Company Registration Number: SV 506
ADVENTUM QUARTUM
CENTRAL EUROPE SICAV
P.L.C.
Annual Report and Financial Statements
31 December 2025
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
2
TABLE OF CONTENTS
DIRECTORS, OFFICERS AND OTHER INFORMATION ....................................................................... 3
MANAGERS’ REPORT ..................................................................................................................... 5
DIRECTORS’ REPORT .................................................................................................................... 6
CORPORATE GOVERNANCE – STATEMENT OF COMPLIANCE ......................................................... 11
DEPOSITORY REPORT ................................................................................................................. 13
STATEMENT OF FINANCIAL POSITION ......................................................................................... 16
STATEMENT OF COMPREHENSIVE INCOME .................................................................................. 17
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS .............................. 18
STATEMENT OF CASH FLOW ........................................................................................................ 19
NOTES TO THE FINANCIAL STATEMENTS ..................................................................................... 20
INDEPENDENT AUDITOR’S REPORT ............................................................................................. 51
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
3
DIRECTORS, OFFICERS AND OTHER INFORMATION
DIRECTORS
Mr. Kristóf Bárány
Mr. Kyle Debono
Mr. Gabor Nemeth
Ms. Anabel Mifsud
Ms. Lucrezia Piaggio (appointed on 28 February 2025)
Ms. Alexia Farrugia (appointed on 14 March 2025)
REGISTERED OFFICE
23, South Street,
Valletta VLT 1102
Malta
COUNTRY OF INCORPORATION
Malta
COMPANY REGISTRATION NUMBER
SV 506
COMPANY SECRETARY
Dr. Omar Zerafa
INVESTMENT MANAGER
Adventum International Ltd
23, South Street
Valletta VLT 1102
Malta
ADMINISTRATOR
Alter Domus Fund Services (Malta) Limited
Vision Exchange Building
Territorials Street
Zone 1, Central Business District
Birkirkara CBD 1070
Malta
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
4
DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED)
AUDITOR
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751
Malta
DEPOSITORY
European Depository Bank SA Malta
Quad Central, Q3 Level 9
Triq l-Esporaturi, Zone 1
Central Business District
Birkirkara, CBD 1040
Malta
BANK
Sparkasse Bank Malta p.l.c. MeDirect Bank
101, Townsquare The Centre Office building
Ix-Xatt ta’ Qui-si-Sana Triq Tigne, Tas-Sliema
Sliema SLM 3112 Sliema TPO 0001
MALTA CENTRAL SECURITIES DEPOSITORY
Malta Stock Exchange p.l.c.
Garrison Chapel
Castille Place
Valletta VLT 1063
Malta
LEGAL ADVISORS
Zerafa Advocates
23, South Street
Valletta VLT 1102
Malta
INDEPENDENT VALUERS
Cushman & Wakefield IO Partners
The Warsaw Hub JLL Preferred Partner,Ul. Rondo Daszyńskiego 2B
00-843 Warsaw, Poland Szabagsag ter 14.
1054, Budapest, Hungary
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
5
MANAGERS’ REPORT
Investment Objective
The investment objective of Adventum Quartum Central Europe SICAV p.l.c (“the Company”) is to achieve returns in the
short-to-medium term under all market conditions. The target growth of the Company is a minimum of six percent (6%)
per year with a target Internal Rate of Return (“IRR”) of approximately twenty two percent (22%).
Investment Strategy
The Company’s investment objectives have been buying and holding income producing real estate assets, primarily office
buildings and shopping centres in Central Europe, particularly those located in Poland, the Czech Republic, Slovakia,
Hungary and Romania (the “Target Region”) that by letting produce, or can produce after refurbishment, a yield of
approximately eight to ten percent (8% to 10%) or higher. The Company’s investment objectives have been fulfilled in
terms of investing, and during the lifespan of the Company running until 31 December 2027 the key focus is value
enhancing asset management and disposal of the asset portfolio. In the acquisition and active investment phase, real
estate acquisitions have been financed or refinanced (via bank loans and/or debt securities) at planned average of sixty
percent (60%) loan-to-value (LTV) ratio, thus creating an additional value for the Investors with limited risk. The
Company is investing in real estate assets through the use of Special Purpose Vehicles (“SPVs”) which are domiciled in
the country where the real estates are located.
Business Review
The Manager summarises the most important milestones of financial year ended 31 December 2025 as follows:
• The Company issued a total of €12,970,000 Unsecured Bonds with a face value of €1,000 each. The bonds
have a coupon interest of 5.75% which is payable annually in arrears on 21 December of each year. The bonds
are redeemable at par, together with accrued interest up to date fixed for redemption, on 21 December 2027,
unless they are previously re-purchased and cancelled. The bonds were admitted on the Official List of the
Malta Stock Exchange on 28 October 2025, and trading commenced on 29 October 2025.
• During the financial year ended 31 December 2025 the Company provided loans to Centerus Sp Z.o.o, Hermes
Invest Kft., Komal, PCRK Invest Zrt, Ren Plaza Sp Z.o.o and Tophill Investments Sp.z.o.o for €2,160,000,
€400,000, €45,952,341, €1,620,000, €920,000, and €470,000 respectively;
• There have been repayments for the loans provided during the year from PCRK Invest Zrt, Tophill Investments
Sp.z.o.o., Komal Invest Kft. and Keqi Kft amounting to €940,000, €200,000, €2,121,101 and €45,952,341
respectively.
Fund Performance
By 31 December 2025 the value of Net Assets managed had reached €171,908,397 (2024: €139,581,806) resulting in a
value of €162,792 (2024: €132,179) per share.
Investors who subscribed at the launch of the Company up to the First Closing, have seen more than 62.79% (2024:
32.18%) yield. The leverage at SPV-level is 67.12 % (2024: 60.36%).
___________________
Investment Manager
Date: 30 April 2026
On behalf of the Board of Directors of Adventum International Ltd.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
6
DIRECTORS’ REPORT
The Directors of Adventum Quartum Central Europe SICAV p.l.c. (the “Company”/”Fund”) present herewith their report
and audited annual financial statements for the year ended 31 December 2025. The Company was incorporated on 20
February 2019.
Principal Activities
The Company was formed on 20 February 2019 as a third party managed, stand-alone fund investment company with
variable share capital (SICAV) incorporated with limited liability under the Companies Act (Cap. 386 of the Law of Malta)
and licensed on 12 March 2019 by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act,
(Cap. 370 of the Laws of Malta) as a closed-ended Alternative Investment Fund, for Qualifying Investors. During 2024,
the Board of Directors resolved to extend the lifespan of the Fund for a further two years until 31 December 2027 in line
with the Offering Memorandum. The Company holds six SPVs (2024: six) through which it holds real estates in the Target
Region as detailed below. The investment objective of the Company is to achieve returns in the short-to-medium term
under all market conditions. The target growth of the Company is a minimum of six percent (6%) per year with a target
Internal Rate of Return (“IRR”) of approximately twenty two percent (22%).
Investment Strategy
The Company’s investment objectives are buying and holding income producing real estate assets, primarily office
buildings and shopping centres in Central Europe, particularly those located in Poland, the Czech Republic, Slovakia,
Hungary and Romania (the “Target Region”) that by letting produce, or can produce after refurbishment, a yield of
approximately eight to ten percent (8% to 10%) or higher. The Company’s investment objectives have been fulfilled in
terms of investing, and during the remaining lifespan of the Fund running until 31 December 2027 the key focus is value
enhancing asset management and disposal of the asset portfolio. In the acquisition and active investment phase, real
estate acquisitions have been financed or refinanced (via bank loan and/or debt securities) at the planned average of
sixty percent (60%) loan-to-value (LTV) ratio, thus creating an additional value for the Investors with limited risk.
All investments in real estate have been undertaken through SPVs.
As per the approved investment strategy, the Company had the possibility to invest up to twenty percent (20%) of its
assets in other real estate AIFs managed by Adventum Zrt (registered address: Hungary, 1027, Budapest, Kacsa utca
15-23.; Company registration number: 01 10 044114). The Company does not intend to invest in other collective
investment schemes managed by Adventum International Ltd. In this case no subscription and/or redemption fees can
be charged by the AIF managed by Adventum Zrt, and any management fees charged by Adventum Zrt will be reduced
from the management fees charged by Adventum International so only one set of management (excluding performance
fee), subscription and/or redemption fees applies.
The investment strategy also included the investment of a small part of its liquid assets in listed Euro (EUR) denominated
government bonds with publicly quoted prices. The Company called all available committed amount of €106,930,180
during the financial year ended 31 December 2021.
By virtue of a prospectus dated 19 September 2025, the Company issued a total of €12,970,000 bonds. The bond
proceeds have been fully utilised, and as per the prospectus, the use of proceeds was to part refinance a facility provided
by K&H Bank Hungary, which facility was part utilised for the purposes of the repayment of the outstanding amounts
due by Komal Invest Kft. to its bondholders pursuant to a bond issue issued by Komal Invest Kft. in 2022 which were
due to mature in 2025. The bonds issued by the Company have been listed on the Malta Stock Exchange and were
available to trade as from 29 October 2025. Further details and terms of the debt securities in issue are under Note 11
of the financial statements.
Results and Dividends
The results for the year are shown on pages 15-18.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
7
DIRECTORS’ REPORT (CONTINUED)
As outlined in the Offering Memorandum of the Company, no dividend payment is intended to be distributed to the
shareholders.
Business review
Review and Future Developments
The Fund continued to demonstrate resilient performance in 2025, with Net Asset Value reaching approximately €171.9
million and a cumulative increase in value per share of 62.79% since inception, net of all costs and accrued carried
interest. Operationally, the Fund faced headwinds during the period, primarily driven by elevated vacancy levels in
selected office assets and increased service charge leakage, nonetheless, leasing activity remained improving especially
in Q4 2025. The portfolio quality continues to be underpinned by a diversified asset base across Central and Eastern
Europe, with strong performance in retail (notably KÖKI Shopping Center) partially offsetting weaker office dynamics in
certain submarkets.
From a strategic and capital markets perspective, the Fund made tangible progress in executing its business plan,
including successful refinancing transactions, completion of the Maltese bond programme, and continued asset-level
value enhancement initiatives. Leverage remains prudent at asset, as well as, fund level, while improving debt market
conditions and declining Euribor have alleviated refinancing pressure. The Fund is actively pursuing value enhancement
through disposals, most notably the advanced stage of a sale process for the first element of the portfolio, expected to
close in mid-2026. While macroeconomic challenges, inflation mismatch and FX volatility remain key factors, the Fund is
well-positioned to capitalise on improving liquidity in the CEE real estate market, supported by strong regional investor
for income-generating assets with stable cash flows.
In line with the investment strategy and principal activities, the key management focus areas in the reporting period
have been value maximising asset management and securing necessary financing and possible refinancing. In addition,
in line with the life cycle of the Company in the near future the focus will be on exit efforts and disposal of properties or
assets holding the properties. There have already been great efforts towards this aim and processes have been initiated
or are in place for the disposal of the real estate in the Company’s portfolio. In case of two Polish properties, negotiations
are well underway with potential buyers, and there are further interests regarding the other positions in the portfolio.
The Directors expect that during the remaining term of the Company, based on the Company’s past experience, it will
be able to achieve the necessary milestones to facilitate exit routes from the properties in the portfolio in line with
expectations. The management foresees successful exit opportunities to be achieved in the near future and which will
continue until the end of the Company's life span as intended.
In February 2022, following the military conflict between Russia and Ukraine, certain countries announced new packages
of sanctions against the public debt of the Russian Federation and a number of Russian banks, as well as personal
sanctions against a number of individuals. The Company does not have direct exposures to any party from those
countries. This unfortunate state of affairs has not so far and is not expected to have any significant impact on the
Company's operations.
The Israeli-Palestinian conflict has not had any effect on the Company's markets and operations and is not expected to
do so in the future.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
8
DIRECTORS’ REPORT (CONTINUED)
The recent Iran War has mostly affected foremost oil and fuel prices all over the world. Fuel prices have soared across
the region and inflation risks are also rising across Europe. Commercial real estate (CRE) impacts are expected to be
uneven and largely macro-driven:
• Logistics & Industrial: fuel price increases and supply chain disruption will increase the cost of moving goods
and could result in second order inflationary impacts.
• Retail: a greater proportion of household budgets is being diverted to non-discretionary expenditure, with
discretionary expenditure likely to be curtailed.
• Office: Near-term impact through greater adoption of working from home, either by choice or government
mandate.
• Capital Markets: deal activity has been strong over the first two months of the year. In light of potential
interest rate hikes, the Board of Directors expect investors to re-evaluate their entry/exit assumptions.
In the short run, to the extent possible , the Company has managed to limit risks of volatility in utility prices.
Considering the recent geopolitical events, the Board of Directors do not expect any considerable or unmanageable
impact on the Company from the above listed risk factors. The Board of Directors will continue monitoring the various
situations as they evolve.
Risk and Management
The Company is exposed to a variety of risks and hence operates a risk management strategy with the objective of
controlling and minimizing the impact on the financial performance and position. A detailed review of the risk
management policies employed by the Company with the exposures to market risk, credit risk, liquidity risk, and capital
risk management is included in Note 18 of the financial statements.
Directors
The Directors who served during the financial year ended 31 December 2025 and as at the date of these financial
statements are stated on page 3. In accordance with the Company’s articles of Association, the directors are to remain
in office. During the financial year, business relationships existed between some of the Directors of the Fund and Related
Parties to the Fund. These relationships are detailed in Note 15 to the financial statements.
Standard License Conditions
As required by the Investment Services Rules for Investment Service Providers regulated by the MFSA, we report that
there were no breaches of the standard license conditions or other regulatory requirements during the reporting period
which were subject to an administrative penalty or other regulatory sanction. Same applies for financial year ended 31
December 2024.
Events after the reporting period
Significant events in 2026 up to the date of issue of these financial statements:
The geopolitical situation in the Middle East escalated further on 28 February 2026 due to the conflict between the US
and Iran. The conflict has caused significant volatility in global energy markets and disruptions to the supply of oil and
gas, contributing to increased uncertainty in commodity prices and potential inflationary pressures. Broader
consequences have also been observed in financial markets and global supply chains, particularly affecting energy and
transportation sectors, as heightened geopolitical tensions around key shipping routes add to market uncertainty.
Management has considered the circumstances and the risk exposures of the Company and has concluded that, to date,
that there is no impact foreseen on the Company. Management will continue to monitor the situation closely and will
assess any possible actions to mitigate or handle the geopolitical risks.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
9
DIRECTORS’ REPORT (CONTINUED)
At SPV level, one of the SPVs, KEQI Zrt., holding the KOKI Shopping Center property investment in Hungary, has changed
its corporate form to ‘Nyrt’, a public limited company, and its name from KEQI to Urban Plaza Plus. It has been listed on
Budapest Stock Exchange as a Real Estate Investment Trust (‘REIT’, registered as of 20 March 2026). This, is expected
to enhance exit opportunities, given the favourable regulation and taxation advantages of a REIT. The above changes
did not affect the majority shareholding of the Company held indirectly through Komal Invest Kft.
Directors’ responsibilities
The directors are required by the Companies Act (Cap. 386 of the Laws of Malta) to prepare financial statements in
accordance with International Financial Reporting Standards as adopted by the EU, which give a true and fair view of the
state of affairs of the company at the end of each financial year and of the profit or loss of the company for the year
then ended. In preparing the financial statements, the directors should:
▪ Select suitable accounting policies and apply them consistently;
▪ Make judgements and estimates that are reasonable;
▪ Prepare the financial statements on a going concern basis, unless it is inappropriate to presume that the company
will continue in business as a going concern;
▪ Account for income and charges relating to the accounting period on the accruals basis;
▪ Value separately the components of asset and liability items;
▪ Report comparative figures corresponding to those of the preceding accounting period.
The directors are responsible for ensuring that proper accounting records are kept which disclose with reasonable
accuracy at any time the financial position of the company and which enable the directors to ensure that the financial
statements comply with the Companies Act (Cap. 386 of the Laws of Malta). This responsibility includes designing,
implementing and maintaining such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error. The directors are also
responsible for safeguarding the assets of the company, and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Going Concern Statement
The Board of Directors has undertaken a comprehensive assessment of the Company’s ability to continue as a going
concern, as required under Rule 5.62 of the Capital Markets Rules. This evaluation has considered the Company’s current
financial position, liquidity profile, capital resources, and projected cash flows, as well as the prevailing economic and
market conditions. The Directors have also reviewed the Company’s budgets, forecasts, and strategic plans, including
sensitivity analysis that take into account reasonably possible adverse scenarios.
Based on this assessment, the Directors are satisfied that the Company has adequate resources to continue in operational
existence for the foreseeable future, conservatively being a period of at least twelve months from the date of approval
of the financial statements, and realistically also until the end of the anticipated life-span of the Fund. The Company
maintains sufficient liquidity, has access to appropriate financing arrangements, and continues to meet its obligations as
they fall due. No material uncertainties have been identified that would cast significant doubt on the Company’s ability
to continue as a going concern.
Accordingly, the Directors consider it appropriate to adopt the going concern basis in the preparation of the financial
statements. They will continue to monitor the Company’s financial performance, risk environment, and funding position
on an ongoing basis to ensure that the going concern assumption remains valid.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
10
DIRECTORS’ REPORT (CONTINUED)
Statement of Responsibility pursuant to the Capital Markets Rules 5.68
The Directors confirm that, to the best of their knowledge:
▪ the financial statements give a true and fair view of the financial position of the Company as at 31 December 2025,
and of the financial performance and the cash flows for the year then ended in accordance with International
Financial Reporting Standards as adopted by the EU; and
▪ the Annual Report includes a fair review of the development and performance of the business and the position of
the Company, together with a description of the principal risks and uncertainties that the Company faces.
Auditor
A resolution to re-appoint Ernst & Young Malta Limited as auditor will be proposed at the Annual General Meeting.
________________________ ________________________ ________________________
Kyle Debono Kristóf Bárány Gabor Nemeth
Director Director Director
Date: 30 April 2026
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
11
CORPORATE GOVERNANCE – STATEMENT OF
COMPLIANCE
Adventum Quartum Central Europe SICAV p.l.c (“the Company”) is subject to the Code of Principles of Good Corporate
Governance (the “Code”) appended to the Capital Markets Rules. The Company is required under the Capital Markets
Rules issued by the Malta Financial Services Authority (“MFSA”) to include a Statement of Compliance with the Code in
its annual financial report.
The Board of Directors of the Company (the “Board”) notes that the Code does not dictate or prescribe mandatory rules
but recommends principles of good practice. Nonetheless, the Board strongly maintains that the Principles are in the
best interest of all stakeholders, since they ensure that the directors adhere to internationally recognised high standards
of corporate governance.
The Board recognises that in line with Capital Markets Rules 5.101, the Company is exempt from making available the
information set out in Capital Markets Rules 5.97.1 to 5.97.3; 5.97.6 and 5.97.8.
The Board
The Board of Directors is composed of six Directors, three of whom are independent from the Company. In terms of the
Memorandum and Articles of the Company the holders of all the Founder Shares in the Company shall be entitled to
appoint all Directors. For the financial year ended 31 December 2025, three of the directors, Mr. Kristóf Bárány, Mr. Kyle
Debono and Mr. Gábor Németh occupied executive positions with the Company. The remaining three directors Ms. Anabel
Mifsud, Ms. Lucrezia Piaggio and Ms. Alexia Farrugia served as non-executive independent directors since they are free
of any business, family or other relationship with the Company, its founder shareholders or its management, that would
create a conflict of interest such as to impair their judgement.
The Board acknowledges its statutory mandate to conduct the administration and management of the Company. The
Board, in fulfilling this mandate, assumes the responsibility for monitoring the operations of the Company and that such
as in conformity with its commitment towards bondholders, shareholders and all relevant laws and regulations.
The Board, holds on quarterly basis, board meetings for which minutes are prepared. The Board members are notified
of forthcoming meetings by the Company Secretary with the issue of an agenda and supporting documents as necessary.
Apart from setting the strategy and direction of the Company in line with the Offering Memorandum, the Board retains
direct responsibility for approving and monitoring:
• that the proceeds of the bonds are applied for the purposes for which they were sanctioned as specified in the
prospectus of the bonds in issue;
• proper utilisation of the resources of the Company;
• approval of the annual report and financial statements and of relevant public announcements and for the
Company’s compliance with its continuing listing obligations.
Audit Commitee
The Audit Committee is composed of three independent directors of the Company and is approved by the MFSA. The
Audit Committee is chaired by Ms Anabel Mifsud. As described above, all three Directors are independent non-Executive
Directors. Furthermore, Ms. Anabel Mifsud, is competent in accounting and/or auditing in terms of the Capital Markets
Rules. In assessing the independence of the audit committee, due notice has been taken of Section 5.117 of the Capital
Markets Rules.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
12
CORPORATE GOVERNANCE – STATEMENT OF COMPLIANCE (CONTINUED)
Audit Commitee - continued
The Audit Committee is designed to assist in the Board in its oversight of matters relating to the Company’s financial
reporting and internal controls and operates in accordance with well-documented terms of reference outlining its duties
and responsibilities, which are duly adhered to. In performing its duties, the Audit Committee is to maintain effective
working relationships with the Board of Directors, management and the external auditors of the Company. The Audit
Commitee, holds meetings on a quarterly basis.
As required by the Companies Act (Cap 386 of the Laws of Malta) and the Capital Markets Rules issued by the MFSA,
the financial statements of the Company are subject to annual audit by its external auditors. Moreover, the non-executive
directors have direct access to the external auditors of the Company, who attend the Board meetings at which the
Company’s financial statements are approved.
Risk Management and internal control
The Board maintains sound risk management and internal control systems. The Board is responsible to review its risk
management policies and systems in place and oversee their implementation to ensure that identified risks are properly
assessed and managed. The Board establishes its risk management and internal control principles, as well as maintaining
a relationship with the Company’s auditors.
The investment management of the underlying porfolio of the Company is outsourced to Adventum International Ltd
(“the Investment Manager”), which has set up an Investment Committee. The Investment Committee reports to the
Board in relation to investment-related matters, which are subsequently reviewed and approved by the Board, as
applicable. The Investment Committee operates in accordance with terms of reference outlining duties and
responsibilities.
The risk management function is outsourced to the Investment Manager, being responsible for the Risk Management
Policy.
The Company has engaged Alter Domus, a recognised fund administrator authorised by the MFSA, for the preparation
and submission of the Company’s financial reports. The Fund Administrator presents quarterly reports to the Board of
Directors. In addition, the Company’s Compliance Officer, Dr. Omar Zerafa oversees and monitors that all financial
reporting obligations are duly complied with.
Furthermore, the Investment Manager has appointed a dedicated Senior Portfolio Manager, Ms Tímea Szilágyi, to support
all financial reporting obligations, including those related the Company as well.
Relations with the market
The market is kept up to date with all the relevant information.
Conclusion
The Board considers that the Company has generally been in compliance with the principles throughout the year under
review as befits a company of this size and nature.
Approved by the Board of Directors and signed on 30 April 2026 by
______________________ ________________________ ________________________
Kyle Debono Kristóf Bárány Gabor Nemeth
Director Director Director
Depositary Report
European Depositary Bank - Malta Branch
Depositary Report to the Board of Directors of:
Adventum QUARTUM Central Europe SICAV p.l.c. (the “Company”)
Period under review:
1
st
January 2025 – 31
st
December 2025 (the “Period”)
European Depositary Bank SA , Malta Branch 2
Quad Cent ral | Q3 Level 9 | Triq L -Esportaturi | Zone 1, Central Business District | Birkirkara | CBD 1040 | Malta
Phone (+35 6) 27922 -501 · Registered in Malta with No: OC 1318
Adventum QUARTUM Central Europe SICAV p.l.c. (the “Company”)
Adventum QUARTUM Central Europe SICAV p.l.c.
Legal Form
SICAV (AIF)
Domiciliation
Malta
NAV Frequency
Monthly
Administrator
Alter Domus
Bank Accounts
Sparkasse Bank Malta PLC
Agreement with EDB Date
16
th
Dec, 2021 (Service Start Date Mar, 2022)
1. Functions of the Depositary
European Depositary Bank S.A. Malta Branch (“EDB”), as a Depositary license holder is responsible inter alia
for:
• Cash Flow Monitoring.
• Safekeeping of assets held in custody.
• NAV Review
• Investment Restriction Monitoring
• Investment parameters monitoring and reconciliation against permitted thresholds
• Cash and Portfolio Reconciliations
• Asset Verification
• Failed Trades
• Income and payment Checks
Having enquired into the conduct of the Fund for the period ending 31 December 2025, European
Depositary Bank S.A. Malta Branch confirms that:
• No shortcomings were identified in relation to the outlined duties.
• The fund has been managed within adherence to its investment and borrowing restrictions as set
out in the respective constitutional documents, as well as the applicable rules and regulations
governing the fund.
European Depositary Bank SA , Malta Branch 3
Quad Cent ral | Q3 Level 9 | Triq L -Esportaturi | Zone 1, Central Business District | Birkirkara | CBD 1040 | Malta
Phone (+35 6) 27922 -501 · Registered in Malta with No: OC 1318
2. Fund Summary
3. Breaches
During the reporting period the Depositary did not record any breaches to the investment policies and
parameters.
4. Audit Requests
A standard audit request from Ernst & Young Malta Limited, on behalf of Adventum QUARTUM Central
Europe SICAV p.l.c. plc for year ending 31 December, 2025 was received and actioned in March 2026.
5. Other Matters
No other significant matters have arisen in the period since the last Board meeting which in the opinion of
the Depositary should be brought to the attention of the Board.
6. Action Taken
A copy of this report is being sent to the Alternative Investment Fund Manager. Any comments should be sent
to the undersigned.
Dylan Magri Juan C. Chavez-Valdes
Depositary Officer VP, Depositary Officer
Client CCY Dec-24 Dec-25 Change % Change
Adventum QUARTUM Central Europe SICAV p.l.c. EUR 139,581,805.92 171,908,397.48 32,326,591.56 23%
Account CCY Dec-24 Dec-25 Change % Change
Sparkasse Bank Malta PLC EUR 835,918.69 8,198,143.61 7,362,224.92 881%
MeDirect Bank Malta PLC EUR - 3,500.00 3,500.00 100%
835,918.69 8,198,143.61 7,362,224.92 881%
Investment Name CCY Dec-24 Dec-25
Centerus Sp. Z.o.o. EUR 17,491,664.00 16,241,923.37 1,249,740.63- -7%
PCRK Invest/.CO DEVELOPMENT Sp. z o. o. EUR 2,689,265.00 2,466,923.00 222,342.00- -8%
KOMAL/KEQI KFT EUR 50,500,175.00 102,498,302.26 51,998,127.26 103%
Hermes Invest/NGY Properties EUR 39,496,726.00 42,984,113.00 3,487,387.00 9%
Ren Plaza EUR 15,384,020.00 11,039,462.18 4,344,557.82- -28%
Tophill Investments EUR 16,134,749.00 13,279,852.10 2,854,896.90- -18%
141,696,599.00 188,510,575.92 46,813,976.92 33%
Total € Cash
Total € Portfolio Value
Total Assets Under Depositary
Cash Balance Summary
Portfolio Market Value in Fund (EUR)
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
16
STATEMENT OF FINANCIAL POSITION
Notes
Adventum Quartum
Central Europe
SICAV p.l.c
Adventum Quartum
Central Europe
SICAV p.l.c
31 December 2025
31 December 2024
€
€
ASSETS
Financial assets at fair value through profit and loss
6
185,469,848
138,132,477
Prepayments
25,256
39,985
Cash at bank
7
8,201,644
835,919
Total assets
193,696,748
139,008,381
EQUITY AND LIABILITIES
Capital and reserves
Founder shares
9
1,200
1,200
Total equity
1,200
1,200
Liabilities
Management fees
14.1
412,002
1,853,906
Director fees
14.5
15,583
3,191
Performance fees
14.2
12,137,479
-
Debt securities in issue
11
12,788,991
-
Trade and other payables
8
143,569
134,002
Total liabilities (excluding net assets attributable
to shareholders)
25,497,624
1,991,099
Total equity and liabilities (excluding net assets
attributable to shareholders)
25,498,824
1,992,299
Net assets attributable to shareholders
168,197,924
137,016,082
Founder shareholders
1,200
1,200
Net assets attributable to shareholders (at trading value)
171,908,397
139,581,806
Adjustments in accordance with IFRS
(3,710,473)
(2,565,724)
Net asset value (in accordance with IFRS)
19
168,197,924
137,016,082
The notes form an integral part of these financial statements.
The financial statements were approved and authorised for issue by the board on 30 April 2026 and were signed on
its behalf by:
_______________________ ________________________ ________________________
Kyle Debono Kristóf Bárány Gabor Nemeth
Director Director Director
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
17
STATEMENT OF COMPREHENSIVE INCOME
Adventum Quartum
Central Europe
SICAV p.l.c
Adventum Quartum
Central Europe
SICAV p.l.c
Notes
01 January 2025
to
31 December 2025
01 January 2024
to
31 December 2024
€
€
Income
Net change in fair value of financial assets at fair value
through profit or loss
5
40,294,403
(7,145,432)
Interest income
15.2
5,178,070
5,102,930
Other interest income
3,385
-
Dividend income
270,000
-
Total income
45,745,858
(2,042,502)
Expenses
Management fees
14.1
1,658,628
1,642,311
Administration fees
14.4
33,168
31,440
Performance fees
14.2
12,137,479
-
Directors’ fees
14.5
73,600
47,132
Other operating expenses
12
502,588
399,375
Interest expense
13
158,553
Total expenses
14,564,016
2,120,258
Profit/(Loss) before tax
31,181,842
(4,162,760)
Withholding tax
-
-
Total comprehensive income/(loss) attributable
to shareholders
31,181,842
(4,162,760)
The notes form an integral part of these financial statements.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
18
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE
TO SHAREHOLDERS
Adventum Quartum
Central Europe
SICAV p.lc.
For the period ended
01 January 2025
to
31 December 2025
For the period ended
01 January 2024
to
31 December 2024
€
€
Net assets attributable to shareholders at the beginning
of the year
137,017,282
141,180,042
Issue of investor shares
-
-
Net increase from share transactions
-
-
Net increase/(decrease) in net assets attributable to holders of
investor shares
31,181,842
(4,162,760)
Net assets attributable to shareholders at the end of the
year
168,199,124
137,017,282
The notes form an integral part of these financial statements.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
19
STATEMENT OF CASH FLOW
Notes
For the year ended
01 January 2025
to
31 December 2025
For the year ended
01 January 2024
to
31 December 2024
€
€
Cash flows (used in)/from operating activities
Profit/(Loss) before tax
31,181,842
(4,162,760)
Adjustments for:
Net fair value movements on financial assets at fair value
through profit and loss
5
(40,294,403)
7,145,432
Interest Income
(5,181,455)
(5,102,930)
Interest Expense
158,553
-
Dividend Income
(270,000)
-
Working capital adjustments:
(Increase)/Decrease in financial assets at fair value through
profit and loss
(1,864,899)
2,942,989
Movement in receivables
14,730
20,364
Movement in trade and other payables
10,693,146
(71,451)
(5,562,486)
771,644
Interest expense paid
13
(120,624)
-
Dividend income received
270,000
-
Interest income received
3,385
-
Net cash (used in)/from operating activities
(5,409,725)
771,644
Cash flows from financing activities
Proceeds from debt securities in issue
11
12,775,450
-
Net cash generated from financing activities
12,775,450
-
Net increase in cash and cash equivalents
7,365,725
771,644
Cash and cash equivalents at the beginning of the year
835,919
64,275
Cash and cash equivalents at the end of the year
7
8,201,644
835,919
The notes form an integral part of these financial statements.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
20
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Adventum Quartum Central Europe SICAV p.l.c (the “Company”/the “Fund”) is a collective investment scheme
organised as a limited liability investment company with variable share capital. The Company was registered on 20
February 2019 under the Companies Act (Chapter 386, Laws of Malta) and is licensed and regulated by the Malta
Financial Services Authority (“MFSA”) under the Investment Services Act (Chapter 370, Laws of Malta) as an
Alternative Investment Fund targeting Qualifying Investors. During financial year 2024, the Board of Directors
approved to extend the lifespan of the Fund for a further two years until 31 December 2027 in line with the Offering
Memorandum.
The investment objective of the Company is to achieve returns in the short-to-medium term under all market
conditions. The target growth of the Company is a minimum of six percent (6%) per year with a target Internal
Rate of Return (“IRR”) of approximately twenty two percent (22%).
By virtue of a prospectus dated 19 September 2025, the Company issued a total of €12,970,000 Unsecured Bonds
with a face value of €1,000 each. The bonds have a coupon interest of 5.75% which is payable annually in arrears
on 21 December of each year. The bonds are redeemable at par, together with accrued interest up to date fixed
for redemption, on 21 December 2027, unless they are previously re-purchased and cancelled. The bonds were
admitted on the Official List of the Malta Stock Exchange on 28 October 2025, and trading commenced on 29
October 2025.
2. MATERIAL ACCOUNTING POLICIES
2.1.1 STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS
Accounting Standards”) as adopted by the European Union (“EU”) and comply with the Companies Act, Cap 386 of
the Laws of Malta.
The preparation of these financial statements in conformity with IFRS as adopted by the EU requires the use of
certain accounting estimates. It also requires the directors to exercise their judgement in the process of applying
the Company’s accounting policies as disclosed in Note 3.
2.1.2 BASIS OF PREPARATION
These financial statements have been prepared under the historical cost convention, except for financial assets
held at fair value through profit or loss that are measured at fair value.
The Company presents its statement of financial position in order of liquidity, since this presentation is reliable and
more relevant to the Company. Assets and liabilities are expected to be realised within one year, unless otherwise
indicated in the notes to the financial statements.
2.1.3 GOING CONCERN
These financial statements have been prepared on a going concern basis which assumes that the Company will
continue as a going concern. Management has carried out an assessment which concludes that there is sufficient
projected liquidity at the level of the SPVs, which will flow to the Company and will be used to settle the issued
debt securities and other obligations.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
21
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. MATERIAL ACCOUNTING POLICIES (CONTINUED)
2.1.4 BASIS OF CONSOLIDATION
The Company is an investment entity, therefore, it holds its investments in subsidiaries at fair value rather than
consolidating them. Investments in subsidiaries are classified as fair value through profit or loss in accordance with
IFRS 9.
2.2 FUNCTIONAL AND PRESENTATION CURRENCY
The functional currency is the currency of the primary economic environment in which the Company operates. The
majority of the Company’s returns and expenses are euro-based, the capital is raised in euros, the performance is
evaluated and its liquidity is managed in euros. Therefore, the Company concludes that the euro is its functional
currency. The Company’s presentation currency is also the euro. All values are rounded to euro except where
otherwise indicated
2.3 FINANCIAL INSTRUMENTS
(i) Classification
In accordance with IFRS 9, the Company classifies its financial assets and financial liabilities at initial recognition
into the categories of financial assets and financial liabilities discussed below.
On applying that classification, a financial asset or financial liability is considered to be held for trading if:
(a) It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; Or
(b) On initial recognition, it is part of a portfolio of identified financial instruments that are managed together and
for which, there is evidence of a recent actual pattern of short-term profit-taking; Or
(c) It is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective
hedging instrument).
FINANCIAL ASSETS
The Company classifies its financial assets as subsequently measured at amortised cost or measured at fair value
through profit or loss on the basis of both:
• The entity’s business model for managing the financial assets
• The contractual cash flow characteristics of the financial asset
Financial assets at amortised cost
A financial asset is measured at amortized cost if:
(a) The asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
(b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest (SPPI) on the principal amount outstanding; and
(c) The financial asset is not designated at initial recognition as measured at fair value through profit or loss to
eliminate or significantly reduce a measurement or recognition inconsistency.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
22
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. MATERIAL ACCOUNTING POLICIES (CONTINUED)
2.3 FINANCIAL INSTRUMENTS (CONTINUED)
Financial assets measured at fair value through profit or loss (FVPL)
A financial asset is measured at fair value through profit or loss if:
(a) Its contractual terms do not give rise to cash flows on specified dates that are solely payments of principal and
interest (SPPI) on the principal amount outstanding; Or
(b) It is not held within a business model whose objective is either to collect contractual cash flows, or to both
collect contractual cash flows and sell; Or
(c) At initial recognition, it is irrevocably designated as measured at FVPL when doing so eliminates or significantly
reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities
or recognising the gains and losses on them on different bases.
The Company includes in this category:
• Equity instruments: Included within equity instruments are investments in subsidiaries:
Investment in subsidiaries: in accordance with the exception under IFRS 10, the Company does not
consolidate subsidiaries in the financial statements unless the subsidiary is not itself an investment entity
and its main purpose and activities are providing services that relate to the Company’s investment
activities. The Company has no consolidated subsidiaries. The Company measures unconsolidated
subsidiaries at FVPL.
• Debt Instruments: These include investment that are held under a business model to manage them at
fair value and are measured at FVPL.
FINANCIAL LIABILITIES
Financial liabilities measured at fair value through profit or loss (FVPL)
A financial liability is measured at FVPL if it meets the definition of held for trading.
The Company includes in this category redeemable investor shares. The accounting policy on redeemable shares
is disclosed in Note 2.7.
Financial liabilities measured at amortised cost
This category includes all financial liabilities, other than those measured at fair value through profit or loss. The
Company includes in this category other short-term payables and debt securities in issue
(ii) Recognition
The Company recognises a financial asset or a financial liability when it becomes a party to the contractual
provisions of the instrument.
(iii) Initial measurement
Financial assets and financial liabilities at FVPL are recorded in the statement of financial position at fair value. All
transaction costs for such instruments are recognised directly in profit or loss.
Financial assets and liabilities (other than those classified as at FVPL) are measured initially at their fair value plus
any directly attributable incremental costs of acquisition or issue.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
23
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. MATERIAL ACCOUNTING POLICIES (CONTINUED)
2.3 FINANCIAL INSTRUMENTS (CONTINUED)
(iv) Subsequent measurement
After initial measurement, the Company measures financial instruments which are classified as at FVPL at fair
value. Subsequent changes in the fair value of those financial instruments are recorded in net gain or loss on
financial assets and liabilities at FVPL in the statement of comprehensive income. Interest and dividends earned
on these instruments are recorded separately in interest revenue and dividend revenue in the statement of
comprehensive income.
Financial liabilities, other than those classified as at FVPL, are measured at amortised cost using the effective
interest method (“EIR”). Gains and losses are recognised in profit or loss when the liabilities are derecognised, as
well as through the amortisation process. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fee or costs that are integral part of EIR. The EIR amortisation is included in interest
expense in the statement of comprehensive income.
(v) Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire,
or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks
and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor
retains substantially all the risks and rewards of ownership and does not retain control of the financial asset. Any
interest in such transferred financial assets that is created or retained by the Company is recognised as a separate
asset or liability.
On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying
amount allocated to the portion of the asset derecognised), and consideration received (including any new asset
obtained less any new liability assumed) is recognised in profit or loss.
The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
(vi) Impairment
IFRS 9 applies an ‘expected credit loss’ (ECL) model. This impairment model applies to financial assets measured
at amortised cost, but not to investments in equity instruments and debt instruments being measured at FVPL.
The Company recognises loss allowances for expected credit losses (“ECLs”) on financial assets measured at
amortised cost.
The Company measures loss allowances at an amount equal to lifetime ECLs. The Company also measures ECL on
the bank balance as at year end. The credit risk for the bank balance has not increased significantly since initial
recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition
and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and
available without undue cost or effort. This includes both quantitative and qualitative information and analysis,
based on the Company’s historical experience and informed credit assessment and including forward looking
information.
(vii) Offsetting
Financial assets and liabilities are offset and the net amount presented in the Statement of Financial Position when,
and only when, the Company has a current legal right to offset the amounts and it intends either to settle on a net
basis or to realize the asset and settle the liability simultaneously.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
24
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. MATERIAL ACCOUNTING POLICIES (CONTINUED)
2.4 FAIR VALUE MEASUREMENT
The Company measures its investments in subsidiaries and loans to subsidiaries at fair value at each reporting
date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset
or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The
principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a
liability is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest. A fair value measurement of a non-financial
asset takes into account a market participant's ability to generate economic benefits by using the 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
use.
For financial instruments not traded in an active market, the fair value is determined using valuation techniques
deemed to be appropriate in the circumstances. Valuation techniques include the market approach (i.e., using
recent arm’s length market transactions, adjusted as necessary, and reference to the current market value of
another instrument that is substantially the same) and the income approach (i.e., discounted cash flow analysis
and option pricing models making as much use of available and supportable market data as possible).
The output of a model is always an estimate or approximation of a value that cannot be determined with certainty,
and valuation techniques employed may not fully reflect all factors relevant to the positions the Company holds.
Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risk, liquidity
risk and counterparty risk.
For assets and liabilities that are measured at fair value on a recurring basis, the Company identifies transfers
between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant
to the fair value measurement as a whole), and deems transfers to have occurred at the beginning of each reporting
period.
2.5 FINANCIAL GUARANTEE CONTRACTS
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms
of a debt instrument. It is measured as fair value through profit and loss.
2.6 CASH AT BANK
Cash comprises cash held with banks and term deposits with short term maturity of less than 3 months. Cash at
bank is stated at its principal amount.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
25
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. MATERIAL ACCOUNTING POLICIES (CONTINUED)
2.7 REDEEMABLE SHARES
The redeemable shares for each sub-fund provide investors with the right to require redemption for cash at a value
proportionate to the investor’s share in the sub-fund’s net assets, at each redemption day after the termination of
the subscription period following issue of notice by the Directors informing Investors of the possibility of
redemptions, and also in the event of the Company’s liquidation.
The redeemable shares are classified as financial liabilities and are measured at the present value of the redemption
amounts. In accordance with the Company’s offering memorandum, the redemption amounts of the individual
redeemable shares are calculated using the prevailing redemption price on the relevant redemption day, which will
be the applicable NAV per Share as calculated on the Valuation Day less such penalties, fees or expenses as may
be applicable or as the Company may be entitled to deduct of recover therefrom.
2.8 INTEREST INCOME AND EXPENSE
Interest income and expense are recognised in profit or loss for all interest-bearing financial instruments using the
EIR. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial
liability and of allocating the interest income or interest expense over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the
financial instrument to the net carrying amount of the financial asset or financial liability. When calculating the
effective interest rate, the company estimates cash flows considering all contractual terms of the financial
instrument but does not consider future credit losses. The calculation includes all fees and points paid or received
between parties to the contract that are an integral part of the effective interest rate, transaction costs and all
other premiums or discounts. Accordingly, interest expense includes the effect of amortising any difference
between net proceeds and redemption value in respect of the Company’s debt securities in issue.
2.9 DIVIDEND INCOME
Dividend income is recognised when the right to receive payment is established.
2.10 NET GAIN OR LOSS ON FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Net gains or losses on financial assets at FVPL are changes in the fair value of financial assets designated upon
initial recognition as at FVPL and exclude interest and dividend income.
Unrealised gains and losses comprise changes in the fair value of financial instruments for the period and from
reversal of the prior period’s unrealised gains and losses for financial instruments which were realised in the
reporting period. Realised gains and losses on disposals of financial instruments classified as at FVPL represent the
difference between an instrument’s initial carrying amount and disposal amount, or cash payments.
2.11 FEE EXPENSE
Fees are recognised on an accrual basis. The Company pays performance fees to the Investment Manager,
calculated and accrued monthly based on the Net Asset value per share subject to annual hurdle rate. Performance
fees are recognised when the Net Asset Value exceeds the hurdle rate and are reversed if the Company’s
performance subsequently deteriorates. Accrued performance fees are recognised as an expense in profit or loss,
and paid proportionately upon share redemption, with payments reducing the accrued liability.
Refer to Note 14 for management and performance fees, custodian and administration fees and directors’ fees.
2.12 SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors that makes strategic
decisions.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
26
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts recognised in the financial statements and disclosure of contingent
liabilities. However, uncertainty about these assumptions and estimates could result in outcomes that could require
a material adjustment to the carrying amount of the asset or liability affected in future periods.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the financial statements:
Assessment as investment entity
Entities that meet the definition of an investment entity within IFRS 10 are required to measure their subsidiaries
at FVPL rather than consolidate them. The criteria which define an investment entity are, as follows:
- An entity that obtains funds from one or more investors for the purpose of providing those investors with
investment management services
- An entity that commits to its investors that its business purpose is to invest funds solely for returns from
capital appreciation, investment income, or both
- An entity that measures and evaluates the performance of substantially all of its investments on a fair
value basis
The Company’s prospectus details its objective of providing investment management services to investors which
includes investing in real estates through an investment in SPV, for the purpose of returns in the form of investment
income and capital appreciation. The Investment Management services are outsourced to a separate legal entity.
The Company reports to its investors via regular investor information, and to its management, via internal
management reports, on a fair value basis. All investments are reported at fair value to the extent allowed by IFRS
in the Company’s annual report. The Company has a clearly documented exit strategy for all of its investments.
The Board has also concluded that the Company meets the additional characteristics of an investment entity, in
that it has more than one investment; the Company’s ownership interests are predominantly in the form of equities
and similar securities; it has more than one investor and the majority of its investors are not related parties.
The directors concluded that the Company meets the definition of an investment entity. These conclusions will be
reassessed on a continuous basis, if any of these criteria or characteristics change.
Classification of Redeemable shares
A Company can classify its redeemable shares as either equity or as liability. Management has assessed whether
the Company’s redeemable shares can be classified as liability or equity.
Redeemable shares are classified as equity instruments when all the below conditions are met:
- The redeemable shares entitle the holder to a pro rata share of the Fund’s net assets in the event of the
Fund’s liquidation
- The redeemable shares are in the class of instruments that is subordinate to all other classes of
instruments
- All redeemable shares in the class of instruments that is subordinate to all other classes of instruments
have identical features
- The redeemable shares do not include any contractual obligation to deliver cash or another financial asset
other than the holder’s rights to a pro rata share of the Company’s net assets
- The total expected cash flows attributable to the redeemable shares over the life of the instrument are
based substantially on the profit or loss, the change in the recognised net assets or the change in the fair
value of the recognised and unrecognised net assets of the Company over the life of the instrument.
The Company’s Offering Supplement stipulates that the investors can redeem their shares at their discretion. Based
on the Management’s judgement it was concluded that the redeemable shares do not meet the above criteria.
Consequently, these were classified as liability.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
27
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)
Estimates and Assumptions
Fair value of investments
Due to the timing of the NAV, the Company uses T-1 reporting when calculating the NAV of the Company each
month, therefore these financial statements have been adjusted to reflect the value as at 31 December 2025,
which will differ from the trading value reported. Management has made the judgement that this adjustment is a
more prudent and accurate approach to reporting the figures in the financial statements. The underlying assets of
the SPVs held by the Company, being the investment properties, are valued by independent valuers, namely
Cushman & Wakefield and iO Partners. Disclosures on the estimates and judgement used on determining the fair
value of the underlying investments are further disclosed in Note 5.
4. CHANGES IN ACCOUNTING POLICIES
Standards, interpretations and amendments to published standards as endorsed by the European
Union effective in the current year
The Company has adopted the following new and amended IFRS and IFRIC interpretations:
• Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
(effective for financial years beginning on or after 1 January 2025).
Except as explained below, the adoption of the new and updated standards did not have a material impact on the
financial statement of the Company.
Standards, interpretations and amendments to published standards as endorsed by the European
Union that are not yet effective
Up to the date of approval of the financial statements, the below were the standards, amendment and
interpretations to existing standards which have been endorsed but are not yet effective for the current reporting
period and which have not been adopted early.
• Amendments to Contracts Referencing Nature-dependent Electricity – IFRS 9 and IFRS 7 (effective for
financial years beginning on or after 1 January 2026)
• Amendments to the Classification and Measurement of Financial Instruments – IFRS 9 and IFRS 7
(effective for financial years beginning on or after 1 January 2026)
• Annual Improvements Volume 11 (effective for financial years beginning on or after 1 January 2026)
• IFRS 18 – Presentation and Disclosure in Financial Statements (effective for financial years beginning on
or after 1 January 2027)
• IFRS Standards and Interpretations – IFRS 18 Presentation and Disclosure in Financial Statements (issued
on 9 April 2024).
The changes resulting from the above standards, interpretations and amendments are not expected to have a
material effect on the financial statement of the Company except for IFRS 18 – Presentation and Disclosure in
Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of profit or loss.
It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five
categories: operating; investing; financing; income taxes; and discontinued operations. These categories are
complemented by the requirements to present subtotals and totals for ‘operating profit or loss’, ‘profit or loss
before financing and income taxes’ and ‘profit or loss’.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
28
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
4. CHANGES IN ACCOUNTING POLICIES (CONTINUED)
Standards, interpretations and amendments to published standards as endorsed by the European
Union that are not yet effective (continued)
It also requires disclosure of management-defined performance measures and includes new requirements for
aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial
statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS
18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted.
Retrospective application is required in both annual and interim financial statements. The standard has not yet
been endorsed by the EU.
Management is still analysing the requirements of this newly issued standard and assess its impact.
Standards, interpretations and amendments to published standards that are not yet endorsed by the
European Union
• IFRS 19 – Subsidiaries Without Public Accountability: Disclosures (issued on 9 May 2024) (effective for
financial years beginning on or after 1 January 2027)
• Amendments to IFRS 19 – Subsidiaries Without Public Accountability: Disclosures (issued 21 August 2025)
(effective for financial years beginning on or after 1 January 2027)
• Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency (issued 13 November
2025) (effective for financial years beginning on or after 1 January 2027)
The changes resulting from the above standards, interpretations and amendments are not expected to have a
material impact on the financial statement of the Company.
5. FAIR VALUE MEASUREMENTS
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Level 1 - quoted market prices (unadjusted) in an active market for an identical instrument;
Level 2 - valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived
from prices). This category includes instruments valued using: quoted market prices in active markets for similar
instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or
other valuation techniques where all significant inputs are directly or indirectly observable from market data;
Level 3 - valuation techniques using significant unobservable inputs. This category includes all instruments where
the valuation technique includes inputs not based on observable data, including the Company’s own assumptions,
and the unobservable inputs have a significant effect on the instrument’s valuation. This category includes
instruments that are valued based on quoted prices for similar instruments where significant unobservable
adjustment or assumptions are required to reflect differences between the instruments.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
29
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition
at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
Level 1
Level 2
Level 3
Total
2025
2025
2025
2025
€
€
€
€
Financial assets at fair value
through profit or loss:
Equity
-
-
85,234,788
85,234,788
Debt
-
-
100,235,060
100,235,060
Total
-
-
185,469,848
185,469,848
Level 1
Level 2
Level 3
Total
2024
2024
2024
2024
€
€
€
€
Financial assets at fair value
through profit or loss:
Equity
-
-
42,577,448
42,577,448
Debt
95,555,029
95,555,029
Total
-
-
138,132,477
138,132,477
The following table presents the changes in recurring fair value measurements of investments in subsidiaries
categorised as Level 3:
2025
2024
€
€
Balance at the beginning of the year
138,132,477
143,117,967
Appreciation/(Depreciation) of financial assets
40,294,403
(7,145,432)
Movement on Loans
7,042,968
2,159,942
Balance as at the end of the year
185,469,848
138,132,477
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
30
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
The main accounts driving the Net Asset Value of the SPV’s are disclosed below:
PCRK Invest Zrt
REN Plaza Sp.
Z o.o.
Centerus Sp.
Z o.o.
Hermes Invest
Kft
1
Tophill Investments
Sp.Z.o.o
KOMAL Invest
Kft
1
Total
2025
2025
2025
2025
2025
2025
2025
€
€
€
€
€
€
€
Assets
Investment Property
16,975,000
18,025,000
35,250,000
158,050,000
29,850,000
190,700,000
448,850,000
Other Assets
859,208
-
-
-
-
-
859,208
Current Assets
525,419
1,513,224
4,325,512
17,698,953
900,385
6,538,203
31,501,696
Liabilities
Intercompany Loans (Note 6)
19,923,049
12,248,852
6,204,864
23,326,643
10,935,597
46,034,173
118,673,178
External Financing
15,854,167
7,250,000
20,797,302
69,500,000
16,940,000
58,313,863
188,655,332
Other Liabilities
217,300
842,602
2,194,324
13,118,560
420,936
5,030,216
21,823,938
Non- Controlling Interest (NCI)
-
-
-
50,459,672
-
34,802,115
85,261,787
Net Asset Value (Note 6)
(17,634,889)
(803,230)
10,379,022
19,344,078
2,453,852
53,057,836
66,796,669
1
These represent the consolidated financial statements given that the Company directly owns 100% of Hermes and Komal which in turn they own 50.1% of NGY and 74% of Keqi
respectively.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
31
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
PCRK Invest Zrt
REN Plaza Sp.
Z o.o.
Centerus Sp.
Z o.o.
Hermes Invest
Kft
1
Tophill Investments
Sp.Z.o.o
KOMAL Invest
Kft
1
Total
2024
2024
2024
2024
2024
2024
2024
€
€
€
€
€
€
€
Assets
Investment Property
17,350,000
18,250,000
34,300,000
156,050,000
33,700,000
125,900,000
385,550,000
Other Assets
836,904
93,037
1,043,153
1,692,822
16,741
-
3,682,657
Current Assets
256,163
1,735,817
3,552,610
29,391,057
1,204,046
8,402,384
44,542,077
Liabilities
Intercompany Loans (Note 6)
18,416,171
10,843,503
3,836,942
21,960,241
10,218,744
46,354,609
111,630,210
External Financing
15,842,466
7,750,000
20,980,842
71,500,000
17,820,000
57,046,322
190,939,630
Other Liabilities
259,611
681,810
2,279,354
25,974,765
1,130,627
21,120,351
51,466,518
Non- Controlling Interest (NCI)
-
-
-
50,554,124
-
2,701,986
53,256,110
Net Asset Value (Note 6)
(16,075,181)
803,542
11,798,625
17,144,749
5,751,416
7,079,116
26,502,266
1
These represent the consolidated financial statements given that the Company directly owns 100% of Hermes and Komal which in turn they own 50.1% of NGY and 74% of Keqi
respectively.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
32
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
As at December
2025
Valuation
Technique
Country
Ownership
%
Unobservable
Input
Range
Property Fair
Value
PCRK Invest Zrt
Income
Capitalisation
Approach
Hungary
100
Estimated rental value
€17.07 per sqm
€16,975,000
Equivalent yield
8.75-9.75%
REN Plaza
Sp. Z o.o.
Income
Capitalisation
Approach
Poland
100
Estimated rental value
€15.95 per sqm
€18,025,000
Equivalent yield
7.25-8.25%
Centerus
Sp. Z o.o.
Income
Capitalisation
Approach
Poland
100
Estimated rental value
€17.32 per sqm
€35,250,000
Equivalent yield
8.00-9.00%
Hermes Invest Kft
Income
Capitalisation
Approach
Hungary
100
Estimated rental value
€11.93 per sqm
€158,050,000
Equivalent yield
7.00-7.50%
Tophill
Investments
Sp.Z.o.o
Income
Capitalisation
Approach
Poland
100
Estimated rental value
€16.27 per sqm
€29,850,000
Equivalent yield
8.40-9.40%
KOMAL Invest Kft
DCF
Hungary
100
Estimated rental value
€12.63 per sqm
€190,700,000
Discount rate
6.75-7.50%
The Income Capitalisation Approach is based on the T&R (Term & Reversion): A valuation approach where the
income is divided into a fixed income to review (the term) and an income from review to perpetuity (the reversion).
DCF (Discounted Cash Flow): A method to determine the present value of future cash flows generated by an
investment or asset, taking into account the time value of money.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
33
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
As at December
2024
Valuation
Technique
Country
Ownership
%
Unobservable
Input
Range
Property Fair
Value
PCRK Invest Zrt
Income
Capitalisation
Approach
Hungary
100
Estimated rental value
€16.65 per sqm
€17,350,000
Equivalent yield
8.75-9.75%
REN Plaza Sp. Z
o.o.
Income
Capitalisation
Approach
Poland
100
Estimated rental value
€15.95 per sqm
€18,250,000
Equivalent yield
7.25-8.25%
Centerus Sp. Z
o.o.
Income
Capitalisation
Approach
Poland
100
Estimated rental value
€14.95 per sqm
€34,300,000
Equivalent yield
8.00-9.00%
Hermes Invest Kft
Income
Capitalisation
Approach
Hungary
100
Estimated rental value
€12.93 per sqm
€156,050,000
Equivalent yield
7.00-7.50%
Tophill
Investments
Sp.Z.o.o
Income
Capitalisation
Approach
Poland
100
Estimated rental value
€15.19 per sqm
€33,700,000
Equivalent yield
8.00-9.00%
KOMAL Invest Kft
DCF
Hungary
100
Estimated rental value
€10.52 per sqm
€125,900,000
Discount rate
6.97-8.99%
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
hierarchy together with the quantitative sensitivity analysis are as shown below:
As at 31 December
Input
Country
Ownership
%
Sensitivity
used
Effect on the
Property’s
Fair Value
2025
Effect on the
Property’s Fair
Value 2024
PCRK Invest Zrt
Estimated
rental
value
Hungary
100
10%
1,697,500
1,735,000
Yield rate
1%
(169,750)
(173,500)
-1%
169,750
173,500
REN Plaza Sp. Z
o.o.
Estimated
rental
value
Poland
100
10%
1,802,500
1,825,000
Yield rate
1%
(180,250)
(182,500)
-1%
180,250
182,500
Centerus Sp. Z
o.o.
Estimated
rental
value
Poland
100
10%
3,525,000
3,430,000
Yield rate
1%
(352,500)
(343,000)
-1%
352,500
343,000
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
34
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
As at 31
December
Input
Country
Ownership
%
Sensitivity
used
Effect on the
Property’s
Fair Value
2025
Effect on the
Property’s
Fair Value
2024
Hermes Invest
Kft
Estimated
rental
value
Hungary
100
10%
15,805,000
15,605,000
Yield rate
1%
(1,580,500)
(1,560,500)
-1%
1,580,500
1,560,500
Tophill
Investments
Sp.Z.o.o
Estimated
rental
value
Poland
100
10%
2,985,000
3,370,000
Yield rate
1%
298,500
337,000
-1%
(298,500)
(337,000)
KOMAL Invest
Kft
Estimated
rental
value
Hungary
100
10%
19,070,000
12,590,000
Discount
rate
1%
190,700
1,259,000
-1%
(190,700)
(1,259,000)
Valuation techniques
The level 3 Private equity investments that amount to €85,234,788 (2024: €42,577,448) consist of six (2024: six)
fully owned SPVs namely Centerus Sp Z.o.o, REN Plaza Sp Z.o.o, Tophill Investments Sp.Z.o.o, PCRK Invest Zrt,
Hermes Invest Kft and KOMAL Invest Kft. (Further details are disclosed in Note 6).
Unlisted equity investments
The Company invests in private equity companies that are not quoted in an active market. Transactions in such
investments do not occur on a regular basis. The net asset value of the SPVs is used as an input into measuring
the fair value of the same SPVs. The NAV of these investments is driven from the amounts disclosed above namely
the underlying properties, current assets, intercompany loans, bank borrowings and other financial liabilities.
Valuation of properties
The Company appointed Cushman & Wakefield as external valuers to determine the value of most of the properties,
and appointed iO Partners as external valuer for the valuation of KOKI Shopping Centre in Hungary. Both Cushman
& Wakefield and iO Partners valuations have been performed in accordance with the RICS Valuation – Global
Standards. The properties have been valued on the basis of Fair Value. According to the RICS Valuation - Global
Standards the fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an
orderly transaction between market participants at the measurement date. For valuation purposes a capitalization
approach was used. The income from a tenant is capitalised for the duration of the term. The passing income
stream is capitalised for the duration of the unexpired lease and income thereafter then reverts to the rental value
and is capitalised in perpetuity. The selection of yield reflects the risk profile of the property.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
35
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. FAIR VALUE MEASUREMENTS (CONTINUED)
In the valuation reports, Cushman & Wakefield remarked that inflation appears to have peaked and is gradually
declining toward the European Central Bank’s targeted normalized level. In response to easing inflationary
pressures, recent base interest rate cuts by the European Central Bank are expected to reduce financing costs.
These developments may support improved market conditions and help stimulate investment activity.
With regards to the valuation of KOKI Shopping Center, in the valuation report performed by iO Partners, the most
recent micro and macro-economic factors, specific to Hungary, including interest rate and inflation, as well as
comparables, have been taken into consideration and applied.
Geopolitical risks remain elevated. The war in Ukraine continues with no resolution in sight, disrupting supply
chains, energy security, and price stability across Europe. Additionally, the ongoing conflict in Israel and Gaza adds
further uncertainty, particularly regarding oil prices and broader geopolitical stability in the region.
Valuation process
Valuations are the responsibility of the board of directors of the Investment Manager. The valuation of unlisted
equity, is performed on a monthly basis by the valuation committee of the investment manager and reviewed by
the investment committee of the investment manager. The valuation of the underlying property is performed semi-
annually by the external valuers, Cushman & Wakefield and and iO Partners, and reviewed by the investment
committee of the investment manager.
Valuation of other accounts
The carrying amounts of the SPV’s current assets and liabilities are reasonable estimates of fair value in view of
the nature of these instruments or the relatively short period of time between the origination of the instruments
and their expected realisation.
The carrying amount of the SPV’s intercompany loans fairly approximates the estimated fair value of these assets
based on discounted cash flows due to the fact that the fixed interest rate approximates the current market rate.
Whereas the fair value of the SPV’s external financing (which mainly pertained to floating interest rate bank
borrowings as at the end of the reporting period is not significantly different from the carrying amounts.
Valuation in Debt Securities in Issue
The fair values of the debt securities in issue are as disclosed below:
2025
2024
€
€
Carrying amount
12,788,991
-
Fair Value Measurement
12,970,000
-
The fair value estimate of the debt securities in issue is deemed Level 1 as it constitutes a quoted price in an active
market.
6. INVESTMENTS IN SUBSIDIARIES
The Company investment in subsidiaries at year end was as follows:
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
36
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
6. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
31 December 2024
Country
%
Ownership
Equity
Debt
Total
€
€
€
PCRK Invest Zrt (i)
Hungary
100
-
2,340,990
2,340,990
REN Plaza Sp. Z o.o.
Poland
100
803,542
10,843,503
11,647,045
Centerus Sp. Z o.o..
Poland
100
11,798,625
3,836,942
15,635,567
Hermes Invest Kft
Hungary
100
17,144,749
21,960,241
39,104,990
Tophill Investments
Sp.Z.o.o
Poland
100
5,751,416
10,218,744
15,970,160
KOMAL Invest Kft
Hungary
100
7,079,116
2,085,917
9,165,033
Keqi Zrt (ii)
Hungary
74
-
44,268,692
44,268,692
42,577,448
95,555,029
138,132,477
PCRK Invest Zrt. is the direct and sole owner of CO Development Sp.z.o.o. and Hermes Invest Kft. is a 50.1%
owner of NGY Properties Investment SRL and KOMAL Invest Kft. is a 74% owner of KEQI Zrt.. The underlying
property of PCRK is located in Poland, that of Hermes is located in Romania and that of Komal is located in Hungary.
(i) As at 31 December 2025, the investment in PCRK Invest Zrt resulted in negative equity amounting
to €17,634,889 (2024: €16,075,181). Consequently the negative balance was netted off with the
loan receivable amount of PCRK. The investment in REN Plaza Sp. Z.o.o, also resulted in a negative
equity amounting to €803,230 (2024:NIL) as at 31 December 2025 which was netted off with the
loan receivable amount.
(ii) Keqi Zrt loan was repaid during financial year 2025 for an amount of €45,950,340 through a loan
assignment agreement with KOMAL Invest Kft.
The above amounts include interest which as at 31 December 2025 amounted to €12,437,730 (2024: €11,846,113).
The Company entered into several guarantee agreements under which it irrevocably and unconditionally
guarantees certain amounts upon the occurrence of trigger events as defined in the respective agreements. These
include a guarantee granted to REN Plaza Sp. z o.o. (the “SPV”) on 6 May 2020 and amended on 29 May 2025 for
an amount of € 2,000,000, a guarantee granted to NGY Properties Investment S.r.l. for an amount of € 2,000,000
which was entered into 29 August 2025, a guarantee granted to Centerus Sp. z o.o. (the “SPV”) on 23 June 2021
for an amount of € 3,250,000, and a guarantee and suretyship agreement entered into on 24 October 2025 with
Tophill Investments Sp. z o.o. (the “SPV”) for an amount of € 3,000,000. In addition, under a power purchase
agreement, the Company has provided a parent company warranty to KEQI Zrt pursuant to which it guarantees
the user’s payment obligations up to a maximum amount of € 1,500,000.
To secure credit obligations, registered pledge agreements were signed on the shares of Centerus Sp.Z.o.o, REN
Plaza Sp. Z.o.o, Tophill Investments Sp.Z.o.o and KEQI Kft between the Company as the pledger and the financing
bank as a pledgee regarding the rights arising from the loan agreement between the Company and its respective
Investments, with respect to the rights arising from the loan granted by the respective financing bank.
31 December 2025
Country
%
Ownership
Equity
Debt
Total
€
€
€
PCRK Invest Zrt (i)
Hungary
100
-
2,288,160
2,288,160
REN Plaza Sp. Z o.o.(i)
Poland
100
-
11,445,623
11,445,623
Centerus Sp. Z o.o..
Poland
100
10,379,022
6,204,864
16,583,886
Hermes Invest Kft
Hungary
100
19,344,078
23,326,643
42,670,721
Tophill Investments Sp.Z.o.o
Poland
100
2,453,852
10,935,597
13,389,449
KOMAL Invest Kft
Hungary
100
53,057,836
46,034,173
99,092,009
85,234,788
100,235,060
185,469,848
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
37
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
6. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Some of the underlying properties invested by the fund are financed or partly financed by third party loans which
are due to expire in the short term (within 12 months from the signing of these financial statements). Despite the
current phase of the fund, management are still in the process of negotiating refinancing options of such loans
including seeking potential buyers to sell the underlying asset which will finance the respective loan. Management
are confident that adequate financing will be obtained as it was always obtained in the past.
SPV legal
name
Aggregate
loan facility
amount
Interest
rate
Outstanding
principal
amount
Undrawn
facility
amount
Interest
payment
Maturity
Date
2025
2025
Centerus Sp
Z.o.o
€ 15,000,000
5%
Annually
31.12.2027
5,546,451
9,453,549
Hermes Invest
€ 20,000,000
5%
Annually
22.07.2026
19,164,100
835,900
KEQI Kft
-
5%
Upon loan
maturity
31.12.2025
-
-
Ren Plaza Sp
Z.o.o
€ 20,000,000
5%
Annually
31.12.2027
10,218,161
9,781,839
Tophill
Investments SP
Z.o.o
€ 12,000,000
5%
Annually
31.12.2027
9,102,241
2,897,759
KOMAL Invest
Kft
€ 50,000,000
5%
Annually
30.06.2031
45,952,341
4,047,659
PCRK Invest Zrt
€ 25,000,000
5%
Annually
31.12.2027
16,252,154
8,747,846
SPV legal
name
Aggregate
loan facility
amount
Interest
rate
Outstanding
principal
amount
Undrawn
facility
amount
Interest
payment
Maturity
Date
2024
2024
Centerus Sp
Z.o.o
€ 4,000,000
5%
Annually
31.12.2027
3,386,451
163,058
Hermes Invest
€ 20,000,000
5%
Annually
22.07.2026
18,764,100
1,235,900
KEQI Kft
€ 50,000,000
5%
Upon loan
maturity
31.12.2025
34,027,340
5,972,660
Ren Plaza Sp
Z.o.o
€ 20,000,000
5%
Annually
31.12.2027
9,298,161
10,701,839
Tophill
Investments SP
Z.o.o
€ 12,000,000
5%
Annually
25.07.2025
8,832,241
3,167,759
KOMAL Invest
Kft
€ 4,000,000
5%
Annually
14.12.2026
1,810,000
2,190,000
PCRK Invest Zrt
€ 25,000,000
5%
Annually
25.07.2025
15,572,154
9,427,846
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
38
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
7. CASH AT BANK
For the purpose of the Statement of Cash Flows, the year-end cash comprises bank balances held at call were as
follows:
During the current financial year, a new bank account with MeDirect was opened. In December 2025, the Company
placed € 7,500,000 in a term deposit with Sparkasse, maturing in February 2026.
8. TRADE AND OTHER PAYABLES
2025
2024
€
€
Audit fees payable
85,373
54,280
Accounting fees payable
1,062
1,036
Administration fees payable
8,056
7,860
Transfer Agency fees payable
9,900
12,154
Custodian fee payable
3,872
-
Other costs and expenses
10,918
58,672
Interest payable on debt securities in issue
24,388
-
143,569
134,002
9. SHARE CAPITAL
The Company has an authorised share capital of six thousand (6,000). The initial issued share capital is of one
thousand two hundred euros (€1,200) divided into one thousand two hundred (1,200) fully-paid up Founder Shares
with no nominal value.
The Founder Shares are voting shares and do not carry a right to participate in any dividends or other distributions
of the Company or in the assets of the Company on a winding up (other than to the surplus, if any, that may
remain after payment of all amounts due to the creditors and holders of the Investor Shares).
Founder Shares
Total
Balance at 31 December 2024
1,200
1,200
Issued
-
-
Balance at 31 December 2025
1,200
1,200
31 December 2025
Currency
Bank balance
% of net
assets
Sparkasse Bank Malta plc, MeDirect
EUR
701,644
0.42%
Term Deposit
EUR
7,500,000
4.46%
8,201,644
4.88%
31 December 2024
Currency
Bank balance
% of net assets
Sparkasse Bank Malta plc
EUR
835,919
0.61%
835,919
0.61%
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
39
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
10. NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
The Net Asset Value per Share of the Company shall be the Net Asset Value divided by the number of Shares in
issue. Since there is more than one class of Shares, the Net Asset Value of each Share in the Company shall be
determined by calculating the Net Asset Value attributable to the Class of Investor Shares that Share forms part
of, divided by the number of Investor Shares outstanding in that Class as at the time the calculation is made.
As at the end of the financial year 31 December 2025,
“Investor Shares A” Share Class
has 1,022 Investor shares
and
“Investor Shares B” Share Class
has 34 Investor shares.
“Investor Shares A” Share Class
A class of Investor Shares to which an application for such Investor Shares to be recorded electronically in a book-
entry form through the Malta Stock Exchange – Central Securities Depository is made.
“Investor Shares B” Share Class
A class of Investor Shares which are not recorded electronically in a book-entry form through the Malta Stock
Exchange – Central Securities Depository.
Subscription
Before the Initial Closing Date of 30 June 2019, Investor Shares were issued at the Initial Offer Price €100,000.
During 2021, the Company extended the subsequent closing up to 30 April 2022. During such subsequent
subscription period, the investor shares were issued based on the Company’s net asset value per share, calculated
by dividing the net assets of the Company, calculated in accordance with the Company's Offering Memorandum,
by the number of Investor Shares in issue, or the price detailed below (whichever was higher):
Given that the subscription period is over, the Company may no longer accept any further subscriptions.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
40
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
10. NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS (CONTINUED)
Transfer of shares
Shareholder who would like to transfer their Investor Shares should provide the Company with a written instrument
of transfer of shares clearly indicating the names and addresses of the proposed transferor and transferee, the
number of Investor Shares to be transferred and any other information the Company may, at its discretion, require.
The written instrument of transfer should also bind the transferee to the same conditions and obligations the
transferor had in relation to the Investor Shares in question.
If a transfer of shares would bring the total holdings of an Investor below the Minimum Initial Investment, the
Company has the discretion to inform the transferor and the transferee that the request for transfer of Investor
Shares has been suspended. Both parties may amend the request for transfer of Investor Shares to reflect the
Minimum Holding requirements and re-submit such request to the Company.
Redemption
The Board of Directors may, where it deems necessary, exercise its discretion to allow redemptions of Investor
Shares on any Redemption Day with an at least thirty (30) Business Day prior notice to Investors. Investor Shares
may not be redeemed during the Subscription Period or before all commitments are fully drawn down. Following
the end of the Subscription Period and following the notice issued by the Directors informing Investors of the
possibility of redemptions, Redemption Notices may be submitted in relation to any Redemption Day by the Investor
giving notice of not less than twenty (20) Business Days in advance of a Redemption Day to the Administrator by
using a Redemption Notice Form, attached to the Offering Memorandum as Appendix E. The Directors have
discretion to reduce or waive such notice period.
The Redemption Price per Share shall be the applicable NAV per Share as calculated on the Valuation Day less
such penalties, fees or expenses as may be applicable or as the Company may be entitled to deduct or recover
therefrom.
In the event that calculation of the NAV has been suspended or postponed, the relevant Investor Shares will, when
the Company accepts the Redemption Notice, be redeemed at the prevailing Redemption Price on the next effective
Redemption Day following the resumption of calculation of the NAV (less the fees or expenses as aforesaid).
The Company is under no obligation to entertain early Redemption Notices and any early Redemption Notices will
be processed at the discretion of the Board following the Initial Closing Date. An early redemption fee as detailed
below shall be payable for redemptions submitted before the maturity and closure of the Company:
As at 31 December 2025 the total commitments and total undrawn commitments were as follows:
€
Total commitments
106,930,180
Total undrawn commitments
-
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
41
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
10. NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS (CONTINUED)
10.1 SHARE ACTIVITY
Investor
shares
Balance as at 31 December 2023
1,056
Issued
-
Balance at 31 December 2024
1,056
Issued
-
Balance at 31 December 2025
1,056
11. DEBT SECURITIES IN ISSUE
2025
€
Non-current
12,970 5.75% Bonds 2027
12,788,991
Current
Accrued interest (Note 8)
24,388
By virtue of a prospectus dated 19 September 2025, the Company issued €12,970,000 Unsecured Bonds with a
face value of €1,000 each. The bonds have a coupon interest of 5.75% which is payable annually in arrears on 21
December of each year. The bonds are redeemable at par, together with accrued interest up to date fixed for
redemption, on 21 December 2027, unless they are previously re-purchased and cancelled.
The bonds were admitted on the Official List of the Malta Stock Exchange on 28 October 2025, and trading
commenced on 29 October 2025. The quoted market price as at 31 December 2025 for the bonds was €100. The
bonds are not guaranteed by the Company.
As per the relevant regulations with regards to market abuse (‘MAR’) in the reporting period and to the date of the
these reports, no notifications have been received about any director or person discharging managerial
responsibilities (‘PDMR’) about transactions falling under the notification requirements. Furthermore, at the end of
the reporting period, Directors did not hold any debt securities in issue.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
42
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
11. DEBT SECURITIES IN ISSUE (CONTINUED)
The bonds are measured at the amount of the net proceeds adjusted for the amortisation of the difference between
the net proceeds and the redemption value of such bonds, using the effective rate as follows:
2025
€
Original face value of bonds issued
12,970,000
Bond issue costs
194,550
Accumulated amortisation
(13,541)
Unamortised bond issue costs
181,009
Amortised cost and closing carrying amount of the bonds
12,788,991
12. OTHER OPERATING EXPENSES
2025
2024
€
€
Audit fee
117,738
72,425
Insurance fee
16,650
16,650
Corporate secretarial fee
2,950
2,950
Compliance officer fee
22,191
10,000
Transfer agency fee
19,848
22,037
Legal fees
105,335
62,681
Professional fees
100,918
140,903
Custodian fees
40,032
39,886
Other operating expenses
76,926
31,843
502,588
399,375
13. INTEREST EXPENSE
2025
2024
€
€
Interest on debt in issue
158,553
-
Interest on debt in issue represents finance charges arising from the bond issued in October 2025. The first interest
payment of € 120,624 was made in December 2025. Interest expense for the remaining days of December 2025
amounted to € 24,388. Of the total interest on debt in issue recognized for the year, € 13,541 relates to the
amortization of bond issuance costs.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
43
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
14. FEES
14.1 MANAGEMENT FEES
The Company shall pay the Investment Manager a fee of one percent (1%) per annum of the gross asset value or
the value of the total Committed Capital, whichever is the higher. The Management Fee shall be accrued on each
Valuation Day and shall be payable quarterly in arrears. Gross asset value shall be calculated as Net Asset Value
and the amount of any third-party loans provided to the Company and/or underlying SPVs added together.
The Investment Manager may decide to charge up to 0.45% of the gross asset value of any of the SPVs of the
Company directly to such SPV as consideration for ancillary services provided by the Investment Manager to such
SPV. In such eventuality the Investment Management Fee charged to the Company shall be proportionately
reduced so that the total management fee on both the Company and SPV level collectively does not exceed one
percent (1%) per annum.
During the financial year ended 2025, management fees amounted to €1,658,628 (2024: €1,642,311) of which
€412,002 (2024: €1,853,906) remained outstanding at year end.
14.2 PERFORMANCE FEES
A Performance Fee will be paid out of the assets of the Company, which shall be calculated as equal to twenty
percent (20%) of the yearly return, in case the yearly return is up to fifteen percent (15%) once the yearly return
reaches the threshold level of eight percent (8%) with full catch up, or thirty percent (30%) of the yearly return,
in case the yearly return is above fifteen percent (15%) and for that amount of yearly return which is above fifteen
percent (15%) without catch up. Performance Fees shall be calculated and accrued based on monthly Net Asset
Values excluding accrued Performance Fees. Thresholds levels for eight percent (8%) and fifteen percent (15%)
yearly return shall be calculated based on previous monthly period’s NAV per Share excluding accrued Performance
Fees and these shall be compounded monthly based on the respective threshold levels divided by twelve (12).
New Share issues and redemptions shall also be taken into consideration on a monthly basis.
The Performance Fee shall be accrued monthly and shall be considered in determining NAV. For the purposes of
the calculation of the Performance Fee, a high-water mark (the “High-Water Mark”) shall apply. The Performance
Fee shall only be charged after the Company has recovered any net capital since the High-Water Mark. The High-
Water Mark shall be the calculated based on the yearly threshold level of eight percent (8%) from the Initial Closing
Date. The Performance Fee shall be paid to the Investment Manager proportionately upon the redemption of
shares and the accruals reduced by the paid amounts.
During the financial year ended 2025, performance fees amounted to €12,137,479 (2024: nil) of which €12,137,479
(2024: nil) were outstanding at year end.
14.3 DEPOSITARY FEES
The Depositary shall be paid a variable fee as follows, subject to a minimum of €25,000 per annum.
Up to € 200 million NAV
0.025% per annum
Over € 200 million NAV
0.015% per annum
The Depository fee for the custody of financial assets is a one-off fee of €2,000. During the financial year 2025,
custodian fees amounted to €40,032 (2024: €39,886) were charged, €3,872 (2024: none) of which were
outstanding at year end.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
44
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
14. FEES (CONTINUED)
14.4 ADMINISTRATION FEES
The Administrator shall be entitled to receive a fee of €14,000 per annum for Fund Administration Services, which
fee does not include corporate management services, transfer agency fees and reporting fees and any other
additional extra administration charges. The latter fees are payable on a case-by-case basis as agreed in the Fund
Administration Agreement entered into between the Fund Administrator and the Company.
The Company incurred administration fees amounting to €33,168 (2024: €31,440) during the period from which
€8,056 (2024: €7,860) were outstanding at year end.
14.5 DIRECTORS’ FEES
The Directors’ fees charged to the Company during the year amounted to €73,600 (2024: €47,132) of which
€15,583 (2024: €3,191) were outstanding at year end.
15. RELATED PARTIES
Parties are considered to be related if one party has the ability to control the other party or exercise significant
influence over the other party in making financial or operational decisions.
15.1 PARENT COMPANY AND ULTIMATE CONTROLLING PARTY
GRW International Ltd (“the parent Company”), having its registered address at 23, South Street, Valletta VLT
1102, Malta, holds 99.92% founder shares of the Company”), holding 1,199 founder shares. Mr Kristof Barany
holds 1 founder share. The Ultimate Controlling Party of the Company is Mr Kristof Barany who holds directly or
indirectly 100% of the Founder shares.
15.2 TRANSACTIONS WITH RELATED PARTIES AND KEY MANAGEMENT PERSONNEL
The following are the related party transactions which were entered by the Company. All related party transactions
were entered into the normal course of business.
(i) During the reporting period, the total remuneration to the Directors was €73,600 (2024: €47,132), as
disclosed in the Statement of Comprehensive Income and in Note 14.5
(ii) The Directors and their affiliates may advise additional funds/customer accounts in the future. Trading
orders for accounts similar to those of the Company may occur contemporaneously. The Directors
may also acquire or dispose of units for the Sub-Funds in a collective investment scheme either
operated or advised by the Directors or by one of its affiliates.
(iii) Adventum MAGIS Zartkoru Alapok Alapja is an investment fund that is managed by Adventum
Befektetési Alapkezelő Zrt. Mr Kristof Barany, who is a Director of The Company, is a member of the
management body of the Investment Manager. Mr Kristof Barany is also the beneficial owner of
Adventum Befektetési Alapkezelő Zrt., which holds 564 (2024: 564) investor shares resulting in a
percentage holding of 53.41% (2024: 53.41%) of total investor shares.
(iv) GRW Invest KFT and Catalyst Befektetéskezelo és Szolgáltató Bt are other related parities which
acquired 18 (3.41%) and 1 (0.19%) of investor shares, respectively.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
45
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
15.2 TRANSACTIONS WITH RELATED PARTIES AND KEY MANAGEMENT PERSONNEL
(CONTINUED)
(v) The Company entered into several guarantee agreements under which it irrevocably and
unconditionally guarantees certain amounts upon the occurrence of trigger events as defined in the
respective agreements. These include a guarantee granted to REN Plaza Sp. z o.o. (the “SPV”) on 6
May 2020 and amended on 29 May 2025 for an amount of € 2,000,000, a guarantee granted to NGY
Properties Investment S.r.l. for an amount of € 2,000,000 which was entered into 29 August 2025, a
guarantee granted to Centerus Sp. z o.o. (the “SPV”) on 23 June 2021 for an amount of € 3,250,000,
and a guarantee and suretyship agreement entered into on 24 October 2025 with Tophill Investments
Sp. z o.o. (the “SPV”) for an amount of € 3,000,000. In addition, under a power purchase agreement,
the Company has provided a parent company warranty to KEQI Zrt pursuant to which it guarantees
the user’s payment obligations up to a maximum amount of € 1,500,000.
(vi) Mr Kristof Barany is the 100% ultimate beneficial owner of the Company and also one of its Directors.
His total remuneration for the year was €12,000 (2024: €12,000) of which €3,000 (2024: none)
remains outstanding.
The total interest income earned by the Company through the loan provided to subsidiaries disclosed as follows:
2025
2024
€
€
KEQI Kft.
2,142,204
2,148,483
REN Plaza Sp Z.o.o.
488,669
428,659
Tophill Investments Sp. Z.o.o.
449,911
462,660
Centerus Sp Z.o.o.
209,345
153,424
PCRK Invest Zrt.
832,534
877,455
KOMAL Invest Kft.
82,393
77,814
Hermes Invest Kft.
973,014
954,435
5,178,070
5,102,930
The total loan principle including interest outstanding as at year end disclosed in Note 6.
16. TAXATION
In terms of current Maltese income tax legislation, the taxation of collective investment schemes is based on the
classification of funds and sub-funds into ‘prescribed’ or ‘non-prescribed’ funds in terms of the conditions set out
in the Collective Investment Schemes (Investment Income) Regulations, 2001 (as amended to date). A fund is
classified as a prescribed fund by the Commissioner of Inland Revenue if it is a fund formed in accordance with
the Laws of Malta, which declares that the value of assets situated in Malta allocated to the fund for the purpose
of its operations amounts to at least 85% of the value of the total assets of the Company that are so allocated.
Conversely, a fund which declares that the value of its assets situated in Malta allocated thereto for the purpose
of its operations does not exceed 85% of the value of its total assets so allocated is treated as a non-prescribed
fund.
On this basis, the Company qualifies as a non-prescribed fund for Maltese income tax purposes. Accordingly the
Company is exempt from income tax pursuant to the provisions of the Income Tax Act (Chapter 123, Laws of
Malta), except in respect of any income derived from immovable property in Malta. Any capital gains, dividends,
interest and any other gains or profits from non-Maltese sources held by the Company may nonetheless be subject
to tax imposed by the country of origin concerned and any such taxes are not recoverable by the Company or by
its unitholders. Any tax withheld by the Company on payments made to Maltese resident investors at a rate of
15% on capital gains realised on any redemption, liquidation or cancellation of units is accounted for when the
Company recognises the relevant payment.
The amendments to IAS 12 which have been introduced in response to the OECD's BEPS Pillar Two rules during
2023 had no impact on the Company's individual financial statements as the Company is not in scope of the Pillar
Two model rules as its revenue is less than €750 million/year.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
46
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
17. OPERATING SEGMENTS
The Investment Manager is responsible for the Company’s entire portfolio and considers the business to have a
single operating segment. The Investment Manager’s asset allocation decisions are based on a single, integrated
investment strategy, and the Company’s performance is evaluated on an overall basis.
The Company through its subsidiaries holds a portfolio of real estate assets, with the objective of generating to
achieve returns in the short-to-medium term under all market conditions.
The Company’s income is mainly composed of interest income from debt securities provided to the underlying
subsidiaries which are situated in Europe.
As at 31 December 2025 and 2024 there was one shareholder who held more than 10% of the Company’s net
asset value. Its holding was of 53% (2024: 53%) of the net asset value of the Company.
18. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES
18.1 RISK MANAGEMENT
The Company is a third-party managed fund and any reference to the Investment Manager refers to Adventum
International Ltd which takes decisions in line with the policies set out in the Offering Memorandum. Risk
management is carried out by the Investment Manager.
The Company is exposed to various risks arising from the financial instruments it holds. The risk management
policies employed by the Company to manage these risks are discussed below.
18.2 CONCENTRATION RISK
Concentration indicates the relative sensitivity of the Fund’s performance to developments affecting a particular
industry or geographical location. Concentrations of risk arise when a number of financial instruments or contracts
are entered into with the same counter party, or where a number of counter parties are engaged in similar business
activities, or activities in the same geographical region, or have similar economic features that would cause their
ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions.
Concentrations of liquidity risk may arise from the repayment terms of financial liabilities, sources of borrowing
facilities or reliance on a particular market in which to realise liquid assets.
In order to mitigate the risk of concentration, although the Company does not have a diversified portfolio of
investments, it ensures that investments are made in different geographical areas. The Offering Memorandum
stipulates that after the termination of the subscription period the Company may not invest more than 55% of the
higher of the total NAV or Committed Capital in real estate investments located in one jurisdiction. However, the
Offering Memorandum also stipulates that these investment restrictions shall not apply during the Subscription
Period and shall not apply after all commitments have been drawn and the fund has started selling SPVs and/or
properties, starting from the 1 January 2023. The average lease terms for the real estate investments are between
2.59 and 4.70 years and each investment has different tenants. Although the Fund’s underlying investment is real
estate, the Fund ensures that the investments are varied (whether office, household, retail). The following table
analyses the Company’s concentration of its investments by geographical distribution (based on counterparties’
place of domiciliation):
31 December 2025
31 December 2024
€
%
€
%
Poland
41,418,957
22%
43,252,772
31%
Hungary
101,380,169
55%
55,774,715
40%
Romania
42,670,722
23%
39,104,990
29%
185,469,848
138,132,477
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
47
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
18. FINANCIAL RISK AND MANGEMENT OBJECTIVES AND POLICIES (CONTINUED)
18.3 INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates.
The Company is exposed to interest rate risk in the current period through the interest bearing loans issued to its
SPVs. Most of the Company’s financial assets carry fixed interest and mature within the coming 3 years.
Debt
Sensitivity
used
Fair value as
at 31 December
Effect on the fair value
2025
200bps
106,235,448
2,124,709
2024
200bps
99,784,097
1,995,682
18.4 CURRENCY RISK
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
The Company only holds assets denominated in Euro, the functional currency. It is, therefore not exposed to
currency risk.
18.5 CREDIT RISK
Credit risk is the risk of financial loss to the Company if a counter-party to a financial instruments fails to meet its
contractual obligations, and arises principally from the Company’s Cash and cash equivalents.
Cash at bank is placed with reliable financial institutions. The cash at bank is held with Sparkasse Bank Malta plc.
and MeDirect Bank (Malta) plc. Sparkasse is not a credit rated entity and has no publicly issued debt or equity
securities on the market. The bank is fully owned by the subsidiary of Sparkasse Schwaz AG which is a member of
the Austrian Savings Bank network, comprising of all Austrian Sparkasse banks and Erste Group Bank AG. Erste
Group Bank's has a current credit rating of A+/A-1/A (2024: A+/A1/A ) as calculated by Standard & Poor's, Moody's
and Fitch credit agencies. MeDirect Bank (Malta) is authorized and regulated by the MFSA and operates as a digital
bank offering savings and investment products across multiple European markets. The bank is owned by the
Prague-based Banka Creditas. Both MeDirect and Banka Creditas are not credit related entities. Management
considers the probability of default from such banks to be close to zero and the amount calculated using the 12
month expected credit loss model to be very insignificant. Therefore, based on the above, no loss allowance has
been recognised by the company.
18.6 LIQUIDITY RISK
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of
the possibility that the Company could be required to pay its liabilities or redeem its shares earlier than expected.
As stipulated in the Offering Memorandum the Company, together with its underlying SPVs are to hold, at least a
combined €1,000,000 liquid assets. Liquidity at the level of the SPVS will flow to the Company through
intercompany loan repayments and dividend payments.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
48
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
18. FINANCIAL RISK AND MANGEMENT OBJECTIVES AND POLICIES (CONTINUED)
18.6 LIQUIDITY RISK (CONTINUED)
The table below summarises the maturity profile of the Company’s financial assets and liabilities based on
contractual undiscounted receipts and payments:
As at December 31, 2025
As at December 31, 2024
No fixed
maturity
On
Demand
Less than
3 months
3 - 12
months
1 - 2 years
Total
€
€
€
€
€
Financial Assets
Private equity
-
-
-
-
85,234,788
85,234,788
Loans due from SPVs
-
-
-
-
87,797,330
87,797,330
Interest Receivable
-
-
-
-
12,437,730
12,437,730
Cash and cash equivalents
-
701,644
7,500,000
-
-
8,201,644
Total Financial Assets
-
701,644
7,500,000
-
185,469,848
193,671,492
Financial Liabilities
Management fee payable
-
-
412,002
-
-
412,002
Other costs and expenses
payable
-
-
143,569
-
12,137,479
12,281,048
Audit fee payable
-
-
85,373
-
-
85,373
Directors’ fee payable
-
-
15,583
-
-
15,583
Financial guarantee
11,750,000
-
-
-
-
11,750,000
Debt securities in issue
-
-
-
-
12,788,991
12,788,991
Redeemable investor
shares
106,930,182
-
-
-
-
106,930,182
Total Financial
Liabilities
118,680,182
-
656,527
-
24,926,470
144,263,179
No fixed
maturity
On
Demand
Less than
3 months
3 - 12
months
1 - 2 years
Total
€
€
€
€
€
Financial Assets
Private equity
-
-
-
-
42,577,448
42,577,448
Loans due from SPVs
-
-
-
-
83,708,916
83,708,916
Interest Receivable
-
-
-
-
11,846,113
11,846,113
Cash and cash equivalents
-
835,919
-
-
-
835,919
Total Financial Assets
-
835,919
-
-
138,132,477
138,968,396
Financial Liabilities
Management fee payable
-
-
1,853,906
-
-
1,853,906
Other costs and expenses
payable
-
-
79,722
-
-
79,722
Audit fee payable
-
-
54,280
-
-
54,280
Directors’ fee payable
-
-
3,191
-
-
3,191
Financial guarantee
4,750,000
-
-
-
-
4,750,000
Redeemable investor
shares
106,930,182
-
-
-
-
106,930,182
Total Financial
Liabilities
111,680,182
-
1,991,099
-
-
113,671,281
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
49
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
18. FINANCIAL RISK AND MANGEMENT OBJECTIVES AND POLICIES (CONTINUED)
18.7 REGULATORY RISK
On 11 March 2020, the Government of Hungary declared a national state of emergency by adopting Government
Decree No. 40/2020 as a result of the COVID-19 related emergency declared during the same month. Pursuant to
the Fundamental Law (Alaptörvény) of Hungary, this special legal regime authorises the Government to temporarily
derogate from certain Acts of Parliament by issuing Government decrees.
Hungary is still currently subject to a state of emergency declared under its constitutional framework. This state of
emergency, which is distinct from the COVID-19-related emergency declared in March 2020, has been extended
by Parliament and remains in force as of the date of these financial statements. The state of emergency has been
extended on multiple occasions and is currently in force until 13 May 2026.
18.8 MANAGEMENT CAPITAL
As a result of the ability to issue shares, the capital of the Company can vary depending on the demand for
redemptions to the Company. The Company is not subject to externally imposed capital requirements and has no
legal restrictions on the issue of redeemable shares beyond those included in the Company’s constitution.
The Company’s objectives for managing capital are:
• To invest the capital in investments meeting the description, risk exposure and expected return indicated
in its offering supplement;
• To achieve consistent returns while safeguarding capital by investing in a diversified portfolio;
• To maintain sufficient liquidity to meet the expenses of the Company, and to meet redemption requests
as they arise; and
• To maintain sufficient size to make the operation of the Fund cost-efficient.
19. RECONCILIATION OF NET ASSET VALUE
The Company’s Offering Supplement stipulates the amortisation of formation expenses over a period of 5 years
following the commencement of the Company investments activities. In accordance with IFRS, formation expenses
are written off to profit or loss in the period when they are incurred. It is to be noted that all formation costs have
been fully amortised.
Furthermore, in line with the Company’s Offering Supplement, the Company uses T-1 reporting when calculating
the monthly trading NAV. Therefore adjustments are made in order to reflect any transactions which occurred
during the month of December. Such adjustments are reflected in ‘Other Adjustments’ as per the below
reconciliation. The nature of these adjustments are mainly recording of investment income derived from loans
receivables and fair value changes from the SPVs. This note was prepared to align the trading NAV with the IFRS
NAV and is not required by IFRS as adopted by the EU.
2025
2024
2023
€
€
€
Net asset value as per OM
171,908,397
139,581,806
142,048,534
Write of formation costs
-
-
(4,167)
Other adjustments (i)
(3,710,473)
(2,565,724)
(864,326)
NAV Net asset value as per IFRS
168,197,924
137,016,082
141,180,041
(i) Other adjustments pertain to IFRS adjustments to reflect the value as at 31 December 2025, which will
differ from the trading value reported based on a T-1 calculation.
ADVENTUM QUARTUM CENTRAL EUROPE SICAV P.L.C.
Annual Report and Financial Statements – 31 December 2025
50
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
19. RECONCILIATION OF NET ASSET VALUE (CONTINUED)
As at December 31, 2025
As per OM
As per IFRS
€
€
Net asset value
171,908,397
168,197,924
Number of investor shares
1,056
1,056
NAV per share
162,792.04
159,278.34
As at December 31, 2024
As per OM
As per IFRS
€
€
Net asset value
139,581,806
137,016,082
Number of investor shares
1,056
1,056
NAV per share
132,179.74
129,750.08
As at December 31, 2023
As per OM
As per IFRS
€
€
Net asset value
142,048,534
141,590,450
Number of investor shares
1,056
1,056
NAV per share
134,515.66
134,081.87
20. SUBSEQUENT EVENTS
The geopolitical situation in the Middle East escalated on 28 February 2026 due to the conflict between the US and
Iran. The conflict has caused significant volatility in global energy markets and disruptions to the supply of oil and
gas, contributing to increased uncertainty in commodity prices and potential inflationary pressures. Broader
consequences have also been observed in financial markets and global supply chains, particularly affecting energy
and transportation sectors, as heightened geopolitical tensions around key shipping routes add to market
uncertainty. Management has considered the circumstances and the risk exposures of the Company and has
concluded that, to date, there is no impact foreseen on the Company. Management will continue to monitor the
situation closely and will assess any possible actions to mitigate or handle the geopolitical risks.
Although the market environment became more volatile, management efforts have continuingly been focused to
maximise portfolio value and enhance exit routes. There have been no changes and events to be disclosed at
Fund’s level. At SPV level, one of the SPVs, KEQI Zrt., holding the KOKI Shopping Centre property investment in
Hungary, has changes its corporate form to ‘Nyrt’, a public limited company, and its name from KEQI to Urban
Plaza Plus, and was listed on Budapest Stock Exchange. Its status as a Real Estate Investment Trust (‘REIT’,
registered as of 20 March 2026), which is expected to enhance exit opportunities, given the favourable regulation
and taxation advantages of a REIT. The above changes did not affect the majority shareholding of the Company
indirectly through KOMAL Ltd.
21. COMPARATIVE INFORMATION
Comparative figures disclosed in the main components of these financial statements have been reclassified to
conform with the current year’s presentation format for the purpose of fairer presentation.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
51
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Adventum Quartum Central Europe SICAV p.l.c, set on pages 16 to 50,
which comprise the statement of financial position as at 31 December 2025, and the statement of comprehensive
income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the
financial statements, including material accounting policy information.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company
as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance
with International Financial Reporting Standards as adopted by the EU (“IFRS”) and the Companies Act, Cap. 386 of
the Laws of Malta (the “Companies Act”).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements
section of our
report. We are independent of the Company in accordance with the
International Code of Ethics for Professional
Accountants (including International Independence Standards) as issued by the International Ethics Standards Board
of Accountants (IESBA Code
), as applicable to audits of financial statements of public interest entities, together with
the ethical requirements that are relevant to our audit of the financial statements of public interest entities in
accordance with the
Accountancy Profession (Code of Ethics for Warrant Holders) Directive
issued in terms of the
Accountancy Profession Act, Cap. 281 of the Laws of Malta
. We have also fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters incorporating the most significant risks of material misstatements, including assessed
risk of material misstatements due to fraud
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements
section of our report, including in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material misstatement of the financial statements.
The results of our audit procedures, including the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying financial statements.
52
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c -
continued
Key audit matters incorporating the most significant risks of material misstatements, including assessed
risk of material misstatements due to fraud – continued
Valuation of Investments in subsidiaries
As disclosed in note 3 to the accompanying financial statements, the Company qualifies as an investment entity in
accordance with IFRS 10 and accordingly does not consolidate its investment in subsidiaries since these are measured
at fair value through profit or loss. As at 31 December 2025, investments in subsidiaries represent approximately 96%
of the Company’s total assets.
The investments comprise of both equity and debt financing provided by the Company to the underlying subsidiaries.
The valuation of investments in subsidiaries, classified as Level 3 within the fair value hierarchy, involves significant
judgement, as it is derived from the fair value of the underlying net assets of the subsidiaries, which include investment
properties, intercompany financing arrangements, derivatives and related deferred tax positions.
A key component of the underlying subsidiaries is the investment property. The valuation of investment properties is
arrived at by using the income approach which is highly dependent on estimates and underlying assumptions such as
yields, rental income and projected cash flows.
Given the significance of these investments, and the level of judgement involved in determining the fair values, we
considered the valuation of investments in subsidiaries to be a key audit matter.
The disclosures pertaining to the Company’s fair value of the investments are included in Notes 5 and 6 to the
accompanying financial statements.
Our audit procedures included amongst others:
- evaluating whether the Company continued to meet the criteria of an investment entity under IFRS 10 and
assessing the appropriateness of measuring investments in subsidiaries at fair value through profit or loss;
- assessing, with the assistance of EY valuation specialists, the appropriateness of the valuation methodologies
applied (income capitalized approach and discounted cash flows), and the reasonableness of key assumptions,
by reference to independent market data and observable inputs, as set out in the investment property
valuation reports prepared by independent third-party valuers;
- Evaluating the competence, capabilities and objectivity of the independent third-party valuers;
- performing procedures over the accuracy and completeness of the inputs, such as yields, discount rates and
rental rates, used in the valuation of the investment property, in light of our understanding of the business
and industry developments, historical data and other available information;
- obtaining the intercompany loan schedules and related reconciliations and performing procedures over the
accuracy and completeness of the inputs used in intercompany loan balances;
- evaluating, with the assistance of EY derivative specialists, the fair value of derivative position held by the
underlying subsidiaries;
- assessing the reasonableness of deferred tax calculations arising from temporary differences;
53
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c -
continued
Key audit matters incorporating the most significant risks of material misstatements, including assessed
risk of material misstatements due to fraud – continued
Valuation of Investments in subsidiaries – continued
- evaluating the existence and valuation of the material receivables and the completeness of the payables of
underlying subsidiaries;
- confirming, where applicable, external financing, cash balances and derivatives positions held by the
subsidiaries, and assessing the maturity profile of external borrowings, including the existence of agreed loan
extensions where applicable.
- assessing whether the fair value of subsidiaries recognised at the Company level appropriately reflects the
Company’s respective ownership interests
We also assessed the relevance and adequacy of disclosures relating to the Company’s fair value of the investment
presented in Notes 5 and 6 to the accompanying financial statements.
Other information
The directors are responsible for the other information. The other information comprises the information included in
the Annual Report, other than the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon other than our reporting on other legal and regulatory requirements.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of the directors and those charged with governance
for the financial statements
The directors are responsible for the preparation and fair presentation of the financial statements in accordance with
IFRS and the requirements of the Companies Act, and for such internal control as the directors determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financing reporting process.
54
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c -
continued
Report on the audit of the financial statements
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.
• conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
• evaluate the overall presentation, structure, and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
55
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c –
continued
Report on the audit of the financial statements
Auditor’s responsibilities for the audit of the financial statements - continued
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
56
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c –
continued
Report on other legal and regulatory requirements
Matters on which we are required to report by the Companies Act
Directors’ report
We are required to express an opinion as to whether the directors’ report has been prepared in accordance with the
applicable legal requirements. In our opinion the directors’ report has been prepared in accordance with the Companies
Act.
In addition, in the light of the knowledge and understanding of the Company and its environment obtained in the
course of the audit, we are required to report if we have identified material misstatements in the directors’ report. We
have nothing to report in this regard.
Other requirements
We also have responsibilities under the Companies Act to report if in our opinion:
• proper accounting records have not been kept;
• the financial statements are not in agreement with the accounting records;
• we have not received all the information and explanations we require for our audit.
We have nothing to report to you in respect of these responsibilities.
Appointment
We were appointed as the statutory auditor by the General Meeting of Shareholders of the Company on 21 February
2019. The total uninterrupted engagement period as statutory auditor, including previous renewals and reappointments
amounts to 5 years.
Consistency with the additional report to the audit committee
Our audit opinion on the financial statements expressed herein is consistent with the additional report to the audit
committee of the Company, which was issued on the same date as this report.
Non-audit services
No prohibited non-audit services referred to in Article 18A(1) of the Accountancy Profession Act, Cap. 281 of the Laws
of Malta were provided by us to the Company and we remain independent of the Company as described in the Basis
for opinion section of our report.
No other services besides statutory audit services and services disclosed in the annual report and in the financial
statements, were provided by us to the Company and its controlled undertakings.
57
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c –
continued
Report on other legal and regulatory requirements
Report on compliance with the requirements of the European Single Electronic Format Regulatory
Technical Standard (the “ESEF RTS”), by reference to Capital Markets Rule 5.55.6
We have undertaken a reasonable assurance engagement in accordance with the requirements of Directive 6 issued
by the Accountancy Board in terms of the Accountancy Profession Act (Cap. 281) - the Accountancy Profession
(European Single Electronic Format) Assurance Directive (“the ESEF Directive 6”) on the annual financial report of the
Company for the year ended 31 December 2025, entirely prepared in a single electronic reporting format.
Responsibilities of the directors
The directors are responsible for the preparation of the annual financial report, including the financial statements, by
reference to Capital Markets Rule 5.56A, in accordance with the requirements of the ESEF RTS.
Our responsibilities
Our responsibility is to obtain reasonable assurance about whether the annual financial report, including the financial
statements, comply in all material respects with the ESEF RTS based on the evidence we have obtained. We conducted
our reasonable assurance engagement in accordance with the requirements of ESEF Directive 6.
Our procedures included:
• Obtaining an understanding of the entity's financial reporting process, including the preparation of the annual financial
report in XHTML format.
• Examining whether the annual financial report has been prepared in XHTML format.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the annual financial report for the year ended 31 December 2025 has been prepared in XHTML format
in all material respects.
58
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c –
continued
Report on other legal and regulatory requirements
Matters on which we are required to report by the Capital Markets Rules
Corporate governance statement
The Capital Markets Rules issued by the Malta Financial Services Authority (“MFSA”) require the directors to prepare
and include in their annual report a statement of compliance providing an explanation of the extent to which they have
adopted the Code of Principles of Good Corporate Governance and the effective measures that they have taken to
ensure compliance throughout the accounting period with those Principles.
The Capital Markets Rules also require the auditor to include a report on the statement of compliance prepared by the
directors. We are also required to express an opinion as to whether, in the light of the knowledge and understanding
of the Company and its environment obtained in the course of the audit, we have identified material misstatements
with respect to the information referred to in Capital Markets Rules 5.97.4 and 5.97.5.
We read the statement of compliance and consider the implication for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements included in the annual report. Our
responsibilities do not extend to considering whether this statement is consistent with the other information included
in the annual report.
We are not required to, and we do not, consider whether the Board’s statements on internal control included in the
statement of compliance cover all risks and controls, or form an opinion on the effectiveness of the Company’s
governance procedures or its risk and control procedures.
In our opinion:
• the corporate governance statement set out on pages 11 to 12 has been properly prepared in accordance
with the requirements of the Capital Markets Rules issued by the MFSA
• in the light of the knowledge and understanding of the Company and its environment obtained in the course
of the audit the information referred to in Capital Markets Rules 5.97.4 and 5.97.5 are free from material
misstatement
59
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
INDEPENDENT AUDITOR’S REPORT
to the Shareholders of Adventum Quartum Central Europe SICAV p.l.c –
continued
Report on other legal and regulatory requirements
Matters on which we are required to report by the Capital Markets Rules - continued
Other requirements
Under the Capital Markets Rules we also have the responsibility to review the statement made by the Directors, set
out on page 9, that the business is a going concern, together with supporting assumptions or qualifications as
necessary.
We have nothing to report to you in respect of these responsibilities.
The partner in charge of the audit resulting in this independent auditor’s report is
Christopher Portelli for and on behalf of
Ernst & Young Malta Limited
Certified Public Accountants
30 April 2026
