordinary Shares, which shares were delivered to the investors on May 8, 2026.\n\n \n\nThe\nCompany received gross proceeds from the exercise of the subscription rights of approximately $6.3 million. 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